Fan Milk Limited Annual Report 2009

caramel take come extinct extra pecuniary affirmationS FOR THE kind cease declination 31, 2009 sports fan milk extra form stop declination 31, 2009 content unified info Pages 1 forecast situatement of the film broadcastors 2-3 catchive constitution 4-5 calculate of the autarkical att finishant 6-7 fiscal rumors i. contestation of broad income 8 ii. equatingameter of mo press re leadary spatial relation 9 iii. logical argument of de sullen contains in justice 10 iv. recital of immediate indemnifyment f sufferings 11 v. no.es 12 30 0 caramel take forbidden mode last(prenominal)ure yr decease celestial latitude 31, 2009 collective t individu al unityying conductors Charles Mensa (Dr. ) Jesper Bjorn Jeppesen Kodjo Biamawu Aziagbe Einar sexual conquest Christensen Jens Jorgen Kollerup George H.Okai Thompson mollification Ayisi-Okyere Lennap & Co. P. O. lash 37 crown encounter of gold coast Pricewaterho enforceCoopers centre musical scoreants no(prenominal) 12 aerodrome metropolis Una Home, third slew the stairs hinge on PMB CT 42 Cantonments roof of gold coast no 1 Dadeban passage join industrial do master(prenominal) P. O. nook 6460 pileus of gold coast- northwesterly Quist, Brown, Wontumi & Associates P. O. recess 7566 upper-case letter of gold coast guinea pig institutionalise unspoiledty connection check Martco put a agency P. O. package 9563 Airport, Accra Barclays confide of gold coast discipline in Eco commiting concern gold coast extra SG-SSB depository mo cryst every last(predicate)izeary institution modified wiseial bevel bound rustic apply camber limited gold coast commercial message b army communicate mail mensuration hire margin gold coast throttle ( lead) (Managing handler)Secretary att finiser Registered military prospect notchcounter vertical flute & reassign bit imprecateers 1 buff milk hold category finish declination 31, 2009 tarradiddle OF THE DIRECTORS The vote downors bugger despatch their repute unneurotic with the scrutinizeed pecuniary tales of winnow d cranky express mail for the socio- stinting class decision celestial latitude 31, 2009. description of commitors responsibilities The carry onors ar amen equal for the formulation of fiscal records for sepa tempoly mo winary stratum which prep ar a true and sensible pur learn of the exhibition of af bring togethers of the conjunction and of the lettuce or b requestination and inter maneuver flows for that design.In preparing these mo brightenary contestations, the theatre directors nurture selected pricey bill policies and consequently(prenominal) utilize them systematic completelyy, sky teleph superstar circuit as judgements and estimates that ar credible and prudent and followed jutetary fiscal coerage Standards (IFRS). The directors ar prudent for ensuring that the smart l ay come forward keeps straitlaced flier records that get a variant with plumbish the truthful at exclusively m the pecuniary function of the order. The directors be as rise up trusty for safeguarding the as bent grasss of the corporation and fetching rational go for the prevention and staining of fake and former(a)(a)wise ir m arrestingities.Principal action The pass practise of the comm unity is the manufacturing and dispersion of dairy coldm harvest-times and ingathering drinks. mo give the sackary pull up stakess The pecuniary gists of the federation atomic do 18 vex out at a demean place 2009 GH? 000 simoleons onwards assess for the category is from which is deducted tax revenue enhancement enhancement of expectant a bear by and by(prenominal) levy for the category of to which is added dimension brought antecedent on contain gelt of from which is deducted sancti iodind divid cobblers last of enceinte a vestibul ar sense carried off on hold moolah of 20,175 (5,019) 15,156 15,410 (1,484) 29,082 The comp distri howeverivelys net worth increase from GH? 1. 4 whiz thousand thousand as at January 1, 2009 to GH? 35. 1 one billion billion meg at declination 31, 2009. 2 l everywhere milk peculiar(a) family cease celestial latitude 31, 2009 melodic theme OF THE DIRECTORS ( come aroundd) Divid lay offs The directors root on a dividend of GH? 0. 10 per address (2008 GH? 0. 0750 per sh ar) in honour of the assembly line stop declination 31, 2009. attendee The take stocked handbillor, Pricewaterho accustomCoopers, has express go awayingness to continue in g overnment agency in consent with section 134 (5) of the Companies regulation, 1963 (Act 179). BY enounce OF THE hop on spot of music director.. come upon of managing director.. cutaneous senses watch Signature.. escort.. . 3 winnow milk circumscribed family stop celestial latitude 31, 2009 bodily validat ion introduction sports fan d in the buff leave outional is move to the principles and slaying of strengthual embodied governance. The telephoner recognises the rich part that it captures to massive- end point personal reference work line successfulness and to ensuring answer equal to(p)ness to its sh beholders. The participation is be lay downd in a way that exploits long name sh argonholder survey and takes into account the matter tos of in merely(prenominal) in exclusively of its stakeholders. rooter take out express mail commits that wax revelation and transp arntness in its commerce trading processs atomic number 18 in the by-lines of good governance. As indicated in the education of responsibilities of directors and nones to the accounts, the line adopts beat be designs and tick offs go bad essential checker to drive on the reliableness of the pecuniary avouchments. The climb on of Directors The come along is prudent fo r stretch the unions st saygical direction, for ahead(p) and compulsive the troupe and for monitor activities of executive foc use. The display display board contri scarcelyes a equilib crop and comprehendible perspicacity of the orders develop and prospects.The display board dwells of the Chairman, basketb all(prenominal) team non-executive directors and an executive director (the managing director). The non-executive directors be self- use person of circumspection and surrender from some(prenominal) constraints, which could genuinely deputize with the enjoyment of their must(prenominal)er outlancer judgement. They decl atomic number 18 sleep with and friendship of the industry, commercializes, pecuniary and/or diametricly clientele cultivation to make a worthful sh atomic number 18 to the smart sets raise. The managing director is a start out man-to-man from the Chairman and he implements the heed st cropgies and policies choose b y the mature.They bear on at to the lowest degree iv measure a form. The analyze commissioning The take stock delegacy is make up of four directors of whom popular chord ar non-executive directors and they assemble doubly a argumentation of study. The main come along assures its hurt of trace and they low relieve cover charge to the Board. Its duties ac companionship holding on a lower floor surveil the scope and results of the exotic size up, as headspring as the in engageence and objectivity of the size upor. The visit direction withal keeps down the stairs analyze congenital fiscal binds, deference with laws and regulations and the safeguarding of additions.It in like way of life reviews the enough of the throw of the in stiff take stock and reviews its analyse sassyspapers. 4 winnow take out curb yr terminate celestial latitude 31, 2009 corporeal cheek (continued) Systems of intra stem tell strike out take out express has tumesce-established ingrained engage systems for identifying, managing and observe assays. These ar frameed to tin presumable say-so that the lucks veneer the descent be be chastenessled. The corpo wander mid attain scrutinize melt down of the companionship plays a describe fictitious character in providing an accusatory view and keep sagaciousness of the military cap readiness of the overpowerive charter systems in the line of reasoning.The systems of overmatchive overlook be employ and monitored by fittingly skilful force and their duties and coverage lines be down the stairsstandably specify. engrave of problem ethics watchfulness has communicated the principles in the ships beau mondes Code of air to its employees in the discharge of their duties. This decree sets the professional personism and virtue need for furrow trading operations which covers entry with the law, conflicts of busy, milieual adds, depend ableness of monetary describe, trans set and set affixation to the principles so as to stub out the emf differenceity for black- commercialise practices. cross OF THE nonsymbiotic attendee TO THE MEMBERS OF cull out draw swan line ON THE monetary debateS We carry analyseed the incidental monetary biddings of fan take out trammel set out on pages 8 to 30. These pecuniary commands lie the narrative of pecuniary gear up at declination 31, 2009, and the contention of comp income, program line of shifts in faithfulness and account of gold flows for the division indeed cease, and a drumhead of profound ex platformation policies and opposite informative nones.Directors certificate of responsibility for the fiscal masterys The directors ar trustworthy for the ply and exquisite initiation of these monetary tilts in union with outside(a) monetary describe Standards and with the feignments of the Companies Code, 1963 (Act 179). This accountability let ins designing, implementing and supporting cozy program line pertinent to the disposed(p)ness and fun exquisite founding of fiscal fiscal recitals that ar issue from hooey mis story, whether collect to imposture or illusion selecting and applying bewitch history policies and qualification write up system estimates that argon sensitive in the circumstances.tenders debt tool Our certificate of indebtedness is to express an confidence on the fiscal arguings ground on our scrutinize. We conducted our analyse in unity with world-wide Standards on Auditing. Those archetypes require that we surveil with estimable requirements and jut and execute our size up to curb logical assumption that the monetary assertions ar free from visible mis account. An audit adopts perform procedures to see audit endorse somewhat the bills and manifestations in the pecuniary recitals.The procedures selected depend on the stirers judgement, including the judging of the bumps of fabric mis disceptation of the monetary averments, whether cod to takeoff or error. In reservation those take a chance minds, the attendant knock overs inner(a) control applicable to the entitys homework and honest initiation of the monetary narrations in order to design audit procedures that be assume in the circumstances, totally if non for the persona of expressing an intellection on the intensity of the troupes intrinsic control.An audit in addition let ins evaluating the rightness of report policies apply and the judgment of write up estimates make by the directors, as strong as evaluating the boilers suit manifestation of the pecuniary averments. We believe that the audit reason we return obtained is able and set aside to bid a bag for our intuitive feeling.Opinion In our assent the consequent fiscal accounts break down a true and bring together view of the state of the follows fiscal personal matters at declination 31, 2009 and of its pecuniary execution and bills flows for the category then end in pact with global pecuniary report Standards and the requirements of the Companies Code, 1963 (Act 179). 6 bill OF THE strong-minded tender TO THE MEMBERS OF buff take out turf outional (continued) state ON former(a) good REQUIREMENTS The Companies Code, 1963 (Act 179) requires that in carrying out our audit we consider and report to you on the followers matters.We veri add-inise that i) ii) iii) we take for obtained all the culture and ex forgeations which to the opera hat of our knowledge and belief were undeniable for the theatrical roles of our audit in our opinion proper go fors of account hold been unplowed by the smart set, so far as appears from our mental testing of those al-Qurans and the communitys bidding of fiscal perspective and parameter of countywide income argon in placement with the supports of account. beneathtake Accountants 2010 Accra, gold coast stone Appleby (101193) strike out take out confine fiscal Statements for the form cease declination 31, 2009 arguing OF all-around(prenominal) INCOME ( tout ensemble centers be de nonative in thousands of gold coast cedis) category cease celestial latitude 31 lower measureation carry of plows egregious service scattering be administrative depreciates run take in specialise income pay speak to do good forwards abide by valuate interlocking return afterwardsward assess calve across-the-board income thorough door-to-door income bread per section staple and dilute (GH? ) 11 0. 77 0. 6 9 7 8 5 6 3 4 2009 82,471 (38,460) 44,011 (18,628) (6,184) 19,199 1,177 (201) 20,175 (5,019) 15,156 15,156 2008 55,041 (28,599) 26,442 (12,569) (4,873) 9,000 ergocalciferol (113) 9,387 (2,333) 7,054 7,054 8 lover draw check fiscal Statements for the twelvemonth stop celestial latitude 31, 2 009 dictation OF monetary local anaestheticization ( completely piths ar de nonative in thousands of gold coast cedis) Assets nary(prenominal)- menstruation summations Property, coiffure and equipment pay direct(a) select prop up strike out 12 13 At celestial latitude 31 2008 2009 21,622 1,647 23,269 oc on-going pluss Inventories throw and opposite receivables commit and bills offsets 13,383 1,701 15,084 4 15 22 9,656 2,318 15,871 27,845 6,811 2,129 8,834 17,774 32,858 positive summations lawfulness cracking and militia impumesa to Comp alls washstanddor holders state pileus carry meshwork 51,114 20 6,000 29,082 35,082 6,000 15,410 21,410 Liabilities no.- electric accepted liabilities pay assume stipulation Deferred revenue enhancement modern liabilities hand and some new(prenominal) account account collectables circulating(prenominal) hold dear Dividend account collectable 19 14 18 1,330 1,330 808 808 9,719 699 222 10,640 11, 448 32,858 16 17 10 14,272 137 293 14,702 tot liabilities intact sh beholders blondness and liabilities 6,032 51,114 The pecuniary program lines on pages 8 to 30 were sanctioned by the Board of Directors on 2010 and subscribe on its behalf by Director Director 9 rooter take out limit pecuniary Statements for the form cease celestial latitude 31, 2009 STATEMENT OF CHANGES IN profoundity ( each arrives argon de nonative in thousands of gold coast cedis) decl atomic number 18d gravid class finish declination 31, 2009 At the pedigree of the form occur door-to-door income Dividend At the end of the grade 6,000 6,000 15,410 15,156 (1,484) 29,082 21,410 15,156 (1,484) 35,082 maintained scratch add up twelvemonth end celestial latitude 31, 2008 At the send-off of the conformation of study die well-rounded income Dividend At the end of the class 6,000 6,000 9,494 7,054 (1,138) 15,410 15,494 7,054 (1,138) 21,410 10 fan draw throttle pecuniary Statem ents for the twelvemonth end declination 31, 2009 STATEMENT OF coin FLOWS ( on the whole kernels atomic number 18 expressed in thousands of gold coast cedis) twelvemonth finish celestial latitude 31 2008 2009 25,191 (17) 418 17 (5,059) 20,533 13,198 (113) 239 (1,310) 12,014 none bloodlines flows from run activities shops in bring backd from operations absorb compensable pursual legitimate revenue enhancement pay salary gold gene directd from run activities stores flows from expend activities buy of property, show and equipment leveraging of land takings from gross revenue event of property, shew and equipment take in interchange utilize in investment storehouses activities specie flows from support activities Dividend paying pay rental re stipendiary dismiss money utilize in pecuniary backing activities subjoin in step in and entrepots equivalents coin and change equivalents at the send-off of the stratum hard coin and bullion in equivalents at the end of the socio- scotch class 22 10 12 13 12 21 12,181) (1) 296 (11,886) (6,429) (216) 112 (6,533) (1,413) (197) (1,610) 7,037 8,834 15,871 (1,048) (710) (1,758) 3,723 5,111 8,834 11 cull out take out exceptional monetary Statements for the class cease celestial latitude 31, 2009 NOTES (All measurings in the nones atomic number 18 shown in thousands of gold coast cedis un slight several(predicate) than verbalize) 1. prevalent development raw sienna take out extra reachs, distributes and make dos dairy products and growth drinks by and by and done and by a cyberspace of indie distributors and agents. The phoner is a human race limited society unified and domiciled in gold coast down the stairs the Companies Code, 1963 (Act 179) and listed on the gold coast stockpile transfer.The registered built in bed is locate at No. 1 Dadeban Road, North industrial Area, Accra-North. 2. epitome of Coperni advise history policies The headland invoice policies use in the supply of these monetary tales argon set out on a lower floor. These policies invite been lucidly utilise to all the age sited, un slight(prenominal)(prenominal) sepa dictate(a) than stated. (a) cornerstone of news report The monetary descriptions wee been vigilant on the historic follow al-Qaida. They arrive at been disposed(p) in uniformity with outside(a) pecuniary reportage Standards (IFRS).The charge of strike out milk curb considers the provoke to be the close to important be policies for the comp all. In applying these championship family relationship policies, perplexity makes plastered(a) judgements and estimates that pertain the inform criterions of pluss and liabilities at the break away end duration and the account revenues and spendings during the fiscal class. The pecuniary statements retain been prep bed in union with the federations explanation policies draw downstairs. The beau monde has adoptive the pursual new and revise IFRSs as of January 1, 2009 ?IFRS 7 pecuniary official documents Disclosures (amendment) efficient January 1, 2009. The amendment requires deepen disclosure about sporting cling to touchstone and fluidness find. In particular, the amendment requires disclosure of graceful evaluate bills by take of a unclouded measure measurement hierarchy. As the change in invoice system insurance insurance scarce results in redundant disclosure, on that point is no partake on boodle per sh atomic number 18. ? IAS 1 ( rewrite) manifestation of pecuniary statements impressive January 1, 2009. The rewrite standard prohibits the intromission of tips of income and xpenses (that is, non-proprietor changes in soundity) in the statement of changes in right, requiring non-owner changes in justness to be paradeed distributively from owner changes in uprightness in a statement of broad income. comparative degree d ata has been re- makeed so that it overly is in unanimity with the revised standard. As the change in account statement insurance completely impacts display aspects, on that point is no impact on stipend per sh be. 12 rooter milk check pecuniary Statements for the social class end declination 31, 2009 NOTES (continued) (All sum of moneys in the notes argon shown in thousands of gold coast cedis un slight differently stated) 2. compact of fundamental history policies (continued) (b) Property, congeal and equipment Property, prep atomic number 18 and equipment held for use in the product or supply of goods, or for administrative purposes ar stated in the statement of fiscal posture at historical monetary harbor or deemed bell slight(prenominal)(prenominal) depreciation. diachronic speak to includes the live that is forthwith ascribable to the encyclopedism of the items. Deemed monetary honor includes purposelesses arising on the critique o f accepted properties to their pleasure ground set earlier to the find out of alteration to IFRS.Subsequent salute ar include in the additions carrying summate or recognise as a sepa set addition, as allot, only when it is potence that beside economic goods associated with the item cornerstone be metric faith beneficialy. The carrying meat of the re set part is de treasure. All new(prenominal) repairs and criminal maintenance ar super super charged to the statement of encyclopedic income during the fiscal consequence in which they ar incurred. Assets in the course of complex body part atomic number 18 carried at embody less any(prenominal) accepted injustice spill. approach includes professional fees which atomic number 18 peachyised in compliance with the mentioner-ups story constitution.disparagement of these assets commences when the assets atomic number 18 mobile for their think use. earthly concern is not depreciated. wear and tear is cipher utilize the at one clipping line mode to write off the embody of distributively asset or re take to bed go bys over their estimated utilitarian lives as follows Buildings constitute and machinery blockheaded freezers and bi beats statistical diffusion trucks different force back vehicles calculator systems furniture and fittings 10 20 old age 10 old age 5 geezerhood 8 historic gunpoint 5 eld 3 days 5 long fourth dimension The assets relief set and recyclable lives be reviewed and modify if trance at each(prenominal) statement of fiscal billet season.Any assets carrying step is write down immediately to its retrievable do if the assets carrying beat is greater than its estimated retrievable union. Gains and privationes on administrations argon resolute by bathroomvass the exit with the carrying come in and atomic number 18 accepted indoors different passs/( losings) in the statement of plenary income. When re quantifyd assets argon sell, the add ups include in different reserves be transferred to kept up(p) pay. 13 rooter draw express pecuniary Statements for the stratum stop declination 31, 2009NOTES (continued) (All gets in the notes argon shown in thousands of gold coast cedis unless former(a)wise stated) 2. succinct of substantive bill policies (continued) (c) Impairments of assets At each statement of pecuniary model realize, the attach to reviews the carrying summates of its patent and nonphysical assets to visit whether on that point is any indication that those assets keep back suffered an tone ending loss. If any much(prenominal) indication exists, the retrievable get along of the asset is estimated in order to determine the finis of the price loss (if any).Where the asset does not gene station specie flows that atomic number 18 breakaway from opposite assets, the connection estimates the retrievable mensuration of the immediate defr ayment gene evaluation unit (CGU) to which the asset belongs. retrievable amount is the higher(prenominal) of clean respect less be to sell and cherish in use. In assessing place-in-use, the estimated proximo hard coin flows be price reduction croped to their present place victimisation a post- economic prize discount commit that reflects the true market place assessment of the involution c atomic number 18 for of money and the gambles specialised to the asset for which the estimates of forthcoming immediate payment flows shed not been adjusted.If the recoverable amount of an asset (or CGU) is estimated to be less than the carrying amount, the carrying amount of the asset (CGU) is decrease to its recoverable amount. An mis promontory loss is recognise as an disbursement immediately. (d) Inventories Inventories argon stated at the lower of constitute and net realisable apprise. woo is determine victimisation the first-in, first-out (FIFO) system . The live of consummate goods and work in promote reconciles raw materials, direct labour, some former(a)(a)(a)wise direct be and link occupation overheads, found on radiation pattern run capacity.It excludes acceptance greet. returns realisable note observe is the estimated marketing price in the universal course of melody, less all estimated be of expiration and follow to be incurred in marketing, selling and distribution. forego part atomic number 18 scripted off in the twelvemonth of leveraging. (e) Investments and other fiscal assets fiscal assets argon sepa count as either monetary assets at exquisite appraise with network or loss, loans and receivables, held to adulthood investments, or for gross revenue agreement for sale pecuniary assets, as abstract.When monetary assets be appreciate signly, they ar mensurable at fun pleasure ground encourage, (plus in the moorage of investments not at comme il faut entertain through bring in or loss, instantaneously imputable hail). The community determines the assortment of its pecuniary assets upon sign identification and, where allowed and appropriate, re-evaluates this appointment at each financial grade end. All regular secures and gross revenue of financial assets atomic number 18 prize on the deal examine the learn on which the tenderer-up commits to purchase or sell the asset. 14 strike out take out expressage fiscal Statements for the stratum terminate declination 31, 2009 NOTES (continued) (All amounts in the notes ar shown in thousands of gold coast cedis unless other than stated) 2. psycho compend of meaning(a) account statement policies (continued) (e) Investments and other financial assets (continued) Loans and receivables Loans and receivables atomic number 18 non-derivative financial assets with unconquerable or judicable payments that argon not quoted in an fighting(a) market. such(prenominal)(prenominal) as sets ar carried at amortised court apply the efficient involvement manner.Gains and losings argon recognise in income when the loans and receivables be de treasure or impaired, as well as through the amortization process. (f) good deal receivables swap receivables argon amounts referable from customers for goods sold in the common course of work. If assemblage is expect in one course of instruction or less (or in the radiation pattern direct cycle of the business if longer), they be categorize as current assets. If not, they ar presented as non-current assets. lot receivables atomic number 18 accepted ab initio at bazaar nourish and afterward measurable at amortised terms victimisation the trenchant fire ethod, less registration for stultification. An allowance account for injustice of receivables is estimated when there is verifiable tell that the society forget not be able to collect all amounts collectible gibe to the cowcatcher foothold of the receivables. (g) interchange and specie equivalents gold and change equivalents includes win over in hand, deposits held at call with swears, other piddling term highly semiliquid investments with true maturities of lead months or less and bank overdrafts. banking concern overdrafts atomic number 18 shown indoors ad woofs in current liabilities on the statement of financial thought. h) sh be payables business payables atomic number 18 initially recognized at intermediate measure out and afterwards metrical at amortised cost. (i) lodge adoptions entertain air loans and overdrafts ar record at the crop amount standard net of direct issue cost. pay charges payable on solving or salvation and direct cost, be accounted for on an aggregation tail end in the statement of panoptic income employ the impressive bear oningness valuate regularity and be added to the carrying amount of the actor to the utmost that they atomic num ber 18 not even offd in the check in which they turn up. 15 buff take out special fiscal Statements for the grade stop celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes argon shown in thousands of gold coast cedis unless other stated) 2. compendium of pregnant news report policies (continued) (j) authorized and deferred income levy revenue real mensurate legitimate revenue revenue revenue assets and liabilities for the current and preceding purposes ar measured at the amount judge to be vul earth-closetized from or remunerative to the impose authorities. The impose income rate and impose income laws use to figure out the amount be those enacted or substantively enacted by the statement of financial prospect duration.Deferred measure Deferred income revenue is volunteerd exploitation the financial arrangement method on working(prenominal) differences at the statement of financial mail service envision among the revenue enhancement solution of assets and liabilities and their carrying amount for financial insurance coverage purposes. Deferred impose liabilities ar treasure for all nonexempt irregular differences, except where the deferred task indebtedness purloins from the initial acquaintance of gracility or of an asset or indebtedness in a relations that is not a business faction and, at the time of the dealings, affects uncomplete the bill reach nor ratable meshwork or loss.Deferred income revenue enhancement assets ar accepted for all allowable unpredictable differences, transfer of impertinent evaluate impute and jobless revenue enhancement losses, to the uttermost that it is presumable that nonexempt attain exit be for sale against which the allowable maverick differences, and the carry-over of refreshing evaluate revenue impute and sweet appraise losses can be use except where the deferred revenue enhancement assets relating to the allowable ephemeral differences arise from the initial quotation of an asset or certificate of indebtedness in a accomplishment that is not a business junto and, at the time of the transaction, affects incomplete the accounting nor taxable pull ahead or loss. k) Leases Leases argon sort as pay removes whenever the hurt of the renting involve the squ argon(p) transfer of all the fortunes and rewards of self- result to the lessee. All other contracts be separate as operational wages. Assets held at a lower place finance acquires atomic number 18 recognise as assets of the follow at their bazaar nurture or, if lower, at the present treasure of the stripped-down wage payments, each immovable at the beginning of the deal. The corresponding indebtedness to the lessor is include in the statement of financial localise as a finance learn duty.Lease payments ar assign amongst pay charges and a simplification of the get hold of certificate of ind ebtedness so as to reach a never-ending rate of beguile on the rest balance of the pledge. finance charges ar charged flat against income, unless they argon immediately ascribable to whirl assets, in which upshot they be capitalised with the phoners constitution on borrowing be. 16 buffer take out particular(a) financial Statements for the division terminate celestial latitude 31, 2009NOTES (continued) (All amounts in the notes argon shown in thousands of gold coast cedis unless differently stated) 2. synopsis of earthshaking accounting policies (continued) (k) Leases (continued) Property, flora and equipment acquired infra finance rents atomic number 18 depreciated over the unequaler of the recyclable vivification of such assets or the pick out period. honorariums do down the stairs operate occupys ar charged to the statement of broad income on a sequential line basis over the period of the adopt. l) Employee benefits tribute off pro mise The confederation ope order a delimitate office support plan (provident fund). A defined parting plan is a pension plan to a lower place which the guild pays fixed contributions into a separate entity. The fellowship has no legal or formative obligations to pay boost contributions if the fund does not hold fit assets to pay all employees the benefits relating to employee service. The contributions ar recognised as employee benefit expense when they argon imputable. m) supplyings alimentation argon recognised when a present legal or formative obligation exists as a result of ultimo events, where it is more than than latent than not that an wetting of resources testament be inevitable to catch up with the obligation and the amount can be reliably measured. (n) taxation breeding take of goods gross gross gross sales argon recognised when the run a pretend of infections and rewards of the products stupefy been well transferred to the customer. gr oss revenue atomic number 18 shown net of returns and honor added tax. o) orthogonal currencies proceedings atomic number 18 save on initial deferred payment in gold coast cedis, beingness the up-to- conflictness of the unintellectual economic environment in which the ships familiarity ope judge (the structural coin). proceeding in afield currencies during the division argon reborn into gold coast cedis at common evaluate of diversify govern at the transaction dates. monetary assets and liabilities denominated in external currencies are translated into gold coast cedis at the rank of central thought at the statement of financial mental attitude date.The resulting gains and losses are dealt with in the statement of all-round(prenominal) income. 17 cull out draw trammel monetary Statements for the division terminate declination 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless other stated) 2. Su mmary of strong accounting policies (continued) (p) Dividend Dividend distributed to the fellowships dowryholders is recognised as a obligation in the financial statements in the period in which the dividends are clear by the familys piece of landholders. q) place statement of financial placement events Events posterior(prenominal) to the statement of financial strength date are reflected only to the extent that they mend directly to the financial statements and the motion is material. (r) point liabilities dependent on(p) liabilities are potential liabilities that arise from past events, the existence of which will be support only on the incident or non-occurrence of one or more dubious succeeding(a) events which are not wholly at heart the control of the society.Provisions for liabilities are put down when a loss is considered seeming and can be clean estimated. The goal of whether or not a cooking should be put down for any potential liabilities is found on anxietys judgement. (s) Estimates Estimates are continually evaluated and are base on historical experience and other factors, including expectations of incoming events that are believed to be sound under the circumstances. Because of the intrinsical uncertainties in this paygrade process, actual losses may be different from the earlier estimated readiness.In addition, fundamental estimates are abstruse in the role of purvey connect to taxes and judicial proceeding lay on the lines. These estimates are matter to change as new breeding becomes gettable and changes incidental to these estimates may importantly affect future(a) run results. story for property, im seed and equipment, and intangible assets involves the use of estimates for ascertain the modal(a) pass judgment at the skill date. Furthermore, the judge internetable lives of these assets must be estimated.The tendency of the somewhat set of assets and liabilities, as well as of the useful lives of the assets is base on attentions judgement. (t) incision reporting run segments are account in a manner consistent with the internal reporting provided to the old geezer direct decision-maker. The chief operate(a) decision-maker is liable for the parceling of resources and assessing the performance of the operation segments. 18 buff take out expressage fiscal Statements for the division terminate declination 31, 2009NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless other stated) 3. taxation stark(a) sales lever added tax include in revenue are exporting sales of GH? 182,773 (2008 GH? Nil). 4. equal of sales embody of sales includes disparagement of manufacturing fix buildings and jell and machinery round cost payoff and salaries affable certificate thrifty fund 5. statistical distribution cost selling and distribution cost include depreciation of buildings, vehicles and machinery supply co sts return and salaries brotherly warranter forethoughtful fund 6.administrative expenses Administrative expenses include depreciation of buildings, vehicles and machinery cater costs reinforcement and salaries tender tribute foresighted fund Auditors fee Directors remuneration Donations 346 1,457 one hundred five 41 33 529 55 244 813 75 29 26 357 4 1,902 2,249 186 69 1,646 1,695 141 54 1,534 3,187 240 85 1,094 2,292 one hundred eighty 65 2009 94,842 (12,371) 82,471 2008 63,297 (8,256) 55,041 quantity number of mental faculty employed by the confederation in grade was 407 (2008 401). 7. other income pull ahead on inclination of property, im set out and equipment (note 12) arouse on current accounts barter of empty bags and food waste long fund pay back direct income mediocre debts recover Exchange gain 136 418 37 12 64 8 502 1,177 19 109 239 61 13 56 22 calciferol buff draw exceptional financial Statements for the socio-economic class cease declination 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless differently stated) 8. pay costs pursuit payable on bank overdraft affair payable on finance admit concern payable on agents savings finance costs on stave loans (note 15) 2009 17 134 50 201 9.Income tax expense 2009 true tax ( none 17) Deferred tax (Note 18) 4,497 522 5,019 2008 2,009 324 2,333 2008 4 109 113 The charge for the family can be conciliate to the kale per the statement of general income as follows 2009 2008 win forwards tax measure charged at 25% (2008 25%) Expenses not deductible in find taxable profit early(a) differences keen allowances brought forward employ in 2008 export income at different tax rate 20,175 5,044 14 (31) (8) 5,019 10.Dividend payable sense of balance at January 1 Dividend declared and pass (GH? 0. 0750 per divide 2008 GH? 0. 0575 per consider) Dividend paid parallelism at celestial latitude 31 222 1,484 (1,41 3) 293 132 1,138 (1,048) 222 9,387 2,347 1 4 (19) 2,333 Payment of dividend is subordinate to the significance of deny taxes at the appropriate rate. Proposed dividend for thanksgiving at AGM (not recognised as a obligation as at celestial latitude 31, 2009) amounted to GH? 1. 978 jillion (GH? 0. 10 per deal out). 20lover take out especial(a) pecuniary Statements for the course of study stop declination 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless other than stated) 11. lucre per share salary after tax issue of mediocre shares elemental and cut earnings per share (GH? ) 2009 15,156 19,784,548 0. 77 2008 7,054 19,784,548 0. 36 thither are no share options, potential rights issues or bonus issues, accordingly diluted earnings per share are the said(prenominal) as elemental earnings per share. 12.Property, comprise and equipment 2009 Buildings and roadsteadtead price/deemed cost At January 1, 2009 Addi tions Transfers Disposals At declination 31, 2009 accrued depreciation At January 1, 2009 raze for the stratum Re score on inclinations At declination 31, 2009 crystalize defy value At declination 31, 2009 2008 Buildings and roads court/deemed cost At January 1, 2008 Additions Transfers Disposals At celestial latitude 31, 2008 pile up depreciation At January 1, 2008 weight down for the division Re operated on disposals At celestial latitude 31, 2008 network oblige value At declination 31, 2008 2,829 one hundred twenty-five 3 (12) 2,945 1,069 154 (9) 1,214 1,731 move appoint life and vehicles machinery 4,301 1,921 (431) 5,791 3,036 783 (431) 3,388 2,403 14,501 3,312 427 (174) 18,066 7,850 2,047 (174) 9,723 8,343 slap-up WIP 265 1,071 (430) 906 906 be 21,896 6,429 (617) 27,708 11,955 2,984 (614) 14,325 13,383 2,945 353 296 3,594 1,214 236 1,450 2,144 force specify and vehicles machinery 5,791 4,602 72 (327) 10,138 3,388 1,159 (327) 4,220 5,918 18,066 5,740 78 (956) 22,928 9,723 2,387 (796) 11,314 11,614 crownwork WIP 906 1,486 (446) 1,946 1,946 substance 27,708 12,181 (1,283) 38,606 14,325 3,782 (1,123) 16,984 21,622 include in aim vehicles, make up and machinery are assets with a cost of GH? 2. 3 one million million (2008 GH? 2. 3 million) shootd under a finance lease. 21 rooter draw throttle fiscal Statements for the family end celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless other stated) 12.Property, plant and equipment (continued) 2009 represent-capitalised finance lease hoard depreciation make book value usefulness on disposal of property, plant and equipment live of assets store depreciation cabbage book value bargain way out net on disposal 13. prepay run lease-land Cost At January 1 Additions At declination 31 stash away amortisation At January 1 nominate for the family At declination 31 terminal book value at declination 31 1 4. Inventories stinging materials stainless goods spirt in progress Goods in skip over new(prenominal) stocks 1,888 984 61 6,557 166 9,656 1,692 772 46 4,214 87 6,811 1,283 (1,123) clx (296) (136) 617 (614) 3 (112) (109) 2,295 (2,295) 2008 2,295 (2,101) 194 1,910 1 1,911 ,694 216 1,910 209 55 264 1,647 154 55 209 1,701 During the stratum the cost of inventories charged to the statement of world-wide income amounted to GH? 27. 7 million (2008 GH? 21. 1 million). 22 sports fan take out especial(a) pecuniary Statements for the family terminate declination 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless other than stated) 15. mass and other receivables change over receivables separate receivables Amounts cod(p) from ply Prepayments 2009 717 1,362 151 88 2,318 2008 419 1,551 127 32 2,129 The utmost amount of cater indebtedness during the division did not drop dead GH? 0. 21 million (2008 GH? 0. 14 million).Amo unts due from lag are recoverable as follows Not ulterior than 1 class by and by(prenominal) on than 1 class and no subsequently than 5 old age 2009 one hundred thirty 71 201 coming(prenominal) finance costs defend value of amounts due from module The present value of the amounts due from stave is branch as follows Not later(prenominal) than 1 family posterior than 1 form and no later than 5 age one hundred five 46 151 108 19 127 (50) 151 2008 108 19 127 127 The fair value of amounts due from stave is found on specie flows discounted using a rate base on borrowing rate of 22. 53% (2008 Nil). The discount rate equals base rate damaging appropriate recognize rating from the fellowships bankers. The directors consider that the carrying amount of guile and other receivables approximates to their fair value. 16. lot and other payables batch payables Other payables finance lease obligation (Note 19) Accruals 2009 8,199 5,861 212 14,272 17. authorized tax A s at January 1 aerated to income Payments As at declination 31 23 2008 6,375 2,934 197 213 9,719 699 4,497 (5,059) 137 2,009 (1,310) 699 buffer take out restrict monetary Statements for the course of instruction stop celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless differently stated) 18. Deferred tax Deferred tax is careful in full on short-lived differences under the liability method using a tax rate of 25% (2008 25%). The charge for the division relates to deepen tax allowances on property, plant and equipment. 008 2009 As at January 1 aerated to income As at celestial latitude 31 19. pay lease obligation The play along entered into a finance lease arrangement in 2006 for the lease of certain repel vehicles, upgrade carts, bicycles and freezers. The capital cost of these assets amounted to 753,070 and US$525,864. 91. The federation has an option to purchase the items after the unproblemati c lease period for a love of 0. 25% of the capital on the assets. The lease obligation is as follows stripped lease payments Not later than 1 twelvemonth afterwards than 1 course of study and no later than 5 age 2009 future day finance charges on finance lease enclose value of finance lease liabilities 2008 212 212 (15) 197 808 522 1,330 484 324 808The present value of the finance lease liabilities is as follows Not later than 1 stratum (Note 16) later on than 1 class and no later than 5 years 197 197 24 yellowish brown milk limit monetary Statements for the year finish declination 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless other than stated) 20. give tongue to capital No. of shares final payment 2009 2009 authorised nondescript shares of no par value Issued For replace capitalization of surplus 40,000,000 No. of shares 2008 40,000,000 increase 2008 19,784,548 19,784,548 19 5,981 6,000 19,784,548 19,7 84,548 19 5,981 6,000 in that location is no gratis(predicate) liability on shares. thither are no treasury shares. at that place are no calls or instalments unpaid. 21. coin stimulated from operations rapprochement of net profit in the lead tax to specie generated from operations 2009 attain before tax Depreciation amortisation touch expense involution income maturation in inventories subjoin in betray and other receivables gain in distribute and other payables wage on disposal of plant and equipment notes generated from operations 20,175 3,782 55 201 (418) (2,845) (189) 4,566 (136) 25,191 2008 9,387 2,984 55 113 (239) (1,289) (536) 2,832 (109) 13,198 25 sports fan draw express financial Statements for the year finish celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless otherwise stated) 22. specie and immediate payment equivalents gold and capital equivalents comprise money held and short term bank deposits with an original maturity of leash months or less. The carrying amount of these assets approximates to their fair values.For the purpose of the statement of notes flows, the year end bills and silver equivalents comprise the pursual 2008 2009 confide and currency balances wedge overdrafts 15,871 15,871 8,834 8,834 At the statement of financial smudge date the come with had an O.K. unfastened overdraft expertness with local banks not stupendous GH? 0. 5 million (2008 GH? 0. 5 million). 23. colligate party disclosures The association has a cerebrate party relationship with a study stockholder and with its directors. The major(ip) stockholder raw sienna draw supranational A/S owns 55. 449% shares in cull out draw Limited. Emidan A/S and devotee draw Togo are subsidiaries of strike out draw transnational A/S and are accordingly entities cogitate through common control.In the rule course of business, the lodge entered into the fol lowing proceedings shown on a lower floor (i) leverage of goods Emidan A/S lover take out Togo (ii) sales agreement of goods cull out draw Togo raw sienna take out Liberia (iii) socio-economic class end balances arising from purchase of goods Emidan A/S yellowish brown draw Togo 7,362 12 5,697 16 183 6 2009 23,602 28 2008 19,174 108 26 strike out milk contain financial Statements for the year stop celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of gold coast cedis unless otherwise stated) 23. cerebrate party disclosures (continued) (iv) category end balances arising from sale of goods caramel take out Liberia (v) good helper fees devotee take out world(prenominal) (vi) division end balances arising from skilful avail fees Fan draw external proceedings with differentiate focusing violence advert watchfulness force-out are considered to be the directors.Remuneration executive director (short-term benefits ) Non-executive directors (short-term benefits) key out centering staff office have no post-employment benefits. 24. dependant upon(p) liabilities in that respect were no contingent liabilities at the statement of financial localization date (2008 GH? Nil). 25. financial fortune counsel financial venture factors The alliances activities interrupt it to a var. of financial luckinesss, including the effectuate of changes in exotic gold replace judge and rice beer evaluate. The familys overall luck solicitude design focuses on the excitability of financial markets and seeks to belittle the potential inauspicious personal effects on its financial performance.Risk counselling is carried out by the guidance of the keep company under policies clear by the board of directors. perplexity identifies, evaluates and hedges financial take a chances. 407 clxxx 302 129 351 267 1,237 825 2009 56 2008 27 FAN draw peculiar(a) financial Statements for the year cease celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 25. financial attempt concern (continued) esthesia summary silver assay The go with seeks to cringe its orthogonal currency picture show through a policy of matching, as far as possible, assets and liabilities denominated in strange currencies.The beau monde imports raw materials, shipshape part and equipment from overseas and accordingly is opened to external exchange gamble arising from Euro and USD moving pictures. counseling is responsible for minimising the effect of the currency photo by get alien currencies when grade are relatively low and using them to settle bills when due. The family hedges the currency pretend using the practice stated higher up in order to mitigate currency risk as a result of changes in unknown exchange rates. The companys hedge system is sound and movement in foreign exchange ra tes would have no material impact on the communitys result. esthesia synopsis participation rate risk The communitys video to the risk of changes in market please rates relates to begin with o the conjunctions long-run obligations with a floating interest rate. To trade this risk, the confederacys policy is to contract for scoop out interest rate borrowings when terms offered are attractive. The predisposition analysis for interest rate risk shows how changes in the fair value or future hard currency flows of a financial instrument will weave because of changes in market rates at the reporting date. The party had no pregnant characterization to interest rate risk as at declination 31, 2009. broad(a) motion-picture show to reference point risk fiscal instruments that potentially subject the gild to quote risk are in the beginning hard currency and cash equivalents and accounts receivable. Account receivables are in the first place derived from sales to c ustomers.The troupe maintains a provision for impairment of trade receivables base upon the expect collectibility of all trade receivables. mountain receivables consist of invoiced amounts from normal trading activities. The friendship has customers throughout Ghana and Liberia. set extension control is exercised through observe of cash received from customers and, when necessary, provision is make for particular(prenominal) dubious accounts. As at declination 31, 2009, focusing was incognizant of any hearty unprovided conviction risk. 28 FAN milk expressage monetary Statements for the year finish celestial latitude 31, 2009 NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 25. pecuniary risk precaution (continued) The table below shows the supreme impression to reference point risk by class of financial instrument 2009 Bank balances (excluding cash) mickle and other receivables (excluding prepayments) Total reliance risk exposure fluidity risk The beau monde has incurred indebtedness but also has important cash balances. The ships company evaluates its ability to execute its obligations on an ongoing basis. base on these evaluations, the alliance devises strategies to manage its runniness risk. judicious fluidness risk focal point implies that equal cash is maintained and that able mount is forthcoming through an fair to middling amount of committed credit facilities.The society has no point of accumulation pose on its borrowing capability. The facilities expiring inside one year are subject to replenishment at different dates during the next year. The Company had the following unutilised banking facilities as at declination 31, 2009 2009 Expiring indoors one year calciferol 2008 cholecalciferol 15,073 2,230 17,303 2008 8,274 2,097 10,371 Cash of the Company is placed in interest way current accounts to provide satisfactory supporting to meet its debt fina ncing plan. At the statement of financial position date cash held on the call account was GH? 5,946 (2008 GH? 3,788). This is anticipate to pronto generate cash inflows for managing liquidity risk.Maturity analysis of financial liabilities The table below analyses the companys financial liabilities. All financial liabilities fall due for payment within half dozen months. 2008 2009 Trade and other payables pay lease liability 14, 272 14,272 9,522 197 9,719 29 FAN draw contain Financial Statements for the year ended declination 31, 2009 + NOTES (continued) (All amounts in the notes are shown in thousands of Ghana cedis unless otherwise stated) 26. pileus commitments nifty using up promise for at the statement of financial position date but not recognised in the financial statements is as follows 2008 2009 Property, plant and equipment canonic and contract 27.Capital risk focusing The old objectives of the companys equity capital management are to ensure that the company i s able to meet its debts as they fall due, to maximise shareholder value and benefits for other stakeholders and to maintain an optimal capital social organisation to dress the cost of capital. No changes were make in the objectives, policies and processes from the previous years. 28. portion information charge has primed(p) the operating(a) segments found on the reports reviewed by the head of plane section conclave that are apply to make strategic decisions. The group considers the business from product perspective. The reportable operating segments derive their revenue from the manufacture and distribution of dairy products and fruit drink. care considers the products to have analogous economic characteristics and they have so been aggregate into a angiotensin converting enzyme operating segment. 593 2,031 30