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
14. contingent liabilities
Group and Parent Company
The Company has guaranteed, together with subsidiary companies, the indebtedness of Pumpkin Patch Limited and
subsidiaries at 31 July 2005, together with, in all cases, interest thereon under a deed of guarantee dated 18 April
1996. The deed with the ANZ National Bank Limited provides for the issue of securities in respect of indebtedness
from time to time of Pumpkin Patch Limited and/or any guaranteeing subsidiary. At 31 July 2005 the total indebtedness
guaranteed by the deed amounted to $5,200,156 (2004: $8,165,004).
Other guarantees held by the ANZ National Bank Limited include rent guarantees to certain landlords amounting to
$1,607,021 (2004: $1,468,352), rent guarantees provided to the landlords of a subsidiary, Pumpkin Patch Limited
(UK), amounting to $1,447,787 (2004: $1,216, 646), and a guarantee of $75,000 (2004: $75,000) to the NZX.
The amount of outstanding liabilities under Letters of Credit at 31 July 2005 amounted to $144,652 (2004: Nil).
15. capital expenditure commitments
The Group has commitments for future capital expenditure at 31 July 2005 amounting to $3,642,084
(2004: $1,830,000).
16. operating lease obligations
Obligations payable after balance date on non-cancellable operating leases as follows:
Group
Parent
31 July 2005
$000
31 July 2004
$000
31 July 2005
$000
31 July 2004
$000
Not later than one year 25,362 25,851 1,940 1,622
Later than one year and not later than two years 19,717 18,789 1,831 1,518
Later than two years and not later than five years 33,394 28,916 4,750 4,555
Later than five years 10,790 10,071 4,822 6,050
89,263 83,627 13,343 13,745
17. related party transactions
The parent company has entered into certain transactions in the form of recharging of expenses and overheads with its
subsidiaries. Details of the identity of subsidiaries are disclosed in Note 12 - Investments in subsidiaries.
The Group has paid rent of $54,853 (2004: $8,042) to The Dickens Street Partnership which is 66% owned by The
Opito Family Trust, a shareholder in Pumpkin Patch Limited. These payments were made on normal commercial terms
and there are no outstanding balances at period end.
The Group has made purchases of shop fixtures and fittings from Espies Shopfitters Limited of $3,677,690 (2004:
$2,984,717). Espies Shopfitters Limited is 48.75% beneficially owned by Kezza Family Trust, a shareholder of Pumpkin
Patch Limited. Kezza Family Trust is associated with Maurice Prendergast, a Director in Pumpkin Patch Limited. These
were made on normal commercial terms. At period end $129,775 was outstanding (2004: $321,626).
42