| |
Solution 14.7 – The Clothing Company
Trading,
P&L and Appropriation Account for year ended 30 September 2005
|
|
€'000 |
€'000 |
€'000 |
|
Sales |
|
|
2,550.0 |
|
Opening stock |
|
235.0 |
|
|
Purchases |
|
1,790.0 |
|
|
Less closing
stock |
|
(375.0) |
|
|
Cost
of sales: |
|
|
(1,650.0) |
|
Gross
profit |
|
|
900.0 |
|
Add
gains |
|
|
|
|
|
|
|
|
|
Less
Expenses |
|
|
|
|
Administration |
230 |
|
|
|
+ Accrual |
30 |
|
|
|
- Prepayment |
(22) |
238.0 |
|
|
Distribution |
160 |
|
|
|
+ Accrual |
15 |
175.0 |
|
|
Directors
remuneration |
|
68.0 |
|
|
Annual depreciation
- fittings 10% 0f 80,000 |
|
8.0 |
|
|
Annual depreciation
- equipment 10% 0f 235,000 |
|
23.5 |
(512.5) |
|
Net
operating profit |
|
|
387.5 |
|
Interest
paid - trial balance |
|
7.0 |
|
|
Interest
due - note 10 |
|
11.0 |
(18.0) |
|
Net
profit before tax |
|
|
369.5 |
|
Corporation
tax due note 9 |
|
40.0 |
(40.0) |
|
Net
profit after interest and tax |
|
|
329.5 |
|
Appropriations |
|
|
|
|
Transfer to
reserves - Note 8 |
|
|
(20.0) |
|
Dividend policy |
|
|
|
|
Interim ordinary
dividend |
|
0.0 |
|
|
Proposed final
dividend |
|
60.0 |
|
|
Preference
dividend provision |
|
25.0 |
(85.0) |
|
Retained
earnings current year |
|
|
224.5 |
|
Retained
earnings b/f |
|
|
254.0 |
|
Retained
earnings current c/f |
|
|
478.5 |
Balance
sheet as at 30 September 2005
|
|
€'000 |
€'000 |
€'000 |
|
|
Cost |
Accum. |
N.B.V |
|
Fixed
Assets |
|
Deprec. |
|
|
Property (€770,000
+ €80,000) |
850.0 |
|
850.0 |
|
Fittings |
350.0 |
(278.0) |
72.0 |
|
Equipment |
235.0 |
(215.5) |
19.5 |
|
|
1,435.0 |
(493.5) |
941.5 |
|
Intangible
Assets |
|
|
|
|
Goodwill |
|
|
350.0 |
|
Investments |
|
|
75.0 |
|
|
|
|
|
|
Current
Assets |
|
|
|
|
Stock |
|
375.0 |
|
|
Debtors |
|
305.0 |
|
|
Bank |
|
144.0 |
|
|
Prepayment |
|
22.0 |
|
|
|
|
846.0 |
|
|
Current
Liabilities |
|
|
|
|
Creditors |
138.0 |
|
|
|
Accrual admin |
30.0 |
|
|
|
Accrual distribution |
15.0 |
|
|
|
Debenture
interest |
11.0 |
|
|
|
Corporation
tax |
40.0 |
|
|
|
Preference
share dividend |
25.0 |
|
|
|
Ordinary share
dividend |
60.0 |
(319.0) |
527.0 |
|
|
|
|
|
|
Long
Term Liabilities |
|
|
|
|
6% Debentures
(€300,000 - €100,000) |
|
|
(200.0) |
|
|
|
|
1,693.5 |
|
|
|
|
|
|
Capital
& Reserves |
|
|
|
|
Ordinary share
capital (€600,000 + €100,000) |
|
|
700.0 |
|
Preference
share capital |
|
|
250.0 |
|
Share premium
|
|
|
75.0 |
|
Retained earnings |
|
|
478.5 |
|
Revaluation
reserve |
|
|
80.0 |
|
General reserve
(€90,000 + €20,000) |
|
|
110.0 |
|
|
|
|
1,693.5 |
|