UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
Amendment No.1 to Current Report
TRANSMEDIA EUROPE, INC.
-----------------------
(Exact name of Registrant as specified in its charter)
DELAWARE 13-3701141
- ------------------------------- -------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification No.)
11 ST. JAMES'S SQUARE, LONDON SW1Y 4LB, ENGLAND
---------------------------------------------------
(Address of principal executive offices) (zip code)
U.K. 011-44-171-930-0706
------------------------
including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days
Yes / / No /X/
Item 2. Acquisition or Disposal of Assets
On May 14, 1998 Transmedia Europe, Inc. (the "Company") and Transmedia Asia
Pacific, Inc. ("TMAP") purchased from Compass Trustees Limited 100% of the
outstanding capital stock of Porkpine Limited ("Porkpine"). TMAP is a
Delaware corporation which shares common directors and officers with the
Company. The Company and TMAP each acquired 50% of the outstanding capital
stock of Porkpine.
Porkpine and its wholly owned subsidiaries Letville Holdings Limited
("Letville") and Floracourt Marketing Limited ("Floracourt") operate two
businesses trading as Logan Leisure and Logan Leisure & Entertainment.
Porkpine trades as Logan Leisure ("LL"). LL was established in 1989 and is
based in Belfast, Northern Ireland. Letville is an intermediary holding
company which owns Floracourt. Floracourt trades as Logan Leisure &
Entertainment ("LLE"). LLE is based in Dublin in the Republic of Ireland and
commenced operations in 1992. Both LL and LLE produce and sell discount and
savings directories. The discount directory is a book of vouchers, along with
a membership card, which the purchaser of the directory can use to obtain
discounts from participating merchants. LL and LLE have negotiated agreements
with such participating merchants whereby the merchant agrees to the
inclusion of branded vouchers in the directory or acceptance of the
membership card. The purchaser of the directory can use their membership card
or redeem such vouchers to obtain a discount on purchases made in the
merchants establishments. Participating merchants include hotel groups,
restaurants and a wide range of leisure activity providers such as golf clubs.
The transaction was consummated pursuant to an acquisition agreement (the
"Agreement") dated May 14, 1998 between Compass Trustees Limited, the
Company, TMAP and Gavin and Joanne Logan. The consideration paid totalled
1,060,000 pounds sterling ($1,749,000 approximately) subject to increase or
decrease by an amount equal to the net current assets of Porkpine and
subsidiaries as of the date of completion. The net current assets as of the
date of completion were to be determined by reference to consolidated
financial statements (the "Completion Accounts") to be prepared as soon as
practical after May 14, 1998. The consideration paid on consumation was paid
as follows:
Company TMAP Total
Pounds Sterling
Cash 330,000 330,000 660,000
Shares of common stock:
Company -225,000 shares 200,000 200,000
TMAP - 225,000 shares 200,000 200,000
------- ------- ---------
Total 530,000 530,000 1,060,000
------- ------- ---------
------- ------- ---------
The net current assets as of May 14, 1998 per the Completion Accounts
totalled $33,627
2
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired
In accordance with Rule 210.3-05(b) of Regulation S-X the financial
statements for Logan Leisure and Logan Leisure and Entertainment
covering the fiscal years ended March 31, 1996, 1997 and 1998 are
attached to this report.
Prior to the date of acquisition the historic financial statements of
Logan Leisure and Logan Leisure and Entertainment had not been audited
as there was no audit requirements within their jurisdictions. The
historic financial statements cannot be retroactively audited without
undue effort and expense.
There are no adjustments required to these financial statements to
comply with US generally accepted accounting principles and regulation
S-X. Accordingly, no reconciliation statement in accordance with Item
17 of Form 20-F is presented.
(b) Pro forma Financial Information
The following pro forma unaudited consolidated balance sheets as at
September 30, 1997 and March 31, 1998 are presented as if the Logan
Leisure acquisition had occurred on October 1, 1996. The pro forma
unaudited consolidated statement of operations for the year ended
September 30, 1997 and the six months ended March 31, 1998 are
presented as if the Logan Leisure acquisition had occurred on October
1, 1996. The pro forma data is presented for informational purposes
only and may not be indicative of the results of operations and the
future financial position of the Company or what the results of
operations and financial position of the Company would have been if the
Breakaway acquisition had occurred on the dates set forth. These pro
forma consolidated balance sheet and proforma consolidated statement of
operations should be read in conjunction with the historical financial
statements and notes thereto of the Company.
3
TRANSMEDIA EUROPE INC. AND SUBSIDIARIES
PROFORMA CONSOLIDATED BALANCE SHEET
- -------------------------------------------------------------------------------
TME Logan Leisure Proforma Note
September 30, September 30, Proforma September 30,
1997 1997 adjustments 1997
(Audited) (Unaudited) (Unaudited)
--------------- --------------- --------------- ---------------
Assets
Current assets
Cash 554,624 232 (541,952) 12,904 (1)
Trade accounts receivable 484,968 2,923 487,891
Restaurant credits 1,265,918 0 0
Amounts due from related parties 86,401 76,836 163,237
Prepaid expenses and other current assets 599,626 1,761 601,387
---------- -------- -------- ----------
Total current assets 2,991,537 81,752 (541,952) 2,531,337
Non-current assets
Property and equipment 741,116 84,247 825,363
Intangible assets 5,197,426 0 855,205 6,052,631 (1),(2)
Other assets 142,946 0 142,946
---------- -------- -------- ----------
Total assets $9,073,025 $165,999 $313,253 $9,552,277
---------- -------- -------- ----------
---------- -------- -------- ----------
Liabilities and Stockholders' Equity
Current liabilities
Bank Overdraft 952,668 0 63,219 1,015,887 (1)
Trade accounts payable 2,384,516 247,978 2,632,494
Deferred membership fee income 536,509 0 536,509
Accrued liabilities 1,459,388 0 1,459,388
Amount due to related party 2,345,841 0 2,345,841
---------- -------- -------- ----------
Total current liabilities 7,678,922 247,978 63,219 7,990,119
Stockholders' equity
6 1/2 % Convertible Preferred Shares 5,909 0 0 5,909
Common stock 140 3 (3) 140 (1),(4)
Additional paid in capital 12,108,055 0 326,180 12,434,235 (1)
Accumulated deficit (10,655,175) (81,983) (35,514) (10,707,998)(1),(2),(4)
Treasury Stock (517,112) 0 (517,112)
Foreign currency translation adjustment (382,668) 0 361 (382,307)
---------- -------- -------- ----------
Total stockholders' equity 559,149 (81,980) 291,024 768,193
Minority Interest 834,954 0 (40,990) 793,964 (4)
Total liabilities and stockholders' equity 9,073,025 $165,999 $313,253 $ 9,552,277
---------- -------- -------- ----------
---------- -------- -------- ----------
See accompanying notes
4
TRANSMEDIA EUROPE INC. AND SUBSIDIARIES
UNAUDITED PROFORMA CONSOLIDATED BALANCE SHEET
- -------------------------------------------------------------------------------
TME Logan Leisure Proforma Note
March 31, March 31, Proforma March 31,
1998 1998 adjustments 1998
--------------- --------------- --------------- ---------------
Assets
Current assets
Cash 503,962 126,616 (605,172) 25,407 (1)
Trade accounts receivable 746,548 80,868 0 827,416
Restaurant credits 1,214,616 0 0 1,214,616
Amounts due from related parties 124,653 29,372 0 154,025
Prepaid expenses and other current assets 862,510 16,326 0 878,836
Notes receivable 255,000 0 0 255,000
------------ -------- ------- -----------
Total current assets 3,707,289 253,182 (605,172) 3,355,299
Non-current assets
Investment in affiliated company 4,547,070 0 0 4,547,070
Property and equipment 646,792 57,971 0 704,763
Intangible assets 4,984,987 0 824,664 5,809,651 (1),(2)
----------- -------- ------- -----------
Total assets $ 13,886,138 $311,153 219,492 $14,416,783
------------ -------- ------- -----------
------------ -------- ------- -----------
Liabilities and Stockholders' Equity
Current liabilities
Bank credit line 1,072,442 0 0 1,072,442
Trade accounts payable 1,902,632 578,500 0 2,481,132
Deferred membership fee income 487,446 0 0 487,446
Accrued liabilities 1,902,661 0 0 1,902,661
Amount due to related party 2,295,872 0 0 2,295,872
Deferred cost of investment 3,248,735 0 0 3,248,735
------------ -------- ------- -----------
Total current liabilities $ 10,909,788 578,500 0 11,488,288
------------ -------- ------- -----------
Stockholders' equity
6 1/2 % Convertible Preferred Shares 5,909 0 0 5,909
Common stock 168 20 (18) 170 (1),(4)
Additional paid in capital 14,528,827 0 326,187 14,855,014 (1)
Accumulated deficit (11,309,133) (267,367) 27,166 11,549,334(1),(2),(4)
Treasury stock (517,112) 0 0 (517,112)
Foreign currency translation adjustment (490,324) 0 (170) (490,494)
------------ -------- ------- -----------
Total stockholders' equity $ 2,218,335 (267,347) 353,165 2,304,153
------------ -------- ------- -----------
Minority Interest 758,013 0 (133,673) 624,340 (4)
------------ -------- ------- -----------
Total liabilities and stockholders'
equity 13,886,138 $311,153 $219,492 $14,416,783
------------ -------- ------- -----------
------------ -------- ------- -----------
See accompanying notes
5
TRANSMEDIA EUROPE INC. AND SUBSIDIARIES
PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
- -------------------------------------------------------------------------------
TME Logan Leisure Proforma
Year ended Year ended Proforma Year ended
September 30, September 30, Adjustments September 30, Note
1997 1997 1997
(Audited) (Unaudited) (Unaudited)
--------------- --------------- --------------- ---------------
Revenues 7,870,256 484,291 0 8,354,547
Cost of sales 4,709,911 (226,363) 0 (4,936,274)
----------- ------ -------- -----------
Gross profit 3,160,345 257,927 0 3,418,272
Selling, general and
administrative expenses (7,399,596) (208,571) (61,086) (7,669,433) (2)
----------- ------ -------- -----------
Loss from operations (4,239,251) 49,176 (61,086) (4,251,161)
Share of losses of associated company (116,899) 0 0 (116,899)
Interest income 11,287 117 0 11,404
----------- ------ -------- -----------
Loss before income taxes (4,344,863) 49,293 (61,086) (4,356,656)
Income taxes 13,621 0 0 13,621
----------- ------ -------- -----------
Net loss before preferred share dividend s(4,331,242) 49,293 (61,086) (4,343,035)
Minority Interest 805,859 0 (24,646) 781,213 (3)
Preferred share dividends (220,865) 0 0 (220,865)
----------- ------ -------- -----------
Net loss after preferred share dividends $(3,746,248) 49,293 $(85,733 $(3,782,688)
Loss per common share $(0.27) $(0.27)
Weighted average number of common
shares outstanding 13,736,502 13,736,502
----------- ------ -------- -----------
See accompanying notes
6
TRANSMEDIA EUROPE INC. AND SUBSIDIARIES
UNAUDITED PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
- ------------------------------------------------------------------------------
TME Logan Leisure Proforma
Six months ended Six months ended Proforma Six months ended
March 31, March 31, Adjustments March 31, Note
1998 1998 1998
--------------- --------------- --------------- ---------------
Revenues $6,119,394 448,588 0 6,567,982
Cost of sales (3,963,408) (99,602) 0 (4,063,010)
--------- ------- ------- --------
Gross profit 2,155,986 348,985 0 2,504,971
Selling, general and (3,006,422) (173,802) (30,543) (3,210,767) (2)
administrative expenses
--------- ------- ------- --------
Loss from operations (850,436) 175,183 (30,543) (705,796)
Share of profits of associated company 83,108 0 0 83,108
Interest income 8,201 13 0 8,214
--------- ------- ------- --------
Loss before income taxes (759,127) 175,196 (30,543) (614,474)
Income taxes 0 0 0 0
--------- ------- ------- --------
Loss before preferred shares dividends $(759,127) 175,196 (30,543) (614,474)
--------- ------- ------- --------
Minority interest 172,379 0 (87,598) 84,781 (3)
Preferred share dividends (67,210) 0 0 (67,210)
--------- ------- ------- --------
Net loss after preferred share dividends (653,958) 175,196 (118,141) (596,903)
Loss per common share $(0.04) $(0.04)
Weighted average number of common 14,940,527 14,940,527
shares outstanding
--------- ------- ------- --------
See accompanying notes
7
TRANSMEDIA EUROPE, INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
- ------------------------------------------------------------------------------
Effective control of Porkpine Ltd is exercised by TME. For this reason Porkpine
Ltd is consolidated in the accounts of TME.
Note 1: To record the acquisition of Porkpine Ltd and to calculate goodwill on
acquisition
14/5/98 14/5/98
L $
Total consideration paid by TME 571,066 931,352
Net assets of Porkpine Ltd at date of acquisition 18,468 30,842
TME share (50%) 9,234 15,060
Goodwill on acquisition 561,832 916,292
Consideration costs include stamp duty and legal fees amounting to L41,066
($66,975)
Journal entry required to record the above transaction:
14/5/98 14/5/98 31/3/98 30/9/97
L $ $ $
Dr Goodwill 561,832 916,292 916,292 916,292
Dr Accumulated profits 9,233 15,059 14,889 15,420
Dr Foreign exchange reserve 0 0 170 (361)
Cr Cash (371,066) (605,172) (605,172) (605,172)
Cr Share capital (1) (2) (2) (2)
Cr Additional PIC (199,998) (326,177) (326,177) (326,177)
Acquisition calculation used for proforma financial statements changes due to
foreign exchange movements
Note 2: To record the amortization of goodwill on acquisition
For year to Sept 30, 1997
Dr amortization expense 61,086
Cr Accumulated amortization - Goodwill (61,086)
For 6 months to March 31, 1998
Dr amortization expense 30,543
Cr Accumulated amortization - Goodwill (30,543)
Goodwill is being amortised on a straight line basis over a period of 15 years
8
TRANSMEDIA EUROPE, INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
- ------------------------------------------------------------------------------
Note 3: To record TMAP's 50% minority interest share of the profits of Porkpine
Ltd
Net income for the 6 months to 31 March 1998 175,196
Minority share (TMAP - 50%) 87,598
Net income for the 12 months to 30 Sept 1997 49,293
Minority share (TMAP - 50%) 24,646
Note 4: To record TMAP's 50% minority interest share of the stockholders' equity
of Porkpine Ltd
At March 31, 1998
Dr Common stock 10
Dr Accumulated deficit 16,151
Cr Capital account (149,834)
Dr Minority Interest (B/S) 133,673
At September 30, 1997
Dr Common stock 2
Dr Accumulated deficit (8,654)
Cr Capital account (32,337)
Dr Minority Interest (B/S) 40,990
Note 5. Exchange rates used to prepare Pro forma financial information
Closing rate of exchange at September 30, 1997 is L1 = $1.6125
Closing rate of exchange at March 31, 1998 is L1= $1.6700
Closing rate of exchange at May 14, 1998 is L1= $1.6309
Average exchange rate for the 12 months ended September 30, 1997 is L1= $1.5800
Average exchange rate for the 6 months ended March 31, 1998 is L1= $1.6400
9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorised.
TRANSMEDIA EUROPE, INC.
By:
- --------------------------------------
Paul Harrison
President and Chief Financial Officer
10
LETVILLE HOLDINGS LIMITED
(FORMERLY LETVILLE CONSTRUCTION LIMITED)
FINANCIAL STATEMENTS
FROM DATE OF INCORPORATION
FOR THE TWENTY FIVE MONTHS
TO THE 31 MARCH 1998
LETVILLE HOLDINGS LIMITED
TABLE OF CONTENTS
PAGE
COMPANY INFORMATION ..................................................... 2
DIRECTORS REPORT ........................................................ 3
AUDITORS REPORT ......................................................... 4
BALANCE SHEET ........................................................... 5
NOTES ON THE FINANCIAL STATEMENTS ....................................... 6
1
LETVILLE HOLDINGS LIMITED
COMPANY INFORMATION
DIRECTORS ........................................ Gavin Logan
Peter Manahan
SECRETARY ........................................ Gavin Logan
REGISTERED OFFICE ................................ Sibtorpe Lane
37A Leeson Park
Dublin 6
AUDITORS ......................................... Rothwell McHugh & Company
19 Herbert Street
Dublin 2
2
LETVILLE HOLDINGS LIMITED
DIRECTORS REPORT FOR THE PERIOD ENDED 31 MARCH 1998
The directors submit their report and financial statements for the period ended
31 March 1998.
REVIEW OF THE BUSINESS
This company is an investment holding company.
DIRECTORS
The directors-were appointed during the period as follows:
Gavin Logan
Peter Manahan
STATEMENT OF DIRECTORS RESPONSIBILITIES
Company law requires the directors to prepare financial statements for each
financial year which give a true and fair View of the state of affairs of the
company and of the profit or loss of the company for that period. In preparing
those financial statements, the directors are required to
- select suitable policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper books of account which disclose
with reasonable accuracy at any time the financial position of the company and
which enables them to ensure that the financial statements comply with the
Companies Acts, 1963 to 1990. They are also responsible for safeguarding the
assets of the company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
AUDITORS
The auditors, Rothwell McHugh & Company have expressed their willingness to
continue in office in accordance with Section 160(2) of the Companies Act 1963.
ON BEHALF OF THE BOARD:
Gavin Logan Peter Manahan
- ---------------------- ----------------------------
DIRECTOR DIRECTOR
DATE: 9 April 1998.
3
ROTHWELL MCHUGH & COMPANY
19 Herbert Street. Dublin 2
Telephone 01 -662 2700 Facsimile 01-662 2701
AUDITORS REPORT TO THE MEMBERS OF LETVILLE HOLDINGS LIMITED
We have audited the financial statements on pages 5 and 6 which have been
prepared under the accounting policy set out on page 6.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As described on page 3 the company's directors are responsible for the
preparation of financial statements. It is our responsibility to form an
independent opinion, based on our audit, on those statements and to report our
opinion to you.
BASIS OF OPINION
We conducted our audit in accordance with Auditing Standards issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of
evidence relevant to the amounts and disclosures in the financial statements.
It also includes an assessment of the significant estimates and judgements made
by the directors in the preparation of the financial statements, and of whether
the accounting policies are appropriate to the company's circumstances,
consistently applied and adequately disclosed,
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
OPINION
In our opinion, the financial statements give a true and fair view of the state
of the company's affairs as at 31 March 1998 and of its results for the period
then ended and have been properly prepared in accordance with the Companies
Acts, 1963 to 1990.
We have obtained all the information and explanations we considered necessary
for the purposes of our audit. in our opinion, proper books of account have been
kept by the company. The financial statements are in agreement with the books of
account.
In our opinion, the information given in the directors report on page 3 is
consistent with the financial statements.
The net assets of the company, as stated in the balance sheet on page 5, are
more than half of the amount of its called-up share capital and, in our opinion,
on that basis there did not exist at 31 March 1998 a financial situation which,
under Section 40(l) of the Companies (Amendment) Act, 1983, would require the
convening of an extraordinary general meeting of the company.
Rothwell McHugh and Company
- ------------------------------
REGISTERED AUDITORS
DATE: 9 April 1998.
Niall A. McHugh B. Comm. A.C.A. Barry T. Rothwell A.C.C.A.
Enda J. Bannon A.I.T.I.
4
LETVILLE HOLDINGS LIMITED
BALANCE SHEET AS AT 31 MARCH 1998
Notes 1999
IR(pounds)
FIXED ASETS
Intangible assets 2 1
-----
CURRENT ASSETS
Debtors 2
CREDITORS (amounts due within one year) (1)
-----
NET CURRENT ASSETS 1
-----
NET ASSETS 2
-----
-----
FINANCED BY:
CAPITAL AND RESERVES
Called up share capital 3 2
-----
-----
The accompanying notes form an integral part of the balance sheet.
ON BEHALF OF THE BOARD:
Gavin Logan Peter Manahan
- ------------------------------ ------------------------------
DIRECTOR DIRECTOR
DATE: 9 April 1998.
5
LETVILLE H OLDINGS
NOTES ON THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICY
The financial statements have been prepared in accordance with the following
policy:
(a) Accounting convention
The financial statements are prepared under the historical cost
convention.
2. FINANCIAL ASSETS
1998
IR (pound)
Trade investments - unquoted shares at cost ...................... 1
----
----
3. CALLED UP SHARE CAPITAL
1998
IR (pound)
Authorised:
100,000 ordinary shares of(pound)l each ......................... 100,000
-------
-------
Allotted, called up and fully paid:
2 ordinary shares of (pound)1 each .............................. 2
-------
-------
4. DIRECTORS INTERESTS
Ordinary shares
1998
Gavin Logan ..................................................... --
Peter Manahan ................................................... --
----
----
5. DIRECTORS APPROVAL
The financial statements were approved by the Board of Directors at a meeting
held on 9 April 1998.
6
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
(FORMERLY FLORACOURT DEVELOPMENTS LIMITED)
FINANCIAL STATEMENTS
FOR THE TWENTY FIVE MONTHS
FROM THE DATE OF INCORPORATION
TO THE 31 MARCH 1998
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
TABLE OF CONTENTS
PAGE
DIRECTORS AND OTHER INFORMATION ........................................ 2
DIRECTORS REPORT ....................................................... 3-4
AUDITORS REPORT ........................................................ 5
PROFIT AND LOSS ACCOUNT ................................................ 6
BALANCE SHEET .......................................................... 7
NOTES ON THE FINANCIAL STATEMENTS ...................................... 8-10
1
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
COMPANY INFORMATION
DIRECTORS ..................................... Gavin Logan
Peter Manahan
SECRETARY ..................................... Gavin Logan
BANKERS ....................................... Allied Irish Banks Plc.
1 Lower Baggot Street
Dublin 2
SOLICITORS .................................... Donal T McAuliffe & Company
57 Merrion Square
Dublin 2
AUDITORS ...................................... Rothwell McHugh & Company
19 Herbert Street
Dublin 2
REGISTERED OFFICE ............................. Sibtorpe Lane
37A Leeson Park
Dublin 6
2
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
DIRECTORS REPORT FOR THE PERIOD ENDED 31 MARCH 1998
The directors submit their report and accounts for the period ended 31 March,
1998.
REVIEW OF THE DEVELOPMENT OF THE BUSINESS
RESULTS FOR THE PERIOD AND STATE OF AFFAIRS AT 31 MARCH 1998
The financial statements for the period ended 31 March 1998 are set out on pages
6 to 10. The profit on ordinary activities before taxation amounted to IR(pound)
99,809.
The net assets of the company at 31 March 1998 amounted to IR(pound) 65,623.
FUTURE DEVELOPMENTS OF THE BUSINESS
The directors of the company expect to increase turnover for the forthcoming
year.
DIRECTORS
The directors of the company were appointed during the period as follows:
Gavin Logan
Peter Manahan
DIVIDENDS
No dividends are proposed.
STATEMENT OF THE DIRECTORS RESPONSIBILITIES
Company law requires the directors to prepare financial statements for each
financial period which give a true and fair view of the state of affairs of the
company and of the profit or loss of the company for that period. In preparing
those financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the
company and which enable them to ensure that the financial statements comply
with the Companies Acts, 1963 to 1990. They are also responsible for
safeguarding the assets of the company and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
3
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
DIRECTORS REPORT (Continued)
AUDITORS
Rothwell McHugh & Company, were appointed during the period and have expressed
their willingness to continue in office in accordance with Section 160(2) of the
Companies Act, 1963.
ON BEHALF OF THE DIRECTORS:
Gavin Logan Peter Manahan
- --------------------------- --------------------------------
DIRECTOR DIRECTOR
DATE: 9 April 1998.
4
ROTHWELL MCHUGH & COMPANY
19 Herbert Street, Dublin 2
Telephone 01-662 2700 Facsimile 01-662 2701
AUDITORS REPORT TO THE MEMBERS OF FLORACOURT MARKETING LIMITED T/A LOGAN
LEISURE & ENTERTAINMENT
We have audited the financial statements on pages 6 to 10 which have been
prepared under the historical cost convention and on the basis of the accounting
policies set out on page 8.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As described on page 3 the company's directors are responsible for the
preparation of the financial statements. It is our responsibility to form an
independent opinion, based on our audit, on those statements and to report our
opinion to you.
BASIS OF OPINION
We conducted our audit in accordance with Auditing Standards issued by the
Auditing Practices Board. An audit includes examination, on a test basis, of
evidence relevant to the amounts and disclosures in the financial statements. It
also includes an assessment of the significant estimates and judgements made by
the directors in the preparation of the financial statements, and of whether the
accounting policies are appropriate to the company's circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with
sufficient evidence to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall
adequacy of the presentation of information in the financial statements.
OPINION
In our opinion, the financial statements give a true and fair view of the state
of the company's affairs at 31 March 1998 and of its profit for the period then
ended and have been properly prepared in accordance with the provisions of the
Companies Acts, 1963 to 1990.
We have obtained all the information and explanations we considered necessary
for the purposes of our audit. In our opinion, proper books of account have been
kept by the company. The financial statements are in agreement with the books of
account.
In our opinion, the information given in the directors report on pages 3 to 4 is
consistent with the financial statements.
The net assets of the company, as stated in the balance sheet on page 7, are
more than half the amount of its called up share capital and, in our opinion,
there did not exist at the 31 March 1998 a financial situation which under
section 40 (1) of the Companies (Amendment) Act, 1983 would require the
convening of an extraordinary general meeting of the company.
Rothwell McHugh and Company
- --------------------------------
REGISTERED AUDITORS
DATE: 9 April 1998.
Niall A. McHugh B. COMM. A.C.A. Barry T. Rothwell A.C.C.A.
Enda J. Bannon A.I.T.I.
5
FLORACOURT MARKETING LU41TIED T/A LOGAN LEISURE & ENTERTAINMENT
PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31 MARCH 1998
1998
Notes IR(pound)
----------
Turnover 1 228,910
Cost of sales (64,528)
----------
Gross profit 164,382
Administrative expenses 2 (62,312)
Interest payable and similar charges 3 (2,261)
----------
Profit on ordinary activities before taxation 4 99,809
Tax on profit on ordinary activities 5 (34,188)
----------
Profit on ordinary activities after taxation 65,621
----------
Profit carried forward at 31 March 65,621
----------
----------
There were no other gains or losses other than those recognised in the profit
and loss account.
The accompanying notes form an integral part of this statement.
ON BEHALF OF THE DIRECTORS:
Gavin Logan Peter Manahan
--------------------------- ------------------------
DIRECTOR DIRECTOR
DATE: 9 April 1998.
6
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
BALANCE SHEET AS AT 31 MARCH 1998
1998
Notes IR (pound)
----------
FIXED ASSETS
Tangible assets 6 17,897
----------
CURRENT ASSETS
Stocks 10,080
Debtors 7 19,431
Cash at bank 93,294
----------
122,805
CREDITORS (amounts falling due within one year) 8 (62,179)
----------
NET CURRENT ASSETS 60,626
----------
TOTAL ASSETS LESS CURRENT LIABILITIES 78,523
----------
----------
FINANCED BY:
CREDITORS (amounts falling due after one year) 9 12,900
----------
CAPITAL AND RESERVES
Called up share capital 10 2
Profit and loss account 65,621
----------
65,623
----------
78,523
----------
----------
The accompanying notes form an integral part of this balance sheet.
ON BEHALF OF THE DIRECTORS:
Gavin Logan Peter Manahan
- ------------------------------ ---------------------------
DIRECTOR DIRECTOR
DATE: 9 April 1998.
7
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
NOTES ON THE FINANCIAL STATEMENTS TO 31 MARCH 1998
1. ACCOUNTING POLICIES
The principal accounting policies adopted by the company in
preparing its financial statements are as follows:
(a) ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost
convention.
(b) TURNOVER
Turnover comprises the invoice value of goods and services supplied by
the company, exclusive of value added tax.
(c) DEPRECIATION
Depreciation is calculated so as to write of the original cost of the
fixed assets less their residual value over their expected useful lives
at the following annual rates:
Furniture & fittings 20%
Premises 2%
Motor vehicles 33%
(d) STOCKS
Stocks are valued on a first in, first out basis at the lower of cost and
net realisable value after making due allowance for any obsolete or slow
moving stock.
(c) INCORPORATION
The company was incorporated on the 2 February 1996 and commenced to trade
on the 1 April 1997.
2. EMPLOYEE INFORMATION 1998
IR (pound)
Wages and salaries 25,125
Social welfare costs 2,865
------
27,990
------
------
The average number of persons employed by the company during the year was
6.
3. INTEREST PAYABLE AND SIMILAR CHARGES
1998
IR (pound)
Banks interest and charges 2,261
-------
-------
4. PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
The profit on ordinary activities before taxation has been arrived at after
charging:
1998
IR (pound)
Auditors remuneration 2,200
Depreciation 4,135
-------
-------
8
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
NOTES, ON THE FINANCIAL STATEMENTS TO 31 MARCH 1998 (continued)
5. Tax on profit on ordinary activities 1998
IR (pound)
Corporation tax charge for the period 34,188
----------
----------
6. TANGIBLE FIXED ASSETS Motor Office Furniture Total
vehicles equipment fixtures
33% 20% 20%
IR(pound) IR(pound) IR(pound) IR(pound)
COST
As at 1 April 1997 -- -- -- --
Additions 19,155 2,752 2,680 24,587
Disposals (2,555) -- -- (2,555)
As at 31 March 1998 16,600 2,752 2,680 22,032
------- ------- ------- -------
------- ------- ------- -------
ACCUMULATED DEPRECIATION
As at 1 April 1997 -- -- -- --
Charge for year 3,320 413 402 4,135
------- ------- ------- -------
As at 31 March 1998 3,320 413 402 4,135
------- ------- ------- -------
------- ------- ------- -------
NET BOOK VALUE
As at 31 March 1998 13,280 2,339 2,278 17,897
------- ------- ------- -------
------- ------- ------- -------
7. DEBTORS 1998
IR (pound)
Debtors & prepayments 19,431
--------
19,431
--------
--------
8. CREDITORS (amounts falling due within one year)
1998
IR
(pound)
Trade creditors and accruals 26,831
Leasing 1,160
Corporation tax 34,188
--------
62,179
--------
--------
9. CREDITORS (amounts due after one year) 1998
IR (pound)
Finance leases - medium term 12,900
--------
--------
9
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
NOTES ON THE FINANCIAL STATEMENTS TO 31 MARCH 1998 (continued)
10. CALLED UP SHARE CAPITAL 1998
IR (pound)
Authorised:
100,000 ordinary shares of(pound)l each 100,000
--------
--------
Allotted, called up and fully paid:
2 ordinary shares of(pound)1 each 2
--------
--------
11. DIRECTORS INTERESTS
The directors interests in Floracourt Marketing Limited T/A Logan
Leisure & Entertainment are as follows:
Ordinary shares
1997
Gavin Logan -
Peter Manahan -
------
-
------
------
12. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS FUNDS
1997
IR (pound)
Profit for the financial period 65,621
Shares issued during the period 2
--------
Net increase in shareholders funds 65,623
Opening shareholders funds --
--------
Closing shareholders funds 65,623
--------
--------
13. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved by the board of directors on
9 April 1998.
10
FLORACOURT MARKETING LIMITED T/A LOGAN LEISURE & ENTERTAINMENT
DETAILED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 31 MARCH 1998
1998
IR (pound)
TURNOVER 228,910
-------
COST OF SALES
Opening stock 694
Purchases 73,914
Closing Stock (10,080)
-------
64,528
-------
Gross profit 164,382
-------
ADMINISTRATIVE EXPENSES
Wages & salaries 27,990
Motor & travel 6,056
Postage & stationery 4,977
Depreciation 4,135
Accountancy fees 4,046
Telephone 2,959
Disposal of fixed assets 2,555
Sundry expenses 1,821
Professional fees 1,813
Advertising 1,693
Insurance 1,271
Rent & rates 843
Least interest 709
Subscriptions 625
Repairs & renewals 433
Light & heat 373
Courier 13
-------
62,312
-------
Interest payable and similar charges 2,261
-------
NET OPERATING PROFIT 99,809
-------
-------
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
TABLE OF CONTENTS
ACCOUNTANTS REPORT ................................................. 2
PROFIT AND LOSS ACCOUNT ............................................ 3
BALANCE SHEET ...................................................... 4
NOTES ON THE MANAGEMENT ACCOUNTS ................................... 5-6
1
ROTHWELL MCHUGH & COMPANY
19 Herbert Street Dublin 2
Telephone 01-662 2700 Facsimile 01-662 2701
AUDITORS REPORT
To: Gavin and Joanne Logan T/A Logan Leisure and Entertainment
We have audited the financial statements on pages 3 to 5 which have been
prepared under the accounting policy set out on page 5.
In our opinion, the financial statements give a true and fair view of the state
of affairs as at 31 March 1998 and of its results for the year then ended and
have been properly prepared in accordance with good accounting practices.
We have obtained all the information and explanations we considered necessary
for the purposes of our audit. In our opinion, proper books of account have been
kept by the company. The financial statements are in agreement with the books of
account.
Rothwell McHugh and Company
- ----------------------------
REGISTERED AUDITORS
Date: 9 April 1998
Niall A. McHugh B. Comm. A.C.A. Barry T. Rothwell A.C.C.A.
Enda J. Bannon A.I.T.I.
2
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 1998
Note Mar 98 Mar 97
Stg(pound) Stg(pound)
Sales ................................................... 1 228,905 361,807
------- -------
Less: Cost of sales
Opening stock ........................................... 4,658 4,000
Purchases ............................................... 101,188 122,547
------- -------
105,846 126,547
Less: Closing stock ..................................... (1,600) (4,658)
------- -------
104,246 121,889
------- -------
Gross profit ............................................ 184,659 239,918
------- -------
Expenditure
Wages & salaries ........................................ 48,170 22,932
Bank interest & fees .................................... 15,122 10,242
Rent, rates & insurance ................................. 13,164 6,263
Advertising & professional fees ......................... 10,609 7,791
Motor & travel expenses ................................. 9,219 17,904
Lease charges ........................................... 7,474 1,114
Depreciation ............................................ 7,047 21,590
Accountancy fees ........................................ 6,235 9,161
Telephone ............................................... 4,799 4,465
Printing & stationery ................................... 4,735 7,116
General expenses ........................................ 3,164 701
Use of home as office/light & heat ...................... 914 1,223
Repairs & maintenance ................................... 826 302
Subscriptions & donations ............................... 85 841
Staff training .......................................... 60 807
Entertaining ............................................ 34 1,642
Legal fees .............................................. (25) 801
Profit on disposal of motor vehicle ..................... (712) (18,541)
------- -------
130,920 96,354
------- -------
Net profit .............................................. 53,739 143,564
Interest received ....................................... 16 66
------- -------
Total profit for the year ............................... 53,755 143,630
------- -------
------- -------
Gavin Logan Joanne Logan
- ------------------------ ----------------------
Partner Partner
Date: 9 April 1998.
3
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
BALANCE SHEET AS AT 31 MARCH 1999
Note Mar 98 Mar 97
Stg(pound) Stg(pound)
Fixed assets ........................................... 2 20,197 49,343
------- -------
Current assets
Stock .................................................. 1,600 4,658
Bank ................................................... 146 --
Debtors and prepayments ................................ 31,986 163,034
------- -------
33,732 167,692
------- -------
Current liabilities
Bank overdraft ......................................... 111,920 75,222
Creditors and accruals ................................. 68,680 118,602
------- -------
180,600 193,824
------- -------
Net current liabilities ................................ (146,868) (26,132)
------- -------
(126,671) 23,211
------- -------
------- -------
Represented by:
Capital accounts ....................................... 3 (126,671) 23,211
------- -------
(126,671) 23,211
------- -------
------- -------
Gavin Logan Joanne Logan
- ------------------------ ----------------------
Partner Partner
Date: 9 April 1998.
4
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998
1. Accounting policies
The principle accounting policies adopted in the
preparation of these management accounts are as follows:
(a) Accounting convention
The management accounts are prepared under the historical cost convention.
(b) Turnover
Turnover is accounted for on a receipts basis and is exclusive of value
added tax.
(c) Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation
is calculated so as to amortise the cost of the assets over their expected
useful lives at the following annual rates on a straight line basis:
Equipment ............................... 15%
Motor vehicles .......................... 25%
Fixtures & fittings ..................... 15%
2. Fixed assets
Motor Fixtures
Equipment vehicles & fittings Total
Cost Stg(pound) Stg(pound) Stg(pound) Stg(pound)
As at 1 April 1997 .......... 14,542 75,620 3,363 93,525
Additions ................... 494 16,600 245 17,339
Disposals ................... -- (75,620) -- (75,620)
--------- -------- -------- --------
As at 31 March 1998 ......... 15,036 16,600 3,608 35,244
--------- -------- -------- --------
Depreciation
As at 1 April 1997 .......... 7,109 36,182 891 44,182
Charge for year ............. 2,255 4,150 642 7,047
Disposal .................... -- (36,182) -- (36,182)
--------- -------- -------- --------
As at 31 March 1998 ......... 9,364 4,150 1,533 15,047
--------- -------- -------- --------
Net book value
As at 31 March 1998 ......... 5,672 12,450 2,075 20,197
--------- -------- -------- --------
--------- -------- -------- --------
As at 31 March 1997 ......... 7,433 39,438 2,472 49,343
--------- -------- -------- --------
--------- -------- -------- --------
5
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998 (continued)
3. Capital account
Mar 98 Mar 97
Stg(pound) Stg(pound)
As at 1 April ......................... 23,211 (39,637)
Profit for the year ................... 53,755 143,630
Capital introduced .................... 81,436 --
--------- ---------
158,402 103,993
Drawings .............................. (276,413) (68,143)
Income tax paid ....................... (8,660) (12,639)
--------- ---------
As at 31 March ........................ (126,671) 23,211
--------- ---------
--------- ---------
6
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1997
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
TABLE OF CONTENTS
ACCOUNTANTS REPORT 2
PROFIT AND LOSS ACCOUNT 3
BALANCE SHEET 4
NOTES ON THE FINANCIAL STATEMENTS 5-6
1
[LETTERHEAD OF ROTHWELL MCHUGH & COMPANY]
ACCOUNTANTS REPORT
To: Gavin and Joanne Logan t/a Logan Leisure
In accordance with instructions given to us we have prepared, without carrying
out an audit, the balance sheet of Gavin and Joanne Logan t/a Logan Leisure, as
at 31 March 1997, and the related profit and loss account for the year then
ended from the books and records of Gavin and Joanne Logan and from the
information and explanations supplied to us.
Rothwell McHugh and Company
- ------------------------------------
ACCOUNTANTS AND AUDITORS
Date: 13 October 1997
2
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 1997
Note 1997 1996
Stg(pound) Stg(pound)
Sales 1 361,807 203,914
------- -------
Less: Cost of sales
Opening stock 4,000 4,000
Purchases 122,547 64,324
------- -------
126,547 68,324
Less: Closing stock (4,658) (4,000)
------- -------
121,889 64,324
------- -------
Gross profit 239,918 139,590
------- -------
Expenditure
Wages & salaries 22,932 18,592
Depreciation 21,590 17,608
Motor & travel expenses 17,904 8,889
Bank interest & fees 10,242 6,749
Accountancy fees 9,161 1,324
Advertising & professional fees 7,791 9,203
Printing & stationery 7,116 4,167
Rent, rates & insurance 6,263 5,432
Telephone 4,465 3,708
Entertaining 1,642 643
Use of home as office/light & heat 1,223 1,198
Operating lease 1,114 --
Subscriptions & donations 841 --
Staff training 807 --
Legal fees 801 450
General expenses 701 931
Computer maintenance 302 --
Research costs -- 1,588
Profit on disposal of motor vehicle (18,541) --
------- -------
96,354 80,482
------- -------
Net profit 143,564 59,108
Interest received 66 20
------- -------
Total profit for the year 143,630 59,128
======= =======
Gavin Logan Joanne Logan
- ---------------------- ---------------------
Proprietor Proprietor
Date: 13 October 1997
3
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
BALANCE SHEET AS AT 31 MARCH 1997
Note 1997 1996
Stg(pound) Stg(pound)
Fixed assets 2 49,343 30,660
-------- --------
Current assets
Stock 4,658 4,000
Debtors and prepayments 163,034 835
Cash in hand -- 192
-------- --------
167,692 5,027
-------- --------
Current liabilities
Bank overdraft 75,222 51,851
Creditors and accruals 118,602 23,473
-------- --------
193,824 75,324
-------- --------
Net current liabilities (26,132) (70,297)
-------- --------
23,211 (39,637)
======== ========
Represented by:
Capital accounts 3 23,211 (39,637)
-------- --------
23,211 (39,637)
======== ========
Gavin Logan Joanne Logan
- ---------------------- ---------------------
Proprietor Proprietor
Date: 13 October 1997
4
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1997
1. Accounting policies
The principle accounting policies adopted in the preparation of these
financial statements are as follows:
(a) Accounting convention
The financial statements are prepared under the historical cost
convention.
(b) Turnover
Turnover is accounted for on a receipts basis and is exclusive of value
added tax.
(c) Fixed assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation is calculated so as to amortise the cost of the assets over
their expected useful lives at the following annual rates on a straight
line basis:
Equipment 15%
Motor vehicles 25%
Fixtures & fittings 15%
2. Fixed assets
Motor Fixtures
Equipment vehicles & fittings Total
Cost Stg(pound) Stg(pound) Stg(pound) Stg(pound)
As at 1 April 1996 14,542 60,159 2,581 77,282
Additions -- 47,500 782 48,282
Disposals -- (32,039) -- (32,039)
------ ------ ----- ------
As at 31 March 1997 14,542 75,620 3,363 93,525
------ ------ ----- ------
Depreciation
As at 1 April 1996 4,928 41,307 387 46,622
Charge for year 2,181 18,905 504 21,590
Disposal -- (24,030) -- (24,030)
------ ------ ----- ------
As at 3l March 1997 7,109 36,182 891 44,182
------ ------ ----- ------
Net book value
As at 31 March 1997 7,433 39,438 2,472 49,343
====== ====== ===== ======
As at 1 April 1996 9,614 18,852 2,194 30,660
====== ====== ===== ======
5
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH l997(continued)
3. Capital account
1997 1996
Stg(pound) Stg(pound)
As at 1 April 96 (39,637) (29,313)
Profit for the year 143,630 59,128
------- -------
103,993 29,815
Drawings (68,143) (59,252)
Income tax paid (12,639) (10,200)
------- -------
As at 31 March 97 23,211 (39,637)
======= =======
4. Approval of the financial statements
The financial statements were approved by Gavin and Joanne Logan on 13
October 1997.
6
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
AND ENTERTAINMENT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1997
GAVIN LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
TABLE OF CONTENTS
ACCOUNTANTS REPORT 2
PROFIT AND LOSS ACCOUNT 3
BALANCE SHEET 4
NOTES ON THE FINANCIAL STATEMENTS 5-6
1
[LETTERHEAD OF ROTHWELL MCHUGH & COMPANY]
ACCOUNTANTS REPORT
To: Gavin and Joanne Logan t/a Logan Leisure and Entertainment
In accordance with instructions given to us we have prepared, without carrying
out an audit, the balance sheet of Gavin and Joanne Logan t/a Logan Leisure and
Entertainment, as at 31 March 1997, and the related profit and loss account for
the year then ended from the books and records of Gavin and Joanne Logan and
from the information and explanations supplied to us.
Rothwell McHugh and Company
- ------------------------------------
ACCOUNTANTS AND AUDITORS
Date: 28 January 1998
2
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1997
Note 1997 1996
IR(pound) IR(pound)
Sales 1 99,582 110,673
------ -------
Less: Cost of sales
Opening stock 675 675
Purchases 7,410 28,187
Less: Closing stock (694) (675)
------ -------
7,391 28,187
------ -------
Gross profit 92,191 82,486
------ -------
Expenditure
Wages 35,939 36,633
Motor and travel expenses 9,877 11,377
Rent & service charges 6,018 774
Printing, stationery and advertising 5,782 6,424
Telephone 4,182 5,078
Bank interest and fees 3,443 3,376
Accountancy fees 3,176 3,365
Depreciation 2,500 5,091
Repairs & renewals 1,489 335
Insurance 1,084 1,105
Carriage paid 976 1,304
Staff pension 601 --
Light & heat 503 482
Sundry expenses 528 400
Profit on disposal of fixed assets (2,106) --
------ -------
73,992 75,744
------ -------
Net profit 18,199 6,742
====== =======
Gavin Logan Joanne Logan
- -------------------- ----------------------
Proprietor Proprietor
Date: 28 January 1998
3
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
BALANCE SHEET AS AT 31 MARCH 1997
Note 1997 1996
IR(pound) IR(pound)
Fixed assets 2 39,721 47,111
------ ------
Current assets
Stock 694 675
Debtors and prepayments 2,099 6,250
Cash at Bank and in hand 3,345 1,035
------ ------
6,138 7,960
------ ------
Current liabilities
Trade creditors and accruals 20,080 23,526
Bank overdraft 17,269 15,739
------ ------
39,349 39,265
------ ------
Net current liabilities (33,211) (31,305)
------ ------
6,510 15,806
====== ======
Represented by:
Capital accounts 3 (28,760) (28,540)
Loan accounts 35,270 44,346
------ ------
6,510 15,806
====== ======
Gavin Logan Joanne Logan
- -------------------- ---------------------
Proprietor Proprietor
Date: 28 January 1998
4
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1997
1. Accounting policies
The principle accounting policies adopted in the preparation of these
financial statements are as follows:
(a) Accounting convention
The financial statements are prepared under the historical cost
convention.
(b) Turnover
Turnover is accounted for on a receipts basis and is exclusive of value
added tax.
(c) Fixed assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation is calculated so as to amortise the cost of the assets over
their expected useful lives at the following annual rates on a straight
line basis:
Premises 2%
Equipment & fittings 15%
Motor vehicles 20%
2. Fixed assets
Equipment Motor
Premises & fittings vehicles Total
Cost IR(pound) IR(pound) IR(pound) IR(pound)
As at 1 April 1996 36,938 7,479 16,150 60,567
Disposal (8,150) (8,150)
------ ----- ------ ------
As at 31 March 1997 36,938 7,479 8,000 52,417
------ ----- ------ ------
Depreciation
As at 1 April l996 2,217 3,179 8,060 13,456
Charge for year 740 1,120 640 2,500
Disposal -- (3,260) (3,260)
------ ----- ------ ------
As at 31 March 1997 2,957 4,299 5,440 12,696
------ ----- ------ ------
Net book value
As at 31 March 1997 33,981 3,180 2,560 39,721
====== ===== ===== ======
As at 1 April 1996 34,721 4,300 8,090 47,111
====== ===== ===== ======
5
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1997(continued)
3. Capital account
1997 1996
IR(pound) IR(pound)
As at 1 April 1996 (28,540) (20,049)
Profit for the year 18,199 6,742
------- -------
(10,341) (13,307)
Drawings (27,408) (23,572)
Capital Introduced 8,989 8,339
------- -------
As at 31 March 1997 (28,760) (28,540)
======= =======
4. Approval of the financial statements
The financial statements were approved by Gavin and Joanne Logan on 28
January 1998.
6
GAVIN LOGAN T/A LOGAN LEISURE
AND ENTERTAINMENT
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996
GAVIN LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
TABLE OF CONTENTS
ACCOUNTANTS REPORT 2
PROFIT AND LOSS ACCOUNT 3
BALANCE SHEET 4
NOTES ON THE FINANCIAL STATEMENTS 5-6
1
[LETTERHEAD OF ROTHWELL MCHUGH & COMPANY]
ACCOUNTANTS REPORT
To: Gavin Logan t/a Logan Leisure and Entertainment
In accordance with instructions given to us we have prepared, without carrying
out an audit, the balance sheet of Gavin Logan t/a Logan Leisure and
Entertainment, as at 31 March 1996, and the related profit and loss account for
the year then ended from the books and records of Gavin Logan and from the
information and explanations supplied to us.
Rothwell McHugh and Company
- -----------------------------------
ACCOUNTANTS AND AUDITORS
Date: 21 January 1997
2
GAVIN LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1996
Note 1996 1995
IR(pound) IR(pound)
Sales 1 110,673 142,872
------- -------
Less: Cost of sales
Opening stock (675) 525
Purchases 28,187 53,714
Less: Closing stock (675) (675)
------- -------
28,187 53,564
------- -------
Gross profit 82,486 89,308
------- -------
Expenditure
Wages 36,633 34,496
Motor and travel expenses 11,377 13,500
Printing, stationery and advertising 6,424 4,274
Depreciation 5,091 5,091
Telephone 5,078 4,880
Bank interest and fees 3,376 2,287
Accountancy fees 3,365 1,040
Carriage paid 1,304 --
Insurance 1,105 502
Rent & service charges 774 826
Light & heat 482 725
Sundry expenses 400 2,005
Repairs & renewals 335 2,210
Legal fees -- 1,818
Profit on disposal of fixed assets -- (1,150)
------- -------
75,744 72,504
------- -------
Net profit 6,742 16,804
------- -------
Total profit for the year 6,742 16,804
======= =======
Gavin Logan
- ----------------------
Proprietor
Date: 21 January 1997
3
GAVIN LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
BALANCE SHEET AS AT 31 MARCH 1996
Note 1996 1995
IR(pound) IR(pound)
Fixed assets 2 47,111 52,202
------ ------
Current assets
Stock 675 675
Debtors and prepayments 6,250 5,210
Cash at Bank and in hand 1,035 1,453
------ ------
7,960 7,338
------ ------
Current liabilities
Trade creditors and accruals 23,526 14,587
Bank overdraft 15,739 --
------ ------
39,265 14,587
------ ------
Net current liabilities (31,305) (7,249)
------ ------
15,806 44,953
====== ======
Represented by:
Capital accounts 3 (28,540) (20,049)
Loan accounts 44,346 65,002
------ ------
15,806 44,953
====== ======
Gavin Logan
- -------------------
Proprietor
Date: 21 January 1997
4
GAVIN LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996
1. Accounting policies
The principle accounting policies adopted in the preparation of these
financial statements are as follows:
(a) Accounting convention
The financial statements are prepared under the historical cost
convention.
(b) Turnover
Turnover is accounted for on a receipts basis and is exclusive of value
added tax.
(c) Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Deprecation
is calculated so as to amortise the cost of the assets over their expected
useful lives at the following annual rates on a straight line basis:
Premises 2%
Equipment & fittings 15%
Motor vehicles 20%
2. Fixed assets
Equipment Motor
Premises & fittings vehicles Total
Cost IR(pound) IR(pound) IR(pound) IR(pound)
As at 1 April 1995 36,938 7,479 16,150 60,567
------ ----- ------ ------
As at 31 March 1996 36,938 7,479 16,150 60,567
------ ----- ------ ------
Depreciation
As at 1 April 1995 1,478 2,057 4,830 8,365
Charge for year 739 1,122 3,230 5,091
------ ----- ------ ------
As at 3l March 1996 2,217 3,179 8,060 13,456
------ ----- ------ ------
Net book value
As at 31 March 1996 34,721 4,300 8,090 47,111
====== ===== ===== ======
As at 1 April 1995 35,460 5,422 11,320 52,202
====== ===== ===== ======
5
GAVIN LOGAN T/A LOGAN LEISURE AND ENTERTAINMENT
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996(continued)
3. Capital account
1996 1995
IR(pound) IR(pound)
As at 1 April (20,049) (18,855)
Profit for the year 6,742 16,804
------- -------
(13,307) (2,051)
Drawings (23,572) (17,998)
Capital Introduced 8,339
------- -------
As at 31 March (28,540) (20,049)
======= =======
4. Approval of the financial statements
The financial statements were approved by Gavin Logan on 21 January 1997
6
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
TABLE OF CONTENTS
ACCOUNTANTS REPORT 2
PROFIT AND LOSS ACCOUNT 3
BALANCE SHEET 4
NOTES ON THE FINANCIAL STATEMENTS 5-6
1
[LETTERHEAD OF ROTHWELL MCHUGH & COMPANY]
ACCOUNTANTS REPORT
To: Gavin and Joanne Logan t/a Logan Leisure
In accordance with instructions given to us we have prepared, without carrying
out an audit, the balance sheet of Gavin and Joanne Logan t/a Logan Leisure, as
at 31 March 1996, and the related profit and loss account for the year then
ended from the books and records of Gavin and Joanne Logan and from the
information and explanations supplied to us.
Rothwell McHugh and Company
- ----------------------------------------
ACCOUNTANTS AND AUDITORS
Date: 10 December 1996
2
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 1996
Note 1996 1995
Stg(pound) Stg(pound)
Sales 1 203,914 181,446
------- -------
Less: Cost of sales
Opening stock 4,000 4,400
Purchases 64,324 59,867
------- -------
68,324 64,267
Less: Closing stock (4,000) (4,000)
------- -------
64,324 60,267
------- -------
Gross profit 139,590 121,179
------- -------
Expenditure
Wages & salaries 18,592 13,572
Depreciation 17,608 14,300
Advertising & professional fees 9,203 4,267
Motor & travel expenses 8,889 12,712
Bank interest & fees 6,749 4,745
Rent, rates & insurance 5,432 4,408
Printing & stationery 4,167 4,775
Telephone 3,708 2,774
Research costs 1,588 1,469
Accountancy fees 1,324 4,887
Use of home as office/light & heat 1,198 1,025
General expenses 931 1,057
Entertaining 643 124
Legal fees 450 1,048
Computer maintenance -- 550
Staff pensions -- 160
Staff training -- 60
------- -------
80,482 71,933
------- -------
Net profit 59,108 49,246
Interest received 20 243
Profit on sale of motor vehicle -- 2,005
------- -------
Total profit for the year 59,128 51,494
======= =======
Gavin Logan Joanne Logan
- ---------------------- ----------------------
Proprietor Proprietor
Date: 9 December 1996
3
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
BALANCE SHEET AS AT 31 MARCH 1996
Note 1996 1995
Stg(pound) Stg(pound)
Fixed assets 2 30,660 37,767
------ ------
Current assets
Stock 4,000 4,000
Debtors and prepayments 835 977
Cash in hand 192 5,752
------ ------
5,027 10,729
------ ------
Current liabilities
Bank overdraft 51,851 41,034
Creditors and accruals 23,473 36,775
------ ------
75,324 77,809
------ ------
Net current liabilities (70,297) (67,080)
------ ------
(39,637) (29,313)
====== ======
Represented by:
Capital accounts 3 (39,637) (29,313)
------ ------
(39,637) (29,313)
====== ======
Gavin Logan Joanne Logan
- -------------------- ---------------------
Proprietor Proprietor
Date: 9 December 1996
4
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996
1. Accounting policies
The principle accounting policies adopted in the preparation of these
financial statements are as follows:
(a) Accounting convention
The financial statements are prepared under the historical cost
convention.
(b) Turnover
Turnover is accounted for on a receipts basis and is exclusive of value
added tax.
(c) Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Deprecation
is calculated so as to amortise the cost of the assets over their expected
useful lives at the following annual rates on a straight line basis:
Equipment 15%
Motor vehicles 25%
Fixtures & fittings 15%
2. Fixed assets
Motor Fixtures
Equipment vehicles & fittings Total
Cost Stg(pound) Stg(pound) Stg(pound) Stg(pound)
As at 1 April 1995 6,622 60,159 -- 66,781
Additions 7,920 -- 2,581 10,501
------ ------ ----- ------
As at 31 March 1996 14,542 60,159 2,581 77,282
------ ------ ----- ------
Depreciation
As at 1 April 1995 2,747 26,267 -- 29,014
Charge for year 2,181 15,040 387 17,608
------ ------ ----- ------
As at 31 March 1996 4,928 41,307 387 46,622
------ ------ ----- ------
Net book value
As at 31 March 1996 9,614 18,852 2,194 30,660
====== ====== ===== ======
As at 1 April 1995 3,875 33,892 -- 37,767
====== ====== ===== ======
5
GAVIN AND JOANNE LOGAN T/A LOGAN LEISURE
NOTES ON THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996(continued)
3. Capital account
1996 1995
Stg(pound) Stg(pound)
As at 1 April (29,313) 14,039
Profit for the year 59,128 51,494
------- -------
29,815 65,533
Drawings (59,252) (66,759)
Income tax paid (10,200) (28,087)
------- -------
As at 31 March (39,637) (29,313)
======= =======
4. Approval of the financial statements
The financial statements were approved by Gavin and Joanne Logan on 9
December 1996
6