annual report 2012 - Pumpkin Patch investor relations

pumpkin patch limited & subsidiaries NOTES TO THE financial statements 31 july 2012pumpkin patch limited & subsidiaries NOTES TO THE financial statements 31 july 201214 Investments in subsidiariesThe consolidated financial statements incorporate the assets, liabilities and results of thefollowing significant subsidiaries in accordance with the accounting policy described innote 2(b):Name of entity Principal Activity Country ofincorporationEquityholding2012 2011% %Torquay Enterprise Limited Investment company New Zealand 100 100Pumpkin Patch Originals Limited Clothing retailer and wholesaler New Zealand 100 100Pumpkin Patch (Australia) Pty Limited Holding/admin company Australia 100 100Pumpkin Patch Limited* Clothing retailer and wholesaler United Kingdom 100 100Pumpkin Patch Europe Brands Limited** Clothing wholesaler United Kingdom 100Pumpkin Patch LLC Clothing retailer United States 100 100Pumpkin Patch Wholesale LLC Clothing wholesaler United States 100 100Pumpkin Patch Direct Limited Clothing retailer New Zealand 100 100Pumpkin Patch Ireland Limited Clothing retailer Ireland 100 100*On 18th January 2012 financial year Pumpkin Patch Limited (UK) was placed into administration. As such the results andnet assets of the subsidiary have not been consolidated into the Pumpkin Patch Group since that date on the basis thatthe Group has no control over the company. Refer to note 4 for further details.**Pumpkin Patch Europe Brands Limited was incorporated during the 2012 financial year.All subsidiary entities have a balance date of 31 July and are audited byPricewaterhouseCoopers.15 Trade and other payablesConsolidated at Parent at31 July 2012 31 July 2011 31 July 2012 31 July 2011$’000 $’000 $’000 $’000Trade payables 14,944 11,898 379 180Amounts due to subsidiaries - - 251,890 243,047Sundry accruals 13,557 16,144 743 1,654Employee benefits 5,696 6,424 2,010 2,07434,197 34,466 255,022 246,955The carrying amounts of the Group’s and parent entity’s trade and other payables aredenominated in the following currencies:NZD 9,996 10,783 255,022 246,955USD 14,096 12,366 - -AUD 9,811 8,565 - -GBP - 2,654 - -EUR 294 98 - -34,197 34,466 255,022 246,955The fair value of trade and other payables approximates their carrying value.Parent at31 July 2012 31 July 2011$’000 $’000Investment in subsidiaries 13,522 4,09177