 |
|
Accounts and Financial Statements
Defence Construction (1951) Limited
Balance Sheet
as at March 31, 2008 (in thousands of dollars)
| 2008 | 2007 | |
| Assets | ||
| Current | ||
| Cash | $ 6,135 | $ 7,845 |
| Due from related parties (note 6) | 9,500 | 7,351 |
| Prepaids, advances and accounts receivable | 347 | 499 |
| 15,982 | 15,695 | |
| Property, plant and equipment (note 4) | 1,529 | 1,595 |
| $ 17,511 | $ 17,290 | |
| Liabilities | ||
| Current | ||
| Accounts payable and accrued liabilities | $ 4,074 | $ 4,839 |
| Due to related parties (note 6) | 38 | 46 |
| Current portion – provision for employee future benefits (note 5) | 228 | 237 |
| 4,340 | 5,122 | |
| Provision for employee future benefits (note 5) | 9,785 | 8,076 |
| $ 14,125 | $ 13,198 | |
| Shareholders’ equity | ||
| Share capital | ||
| Authorized – 1,000 common shares of no par value | ||
| Issued – 32 common shares | - | - |
| Retained earnings | 3,386 | 4,092 |
| 3,386 | 4,092 | |
| $ 17,511 | $ 17,290 |
Contingencies (note 9)
The accompanying notes are an integral part of these financial statements.
Approved by the Board of Directors:
Director |
Director |
Statement of Operations and Comprehensive Loss
for the year ended March 31, 2008 (in thousands of dollars)
| 2008 | 2007 | |
| Revenue | ||
| Services (note 6) | $ 55,458 | $ 47,826 |
| Interest | 258 | 265 |
| 55,716 | 48,091 | |
| Expenses | ||
| Salaries and employee benefits | 49,343 | 42,592 |
| Operating and administrative | 6,228 | 5,845 |
| Amortization of property, plant and equipment | 851 | 881 |
| 56,422 | 49,318 | |
| Net loss and comprehensive loss | $ (706) | $ (1,227) |
Statement of Retained Earnings
for the year ended March 31, 2008 (in thousands of dollars)
| 2008 | 2007 | |
| Retained earnings at beginning of year | $ 4,092 | $ 5,319 |
| Net loss and comprehensive loss | (706) | (1,227) |
| Retained earnings at end of year | $ 3,386 | $ 4,092 |
The accompanying notes are an integral part of these financial statements.
Statement of Cash Flows
for the year ended March 31, 2008 (in thousands of dollars)
| 2008 | 2007 | |
| Cash Flows From Operating Activities | ||
| Net loss and comprehensive loss | $ (706) | $ (1,227) |
| Items not requiring cash | ||
| Provision for employee future benefits | 2,027 | 1,782 |
| Amortization | 851 | 881 |
| Employee severance and other benefits paid | (327) | (360) |
| Net increase (decrease) in non-cash working capital balances related to operations | (2,770) | 467 |
| (925) | 1,543 | |
| Cash Flows Used In Investing Activities | ||
| Acquisition of property, plant and equipment | $ (785) | $ (993) |
| (Decrease) increase in cash during the year | (1,710) | 550 |
| Cash at beginning of the year | 7,845 | 7,295 |
| Cash at end of the year | $ 6,135 | $ 7,845 |
The accompanying notes are an integral part of these financial statements.
