Solution 14.5 – Global Cinema Ltd
(a) Statement of Comprehensive Income
|
|
€’000 |
€’000 |
€’000 |
|
Sales |
|
|
3,700 |
|
Less cost of sales |
|
|
|
|
Opening stock |
|
180 |
|
|
Purchases |
1,860 |
|
|
|
+ Carriage In |
22 |
1,882 |
|
|
Closing stock |
|
(162) |
|
|
Cost of goods sold |
|
|
(1,900) |
|
GROSS PROFIT |
|
|
1,800 |
|
Add gains or other income |
|
|
|
|
Rent received |
|
64 |
|
|
Discount received |
|
27 |
91 |
|
Less expenses |
|
|
|
|
Administration costs |
715 |
|
|
|
+ Due |
4 |
719 |
|
|
Sales & Distribution costs |
475 |
|
|
|
- Prepayment |
(8) |
467 |
|
|
Discount allowed |
|
38 |
|
|
Carriage out |
|
31 |
|
|
Annual deprec - premises (1500 x 2%) |
|
30 |
|
|
Annual deprec - vehicles (700 x 10%) |
|
70 |
|
|
Annual deprec - F&E (450 x 20%) |
|
90 |
(1,445) |
|
NET OPERATING PROFIT |
|
|
446 |
|
Less Debenture Interest paid |
|
18 |
|
|
Debenture Interest due |
|
9 |
(27) |
|
Net Profit before tax |
|
|
419 |
|
Less Corporation tax |
|
|
0 |
|
Net Profit after Interest and Tax |
|
|
419 |
(b) Statement of Equity Changes for year ended 31 August
|
|
Ordinary shares |
Pref Shares |
General reserve |
Retained /accumulated profit |
Total |
|
|
€,000 |
€’000 |
€’000 |
€’000 |
€’000 |
|
Balance |
1,500 |
350 |
30 |
83 |
1,963 |
|
Profit after tax |
|
|
|
419 |
419 |
|
Dividend Ord |
|
|
|
(15) |
(15) |
|
Dividend Pref |
|
|
|
(35) |
(35) |
|
Transf to reserve |
|
|
32 |
(32) |
|
|
Balance at |
1,500 |
350 |
62 |
420 |
2,332
|
(c)Statement of Financial Position
|
ASSETS |
€’000 |
€’000 |
€’000 |
|
Non-current assets |
Cost |
Accum. Deprec. |
NBV |
|
Premises |
1,500 |
(120) |
1,380 |
|
Vehicles |
980 |
(350) |
630 |
|
Furniture & equipment |
450 |
(200) |
250 |
|
|
2,930 |
(670) |
2,260 |
|
Current assets |
|
|
|
|
Inventory |
|
162 |
|
|
Accounts receivable |
|
30 |
|
|
Bank |
|
300 |
|
|
prepayments |
|
8 |
500 |
|
|
|
|
2,760 |
|
EQUITY & LIABILITIES |
|
|
|
|
Capital and Reserves |
|
|
|
|
Ordinary share capital (300,000 @ €5) |
|
|
1,500 |
|
10% Preference share capital |
|
|
350 |
|
General reserve (30,000 + 32,000) |
|
|
62 |
|
P & L reserve |
|
|
420 |
|
|
|
|
2,332 |
|
Non-current liabilities |
|
|
|
|
12% Debenture loan |
|
|
225 |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable |
|
155 |
|
|
Pref share dividend |
|
35 |
|
|
Accruals (9+4) |
|
13 |
203 |
|
|
|
|
2,760 |
|
|
|
|
|
|
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