1086 AnnRep-Investment S04-3 - Pumpkin Patch investor relations

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PUMPKIN PATCH LIMITED & SUBSIDIARIESSTATEMENTS OF ACCOUNTING POLICIESFOR THE 12 MONTHS ENDED 31 JULY 2004Entities ReportingThe financial statements for the “Parent” are for Pumpkin Patch Limited as a separate legal entity.The consolidated financial statements for the “Group” are for the economic entity comprising PumpkinPatch Limited and its subsidiaries.Statutory BasePumpkin Patch Limited is a company registered under the Companies Act 1993 and is an issuer in termsof the Securities Act 1978.The financial statements are those of Pumpkin Patch Limited and its subsidiaries and are prepared andpresented in accordance with the Companies Act 1993 and the Financial Reporting Act 1993.ComparativesDuring the period ended 31 July 2003 the Group changed its balance date from 31 December to31 July. Therefore the comparative numbers are for a seven month period ended 31 July 2003.Measurement BaseThe financial statements have been prepared on the historical cost basis.Accounting PoliciesThe financial statements are prepared in accordance with New Zealand generally acceptedaccounting practice. The accounting policies that materially affect the measurement of financialperformance, financial position and cash flows are set out below.Group Financial StatementsThe Group financial statements consolidate the financial statements of subsidiaries, using the purchasemethod. Subsidiaries are entities that are controlled, either directly or indirectly, by the Parent.All material transactions between subsidiaries or between the Parent and subsidiaries are eliminatedon consolidation.The results of subsidiaries acquired or disposed of during the year are included in the consolidatedstatement of financial performance from the date of acquisition or up to the date of disposal.Operating RevenuesGoods and ServicesRevenue comprises the amounts received and receivable for goods and services supplied tocustomers in the ordinary course of business.Investment IncomeDividend income is recognised in the period the dividend is declared. Interest and rental income areaccounted for as earned.31
Income TaxThe income tax expense recognised for the year is based on the accounting surplus, adjusted forpermanent differences between accounting and tax rules.The impact of all timing differences between accounting and taxable income is recognised as adeferred tax liability or asset. This is the comprehensive basis for the calculation of deferred tax underthe liability method. A deferred tax asset, or the effect of losses carried forward that exceed thedeferred tax liability, is recognised in the financial statements only where there is virtual certainty thatthe benefit of the timing differences, or losses, will be utilised.Goods and Services Tax (GST)The statement of financial performance and statement of cash flows have been prepared so that allcomponents are stated exclusive of GST. All items in the statement of financial position are stated netof GST, with the exception of receivables and payables, which include GST invoiced.Foreign CurrenciesTransactionsTransactions denominated in a foreign currency are converted to New Zealand dollars at theexchange rates in effect at the date of the transaction, except when forward currency contracts havebeen taken out to cover short-term forward currency commitments. Where short-term forward currencycontracts have been taken out, the transaction is translated at the rate contained in the contract.Monetary assets and liabilities arising from trading transactions, such as inventory, trade debtors, cashand trade creditors, or overseas borrowings are translated at the following closing rates as at thefinancial period end :31 July 31 July2004 2003Australian Dollar 0.9076 0.8929US Dollar 0.6424 0.5822British Pound 0.3494 0.3699Gains and losses due to currency fluctuations on these items are included in the statement offinancial performance.Foreign OperationsThe results of integrated foreign operations are translated in the same way as if the underlyingtransactions had been entered into by the reporting entity.Exchange differences arising from the translation of integrated foreign operations are recognised in thestatement of financial performance.32
Page 4: The annual meeting of shareholders
Page 8 and 9: Store NumbersSales Composition12010
Page 11 and 12: managing director’s reportOur yea
Page 13 and 14: fashion created for kidsUnited King
Page 16 and 17: directorsGreg MuirExecutive Chairma
Page 19 and 20: senior managementLyn BryantGeneral
Page 22 and 23: corporate governanceThe Board of Di
Page 24: External auditor independenceTo ens
Page 27 and 28: Pre-listing employee share scheme r
Page 29 and 30: Disclosure of Interests by director
Page 32 and 33: group financial statementsPUMPKIN P
Page 34 and 35: PUMPKIN PATCH LIMITED & SUBSIDIARIE
Page 38 and 39: Share Schemes and Employee Ownershi
Page 40 and 41: Forward exchange contracts entered
Page 65 and 66: shareholder informationfor the year
Page 68: corporate directoryRegistered Offic

1086 AnnRep-Investment S04-3 - Pumpkin Patch investor relations

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