The accompanying notes form part of these financial statements. - 2 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Income Statement For the Year ended 30 June 2013
Note 2013 2012 $ $
Revenue 2 1,509,802 -
Expenses excluding Finance Costs 3 1,437,528 -
Finance Costs 4 32,811 -
Profit before Income Tax 5 39,463 -
Income Tax Expense (11,839) -
Profit Attributable to Members of the Company 27,624 -
The accompanying notes form part of these financial statements. - 3 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Balance Sheet As at 30 June 2013
2013 2012 $ $
Equity Paid Up Capital Ordinary Shares 100 - Unappropriated Profit 27,624 -
Total Capital and Reserves 27,724 -
Represented by:
Current Assets ANZ 65021 20,244 - Cash on hand 1,320 - Trade Debtors 21,332 - Loans - Deposit 1,000 - Prepaid Borrowing Expenses 7,979 - Stock on Hand 68,750 - 120,625 -
Non-Current Assets Business Cost 674,740 - 674,740 -
674,740 -
Total Assets 795,365 -
Current Liabilities PAYG Payable 3,931 - Loans - 86061 300,305 - Loans - 27555 403,399 - Loans - Director 36,269 - Provision for Annual Leave 6,400 - Current Tax Liability 11,839 - Provision for GST 5,498 - 767,641 -
Total Liabilities 767,641 -
Net Assets 27,724 -
The accompanying notes form part of these financial statements. - 4 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Notes to the Financial Statements For the Year ended 30 June 2013
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
The directors have prepared the financial statements on the basis that the company is a non-reporting entity because there are no users dependent on general purpose financial statements. The financial statements are therefore special purpose financial statements that have been prepared in order to meet the needs of members.
The financial statements have been prepared in accordance with the significant accounting policies disclosed below, which the directors have determined are appropriate to meet the needs of members. Such accounting policies are consistent with the previous period unless stated otherwise.
The financial statements have been prepared on an accruals basis and are based on historical costs unless stated otherwise in the notes. The accounting policies that have been adopted in the preparation of the statements are as follows:
(a) Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
(b) Provisions Provisions are recognised when the company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.
(c) Employee Benefits Provision is made for the companys liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs.
(d) Property, Plant and Equipment All property, plant and equipment excluding freehold land and buildings, are initially measured at cost and are depreciated over their useful lives to the company.
The depreciation method and useful life used for items of property, plant and equipment (excluding freehold land) reflects the pattern in which their future economic benefits are expected to be consumed by the company. Depreciation commences from the time the asset is available for its intended use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
The accompanying notes form part of these financial statements. - 5 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Notes to the Financial Statements For the Year ended 30 June 2013
Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction), based on periodic, but at least triennial, valuations by directors, less subsequent depreciation.
The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have not been discounted in determining recoverable amounts.
(e) Income Tax The income tax expense (income) for the year comprises current income tax expense (income). The company does not apply deferred tax. Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.
(f) Trade and Other Receivables Trade receivables are recognised initially at the transaction price (i.e. cost) and are subsequently measured at cost less provision for impairment. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.
At the end of each reporting period, the carrying amount of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in income statement.
(g) Inventories Inventories are measured at the lower of cost and net realisable value. Costs are assigned on a first-in first-out basis and include direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenses.
(h) Revenue and Other Income All revenue is stated net of the amount of goods and services tax (GST).
(i) Trade and Other Payables Trade and other payables represent the liabilities at the end of the reporting period for goods and services received by the company that remain unpaid.
Trade payables are recognised at their transaction price. Trade payables are obligations on the basis of normal credit terms.
The accompanying notes form part of these financial statements. - 6 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Notes to the Financial Statements For the Year ended 30 June 2013
(j) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the balance sheet.
The accompanying notes form part of these financial statements. - 7 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Notes to the Financial Statements For the Year ended 30 June 2013
2013 2012 $ $
2. Revenue
Sales Revenue Sale of Goods 1,509,802 - 1,509,802 -
1,509,802 -
3. Expenses
Raw Materials, Purchases and Consumables Used 1,252,277 - Employee Benefits Expense 119,307 - Bank Charges 2,225 - Insurance 2,338 - Postage 885 - Repairs & Maintenance 71 - Telephone 846 - Other Expenses 59,579 - 1,437,528 -
Liabilities Current Tax Liability 11,839 - 11,839 -
Net Tax Liabilities 11,839 -
10. Property, Plant and Equipment
Land and Buildings Business Cost Business Cost 674,740 - 674,740 -
The accompanying notes form part of these financial statements. - 9 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Notes to the Financial Statements For the Year ended 30 June 2013
2013 2012 $ $
11. Trade and Other Payables
Current PAYG Payable 3,931 - Provision for GST 5,498 - 9,429 -
Total Trade and Other Payables 9,429 -
12. Financial Liabilities
Current Loans - 86061 300,305 - Loans - 27555 403,399 - Loans - Director 36,269 - 739,973 -
Total Financial Liabilities 739,973 -
13. Provisions
Current Provision for Annual Leave 6,400 -
Total Provisions 6,400 -
14. Contributed Equity
Issued Capital Ordinary Shares 100 - 100 -
The accompanying notes form part of these financial statements. - 10 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Notes to the Financial Statements For the Year ended 30 June 2013
2013 2012 $ $
15. Retained Earnings
Retained Earnings at the Beginning of the Financial Year -
-
Add Net profit attributable to members of the company 39,463 -
Less Income Tax Expense 11,839 -
Retained Earnings at the End of the Financial Year 27,624 -
The accompanying notes form part of these financial statements. - 11 -
VML INTERNATIONAL PTY LTD ABN 28 159 789 509 Directors Declaration for the Year Ended 30 June 2013
The directors have determined that the company is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements.
The directors of the company declare that:
1. the financial statements and notes, as set out in the financial statements, present fairly the companys financial position as at 30 June 2013 and its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements; and
2. in the directors opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.