annual report - Pumpkin Patch investor relations

PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010
PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010
16 INTEREST BEARING LIABILITIES
Consolidated at Parent at
31 July 2010 31 July 2009 31 July 2010 31 July 2009
$Õ000 $Õ000 $Õ000 $Õ000
Current interest bearing liabilities
Bank overdrafts - - 28 319
Bank loans 25,000 10,000 - -
Total current interest bearing
liabilities 25,000 10,000 28 319
Non-current interest bearing
liabilities
Bank loans 8,000 21,000 - -
Total non current interest bearing
liabilities 8,000 21,000 - -
Total interest bearing borrowings 33,000 31,000 28 319
17 IMPUTATION CREDIT ACCOUNT
Through shareholding in parent company
31 July 2010 31 July 2009
$Õ000 $Õ000
Imputation credit account 4,161 5,178
Movements:
Balance at beginning of year 5,178 409
Tax payments, net of refunds 4,959 9,417
Credits attached to dividend distributions (5,976) (4,648)
4,161 5,178
The Parent is part of an imputation credit group, therefore the above note details the
imputation credits available to the Group and ultimately to the shareholders of the
parent company.
The bank loans are provided under the terms of an ANZ National Bank Limited Revolving
Advances Facility Agreement dated 24 June 2009. The bank facilities outlined in this
agreement expire in December 2011.
The Company draws down on its bank facility as required via short-term loans which are
required to be disclosed under current liabilities for external financial reporting purposes.
These borrowings have been aged in accordance with the repayment terms of the
facilities. At year end the weighted average interest rate is 4.60% (2009: 4.04%).
As at 31 July 2010, the Group had $49,000,000 of unused lines of credit
(2009: $67,000,000).
The fair value of interest bearing liabilities approximates their carrying value.
SECURITY
The Company has guaranteed, together with subsidiary companies, the indebtedness
of Pumpkin Patch Limited and subsidiaries at 31 July 2010, together with, in all cases,
interest thereon under a cross guarantee deed dated 18 April 1996 and a guarantee and
indemnity dated 11 July 2005. At 31 July 2010 the total indebtedness guaranteed by the
deed amounted to $32,950,000 (2009: $28,165,000).
Included in this are other guarantees held by the ANZ National Bank Limited of:
- Rent guarantees to certain landlords amount to $2,112,000 (2009: $2,863,000);
- Guarantees provided to the UK Customs Department, amounting to $1,614,000 (2009:
$1,062,000); &
- A guarantee of $75,000 (2009: $75,000) to the NZX.
20
years
young
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