Audit Module 3 - Financial Statements Template

GLOBAL MOTOR MANUFACTURERS AUSTRALIA (GMMA) PTY LIMITED
ANNUAL FINANCIAL REPORT FOR THE PERIOD ENDED 30 JUNE 2019
ABN 12 123 456 789
DRAFT FINANCIAL REPORT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2019
1
DIRECTORS REPORT, AUDITORS INDEPENDENCE DECLARATION AND AUDIT REPORT PLACEHOLDER
2
Contents
Financial Statements
Statement of profit or loss and other comprehensive income 4
Balance sheet 5
Statement of changes in equity 6
Statement of cash flows 7
Notes to the financial statements 8-10
3
Note 2019 2018

$ $
Revenue from continuing operations
Cost of sales
Gross profit
Other revenue
Administrations expenses
Employee benefits expense
Occupancy expense
Depreciation expense
Finance costs
Profit before income tax
Tax refund
Profit for the year
Other comprehensive income
Total comprehensive income for the year
4
Note 2019 2018

$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
TOTAL CURRENT ASSETS
NON CURRENTASSETS
Property, plant and equipment
Intellectual property
NON CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Accrued expenses
Other current liabilities
TOTAL CURRENT LIABILITIES
NON CURRENT LIABILITIES
Trade and other payables
Bank loans
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Current Year Profit
Retained Earnings
TOTAL EQUITY
5
Retained Earnings Total

$ $
Balance at 1 July 2017
Comprehensive income
Profit / (loss) for the year
Transactions with owners
Dividends paid
Total transactions with owners
Balance at 30 June 2018
Comprehensive income
Profit / (loss) for the year
Transactions with owners
Dividends paid
Total transactions with owners
Balance at 30 June 2019
6
Note 2019 2018

$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 210,558,550 207,700,000
Interest received 5,000,000 100,000
Taxation paid (22,870,650) (37,859,763)
Payments to suppliers and employees (81,668,200) (38,840,137)
Net cash provided by / (used in) operating activities 111,019,700 131,100,100
CASH FLOWS FROM INVESTING ACTIVITIES
Investments purchased (60,000,000) (24,100,000)
Payment for property, plant and equipment (67,000,000) (1,000,000)
Net cash provided by / (used in) investing activities (127,000,000) (25,100,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans 10,000,000 (2,000,000)
Dividends paid - -
Net cash provided by / (used in) financing activities 10,000,000 (2,000,000)
Net increase / (decrease) in cash held (6,000,000) 104,000,100
Cash at the beginning of the financial year 120,000,100 16,000,000
Cash at the end of the financial year 114,000,100 120,000,100
- -
7
Placeholder for Note 1 Summary of Significant Accounting Policies
8
Note 2019 2018

$ $
2 Revenue
Revenue from continuing operations
Sale goods
Total revenue
3 Income tax expense / (refund)

Income tax refund
Total
4 Expenses
Administration expenses
Depreciation and amortisation
Employee benefits
Finance costs
Occupancy expenses
Total
5 Cash and cash equivalents

Cash at bank
Term deposits
Petty cash
Total
6 Trade and other receivables

Trade receivables
Total
7 Inventories
Contract work in progress – at cost
Total
8 Property, plant and equipment

Land – at cost
Property - at cost
Less accumulated depreciation
Total
9
Plant - at cost
Total
Equipment - at cost
Total
Total property, plant and equipment
9 Trade and other payables

Trade payables
Total
10 Accrued expenses
Accrued expenses
Total
11 Other liabilities
Provision for windscreen recall
Total
12 Events after balance date

There have been no events subsequent to the reporting date that require disclosure in the
financial statements.
13 Related party transactions

The following transactions with related parties occurred:
Dividends paid to related parties of $nil.
The following companies are related parties for ABC:

Parent entity name Country of % of ownership
Incorporation by Parent
Entity
Global Motors Australia Pty Limited Australia 100%
13 Contingent liabilities
The company does not have any contingent liabilities at 30 June 2019.
10
11

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GLOBAL MOTOR MANUFACTURERS AUSTRALIA (GMMA) PTY LIMITED

ANNUAL FINANCIAL REPORT FOR THE PERIOD ENDED 30 JUNE 2019

GLOBAL MOTOR MANUFACTURERS AUSTRALIA (GMMA) PTY LIMITED

ABN 12 123 456 789

DIRECTORS REPORT, AUDITORS INDEPENDENCE DECLARATION AND AUDIT REPORT PLACEHOLDER

Statement of profit or loss and other comprehensive income 4

Statement of changes in equity 6

Statement of cash flows 7

Notes to the financial statements 8-10

Note 2019 2018

Note 2019 2018

Retained Earnings Total

Note 2019 2018

Placeholder for Note 1 Summary of Significant Accounting Policies

Note 2019 2018

3 Income tax expense / (refund)

5 Cash and cash equivalents

6 Trade and other receivables

8 Property, plant and equipment

Total property, plant and equipment

9 Trade and other payables

12 Events after balance date

13 Related party transactions

The following companies are related parties for ABC:

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