Solution 14.7 – CRAVEN HOLIDAYS
(a) Statement of Comprehensive Income
|
|
€'000 |
€'000 |
€'000 |
|
Sales |
|
|
2,650 |
|
Lest cost of sales |
|
|
|
|
Opening stock |
|
235 |
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|
Purchases |
|
1,790 |
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|
Less closing stock |
|
(375) |
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|
Cost of sales |
|
|
(1,650) |
|
GROSS PROFIT |
|
|
1,000 |
|
Less Expenses |
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|
|
|
Administration |
230 |
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|
|
+ Accrual |
30 |
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|
|
- Prepayment |
(22) |
238 |
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|
Distribution |
160 |
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|
|
+ Accrual |
15 |
175 |
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|
Directors remuneration |
|
68 |
|
|
Annual depreciation - furniture (10% 0f 80,000) |
|
8 |
|
|
Annual depreciation - equipment (20% 0f 235,000) |
|
47 |
(536) |
|
NET OPERATING PROFIT |
|
|
464 |
|
Interest paid |
|
7 |
|
|
Interest due |
|
11 |
(18) |
|
Net profit before tax |
|
|
446 |
|
Corporation tax due |
|
40 |
(40) |
|
Net profit after interest and tax |
|
|
406 |
Other comprehensive income
Revaluation of property 80
Total comprehensive income 486
(b) Statement of Equity Changes for year ended 31 March
|
|
|
Ordinary shares |
Pref Share |
Share Prem |
Reval Res |
General reserve |
Retained /accumulated profit |
Total |
|
|---|---|---|---|---|---|---|---|---|---|
|
|
|
€ |
|
|
|
€ |
€ |
€ |
|
|
O/Balance |
600,000 |
250,000 |
|
|
90,000 |
254,000 |
1,194,000 |
||
|
Profit after tax |
|
|
|
|
|
406,000 |
406,000 |
||
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Dividend Ord |
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|
|
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Dividend Pref |
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|
|
|
|
(25,000) |
(25,000) |
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Trans to reserve |
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|
|
|
20,000 |
(20,000) |
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||
|
Issue of shares |
100,000 |
|
75,000 |
|
|
|
175,000 |
||
|
Revaluation |
|
|
|
80,000 |
|
|
80,000 |
||
|
C/Balance |
700,000 |
250,000 |
75,000 |
80,000 |
110,000 |
615,000 |
1,830,000 |
||
Statement of Financial Position as at 30 September
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|
€'000 |
€'000 |
€'000 |
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|
ASSETS |
Cost |
Accum. |
N.B.V |
|
|
Non-current Assets |
|
Deprec. |
|
|
|
Property (770 + 80) |
850 |
|
850 |
|
|
Furniture |
350 |
(278) |
72 |
|
|
Equipment |
235 |
(139) |
96 |
|
|
|
1,435 |
(417) |
1018 |
|
|
Intangible Assets |
|
|
|
|
|
Goodwill |
|
|
350 |
|
|
|
|
|
|
|
|
Investments |
|
|
75 |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
Inventory |
|
375 |
|
|
|
Accounts receivable |
|
55 |
|
|
|
Bank (319,000 + 175,000 – 100,000) |
|
394 |
|
|
|
Prepayment |
|
22 |
846 |
|
|
|
|
|
2289 |
|
|
CAPITAL AND LIABILITIES |
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|
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|
Capital and Reserves |
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|
|
|
|
Ordinary share capital (600,000 + 100,000) |
|
|
700 |
|
|
Preference share capital |
|
|
250 |
|
|
Share premium (50,000 x €1.50) |
|
|
75 |
|
|
Retained profit |
|
|
615 |
|
|
Revaluation reserve |
|
|
80 |
|
|
General reserve (90,000 + 20,000) |
|
|
110 |
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|
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|
1,830 |
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Non-current Liabilities |
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|
|
|
|
6% Debentures (300,000 – 100,000) |
|
|
200 |
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Current Liabilities |
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|
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Accounts payable |
|
130 |
|
|
|
Accrual admin |
|
30 |
|
|
|
Accrual distribution |
|
15 |
|
|
|
Debenture interest |
|
11 |
|
|
|
Preference dividend due |
|
25 |
|
|
|
Bank Overdraft |
|
8 |
|
|
|
Corporation tax |
|
40 |
259 |
|
|
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|
2,289 |
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