72
JUMBO GROUP LIMITED
Notes to the Combined
Financial Statements
As at 30 September 2015
19
PROVISION FOR REINSTATEMENT COSTS
Group
2015
2014
$
$
Balance at beginning of year
1,569,350 1,473,550
Provision during the year
391,467
95,800
Write back to profit or loss (Note 25)
(483,850)
–
(92,383)
95,800
Balance at end of year
1,476,967 1,569,350
Provision for reinstatement costs are estimation to reinstate the Group’s leased premises to their original state upon expiry of the lease.
20
DEFERRED TAX LIABILITY
Tax over book
depreciation
$
Group
At 1 October 2013
325,252
Charge to profit or loss for the year
(231,904)
At 30 September 2014 and 2015
93,348
21
SHARE CAPITAL
The Company was incorporated on 4 February 2015. Accordingly, the share capital in the combined statements of financial position as
at the end of the financial year relates to the aggregate amounts of the Group’s share of the share capital of the subsidiaries, JSPL and
JEPL.
Group
Company
Group
Company
2015
2014
2015
2015
2014
2015
Number of ordinary shares
$
$
$
Issued and paid up:
At beginning/
date of incorporation
and end of year
1,825,330 1,825,330
2
2,595,940 2,595,940
2
Fully paid ordinary shares, which have no par value, carry one vote per share and carry a right to dividend as and when declared by the
Company.
22
EQUITY RESERVE
The equity reserve represents effects of disposal of partial interests in a subsidiary, Ng Ah Sio Investments Pte. Ltd., without loss of
control.
23
FELLOW CO-OPERATIVE VENTURER’S INTERESTS
The Group entered into co-operative venture agreements with a third party to run certain restaurant businesses under Jumbo Seafood
(Riverside) (“JSR”) and Jumbo Seafood Gallery (“JSG”). The fellow venturer’s interests comprising 35% share of the net assets of the
businesses is repayable at the expiry or termination of the co-operative venture agreements after all liabilities of the businesses to third
parties have been paid. In 2013, the subsidiary entered into a deed of termination with the fellow co-operative venturer that provided for
the termination of the co-operative venture agreements and the transfer of the fellow co-operative venturer’s interests of both JSR and
JSG to the Group for $3,136,320 if certain conditions are met by 31 December 2015, failing which the Deed of Termination would be
null and void.
