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PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE 6 MONTHS ENDED 31 JANUARY 2004 (CONTINUED)

3. Taxation

The Income Tax Expense has been calculated as follows:

Surplus for the Period:

Income tax on the surplus for the period at 33%

Plus/(Less):

Prior period adjustment

Foreign tax credits not utilised

Tax effect of permanent differences

Income Tax Expense

The income tax expense is represented by:

Current taxation

Prior period adjustment

Deferred taxation

Foreign tax credits not utilised

Income Tax Expense

Income Tax Receivable

Opening Balance

Current taxation

Withholding tax paid

Income tax paid

Income tax refunded

Prior period adjustment

Foreign investor tax credit

Foreign tax credits not utilised

Closing Balance

3,241

2,237

2,202

(175)

6

49

(300)

(761)

883

-

-

162

2,766

1,482

3,296

8,229

2,639

5,646

2,716

870

1,863

(1,537)

(2,629)

(2,842)

3,241

2,237

2,202

(228)

(230)

(347)

(1,719)

(697)

(1,510)

1,408

-

-

(174)

13

16

(155)

(231)

(309)

-

-

161

836

(1,537)

(2,629)

6 months

7 months

12 months

31 Jan 2004

31 July 2003

31 Dec 2002

$000

$000

$000

(174)

6

49

-

-

162

224

606

1,222

2,766

1,482

3,296

Group

-

The group has estimated losses of $6,799,834 (2003: $6,240,695, 2002: $4,948,347) available to carry forward arising from Pumpkin Patch Limited (UK).

55

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