Note to the consolidated financial statements

For the year ended 31 march 2016

revenue
notes 2016

nZ$

2015

nZ$

operating revenue

sale of goods

 

20

 

1,421,795

 

distribution fees 20, 21 150,000
total operating revenue 1,571,795
other income 1,386
gain on forgiveness of debt

recovery on liquidation group subsidiaries

19 1,071,677

 

12,058

recovery of loans receivable 2961
1,073,063 15,019
total Income 2,644,858 15,019
Expenses
2016

nZ$

2015

nZ$

Profit / (loss) before income tax has been determined after:

Accounting

45,006 4,250
Consultants 49,355
depreciation 4,773
directors 78,667
legal fees 53,064
listing costs 31,201 5,975
management 79,333
realised FX 34,068
rent 20,723
salaries 27,540 9,212
selling and distribution expenses 26,816
share registry 19,484 9,697
unrealised FX 6,408
Auditors remuneration

Audit of financial statements

– Audit of financial statements

 

 

45,290

 

 

9,500

Expenses (continued)
2016

nZ$

2015

nZ$

Other services

-tax compliance fees

 

2,422

 

total other services 2,422
total fees paid to auditor 47,712 9,500
Finance costs:

interest received on bank account

18,141 1,742
interest paid on bank overdraft (4) (51)
interest paid on borrowings from related parties (refer note 21) (15,462) (63,692)
net finance income / (costs) 2,675 (62,001)
InComE tAX EXPEnSE
Components of Income tax expense 2016 2015
nZ$ nZ$
Current year tax expense deferred tax movements

Income tax expense
reconciliation of effective tax rate 2016 2015
nZ$ nZ$
profit / (loss) before income tax 449,258 (118,853)
income tax expense calculated at 28% 125,792 (33,279)
Adjustments                non deductable expenses 22,301 (3,988)
non deductible timng differences 69,074
tax losses utilised (300,070)
tax losses carried forward 82,902 37,267
Income tax expense
August 30, 2016 AFC News
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