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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)

31 January

31 July

31 December

2004

2003

2002

100%

100%

100%

PricewaterhouseCoopers

100%

100%

100%

PricewaterhouseCoopers

100%

100%

100%

PricewaterhouseCoopers

100%

100%

100%

PricewaterhouseCoopers

100%

100%

100%

PricewaterhouseCoopers

Torquay Enterprises Limited

Pumpkin Patch Originals Limited

Pumpkin Patch Pty Limited

Pumpkin Patch Limited (UK)

The Catalogue Studio Pty Limited

Interest held by the group

Audited By

13. Investments in Subsidiaries

Investments in subsidiaries are as follows:

All subsidiary entities have a balance date of 31 July. Pumpkin Patch Pty Limited and The Catalogue Studio Pty Limited are incorporated in Australia. Pumpkin Patch Limited (UK) is incorporated in the United Kingdom. All other subsidiary entities are incorporated in New Zealand.

The principal activities of the subsidiaries are:

Torquay Enterprises Limited

Investment company

Pumpkin Patch Originals Limited

Clothing retailer

Pumpkin Patch Pty Limited

Holding/Administration functions

Pumpkin Patch Limited (UK)

Clothing retailer

The Catalogue Studio Pty Limited

Non trading

-

-

547

-

-

2,797

-

-

2,699

-

-

(7,540)

-

-

(1,497)

-

-

1,538

-

-

41

-

-

547

-

-

506

Acquisition of Subsidiary

31 Jan 2004

31 July 2003

31 Dec 2002

$000

$000

$000

On 1 January 2002 the Group acquired 100% of the shares of Pumpkin Patch Limited (UK) for cash consideration of $40,789. From 1 January 2002 the operating results of Pumpkin Patch Limited (UK), consisting of an operating deficit after taxation of $2,210,349, were included in the Group statements of financial performance for the year ended 31 December 2002.

Summary of the effect of acquisition of Subsidiary

Net assets acquired:

Bank balances

Net current assets

Fixed assets

Borrowings

Goodwill on acquisition

Consideration paid

Bank balances acquired

Net Cash Impact of Acquisition

Group

61

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