AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 Group Company 2018 2017 2018 2017 R'000 R'000 R'000 R'000 Current tax payable (5,705) (16,280) (3,312) (8,673) (5,705) (16,280) (3,312) (8,673) A settlement agreement was reached with SARS in December 2017 the terms of which are summarized below: * Various penalties and interest on Income Tax and Vat were reversed in Afdawn and several subsidiaries with outstanding balances. Accruals raised for interest and penalties were reversed as follows: Group Income Tax of R7,757 million and VAT of R4,052 million. Company effect is: Income tax R4,319 million and VAT of R4,052 million. * Afdawn and subsidiaries that were part of the settlement with assessed income losses accumulated to 2017 would be forfeited. * An installment plan was set out for the settlement of all the outstanding tax balances and will be repaid by the end of February 2019. 66 15. Current tax receivable/(payable) 16. Cash and cash equivalents Cash and cash equivalents consist of: Group Company 2018 2017 2018 2017 R'000 R'000 R'000 R'000 Cash on hand 83 100 - - Bank balances 346 1,883 55 78 429 1,983 55 78 17. Shares and share premium Authorised Group Company shares shares shares shares 125,000,000 Ordinary shares of 40c each 50,000,000 50,000,000 50,000,000 50,000,000* The total shares in issue as at 28 February 2018 amounted to 21,925,057 (2017: 21,925,057). Reconciliation of number of shares in issue R’000 R’000 R’000 R’000 Reported as at 01 March 21,925 877,002 21,925 877,002 Share consolidation @ 1 share per 40 held* - (855,077) - (855,077) 21,925 21,925 21,925 21,925 Reconciliation of share values ‘R000: Reported at beginning of period 313,943 313,943 313,943 313,943 Reported at the end of the period 313,943 313,943 313,943 313,943 Total share premium 305,140 305,140 305,140 305,140 Ordinary shares @ 1c 8,803 8,803 8,803 8,803 313,943 313,943 313,943 313,943 * In the prior year the board undertook to consolidate the shares in issue in order to improve the tradability. The consolidation was completed at 1 share for every 40 share held on 29 November 2016.
AFRICAN DAWN 2018 Annual Report
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