Financial Statements Sample

Excel Skills | Financial Statements Template
About this template

This template enables users to compile comprehensive financial statements based on International Financial Reporting Standards for small & medium
enterprises (IFRS for SME's) from an trial balance regardless of the structure of the accounts that are included in the trial balance! The financial
statements are compiled b lin"ing each account in the trial balance to a pre#defined financial statement reporting class code and all the amounts that
are included on the financial statements are automaticall calculated based on the lin"ed class codes! The template can also easil be rolled for$ard
or bac" b simpl changing the ear value in a single input cell!
About our unique templates
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E(cel s"ills in order to use our templates # all our templates onl re&uire basic user input and include comprehensive step b step instructions!
About this sample file
This E(cel document is onl a sample of the financial statements template! *e+ve created this sample to enable customers to vie$ the laout and
features of this template! )ou $ill therefore not be able to use this version of the template # the full version of the template can onl be do$nloaded
after buing the template or a full membership of the E(cel S"ills $ebsite!
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3age . of .4
Instructions
The follo$ing sheets are included in the template5
Set"up
###$excel"skills$com
This template enables users to compile comprehensive financial statements based on International Financial Reporting
Standards for small & medium enterprises (IFRS for SME's) from an trial balance regardless of the structure of the
accounts that are included in the trial balance! The financial statements are compiled b lin"ing each account in the trial
balance to a pre#defined financial statement reporting class code and all the amounts that are included on the financial
statements are automaticall calculated based on the lin"ed class codes! The template can also easil be rolled for$ard or
bac" b simpl changing the ear value in a single input cell!
Disclaimer: The aim of this template is to assist users in compiling a standard set of financial statements and we can
therefore not guarantee that all the financial statement disclosures that are required for the particular business will be
accommodated in the template. The user therefore remains solely responsible for ensuring the accuracy and
completeness of financial statement disclosure.
Set"up # enter all the relevant business details on this sheet and specif the financial ear end month and the current
financial reporting period! The reporting period that is specified determines $hich annual periods $ill be included in the
current and comparative periods on the financial statements!
%lasses # this sheet contains all the pre#defined financial statement reporting classes that should be used to lin" the
accounts on the trial balance to the calculations on the financial statements! The classes are provided in order to simplif
the lin"ing of accounts and are not lin"ed to the financial statements! 6hanges that are made to the pre#defined classes
on this sheet $ill therefore have no effect on the financial statement calculations!
TB # a complete trial balance for each annual period should be included on this sheet and each account in the trial
balance should be lin"ed to the appropriate financial statement reporting class b entering or coping the appropriate
class code into column -! The amounts that are included on the financial statements are automaticall updated based on
the classes that are specified on this sheet!
Fin&nfo # this sheet contains financial statement information that is incorporated in the financial statements but not derived
from the trial balance! 7sers are therefore re&uired to enter the appropriate values for each annual period that is included
in the template! The values that are specified on this sheet are automaticall included on the financial statements based
on the pre#defined code that is included in column -!
AFS # this sheet includes a complete set of financial statements $hich is automaticall compiled based on the current
reporting period that is selected on the Set#up sheet' the account balances that are included on the T8 sheet and the
financial information that is included on the FinInfo sheet! 9o user input is re&uired on this sheet but users can customi:e
the standard financial statements based on their o$n re&uirements if necessar!
TB&mport # the calculations on this sheet enables users to revie$ the se&uence of trial balance accounts before coping
the account balances to the T8 sheet! The se&uence of accounts can be amended until no errors are reflected and the
calculations in column E round all trial balance amounts to the nearest integer value thereb ensuring that all the totals on
the financial statements are accurate!
The input cells that contain a ello$ cell bac"ground on the Set#up sheet need to be completed in order to include our
business details on the financial statements! The business name is included on all the financial statement page headings
and the business registration number is included on the inde( page (the first page of the financial statements)!
The business address and countr are included in the first note to the financial statements and the currenc smbol that is
specified in cell 8;< is included belo$ the ear on a number of pages of the financial statements! The ear end month in
cell 8;= is used to determine the appropriate ear end date and previous ear end date $hich are included in a number of
notes to the financial statements!
The current reporting ear needs to be entered in cell 8;1 and determines $hich annual period is used as the current
reporting period in the financial statements! The comparative ear is also determined based on the input in this cell and all
the values that are included on the T8 sheet and the FinInfo sheet are included in the automated financial statement
calculations based on the ear that is entered in this cell!
Note: You can therefore automatically roll the financial statements forward or back by simply changing the year that has
been entered in cell B1 on the !et"up sheet. #ll the calculations on the financial statements will be updated automatically
after editing the $alue in this cell.
On this sheet:
This sheet includes detailed instructions
on settin! up and usin! this template$
On this sheet:
This is the only protected
sheet in the full version of
the template!
3age = of .4
Instructions
On this sheet:
On this sheet:
Trial Balance
New businesses
%&isting businesses
The reporting date in cell 8;> is determined based on the ear end period that is specified in cell 8;< and the current
financial reporting ear that is specified in cell 8;=! This date is used in the headings of the financial statements and in
multiple notes!
The total number of pages that is entered in cell 8</ is onl used to determine the total number of pages that needs to be
included in the table of contents on the financial statements (on the first page in cell I;4)! The default value is ;< but ma
need to be changed after customi:ing the financial statements and determining the total number of pages that $ill be
printed!
- complete trial balance should be copied or entered on the T8 sheet for each annual reporting period that needs to be
included in the financial statements! -ll the account numbers and account descriptions that form part of the trial balance
need to be copied or entered into column 8 and 6 on the T8 sheet and the appropriate account balances need to be
entered into the columns from column ? on$ards!
Each account then needs to be lin"ed to one of the pre#defined financial statement reporting classes that are listed on the
6lasses sheet! The template $ill contain default data on the T8 sheet $hen ou use it for the first time but ou can replace
all the account numbers and descriptions $ith our o$n and clear all the class codes in column - before ou commence
$ith the e(ercise of lin"ing our accounts to the appropriate pre#defined financial statement reporting classes!
-fter clearing all the class codes from column -' ou need to refer to the 6lasses sheet in order to determine $hich
accounts need to be lin"ed to $hich financial statement reporting classes! 9ote that ou do not need to use all the default
classes if the are not re&uired but it is imperative that each account is lin"ed to a class! -fter completing the lin"ing
e(ercise' there should therefore be no blan" values in column -!
Note: 'e ha$e included conditional formatting in column # in order to highlight all the cells that ha$e not been linked to
one of the pre"defined reporting classes in red. If you therefore notice that a cell has been highlighted in red( it either
means that the account is not linked to a class at all or that the account is not linked to a $alid class. #fter correcting the
input in column #( the red highlighting will be remo$ed automatically.
Note: #ll the accounts that are included in your trial balance should be entered in a continuous cell range on the TB sheet
" there should not be any blank rows or columns in between account numbers or financial periods otherwise all the
accounts or periods may not be included in the financial statement calculations and your balance sheet may therefore not
balance)
*e have also included totals above the column headings $hich $ill indicate if the sum of the account balances for an
annual period does not e&ual nil! If the total of all the account balances in a trial balance does not e&ual nil' it means that
the financial statements $ill not be accurate and that the balance sheet $ill probabl not balance! )ou should therefore
al$as ensure that the trial balance for each annual period adds up to a nil value!
*hen compiling financial statements for a ne$ business' ou onl need to include the account balances of the current
financial reporting period on the T8 sheet! -ll the amounts for the comparative financial ear on the financial statements
$ill be nil!
The T8 sheet contains a number of default ears # ou can therefore change the column heading in column ? to the
appropriate current financial ear and change all the subse&uent columns to the appropriate subse&uent ears! -lso
remember to enter the correct current financial reporting period in cell 8;1 on the Set#up sheet!
*hen compiling financial statements for an e(isting business' ou need to include the trial balances of at least the last t$o
financial ears on the T8 sheet but ou $ill also need to include the balance sheet balances of a third ear so that the
cash flo$ calculations in the financial statements are accurate!
3age 2 of .4
Instructions
On this sheet:
On this sheet:
#dding new financial periods
Trial balance check * import
, Sort the data on the T8 sheet in an ascending order based on the account number in column 8!
, Sort the data on the trial balance e(port file in an ascending order based on the account number column!
*e therefore recommend that users include the complete trial balances of at least three financial ears on the T8 sheet
$hen using the template to compile financial statements for e(isting businesses! If ou onl include the balance sheet of
the third financial ear (the ear prior to the comparative financial period)' it is absolutel essential that the trial balance still
balances and that the retained earnings balance is calculated accuratel' other$ise our financial statements for the
comparative ear ma not be accurate!
The T8 sheet contains four financial periods b default and in most instances' these financial periods $ill represent the
financial periods that are re&uired for e(isting businesses! If ou are compiling financial statements for previous periods'
ou ma ho$ever need to change the column headings accordingl (start $ith the ear before the comparative period in
column ?)! -lso remember to enter the correct current financial reporting period in cell 8;1 on the Set#up sheet so that the
financial statements are compiled for the correct period@
-fter using the template to compile our first set of financial statements' ou can add subse&uent financial periods b
simpl coping the last column on the T8 sheet to the ne(t available column' changing the column heading to the ne(t
financial period and clearing all the account balances in the ne$ column ($e recommend replacing the e(isting values $ith
nil values before entering or coping the appropriate account balances into the ne$ column)!
Note: The same procedure can be followed to also add the new financial period to the +inInfo sheet but before you
replace all the $alues in the new column with nil $alues( note that some of these $alues will need to remain unchanged for
the ne&t financial period.
Note: #ll the trial balance data on the TB sheet should form part of a continuous cell range and you should therefore not
include any blank rows or columns between rows or columns that contain data otherwise the financial statement
calculations will not be accurate.
If ou use a trail balance e(port file in order to compile financial statements' the trial balance e(port $ill have to be
converted so that the account numbers are in the e(act same se&uence as the accounts on the T8 sheet before ou $ill
be able to cop the balances onto the T8 sheet! This is an absolute necessit in order to ensure that the correct account
balances are included ne(t to the correct account number!
9e$ accounts ma also have been added during the current financial period $hich ma not be included in the previous
trial balance on the T8 sheet! These accounts therefore need to be identified and inserted in the correct ro$ position
before the account balances can be copied! This could be &uite a time consuming e(ercise and $e have therefore created
the T8Import sheet to assist users in simplifing this e(ercise!
The follo$ing steps need to be completed in order to ensure that the trial balance for the ne$ financial period is correctl
included on the T8 sheet5
, 6op the account number' account description and account balance from the e(port file and paste the data into column
- to 6 on the T8Import sheet (replace the e(isting data on this sheet)!
, 6op cells ?2 and E2 and paste these cells into all the ro$s in column ? and E that contain account numbers! 9ote that
these t$o cells contain formulas and formatting that $ill assist ou in identifing ne$ accounts or changes that need to be
made to the se&uence of the accounts in the e(port file!
, Revie$ the contents in column ? # a ro$ that contains a green Ao"A cell is in the correct se&uence but if an AerrorA is
displaed in orange' it means that the se&uence of accounts on the T8Import sheet is not the same as the accounts on
the T8 sheet!
, 6ompare the contents of all the ro$s that contain errors b comparing the account se&uence on the T8Import sheet $ith
the account se&uence on the T8 sheet!
, *here an account is included on the T8Import sheet but not on the T8 sheet' insert a ne$ ro$ on the T8 sheet' cop
the account number and description into column 8 and 6 and enter a nil value into all the columns that relate to previous
financial periods! -fter completing these steps' the error in the particular ro$ $ill automaticall be removed from the
T8Import sheet!
, *here an account is included on the T8 sheet but not on the T8Import sheet' insert a ne$ ro$ on the T8Import sheet'
cop the account number & description from the T8 sheet and cop the formulas in column ? and E from one of the
e(isting ro$s! 6olumn ? should no$ contain a green Ao"A message!
3age 1 of .4
Instructions
On this sheet:
On this sheet:
, Repeat the previous t$o steps until the T8Import sheet contains no errors!
,ounding in financial statements
Financial &nformation
, Ensure that the total of the amounts in column E on the T8Import sheet is nil # the total calculation is included in the ro$
above the column headings! If the total is not nil' the difference $ill be reflected in red in the cell above the column
headings $ith an AerrorA message ne(t to it! 9ote that the difference ma be attributable to rounding $hich is covered in
the ne(t section of these instructions!
, If the column E total is not nil and the difference cannot be attributable to rounding' revie$ our trial balance e(port and
ma"e sure that the total of the e(port file is in fact nil! -lso revie$ the T8Import sheet and ensure that all the accounts on
the trial balance e(port have been added to this sheet!
, Rounding errors can be corrected b amending the trial balance amounts of selected accounts in column 6! *hen the
red cell bac"ground is removed from the total calculation and the AerrorA te(t is replaced b an Ao"A message' it means that
the trial balance has been corrected!
, The amounts in column E can no$ be copied and pasted as values in the appropriate column (for the ne$ period) on
the T8 sheet! -fter completing this step' the trial balance has successfull been imported into the template!
Rounding can have a significant impact on financial statements because the amounts that are displaed on the financial
statements ma not al$as add up to the totals that are displaed! Even the most insignificant of errors could result in
financial statements appearing to be inaccurate and as a conse&uence also result in the value of the financial information
that is included in the financial statements being &uestioned!
6hec"ing all the calculations in financial statements and ma"ing the appropriate adBustments could be &uite a time
consuming and cumbersome approach and $e therefore recommend ma"ing the re&uired adBustments on a trial balance
level instead! This approach $ill ensure that the calculations that are included in the financial statements are al$as
accurate and negate the need to go through the entire cumbersome (manual) calculation e(ercise!
The problem $ith rounding in financial statement terms is that a trial balance tpicall includes t$o decimal values $hile
financial statements are tpicall compiled to the nearest integer value! *hen t$o amounts that contain decimal values
are rounded and added' the result is not necessaril the same as the rounded value of the total but if the decimal values
are rounded to the nearest integer value and then added' the total that is calculated is guaranteed to be accurate!
This approach is follo$ed in the calculations in column E on the T8Import sheet in that the trial balance amounts in
column 6 are rounded to the nearest integer value in column E! If ou therefore use the T8Import sheet to round all the
amounts on the trial balance to the nearest integer values before correcting an rounding differences that ma e(ist and
coping & pasting the values onto the T8 sheet' our financial statements are guaranteed to be accurate! *e therefore
recommend al$as using the T8Import sheet before including the appropriate trial balance amounts for a ne$ financial
period on the T8 sheet!
The FinInfo sheet contains the financial information that needs to be included in our standard financial statements but can
tpicall not be derived from the amounts on a trail balance! These values therefore need to be entered for each financial
period that is included in the financial statements and for $hich a trial balance is therefore included on the T8 sheet!
In terms of ne$ and e(isting businesses and the addition of ne$ columns' the same procedure that needs to be follo$ed
in order to add ne$ columns to the T8 sheet needs to be completed for the FinInfo sheet! Refer to the Trial 8alance
section of the instructions for guidance on ho$ to amend the default columns and ho$ to add ne$ columns to this sheet!
Note: !ome of the financial information that is listed on the +inInfo sheet may not be applicable to all businesses but we
recommend that you retain all the data on this sheet and that you simply enter nil $alues for the items that are not
applicable. -o not therefore delete any of these items as you may need some of them in future.
3age 4 of .4
Instructions
On this sheet:
On this sheet:
Annual Financial Statements
.ustomi/ing the standard financial statements
The values on the FinInfo sheet $ill have no bearing on $hether the financial statements balance or not # this aspect of
the financial statements is entirel determined b the account balances that are included on the T8 sheet! The values on
the FinInfo sheet are mainl used to provide additional disclosures that ma be re&uired and in some instances to include
amounts that are re&uired to be disclosed but tpicall do not get allocated to separate accounts in a general ledger (and
therefore trial balance)!
-ll the values on the FinInfo sheet are included on the financial statements based on the code that is included in column -
(note that all the codes start $ith an AFA)! It is therefore imperative that ou do not delete an of the pre#defined codes on
this sheet!
Note: 'e are not going to co$er each indi$idual item on the +inInfo sheet in these instructions but you can trace the codes
in column # to column # on the #+! sheet in order to see where the information is included in the financial statements.
Note that all the codes for the financial information that originates from the +inInfo sheet are displayed in orange on the
#+! sheet.
The annual financial statements are included on the -FS sheet! -ll the amounts that are included in the financial
statements are calculated from the trial balance that is included on the T8 sheet and the additional financial information
that is included on the FinInfo sheet based on the reporting class codes that are included in column - on the -FS sheet! It
is therefore imperative that ou do not delete these codes (this column does not form part of the printed pages)!
The codes that are included in column - on the -FS sheet can be used to trace the appropriate amounts bac" to the
source sheet! 6odes that are displaed in orange te(t can be found on the FinInfo sheet (all these codes begin $ith a AFA)
and codes that are displaed in green te(t can be found on the T8 sheet (all these codes begin $ith either an AIA for
income statement or a A8A for balance sheet)!
Note: In some instances( multiple accounts on the Trial Balance may be linked to the same financial reporting class code.
'e recommend that you filter the TB sheet based on the appropriate code by using the filter feature in the column heading
row in column # on the TB sheet. The totals that are displayed abo$e the column headings are calculated by including
only filtered data and should therefore agree to the appropriate amount on the financial statements. 'here a reporting
class consist of sub"codes( you will need to select all the codes that form part of the main code when filtering data.
Note: #ll the financial statement reporting class codes are pre"defined " you should therefore not amend any of these
codes because this will result in an amendment in the appropriate calculation which may lead to inaccuracies in the
financial statement calculations.
The standard financial statements on the -FS sheet do not re&uire an user input but some amendments ma be re&uired
in order to customi:e the standard financial statements for our business! For e(ample' some of the notes to the financial
statements ma not be applicable to our business and the note numbers that are included in the ello$ input cells ne(t to
the heading of the retained notes therefore ma need to be amended!
Note: 'e don0t recommend deleting any of the contents on the #+! sheet because you will not be able to reco$er the data
and some of the data may also affect other calculations on this sheet. If you therefore don0t want to include any of the
notes in your $ersion of the financial statements( we recommend hiding the appropriate rows instead of deleting them.
This will ensure that none of the other calculations are affected.
-fter lin"ing our trial balance to the reporting class codes on the T8 sheet and entering all the re&uired values on the
FinInfo sheet' $e recommend that ou revie$ the standard financial statements on the -FS sheet! )ou can then hide all
the content that is not applicable to our business and change the note numbers ne(t to the note headings accordingl! -s
$e mentioned before' ou should not delete an of the data on the -FS sheet!
3age > of .4
Instructions
On this sheet:
On this sheet:
AFS %omponents
Table of contents
!tatement of comprehensi$e income and retained earnings
It is imperative that ou read through all the contents that are included on the -FS sheet in order to determine $hether all
the standard information is applicable to our business! This is especiall necessar for the notes on the accounting
policies that have been applied in compiling the financial statements because these policies ma ver $ell differ bet$een
different tpes of businesses!
It is practicall impossible to include financial statement information that $ill be suitable to all tpes of businesses in a
financial statement template and the responsibilit for ensuring that all the re&uired disclosures are included in the
financial statements remains that of the user! *e $ill also not be able to assist ou in adding additional notes to the
standard financial statementsC instead $e recommend that ou contact our accountant in order to assist ou in ensuring
that all the re&uired disclosures are added to the template!
If ou need to add a ne$ reporting class to the template that is based on information that is included in the trial balance'
ou can add the appropriate ro$(s) to the -FS sheet b inserting the re&uired number of ne$ ro$s' entering a ne$ class
code in column - and coping the T8 formulas $hich are included at the bottom of the -FS sheet into the current and
comparative financial period columns! The ne$ class code then also needs to be lin"ed to the appropriate accounts on the
T8 sheet in order to update the relevant calculation!
)ou can also include ne$ financial information items on the -FS sheet b follo$ing the same approach and simpl
coping the FI9I9F% formulas $hich are included at the bottom of the -FS sheet! The ne$ codes also then need to be
lin"ed to the appropriate ne$ items on the FinInfo sheet in order to update the relevant calculations!
Note: 'hen adding new codes to the TB or +inInfo sheets( it is imperati$e that the calculations be integrated into the
e&isting income statement or balance sheet and cash flow calculations in order to ensure that all the financial statement
calculations remain accurate. -ue care should therefore be taken when customi/ing the standard financial statements
because errors may result in inaccurate financial statement info.
In this section of the instructions' $e provide guidance on the information that is included in each section of the financial
statements on the -FS sheet! %ne of the most important points to note is that the current and comparative periods are
determined b the ear that is specified in cell 8;1 on the Set#up sheet! 7sers therefore don't need to change the
individual dates on the -FS sheet $hen compiling financial statements for a ne$ period!
The business registration number and the total number of pages that is included in the notes to the financial statements
ro$ need to be specified on the Set#up sheet! The date of approval of the financial statements needs to be specified as
part of the financial statement info on the FinInfo sheet!
Revenue' other income' finance costs and income ta( are calculated in the respective notes to the financial statements!
6ost of sales' dividends paid and the default groups of e(penses are calculated on the statement of comprehensive
income and retained earnings! The reporting class codes for these calculations are included in column - and formatted in
green te(t!
Note: The income statement includes four default e&pense groups and the codes in column # indicate to which reporting
class indi$idual e&pense accounts should be linked in order to be included in these e&pense groups. 1sers can also
change the description of the e&pense groups in column B in order to change the groups that are included in the income
statement and also create additional groups if required.
3age D of .4
Instructions
On this sheet:
On this sheet:
!tatement of financial position
!tatement of changes in equity
!tatement of cash flows
Note: #dditional e&pense groups can be created by inserting a new row( copying the formulas in column 2 and I and
entering a new reporting class code in column #. The new code should then be used to link indi$idual e&pense accounts
to the e&pense group. 'hen creating new e&pense reporting class codes( users should take care not to use one of the
e&isting reporting class codes.
The retained earnings balances at the start of each financial ear are calculated from the trial balance based on the
account(s) that are lin"ed to the A8#RETA reporting code! If the retained earnings balance in the current reporting ear is
not e&ual to the closing balance of the comparative ear or the retained earnings balance in the comparative ear is not
e&ual to the balance in the ear before that ear' the difference $ill be highlighted in orange in column E or F and the user
$ill need to revie$ the trial balance in order to determine $h the imbalance occurred!
Most of the amounts that are included on the balance sheet are calculated in the notes to the financial statements! The
onl e(ceptions are the interest paable' dividends paable and the provision for ta(ation $hich are all calculated on the
balance sheet based on the reporting codes that are included in column -! The retained earnings amounts are calculated
on the income statement!
Note: The balance sheet includes three years but only the current and comparati$e years are included in the printed
pages. The third year is only included in order to facilitate accurate cash flow calculations for the comparati$e financial
year.
Note: If the balance sheet is not in balance( the appropriate total assets and total liabilities * equity totals will be
highlighted in orange. 'e suggest that users re$iew the guidance in the Troubleshooting section in order to resol$e any
imbalances that may ha$e occurred.
The retained earnings calculations are based on the amounts that are included on the income statement and the share
capital calculations are based on the amounts that are calculated in note ;2!
The profit G (loss) for the ear is calculated in the income statement $hile the income ta( and finance costs are also
calculated in the income statement and are added bac" because the amounts that have been paid are included separatel
on the cash flo$ statement (refer to ro$s ;=2 and ;=1)!
The dividends received amounts are calculated in note = and deducted in the operating cash flo$ calculation because the
amounts are included separatel under the cash flo$ from investing activities section of the cash flo$ statement!
?epreciation' amortisation and fair value adBustments G impairment losses are calculated in notes > and D! The movement
in provisions is calculated on the balance sheet! -ll of these amounts do not represent actual cash flo$ movements and
are therefore added bac" in the operating cash flo$ calculation!
Hains G (Fosses) on the sale of e&uipment are added bac" in the operating cash flo$ calculation because the proceeds
from the sale of e&uipment is included under the cash flo$ from investing activities section! Hains on the sale of
e&uipment are calculated in note = and losses are calculated in note 1!
*or"ing capital movements are calculated on the balance sheet # note that a balance sheet for . financial ears is
re&uired in order to calculate these amounts accuratel! If ou therefore onl include a trial balance for < financial ears in
the template' the entire closing balances of these $or"ing capital items $ill be included in the cash flo$ statement for the
comparative financial period!
The interest and income ta( paid amounts are calculated b deducting the opening balances and income statement
charges from the closing balances of the respective income ta( and interest paable amounts! The net result is that onl
the interest and income ta( amounts that have actuall been paid during the financial period are included in the cash flo$
statement!
3age ;/ of .4
Instructions
On this sheet:
On this sheet:
Notes to the financial statements
The proceeds from the sale of e&uipment are calculated b adding or deducting the profit or loss on the sale of e&uipment
from the boo" value of the e&uipment that has been sold! The profit on the sale of e&uipment is calculated in note =' the
loss on the sale of e&uipment is calculated in note 1 and the boo" value of the e&uipment that has been sold is calculated
in note >!
The purchases of e&uipment amounts are calculated b deducting the ne$ finance leases amounts from the additions to
propert' plant & e&uipment that is calculated in note >! The ne$ finance leases amounts need to be specified as part of
the financial info on the FinInfo sheet!
The purchases of intangible assets and investments are calculated in note D and note ;/ respectivel! -s $e mentioned
before' the dividends received amounts are calculated in note = $hile the interest received amounts need to be specified
on the FinInfo sheet! *e have included this item on the FinInfo sheet because man businesses do not allocate interest
receipts to a separate general ledger account!
The proceeds from the issuance of shares amounts are calculated in note ;2! The proceeds from ne$ loans need to be
specified on the FinInfo sheet and the repament of loan amounts are calculated based on the balance sheet movement
of long term and short term loans and the proceeds from ne$ loans!
The repament of finance leases amounts are calculated based on the balance sheet movement of the long term and
short term finance lease liabilities and the ne$ finance leases amounts that are specified on the FinInfo sheet! 9e$
finance lease amounts are therefore removed from the additions to propert' plant & e&uipment and also removed from
the finance lease liabilities in order to ensure that onl the actual cash repaments of finance leases are included in the
cash flo$ statement!
The dividends paid amounts are calculated b deducting the opening balance and income statement charges for dividends
from the closing balance of dividends paable! The net result is that onl dividends that have actuall been paid during the
financial period are included in the cash flo$ statement!
The cash e&uivalents at the beginning of the ear are calculated based on the balance sheet movements of the cash &
cash e&uivalents and ban" overdraft lines! This is also an important point to note in terms of the closing cash balance # the
closing balance should agree to the cash & cash e&uivalents note (note ;=) and includes the ban" overdraft balance@
Note: If the closing cash equi$alents balances on the cash flow statement do not agree to the balances that are calculated
in note 13( an error will be displayed in column 4. This error is probably a result of an error with the retained earnings
balances but could also be attributed to changes that the user has made to the cash flow statement. 'e recommend that
you check the accuracy of all the changes that ha$e been made to the template in order to resol$e the error.
Note: # retained earnings imbalance can also result in an error on the cash flow statement. This will only occur if the
retained earnings balance at the beginning of the period plus the net profit or loss for the period does not equal the
retained earnings balance at the end of the period. If this is the case( it probably means that an amount has been
allocated to the retained earnings account that should not ha$e been. The retained earnings account should therefore be
in$estigated and any incorrect allocations should be reallocated to the correct account.
This section deals $ith all the default notes that have been added to the financial statements! It is imperative that users
revie$ all the default notes in order to ensure that all the information that is included in the default notes are applicable to
their businesses! 7sers ma also need to add additional disclosure to this section of the financial statements and it is
imperative that an changes that are made are incorporated correctl $ithin the e(isting template structure' other$ise the
amended financial statements ma contain errors@
Note: If you delete some of the default notes that ha$e been included in the standard financial statements( you will need to
change the note numbers of all of the remaining notes by entering a new number in the yellow input cells ne&t to the
appropriate note headings.
3age ;; of .4
Instructions
On this sheet:
On this sheet:
2eneral information and accounting policies
,e$enue
5ther Income
+inance .osts
6rofit before ta&
Note: 'e ha$e included a page heading which consist of the business name and a financial statement notes title in the
appropriate rows based on the notes that ha$e been included in the standard financial statements. If you delete some of
the default notes or add additional notes( you may ha$e to mo$e the rows which contain the page headings to new row
locations so that the page headings are included at the top of each printed page.
The general information and accounting polic notes need to be revie$ed carefull and the user needs to ensure that the
descriptive te(t is correct and that all the accounting policies are applicable to the business! The form and nature of the
business in note ; $ill probabl need to be amended and some of the accounting policies in note < ma need to be
deleted! 7sers ma also need to include additional accounting policies that are not covered in our default accounting
polic notes!
The business name' countr of incorporation and the business address need to be entered on the Set#up sheet! The
depreciation rates that are included in the accounting polic note need to be specified as part of the financial information
on the FinInfo sheet!
This note includes t$o revenue categories namel sale of goods and other revenue! )ou can add additional categories to
this note b inserting the re&uired number of ro$s' entering a ne$ reporting class in column -' coping the formulas from
one of the e(isting ro$s and lin"ing the ne$ reporting class to the appropriate accounts on the trial balance! 9ote that all
the ne$ reporting classes should start $ith the AI#REIA te(t string!
Note: 'hene$er you insert new rows in a note( you should always ensure that you also re$iew and ad7ust the formula in
the total row. If the formula does not include all the rele$ant items( your balance sheet will not balance.
The default note includes three other income items but ou can add additional items if re&uired b inserting the re&uired
number of ro$s' entering a ne$ reporting class in column -' coping the formulas from one of the e(isting ro$s and lin"ing
the ne$ reporting class to the appropriate accounts on the trial balance! 9ote that all the ne$ reporting classes should
start $ith the AI#%TIA te(t string!
The total of the finance costs note is calculated based on all the accounts that are lin"ed to the AI#FI9A reporting class! The
interest on finance leases should be entered on the FinInfo sheet and this amount is deducted from the total in order to
calculate the interest on loans and overdraft amounts! The reason for including the finance lease interest on the FinInfo
sheet is that man entities do not allocate lease interest to separate accounts!
-ll the e(pense items that re&uire separate disclosure should be included under this note! The cost of sales amount is
calculated in the income statement but the reporting codes for all other e(pense items should be included in column - and
the formulas should be copied from one of the e(isting ro$s!
Note: The reporting codes for any additional items that you may want to add should be consistent with the codes that are
used to include the e&pense categories on the income statement. !imply add additional letters to the default e&pense
category codes in order to facilitate including the indi$idual items under this note.
%&ample: In our standard financial statements( the account for foreign e&change losses is included under the 5ther
%&penses category on the income statement. This e&pense category has a default code of 8I"5T98 and we ha$e therefore
used the code 8I"5T99:8 as the reporting code for foreign e&change losses. This means that the e&pense will be included
in the income statement under 5ther %&penses but can also be included under the 6rofit before ta& note by using the full
reporting class code.
3age ;< of .4
Instructions
On this sheet:
On this sheet:
Income Ta& %&pense
6roperty( 6lant * %quipment
The total of the income ta( e(pense note is calculated based on all the accounts that are lin"ed to the AI#T-JA reporting
class! The default ta( charges for the ear are calculated in the ?eferred Ta( note and these amounts are deducted from
the total in order to calculate the current ta(ation amounts! The income ta( percentages that are included belo$ these
calculations need to be specified on the FinInfo sheet!
The propert' plant & e&uipment note includes three default categories of assets namel land & buildings' plant &
e&uipment and furniture & fittings! Each of these categories is included in a separate column and the amounts in the Total
column are the sum of these three columns! The cost and accumulated depreciation of these categories are also
displaed separatel!
The opening and closing costs of the three categories are calculated based on the accounts on the trial balance that have
been lin"ed to the A8#33E6A reporting code but a number $hich refers to the appropriate asset class also needs to be
included in the code! -ll accounts that are lin"ed to code A8#33E6;A are included in the first column' accounts lin"ed to
code A8#33E6<A are included in the second column and accounts that are lin"ed to A8#33E6.A are included in the third
column!
The cost of assets that have been disposed of during the period should be entered on the FinInfo sheet ne(t to the AF#
33E?6;A' AF#33E?6<A and AF#33E?6.A codes and the amounts are included in the note on the same basis as
described in the previous paragraph!
The opening and closing balances and the cost of disposals are therefore determined based on formulas and the
additions line in the note is therefore simpl the balancing figure! If ou therefore don't enter our disposals amounts
correctl' the additions for the particular asset class $ill also not be accurate!
Note: The descriptions of the three asset categories can be amended by changing the te&t in the note but the same
default reporting codes need to be used in order to link the appropriate accounts in the trial balance to the financial
statements.
Note: If you only require one asset category( you can simply use the last ;8B"66%.<8 and 8+"66%-.<8= reporting codes in
order to only use the calculations in the third column. The calculations in the other columns will include /ero amounts
because no accounts will ha$e been linked to these reporting codes but you can clear the contents of these columns if you
don0t want to include them in the financial statements.
The accumulated depreciation amounts are calculated in much the same $a! The opening and closing balances are
determined based on the accounts on the trial balance that are lin"ed to the A8#33E?;A' A8#33E?<A and A8#33E?.A
reporting codes! The accumulated depreciation relating to the disposal of assets needs to be entered on the FinInfo sheet
ne(t to the AF#33E??;A' AF#33E??<A and AF#33E??.A reporting codes!
The accumulated depreciation section of the note also includes an additional line for the impairment of assets! -n
impairment losses relating to the three asset categories should be entered on the FinInfo sheet ne(t to the AF#33EI;A' AF#
33EI<A and AF#33EI.A reporting codes!
The depreciation charge for the period relating to each asset categor is the balancing figure in the note and if ou
therefore do not enter the disposal and impairment amounts correctl' the depreciation amounts $ill also be inaccurate!
*e therefore recommend that ou compare the calculated depreciation amounts to the appropriate balances of the
depreciation e(pense accounts on the trial balance!
The carring amounts of the assets that are held under finance leases are included belo$ the depreciation section and
should be entered on the FinInfo sheet ne(t to the AF#33EF-A reporting code!
3age ;. of .4
Instructions
On this sheet:
On this sheet:
Intangible #ssets
In$estments
-eferred Ta&
In$entories
The intangible assets note is compiled in much the same $a as the propert' plant & e&uipment note! The main
difference is ho$ever that different reporting codes are used in order to calculate the opening and closing balances and
the impairment and amortisation amounts! The note also does not include disposal lines under the cost and accumulated
amortisation sections!
Note: The descriptions of the three asset categories can be amended by changing the te&t in the note but the same
default reporting codes need to be used in order to link the appropriate accounts in the trial balance to the financial
statements.
Note: If you only require one asset category( you can simply use the last ;8B"I6.<8 and 8+"I6#<8= reporting codes in order
to only use the calculations in the third column. The calculations in the other columns will include /ero amounts because
no accounts will ha$e been linked to these reporting codes but you can clear the contents of these columns if you don0t
want to include them in the financial statements.
The cost of investments is calculated based on the accounts on the trial balance that are lin"ed to the A8#IESTA reporting
code! ?ividend income is also included in this note and is calculated based on all the accounts that are lin"ed to the
dividend income reporting code (AI#%TI?IA)!
Note: If you require more than one in$estment to be included in the note( you can add a number to the reporting code
;8B>%!T18( 8B">%!T?8( etc.= and enter the new codes in column # ne&t to each of the lines that you want to include. The
appropriate accounts on the trial balance should then be linked to these codes and the formulas for the e&isting
in$estment should be copied to the new in$estment lines. You will also need to insert a Total calculation and link this
calculation to the In$estments totals on the balance sheet.
The opening and closing balances for deferred ta( in the Total column are calculated based on the accounts on the trial
balance that have been allocated to the A8#?T-JA reporting code! The movement for the ear in the same column is then
calculated b simpl deducting the opening balance from the closing balance!
The default deferred ta( note includes three deferred ta( categories in three separate columns! The opening and closing
balances in the first column are calculated based on the amounts that are entered ne(t to the AF#?T-J;A reporting code
on the FinInfo sheet! The opening and closing balances of the second column are calculated based on the amounts that
are entered ne(t to the AF#?T-J<A reporting code on the FinInfo sheet!
The opening and closing balances in the third column are calculated b deducting the amounts that are calculated in the
first t$o columns from the amounts in the Total column! -ll the deferred ta( charges in all the columns are calculated b
deducting the appropriate opening balances from the appropriate closing balances!
Note: The descriptions of the deferred ta& categories can be changed without affecting any of the calculations as long as
the reporting code format that has been described in the pre$ious paragraph is retained. #lso( if you don0t require three
categories of deferred ta&( you can clear the contents of the columns that are not required for the purpose of the note ;but
make sure that you always retain the third column=.
This note consists of three items namel ra$ materials' $or" in progress and finished goods! The inventor balances for
these default items are calculated based on the reporting codes in column -! )ou can add additional items if re&uired b
simpl entering the appropriate number of ne$ reporting codes in column -' lin"ing the ne$ reporting codes to the
appropriate accounts on the trial balance' coping the formulas from one of the e(isting ro$s and ensuring that the total
calculations are accurate!
3age ;= of .4
Instructions
On this sheet:
On this sheet:
Trade and other recei$ables
.ash and cash equi$alents
!hare .apital
:oans
This note provides for t$o default trade receivable categories namel trade debtors and prepaments! The codes that are
formatted in green te(t in column - are used to calculate the appropriate balances that need to be included in these ro$s!
-ll the accounts that are lin"ed to these codes on the T8 sheet $ill therefore be included in these calculations!
The amounts that are due b related parties need to be specified on the FinInfo sheet ne(t to the AF#REF?8A reporting
code! These amounts are then deducted from the trade debtors amount and included in a separate ro$!
Note: You can add additional items if required by simply entering the appropriate number of new reporting codes in column
#( linking the new reporting codes to the appropriate accounts on the trial balance( copying the formulas from the
6repayments row and ensuring that the total calculations are accurate.
The cash and cash e&uivalents balances are calculated based on the reporting codes that are included in column -! -ll
the accounts that are lin"ed to these codes on the T8 sheet $ill be included in these calculations! -ll cash on hand
accounts li"e pett cash and cash floats should be lin"ed to the A8#6-SKA reporting code and all ban" accounts that are
not in overdraft should be lin"ed to the A8#8-9EA code! The sum of these t$o calculations is included in the balance sheet
under current assets!
-ll ban" accounts that are in overdraft should be lin"ed to the A8#%I?A reporting code! The balances that are calculated in
this ro$ are included on the balance sheet under current liabilities and deducted from the current asset calculation in order
to determine the net cash and cash e&uivalents amount! This amount must agree to the cash balance at the end of the
appropriate period that is calculated on the cash flo$ statement!
Note: The information about the security that is pro$ided for the bank o$erdraft and the interest rates that are in effect are
pro$ided as an e&ample. You should therefore re$iew these details and amend the te&t to what is applicable to your bank
o$erdraft.
The opening and closing share capital balances are calculated based on the accounts on the trial balance that have been
lin"ed to the A8#S6-3A reporting class and the shares issued amounts are calculated b deducting the appropriate
opening balance from the appropriate closing balance!
The number of full paid shares in issue and the number of authorised shares need to be specified on the FinInfo sheet
ne(t to the AF#S63-I?A and AF#S6-7TKA reporting codes! The par values of the shares are calculated b dividing the
share capital balances b the number of full paid shares!
The long term loan balances are calculated based on the accounts that have been lin"ed to the A8#F%-9A reporting class
on the trial balance! The short term portion of long term loans needs to be entered on the FinInfo sheet ne(t to the AF#
F%-9STA reporting code and these amounts are then deducted from the long term loan balances!
The long term portion of the long term loans are included under the non#current liabilities on the balance sheet $hile the
short term portion of long term loans are included under current liabilities on the balance sheet!
Note: The information about the security that is pro$ided for the long term loans and the interest rates that are in effect are
pro$ided as an e&ample. You should therefore re$iew these details and amend the te&t to what is applicable to your long
term loans.
3age ;2 of .4
Instructions
On this sheet:
On this sheet:
+inance :eases
.ommitments under operating leases
Trade and other payables
6ro$isions
The non#current finance lease balances are calculated based on the accounts that have been lin"ed to the A8#FFE-SEA
reporting class on the trial balance! The current portion of finance leases needs to be entered on the FinInfo sheet ne(t to
the AF#FE-SESTA reporting code and these amounts are then deducted from the non#current finance lease balances!
The non#current portion of the finance leases are included under the non#current liabilities on the balance sheet $hile the
current portion of finance leases are included under current liabilities on the balance sheet!
The finance leases note also re&uires that the future finance lease repaments be split into three ageing categories
namel less than one ear' greater than one ear but less than 2 ears and greater than 2 ears! These amounts need to
be entered on the FinInfo sheet ne(t to the AF#FFE-SE3;A' AF#FFE-SE3<A and AF#FFE-SE3.A reporting classes! 9ote
that the full lease paments should be included in these totals and not Bust the capital portions of the finance lease
repaments!
The operating lease commitments that have been recognised as an e(pense during the current and comparative periods
need to be entered on the FinInfo sheet ne(t to the AF#%FE-SEJ3A reporting code! The average lease period also needs
to be specified ne(t to the AF#%FE-SE-3A code!
In addition' future operating lease paments that have been contracted need to be disclosed in the same ageing
categories that have been covered under the finance lease section! These totals also need to be entered on the FinInfo
sheet ne(t to the AF#%FE-SE3;A' AF#%FE-SE3<A and AF#%FE-SE3.A reporting codes!
This note provides for t$o default trade paables categories namel trade paables and accrued e(penses! The codes
that are formatted in green te(t in column - are used to calculate the appropriate balances that need to be included in
these ro$s! -ll the accounts that are lin"ed to these codes on the T8 sheet $ill therefore be included in these calculations!
The amounts that are due to related parties need to be specified on the FinInfo sheet ne(t to the AF#REF6RA reporting
code! These amounts are then deducted from the trade paables amount and included in a separate ro$!
Note: You can add additional items if required by simply entering the appropriate number of new reporting codes in column
#( linking the new reporting codes to the appropriate accounts on the trial balance( copying the formulas from the #ccrued
%&penses row and ensuring that the total calculations are accurate.
The opening and closing balances for provisions in the Total column are calculated based on the accounts on the trial
balance that have been allocated to the A8#3R%IA reporting code! The additions' charges and reversals for the ear in the
same column are calculated b adding the amounts in the three provision categor columns!
The default provisions note includes three provision categories in three separate columns! The opening and closing
balances in the first column are calculated based on the amounts that are entered ne(t to the AF#3R%I;A reporting code
on the FinInfo sheet! The opening and closing balances of the second column are calculated based on the amounts that
are entered ne(t to the AF#3R%I<A reporting code on the FinInfo sheet!
The additions to provisions that are included in the first t$o columns are calculated based on the amounts that are
specified ne(t to the AF#3R%I-?;A and AF#3R%I-?<A codes on the FinInfo sheet and the reversals are based on the
amounts that are specified ne(t to the AF#3R%IRI;A and AF#3R%IRI<A codes! The charges for the ear in these t$o
columns are calculated as a balancing figure and the accurac of these amounts are therefore dependent on the accurac
of the other amounts that have been entered!
3age ;1 of .4
Instructions
On this sheet:
On this sheet:
.ontingent :iabilities
%$ents after the end of the reporting period
,elated 6arty Transactions
Troubleshootin!
The opening and closing balances in the third column are calculated b deducting the amounts that are calculated in the
first t$o columns from the amounts in the Total column! The additions and reversals amounts in the third column are
calculated based on the amounts that have been specified ne(t to the AF#3R%I-?.A and AF#3R%IRI.A codes on the
FinInfo sheet and the charges for the ear is again the balancing figure!
Note: The descriptions of the pro$ision categories can be changed without affecting any of the calculations as long as the
reporting code format that has been described in the pre$ious paragraphs are retained. #lso( if you don0t require three
categories of pro$isions( you can clear the contents of the columns that are not required for the purpose of the note ;but
make sure that you always retain the third column=.
This note is provided as an e(ample of the information that needs to be included in a contingent liabilit note and can be
hidden if it is not re&uired! The information in the default note needs to be replaced b our o$n info if the note is to be
retained in the financial statements!
This note is provided as an e(ample of the information that needs to be included in a post reporting period event note and
can be hidden if it is not re&uired! The information in the default note needs to be replaced b our o$n info if the note is
to be retained in the financial statements!
This note includes the amounts o$ed b and to related parties of the reporting entit! The amounts o$ed b related
parties need to be entered on the FinInfo sheet ne(t to the AF#REF?8A reporting code and are also disclosed under the
trade receivables note! The amounts o$ed to related parties need to be entered on the FinInfo sheet ne(t to the AF#
REF6RA reporting code and are also disclosed under the trade paables note!
The note also includes the disclosure of the total remuneration of directors and other "e management $hich needs to be
recorded on the FinInfo sheet ne(t to the AF#REM79A reporting code!
If after lin"ing our trial balance to the appropriate financial statement reporting codes the balance sheet is not in balance'
complete the follo$ing steps in order to resolve the imbalance5
, 6hec" that the appropriate totals above the column headings on the T8 sheet are nil! If our trial balance does not
balance' our balance sheet $ill also not balance!
, 6hec" $hether there are an cells in column - on the T8 sheet that are formatted $ith a red cell bac"ground! If a cell
contains a reporting code and the cell is formatted in red' it means that the reporting code is not included in the financial
statements on the -FS sheet! If a cell contains a red cell bac"ground and the cell is blan"' it means that a reporting code
needs to be entered in the cell!
, If ou've added ne$ reporting codes to the financial statements' ensure that these codes are all lin"ed to the correct
accounts! -lso ensure that all the affected totals on the -FS sheet incorporate the ro$s that ou've added!
, If some of the calculations on the -FS sheet contain a LREF@ error' it means that ou've deleted cells that form part of
the financial statement calculations! In order to resolve this issue' ou $ill have to undo the delete action or revert bac" to
a previous saved version of the template! Remember' $e recommend hiding the appropriate sections of the financial
statements instead of deleting them!
, Revie$ all the notes that contain multiple columns and chec" that ou have not allocated an accounts to columns that
ma have been cleared! -ll allocations that end $ith a A;A $ill be included in the first column' all allocations that end $ith a
A<A $ill be included in the second column and all allocations that end $ith a A.A $ill be included in the third column!
, Refer to the income statement and ensure that the retained earnings at the beginning of both the current and
comparative periods are correct and that no errors are reflected ne(t to the income statement! If an error message is
noted' chec" that our retained earnings balances have been lin"ed to the correct reporting class codes and that ou have
included a trial balance for three annual periods!
3age ;4 of .4
Instructions
On this sheet:
On this sheet:
'elp ( %ustomi)ation
* %opyri!ht
, If an error is displaed ne(t to the cash flo$ statement' it means that the appropriate closing balance on the cash flo$
statement does not agree to the cash & cash e&uivalents balance that is calculated in note ;=! This could be the result of
changes that ou have made to the template or that the retained earnings balance at the end of the period does not agree
to the sum of the balance at the beginning of the period and the net profit or loss for the period! Revie$ all changes that
ou have made to the template and chec" the calculation of the retained earnings balances in order to correct the error!
, If none of these steps resolve the imbalance' $e suggest filtering the T8 sheet b individual allocation codes and tracing
the totals at the top of the sheet to the appropriate amounts on the financial statements! Start $ith the income statement
items and ma"e sure that ou include all sub codes in our filter selections!
If ou e(perience an difficult $hile using this template and ou are not able to find the appropriate guidance in these
instructions' please e#mail us at supportMe(cel#s"ills!com for assistance! This template has been designed $ith fle(ibilit
in mind to ensure that it can be used in most business environments! If ho$ever ou need an E(cel based template that is
customi:ed specificall for our business re&uirements' please e#mail our Support function and provide a brief e(planation
of our re&uirements!
This template remains the intellectual propert of $$$!e(cel#s"ills!com and is protected b international copright la$s!
-n publication or distribution of this template outside the scope of the permitted use of the template is e(pressl
prohibited! In terms of the permitted use of this template' onl the distribution of the template to persons $ithin the same
organisation as the registered user or persons outside the organisation $ho can reasonabl be e(pected to re&uire access
to the template as a direct result of the use of the template b the registered user is allo$ed! Subse&uent distribution of
the template b parties outside of the organisation is ho$ever e(pressl prohibited and represents an infringement of
international copright la$s!
3age ;> of .4
Financial Statements Template
!et"up
N $$$!e(cel#s"ills!com
8usiness 9ame -86 Trading (3t) Fimited
Registration 9umber </;; DDDDDD DD
8usiness -ddress ;/ 8er"shire -venue' 9orthcliff' Oohannesburg
6ountr South -frica
6urrenc Smbol R R
)ear End 3eriod Februar
Reporting )ear </;=
Reporting ?ate <> Februar </;=
Total 9umber of 3ages ;<
On this sheet:
Enter all the rele+ant business details on this sheet and specify the
financial year end month and the current financial reportin! period$
The reportin! period that is specified determines #hich annual
periods #ill be included in the current and comparati+e periods on
the financial statements$
On this sheet:
Enter all the rele+ant business details on this sheet and specify the
financial year end month and the current financial reportin! period$
The reportin! period that is specified determines #hich annual
periods #ill be included in the current and comparati+e periods on
the financial statements$
3age ;D of .4
+inancial !tatement ,eporting .lasses
%lass ,escription
Income !tatement
I#REIS Sale of goods
I#REI% %ther revenue
I#%TI?I ?ividends received
I#%TI33 Hain on disposal of propert' plant & e&uipment
I#%TIM Miscellaneous
I#6%S 6ost of sales
I#?IS ?istribution costs
I#-?I -dvertising & mar"eting costs
I#-?M -dministrative e(penses
I#%TJ %ther e(penses
I#%TJ33 Foss on disposal of propert' plant & e&uipment
I#%TJJF Foreign e(change (gains) G losses
I#FI9 Finance costs
I#T-J Income ta( e(pense
I#?II ?ividends
Balance !heet " #ssets
8#33E6; 3ropert' plant & e&uipment # 6ost # 6olumn ;
8#33E6< 3ropert' plant & e&uipment # 6ost # 6olumn <
8#33E6. 3ropert' plant & e&uipment # 6ost # 6olumn .
8#33E?; 3ropert' plant & e&uipment # -ccumulated depreciation # 6olumn ;
8#33E?< 3ropert' plant & e&uipment # -ccumulated depreciation # 6olumn <
8#33E?. 3ropert' plant & e&uipment # -ccumulated depreciation # 6olumn .
8#I3-; Intangible assets # -ccumulated amortisation # 6olumn ;
8#I3-< Intangible assets # -ccumulated amortisation # 6olumn <
8#I3-. Intangible assets # -ccumulated amortisation # 6olumn .
8#I36; Intangible assets # 6ost # 6olumn ;
8#I36< Intangible assets # 6ost # 6olumn <
8#I36. Intangible assets # 6ost # 6olumn .
8#IEST Investments
8#?T-J ?eferred ta(
8#I9IFH Finished goods
8#I9IRM Ra$ materials
8#I9I*3 *or" in progress
8#?E8T Trade debtors
8#?E83 3repaments
8#6-SK 6ash on hand
8#8-9E 6ash at ban"
8#8%I? 8an" overdraft
Balance !heet " %quity
8#S6-3 Share capital
8#RET Retained earnings at start of ear
Balance !heet " :iabilities
8#F%-9 Fong term loans
8#FFE-SE Finance leases
8#6RE?T Trade paables
8#6RE?- -ccrued e(penses
8#3R%I 3rovisions
8#I9T Interest paable
8#?II ?ividends paable
8#T-J 6urrent ta( liabilit
On this sheet:
This sheet contains all the pre"defined financial statement reportin!
classes that should be used to link the accounts on the trial balance
to the calculations on the financial statements$ The classes are
pro+ided in order to simplify the linkin! of accounts and are not
linked to the financial statements$ %han!es that are made to the pre"
defined classes on this sheet #ill therefore ha+e no effect on the
financial statement calculations$
On this sheet:
This sheet contains all the pre"defined financial statement reportin!
classes that should be used to link the accounts on the trial balance
to the calculations on the financial statements$ The classes are
pro+ided in order to simplify the linkin! of accounts and are not
linked to the financial statements$ %han!es that are made to the pre"
defined classes on this sheet #ill therefore ha+e no effect on the
financial statement calculations$
3age </ of .4
Trial Balance
N $$$!e(cel#s"ills!com # # # #
%lass Acc -o Account ,escription ./0. ./01 ./02 ./03
8#33E6; 8S#;// Fand & 8uildings # 6ost ;'D//'///!// ;'D//'///!// ;'D2/'///!// #
8#33E6< 8S#;/2 3lant & E&uipment # 6ost 4D='144!// ;';/<'/=2!// ;'.=1'/=2!// #
8#33E6. 8S#;;/ Furniture & Fittings # 6ost ;1/'///!// ;>/'///!// <;/'///!// #
8#33E?; 8S#;2/ Fand & 8uildings # -ccum ?epreciation #.1/'///!// #.D/'///!// #=</'///!// #
8#33E?< 8S#;22 3lant & E&uipment # -ccum ?epreciation #;><'142!// #<<>'2D/!// #<4>';//!// #
8#33E?. 8S#;1/ Furniture & Fittings # -ccum ?epreciation #<1'///!// #=<'///!// #2>'///!// #
8#I36; 8S#<// Hood$ill # 6ost 2/'///!// 2/'///!// 2/'///!// #
8#I36< 8S#</2 Trademar"s # 6ost <4'2//!// <4'2//!// .D'2//!// #
8#I36. 8S#<;/ Soft$are # 6ost >'2//!// ;>'2//!// ;>'2//!// #
8#I3-; 8S#<2/ Hood$ill # -ccum -morti:ation #;2'///!// #</'///!// #2/'///!// #
8#I3-< 8S#<22 Trademar"s # -ccum -morti:ation #2'///!// #4'2//!// #;;'=2/!// #
8#I3-. 8S#<1/ Soft$are # -ccum -morti:ation #='<2/!// #>'D2/!// #;.'12/!// #
8#IEST 8S#<4/ Investments ;/4'2//!// ;.<'2//!// ;=<'2//!// #
8#6-SK 8S#.// 3ett 6ash .'=4>!// <'/42!// <'4//!// #
8#8%I? 8S#./2 8an" %verdraft #</'=.2!// #;;2'2/4!// #>.'1//!// #
8#8-9E 8S#.;/ 8an" -ccounts ;2'///!// ..'///!// =4'///!// #
8#?E8T 8S#2// Trade ?ebtors 14D'/==!// 4<>'.>;!// 4<>'4>>!// #
8#?E83 8S#2;/ 3repaments =<';D/!// =2'=4>!// 21'41/!// #
8#I9IRM 8S#1// Ra$ Materials .<'>D<!// .1'=2/!// =<'1//!// #
8#I9I*3 8S#1/2 *or" in progress ;'>//!// D//!// ;';=/!// #
8#I9IFH 8S#1;/ Finished goods ;/'.2>!// ;/'24/!// ;.'1=/!// #
8#6RE?T 8S#4// Trade 6reditors #..2';D/!// #.=>'2</!// #<42'/./!// #
8#6RE?- 8S#4/2 -ccruals #22'///!// #14'///!// #4D'2//!// #
8#I9T 8S#4;/ Interest 3aable # #;'<//!// #<'///!// #
8#T-J 8S#4;2 Ta(ation 3rovision #;4.'<;;!// #;D/'.;1!// #<4;'1=4!// #
8#?II 8S#4</ ?ividends 3aable #>/'///!// #;//'///!// #;2/'///!// #
8#3R%I 8S#4./ 3rovision for 8onuses #<;;'1.4!// #<;='>4/!// #<;='><.!// #
8#F%-9 8S#>// Fong Term Fiabilities #<2/'///!// #<1/'///!// #<2/'///!// #
8#FFE-SE 8S#>;/ Finance Feases #><'D.;!// #1='2/>!// #=='1<=!// #
8#?T-J 8S#D// ?eferred Ta( <';22!// <'D;<!// #='./D!// #
8#S6-3 8S#D2/ Share 6apital #./'///!// #=/'///!// #=2'///!// #
8#RET 8S#DD/ Retained Earnings # %pening 8alance #;'421';2D!// #<'//.'412!// #<';4;'.2/!// #
I#REIS IS#;// Sales #='D</'4>>!// #2'1>>'12/!// #1'4=.'2==!// #
I#REI% IS#;/2 Roalties #;//'///!// #;</'///!// #;</'///!// #
I#%TIM IS#;2/ %ther Income #2'///!// # # #
I#%TI?I IS#;22 ?ividends Received #<2'///!// #<2'///!// #<4'///!// #
I#%TI33 IS#;1/ 3rofit on ?isposal of -ssets # # #1;'>2/!// #
I#6%S IS#<// 6ost of Sales .'422'<1<!// ='=<<'242!// 2';4>'2./!// #
I#?IS IS#./2 ?istribution 6osts 41'>./!// 4D'4//!// D4'=1/!// #
I#-?I IS#.;/ -dvertising & Mar"eting 12'<//!// 44';//!// 4>'/D/!// #
I#-?M IS#.;2 -dministration E(penses 2<.'D>/!// 11/'.>D!// >;/'<./!// #
I#FI9 IS#1// Interest 3aid =2'.D/!// .1'4;<!// <1'.11!// #
I#T-J IS#12/ Ta(ation 3aid ;14'<D/!// ;>D'22D!// <4>'>1>!// #
I#%TJ IS#4// %ther E(penses 42'<;/!// D<'1D/!// ;//'2//!// #
I#%TJJF IS#4/2 Foreign E(change Foss .';//!// # ;'///!// #
I#%TJ33 IS#4;/ Foss on ?isposal of -ssets ;/'D</!// 4'.=/!// 2'<1/!// #
I#?II IS#D// ?ividends 3aid >/'///!// ;//'///!// ;2/'///!// #
On this sheet:
A complete trial balance for each annual period should be included on this
sheet and each account in the trial balance should be linked to the
appropriate financial statement reportin! class by enterin! or copyin! the
appropriate class code into column A$ The amounts that are included on the
financial statements are automatically updated based on the classes that are
specified on this sheet$
On this sheet:
A complete trial balance for each annual period should be included on this
sheet and each account in the trial balance should be linked to the
appropriate financial statement reportin! class by enterin! or copyin! the
appropriate class code into column A$ The amounts that are included on the
financial statements are automatically updated based on the classes that are
specified on this sheet$
3age <; of .4
+inancial !tatement Information
%lass ,escription ./0. ./01 ./02 ./03
F#-33?-TE -pproval date of financial statements .G;2G</;< .G;>G</;. .G</G</;= .G</G</;2
F#FE-SE9E* 9e$ finance leases ./'///!// </'///!// =2'///!// #
F#I9TRE6 Interest received .'///!// ='<//!// 2';//!// #
F#F%-99E* 3roceeds from ne$ loans 2/'///!// =/'///!// </'///!// #
F#?E3R; ?epreciation rate # 8uildings <!/P <!/P <!/P <!/P
F#?E3R< ?epreciation rate # 3lant & E&uipment </!/P </!/P </!/P </!/P
F#?E3R. ?epreciation rate # Furniture & Fi(tures ;1!4P ;1!4P ;1!4P ;1!4P
F#FI9T Interest paid on finance leases #4'</2!// #1'244!// #2';;1!// #
F#T-JP Income ta( percentage <>!// <>!// <>!// <>!//
F#33E?6; Fand & 8uildings # ?isposals # 6ost # # # #
F#33E?6< 3lant & E&uipment # ?isposals # 6ost #>>'///!// #2/'///!// #<=;'///!// #
F#33E?6. Furniture & Fittings # ?isposals # 6ost # # #1'///!// #
F#33EI; Fand & 8uildings # Impairment # # ;/'///!// #
F#33EI< Fi(tures & E&uipment # Impairment # # ./'///!// #
F#33EI. Furniture & Fittings # Impairment # # .'///!// #
F#33E??; Fand & 8uildings # ?isposals # -ccum ?epr # # # #
F#33E??< 3lant & E&uipment # ?isposals # -ccum ?epr #1<'///!// #=/'///!// #</='>2/!// #
F#33E??. Furniture & Fittings # ?isposals # -ccum ?epr # # #2'///!// #
F#33EF- 6arring amount of leased assets >/'///!// 1/'///!// =/'///!// #
F#I3I; Hood$ill # Impairment # # <2'///!// #
F#I3I< Trademar"s # Impairment # # # #
F#I3I. Soft$are # Impairment # # # #
F#?T-J; ?eferred ta( # Trademar"s <'>//!// .'4//!// .';//!// #
F#?T-J< ?eferred ta( # Soft$are ;'4//!// ;'/</!// .=/!// #
F#REF?8 -mounts due b related parties .'///!// 2'///!// >'///!// #
F#S63-I? 9umber of full paid shares ./'///!// =/'///!// =2'///!// #
F#S6-7TK 9umber of authori:ed shares ;//'///!// ;//'///!// ;//'///!// #
F#F%-9ST 6urrent portion of long term loans 2/'///!// ;//'///!// ;/'///!// #
F#FFE-SE3; Minimum finance lease paments5 Q ; ear <2'///!// <2'///!// <2'///!// #
F#FFE-SE32 Minimum finance lease paments5 ; # 2 ears 42'///!// 2/'///!// <2'///!// #
F#FFE-SE3D Minimum finance lease paments5 R 2 ears # # # #
F#FE-SEST 6urrent portion of finance leases ;>'=<.!// ;D'>>=!// <;'=1;!// #
F#%FE-SE-3 %perating lease average period .!// .!// .!// #
F#%FE-SEJ3 %perating lease e(penses for the ear ;<'2//!// ;.'=//!// ;;'>2/!// #
F#%FE-SE3; Minimum operating lease paments5 Q ; ear ;<'///!// ;<'///!// ;<'///!// #
F#%FE-SE32 Minimum operating lease paments5 ; # 2 ears <>'///!// ./'///!// <='///!// #
F#%FE-SE3D Minimum operating lease paments5 R 2 ears # # # #
F#REF6R -mounts due to related parties 2'///!// >'///!// ;<'///!// #
F#3R%I; 3rovision ; # 6laims # 8alance 2/'///!// 2='.//!// 1;'>//!// #
F#3R%I< 3rovision < # Feave # 8alance 4;'<//!// 1;'2//!// ><'12/!// #
F#3R%I-?; 3rovision ; # 6laims # -dditions .<'///!// 2>'D//!// 1;'///!// #
F#3R%I-?< 3rovision < # Feave # -dditions 4/'.//!// 1/'1//!// >;'/;/!// #
F#3R%I-?. 3rovision . # 8onuses # -dditions D/'=.4!// DD'/4/!// 4/'.4.!// #
F#3R%IRI; 3rovision ; # 6laims # Reversals #>'///!// #D'<//!// #4'>//!// #
F#3R%IRI< 3rovision < # Feave # Reversals #2/'///!// #=2'.//!// #2.'1//!// #
F#3R%IRI. 3rovision . # 8onuses # Reversals #;'2//!// #<'=//!// #;'D//!// #
F#REM79 Total remuneration of directors & management <>='.//!// .;;'4//!// .1<'D//!// #
On this sheet:
This sheet contains financial statement information that is incorporated into
the financial statements but not deri+ed from the trial balance$ 4sers are
therefore required to enter the appropriate +alues for each annual period that
is included in the template$ The +alues that are specified on this sheet are
automatically included on the financial statements based on the pre"defined
code that is included in column A$
On this sheet:
This sheet contains financial statement information that is incorporated into
the financial statements but not deri+ed from the trial balance$ 4sers are
therefore required to enter the appropriate +alues for each annual period that
is included in the template$ The +alues that are specified on this sheet are
automatically included on the financial statements based on the pre"defined
code that is included in column A$
3age << of .4
AB% Tradin! 56ty7 8imited
;,egistration Number: ?@11 AAAAAA AA=
Financial statements for the year ended .9 February ./02
Table of contents 6a!e
Statement of comprehensive income and retained earnings <
Statement of financial position .
Statement of changes in e&uit =
Statement of cash flo$s 2
-ccounting policies and e(planator notes to the financial statements 1 # ;<
Appro+al of financial statements
These financial statements $ere approved b the board of directors and authorised for issue on </ March </;=!
On this sheet:
This sheet includes a complete set of financial statements that is
automatically compiled based on the current reportin! period that is
selected on the Set"up sheet: the account balances that are included on
the TB sheet and the financial information that is included on the Fin&nfo
sheet$ -o user input is required on this sheet but users can customi)e
the standard financial statements based on their o#n requirements if
necessary$
On this sheet:
This sheet includes a complete set of financial statements that is
automatically compiled based on the current reportin! period that is
selected on the Set"up sheet: the account balances that are included on
the TB sheet and the financial information that is included on the Fin&nfo
sheet$ -o user input is required on this sheet but users can customi)e
the standard financial statements based on their o#n requirements if
necessary$
3age <. of .4
Statement of comprehensi+e income and retained earnin!s for the year ended .9 February ./02
-otes ./02 ./01
R R
Revenue . 1'>1.'2== 2'>/>'12/
6ost of sales (2';4>'2./) (='=<<'242)
Hross profit ;'1>2'/;= ;'.>1'/42
%ther income = >>'>2/ <2'///
?istribution costs (D4'=1/) (4D'4//)
-dvertising & mar"eting costs (4>'/D/) (44';//)
-dministrative e(penses (>;/'<./) (11/'.>D)
%ther e(penses (;/1'41/) (;//'/./)
Finance costs 2 (<1'.11) (.1'4;<)
3rofit G (Foss) before ta( 1 12='D2> =24';==
Income ta( e(pense 4 (<4>'>1>) (;>D'22D)
3rofit G (Foss) for the ear .41'/D/ <14'2>2
Retained earnings at start of ear <';4;'.2/ <'//.'412
?ividends (;2/'///) (;//'///)
Retained earnings at end of ear <'.D4'==/ <';4;'.2/
3age <= of .4
Statement of financial position at .9 February ./02
-otes ./02 ./01
R R
ASSETS
-on"current assets
3ropert' plant & e&uipment > <'4=D'D=2 <'2<;'=22
Intangible assets D .<'D// 2D'22/
Investments ;/ ;=<'2// ;.<'2//
?eferred ta( asset ;; / <'D;<
<'D<2'.=2 <'4;1'=;4
%urrent assets
Inventories ;< 24'.>/ =4'D</
Trade and other receivables ;. 4>2'2=> 44.'>2D
6ash and cash e&uivalents ;= =D'4// .2'/42
>D<'1<> >21'>2=
Total assets 1:90;:<;1 1:3;1:.;0
E=4&T> ( 8&AB&8&T&ES
Equity
Share capital ;2 =2'/// =/'///
Retained earnings <'.D4'==/ <';4;'.2/
<'==<'==/ <'<;;'.2/
-on"current liabilities
Fong term loans ;1 <=/'/// ;1/'///
Finance leases ;4 <.';1. =='1<=
?eferred ta( liabilit ;; ='./D /
<14'=4< </='1<=
%urrent liabilities
Short term loans ;1 ;/'/// ;//'///
6urrent portion of finance leases ;4 <;'=1; ;D'>>=
8an" overdraft ;= >.'1// ;;2'2/4
Trade paables ;D .2='2./ =;2'2</
3rovisions </ <;='><. <;='>4/
Interest paable <'/// ;'<//
?ividends paable ;2/'/// ;//'///
6urrent ta( liabilit <4;'1=4 ;D/'.;1
;';/>'/1; ;';24'<D4
Total liabilities ;'.42'2.. ;'.1;'D<;
Total equity ( liabilities 1:90;:<;1 1:3;1:.;0
3age <2 of .4
Statement of chan!es in equity for the year ended .9 February ./02
Share %apital Total
R R R
At /0 ?arch ./0. 1/:/// .://1:;@3 .:/11:;@3
3rofit G (Foss) for the ear / <14'2>2 <14'2>2
?ividends / (;//'///) (;//'///)
Shares issued ;/'/// / ;/'///
At .9 February ./01 2/:/// .:0;0:13/ .:.00:13/
3rofit G (Foss) for the ear / .41'/D/ .41'/D/
?ividends / (;2/'///) (;2/'///)
Shares issued 2'/// / 2'///
At .9 February ./02 23:/// .:1<;:22/ .:22.:22/
etained
Earnin!s
3age <1 of .4
Statement of cash flo#s for the year ended .9 February ./02
-otes ./02 ./01
R R
%ash flo#s from operatin! acti+ities
3rofit G (Foss) for the ear .41'/D/ <14'2>2
# Finance costs <1'.11 .1'4;<
# Income ta(es <4>'>1> ;>D'22D
# ?ividends received (<4'///) (<2'///)
#d7ustments for non"cash income and e&penses:
# ?epreciation <1<'.1/ ;.;'D;2
# -mortisation ;.'12/ ;<'<//
# (Fair value gains) G Impairment losses 1>'/// /
# Increase G (?ecrease) in provisions (=4) .'<..
.ash flow included in in$esting acti$ities:
# (Hains) G Fosses on sale of e&uipment (21'2D/) 4'.=/
.hanges in operating assets and liabilities:
# ?ecrease G (Increase) in trade and other receivables (;;'1>D) (2<'1<2)
# ?ecrease G (Increase) in inventories (D'=1/) (<'>4/)
# Increase G (?ecrease) in trade and other paables (1/'DD/) <2'../
6ash generated from operations >2D'22> 2D.'.4D
Interest paid (./'111) (.D'4;<)
Income ta( paid (;D/'.;1) (;4.'<;;)
Net cash from operating acti$ities 1.>'241 .>/'=21
%ash flo#s from in+estin! acti+ities
3roceeds from sale of propert' plant & e&uipment D.'4=/ <'11/
3urchases of propert' plant & e&uipment (2<1'///) (.24'.1>)
3urchases of intangible assets (;<'///) (;/'///)
3urchases of investments (;/'///) (<2'///)
Interest received 2';// ='<//
?ividends received <4'/// <2'///
Net cash used in in$esting acti$ities (=<<';1/) (.1/'2/>)
%ash flo#s from financin! acti+ities
3roceeds from issuance of shares 2'/// ;/'///
3roceeds from loans </'/// =/'///
Repament of loans (./'///) (./'///)
Repament of finance leases (1='>>=) (.>'=<.)
?ividends paid (;//'///) (>/'///)
Net cash used in financing acti$ities (;1D'>>=) (D>'=<.)
9et increase G (decrease) in cash and cash e&uivalents =1'2.< (4>'=42)
6ash and cash e&uivalents at beginning of ear (>/'=.<) (;'D24)
6ash and cash e&uivalents at end of ear ;= (..'D//) (>/'=.<)
3age <4 of .4
Accountin! policies and explanatory notes to the financial statements for the year ended
.9 February ./02
0$ Aeneral information
-86 Trading (3t) Fimited is a limited compan incorporated in South -frica! Their principal business activities are the
manufacture and sale of fro:en foods! The address of its registered office and principal place of business is5
;/ 8er"shire -venue' 9orthcliff' Oohannesburg!
.$ Basis of preparation and accountin! policies
These financial statements have been prepared in accordance $ith the International Financial Reporting Standard for Small
and Medium#si:ed Entities issued b the International -ccounting Standards 8oard! The are presented in the currenc units
of South -frica!
,e$enue recognition
Revenue from sales of goods is recognised $hen the goods are delivered and title has passed! Revenue is measured at the
fair value of the consideration received or receivable' net of discounts and sales#related ta(es collected on behalf of the
government of South -frica!
Borrowing costs
-ll borro$ing costs are recognised in profit or loss in the period in $hich the are incurred!
Income ta&
The income ta( e(pense represents the sum of the ta( currentl paable and deferred ta(! The ta( currentl paable is based
on the ta(able profit for the ear!
?eferred ta( is recognised on differences bet$een the carring amounts of assets and liabilities in the financial statements
and their corresponding ta( bases ("no$n as temporar differences)! ?eferred ta( liabilities are recognised for all temporar
differences that are e(pected to increase ta(able profit in the future! ?eferred ta( assets are recognised for all temporar
differences that are e(pected to reduce ta(able profit in the future' and an unused ta( losses or unused ta( credits! ?eferred
ta( assets are measured at the highest amount that' on the basis of current or estimated future ta(able profit' is more li"el
than not to be recovered! The net carring amount of deferred ta( assets is revie$ed at each reporting date and is adBusted to
reflect the current assessment of future ta(able profits! -n adBustments are recognised in profit or loss!
?eferred ta( is calculated at the ta( rates that are e(pected to appl to the ta(able profit (ta( loss) of the periods in $hich it
e(pects the deferred ta( asset to be realised or the deferred ta( liabilit to be settled' on the basis of ta( rates that have been
enacted or substantivel enacted b the end of the reporting period!
6roperty( plant and equipment
Items of propert' plant and e&uipment are measured at cost less accumulated depreciation and an accumulated
impairment losses! ?epreciation is charged so as to allocate the cost of assets less their residual values over their estimated
useful lives' using the straight#line method! The follo$ing rates are used for the depreciation of propert' plant and e&uipment5
8uildings <P
3lant & e&uipment </P
Furniture & fi(tures ;1!4P
If there is an indication that there has been a significant change in depreciation rate' useful life or residual value of an asset'
the depreciation of that asset is revised accordingl to reflect the ne$ e(pectations!
3age <> of .4
3age <D of .4
.9 February ./02 5continued7
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and an accumulated impairment losses! It is amortised
over its estimated life of five ears using the straight#line method! If there is an indication that there has been a significant
change in amortisation rate' useful life or residual value of an intangible asset' the amortisation is revised accordingl to
reflect the ne$ e(pectations!
Impairment of assets
-t each reporting date' propert' plant and e&uipment and intangible assets are revie$ed to determine $hether there is an
indication that those assets have suffered an impairment loss! If there is an indication of possible impairment' the recoverable
amount of an affected asset (or group of related assets) is estimated and compared $ith its carring amount! If the
estimated recoverable amount is lo$er' the carring amount is reduced to its estimated recoverable amount' and an
impairment loss is recognised immediatel in profit or loss!
Similarl' at each reporting date' inventories are assessed for impairment b comparing the carring amount of each item of
inventor (or group of similar items) $ith its selling price less costs to complete and sell! If an item of inventor (or group of
similar items) is impaired' its carring amount is reduced to selling price less costs to complete and sell' and an impairment
loss is recognised immediatel in profit or loss!
If an impairment loss subse&uentl reverses' the carring amount of the asset (or group of related assets) is increased to the
revised estimate of its recoverable amount (selling price less costs to complete and sell' in the case of inventories)' but not
in e(cess of the amount that $ould have been determined had no impairment loss been recognised for the asset (or group of
related assets) in prior ears! - reversal of an impairment loss is recognised immediatel in profit or loss!
:eases
Feases are classified as finance leases $henever the terms of the lease transfer substantiall all the ris"s and re$ards of
o$nership of the leased asset to the compan! -ll other leases are classified as operating leases!
Rights to assets held under finance leases are recognised as assets of the compan at the fair value of the leased propert
(or' if lo$er' the present value of minimum lease paments) at the inception of the lease! The corresponding liabilit to the
lessor is included in the statement of financial position as a finance lease obligation! Fease paments are apportioned
bet$een finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining
balance of the liabilit! Finance charges are deducted in measuring profit or loss! -ssets held under finance leases are
included in propert' plant and e&uipment' and depreciated and assessed for impairment losses in the same $a as
o$ned assets!
Rentals paable under operating leases are charged to profit or loss on a straight#line basis over the term of the lease!
In$entories
Inventories are stated at the lo$er of cost and selling price less costs to complete and sell! 6ost is calculated using the
first#in' first#out (FIF%) method!
Trade and other recei$ables
Most sales are made on the basis of normal credit terms' and the receivables do not bear interest! *here credit is e(tended
beond normal credit terms' receivables are measured at amortised cost using the effective interest method! -t the end of
each reporting period' the carring amounts of trade and other receivables are revie$ed to determine $hether there is an
obBective evidence that the amounts are not recoverable! If so' an impairment loss is recognised immediatel in profit or loss!
3age ./ of .4
3age .; of .4
Trade payables
Trade paables are obligations on the basis of normal credit terms and do not bear interest!
Bank loans and o$erdrafts
Interest e(penses are recognised on the basis of the effective interest method and are included in finance costs!
1$ e+enue
./02 ./01
R R
Sale of goods 1'4=.'2== 2'1>>'12/
%ther revenue ;</'/// ;</'///
1'>1.'2== 2'>/>'12/
2$ Other income
./02 ./01
R R
Hain on disposal of propert' plant & e&uipment 1;'>2/ /
Miscellaneous income / /
>>'>2/ <2'///
3$ Finance costs
./02 ./01
R R
Interest on loans and overdraft (<;'<2/) (./';.2)
Interest on finance leases (2';;1) (1'244)
(<1'.11) (.1'4;<)
@$ 6rofit before tax
The follo$ing items have been recognised as e(penses (income) in determining profit before ta(5
./02 ./01
R R
6ost of inventories recognised as e(pense 2';4>'2./ ='=<<'242
Foreign e(change (gains) G losses (;'///) /
Foss on disposal of propert' plant & e&uipment (2'<1/) (4'.=/)
;$ &ncome tax expense
./02 ./01
R R
6urrent ta(ation (<4;'1=4) (;D/'.;1)
?eferred ta(ation (refer to note ;;) (4'<<;) 424
(<4>'>1>) (;>D'22D)
3age .< of .4
Income ta& is calculated at ?B.@ per cent ;?@1<: ?B.@ per cent= of the estimated assessable profit for the year.
3age .. of .4
9$ 6roperty: plant ( equipment
Total
R R R R
%ost
-t /; March </;. ;'D//'/// ;';/<'/=2 ;>/'/// .';><'/=2
-dditions 2/'/// =>2'/// .1'/// 24;'///
?isposals / (<=;'///) (1'///) (<=4'///)
-t <> Februar </;= ;'D2/'/// ;'.=1'/=2 <;/'/// .'2/1'/=2
Accumulated depreciation
-t /; March </;. .D/'/// <<>'2D/ =<'/// 11/'2D/
?epreciation for the ear </'/// <<='.1/ ;>'/// <1<'.1/
Impairment ;/'/// ./'/// .'/// =.'///
?isposals / (</='>2/) (2'///) (</D'>2/)
-t <> Februar </;= =</'/// <4>';// 2>'/// 421';//
%arryin! amount
-t <> Februar </;= ;'2./'/// ;'/14'D=2 ;2<'/// <'4=D'D=2
The carring amount of the compan+s propert' plant & e&uipment includes an amount of R=/'/// (</;.5 R1/'///) in
respect of assets held under finance leases!
<$ &ntan!ible assets
Aood#ill Trademarks Soft#are Total
R R R R
%ost
-t /; March </;. 2/'/// <4'2// ;>'2// D1'///
-dditions / ;<'/// / ;<'///
-t <> Februar </;= 2/'/// .D'2// ;>'2// ;/>'///
Accumulated amorti)ation
-t /; March </;. </'/// 4'2// >'D2/ .1'=2/
-mortisation for the ear 2'/// .'D2/ ='4// ;.'12/
Impairment <2'/// / / <2'///
-t <> Februar </;= 2/'/// ;;'=2/ ;.'12/ 42';//
%arryin! amount
-t <> Februar </;= / <>'/2/ ='>2/ .<'D//
0/$ &n+estments
./02 ./01
R R
6ost of investment # J)S 6ompan ;=<'2// ;.<'2//
8and (
Buildin!s
6lant (
Equipment
Furniture (
Fittin!s
3age .= of .4
00$ ,eferred tax
The follo$ing are the deferred ta( liabilities (assets) recognised b the compan5
Trademarks Soft#are Total
R R R R
-t /; March </;. .'4// ;'/</ (4'1.<) (<'D;<)
6harge (credit) for the ear (1//) (1>/) >'2/; 4'<<;
-t <> Februar </;= .';// .=/ >1D ='./D
The compan has not recognised a valuation allo$ance against the deferred ta( assets because' on the basis of past
ears and future e(pectations' management considers it probable that ta(able profits $ill be available against $hich the
future income ta( deductions can be utilised!
0.$ &n+entories
./02 ./01
R R
Ra$ materials =<'1// .1'=2/
*or" in progress ;';=/ D//
Finished goods ;.'1=/ ;/'24/
24'.>/ =4'D</
01$ Trade and other recei+ables
./02 ./01
R R
Trade debtors 4</'4>> 4<.'.>;
-mounts due b related parties >'/// 2'///
3repaments 21'41/ =2'=4>
4>2'2=> 44.'>2D
02$ %ash and cash equi+alents
./02 ./01
R R
6ash on hand <'4// <'/42
6ash at ban" =4'/// ..'///
=D'4// .2'/42
8an" overdraft (>.'1//) (;;2'2/4)
(..'D//) (>/'=.<)
The ban" overdraft is secured b a floating lien over land & buildings o$ned b the compan $ith a carring amount of
R;'2./'/// at <> Februar </;= (R;'2;/'/// at <> Februar </;.)! Interest is paable on the ban" overdraft at ; point
above the prime interest rate!
Forei!n
Exchan!e 8oss
3age .2 of .4
03$ Share capital
-t /; March </;. =/'///
Shares issued during the ear 2'///
-t <> Februar </;= =2'///
The share capital balance as at <> Februar </;= comprise =2'/// ordinar shares (</;.5 =/'///) $ith a par value of
R;!// full paid' issued and outstanding! -n additional 22'/// shares (</;.5 1/'///) are legall authorised
but unissued!
0@$ 8oans
./02 ./01
R R
-on"current
Fong term loans <=/'/// ;1/'///
%urrent
Short term loans ;/'/// ;//'///
The long term loans are secured b a floating lien over land & buildings o$ned b the compan $ith a carring amount of
R;'2./'/// at <> Februar </;= (R;'2;/'/// at <> Februar </;.)! Interest is paable on the 2#ear ban" loan at a
fi(ed rate of D per cent of the principal amount!
0;$ Finance leases
The future minimum lease paments are as follo$s5
./02 ./01
R R
*ithin one ear <2'/// <2'///
Fater than one ear but $ithin five ears <2'/// 2/'///
Fater than five ears / /
2/'/// 42'///
The obligation is classified as5
./02 ./01
R R
6urrent liabilit <;'=1; ;D'>>=
9on#current liabilit <.';1. =='1<=
=='1<= 1='2/>
09$ %ommitments under operatin! leases
The compan rents e&uipment under operating leases! The leases are for an average period of . ears' $ith fi(ed rentals
over the same period!
./02 ./01
R R
%perating lease paments recognised as an e(pense during the ear ;;'>2/ ;.'=//
3age .1 of .4
-t ear#end' the compan has outstanding commitments under non#cancellable operating leases that fall due as follo$s5
./02 ./01
R R
*ithin one ear ;<'/// ;<'///
Fater than one ear but $ithin five ears <='/// ./'///
Fater than five ears / /
.1'/// =<'///
0<$ Trade and other payables
./02 ./01
R R
Trade paables <1.'/./ .=/'2</
-mounts due to related parties ;<'/// >'///
-ccrued e(penses 4D'2// 14'///
.2='2./ =;2'2</
./$ 6ro+isions
%laims 8ea+e Bonuses Total
R R R R
-t /; March </;. 2='.// 1;'2// DD'/4/ <;='>4/
6hargedG(credited) to profit or loss5
# -dditions during the ear 1;'/// >;'/;/ 4/'.4. <;<'.>.
# 6harges during the ear (=2'4//) (1'<1/) (D4';4/) (;=D';./)
# Reversed during the ear (4'>//) (2.'1//) (;'D//) (1.'.//)
-t <> Februar </;= 1;'>// ><'12/ 4/'.4. <;='><.
.0$ %ontin!ent liabilities
?uring </TT a customer initiated proceedings against the compan for fault products! The customer asserts that
its total losses are 67T2/'/// and has initiated litigation claiming this amount! The compan+s legal counsel do not
consider that the claim has merit and no provision has therefore been recognised in these financial statements!
..$ E+ents after the end of the reportin! period
%n ;= March </TT the directors voted to declare a dividend of 67T;!// per share (67T./'/// total) paable on ;2 -pril
</TT to shareholders registered on .; March </TT! 8ecause the obligation arose after the end of the reporting period'
a liabilit is not sho$n in the statement of financial position at <> Februar </TT!
.1$ elated party transactions
./02 ./01
R R
-mounts o$ed b related parties and included in trade receivables >'/// 2'///
-mounts o$ed to related parties and included in trade paables (;<'///) (>'///)
The total remuneration of directors and other members of "e management in </;= (including salaries and benefits) $as
R.1<'D// (</;.5 R.;;'4//)!
Trial Balance Import .ontrol
N $$$!e(cel#s"ills!com # o"
Acc -o Account ,escription Amount %heck Amount
8S#;// Fand & 8uildings # 6ost ;'D2/'///!// o" ;'D2/'///!//
8S#;/2 3lant & E&uipment # 6ost ;'.=1'/=2!// o" ;'.=1'/=2!//
8S#;;/ Furniture & Fittings # 6ost <;/'///!// o" <;/'///!//
8S#;2/ Fand & 8uildings # -ccum ?epreciation #=</'///!// o" #=</'///!//
8S#;22 3lant & E&uipment # -ccum ?epreciation #<4>';//!// o" #<4>';//!//
8S#;1/ Furniture & Fittings # -ccum ?epreciation #2>'///!// o" #2>'///!//
8S#<// Hood$ill # 6ost 2/'///!// o" 2/'///!//
8S#</2 Trademar"s # 6ost .D'2//!// o" .D'2//!//
8S#<;/ Soft$are # 6ost ;>'2//!// o" ;>'2//!//
8S#<2/ Hood$ill # -ccum -morti:ation #2/'///!// o" #2/'///!//
8S#<22 Trademar"s # -ccum -morti:ation #;;'=2/!// o" #;;'=2/!//
8S#<1/ Soft$are # -ccum -morti:ation #;.'12/!// o" #;.'12/!//
8S#<4/ Investments ;=<'2//!// o" ;=<'2//!//
8S#.// 3ett 6ash <'4//!// o" <'4//!//
8S#./2 8an" %verdraft #>.'1//!// o" #>.'1//!//
8S#.;/ 8an" -ccounts =4'///!// o" =4'///!//
8S#2// Trade ?ebtors 4<>'4>>!// o" 4<>'4>>!//
8S#2;/ 3repaments 21'41/!// o" 21'41/!//
8S#1// Ra$ Materials =<'1//!// o" =<'1//!//
8S#1/2 *or" in progress ;';=/!// o" ;';=/!//
8S#1;/ Finished goods ;.'1=/!// o" ;.'1=/!//
8S#4// Trade 6reditors #<42'/./!// o" #<42'/./!//
8S#4/2 -ccruals #4D'2//!// o" #4D'2//!//
8S#4;/ Interest 3aable #<'///!// o" #<'///!//
8S#4;2 Ta(ation 3rovision #<4;'1=4!// o" #<4;'1=4!//
8S#4</ ?ividends 3aable #;2/'///!// o" #;2/'///!//
8S#4./ 3rovision for 8onuses #<;='><.!// o" #<;='><.!//
8S#>// Fong Term Fiabilities #<2/'///!// o" #<2/'///!//
8S#>;/ Finance Feases #=='1<=!// o" #=='1<=!//
8S#D// ?eferred Ta( #='./D!// o" #='./D!//
8S#D2/ Share 6apital #=2'///!// o" #=2'///!//
8S#DD/ Retained Earnings # %pening 8alance #<';4;'.2/!// o" #<';4;'.2/!//
IS#;// Sales #1'4=.'2==!// o" #1'4=.'2==!//
IS#;/2 Roalties #;</'///!// o" #;</'///!//
IS#;2/ %ther Income # o" #
IS#;22 ?ividends Received #<4'///!// o" #<4'///!//
IS#;1/ 3rofit on ?isposal of -ssets #1;'>2/!// o" #1;'>2/!//
IS#<// 6ost of Sales 2';4>'2./!// o" 2';4>'2./!//
IS#./2 ?istribution 6osts D4'=1/!// o" D4'=1/!//
IS#.;/ -dvertising & Mar"eting 4>'/D/!// o" 4>'/D/!//
IS#.;2 -dministration E(penses >;/'<./!// o" >;/'<./!//
IS#1// Interest 3aid <1'.11!// o" <1'.11!//
IS#12/ Ta(ation 3aid <4>'>1>!// o" <4>'>1>!//
IS#4// %ther E(penses ;//'2//!// o" ;//'2//!//
IS#4/2 Foreign E(change Foss ;'///!// o" ;'///!//
IS#4;/ Foss on ?isposal of -ssets 2'<1/!// o" 2'<1/!//
IS#D// ?ividends 3aid ;2/'///!// o" ;2/'///!//
On this sheet:
The calculations on this sheet enables users to re+ie# the sequence of
trial balance accounts before copyin! the account balances to the TB
sheet$ The sequence of accounts can be amended until no errors are
reflected and the calculations in column E round all trial balance amounts
to the nearest inte!er +alue thereby ensurin! that all the totals on the
financial statements are accurate$
On this sheet:
The calculations on this sheet enables users to re+ie# the sequence of
trial balance accounts before copyin! the account balances to the TB
sheet$ The sequence of accounts can be amended until no errors are
reflected and the calculations in column E round all trial balance amounts
to the nearest inte!er +alue thereby ensurin! that all the totals on the
financial statements are accurate$

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