Sample Widget Manufacturing Inc.
FINANCIAL PROJECTIONS
For the Year Ending 30 June 2010
and the following two years
Tax Preparation - Tax & Financial Planning
Management Consulting Services - Accounting Services - Training on Accounting Systems
Table of contents
1
Report restriction statement
2
Business directory
3
Assumptions & key ratios
4
Notes to the financial projections
5
Projected income statement - 3 year comparative
6
Projected balance sheet - 3 year comparative
7
Projected statement of cash flow - 3 year comparative
8
Projected income statement - year 1
9
Projected balance sheet - year 1
10
Projected statement of cash flow - year 1
11
Projected income statement - year 2
12
Projected balance sheet - year 2
13
Projected statement of cash flow - year 2
14
Projected income statement - year 3
15
Projected balance sheet - year 3
16
Projected statement of cash flow - year 3
1 Accountants statement
Sample Widget Manufacturing Inc.
We have compiled the financial projection of Sample Widget Manufacturing Inc. consisting of a balance sheet as at 30 June 2010 and statements of income
and cash flow for the year then ending using assumptions, including the hypothesis set out in Note 3, with an effective date of 07 June 2010, and other
information provided by management. Our engagement was performed in accordance with applicable Canadian guidelines on compilation of a financial
projection.
A compilation is limited to presenting, in the form of a financial projection, informtion provided by management and does not include evaluating the
support for the assumptions, including the hypothesis, or other information underlying the projection. Accordingly, we do not express an opinion or any
other form of assurance. As the financial projection is based on assumptions regarding future events, actual results will vary from the information
presented even if the hypothesis occurs, and the variations may be material. We have no responsibility to update this communication for events adn
circumstances occuring after the date of this communication.
J A Smith & Associates Inc.
Nanaimo, British Columbia
June-07-10
2 Business Directory
Nature of business
Widget Manufacture and Retailing
Location of business
Nanaimo, BC
Directors
John Smith
Jane Smith
Shareholders
John Smith
Jane Smith
Financial advisors
J A Smith & Associates Inc.
Nanaimo, British Columbia
Bankers
Trading bank of BC
Solicitors
Legal Corp Inc
Nanaimo
3 Assumptions and key financial indicators
Key Trading financial indicators
Cost of goods sold
Gold Widgets
Black widgets
Green widgets
30.00%
40.00%
70.00%
Finance rates
Line of credit
Bank
Vendor
Leasehold improvements
5.00%
4.50%
6.00%
4.50%
Accounts receivable rates
Current month
One month
Two months
Th months
Three
th
30.0%
50.0%
20.0%
00.0%
0%
Taxation rates
Income tax rate
GST rate
PST rate
15.5%
5.00%
7.00%
Accounts payable rates
Current month
One month
Two months
Th
Three months
th
40.0%
60.0%
0.0%
00.0%
0%
4 Notes to the financial projections
Basis of Preparation
J A Smith & Associates Inc. has prepared financial projections in accordance with Sec. 4150 of the Canadian Institue of Chartered Accountants handbook future oriented financial information. This financial information has been prepared on the basis of hypothetical but realistic assumptions, that are reflected
in possible financial results for the year ended 30 June 2010.
Sample Widget Manufacturing Inc. is a registered under the Business Corporations Act (2002).
Sample Widget Manufacturing Inc. qualifies for differential reporting exemptions.
Amortization
Amortization has been charged in the financial projections using approximate rates based on information from the Canada Revenue Agency.
Fixed Assets
Fixed assets are recorded at cost less projected accumulated amortization.
Accounts Receivable
Accounts receivable are recorded at their projected net realisable value.
Inventories
It has been assumed that inventory will remain at a static level during these projections based on the closing balance at 30 June 2010.
Bank Loan
The assumptions underlying the bank loan and associated charges and repayments are specified in the attched statement of assumptions.
4 Notes to the financial projections
Taxation
The income tax expense has been projected as the income tax payable in the current year. Previous years outstanding balances have been recognised as an
opening amount owing on the Statement of Financial Position and a calculation has been performed to accrue the tax liability for the current financial year
on income earned for the year to 30 June 2010.
Goods and Services Tax
The financial projections have been prepared stating all income and expenditure exclusive of GST.
5 Projected income statement
Jun-10
Jun-11
Jun-12
Revenue
Sales
4,635,000
4,810,620
4,956,470
less Direct costs
3,705,540
3,835,521
3,956,401
Gross profit
929,460
975,099
1,000,069
Expenses
General & Administration
Finance
Amortization
Shareholder salary
Total Expenses
624,849
64,891
76,848
766,589
641,887
65,546
68,697
776,130
657,417
61,484
60,757
779,658
Trading profit
162,871
198,969
220,411
Sundry income
25,188
26,388
27,648
188,059
225,357
248,059
29,149
34,930
38,449
158,910
190,427
209,610
Net profit before tax
Less taxation
Net profit for the year
Unaudited - Notice to Reader. These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
6 Projected balance sheet
Equity
Share capital
Reserves
Retained earnings
Dividends paid
Represented by:
Current assets
Cheque account
Accounts receivable
Inventory
Goods & services tax
Investments
Intangible Assets
Property & Equipment
Total assets
Current liabilities
Bank overdraft
Accounts payable
Goods & services tax
PST
Taxation
Shareholder loan
Term liabilities
Bank
Vendor
Leasehold improvements
Total liabilities
Net assets
Jun-10
Jun-11
Jun-12
100
158,910
(35,000)
124,010
100
314,337
(35,000)
279,437
100
488,947
(35,000)
454,047
390,335
50,000
440,335
90,917
405,149
60,000
556,066
205,151
417,433
70,000
692,584
655,000
1,018,152
2,113,487
655,000
949,455
2,160,521
655,000
888,698
2,236,282
16,774
193,995
11,385
27,146
29,149
280,000
558,449
200,480
12,012
28,183
34,930
255,000
530,606
206,339
12,427
29,041
38,449
230,000
516,257
860,659
186,235
384,134
1,431,028
815,852
170,331
364,295
1,350,478
768,988
153,447
343,544
1,265,979
1,989,477
1,881,084
1,782,235
124,010
279,437
454,047
Unaudited - Notice to Reader. These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
7 Projected statement of cash flow
Jun-10
Cashflows from Operations
Cash from customers
Cash paid to suppliers
Cash paid to employees
PST & GST
Interest on term loan
Interest on bank overdraft
Income tax paid
Income tax refunded
Cashflows from Investing
Investments
Intangible Assets
Property & equipment purchases
Cashflows from Financing
Loan draws
Loan principal repayments
Capital introduced
Drawings
Net cash flow
O
i bbank
k
Opening
Closing bank
4,824,865
(3,773,817)
(599,384)
(329,674)
(61,786)
(3,105)
57,098
(655,000)
(1,095,000)
(1,750,000)
1,500,000
(68,972)
300,000
(55,000)
1,676,028
(16,874)
100
(16,774)
Jun-11
5,398,280
(4,049,411)
(622,460)
(383,474)
(65,435)
(112)
(29,149)
248,240
Jun-12
5,565,422
(4,168,036)
(646,435)
(395,803)
(61,484)
(34,930)
258,733
-
-
(80,549)
(60,000)
(140,549)
(84,500)
(60,000)
(144,500)
107,691
114,234
(16,774)
(16 774)
90,917
90 917
90,917
205,151
Unaudited - Notice to Reader. These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
8 Projected income statement
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Revenue
Sales
415,859
424,742
371,445
362,563
398,094
469,156
344,797
344,797
362,563
371,445
380,328
389,211
4,635,000
less Direct costs
320,463
323,963
302,961
299,461
313,462
341,464
292,460
292,460
299,461
302,961
306,461
309,962
3,705,540
Gross profit
95,397
100,779
68,484
63,102
84,632
127,692
52,336
52,336
63,102
68,484
73,867
79,249
929,460
Expenses
General & Administration
Finance
Amortization
Shareholder salary
Total Expenses
51,654
5,583
57,237
51,654
4,725
6,843
63,223
51,654
6,651
6,767
65,073
56,654
6,512
6,693
69,860
51,654
6,115
6,618
64,387
51,654
6,072
6,545
64,271
51,654
5,937
6,474
64,065
51,654
5,844
6,402
63,900
51,654
5,751
6,333
63,738
51,654
5,761
6,264
63,680
51,654
5,784
6,197
63,635
51,654
5,738
6,129
63,521
624,849
64,891
76,848
766,589
Trading profit
38,160
37,557
3,412
(6,758)
20,245
63,421
(11,729)
(11,563)
4,805
10,232
15,728
162,871
Sundry income
2,099
2,099
2,099
2,099
2,099
2,099
2,099
2,099
2,099
2,099
2,099
2,099
25,188
40,259
39,656
5,511
(4,659)
22,344
65,520
(9,630)
(9,464)
1,462
6,904
12,331
17,827
188,059
6,240
6,147
854
(722)
3,463
10,156
(1,493)
(1,467)
227
1,070
1,911
2,763
29,149
34,019
33,509
4,656
(3,937)
18,881
55,365
(8,137)
(7,997)
1,236
5,834
10,419
15,064
158,910
Net profit before tax
Less taxation
Net profit for the year
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
(637)
Total
9 Projected balance sheet
Opening
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
100
100
34,019
34,119
100
67,528
67,628
100
72,184
72,284
100
68,247
68,347
100
87,128
87,228
100
142,493
142,593
100
134,355
134,455
100
126,358
126,458
100
127,594
127,694
100
133,427
133,527
100
143,847
143,947
100
158,910
(35,000)
124,010
100
100
326,034
50,000
65,129
441,162
426,150
50,000
79,988
556,138
386,355
50,000
76,462
512,817
367,453
50,000
417,453
393,320
50,000
443,320
456,992
50,000
506,992
375,412
50,000
425,412
347,555
50,000
397,555
361,484
50,000
411,484
372,427
50,000
422,427
381,381
50,000
431,381
390,335
50,000
440,335
-
655,000
689,417
655,000
1,082,574
655,000
1,075,807
655,000
1,069,114
655,000
1,062,496
655,000
1,055,951
655,000
1,049,477
655,000
1,043,075
655,000
1,036,742
655,000
1,030,478
655,000
1,024,281
655,000
1,018,152
1,785,579
2,293,712
2,243,624
2,141,567
2,160,816
2,217,943
2,129,889
2,095,630
2,103,226
2,107,905
2,110,662
2,113,487
-
84,099
232,111
29,011
6,240
300,000
651,461
190,979
202,816
29,633
12,387
295,000
730,815
163,652
189,585
25,902
13,241
290,000
682,380
74,259
190,530
3,007
25,280
12,519
285,000
590,594
70,032
196,200
7,340
27,768
15,982
280,000
597,322
43,923
213,842
13,826
32,742
26,138
275,000
605,470
27,595
182,969
2,718
24,037
24,645
270,000
531,965
11,519
182,969
5,437
24,037
23,178
265,000
512,140
20,204
187,380
8,694
25,280
23,405
260,000
524,962
31,809
189,585
3,526
25,902
24,475
255,000
530,296
27,127
191,790
7,321
26,524
26,386
250,000
529,148
16,774
193,995
11,385
27,146
29,149
280,000
558,449
-
900,000
200,000
1,100,000
896,490
198,780
400,000
1,495,270
892,967
197,553
398,440
1,488,960
889,431
196,320
396,874
1,482,625
885,881
195,082
395,303
1,476,265
882,318
193,837
393,725
1,469,880
878,742
192,585
392,141
1,463,469
875,152
191,328
390,552
1,457,032
871,549
190,064
388,957
1,450,570
867,933
188,794
387,355
1,444,082
864,302
187,518
385,748
1,437,568
860,659
186,235
384,134
1,431,028
Total liabilities
-
1,751,461
2,226,085
2,171,340
2,073,219
2,073,588
2,075,350
1,995,433
1,969,172
1,975,532
1,974,378
1,966,715
1,989,477
Net assets
100
34,119
67,628
72,284
68,347
87,228
142,593
134,455
126,458
127,694
133,527
143,947
124,010
Equity
Share capital
Reserves
Retained earnings
Dividends Paid
Represented by:
Current assets
Cheque account
Accounts receivable
Inventory
Goods & services tax
Investments
Intangible Assets
Property & Equipment
100
-
C1
C3
C6
Total assets
Current liabilities
Bank overdraft
Accounts payable
Goods & services tax
PST
Taxation
Shareholder loan
Term liabilities
Bank
Vendor
Leasehold improvements
100
C2
C3
C4
C5
C8
C7
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
10 Projected statement of cash flow
Cashflows from Operations
Cash from customers
Cash paid to suppliers
Cash paid to employees
PST & GST
Interest on term loan
Interest on bank overdraft
Income tax paid
Income tax refunded
Cashflows from Investing
Investments
Intangible Assets
Property & equipment purchases
Cashflows from Financing
Loan draws
Loan principal repayments
Capital introduced
Drawings
Net cash flow
Opening bank
Closing bank
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
141,729
(158,479)
(49,949)
(67,500)
(134,199)
377,595
(371,060)
(49,949)
(49,011)
(4,375)
(350)
(97,150)
457,814
(332,944)
(49,949)
(29,633)
(5,856)
(796)
38,637
426,973
(320,343)
(49,949)
50,560
(5,831)
(682)
100,728
421,998
(325,068)
(49,949)
(25,280)
(5,805)
(309)
15,586
463,783
(342,500)
(49,949)
(27,768)
(5,780)
(292)
37,495
469,752
(339,560)
(49,949)
(46,568)
(5,754)
(183)
27,738
416,029
(308,687)
(49,949)
(24,037)
(5,729)
(115)
27,513
394,142
(311,627)
(49,949)
(24,037)
(5,703)
(48)
2,778
407,075
(317,508)
(49,949)
(33,974)
(5,677)
(84)
(117)
419,014
(321,183)
(49,949)
(25,902)
(5,651)
(133)
16,196
428,962
(324,858)
(49,949)
(26,524)
(5,625)
(113)
21,893
(655,000)
(695,000)
(1,350,000)
(400,000)
(400,000)
-
-
-
-
-
-
-
-
-
-
(655,000)
(1,095,000)
(1,750,000)
1,100,000
300,000
1,400,000
400,000
(4,730)
(5,000)
390,270
(6,310)
(5,000)
(11,310)
(6,335)
(5,000)
(11,335)
(6,360)
(5,000)
(11,360)
(6,385)
(5,000)
(11,385)
(6,411)
(5,000)
(11,411)
(6,437)
(5,000)
(11,437)
(6,462)
(5,000)
(11,462)
(6,488)
(5,000)
(11,488)
(6,514)
(5,000)
(11,514)
(6,540)
(5,000)
(11,540)
1,500,000
(68,972)
300,000
(55,000)
1,676,028
(106,881)
27,327
89,394
4,226
26,110
16,327
16,076
(8,684)
(11,605)
4,682
10,353
(84,099)
(190,979)
(163,652)
(74,259)
(70,032)
(43,923)
(27,595)
(11,519)
(20,204)
(31,809)
(27,127)
(190,979)
(163,652)
(74,259)
(70,032)
(43,923)
(27,595)
(11,519)
(20,204)
(31,809)
(27,127)
(16,774)
(84,199)
100
(84,099)
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
Total
4,824,865
(3,773,817)
(599,384)
(329,674)
(61,786)
(3,105)
57,098
(16,874)
100
(16,774)
A) Gross profit analysis
Jul-09
Gold Widgets
Sales
less Direct Costs
Purchases
Defects
Royalties
Gross Margin Gold Widgets
Black widgets
Sales
less Direct Costs
Purchases
Defects
Royalties
Gross Margin Black widgets
Green widgets
Sales
less Direct Costs
Purchases
Defects
Royalties
Gross Margin
widgets
G
M i Green
G
id
Other costs of sales
Direct labour
Freight
Credit card charges
Total Gross margin
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Total
68,906
73,828
44,297
39,375
59,063
98,438
29,531
29,531
39,375
44,297
49,219
54,141
630,000
20,672
1,034
2,067
23,773
22,148
1,107
2,215
25,471
13,289
664
1,329
15,282
11,813
591
1,181
13,584
17,719
886
1,772
20,377
29,531
1,477
2,953
33,961
8,859
443
886
10,188
8,859
443
886
10,188
11,813
591
1,181
13,584
13,289
664
1,329
15,282
14,766
738
1,477
16,980
16,242
812
1,624
18,679
189,000
9,450
18,900
217,350
45,134
48,357
29,014
25,791
38,686
64,477
19,343
19,343
25,791
29,014
32,238
35,462
412,650
55,453
59,414
35,648
31,688
47,531
79,219
23,766
23,766
31,688
35,648
39,609
43,570
507,000
22,181
277
2,773
25,231
23,766
297
2,971
27,033
14,259
178
1,782
16,220
12,675
158
1,584
14,418
19,013
238
2,377
21,627
31,688
396
3,961
36,045
9,506
119
1,188
10,813
9,506
119
1,188
10,813
12,675
158
1,584
14,418
14,259
178
1,782
16,220
15,844
198
1,980
18,022
17,428
218
2,179
19,824
202,800
2,535
25,350
230,685
30,222
32,381
19,428
17,270
25,905
43,174
12,952
12,952
17,270
19,428
21,587
23,746
276,315
291,500
291,500
291,500
291,500
291,500
291,500
291,500
291,500
291,500
291,500
291,500
291,500
3,498,000
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
204,050
20,405
224,455
2,448,600
244,860
2,693,460
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
67,045
67
045
804,540
804
540
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
44,949
124
1,931
47,004
539,384
1,486
23,175
564,045
95,397
100,779
68,484
63,102
84,632
127,692
52,336
52,336
63,102
68,484
73,867
79,249
929,460
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
B) Schedule of expenditure
General & Administrative expenses
Accounting
Advertising
Automobile Expenses
Bank charges
Cleaning
Contingency
Insurance
Licences, memberships & subs.
Meals & Entertainment
Music
Office expenses
Rent
Property tax
Rent
Repairs & maintenance
Security
Sign lease
Supplies
Telephone & internet
Travel
Utilities
Wages - Admininstration
Wages - Management
Finance expenses
Line of credit
Bank
Vendor
Leasehold improvements
Sundry income
Pull Tabs\Keno
PST Commission
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
8,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
56,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
3,500
4,150
600
505
4,100
2,000
2,400
600
200
1,300
500
8,333
833
4,582
3,000
275
1,000
500
325
150
7,800
5,000
51,654
47,000
49,800
7,200
6,060
49,200
24,000
28,800
7,200
2,400
15,600
6,000
100,000
10,000
54,984
36,000
3,300
12,000
6,005
3,900
1,800
93,600
60,000
624,849
-
350
3,375
1,000
4,725
796
3,362
994
1,500
6,651
682
3,349
988
1,494
6,512
309
3,335
982
1,488
6,115
292
3,322
975
1,482
6,072
183
3,309
969
1,476
5,937
115
3,295
963
1,471
5,844
48
3,282
957
1,465
5,751
84
3,268
950
1,459
5,761
133
3,255
944
1,453
5,784
113
3,241
938
1,447
5,738
3,105
36,393
10,659
14,734
64,891
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
2,000
99
2,099
24,000
1,188
25,188
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
Total
C) Financial position supporting schedules
1. Accounts receivable
Sales
PST
GST
Opening receivables
less Receipts
Current month
One month
Two months
Three months
Receivables outstanding
2. Accounts payable
Expenses
add Increase in inventory
less GST exempt items
Wages & salaries
Bank fees
Insurance
Property tax
Finance charges
Total GST expenditure related items
GST
Opening payables
less Payments made
Current month
One month
Two months
Three months
Payables outstanding
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Total
415,859
29,110
20,793
465,763
424,742
29,732
21,237
475,711
371,445
26,001
18,572
416,019
362,563
25,379
18,128
406,070
398,094
27,867
19,905
445,865
469,156
32,841
23,458
525,455
344,797
24,136
17,240
386,173
344,797
24,136
17,240
386,173
362,563
25,379
18,128
406,070
371,445
26,001
18,572
416,019
380,328
26,623
19,016
425,968
389,211
27,245
19,461
435,916
4,635,000
324,450
231,750
5,191,200
326,034
426,150
386,355
367,453
393,320
456,992
375,412
347,555
361,484
372,427
381,381
142,713
232,881
-
121,821
208,009
95,142
424,973
133,760
203,035
83,204
419,998
157,637
222,933
81,214
461,783
115,852
262,728
89,173
467,752
115,852
193,086
105,091
414,029
121,821
193,086
77,235
392,142
124,806
203,035
77,235
405,075
127,790
208,009
81,214
417,014
130,775
212,984
83,204
426,962
1,557,360
2,377,642
865,863
4,800,865
139,729
-
-
139,729
375,595
124,806
237,856
93,153
455,814
326,034
426,150
386,355
367,453
393,320
456,992
375,412
347,555
361,484
372,427
381,381
390,335
390,335
372,117
50,000
380,342
-
361,267
-
362,627
-
371,231
-
399,190
-
350,052
-
349,958
-
356,866
-
360,377
-
363,899
-
367,354
-
4,395,281
50,000
49,949
505
2,400
833
368,430
18,421
,
386,851
49,949
505
2,400
833
4,725
321,930
16,096
,
338,026
49,949
505
2,400
833
6,651
300,928
15,046
,
315,975
49,949
505
2,400
833
6,512
302,428
15,121
,
317,549
49,949
505
2,400
833
6,115
311,429
15,571
,
327,001
49,949
505
2,400
833
6,072
339,431
16,972
,
356,403
49,949
505
2,400
833
5,937
290,427
14,521
,
304,949
49,949
505
2,400
833
5,844
290,427
14,521
,
304,949
49,949
505
2,400
833
5,751
297,428
14,871
,
312,299
49,949
505
2,400
833
5,761
300,928
15,046
,
315,975
49,949
505
2,400
833
5,784
304,429
15,221
,
319,650
49,949
505
2,400
833
5,738
307,929
15,396
,
323,325
599,384
6,060
28,800
10,000
64,891
3,736,145
186,807
, ,
3,922,952
232,111
202,816
189,585
190,530
196,200
213,842
182,969
182,969
187,380
189,585
191,790
154,740
-
135,211
232,111
-
154,740
367,321
126,390
202,816
329,206
127,020
189,585
316,605
130,800
190,530
321,330
142,561
196,200
338,761
121,980
213,842
335,821
121,980
182,969
304,949
124,920
182,969
307,889
126,390
187,380
313,770
127,860
189,585
317,445
129,330
191,790
321,120
1,569,181
2,159,776
3,728,957
232,111
202,816
189,585
190,530
196,200
213,842
182,969
182,969
187,380
189,585
191,790
193,995
193,995
-
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
-
C) Financial position supporting schedules (continued)
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
20,793
(67,500)
(18,421)
(65,129)
-
21,237
(20,000)
(16,096)
(14,859)
(65,129)
18,572
(15,046)
3,526
(79,988)
18,128
(15,121)
3,007
(76,462)
19,905
(15,571)
4,333
3,007
23,458
(16,972)
6,486
7,340
17,240
(14,521)
2,718
13,826
17,240
(14,521)
2,718
2,718
18,128
(14,871)
3,257
5,437
18,572
(15,046)
3,526
8,694
19,016
(15,221)
3,795
3,526
19,461
(15,396)
4,064
7,321
Total
3. Goods and services tax
Outputs per accounts receivable schedule
Inputs per assets purchased
Inputs per accounts payable schedule
Opening GST payable
less Payments (refunds)
GST payable (refundable)
-
(76,462)
13,826
8,694
231,750
(87,500)
(186,807)
(42,557)
(53,942)
(65,129)
(79,988)
(76,462)
3,007
7,340
13,826
2,718
5,437
8,694
3,526
7,321
11,385
11,385
29,110
(99)
29,011
29,732
(99)
29,633
26,001
(99)
25,902
25,379
(99)
25,280
27,867
(99)
27,768
32,841
(99)
32,742
24,136
(99)
24,037
24,136
(99)
24,037
25,379
(99)
25,280
26,001
(99)
25,902
26,623
(99)
26,524
27,245
(99)
27,146
324,450
(1,188)
323,262
-
29,011
29,011
29,633
29,633
25,902
25,902
25,280
25,280
27,768
27,768
32,742
32,742
24,037
24,037
24,037
24,037
25,280
25,280
25,902
25,902
26,524
26,524
296,116
29,011
29,633
25,902
25,280
27,768
32,742
24,037
24,037
25,280
25,902
26,524
27,146
27,146
4. Provincial sales tax
PST Collected
PST commissions
Opening PST payable
less Payments (refunds)
PST payable (refundable)
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
C) Financial position supporting schedules (continued)
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Taxation expense
Monthly Net profit before tax
Taxable profit year to date
40,259
40,259
39,656
79,915
5,511
85,425
(4,659)
80,766
22,344
103,110
65,520
168,630
(9,630)
159,000
(9,464)
149,536
1,462
150,998
6,904
157,902
12,331
170,233
17,827
188,059
Taxation charge year to date
Monthly tax charge
6,240
6,240
12,387
6,147
13,241
854
12,519
(722)
15,982
3,463
26,138
10,156
24,645
(1,493)
23,178
(1,467)
23,405
227
24,475
1,070
26,386
1,911
29,149
2,763
-
6,240
12,387
13,241
12,519
15,982
26,138
24,645
23,178
23,405
24,475
26,386
6,240
6,147
854
3,463
10,156
(1,493)
(1,467)
227
1,070
1,911
2,763
15,982
26,138
24,645
23,178
23,405
24,475
26,386
29,149
5. Taxation
Taxation Liability
Opening balance
add Tax charge for month
less Tax payments
add Tax refunded
Closing balance
(722)
-
6,240
12,387
13,241
12,519
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
Total
C) Financial position supporting schedules (continued)
Jul-09
6. Property & Equipment
Equipment
Opening balance
add Additions
less Amortization
Closing balance
Computer Equipment
Opening balance
add Additions
less Amortization
Closing balance
Office equipment & furniture
Opening balance
add Additions
less Amortization
Closing balance
Total property & equipment
Total amortization
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Amortization
Rate
Land
Opening balance
add Additions
Closing balance
Leasehold improvements
Opening balance
add Additions
less Amortization
Closing balance
Aug-09
-
4.00%
20.00%
45.00%
20.00%
-
-
-
-
-
-
-
-
-
-
-
450,000
1,500
448,500
448,500
400,000
2,828
845,672
845,672
2,819
842,853
842,853
2,810
840,043
840,043
2,800
837,243
837,243
2,791
834,452
834,452
2,782
831,670
831,670
2,772
828,898
828,898
2,763
826,135
826,135
2,754
823,381
823,381
2,745
820,636
820,636
2,735
817,901
245,000
4,083
240,917
240,917
4,015
236,902
236,902
3,948
232,954
232,954
3,883
229,071
229,071
3,818
225,253
225,253
3,754
221,499
221,499
3,692
217,807
217,807
3,630
214,177
214,177
3,570
210,607
210,607
3,510
207,097
207,097
3,452
203,645
203,645
3,394
200,251
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
689,417
1,082,574
1,075,807
1,069,114
1,062,496
1,055,951
1,049,477
1,043,075
1,036,742
1,030,478
1,024,281
1,018,152
5,583
6,843
6,767
6,693
6,618
6,545
6,474
6,402
6,333
6,264
6,197
6,129
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
Total
C) Financial position supporting schedules (continued)
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
900,000
896,490
892,967
889,431
885,881
882,318
878,742
875,152
871,549
867,933
864,302
7. Term Liabilities
Bank
Opening balance
add Draws
add Interest
less Repayments
Closing balance
Vendor
Opening balance
add Draws
add Interest
less Repayments
Closing balance
900,000
900,000
200,000
200,000
Leasehold improvements
Opening balance
-
add Draws
-
add Interest
less Repayments
-
Closing balance
-
-
-
-
-
-
-
-
-
-
-
-
3,375
(6,885)
3,362
(6,885)
3,349
(6,885)
3,335
(6,885)
3,322
(6,885)
3,309
(6,885)
3,295
(6,885)
3,282
(6,885)
3,268
(6,885)
3,255
(6,885)
3,241
(6,885)
896,490
892,967
889,431
885,881
882,318
878,742
875,152
871,549
867,933
864,302
860,659
200,000
198,780
197,553
196,320
195,082
193,837
192,585
191,328
190,064
188,794
187,518
-
-
-
-
-
-
-
-
-
-
-
1,000
(2,220)
994
(2,220)
988
(2,220)
982
(2,220)
975
(2,220)
969
(2,220)
963
(2,220)
957
(2,220)
950
(2,220)
944
(2,220)
938
(2,220)
198,780
400,000
400,000
197,553
196,320
195,082
193,837
192,585
191,328
190,064
188,794
187,518
186,235
400,000
398,440
396,874
395,303
393,725
392,141
390,552
388,957
387,355
385,748
-
-
-
-
-
-
-
-
-
-
1,500
(3,060)
1,494
(3,060)
1,488
(3,060)
1,482
(3,060)
1,476
(3,060)
1,471
(3,060)
1,465
(3,060)
1,459
(3,060)
1,453
(3,060)
1,447
(3,060)
398,440
396,874
395,303
393,725
392,141
390,552
388,957
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
387,355
385,748
384,134
Total
C) Financial position supporting schedules (continued)
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Total
-
50,000
47,500
45,000
42,500
40,000
37,500
35,000
32,500
30,000
27,500
25,000
-
50,000
-
-
-
-
-
-
-
-
-
-
35,000
50,000
35,000
-
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(27,500)
-
Closing balance
50,000
47,500
45,000
42,500
40,000
37,500
35,000
32,500
30,000
27,500
25,000
57,500
57,500
Jane Smith
Opening balance
-
250,000
247,500
245,000
242,500
240,000
237,500
235,000
232,500
230,000
227,500
225,000
-
8. Shareholder Loans
John Smith
Opening balance
add Shareholder salary
Capital introduced
Dividend received
less Drawings
Personal tax payments
add Shareholder salary
Capital introduced
Dividend received
less Drawings
Personal tax payments
Closing balance
250,000
-
250,000
-
-
-
-
-
-
-
-
-
-
-
250,000
-
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(2,500)
(27,500)
-
247,500
245,000
242,500
240,000
237,500
235,000
232,500
230,000
These financial projections shouldbe read subject to the Disclaimer of Liability
on the contents page and the assumptions annexed hereto.
227,500
225,000
222,500
222,500