COMMS GROUP LTD — Annual Report 2017

Dec 19, 2017

WOFFLE PTY LTD A.B.N 13 140 249 261

FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2015

Liability limited by a scheme approved under Professional Standards Legislation

Mair Mansfield & Co. Accountants & Tax Agents Suite 211, 20 Dale Street BROOKVALE NSW 2100 Tel: 9907 3488 Fax: 9907 4988 Email:admin@mairmansfield.com.au

WOFFLE PTY LTD A.B.N 13 140 249 261

CONTENTS

Income Statement	1
Balance Sheet	2
Notes to the Financial Statements	3
Directors' Declaration	10
Compilation Report	11
Detailed Profit and Loss Statement	12
Appendix 1 - Minutes
Appendix 2 - Tax Return
Appendix 3 - Depreciation Schedule

WOFFLE PTY LTD A.B.N 13 140 249 261

INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2015

Note	2015 $	2014 $
Revenue Cost of sales Gross profit Depreciation and amortisation expenses Employee benefits expenses Finance costs Other expenses Profit before income tax Accumulated losses at the beginning of the financial year Loss attributable to members of the company	629,380.67 (467,844.36) 161,536.31 (10,919.49) (49,860.00) (3,952.00) (31,543.01) 65,261.81 (69,255.03) (3,993.22)	528,545.69 (364,610.10)
		163,935.59 (14,659.64) (65,197.51) (6,550.78) (34,115.39)
		43,412.27 (112,667.30)
		(69,255.03)

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 1

WOFFLE PTY LTD A.B.N 13 140 249 261

BALANCE SHEET AS AT 30 JUNE 2015

Note	2015 $	2014 $
ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables 2 TOTAL CURRENT ASSETS NON-CURRENT ASSETS Property, plant and equipment 3 Intangible assets 4 TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Trade and Other Payables Borrowings TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS (LIABILITIES) EQUITY Issued capital 1000 Fully Paid Ordinary Shares of $1 Accumulated losses 5 TOTAL EQUITY	39,267.39 - 39,267.39 44,447.28 54,545.45 98,992.73 138,260.12 81,257.58 59,995.76 141,253.34 141,253.34 (2,993.22) 1,000.00 (3,993.22) (2,993.22)	10,371.00 67,851.78
		78,222.78
		81,395.28 54,578.94
		135,974.22
		214,197.00
		202,109.97 80,342.06
		282,452.03
		282,452.03
		(68,255.03)
		1,000.00 (69,255.03)
		(68,255.03)

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 2

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

1 Summary of Significant Accounting Policies

Basis of Preparation

The directors have prepared the financial statements on the basis that the company is a non reporting entity because there are no users dependent on general purpose financial statements. These financial statements are therefore special purpose financial statements that have been prepared in order to meet the needs of the business.

The financial statements have been prepared in accordance with significant accounting policies disclosed below which the directors have determined are appropriate to meet the purposes of preparation. Such accounting policies are consistent with the previous period unless stated otherwise.

The financial statements have been prepared on an accruals basis and are based on historical costs unless stated otherwise in the notes. The accounting policies that have been adopted in the preparation of these statements are as follows:

Income Tax

The tax expense recognised in the statement of profit or loss and other comprehensive income relates to current income tax expense plus deferred tax expense (being the movement in deferred tax assets and liabilities and unused tax losses during the year).

Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for the year and is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting year.

Deferred tax is provided on temporary differences which are determined by comparing the carrying amounts of tax bases of assets and liabilities to the carrying amounts in the financial statements.

Deferred tax is not provided for the following:

• The initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).

• Taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting year.

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 3

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

Deferred tax consequences relating to a non-monetary asset carried at fair value are determined using the assumption that the carrying amount of the asset will be recovered through sale.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised.

Current tax assets and liabilities are offset where there is a legally enforceable right to set off the recognised amounts and there is an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Deferred tax assets and liabilities are offset where there is a legal right to set off current tax assets against current tax liabilities and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively.

Property, Plant and Equipment

Property, plant and equipment are carried at cost. All assets, excluding freehold land and buildings, are depreciated over their useful lives to the company. The depreciable amount of property, plant and equipment (excluding freehold land) is depreciated on a straight-line basis. Depreciation commences from the time the asset is available for its intended use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The carrying value of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the asset's employment and subsequent disposal. The expected net cash flows have not been discounted in determining recoverable amounts.

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 4

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

Depreciation

The depreciation method and useful life used for items of property, plant and equipment (excluding freehold land) reflects the pattern in which their future economic benefits are expected to be consumed by the company. Depreciation commences from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements. The depreciation method and useful life of assets is reviewed annually to ensure they are still appropriate.

Impairment of Non-Financial Assets

At the end of each reporting period the company determines whether there is an evidence of an impairment indicator for non-financial assets.

Where this indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not yet available for use, the recoverable amount of the assets is estimated.

Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated.

The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit.

Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss.

Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill.

Intangibles

Other intangibles

Costs in relation to the formation of the entity are capitalised as an asset.

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 5

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

Trade and Other Receivables

Trade receivables are recognised initially at the transaction price (i.e. cost) and are subsequently measured at cost less provision for impairment. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.

At the end of each reporting period, the carrying amount of trade and other receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognised immediately in income statement.

Cash and Cash Equivalents

Cash and cash equivalents comprises cash on hand, demand deposits and short-term investments which are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. Bank overdrafts also form part of cash equivalents for the purpose of the statement of cash flows and are presented within current liabilities on the balance sheet.

Revenue and Other Income

Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the entity and specific criteria relating to the type of revenue as noted below, has been satisfied.

Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates.

Sale of goods

Revenue is recognised on transfer of goods to the customer as this is deemed to be the point in time when risks and rewards are transferred and there is no longer any ownership or effective control over the goods.

Trade and Other Payables

Trade and other payables represent the liabilities at the end of the reporting period for goods and services received by the company that remain unpaid.

Trade payables are recognised at their transaction price. Trade payables are obligations on the basis of normal credit terms.

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 6

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).

Receivables and payables are stated inclusive of GST. The net amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables in the balance sheet.

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 7

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

	2015 $	2014 $
2 Trade and Other Receivables Current Trade Debtors 3 Property, Plant and Equipment Land and Buildings Hardware Less: Accumulated Depreciation Total Land and Buildings Office Equipment Less: Accumulated Depreciation Motor Vehicles Less: Accumulated Depreciation Total Plant and Equipment Total Property, Plant and Equipment 4 Intangible Assets Formation Expenses Less: Accumulated Amortisation Franchise Costs Total	- 92,525.29 (80,617.00) 11,908.29 11,908.29 3,529.05 (3,469.00) 60.05 65,429.94 (32,951.00) 32,478.94 32,538.99 44,447.28 518.18 (518.18) - 54,545.45 54,545.45	67,851.78
		92,525.29 (54,555.00)
		37,970.29
		37,970.29
		3,529.05 (3,409.00)
		120.05
		65,429.94 (22,125.00)
		43,304.94
		43,424.99
		81,395.28
		518.18 (484.69)
		33.49
		54,545.45
		54,578.94

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 8

WOFFLE PTY LTD A.B.N 13 140 249 261

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

	2015 $	2014 $
Accumulated Losses Accumulated losses at the beginning of the financial year Net profit attributable to members of the company Accumulated losses at the end of the financial year	(69,255.03) 65,261.81 (3,993.22)	(112,667.30) 43,412.27
		(69,255.03)

5 Accumulated Losses

These notes should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 9

WOFFLE PTY LTD

A.B.N 13 140 249 261

DIRECTORS' DECLARATION

The directors have determined that the company is not a reporting entity and that this special purpose financial report should be prepared in accordance with the accounting policies described in Note 1 to the financial statements.

The directors of the company declare that:

1. The financial statements and notes, as set out on pages 1 to 9, are in accordance with the Corporations Act 2001 and:

2. (a) comply with Accounting Standards as stated in Note 1; and

3. (b) give a true and fair view of the company's financial position as at 30 June 2015 and of its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements.

4. In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

Director:

---

Mr Christopher Carnie

Director:

_________ Mr Nathan Michael Pittman

Dated this day of

Page 10

COMPILATION REPORT TO WOFFLE PTY LTD A.B.N 13 140 249 261

We have compiled the accompanying special purpose financial statements of WOFFLE PTY LTD which comprise the balance sheet as at 30 June 2015, and the income statement for the year then ended, a summary of significant accounting policies, other explanatory notes and the additional information contained in the detailed profit and loss.

The specific purpose for which the special purpose financial statements have been prepared is set out in Note 1.

The responsibility of directors

The directors are solely responsible for the information contained in the special purpose financial statements and have determined that the basis of accounting used is appropriate to meet their needs and for the purpose that the financial statements were prepared.

Our responsibility

On the basis of the information provided by the directors, we have compiled the accompanying special purpose financial statements in accordance with the basis of accounting and APES 315: Compilation of Financial Information.

Our procedures use accounting expertise to collect, classify and summarise the financial information, which the directors provided, in compiling the financial statements. Our procedures do not include verification or validation procedures. No audit or review has been performed and accordingly no assurance is expressed.

The special purpose financial statements were compiled exclusively for the benefit of the directors. We do not accept responsibility to any other person for the contents of the special purpose financial statements.

Name of Firm: Mair Mansfield & Co.

Name of Partner:

_________ Director Address: Suite 211 18-20 Dale Street BROOKVALE NSW 2100

Dated this day of

Page 11

WOFFLE PTY LTD A.B.N 13 140 249 261

PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 30 JUNE 2015

	2015 $	2014 $
SALES Sales LESS: COST OF GOODS SOLD Purchases Hardware Depreciation GROSS PROFIT FROM TRADING EXPENSES Accountancy Fees Advertising Amortisation Bank Charges Contract Work Computer Expenses Depreciation Directors' Fees Entertainment Expenses Hire Purchase Charges Interest Paid Legal Costs Fines Motor Vehicle Expenses Postage Printing & Stationery Office Expenses Rent Staff Training & Welfare Superannuation Contributions - Employees Telephone Travelling Expenses Wages Profit before income tax	629,380.67 441,782.36 26,062.00 467,844.36 161,536.31 2,835.40 1,069.57 33.49 3,210.96 7,738.73 581.75 10,886.00 49,860.00 1,684.37 2,934.45 1,017.55 1,634.57 510.00 6,273.09 225.68 152.28 130.31 - - - 3,511.63 1,984.67 - 96,274.50 65,261.81	528,545.69
		342,175.10 22,435.00
		364,610.10
		163,935.59
		2,350.81 82.96 103.64 3,088.92 5,063.19 1,042.99 14,556.00 - 1,206.11 4,031.62 2,519.16 1,903.86 445.42 5,182.22 225.22 906.65 49.97 6,064.74 264.56 5,497.76 4,993.29 1,509.04 59,435.19
		120,523.32
		43,412.27

The accompanying notes form part of these financial statements.

These statements should be read in conjunction with the attached compilation report of Mair Mansfield & Co..

Page 12