ADAVB 2018/2019 Annual Report

4 8 | A D A V B A N N U A L R E P O R T 2 0 1 8 / 1 9 Statement of financial position Parent 2019 2018 $ $ Total current assets 4,553,408 4,860,998 Total assets 12,910,070 12,730,095 Total current liabilities 3,472,305 3,529,878 Total liabilities 3,508,708 3,559,130 Equity Reserve 384,168 327,090 Retained profits 9,017,194 8,843,875 Total equity 9,401,362 9,170,965 Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2019 and 30 June 2018. Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment as at 30 June 2019 and 30 June 2018. Significant accounting policies The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 1, except for the following: • Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. • Investments in associates are accounted for at cost, less any impairment, in the parent entity. • Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 NOTE 22: Parent entity information Set out below is the supplementary information about the parent entity. Statement of profit or loss and other comprehensive income Parent 2019 2018 $ $ Profit after income tax 173,319 228,400 Total comprehensive income 230,397 281,157