2005
2004
NOTE 1: OTHER EXPENSES
$000's
$000's
(a) Other expenses
Remuneration of Auditor
- audit fees
38
30
- other services
-
-
Amortisation
69
28
Net loss/(gain) on sale of fixed assets
(10)
(106)
Directors fees
133
126
Rental and operating lease costs
1,620
913
Bad debts written off
37
113
Movement in provision for doubtful
debts
(3)
(31)
1,884
1,073
(b) Depreciation
Plant,equipment and vehicles
3,042
2,443
Administration furniture and
equipment
442
418
3,484
2,861
NOTE 2: TAXATION
(a) Tax expense
Surplus before taxation
2,325
2,725
Prima facie taxation at 33%
767
899
Plus/(less) taxation effect of:
Permanent difference
33
17
Tax expense
800
916
Comprising:
Current tax
767
872
Deferred tax
33
44
800
916
(b) Deferred taxation asset
Opening balance
1,270
1,341
Transfer to current taxation
(22)
(27)
Taxation expense
(33)
(44)
Closing balance
1,215
1,270
2005
2004
$000's
$000's
(c) Current taxation liability
Opening balance
859
1,089
Transfer from deferred taxation
(22)
(27)
Taxation expense
767
872
Less provisional taxation paid
(2)
-
Less subvention payment
(837)
(1,075)
Closing balance
765
859
The prior year taxation liability was extinguished through the
offsetting of losses of $1,700,290 from Christchurch City
Holdings Limited and the making of a subvention payment of
$837,456 to Christchurch City Holdings Limited.
(d) Imputation credit account
Opening balance
3
3
Taxes paid/(refunded)
-
-
Credits attached to dividends
-
-
Closing balance
3
3
NOTE 3: EQUITY
(a) Share capital
Ordinary shares
6,036
6,036
Redeemable preference shares
2,500
-
Balance as at 30 June
8,536
6,036
At 30 June 2005 the Company has issued 6,036,000 ordinary
shares. All shares are fully paid.
At 30 June 2005 the Company has issued 5,000,000 $1.00
redeemable preference shares. Of these 2,500,000 have been
fully paid, the remaining 2,500,000 redeemable preference
shares are issued but are uncalled. The option to call this
payment is with the directors of City Care Limited.
(b) Retained earnings
Retained earnings at 1 July
5,492
4,587
Net surplus
1,525
1,809
Dividend - paid
(331)
(395)
Dividend - provided and transferred
to reserve
(216)
(509)
Balance as at 30 June
6,470
5,492
40
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2005
