DMR FOOD CORPORATION |
(O/A SWEET SELECTION) |
Balance Sheets |
As of December 31, 2006 |
(Expressed in Canadian dollars) |
December 31, 2006 | September 30, 2006 | |||||
(Unaudited) | (Audited) | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | - | $ | - | ||
Accounts receivable | 647,166 | 431,273 | ||||
Inventories | 562,737 | 525,793 | ||||
Prepaid expenses and sundry assets | 47,405 | 47,068 | ||||
Advance to related corporation | 26,916 | 40,744 | ||||
1,284,224 | 1,044,878 | |||||
Property, plant and equipment (note 8) | 337,361 | 121,946 | ||||
$ | 1,621,585 | $ | 1,166,824 | |||
Liabilities and Shareholders’ Equity | ||||||
Liabilities | ||||||
Current | ||||||
Bank indebtedness | $ | 258,347 | $ | 197,795 | ||
Accounts payable and accrued liabilities | 734,520 | 621,203 | ||||
Current portion of long-term debt | 35,977 | 32,317 | ||||
Income taxes payable | 54,788 | 25,487 | ||||
Advances from shareholder | 167 | 167 | ||||
1,083,799 | 876,969 | |||||
Long-term | ||||||
Obligations under capital lease | 204,868 | 24,367 | ||||
Advances from related corporation | 6,793 | 13,816 | ||||
211,661 | 38,183 | |||||
Shareholders’ equity: | ||||||
Share capital | 160 | 160 | ||||
Retained earnings | 325,965 | 251,512 | ||||
326,125 | 251,672 | |||||
$ | 1,621,585 | $ | 1,166,824 |
Approved on behalf of the Board:
Director | ||
Director |
The accompanying Financial Statements for the three months ended December 31, 2006 have not been reviewed or audited by the Company’s Auditor
DMR FOOD CORPORATION |
(O/A SWEET SELECTION) |
Statement of Income and Retained Earnings |
(Unaudited) |
(Expressed in Canadian dollars) |
Unaudited | Unaudited | |||||
For the 3 months ended | For the 3 months ended | |||||
December 31 | December 31, | |||||
2006 | 2005 | |||||
$ | $ | |||||
Sales | 1,554,865 | 1,274,254 | ||||
Cost of sales | 1,175,559 | 928,651 | ||||
Gross profit | 379,306 | 345,603 | ||||
Delivery | 63,406 | 47,723 | ||||
Salaries and benefits | 25,491 | 14,710 | ||||
Occupancy cost | 23,982 | 25,607 | ||||
Advertising and promotion | 31,935 | 32,143 | ||||
Sales salaries and commission | 18,128 | 19,505 | ||||
Travel | 15,200 | 12,252 | ||||
Office and general | 9,935 | 6,668 | ||||
Amortization | 3,406 | 3,480 | ||||
Insurance | 7,124 | 8,172 | ||||
Bad debts | 2,400 | 8,400 | ||||
Interest and bank charges | 3,706 | 2,411 | ||||
Professional fees | 76,140 | 800 | ||||
280,853 | 181,871 | |||||
Income before Income taxes | 98,453 | 163,732 | ||||
Income taxes | 24,000 | - | ||||
Net Income | 74,453 | 163,732 | ||||
Retained earnings, beginning of year | 251,512 | 192,876 | ||||
Retained earnings, end of period | 325,965 | 356,608 |