pacific palms bowling club limited a company limited … · preparation of the financial report...

PACIFIC PALMS BOWLING CLUB LIMITEDA COMPANY LIMITED BY GUARANTEE

A. B. N. 99546586347

FINANCIAL ACCOUNTS AND REPORTS

FOR THE YEAR ENDED 30'' JUNE 20.6

PACIFIC PALMS BOWLING CLUB LIMITED

(A COMPANY LIMITED BY GUARANTEElA. B. N. 99546586347DIRECTORS' REPORT

Your Directors present their report on the Company for the financial year ended 30'' June, 2016.

DIRECTORS

The names of Directors in office at anytime during or since the end of the year are:D. P. Fitzgerald, R. Reid, M. L. Fitzgerald (Appointed I8/1 0120/5), B. F. Baker, P. R. Baker, R. Denniss,K. A Royle (Appointed 18/10/2015) and G. Woodings (Retired 18/10/2015).

Directors have been in office since the start of the financial year to the date of this report unlessotherwise stated.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the year was that of conducting a licensed Bowling Cluband maintaining bowling greens and clubhouse for members. No significant change in the nature ofthose activities has occurred during the year.

SHORT TERM OBJECTIVES

The Company's short term objectives include:. To provide all the facilities to establish a lawn bowls club at Smiths Lake, Pacific Palms;. To encourage bowling and other recreation in the Pacific Palms District and to build and maintain

bowling greens, club house and other social, sporting and recreational amenities;. Maintain and enhance profitability in all areas of operations;. To assist the Smiths Lake and Pacific Palms communities through the use of the clubhouse and

adjoining facilities as well as the provision of donations and sponsorships;

LONG TERM OBJECTIVES

The Company's long term objectives include:. To provide all the facilities to establish a lawn bowls club at Smiths Lake, Pacific Palms;. To encourage bowling and other recreation in the Pacific Palms District and to build and maintain

bowling greens, club house and other social, sporting and recreational amenities;. Maintain and enhance long term profitability in all areas of operations and use the funds

generated to expand and update the clubhouse, bowling green and adjoining facilities;. To maintain and expand the membership for both bowling and nori bowling members;. Maintain modern and up to date bar, bistro and gaining facilities for the benefit of members and

their guests including the provision of keno and tab terminals;. To maintain strong community ties in the Smiths Lake and Pacific Palms communities.

MEASUREMENT OF PERFORMANCE

The Company measures its performance by reviewing financial results compared to the prior year forbar, bistro and gaining operations. It reviews financial results compared to budget as set by the Board ofDirectors and management as well as monitoring gross profit margins, poker machine analysis reportsand the net profit of the Company. These reviews are performed monthly by the board of Directors andmanagement.

OPERATING RESULTS

The profit for the year was $9076012015: Profit $523491.Income tax expense in respect of the current, prior and deferred years is $Nil t2015: $NilDepreciation and amortisation charged for the year was $15819, [2015: $150991].

DIRECTORS' REPORT CONTINUED

REVIEW OF OPERATIONS

The Directors are pleased to report a profit for the year of $90760, an increase in profit of $384, I overthe 2015 year. Turnover from trading activities decreased $307808 when compared to the 2015 yeardue to the bistro being contracted out to an external party from February 2005. Bar sales decreasedslightly $3741 whilst poker machine clearances increased by $85674 as the expansion of the outdoorgaining lounge in 2005 and the introduction of "ticket in, ticket out" capability in 2016 have both had apositive impact on revenue. The gross profit percentage for the bar increased by 0.71 % or $370, as alprice increases were reluctantly passed on to patrons,

The Clubhouse trading profit overall decreased by $56262 when compared to 2015. The bar tradingprofit increase of $1 642 and poker machine trading profit increase of $87249 were offset by a reductionin the bistro trading profit of $1 45153 due to operations ceasing in the 2015 year. Overall the Clubpassed on members discounts of $65198 during the year,

The decrease in trading profit was offset by an increase in other income of $18936. The main increasebeing raffle proceeds of $27720 as the Club held more Christmas and member raffles during the currentand prior year. Other increases were recorded in Keno Commission $2787 and bowls sponsorship$2992. Decreases were recorded in catering rent received $9000 being the Clubs contribution toassisting the caterer, green fees $2754, coffee machine income $1 881 and courtesy bus contributions$1135. It is worth noting that the 2015 results included a profit on sale of fixed assets of $2453,compared to $7060 in the current year.

Overall expenses decreased by $93208 when compared to the 2015 year. Salary and wagesdecreased by $172856 as an increase in pay rates from the 1'' July 2015 handed down by theAustralian Fair Pay Commission was offset by the closure of the bistro resulting in a decrease in bistrowages of $165070. This decrease was offset by a corresponding increase in employee provisions of$2,266 with the 2015 year containing several termination payments for long term staff. Superannuationdecreased by $1 9772 due to the decrease in wages.

Other major expense increases included security $1 9283 as safety concerns for staff and patrons sawthe Club engage weekly security patrols, competitions $35209 as raffle were held more regularly andgreens maintenance $4797, These increases were offset by decreases in electricity $7863,entertainment & functions $3305, insurance $6876 and repairs and maintenance $7658.

The cash flow generated by operating activities during the year of $260389 combined with existing cashholdings of $144016 has enabled the club to fund net plant and equipment purchases of $224793 andrepay borrowings of $21 076,

Directors and Management are thankful for the continued support of the Men's and Women's BowlingClub and the local community who have contributed to this result.

2016 20.5

$ $Bar Sales 809055 8,2796

Poker Machines (Net of Jackpots & Payouts) 774492 6888/8Bistro Sales 38974,

MEMBERS GUARANTEE

In accordance with the Constitution of the Company every member of the Company undertakes tocontribute an amount limited to $2 per member in the event of the winding up of the Company during thetime that he/she is a member or within one year thereafter. At the date of this report there are I 290members (2015: 1390 members).


AUDITORS INDEPENDENCE DECLARATION

A copy of the Auditors independence declaration as required under Section 307C of the CorporationsAct 2001 is set out on page 5.

DIRECTORS' MEETINGS

The number of Directors' meetings (including special meetings and meetings of committees of Directors)and number of meetings attended by each of the Directors of the Company during the financial year are:

Directors

MeetingsNo. of

MeetingsAttended*

11

10

9

10

9

9

8

Director

D. P. FitzgeraldR. Reid

M. L. FitzgeraldB. F. Baker

P. R. Baker

R. Denniss

K. A. RoyleG. Woodings

Reflects the number of meetings attended during the time the Director held office during the year** Reflects the number of meetings held during the time the Director held office during the year.

All current Directors have signed a statutory declaration of disclosures as per the by-laws.

During the year the following Directors were granted a leave of absence:R. Denniss - 3 months from May 2015.G. Woodings - 3 months from June 20.5.

DIRECTORS QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES

D. P. Fitzgerald

*

No.

MeetingsHeld**

12

12

9

12

12

12

9

3

R. Reid

M. L. Fitzgerald

B. F. Baker

TradesmanPresident

Current Director

Subcontractor (Concreter/Carpentry)Vice PresidentCurrent Director

Legal Office ManagerTreasurerCurrent Director

Retired Executive AssistantFormer DirectorCurrent Director


DIRECTORS QUALIFICATIONS, EXPERIENCE AND SPECIAL RESPONSIBILITIES CONTINUED

P. R. Baker

R. Denniss

K. A. Royle

Public Relations ConsultantFormer Director

Current Director

Retired Coal MinerCurrent Director

Retired Spray Painter/ Sand BlasterFormer DirectorCurrent Director

Signed at Pacific Palms this 28'' Day of August, 2016 by D. P Fitzgerald and R. Reid on behalf of theBoard and in accordance with a Resolution passed by the Directors

,

..

.. ..


A. B. N. 99546586347

AUDITOR'S INDEPENDENCE DECLARATIONUNDER SECTION 307C OF THE CORPORATIONS ACT 2001To THE DIRECTORS OF PACIFIC PALMS BOWLING CLUB LIMITED

I declare that, to the best of my knowledge and belief, during the year ended 30'' June 2046, there havebeen

(i) No contraventions of the auditor independence requirements as set out in the CorporationsAct 2001 in relation to the audit; and

No contravention of any applicable code of professional conduct in relation to the audit(ii)

HARRISON, MAIN & MCARTHURANDREW MCARTHUR - CAPARTNERREGISTERED COMPANY AUDITOR

12-16 Wallis Street, Forster

28'' August, 20.6


A. B. N. 99546586347INDEPENDENT AUDITORS' REPORT

To The Members

Pacific Palms Bowling Club Limited

REPORT ON THE FINANCIAL REPORT

We have audited the accompanying financial report of Pacific Palms Bowling Club Limited which,comprises the Statement of Financial Position as at 30'' June 2016, the Statement of Profit or Loss andOther Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for theyear then ended, notes comprising a summary of significant Accounting Policies and other explanatoryinformation and the Directors Declaration as set out on pages 8 to 27.

Directors' Responsibility for the Financial Report

The Directors of the Company are responsible for the preparation of the financial report that gives a trueand fair view in accordance with Australian Accounting Standards - Reduced Disclosure Requirementsand the Corporations Act 2001 and for such internal control as the Directors determine is necessary toenable the preparation of a financial report that is free from material misstatement, whether due to fraudo r e rro r.

Auditor's Responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted ouraudit in accordance with Australian Auditing Standards. These Auditing Standards require that wecomply with the relevant ethical requirements relating to audit engagements and plan and perform theaudit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial report. The procedures selected depend on the auditor's judgement, including theassessment of the risks of material misstatement of the financial report, whether due to fraud or error. Inmaking those risk assessments, the auditor considers internal control relevant to the Company'spreparation of the financial report that gives a true and fair view, in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company's internal control. An audit includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by the Directors, aswell as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Audit Opinion

In our opinion the financial report of Pacific Palms Bowling Club Limited is in accordance with theCorporations Act 2001, including:

a. giving a true and fair view of the Company's financial position as at 30'' June, 20.6 and of itsperformance for the year ended on that date; and

b. complying with Australian Accounting Standards " Reduced Disclosure Requirements (includingthe Australian Accounting Interpretations) and the Corporations Regulations 2001.

HARRISON, MAIN & MCARTHURANDREW MCARTHUR - CAPARTNER

REGISTERED COMPANY AUDITOR

41I,,

^.

, 2-16 Wallis Street, Forster

28'' August, 2016


A. B. N. 99546586347DIRECTORS' DECLARATION

The Directors of Pacific Palms Bowling Club Limited, declare that:

I . The financial statements and notes, as set out on pages 9 to 27 are in accordance with theCorporations Act 2001 and:

(a) comply with Australian Accounting Standards; and

(b) give a true and fair view of the financial position as at 30'' June, 20.6 and of theperformance for the year ended on that date of the Company.

In the Directors' opinion there are reasonable grounds to believe that the Company will be able topay its debts as and when they become due and payable,

2.

Signed at Pacific Palms this 28'' Day of August, 2016 by D. P. Fitzgerald and R. Reid on behalf of theBoard and in accordance with a Resolution passed by the Directors,


A. B. N. 99546586347

STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 June 20.6

Revenue

ProfiU(Loss) on Disposal of Fixed Assets

Changes in Inventories of Finished Goods

Employee Benefits Expense

Depreciation & Amortisation Expense

Finance Costs

Other Expenses

ProfiU(Loss) Before Income Tax

Income Tax Expense

Profitl(Loss) for the Year

Other Comprehensive Income After Income Tax:

Net Gain On Revaluation of Non-Current Assets

Other Comprehensive Income for the Year, Net of Tax

Total Comprehensive Income for the Year

Total Comprehensive Income Attributable toMembers of the Entity

Note20.6

$

I7690,72

3

3

20.5

$

2057889

3

7060

(360405)

(530138)

(, 5819, )

(2505)

(634078)

90760

3

3

2453,

(596578)

(67,646)

(, 5099, )

(2926)

(607930)

52349

I(c)

The Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunctionwith the notes to and forming part of the accounts set out on pages I3 to 27

90760 52349

90760

90760

52349

52349


A. B. N. 99546586347

STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 June. 20.6

Balance at 1st July, 20.4

Retrospective Adjustment UponChange in Accounting Policy

Transfers to and From Reserves

Transfers to and From Retained Profits

Total Other Comprehensive Income for the Year

Profit/(Loss) Aimbutable to the Company

Balance at 30'' June, 20.5

Balance at 1st July, 20.5

Retrospective Adjustment UponChange in Accounting Policy

Transfers to and From Reserves

Transfers to and From Retained Profits

Total Other Comprehensive Income for the Year

Prow(Loss) AtIn butable to the Company

Balance at 30'' June, 20.6

Retained

Earnings$

1003794

Note

AssetRevaluation

Reserve

$

52349

I056143

1056/43

The Statement of Changes in Equity is to be read in conjunction with the notes to andforming part of the accounts set out on pages 13 to 27

90760

1146903


A. B. N. 99546586347

STATEMENT OF FINANCIAL POSITION As AT 30'' June 2016

ASSETSCURRENT ASSETS

Cash & Cash EquivalentsTrade & Other ReceivablesInventories

Other Assets

TOTAL CURRENT ASSETS

NON-CURRENT ASSETSTrade & Other Receivables

Property, Plant & EquipmentIntangible Assets

TOTAL NON-CURRENT ASSETS

TOTAL As s ETs

LIABILITIESCURRENT LIABILITIES

Trade & Other PayablesBorrowingsShort Term ProvisionsOther Liabilities

Note

TOTAL CURRENT LIABILITIES

NON-CURRENT LIABILITIES

BorrowingsLong Term ProvisionsOther Liabilities

4

5

6

7

20.6

158986

36498

28462

7681

20.5

$

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

5

89

23,627

1440 I6

306232065533983

NET ASSETS

5000

1080875

86375

EQUITYReserves

Retained Profits

229277

11 72250

TOTAL EQUITY

10

11

12

13

5000

1060249

33336

1403877

1098585

The Statement of Financial Position is to be read in conjunction with the notes to andforming part of the accounts set out on pages 13 to 27

I64123

1327862

5,572

5883

,I

12

13

22 I 578

I540372,076

56.80

9617

256699727

24091 O

35396

256974

227.1

8098

1,46903

30809

1146903

2717/9

I056.43

1146903

I056.43

I056.43


A. B. N. 99546586347STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 June 2016

CASH FLOW FROM OPERATING ACTIVITIESReceipts from CustomersInterest Received

Payments to Suppliers and EmployeesFinance Costs

Net Cash Generated from Operating Activities

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from Sale of Property, Plant & EquipmentPayment for Intangible AssetsPayment for Properly, Plant & Equipment

Net Cash used in Investing Activities

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from BorrowingsRepayment of BorrowingsProceeds from Hire Purchase

Repayment Hire PurchaseBond Received

Net Cash used in Financing Activities

Net Increase/(Decrease) in Cash Held

Cash and Cash Equivalents at 1st July 2015

Cash and Cash Equivalents at 30'' June 20,6

Note

20.6

$

1955360

537

(, 692553)(2505)

20.5

$

2254414

337

(208,020)(2926)

260839

15925

(2407/8)

(224793)

170805

27500

(,, 2882)

(85382)

(21076)

The Statement of Cash Flows is to be read in conjunction with the notes to andforming part of the accounts set out on pages I3 to 27

12

(2,076)

14970

(24485)

4(a)

I440 I6

(24485)

60938

158986

83078

1440 16

PACIFIC PALMS BOWLING CLUB LIMITED(A COMPANY LIMITED BY GUARANTEEiA. B. N. 99546586347NOTES To THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 June. 2016

The financial statements are for Pacific Palms Bowling Club Limited as an individual Company,incorporated and domiciled in Australia. Pacific Palms Bowling Club Limited is a Company limited byguarantee.

NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

The financial statements are general purpose financial statements that have been prepared inaccordance with Australian Accounting Standards - Reduced Disclosure Requirements and theCorporations Act 2001. The Company is a not-for-profit entity for financial reporting purposes underAustralian Accounting Standards.

Australian Accounting Standards set out accounting policies that the AASB has concluded would resulin financial statements containing relevant and reliable information about transactions, events andconditions. Material accounting policies adopted in the preparation of the financial statements arepresented below and have been consistently applied unless otheiwise stated.

The financial statements, except for the cash flow information, have been prepared on the accrualsbasis and are based on historical costs, modified, where applicable, by the measurement at fair value ofselected nori-current assets (if applicable), financial assets and financial liabilities (if applicable). Theamounts presented in the financial statements have been rounded to the nearest dollar.

The financial statements were authorised for issue on the 28'' August 2016 by the Directors of theCompany.

Accounting Policies

a) Inventories

Inventories are measured at the lower of cost and net realisable value.

b) Property, Plant & EquipmentProperty, plant and equipment are carried at cost or at fair value, less, where applicable, anyaccumulated depreciation and impairment losses. The carrying amount of property, plant andequipment is reviewed annually by the Directors to ensure it is not in excess of the recoverableamount from these assets. The recoverable amount is assessed on the basis of the fair value ofthe assets less cost to sell or the depreciable replacement cost of these assets.

The cost of fixed assets constructed within the Company includes the cost of materials, directlabour and borrowing costs. Subsequent costs are included in the asset's carrying amount orrecognised as a separate asset, as appropriate, only when it is probable that future economicbenefits associated with the item will flow to the Company and the cost of the item can bemeasured reliably. All other repairs and maintenance are charged to the Statement ofComprehensive Income during the financial period in which they are incurred.

DepreciationThe depreciable amount of all fixed assets including buildings, and leasehold improvements butexcluding freehold land, are depreciated on a straight line and/or diminishing value basis overtheir useful lives to the Company, commencing from the time the asset is held ready for use.Leasehold improvements are depreciated over the shorter of either the unexpired period of thelease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are:

Class of Fixed Asset

B uildingsPlant and EquipmentLeasehold ImprovementsBowling GreensCar Parks etc

Greens Irrigation Equipment

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at eachbalance date.

An asset's carrying amount is written down immediately to its recoverable amount if the asset'scarrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount,These gains and losses are included in the Statement of Comprehensive Income.

Income Tax

In accordance with Section 50.45 of the Income Tax Assessment Act, the Company has beennotified by the Australian Taxation Office that its income is not subject to income tax.

Employee entitlementsShort Term Employee BenefitsProvision is made for the Company's obligation for short term employee benefits. Short termemployee benefits are benefits that are expected to be settled wholly within I2 months after theend of the annual reporting period in which the employees render the related service, includingwages, salaries and annual leave. Short term employee benefits are measured at the(undiscounted) amount expected to be paid when the obligation is settled.

The Company's obligation for short term employee benefits is recognised as part of provisions inthe Statement of Financial Position.

Depreciation Rate2.5% - 59".

7.59', - 40%4-5%

4%2.5-, 0%

10%

Long Term Employee BenefitsThe Company classifies employees' long service leave and certain annual leave entitlements aslong term employee benefits as they are not expected to be settled wholly within I2 months afterthe end of the annual reporting period in which the employees render the related service.Provision is made for the Company's obligation for long term employee benefits, which aremeasured at the present value of the expected future payments to be made to employeesincluding future wage and salary levels and on costs. The movement in this provision isrecognised on the profit or loss under employee benefits expense.

The Company's obligation for long term employee benefits is recognised as part of non-currentprovisions in the Statement of Financial Position unless the Company cannot defer settlement forI2 months then they are classified as current provision.

Contributions are made by the Company to employee superannuation funds and charged as anexpense when incurred.

Revenue

Revenue from the sale of goods is recognised upon delivery of goods to customers. Interestrevenue is recognised using the effective interest rate method, which for floating rate financialassets is the rate inherent in the instrument. Dividend revenue is recognised when the right toreceive a dividend has been established. Revenue from the rendering of a service is recognisedupon the delivery of the service to the customer.

Grant revenue is recognised in the Statement of Comprehensive Income when the Companyobtains control of the grant and it is probable that the economic benefits gained from the grant wilflow to the Company and the amount of the grant can be measured reliably. If conditions areattached to the grant which must be satisfied before it is eligible to receive the contribution, therecognition of the grant as revenue will be deferred until those conditions are satisfied,

When grant revenue is received and the Company incurs an obligation to deliver economic valuedirectly back to the contributor, this is considered a reciprocal transaction and the grant revenueis recognised in the Statement of Financial Position as a liability until the service has beendelivered to the contributor, otherwise the grant is recognised as income on receipt.

The Company receives non-reciprocal contributions of assets from the government and otherparties for zero or nominal value. These assets are recognised at fair value on the date ofacquisition in the Statement of Financial Position, with a corresponding amount of incomerecognised in the Statement of Comprehensive Income,

Revenue is recognised net of the amount of goods and services tax (GST)

Goods and Services Tax (GST)Revenues, expenses and assets are recognised net of the amount of GST, except where theamount of GST incurred is not recoverable from the Australian Taxation Office. In these

circumstances the GST is recognised as part of the cost of acquisition of the asset or as part ofan item of the expense. Receivables and payables in the Statement of Financial Position areshown inclusive of GST.

Cash flows are presented in the Statement of Cash Flows on a gross basis, except for the GSTcomponent of investing and financing activities, which are disclosed as operating cash flows.

IntangiblesComputer software is recorded at cost. Software has a finite life and is carried at cost less anyaccumulated amortisation and impairment losses. It is being written off over the useful life of thesoftware to the Company.

Leases/Rental AgreementsLeases of fixed assets, where substantially all the risks and benefits incidental to the ownership ofthe asset, but, not the legal ownership, are transferred to the Company are classified as financeleases.

Finance lease are capitalised, recording an asset and a liability equal to the present value of theminimum lease payments, including any guaranteed residual values.

Leased assets are depreciated on a straight line basis over their estimated useful lives where it islikely that the entity will obtain ownership of the asset. Lease payments are allocated betweenthe reduction of the lease liability and the lease interest expense for the period.

Lease payments for operating leases, where substantially all the risks and benefits remain withthe lessor, are charged as expenses in the periods in which they are incurred,

In accordance AASB: I 16 Property Plant and Equipment, any rectification clauses in operatingleases will be recognised and measured in accordance with AASB I 37: Provisions, ContingentLiabilities and Contingent Assets, only if the probable outflow is not remote and can be reliablymeasured.

Sub Clubs

The Directors had previously determined that the Sub Clubs namely Pacific Palms Men's BowlingClub, Pacific Palms Women's Bowling Club, Pacific Palms Fishing Club are separate Clubs intheir own right and as a result their trading results and net assets have not been incorporated intothe Main Clubs figures. The treatment of these clubs is currently under review and they may beincorporated into the main club figures in the ensuing financial year.

Impairment of AssetsAt the end of each reporting period, the Company reviews the carrying values of its tangible andintangible assets to determine whether there is any indication that those assets have beenimpaired. If such an indication exists, the recoverable amount of the asset, being the higher ofthe asset's fair value less costs to sell and value in use or the depreciable replacement cost, iscompared to the asset's carrying value, Any excess of the asset's carrying value over itsrecoverable amount is expensed to the Statement of Comprehensive Income.

Where the future economic benefits of the asset are not primarily dependent upon the asset'sability to generate net cash inflows and when the entity would, if deprived of the asset, replace itsremaining future economic benefits, value in use is determined as the depreciated replacementcost of an asset.

Where it is not possible to estimate the recoverable amount of an asset class, the Companyestimates the recoverable amount of the cash generating unit to which the class of assets belong.

Where an impairment loss on a revalued asset is identified, this is debited against the revaluationreserve in respect to the same class of asset to the extent that the impairment loss does notexceed the amount in the revaluation reserve for that same class of asset.

Impairment testing is performed annually for intangible assets with indefinite lives

Financial Instruments

Initial Recognition and MeasurementFinancial assets and financial liabilities are recognised when the Company becomes a party tothe contractual provisions of the instrument. For financial assets, this is equivalent to the datethat the Company commits itself to either purchase or sell the asset (i. e. trade date accounting isadopted).

Financial instruments are initially measured at fair value plus transaction costs except where theinstrument is classified 'at fair value through profit and loss' in which case transaction costs areexpensed to profit or loss immediately.

Classification & Subsequent Measurement

Financial instruments are subsequently measured at either fair value, am ortised cost using theeffective interest rate method or cost. Fair value represents the amounts for which an asset couldbe exchanged or a liability settled, between knowledgeable, willing parties. Where availablequoted prices in an active market are used to determine fair value. In other circumstances,valuation techniques are adopted.

Amorlised cost is calculated as:

i. The amount at which the financial asset or liability is measured at initial recognition;ii. Less principal repayments;iii. Plus or minus the cumulative amortisation of the difference, if any, between the amount

initially recognised and the maturity amount calculated using the effective interest ratemethod;

iv. Less any reduction for impairment.

The effective interest rate method is used to allocate interest income or interest expense over therelevant period and is equivalent to the rate that exactly discounts estimated future cashpayments or receipts through the expected life of the financial instrument to the net carryingamount of the financial asset or financial liability. Revisions to expected future net cash flows willnecessitate an adjustment to the carrying value with a consequential recognition of an income orexpense in profit or loss.

Loans & Receivables

Loans and receivables are non-derivative financial assets with fixed or deter minable paymentsthat are not quoted in an active market and are subsequently measured at am ortised cost.

Loans and receivables are included in current assets, except for those which are not expected tomature within 12 months after reporting date these are included in nori-current assets.

Held to Maturity InvestmentsHeld to Maturity Investments are non-derivative financial assets that have fixed maturities andfixed or determinable payments and it is the Company's intention to hold these investments tomaturity. They are subsequently measured at am ortised cost,

Held to Maturity Investments are included in non-current assets, except for those which areexpected to mature within 12 months after reporting date, these are included in current assets.

Financial Liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured atam ortised cost.

ImpairmentAt the end of each reporting period, the Company assesses whether there is objective evidencethat a financial instrument has been impaired. Impairment losses are recognised in theStatement of Comprehensive Income.

DerecognitionFinancial assets are derecognised where the contractual rights to receipt of cash flows expires orthe asset is transferred to another party whereby the Company no longer has any significantcontinuing involvement in the risks and benefits associated with the asset. Financial liabilities arederecognised where the related obligations are either discharged, cancelled or expire. Thedifference between the carrying value of the financial liability extinguished or transferred toanother party and the fair value of consideration paid, including the transfer of non-cash assets orliabilities assumed is recognised in the profit and loss.

Provisions

Provisions are recognised when the Company has a legal or constructive obligation, as a result ofpast events, for which it is probable than an oufflow of economic benefits will result and thatoutflow can be reliably measured. Provisions recognised represent the best estimate of theamounts required to settle the obligation at the end of the reporting period.

Comparative FiguresWhen required by Accounting Standards, comparative figures have been adjusted to conform tochanges in presentation for the current financial year.

When the Company applies an accounting policy retrospectiveIy, makes retrospectiverestate merit or reclassifies items in its financial statements, a Statement of Financial Position asat the beginning of the earliest comparative period must be disclosed.

Critical Accounting Estimates and JudgementsThe Directors evaluate estimates and judgements incorporated into the financial report based onhistorical knowledge and best available current information. Estimates assume a reasonableexpectation of future events and are based on current trends and economic data, obtained bothexternal Iy and with the Company.

Key Estimates - ImpairmentThe Company assesses impairment at each reporting date by evaluating conditions specific tothe Company that may lead to impairment of assets. Where an impairment trigger exists, therecoverable amount of the asset is determined, Value in use calculations performed in assessingrecoverable amounts incorporate a number of key estimates.

New and Revised Standards that are Effective for these Financial Statements

An assessment of Accounting Standards and Interpretations issued by the AASB that are not yetinaridatorily applicable to the Company and their potential impact on the Company when adoptedin future periods is discussed below:

AASB 9: Financial Instruments (December 20.4) and associated Amending Standards(applicable for annual reporting periods commencing on or after 1st January 2018)

These Standards will be applicable retrospective Iy and include revised requirements for theclassification and measurement of financial instruments, revised recognition and derecognitionrequirements for financial instruments.

The key changes that may affect the Company on initial application of AASB 9 and associatedAmending Standards include certain simplifications to the classification of financial assets, upfrontaccounting for expected credit loss and the irrevocable election to recognise gains and losses oninvestments in equity instruments that are held for trading in other comprehensive income.

Although management of the Company anticipate that the adoption of AASB 9 may have an impacton the Company's financial instruments, it is impracticable at this stage to provide a reasonableestimate of such impact.

The adoption of these amendments has not had a material impact on the Company.

NOTE 2 - REVENUE

Operating RevenueTurnover from Trading ActivitiesNori Operating RevenueATM RebateCaterer Rent Received

Courtesy Bus ContributionsCoffee Machine

Members SubscriptionsCommissions Received

Telephone ReceiptsBingo and Raffle Ticket SalesGreen FeesInterest Received

Bowls SponsorshipSundry Income

TOTALREVENUE

NOTE 3 - PROFIT/(Loss) FOR YEARa) ExpensesChanges in Inventories of Finished GoodsBarBistro

Note

Depreciation and AmortisationProperty, Plant & EquipmentIntangibles

20.6

$

1583547

Finance Costs

Interest Paid

20.5

$

'98/5

Employee BenefitsEmployee EntitlementsSalaries & Wages

1939

384913147

37266

I89,355

Employee BenefitsContributions to Defined Contribution Super Funds

Rental Expense on Operating LeasesMinimum lease payments

by Significant Revenue and ExpensesGain on Disposal of Non Current AssetsLoss on Disposal of Non Current Assets

'96/6

9000

3074

5730

1284142398

6

67727

5451

337

354

95447

2697

537

3346

7427

I7690,7

NOTE 4 - CASH & CASH EQUIVALENTSCash on HandCash at Bank

360405

2057889

360405

1506577534

367847

228731

I5819,

596578

2505

I50927

64

(, 650)5301 38

I50991

528488

2926

49282

(22916)694562

67,646

1397,

4(a), I9

1088,

(3821 )

69054

1304,

64960

94026158986

25774

(1243)

5348090536

I440 I6

(a) Reconciliation of CashCash at the end of the financial year as shown in the Statement of Cash Flows is reconciled toItems in the Statement of Financial Position as follows

Cash and Cash EquivalentsBank Overdrafts

NOTE 5 - TRADE & OTHER RECEIVABLESCurrentTrade Receivables

Provision for Impairment

Other ReceivablesAccrued IncomeGST Receivable

Non-Current

Bonds & Security Deposits Paid

(a) Financial assets classified as loans and receivables

Note

Trade & Other Receivables- Current

- Non-Current

2016

$

NOTE 6 - INVENTORIESFinished Goods - Bar StockFinished Goods - Bistro Stock

20.5

$

NOTE 7- OTHER ASSETS

Prepayments

158986

NOTE 8 - PROPERTY PLANT & EQUIPMENT

158986

5(a)

I440 16

234

Year Ended 30'' June, 20.6Land, Buildings & ImprovementsBowling GreenPlant & Equipment & FurnishingsIrrigation EquipmentWork In Progress

5(a)

I440 16

234

6510

29754

36498

5185

5000

5.852210

19

23228

30623

36498

5000

5000

4,498

28462

Cost

$

306235000

28462

35623

I16,220

90896

107629,

54736

1,850

ACcum

Dep'n$

7681

20655

20655

ACcum

Impair'tLoss

$

2394993

4886/2

8,86870731 O

36328

33983

WrittenDownValue

$

13/4/18

6726089028

36898,

18408

1,850

1080875

Year Ended 30'' June, 2015Land, Buildings & ImprovementsBowling GreenPlant & Equipment & FurnishingsIrrigation EquipmentWork In Progress

Movement in Carrying Amount of Property, Plant & Equipment20.6

Property,Plant &

Equipment$

Opening Written Down ValueAdd : Additions

Less: DisposalsLess: DepreciationAdd: Revaluation Increment

Less: Revaluation Decrement

Cost

$

1161220

90896

107085,

54736

7871

ACcum

Dep'n$

Closing Written Down Value

CORE ASSETS OF THE CLUB

The current Directors disclose under the provisions of the Registered Clubs Act that the core assets ofthe Club are the Clubhouse at Smiths Lake including bowling green and car park

ACcum

Impair'tLoss

$

2385574

4541 08

7805,

7623/2

30854

NOTE 9 - INTANGIBLE ASSETS

WrittenDownValue

$

1325325

30th June, 2016Computer SoftwarePoker Machine Entitlements

7071,2

12845

308539

23882

7871

1060249

180145

(8862)(, 50657)

to 60249

20.5

Property,Plant &

Equipment$

30th June, 20,5Computer SoftwarePoker Machine Entitlements

1080875

I I 01 263

1,2882

(2969)(, 50927)

Cost

$

1060249

ACcum

Amort'n/

Impair't$

60900

33336

94236

WrittenDownValue

$

Cost

$

7861

ACcum

Amort'n/

Impair't$

7861

327

33336

53039

33336

33663

86375

Writte nDownValue

$

327

327

3333633336

Movement in Carrying Amount of Intangible Assets

Opening Written Down ValueAdd : Additions

Less: DisposalsLess: Amortisation

Add: Revaluation IncrementLess: Revaluation Decrement

Closing Written Down Value

NOTE ,0 - TRADE & OTHER PAYABLESCurrent

Trade PayablesIncome in Advance

Accrued ExpensesGST Payable

(a) Financial Liabilities at am ortised cost classified as trade and other payables

I64.23Trade & Other Payables- Current

- Non-Current

Less Income In Advance

Financial Liabilities as Trade & Other Payables

2016

$33336

60573

(7534)

NOTE I I - BORROWINGS

Current

Bank Overdraft - WestpacFinance Lease Liabilities

20.5

$33400

Nori-Current


Total Borrowings

a) Total current and non-current secured liabilities

86375

10(a)

(64)

92805

3,82439494

33336


I64123

92660

25734

35643

19

1641 23

154037

11(b) & (c)11(b) &, 5

164123

154037

I I (b) & (c)11(b) & 15

19

154037

154037

2,0762,076

2,076

2,076

21076

by The carrying amount of current and nori-current assets pledged as security are:20.6

$1080875Buildings and Plant & Equipment

Floating Charge:Cash & Cash EquivalentsTrade & Other ReceivablesInventories

Other Current Assets

Intangible Assets

c) Securities Giveni. The bank debt is secured by:

. Registered Mortgage over the property at Macwood Road Smiths Lake and aregistered equitable mortgage over all assets and undertakings of the club includinggoodwill and uncalled capital and called but unpaid capital;

Covenants imposed by the bank are as follows:. Annual audited financial statements provided within 120 days of end of financial

year;

d) The Company currently has undrawn facilities as follows:

Facility

Note


NOTE 12 - PROVISIONS

Opening Balance at 1st July 2015Additional provisions raised during yearAmounts used

I58986

4,498

28462

768186375

2015

$1060249

Balance at 30" June 2016

1403877

Analysis of Total Provisions

I440 I6

356232065533983

33336

CurrentAnnual Leave

Long Service Leave

1327862

Nori-Current

Long Service Leave

FacilityLimit

$150000

Annual LeaveProv'n

$

Provision for Lonq Service Leave

A provision has been recognised for employee entitlements relating to long service leave. In calculatingthe present value of future cash flows in respect of long service leave, the probability of long serviceleave being taken is based on historical data. The measurement and recognition criteria relating toemployee benefits have been included in Note I(d) of the financial statements,

23

Amount

Drawn

$

38506

23553

(26828)

Long ServiceLeave Prov'n

$

Undrawn

Facility$

150000

3523,

403856350

(4725)

Note

Total

$

42010

7889,

29903

(3,553)

20.6

$

3523,16341

77241

20.5

$

5,572

25669

3850617674

56.80

22711

NOTE , 3 - OTHER LIABILITIES

Current

Subscriptions in AdvanceFunds Held in Trust - Junior Bowlers Club

Nori-Current

Subscriptions in AdvanceFunds Held in Trust - Junior Bowlers Club

NOTE 14 - CONTINGENT LIABILITIES & ASSETS

Contingent LiabilitiesThe Club has one contingent liabilities at the 30'' June 2016 being its contribution to the super drawwhich is $1000.

Contingent Asset - Promotional FundThe club has only one contingent asset at the 30'' June 2016 being the maintenance of a promotionalfund by Toohey's under the current trading agreement. Under the agreement between the Club andToohey's an amount is set aside based on the litres purchased by the Club to be used on promotionalactivity agreed to by both parties. The maintenance of the fund is contingent upon a valid tradingagreement between the Club and Toohey's remaining in place.

Note

NOTE 15 . LEASING & CAPITAL COMMITMENTS

Operating Lease Commitments

20.6

$

Point of Sale System & PhotocopierThe Club entered into agreements on the 19'' January 2015 and the I I'' February 2015 for a 5 yearperiod with Sharp Finance, to lease a point of sale system and associated software as well as a digitalcolour photocopier. The annual rental is detailed below.

Sky Channel & AUStarThe Club entered into an agreement to subscribe to Sky Channel as part of providing Tab facilities at theclub and AUStar for the benefit of members and guests. The annual subscriptions are detailed below.

5525

358

2015

$

5883

Keno

The Club entered into an agreement to provide Keno facilities for the benefit of members and guests.The annual subscription is detailed below.

9727

8856

761

9727

9617

The Club's annual rental liabilities are as follows:

8098

8098

Not Later Than I2 monthsLater Than 12 months but

Not Later Than 2 yearsLater Than 2 years butNot Later Than 5 yearsLater Than 5 Years

Keno

1529

Till

S ys to in$

1,220

Photo-

Copier$

SkyChannel

$17928

AUStar

$15840

Total

$46517

Finance Lease Commitments

Poker Machine Licence Rental

The Club in the 20.2 & 2013 years entered into agreements to rent poker machine game licences fromAristocrat Technologies Australia Pty Ltd for a period of three years,

Payables - Minimum Lease PaymentsNot Later Than 12 months

Later Than I2 months but Not Later Than 2 yearsLater Than 2 years but Not Later Than 5 yearsLater Than 5 Years

Minimum Lease PaymentsLess: Future Finance Charges

Capital CommitmentsThe Club has the following material capital commitments at the 30'' June 2016:

I. The upgrade of the main fridges in the bar area. The cost of the upgrade is $10285 inclusive ofGST.

NOTE 16 - SUPERANNUATION COMMITMENT

The Company is committed to paying superannuation for all employees who fall within the am bit of theSuperannuation Guarantee Legislation. Contributions are calculated as a percentage of employees'ordinary wages under the definition of ordinary time's earnings under the modern award.

NOTE ,7 - KEY MANAGEMENT PERSONNEL COMPENSATION

At the 30' June, 2016 the Company had 12 current and I former key management personnelincludingDirectors of the Company.

Compensation Paid to Key Management Personnel (Excluding Directors)

Short LongTerm Term

Benefits Benefits$ $

Note

2016

$

20.6

Total Compensation

20.5

Total Compensation

Compensation Paid to Key Management Personnel (Directors)No remuneration has been paid to the Directors of the club except for the reimbursement of anyexpenses incurred on behalf of the Club.

NOTE 18 - RELATED PARTY TRANSACTIONS

Transactions between related parties are on normal commercial terms and conditions no morefavourable than those available to other parties unless otherwise stated.

20.5

$

2,076

21076

21076

Terminat'nBenefits

$

304377

2937/5

37653

TOTAL

$

342030

29331 323046

Transactions with related parties:-

a) Close Family Member of Current Key Management PersonnelA husband of one of the current key management personnel, Mr Stuart Agar provided equipmentand repair work to the club. Total compensation received during the year was $8241 .

by Close Family Member of Current Key Management PersonnelA grandson of one of the current key management personnel, Mr Corey Fitzgerald was employedby the Club. Total compensation received during the year was $29902.

NOTE 19 - FINANCIAL RISK MANAGEMENT

The Company's financial instruments consist mainly of deposits with banks, accounts receivable andpayable and borrowings from financial and non financial institutions,

The Company does riot have any derivative instruments at the 30'' June, 2016.

The totals for each category of financial instruments, measured in accordance with AASB I 39 asdetailed in the accounting policies to these financial statements, are as follows:

Financial Assets

Cash & Cash EquivalentsLoans & ReceivablesTotal Financial AssetsFinancial LiabilitiesFinancial liabilities at am onised cost

Trade & Other PayablesBorrowings

Total Financial Liabilities

Net Fair Values

Fair Value Estimation

The fair values of financial assets and financial liabilities are presented in the table at the beginning ofNote I9 and can be compared to their carrying value as presented in the Statement of FinancialPosition. Fair value is determined in accordance with the accounting policy at Note I (k) in the FinancialStatements and Notes.

2016

CarryingValue

$Note

The fair values disclosed in the table at the beginning of Note I9 have been determined on the followingmethodologies:

(i) Cash and cash equivalents, trade and other receivables and trade and other payables are shortterm instruments in nature whose carrying value is equivalent to fair value.

(ii) Borrowings fair values are determined using discounted cash flow model incorporating currentcommercial borrowing rates. The fair values of fixed rate bank debt will not differ materialIy totheir carrying value,

4

5(a)

20.6

Net Fair

Value

$

158986

4,498

10(a)11

200484

20.5

CarryingValue

$

158986

41498

Financial Instruments Measured at fair Value

There are no financial instruments that need to be recognised at fair value in the Statement of FinancialPosition using the fair value hierarchy as outlined In AASB 7.

'64/23

200484

I64123

20.5Net FairValue

$

I440 I6

35623

I64123

179639

164.23

1440/635623

1540372,076

179639

1751/3

154037

2,076

1751/3

NOTE 20 - EVENTS SUBSEQUENT To THE END OF THE REPORTING PERIOD

Events After Balance Date

No matters or circumstances have arisen since the end of the financial year which significantly affectedor may significantly affect the operations of the Company, the results of those operations, or the state ofaffairs of the Company in future financial years.

Future DevelopmentsThe Board is currently reviewing plans for the upgrade of the kitchen and dining area with the assistanceof a consultant, hospitality solutions. The budget proposed for the upgrade is $1 30000 and the work willhopefully commence in 2017. Apart from this it is proposed to continue Company operations in a similarmanner to the past financial year, with focus being on reduction of the Club's expenditure and theundertaking of improvements, wherever possible and within the constraints of available funds.

NOTE 2, - ENTITY DETAILS

The registered office and principal place of business of the Company is:Pacific Palms Bowling Club LtdLot 58 Macwood RoadSMITHS LAKE NSW 2428

NOTE 22 - MEMBERS GUARANTEE

The Company is incorporated under the Corporations Act 2001 and is a Company Limited byGuarantee. In accordance with the Constitution of the Company every member of the Companyundertakes to contribute an amount limited to $2 per member in the event of the winding up of theCompany during the time that he/she is a member or within one year thereafter. At the date of thisreportthere are 1290 members (2015: 1390 members).


A. B. N. 99546586347

AUDITORS REPORT ON ADDITIONAL FINANCIAL INFORMATIONFOR THE YEAR ENDED 30 JUNE 20.6

Our Auditors Report dated 28'' August, 2016 on the financial report of Pacific Palms Bowling ClubLimited for the year ended 30'' June 2016, namely the Directors Declaration, the Statement of FinancialPosition as at 30'' June 2016, the Statement of Profit or Loss and Comprehensive Income, theStatement of Changes in Equity, the Statement of Cash Flows and notes to and forming part of theaccounts for the year ended on that date, presented on pages 8 to 27, does riot relate to the additionalfinancial information presented hereinafter

This additional information presented in the following statements on pages 29 to 32, namely the BarTrading Account, Bistro Trading Account, Poker Machine Trading Account and Detailed Profit and LossAccounts have been prepared from the accounting records of the Company and we do not express anopinion thereon

1.1HARRISON, MAIN & MCARTHURANDREW MCARTHUR - CAPARTNER

REGISTERED COMPANY AUDITOR

I2-16 Wallis Street, Forster

28'' August, 20.6

PACIFIC PALMS BOWLING CLUB LTDA. B. N. 99546586347

(A COMPANY LIMITED BY GUARANTEE)TRADING ACCOUNT FOR THE YEAR ENDED 30th June 20.6

20.5

$

24,239

364,24122

TRADING ACCOUNT

388,50220,655

BAR TRADING ACCOUNT

367,847

Sales

444,949

LESS COST OF SALES

Opening StockPurchases Bar

Freight

177

2,63863,436

1,644671

Closing Stock

68,566

(54.74%) GROSS PROFIT 155,459'.)

376,383

Direct ExpensesConsumables

Depreciation PlantMembers Discounts

Bar ReplacementsReplacement Glasses

2016

$

5,126223,605

BAR TRADING PROFIT

228,731

809,055

BISTRO TRADING ACCOUNT

228,731

Sales

161.0, O

20,655367,771

441

LESS COST OF SALES

Opening StockPurchases Bistro

Freight

388,86728,462

13,967

12,3822,717

360,405

Closing Stock

448,650

29,066

(4.31%) GROSS PROFIT (0.00%)

131,944

Direct ExpensesConsumables

Depreciation PlantGasMembers Discounts

Kitchen Replacements

206

4,085

65,017221

1,096

70,625

378,025

BISTRO TRADING PROFIT

These uriaudited Trading Statements are to be read in conjunction with the disclaimer on page 28.

13,028181

13,209

13,209)

29


(A COMPANY LIMITED BY GUARANTEE)TRADING ACCOUNT FOR THE YEAR ENDED 30th June 20.6

20.5

$

688,818

74,698I 1,656

9,976(17,180)79.150

POKER MACHINE TRADING ACCOUNTPoker Machine Net Clearances

609,668

Direct Expenses

DepreciationLicence Fees

Poker Machine DutyServicing & AnalysisGST Adjustment

1,117,995

POKER MACHINE TRADING PROFIT

TOTAL TRADING PROFIT

20.6

$

774,492

70,87312,675

II, 207(17. ,80)77,575

696,917

1,061,733

These uriaudited Trading Statements are to be read in conjunction with the disclaimer on page 28.

30


(A COMPANY LIMITED BY GUARANTEE)PROFIT & Loss ACCOUNT FOR THE YEAR ENDED 30th June 20.6

20.5

$

1,117,99519,6165,730

67,72742,398

3,074

5,451337

9,000354

12,841

INCOME

Trading Profit - Bar, Bistro & Poker MachinesATM RebateCoffee Machine

CompetitionsCommission Received

Courtesy Bus ConthbulionsInsurance RecoveryGreens Fees

Interest Received

Catering Rent ReceivedSponsorship - BowlsSubscriptionsTraining SubsidySundry IncomeTelephone Receipts

1,284,529

6

15,50033,596

64

1,99580,875

3,33987, t 69

6,443

TOTAL INCOME

EXPENSES

20.6

$

Audit & Accounting - ExternalAdvertising & PromotionsAmortisation Intang'blesBad Debts

Bank ChargesCleaning Labor & MaterialsCoffee Machine ExpensesCompetitionsComputer Software/internetConsultants

Courtesy BusDepreciationDirectors ExpensesDonations & SponsorshipsEFTPOS Fees & ChargesElectricityEntertainment & FunctionsFloral Tributes & Welfare

Fringe Benefits TaxGreen Maintenance - Materials

Greens Maintenance - LabourInsuranceInterest - Bank

Interest - OtherKeno & Tab Maintenance

Legal CostsLicenses. Registrations & PermitsPayroll TaxMedical ExpensesPostage, Printing & StationaryProvision for Annual, Sick & Long Service LeaveRates, Water Rates & WaierRent - ATM, Till System & PhotocopierRepairs & MaintenanceRepairs & Maintenance - LabourSecuritySky ChannelStaff Training

12,94873,591

2,3612,0922,448

41,25712,096

475

1,061,73319,8153,849

95,44737,266

1,939

2,697537

4,957

44,00240,347

14

2,912

I0,756

3,34613,147

7,427

I, 247,203

3,0221,478

7,38922,916)

9,698I3,04135,870

25

19,811I9,164

1,849

15,50049,258

7,534

1,49252,738

3,454122,378

9,3171,509

16,01875,699

3,6541,861

746

33,3948,791

427

2,4329,754

45,87433,471

These uriaudited Trading Statements are 10 be read in conjunction with the disclaimer on page 28.

2,50510,4992,6222,828

590

9,3531,650)9,161

13,97128,212

168

37,561

17,309223

31

PACIFIC PALMS BOWLING CLUB LTDA. B, N. 99546586347

(A COMPANY LIMITED BY GUARANTEE)PROFIT & Loss ACCOUNT FOR THE YEAR ENDED 30th June 20.6

20.5

$

4,279I3,567

69,054

682

1,2755,780

544701

582,61210,549

EXPENSES Cont'd

StocktakingSubscriptionsSubscriptions - AUStarSuperannuation - StaffSundriesStaff Meals

Staff ClothingTelephoneTravelling ExpensesUnders & Overs

Wages & SalariesWaste & Effluent Removal

1,256,711

27,818

TOTAL EXPENSES

OPERATING PROFIT

', 243

NON-OPERATING INCOME & EXPENSES

24,531

20.6

$

Non. Operatinq IncomeProfit on Sale of Fixed Assets

52,349

1,003,794

Nori-Operating ExpensesLoss On Sale Fixed Assets

Valuation Expenses

4,20715,70049,282

1,056,143

1,056,143

1,938

1,1235,7613,481

184

441,885I I, 289

OPERATING PROFITi(Loss) ANDEXTRAORDINARY ITEMS

RETAINED PROFIT AT THE BEGINNING OF YEAR

PROFIT AVAILABLE FOR APPROPRIATION

1.1 63,503

RETAINED PROFITS AT THE END OF YEAR

83,700

I0,881

3,821

7,060

These uriaudited Trading Statements are to be read in conjunction with the disclaimer on page 28

90,760

1,056,143

I, , 46,903

1,146,903

32

pacific palms bowling club limited a company limited … · preparation of the financial report...

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