A B C D E F 4 5 Accounting Profit 1,537,128.77 6 Imputation Credits 7 Adjusted Accounting Profit 1,537,128.77 8 9 Non Deductible Expenses 10 Non-Deductible Entertainment 11 Donation add back for loss 12 Non-Deductible Legal & Accounting Fees 13 Non-Deductible Fines 14 Non-taxable Lease Incentive 15 16 17 Temporary Differences 2020 2021 18 Provision for long service leave 19 Provision for holiday pay 20 Holiday pay as acquired by PSL 21 Employee entitlements paid within 63 days 22 Provision for sick leave 23 Provision for bonuses 24 Provision for doubtful debts 25 Provision for ACC 26 Audit fees accrued 27 28 Total temporary differences 29 30 Taxable income 1,537,128.77Balance sheet For the year ended 31 March 2021 Account Notes 1 March 2021 1 March 2020 Assets Current Assets Trade and Other Receivables 24,000 42,000 Income Tax Receivable 30,000 7,000 BNZ - Farm First Transact 281,184 2,800 Total Current Assets 335,184 51,800 Non-Current Assets Property, Plant and Equipment 8,430,873 8,740,840 Shares - Farmlands (15,000) 15,000 15,000 Shares - Cold Storage 7,500 7,500 Shares - Ravensdown Co-op Ltd (7,353) 7,353 7,353 Shares - Zespri (86,850) 86,850 86,850 Total Non-Current Assets 8,547,576 8,857,543 Total Assets 8,882,759 8,909,343 Liabilities Current Liabilities BNZ - Credit Card 1,700 2,000 Trade and Other Payables 375,500 565,500 Shareholder Current Accounts 5,500 2,500 GST Payable 110,000 23,800 Total Current Liabilities 492,700 593,800 Non-Current Liabilities Term Loans 3,680,000 3,480,000 UDC Tractor Finance 40,000 50,000 UDC Tractor Finance 75,000 0 Total Non-Current Liabilities 3,795,000 3,530,000 Total Liabilities 4,287,700 4,123,800 Net Assets 4,595,059 4,785,543 Equity Share Capital 150,000 150,000 Retained Earnings 4,445,059 4,635,543 Total Equity 4,595,059 4,785,543The following items are the break down from the balance sheet 2021 2020 Trade and Other Receivables Debtors 24,000 42,000 Trade and Other Payables Creditors 275,000 450,000 Holiday Pay Owing 55,000 66,000 ACC accrual 5,000 6,000 Provision for doubtful debts 12,500 12,500 Audit fee accrual 5,000 6,000 PAYE payable 20 April 23,000 25,000 375,500 565,500 Legal Fees Change in company structure 2,500 Employment contract changes 2,976 5,476 Insurance 2020/2021 Annual Premium invoice dated 1 April 2020 75,434 2021/2022 Annual Premium invoice dated 31 March 2021 80,440 Other Info During the year the fruit truck was caught by Police with no COF and fined $250 During the year the family took a vacation to England costing $15,000 Annual leave taken within 63 Days 12,400 11,000 The family own 2 baches so they can de-stress after a busy harvest. One in Kaiteriteri and one in Hanmer. During the year repairs to the properties cost $17,466.88B C D E 27 Expenses 28 Accident Compensation Levies 29, 132 21,449 29 Accountancy and Secretarial 12, 120 10,985 30 Advertising 2,520 2,512 31 Audit 18,774 16,582 32 Bank Charges 1,039 1,698 33 Cleaning & Laundry 12,226 9,004 Communication 209 Computer Expenses 19,222 18,750 36 Computer Maintenance 5,858 3,793 37 Conference Expenses 2,792 38 Consultancy 15,284 4,800 39 Credit Card Fees 107 142 10 Depreciation 309,987 218,518 41 Entertainment 4,968 4,480 42 Fringe Benefit Tax 3,857 9.816 43 Fuel and Oil 129,973 99,792 44 General Expenses 13,239 7,828 45 Insurances 155.874 75,434 46 Interest - Hire Purchase 5,599 3,030 17 Interest - Term Loan 185,512 177,408 48 Lease Payments 353,999 213,419 19 Legal Fees 5,476 6,243 50 Levies, Licences and Registrations 88,588 48,248 51 Light, Heat and Power 51,621 49,990 52 Printing and Stationery 5,837 4.954 3 R&M - Baches 17,487 85,329 R&M - Buildings 28,372 12,598 R&M - Dwellings 28,373 8, 185 R&M - Irrigation 40,520 13,868 57 R&M - Plant 81,359 59,899 58 R&M - Vehicle 113,623 93,095 59 Rates 19,907 19,477 60 Road User Charges 19,328 11,884 61 Shareholder Salaries 420,000 420,000 62 Staff Expenses 17.370 14,309 63 Subscriptions and Registrations 2.437 1,814 64 Telephone & Tolls 10,770 12,048 65 Tool Replacement 28,346 38,671 66 Training Expenses 2,896 3,818 67 Travel and Accommodation 15,000 68 Truck Expenses 2,799 3,877 69 Vehicle Lease 7,899 1,880 70 Total Expenses 2,244, 856 1,792,383 71 Net Profit (Loss) Before Taxation 1,537, 129 2,482,2301 Statement of Profit or Loss Fruit Brothers Limited 3 For the year ended 31 March 2021 4 5 Account Notes 2021 2020 6 7 Trading Income Fruit Sales 6,190,000 6,180,000 Juice Sales 187,655 160,676 10 Total Trading Income 6,377,655 6,340,676 11 12 Cost of Sales 13 Contracting 103,773 105,466 14 Freight and Cartage 94,704 47,349 15 Plant Hire 60,146 44,500 16 Purchases 2,430,523 1,932,643 17 Total Cost of Sales 2,689,146 2,129,958 18 19 Gross Profit 3,688,509 4,210,718 20 21 Other Income 22 Other Revenue 14,708 14,300 23 Rebates 46,008 33,165 24 Rent Received 32,760 16,430 25 Total Other Income 93,476 63,895 26 27 Expenses
