BSBFIMS501 - Appendix “mena Appendix — Business Model: Patrick’s Cod Fishing Ltd Patrick is the proprietor of a Murray Cod fishing business called “Patrick’s Cod Fishing Ltd”. Patrick possesses the necessary licence from the State Fisheries Board at $20,000.00 per Cod Net. Patrick cotches the Cod fish and sells them to export wholesalers. This means that for GST purposes, Patrick's Cod Fishing Ltd sales are GST free. Patrick is however still entitled to claim the GST that he has to pay on his payments. Information and base assumptions for the trading year 1st July 2016 to 30th June 2017 EXPENSES ASSUMPTIONS from 4st July 2016 annual increase > fish price per kilo 3.333% > variable expenses 10% except as below (© registrations, insurances 5% © licences 5% ©. bank fees 35% © wages 3% © fish food 3% CAH FLOW ASSUMPTIONS _ > Average monthly sales are 150kg per day x 30 days = 150kgs per operating day > All Sales are paid in the month of sale > Wages are paid in same month © GST refund / remittance is quarterly, at 28 days after end of quarter © Income Tax is paid 6 monthly in July and January > All Boats Registration & Insur is paid © 7 months paid in March © Smonths in paid in October Fishing Association Subscription is paid monthly Sickness & Accident Insurance is paid monthly All licence fees are paid annually in January PO Box is paid annually in April Super is paid quarterly 28 days after end of each quarter. All other expenses are paid for by cash same month vyvy v Other relevant information > depreciation used is straight line, not diminishing value the quantity of fish food use is directly proportionate to the catch the amounts for repairs to Cod nets is directly proportionate to the catch other expenses do NOT vary with the catch the supervisor is responsible for crew, fish food, repairs to Cod Boat, repairs to nets & equipment, plus outboard boats and vehicles > the 3 outboard boats need two operators each > each outboard boat can catch up to @ maximum of SOke per day > Patrick mans the Cod boat (is not on outboards) The Income Statement (also called Profit & Loss Statement) for the year ended 30th June 2016 follows. Also following are figures for October 2016 actual trading results, which is assumed as an average and ‘typical month, (Note because of seasonality the operations only operate for 10 months each year, not 12 months) ‘BSBFIMSOI Appendhx V2.0/ Aug 2018 Page TofS FQ Partners Pty td | RTO ID: 21996 | CRICOS: 029991 vvvyb Cue BSBFIMSO1 - Appendix Austratoninettiteof nwreprencwshp The Profit and loss statement for the 12 months to June 30th, 2016 showed: 2016 Actuals 2016 average for 12months —_—each of the 10 1/7/2015 to operating months 30/6/2016 Sales (average 30 days @ 150kg @ $35.00 /kg) canoe coe Boat Expenses Petrol & Oil 454,545, 45,455 Depreciation of Cod Boat 60,000 5,000 Cod Boat Registration & insur 28,571 2,381 Depreciation 3 Outboard Boats 15,000 1,250 3 Outboard Boats Reg & insur 16,571 1,381 Repairs to Cod Boat Equip 4,091 403 Mobile Phone Expenses 11,364 1,136 Six Crews Wages 319,191 31,919 Six Crew’s Super 30,323 3,032 939,657 91,963 Cod Nets Expenses Repairs to Cod Nets 50,000 5,000 Fish food Expenses 194,175 19,417 License Fee 22,857 1,905 267,032 26,322 Vehicle Expenses Petrol, Oil & Tyres 8,182 682 Depreciation of Vehicles 20,400 1,700 Vehicles Registration & Insurance 4s71 381 33,453,788 Administration Expenses Post Box Hire 109 9 Depreciation of Office Equipment 3,000 250 Stationery & sundry & admin exp's 273 23 Home Office Electricity 764 64 Fishing Association Subscription 2n7 227 Sickness & Accident Insurance 28,571 2,381 35,444 2,954 Finance Interest Expense 38,400 3,200 Loan Service fees 1,200 100 Bank Fees 4714 143 43148 Total Budgeted Expenses 1,316,609 127,445 Budgeted Net Profit 258,389 30,055 BSBFIMSOI Appendix 2.0 / Aug 2018 Page 20f3 FQ Partners Pty Ltd | RTO ID: 21996 | CRICOS: 02999)SJ cic BSBFIM501 - Appendix ee October 2016 Transactions Sold 3,696 kilos of fish expenses: purchased frozen Cod Fish food $16,350 purchased petrol for the Cod boat $50,000 purchased petrol for the vehicles $510 paid Cod Boat Rego & Insurances $12,500 paid Outboards Rego & Insurances $7,250 paid for Cod Net repairs $3,000 paid for Cod Boat Equipment repairs $320 purchased spare light globes $3 paid Fishing Association subscriptions $250 purchased tea & sugar for morning teas $10 paid printing for new office stationary $100 paid Sickness & Accident Insurance $2,500 paid Eastern Electric for lighting $55 paid mobile phone account $1,150 paid Crew's wages $30,000 paid Crew's superannuation ‘$2,400 Opening cash balance at 1st Novernber 2016 is $25,000 BSW Append 20 [og DHE Page 33 FQ Partners Pty Ltd | RTO I: 21996 | cRICOS: 02999)