Camille Manufacturing Limited list of balances on December 31, 2015 S'000 Sales 727.911 Cost of sales 394,481 Distribution costs 70.262 Administrative costs 90,530 Other operating expenses 14.1 SO Redundancy costs 18,000 Other operating income 16,300 Finance costs paid 900 Corporation tax charge 42.678 Corporation tax under-provision 2.250 Deferred tax payable 6.280 Corporation tax payable 20,648 Property, plant and equipment 153,300 Accumulated depreciation 61,300 Long term receivables 3,650 Due from fellow subsidiary companies 1,325 Trade debtors 150,126 Allowance for bad debts 7,506 Other receivables and prepayments 4.188 Cash and bank deposits 66,722 Issued ordinary share capital 200.000 General reserve 2,000 Profit and Loss Account January 1, 2014 151.419 Long term loan 6,000 Due to immediate parent company 32,650 Trade creditors 66,230 Other payables and accruals 21.625 Ordinary dividends paid 30,000 Closing inventories 277,307 Additional information: 1. Current portion of long term receivable $1,000,000 2. Current portion of long term loan $2,000,000 3. Deferred tax is to be reduced by S1,280,000 4. On January 29, 2016 the board of directors approved the financial statements for issue, and a dividend of $0.05 per share in relation to the 2015 financial year. The record date is February 5, 2016 and the payment date is February 26, 2016. 5. Stocks are valued at cost (FIFO method) or net realizable value, whichever is lower. Page 1 6. Allowance for bad debts is 5% of trade debtors. 7. Interest rate of 15% per annum is charged on the long term loan. No interest was outstanding at the beginning or at the end of the financial year. 8. Corporation tax is at the rate of 33 13%. Capital allowances amounted to $57,869,000 and disallowed expenses amounted to $30,015,000. 9. Issued share capital on January 1, 2015, and on December 31, 2015: 100,000,000 ordinary shares 10. Authorized share capital: 500,000,000 ordinary shares 11. The company prepares its financial statements under the historical cost convention 12. The company is incorporated in Jamaica. The company manufactures cheese. The company is a 70% subsidiary of Antonio Limited which is incorporated in Trinidad and Tobago. 13. All finance costs were paid during the financial year. 14. Property, plant and equipment Cost Accumulated Charge 1/1/15 Depreciation for the 1/1/15 year $*000 $'000 S'000 Land 8.920 Buildings 41,000 2,970 1,025 Plant & machinery 32.200 12.880 6,440 Furniture, fixtures & equipment 9.200 7.165 1,740 Motor vehicles 60,000 17.480 12,000 During the year equipment acquired amounted to $2,480,000 and equipment costing $500,000 with accumulated depreciation of S400,000 was disposed of for $150,000. Depreciation is calculated on the straight line basis at the following rates: Buildings 24% Plant & machinery 20% Furniture, fixtures & equipment 10% - 20% Motor vehicles 20% Page 2 15. Significant transactions with group companies Sales Purchases S'000 1.286 51.260 16. Staff costs: S'000 Salaries and wages 78,608 Statutory deductions 6,555 Pension cost defined contribution plan) 2,724 Other benefits 14,265 17. The average number of employees during the year 108 full time 26 part time 18. Other relevant data: S'000 Directors' emoluments Fees 42 Management 5,665 Audit fees 1.108 19. Closing inventories S'000 Finished goods 63,780 Work in progress 2,700 Raw materials and supplies 124,787 Goods in transit 86,040 Required: a. Prepare the Statement of Comprehensive Income for the year ended December 31, 2015. b. Prepare the Statement of Changes in Equity for the year ended December 31. 2015. c. Prepare the Statement of Financial Position as at December 31, 2015. Comparative figures are required. d. Prepare the Statement of Cash Flows for the year ended December 31, 2015 c. Prepare the Notes to the Financial Statements for the year ended December 31, 2015. Financial statements should be prepared in accordance with international financial reporting standards for publication. Page 3 Camille Manufacturing Limited Balance Sheet as at December 31, 2014 $'000 Assets Non-Current Assets Property, Plant & Equipment 110,825 Long term receivable 3.650 Total non-current assets 114.475 Current Assets Due from fellow subsidiary companies 1,271 Inventories 265,206 Trade debtors 161,735 Current portion of long term receivable 1,000 Other receivables and prepayment Cash and bank deposits 52.777 Total current assets 484,801 Total assets 599,276 2,812 200,000 2,000 151.419 353.419 Equity and Liabilities Shareholders' Equity Share capital General reserve Profit and Loss Account Total equity Non-Current Liabilities Long term loan Deferred tax payable Total non-current liabilities Current Liabilities Due to immediate parent company Trade creditors Other payables and accruals Corporation tax payable Current portion of long term loan Total current liabilities Total liabilities 6,000 6.280 12.280 44,718 151,237 16,500 19,122 2.000 233.577 245,857 Total equity and liabilities 599.276 Camille Manufacturing Limited list of balances on December 31, 2015 S'000 Sales 727.911 Cost of sales 394,481 Distribution costs 70.262 Administrative costs 90,530 Other operating expenses 14.1 SO Redundancy costs 18,000 Other operating income 16,300 Finance costs paid 900 Corporation tax charge 42.678 Corporation tax under-provision 2.250 Deferred tax payable 6.280 Corporation tax payable 20,648 Property, plant and equipment 153,300 Accumulated depreciation 61,300 Long term receivables 3,650 Due from fellow subsidiary companies 1,325 Trade debtors 150,126 Allowance for bad debts 7,506 Other receivables and prepayments 4.188 Cash and bank deposits 66,722 Issued ordinary share capital 200.000 General reserve 2,000 Profit and Loss Account January 1, 2014 151.419 Long term loan 6,000 Due to immediate parent company 32,650 Trade creditors 66,230 Other payables and accruals 21.625 Ordinary dividends paid 30,000 Closing inventories 277,307 Additional information: 1. Current portion of long term receivable $1,000,000 2. Current portion of long term loan $2,000,000 3. Deferred tax is to be reduced by S1,280,000 4. On January 29, 2016 the board of directors approved the financial statements for issue, and a dividend of $0.05 per share in relation to the 2015 financial year. The record date is February 5, 2016 and the payment date is February 26, 2016. 5. Stocks are valued at cost (FIFO method) or net realizable value, whichever is lower. Page 1 6. Allowance for bad debts is 5% of trade debtors. 7. Interest rate of 15% per annum is charged on the long term loan. No interest was outstanding at the beginning or at the end of the financial year. 8. Corporation tax is at the rate of 33 13%. Capital allowances amounted to $57,869,000 and disallowed expenses amounted to $30,015,000. 9. Issued share capital on January 1, 2015, and on December 31, 2015: 100,000,000 ordinary shares 10. Authorized share capital: 500,000,000 ordinary shares 11. The company prepares its financial statements under the historical cost convention 12. The company is incorporated in Jamaica. The company manufactures cheese. The company is a 70% subsidiary of Antonio Limited which is incorporated in Trinidad and Tobago. 13. All finance costs were paid during the financial year. 14. Property, plant and equipment Cost Accumulated Charge 1/1/15 Depreciation for the 1/1/15 year $*000 $'000 S'000 Land 8.920 Buildings 41,000 2,970 1,025 Plant & machinery 32.200 12.880 6,440 Furniture, fixtures & equipment 9.200 7.165 1,740 Motor vehicles 60,000 17.480 12,000 During the year equipment acquired amounted to $2,480,000 and equipment costing $500,000 with accumulated depreciation of S400,000 was disposed of for $150,000. Depreciation is calculated on the straight line basis at the following rates: Buildings 24% Plant & machinery 20% Furniture, fixtures & equipment 10% - 20% Motor vehicles 20% Page 2 15. Significant transactions with group companies Sales Purchases S'000 1.286 51.260 16. Staff costs: S'000 Salaries and wages 78,608 Statutory deductions 6,555 Pension cost defined contribution plan) 2,724 Other benefits 14,265 17. The average number of employees during the year 108 full time 26 part time 18. Other relevant data: S'000 Directors' emoluments Fees 42 Management 5,665 Audit fees 1.108 19. Closing inventories S'000 Finished goods 63,780 Work in progress 2,700 Raw materials and supplies 124,787 Goods in transit 86,040 Required: a. Prepare the Statement of Comprehensive Income for the year ended December 31, 2015. b. Prepare the Statement of Changes in Equity for the year ended December 31. 2015. c. Prepare the Statement of Financial Position as at December 31, 2015. Comparative figures are required. d. Prepare the Statement of Cash Flows for the year ended December 31, 2015 c. Prepare the Notes to the Financial Statements for the year ended December 31, 2015. Financial statements should be prepared in accordance with international financial reporting standards for publication. Page 3 Camille Manufacturing Limited Balance Sheet as at December 31, 2014 $'000 Assets Non-Current Assets Property, Plant & Equipment 110,825 Long term receivable 3.650 Total non-current assets 114.475 Current Assets Due from fellow subsidiary companies 1,271 Inventories 265,206 Trade debtors 161,735 Current portion of long term receivable 1,000 Other receivables and prepayment Cash and bank deposits 52.777 Total current assets 484,801 Total assets 599,276 2,812 200,000 2,000 151.419 353.419 Equity and Liabilities Shareholders' Equity Share capital General reserve Profit and Loss Account Total equity Non-Current Liabilities Long term loan Deferred tax payable Total non-current liabilities Current Liabilities Due to immediate parent company Trade creditors Other payables and accruals Corporation tax payable Current portion of long term loan Total current liabilities Total liabilities 6,000 6.280 12.280 44,718 151,237 16,500 19,122 2.000 233.577 245,857 Total equity and liabilities 599.276