Earnings by function Page 1 Company Limited Consolidated statement of comprehensive income and retained ear for the year ended 30 April 2010 Revenue Cost of Sales Gross Profit Other income Distribution costs Administrative expenses Other expenses Finance costs Profit before tax Income tax expense Profit for the year Retained earnings at start of year Dividends Retained earnings at end of year
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Earnings by function
Page 1
Company LimitedConsolidated statement of comprehensive income and retained earningsfor the year ended 30 April 2010
2010£
Revenue 6,863,545 Cost of Sales -5,178,530 Gross Profit 1,685,015 Other income 88,850 Distribution costs -175,550 Administrative expenses -810,230 Other expenses -106,763 Finance costs -26,366 Profit before tax 654,956 Income tax expense -270,250 Profit for the year 384,706 Retained earnings at start of year 2,171,353 Dividends -150,000 Retained earnings at end of year 2,406,059
Earnings by function
Page 2
2009£
5,808,653 -4,422,575 1,386,078
25,000 -156,800 -660,389 -100,030
-36,712 457,147
-189,559 267,588
2,003,765 -100,000
2,171,353
Earnings by nature
Page 3
Company LimitedConsolidated statement of comprehensive income and retained earningsfor the year ended 30 April 2010
2010£
Revenue 6,863,545 Other income 88,850 Changes in inventories of finished goods and work in progress 3,310 Raw material and consumables used -4,786,488 Employee salaries and benefits -936,142 Depreciation and amortisation expense -272,060 Impairment of property, plant and equipment -30,000 Other expenses -249,693 Finance costs -26,366 Profit before tax 654,956 Income tax expense -270,250 Profit for the year 384,706 Retained earnings at start of year 2,171,353 Dividends -150,000 Retained earnings at end of year 2,406,059
Earnings by nature
Page 4
2009£
5,808,653 25,000 -1,360
-4,003,235 -879,900 -221,247
0 -234,052
-36,712 457,147
-189,559 267,588
2,003,765 -100,000
2,171,353
Financial position
Page 5
Company LimitedConsolidated statement of financial positionat 30 April 2010
2010 2009£ £
ASSETSCurrent assetsCash 28,700 22,075 Trade and other receivables 585,548 573,862 Invetories 57,381 47,920
EquityShare capital 30000 30000Retained earnings 2406059 2171353
2436059 2201353
Total liabilites and equity 3,334,233 3,158,274
Cash Flow
Page 7
Company LimitedConsolidated statement of financial positionat 30 April 2010
2010 2009£ £
Cash flows from operating activitiesProfit for the year 384,706 267,588 Adjustments for non-cash income and expenses: Non-cash finance costs 800 1,200 Non-cash income tax expense 79,934 16,348 Depreciation of property, plant and equipment 270,360 219,547 Impairment loss 30,000 - Amortisation of intangibles 1,700 1,700 Cash flow included in investing activities: Gain on sale of equipment -63,850 - Changes in operating assets and liabilities Decrease (increase) in trade and other receivables -11,686 -52,628 Decrease/(increase) in inventories -9,461 -2,870 Decrease/(increase) in trade payables 10,120 10,870 Increase in current and long-term employee benefit payable 793 193 Net cash from operating activities 693,416 461,948 Cash flow from investing activitiesProceeds from sale of equipment 100,000 - Purchases of equipment -485,000 -435,000 Net cash used in investing activities -385,000 -435,000 Cash flows from financing activitiesPayment of finance lease liabilities -19,884 -18,423 Repayment of borrowings -100,000 - Dividends paid -150,000 -100,000 Net cash used in financing activities -269,884 -118,423 Net increase/(decrease) in cash and cash equivalents 38,532 -91,475 Cash and cash equivalents at beginning of year -93,432 -1,957 Cash and cash equivalents at end of year -54,900 -93,432
Notes P_L
Page 8
Revenue 2010£
Sale of Goods -6,743,545 Services -120,000
-6,863,545
Finance costs 2,010 £
Interest on bank loan and overdraft 21,250 Interest on finance leases 5,116
26,366
Profit before tax 2,010 £
Cost of inventories recognised as expense 5,187,991 Research and development cost (included in other expenses) 31,620 Foreign exchange loss on trade payables (included in other expenses) 1,000 Warranty expense (included in cost of sales)/(inculded in raw materials) 5,260
Notes P_L
Page 9
2009£
-5,688,653 -120,000
-5,808,653
2,009 £ 30,135
6,577
36,712
2,009 £
4,425,445 22,778
7,340
Notes Current assets
Page 10
10. Trade and other receivables
Trade debtorsPrepayments
11. Inventories
Raw materialsWork in progressFinished goods
Notes Current assets
Page 11
2010 2009£ £
528,788 528,384 56,760 45,478
585,548 573,862
2,010 2,009 £ £ 42,601 36,450
1,140 900 13,640 10,570
57,381 47,920
Notes Tangible assets
Page 12
13. Property, pland and equipment
Land andbuildings
£Cost1 January 2010 1,960,000 AdditionsDisposals31 December 2010 1,960,000
Accumulated depreciation and impairment
1 January 2010 -390,000 Annual depreciation -30,000 ImpairmentLess accumulated depreciation on disposals31 December 2010 -420,000
Carrying amount 31 December 2010 1,540,000
Carrying amount 31 December 2009 1,570,000
Notes Tangible assets
Page 13
Fixtures andequipment Total
£ £
1,102,045 3,062,045 485,000 485,000
-241,000 -241,000 1,346,045 3,306,045
-270,590 -660,590 -240,360 -270,360
-30,000 -30,000 204,850 204,850
-336,100 -756,100
1,009,945 2,549,945
831,455 2,401,455
Notes Intangible assets
Page 14
14. Intangible AssetsPatents & trademarks:
Cost1 January 2010
AdditionsDisposals31 December 2010
Accumulated depreciation and impairment
1 January 2010
Annual amortisation31 December 2010
Carrying amount 31 December 2010Carrying amount 31 December 2009
12. Investment in associate
Cost of investment in associateDividend received from associate
Notes Intangible assets
Page 15
Patents &Trademarks
£
8,500
8,500
-5,950 -1,700 -7,650
850 2,550
2,010 2,009 £ £ 107,500 107,500 -25,000 -25,000
Notes cash _ equity
Page 16
16. Bank overdraft and loan
Bank overdraftBank loan
22. Share capital
Authorised share capital1000 ordinary shares at £1 par value
Issued share capital100 ordiary shares at £1 par value fully paid, issued and outstanding
23. Cash and cash equivalents
Cash on handOverdrafts
Notes cash _ equity
Page 17
2010 2009£ £
-83,600 -115,507 -50,000 -150,000
-133,600 -265,507
2010 2009£ £
1,000 1,000
2010 2009£ £
28,700 22,075 -83,600 -115,507 -54,900 -93,432
Notes provisions
Page 18
18. Provision for warranty obligations 2010£
1 January 2010 -5040Additional accrual during the year -5260Cost of warranty repairs and replacement during year 610031 December 2010 -4200
Obligation at 1 January 2010 -9830Additional accrual during the year 5260Benefit payments made in yearObligation at 31 December 2010 -4570
The obligation is classified as: 2010 2009£ £
Current liability -4944 -4754Non-current liablility -5679 -5076Total -10623 -9830
Notes RP
Page 19
26. Related party transactions Sales Debtors2010 2009 2010 2009
£ £ £ £
Associate -10000 -8000 800 400
Notes leases
Page 20
20. Obligations under finance leases 2010 2009£ £
Within one year 25000 25000Within two to five years 25000 50000Later than five years
50000 75000
The obligation is classified as
Current liability -21461 -19884Non-current liability -23163 -44624
-44624 -64508
21. Commitments under operating leases 2010 2009£ £
Minimum lease payments under operating leasesrecognised as an expense during the year 26100 26100
Outstanding commitments under non-cancellableoperating leases:
Within one year 13050 26100Within two to five years 13050Later than five years
13050 39150
Notes tax
Page 21
15. Deferred TaxForeign
Patents & exchangeTrademarks loss
£ £
1 January 2009 1,700 Charge/(credit) to profit or loss for the year -680 1 January 2010 1,020 - Charge/(credit) to profit or loss for the year -680 -400 31 December 2010 340 -400