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