annual report 2005 - Pumpkin Patch investor relations

Pumpkin Patch Limited & Subsidiaries notes to and forming part of the financial statements
for the 12 months ended 31 July 2005
3. taxation
The income tax expense has been calculated as follows:
Group
Parent
12 months
31 July 2005
$000
12 months
31 July 2004
$000
12 months
31 July 2005
$000
12 months
31 July 2004
$000
Operating profit/(loss) for the period before tax: 35,809 11,321 7,267 (1,430)
Income tax on the operating profit/(loss) for the period at 33% 11,817 3,736 2,398 (472)
Plus/(Less):
Prior period adjustment 150 (155) 489 59
Tax effect of permanent differences (782) (340) (2,105) (1,661)
Foreign tax credits not utilised 25 - - -
11,210 3,241 782 (2,074)
The Income Tax Expense is represented by:
Current taxation 9,541 6,588 (85) (795)
Prior period adjustment 150 (155) 489 59
Deferred taxation 1,494 (3,192) 378 (1,338)
Foreign tax credits not utilised 25 - - -
11,210 3,241 782 (2,074)
Income Tax Payable/(Receivable)
Opening Balance 2,276 (1,537) (2,131) 45
Current taxation 9,541 6,588 (85) (795)
Withholding tax paid (881) (722) (1) (25)
Income tax paid (8,012) (2,763) (111) (21)
Income tax refunded 95 2,100 - 2
Income tax transferred - - - (160)
Prior period adjustment 19 (154) 2,126 59
Foreign investor tax credit (310) (1,236) (310) (1,236)
Foreign tax credits not utilised 25 - - -
Closing Balance 2,753 2,276 (512) (2,131)
The group has estimated losses of $3,028,954 (2004: $4,638,114) available to carry forward arising from Pumpkin Patch Limited (UK).
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