BRANBON TRADING CC ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED

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1 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2014

2 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2014 Contents: Page: Accounting Officer's Report 1. Statement of Comprehensive Income 2. Statement of Financial Position 3. Statement of Cash Flows 4. Notes to the Annual Financial Statements PREPARATION OF THE FINANCIAL STATEMENTS The responsibility of the members with the preparation of the financial statements is described in the accounting officer's report. The individual who prepared or supervised the preparation of the financial statements is: David Romero Professional Accountant SAIPA Practice No APPROVAL BY THE MEMBERS The attached Annual Financial Statements have been approved by the members and are signed to that effect hereunder R. L. De Mendonca 23 MAY 2014

64 Garfield Road Claremont 7708 Cell: 074 118 7125 To the Members of Branbon Trading CC ACCOUNTING OFFICER'S REPORT I have performed the duties of Accounting Officer to Branbon Trading CC for the

3 64 Garfield Road Claremont 7708 Cell: To the Members of Branbon Trading CC ACCOUNTING OFFICER'S REPORT I have performed the duties of Accounting Officer to Branbon Trading CC for the year ended 28 February 2014 as required by Section 62 of the Close Corporations Act 1984, as amended. The Annual Financial Statements as set out on pages 1 to 9 are the responsibility of the members. I have determined that the Annual Financial Statements are in agreement with the accounting records and have done so by adopting procedures and conducting such enquiries in relation to the books of account and records as I considered necessary in the circumstances. I have also reviewed the accounting policies which have been presented to me as having been applied in the preparation of the Annual Financial Statements and I consider that they are appropriate to the business. David Romero Professional Accountant SAIPA Practice No MAY

4 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2014 NOTE Turnover Cost of Turnover Gross Margin Other Income Operating Expenses Net income for the year Taxation Net income after taxation Retained income at beginning of year Retained income at end of year

5 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2014 NOTE Assets Non-current assets Fixed Assets Investments Loans Receivable Current assets Inventories Trade Debtors Cash and cash equivalents Taxation prepaid Deposits Total Assets Equity and Liabilities Equity Members' Contributions Retained Income Non-current liabilities Current liabilities Trade creditors Provisions and accruals Taxation Total Liabilities

6 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2014 Net income for the year - after tax Add back : Depreciation Interest and finance charges Net income from operating activities Net Interest Increase in working Capital Inventory Taxation Trade debtors Trade creditors Net effect of investment activities Fixed assets movements Movement in loans receivable Net effect of financing activites Increase in long term borrowing Net cash flow

7 NOTES TO THE ANNUAL FINANCIAL STATEMENTS - 28 FEBRUARY Accounting policies The financial statements have been prepared on the historical cost basis. the main accounting policies are as follows: 1.1. Turnover Turnover represents the net value of sales raised against external clients and excludes Valued Added Taxation Fixed assets Fixed assets are depreciated over their expected useful economic lives. Depreciation is calculated using the straight-line method at the following applicable rates: Motor vehicles 20% per annum Computer equipment 33% per annum Machinery & Equipment 20% per annum Furniture and Fittings 20% per annum 2. Fixed Assets 2.1. Computers Cost Accumulated Depreciation Book Value

8 NOTES TO THE ANNUAL FINANCIAL STATEMENTS - 28 FEBRUARY Machinery & Equipment Cost Accumulated Depreciation Book Value Motor Vehicles Cost Accumulated Depreciation Book Value Furniture and Fittings Cost Accumulated Depreciation Book Value Total Fixed Assets

9 NOTES TO THE ANNUAL FINANCIAL STATEMENTS - 28 FEBRUARY INVESTMENTS 25% Benefit Textiles (Pty) Ltd LOANS RECEIVABLE Brandgroup International (Pty) Ltd - t/a Tiger of Sweden Podocrapus Trading CC These loans are unsecured and Interest bearing at varying rates. There are no fixed dates of repayment 5. INVENTORY Raw Materials Work in progress There were no significant differences between the replacement cost and the values shown for other stock categories. Where necessary, specific provision is made for obsolete, damaged and slow-moving stock. 6. MEMBERS' CONTRIBUTIONS R. L. De Mendonca G. Z. Rose

10 NOTES TO THE ANNUAL FINANCIAL STATEMENTS - 28 FEBRUARY LONG TERM LIABILITIES 7.1. Members' Loans R. L. De Mendonca G. Z. Roze Unsecured Gido Family Trust Total Long Term Liabilities COST OF TURNOVER Opening Stock Purchases Less : Closing Stock OTHER INCOME Discounts Received Interest Received - Bank Unsecured Loans

11 NOTES TO THE ANNUAL FINANCIAL STATEMENTS - 28 FEBRUARY OPERATING EXPENSES Accounting Officer's Remuneration Bank Charges Consultancy Fees Computer Expenses Depreciation - Machinery and Equipment Motor Vehicles Furniture and Fittings Computers Entertainment Expenses General Expenses - Gifts Legal Costs tax deductible Legal Costs non tax deductible Subscriptions Operating Leases Insurance Interest paid - Unsecured Loans Factoring Costs Interest on Factoring Secured Loans Members' Salaries - R. L. De Mendonca G. Z. Rose Motor Vehicle Expenses Printing and Stationery Rent, Electricity and Water Repairs and Maintenance Salaries and Wages Security Costs Staff Training and Welfare Telephone Travelling Costs

Smith Soletrader UNAUDITED ACCOUNTS for the year ended 31 December 2014

Smith Soletrader UNAUDITED ACCOUNTS for the year ended 31 December 2014 UNAUDITED ACCOUNTS for the year ended 31 December 2014 Unaudited accounts CONTENTS PAGE Proprietor and Professional Advisers 1 Proprietor s Approval Statement 2 Accountant s Report 3 Profit and Loss Account