VML Financial Reports

VML INTERNATIONAL PTY LTD
ABN 28 159 789 509

Financial Statements

For the Year ended 30 June 2013

- 1 -

ABN 28 159 789 509
Trading, Profit and Loss Statement

2013 2012
$ $

Income
Sales 1,496,969 -
Other Income 5,050 -
Mis Income 7,783 -
1,509,802 -

Less Cost of Goods Sold
Cost of Sales 927,915 -
7-11 Charges 324,362 -
1,252,277 -

1,252,277 -

Gross Profit from Trading 257,525 -

Expenditure
Management Fee 19,500 -
Bank Charges 2,225 -
General Expenses 1,645 -
Insurance 2,338 -
Interest Paid
- Interest Paid 202 -
- Interest Paid 86061 13,165 -
Km Charges 3,700 -
Office Purchase 302 -
Inventory Expenses 4,126 -
Annual Leave 6,400 -
Petty Cash Expenditure 2,105 -
Postage 885 -
Repairs & Maintenance 71 -
Salaries 110,542 -
Security Costs 125 -
Supply 7-11 21,436 -
Subscriptions 240 -
Superannuation 8,765 -
Telephone 846 -
218,062 -

Profit before Income Tax 39,463 -

Income Tax Expense (11,839) -

Profit after Income Tax 27,624 -

The accompanying notes form part of these financial statements.
- 2 -

ABN 28 159 789 509
Income Statement

Note 2013 2012
$ $

Revenue 2 1,509,802 -

Expenses excluding Finance Costs 3 1,437,528 -

Finance Costs 4 32,811 -

Profit before Income Tax 5 39,463 -

Income Tax Expense (11,839) -

Profit Attributable to Members of the Company 27,624 -

- 3 -

ABN 28 159 789 509
Balance Sheet
As at 30 June 2013

2013 2012
$ $

Equity
Paid Up Capital
Ordinary Shares 100 -
Unappropriated Profit 27,624 -

Total Capital and Reserves 27,724 -

Represented by:

Current Assets
ANZ 65021 20,244 -
Cash on hand 1,320 -
Trade Debtors 21,332 -
Loans - Deposit 1,000 -
Prepaid Borrowing Expenses 7,979 -
Stock on Hand 68,750 -
120,625 -

Non-Current Assets
Business Cost 674,740 -
674,740 -

674,740 -

Total Assets 795,365 -

Current Liabilities
PAYG Payable 3,931 -
Loans - 86061 300,305 -
Loans - 27555 403,399 -
Loans - Director 36,269 -
Provision for Annual Leave 6,400 -
Current Tax Liability 11,839 -
Provision for GST 5,498 -
767,641 -

Total Liabilities 767,641 -

Net Assets 27,724 -

- 4 -

ABN 28 159 789 509
Notes to the Financial Statements

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

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.
The financial statements are therefore special purpose financial statements that have been prepared
in order to meet the needs of members.

The financial statements have been prepared in accordance with the significant accounting policies
disclosed below, which the directors have determined are appropriate to meet the needs of
members. 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 the statements are as follows:

(a) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other
short-term highly liquid investments with original maturities of three months or less, and
bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the
balance sheet.

(b) Provisions
Provisions are recognised when the company has a legal or constructive obligation, as a result
of past events, for which it is probable that an outflow of economic benefits will result
and that outflow can be reliably measured.
Provisions are measured using the best estimate of the amounts required to settle the
obligation at the end of the reporting period.

(c) Employee Benefits
Provision is made for the companys liability for employee benefits arising from services
rendered by employees to the end of the reporting period. Employee benefits have been
measured at the amounts expected to be paid when the liability is settled, plus related
on-costs.

(d) Property, Plant and Equipment
All property, plant and equipment excluding freehold land and buildings, are initially
measured at cost and are depreciated over their useful lives to the company.

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 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.

- 5 -

ABN 28 159 789 509

Freehold land and buildings are shown at their fair value (being the amount for which an
asset could be exchanged between knowledgeable willing parties in an arm's length
transaction), based on periodic, but at least triennial, valuations by directors, less subsequent
depreciation.

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

(e) Income Tax
The income tax expense (income) for the year comprises current income tax expense
(income). The company does not apply deferred tax.
Current income tax expense charged to the profit or loss is the tax payable on taxable
income calculated using applicable income tax rates enacted, or substantially enacted,
as at the end of the reporting period. Current tax liabilities (assets) are therefore
measured at the amounts expected to be paid to (recovered from) the relevant taxation
authority.

(f) 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.

(g) Inventories
Inventories are measured at the lower of cost and net realisable value. Costs are assigned on
a first-in first-out basis and include direct materials, direct labour and an appropriate
proportion of variable and fixed overhead expenses.

(h) Revenue and Other Income
All revenue is stated net of the amount of goods and services tax (GST).

(i) 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.

- 6 -

ABN 28 159 789 509

(j) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the
amount of GST incurred is not recoverable from the Australian Taxation Office (ATO).
In these circumstances, the GST is recognised as part of the cost of acquisition of the
asset or as part of an item of the expense.
Receivables and payables in the balance sheet are shown inclusive of GST. The net
amount of GST recoverable from, or payable to, the ATO is included with other
receivables or payables in the balance sheet.

- 7 -

ABN 28 159 789 509

2013 2012
$ $

2. Revenue

Sales Revenue
Sale of Goods 1,509,802 -
1,509,802 -

1,509,802 -

3. Expenses

Raw Materials, Purchases and Consumables Used 1,252,277 -
Employee Benefits Expense 119,307 -
Bank Charges 2,225 -
Insurance 2,338 -
Postage 885 -
Repairs & Maintenance 71 -
Telephone 846 -
Other Expenses 59,579 -
1,437,528 -

4. Finance Costs

Interest Paid
- Interest Paid 202 -
32,811 -

Finance Costs Capitalised
Finance costs that have been capitalised
during the period which will be amortised
Over Future Periods 7,979 -

5. Profit for the Year

Profit before income tax expense from continuing
operations includes the following specific expenses:

Charging as Expense
Cost of Goods Sold 1,252,277 -
Finance Costs 32,811 -

- 8 -

ABN 28 159 789 509

2013 2012
$ $

6. Cash and Cash Equivalents

ANZ 65021 20,244 -
Cash on hand 1,320 -
21,564 -

7. Trade and Other Receivables

Current
Trade Debtors 21,332 -
Loans - Deposit 1,000 -
22,332 -

Total Trade and Other Receivables 22,332 -

8. Inventories

Current
Stock on Hand 68,750 -
68,750 -

Total Inventories 68,750 -

9. Tax Assets and Liabilities

Current

Liabilities
Current Tax Liability 11,839 -
11,839 -

Net Tax Liabilities 11,839 -

10. Property, Plant and Equipment

Land and Buildings
Business Cost
Business Cost 674,740 -
674,740 -

- 9 -

ABN 28 159 789 509

2013 2012
$ $

11. Trade and Other Payables

Current
PAYG Payable 3,931 -
Provision for GST 5,498 -
9,429 -

Total Trade and Other Payables 9,429 -

12. Financial Liabilities

Current
Loans - 86061 300,305 -
Loans - 27555 403,399 -
Loans - Director 36,269 -
739,973 -

Total Financial Liabilities 739,973 -

13. Provisions

Current
Provision for Annual Leave 6,400 -

Total Provisions 6,400 -

14. Contributed Equity

Issued Capital
Ordinary Shares 100 -
100 -

- 10 -

ABN 28 159 789 509

2013 2012
$ $

15. Retained Earnings

Retained Earnings at the Beginning of the Financial
Year
-

-

Add
Net profit attributable to members of the company 39,463 -

Less
Income Tax Expense 11,839 -

Retained Earnings at the End of the Financial Year 27,624 -

- 11 -

ABN 28 159 789 509
Directors Declaration
for the Year Ended 30 June 2013

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 outlined in Note 1 to the
financial statements.

The directors of the company declare that:

1. the financial statements and notes, as set out in the financial statements, present fairly
the companys financial position as at 30 June 2013 and its performance for the year
ended on that date in accordance with the accounting policies described in Note 1
to the financial statements; and

2. 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 Bing GAO

___________________
Director Rui JIA

Dated this................day of.................................... 2013

- 12 -

ABN 28 159 789 509

Annual Report
for the Year Ended 30 June 2013

Contents Page

Trading, Profit & Loss Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Notes to the Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Directors' Declaration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

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VML INTERNATIONAL PTY LTD

ABN 28 159 789 509

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