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ABC Trading (Pty) Limited
(Registration Number: 2011 999999 99)
www.excel-skills.com
Financial statements for the year ended 28 February 2013
These financial statements were approved by the board of directors and authorised for issue on 20 March 2013.
Page 3 of 17
ABC Trading (Pty) Limited
Statement of comprehensive income and retained earnings for the year ended 28 February 2013
Page 4 of 17
ABC Trading (Pty) Limited
ASSETS
Non-current assets
Property, plant & equipment 8 2,749,945 2,521,455
Intangible assets 9 32,900 59,550
Investments 10 142,500 132,500
Deferred tax asset 11 0 2,912
2,925,345 2,716,417
Current assets
Inventories 12 57,380 47,920
Trade and other receivables 13 785,548 773,859
Cash and cash equivalents 14 49,700 35,075
892,628 856,854
Total assets 3,817,973 3,573,271
Equity
Share capital 15 45,000 40,000
Retained earnings 3,489,980 3,088,569
3,534,980 3,128,569
Non-current liabilities
Long term loans 16 240,000 160,000
Finance leases 17 23,163 44,624
Deferred tax liability 11 4,309 0
267,472 204,624
Current liabilities
Short term loans 16 10,000 100,000
Current portion of finance leases 17 21,461 19,884
Bank overdraft 14 83,600 115,507
Trade payables 19 354,530 415,520
Provisions 20 214,823 214,870
Interest payable 2,000 1,200
Dividends payable 150,000 100,000
Current tax liability 271,647 190,316
1,108,061 1,157,297
Total liabilities 1,375,533 1,361,921
Total equity & liabilities 4,910,513 4,490,490
Page 5 of 17
ABC Trading (Pty) Limited
Retained
Share Capital Earnings Total
R R R
Page 6 of 17
ABC Trading (Pty) Limited
Page 7 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013
1. General information
ABC Trading (Pty) Limited is a limited company incorporated in South Africa. Their principal business activities are the
manufacture and sale of frozen foods. The address of its registered office and principal place of business is:
10 Berkshire Avenue, Northcliff, Johannesburg.
These financial statements have been prepared in accordance with the International Financial Reporting Standard for Small
and Medium-sized Entities issued by the International Accounting Standards Board. They are presented in the currency units
of South Africa.
Revenue recognition
Revenue from sales of goods is recognised when the goods are delivered and title has passed. Revenue is measured at the
fair value of the consideration received or receivable, net of discounts and sales-related taxes collected on behalf of the
government of South Africa.
Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Income tax
The income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based
on the taxable profit for the year.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements
and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary
differences that are expected to increase taxable profit in the future. Deferred tax assets are recognised for all temporary
differences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits. Deferred
tax assets are measured at the highest amount that, on the basis of current or estimated future taxable profit, is more likely
than not to be recovered. The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to
reflect the current assessment of future taxable profits. Any adjustments are recognised in profit or loss.
Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which it
expects the deferred tax asset to be realised or the deferred tax liability to be settled, on the basis of tax rates that have been
enacted or substantively enacted by the end of the reporting period.
Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated
impairment losses. Depreciation is charged so as to allocate the cost of assets less their residual values over their estimated
useful lives, using the straight-line method. The following rates are used for the depreciation of property, plant and equipment:
Buildings 2%
Plant & equipment 20%
Furniture & fixtures 16.7%
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of an asset,
the depreciation of that asset is revised accordingly to reflect the new expectations.
Page 8 of 17
Page 9 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013 (continued)
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. It is amortised
over its estimated life of five years using the straight-line method. If there is an indication that there has been a significant
change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised accordingly to
reflect the new expectations.
Impairment of assets
At each reporting date, property, plant and equipment and intangible assets are reviewed to determine whether there is any
indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable
amount of any affected asset (or group of related assets) is estimated and compared with its carrying amount. If the
estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an
impairment loss is recognised immediately in profit or loss.
Similarly, at each reporting date, inventories are assessed for impairment by comparing the carrying amount of each item of
inventory (or group of similar items) with its selling price less costs to complete and sell. If an item of inventory (or group of
similar items) is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment
loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset (or group of related assets) is increased to the
revised estimate of its recoverable amount (selling price less costs to complete and sell, in the case of inventories), but not
in excess of the amount that would have been determined had no impairment loss been recognised for the asset (or group of
related assets) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of
ownership of the leased asset to the company. All other leases are classified as operating leases.
Rights to assets held under finance leases are recognised as assets of the company at the fair value of the leased property
(or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the
lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned
between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are
included in property, plant and equipment, and depreciated and assessed for impairment losses in the same way as
owned assets.
Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the lease.
Inventories
Inventories are stated at the lower of cost and selling price less costs to complete and sell. Cost is calculated using the
first-in, first-out (FIFO) method.
Most sales are made on the basis of normal credit terms, and the receivables do not bear interest. Where credit is extended
beyond normal credit terms, receivables are measured at amortised cost using the effective interest method. At the end of
each reporting period, the carrying amounts of trade and other receivables are reviewed to determine whether there is any
objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in profit or loss.
Page 10 of 17
Page 11 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013 (continued)
Trade payables
Trade payables are obligations on the basis of normal credit terms and do not bear interest.
Interest expenses are recognised on the basis of the effective interest method and are included in finance costs.
3. Revenue
2013 2012
R R
4. Other income
2013 2012
R R
5. Finance costs
2013 2012
R R
The following items have been recognised as expenses (income) in determining profit before tax:
2013 2012
R R
Page 12 of 17
Income tax is calculated at 28.0 per cent (2012: 28.0 per cent) of the estimated assessable profit for the year.
Page 13 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013 (continued)
Cost
At 01 March 2012 1,900,000 1,102,045 180,000 3,182,045
Additions 50,000 485,000 36,000 571,000
Disposals 0 (241,000) (6,000) (247,000)
At 28 February 2013 1,950,000 1,346,045 210,000 3,506,045
Accumulated depreciation
At 01 March 2012 390,000 228,590 42,000 660,590
Depreciation for the year 20,000 224,360 18,000 262,360
Impairment 10,000 30,000 3,000 43,000
Disposals 0 (204,850) (5,000) (209,850)
At 28 February 2013 420,000 278,100 58,000 756,100
Carrying amount
At 28 February 2013 1,530,000 1,067,945 152,000 2,749,945
The carrying amount of the companys property, plant & equipment includes an amount of R40,000 (2012: R60,000) in
respect of assets held under finance leases.
9. Intangible assets
Goodwill Trademarks Software Total
R R R R
Cost
At 01 March 2012 50,000 27,500 18,500 96,000
Additions 0 12,000 0 12,000
At 28 February 2013 50,000 39,500 18,500 108,000
Accumulated amortization
At 01 March 2012 20,000 7,500 8,950 36,450
Amortisation for the year 5,000 3,950 4,700 13,650
Impairment 25,000 0 0 25,000
At 28 February 2013 50,000 11,450 13,650 75,100
Carrying amount
At 28 February 2013 0 28,050 4,850 32,900
10. Investments
2013 2012
R R
Page 14 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013 (continued)
The following are the deferred tax liabilities (assets) recognised by the company:
Foreign
Trademarks Software Exchange Loss Total
R R R R
The company has not recognised a valuation allowance against the deferred tax assets because, on the basis of past
years and future expectations, management considers it probable that taxable profits will be available against which the
future income tax deductions can be utilised.
12. Inventories
2013 2012
R R
The bank overdraft is secured by a floating lien over land & buildings owned by the company with a carrying amount of
R1,530,000 at 28 February 2013 (R0 at 29 February 2012). Interest is payable on the bank overdraft at 1 point
above the prime interest rate.
Page 15 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013 (continued)
The share capital balance as at 28 February 2013 comprise 45,000 ordinary shares (2012: 40,000) with a par value of
R1.00 fully paid, issued and outstanding. An additional 55,000 shares (2012: 60,000) are legally authorised
but unissued.
16. Loans
2013 2012
R R
Non-current
Long term loans 240,000 160,000
Current
Short term loans 10,000 100,000
The long term loans are secured by a floating lien over land & buildings owned by the company with a carrying amount of
R1,530,000 at 28 February 2013 (R0 at 29 February 2012). Interest is payable on the 5-year bank loan at a
fixed rate of 9 per cent of the principal amount.
The company rents equipment under operating leases. The leases are for an average period of 3 years, with fixed rentals
over the same period.
2013 2012
R R
Operating lease payments recognised as an expense during the year 11,850 13,400
Page 16 of 17
ABC Trading (Pty) Limited
Accounting policies and explanatory notes to the financial statements for the year ended
28 February 2013 (continued)
At year-end, the company has outstanding commitments under non-cancellable operating leases that fall due as follows:
2013 2012
R R
20. Provisions
Claims Leave Bonuses Total
R R R R
During 20?? a customer initiated proceedings against the company for faulty products. The customer asserts that
its total losses are CU?50,000 and has initiated litigation claiming this amount. The companys legal counsel do not
consider that the claim has merit and no provision has therefore been recognised in these financial statements.
On 14 March 20?? the directors voted to declare a dividend of CU?1.00 per share (CU?30,000 total) payable on 15 April
20?? to shareholders registered on 31 March 20??. Because the obligation arose after the end of the reporting period,
a liability is not shown in the statement of financial position at 28 February 20??.
Amounts owed by related parties and included in trade receivables 8,000 5,000
Amounts owed to related parties and included in trade payables (12,000) (8,000)
The total remuneration of directors and other members of key management in 2013 (including salaries and benefits) was
R362,900 (2012: R311,700).
Page 17 of 17