FINANCIAL REPORT (cont.) Notes to the Financial Statements (cont.)
24. PARENT ENTITY INFORMATION The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except as set out below. See Note 1 for a summary of the significant accounting policies relating to the Group. Investments in subsidiaries, associates and joint ventures Investments in subsidiaries, associates and joint ventures are accounted for at cost. Dividends received from subsidiaries, associates and joint ventures are recognised in profit or loss when a right to receive the dividend is established (provided that it is probable that the economic benefits will flow to the Parent and the amount of income can be measured reliably). Tax consolidation The company and its wholly owned Australian resident entities are members of a tax-consolidated group under Australian tax law. The company is the head entity within the tax-consolidated group. In addition to its own current and deferred tax amounts, the company also recognises the current tax liabilities and assets and deferred tax assets arising from unused tax losses and relevant tax credits of the members of the tax-consolidated group. Amounts payable or receivable under the tax-funding arrangement between the company and the entities in the tax consolidated group are determined using a ‘separate taxpayer within group approach to determine the tax contribution amounts payable or receivable by each member of the tax-consolidated group. This approach results in the tax effect of transactions being recognised in the legal entity where that transaction occurred, and does not tax effect transactions that have no tax consequences to the group. The same basis is used for tax allocation within the tax-consolidated group. Summary financial information The individual financial statements for the parent entity, Saunders International Limited show the following aggregate amounts:
2023 $’000
2022 $’000
Financial Position
Assets Current assets
53,122 25,655 78,777
58,355 17,473 75,828
Non-current assets
Total assets
Liabilities Current liabilities
37,251
42,644
Non-current liabilities
1,291
1,563
Total liabilities Total Net Assets
38,542 40,235
44,207 31,621
Equity Issued capital
24,104 (1,475)
22,482 (1,806)
Shares buy-back reserve under employee share plan
Share based payments reserve
572
384
Retained earnings
17,034 40,235
10,561 31,621
Total equity
2023 $’000
2022 $’000 7,640
Financial Performance
Profit for the year
10,845
Other comprehensive income Total comprehensive income
-
-
10,845
7,640
The parent entity has no capital commitments.
Annual Report 2023 89
Made with FlippingBook - Online Brochure Maker