You are on page 1of 6

COMMISSIONG AND COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2013


COMMISSIONG AND COMPANY LIMITED

FINANCIAL STATEMENTS FOR THE PERIOD ENDED


31 DECEMBER, 2013

CONTENTS Page

Balance Sheet 2

Statement of Income and Retained Earnings 3

1
COMMISSIONG AND COMPANY LIMITED

BALANCE SHEET AS AT 31 DECEMBER, 2013

2013
Current Assets

Cash and bank balances 251,367


Accounts receivable and prepayments 25,150
276,517

Current Liabilities
Accounts payable and accrual 145,375
Taxation payable 60,320
205,695

Working Capital 70,822

Fixed Assets 2,938,287

Net Assets 3,009,109

Share Capital 25,000

Retained Earnings 2,984,108

Shareholders' Equity 3,009,108

Capital Employed $ 3,009,108

The notes on pages 5 and 6 form part of these financial statements

:Director

2
COMMISSIONG AND COMPANY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS


FOR THE YEAR ENDED 31ST DECEMBER, 2013

2013

Revenue

Sales 9,150,350

Cost and expenses

Accounting and tax 30,000


Advertising 10,050
Consumables 2,287,588
Contract labour 1,830,070
Courier 885
Depreciation 83,917
Director's remuneration 180,000
Donations 4,500
Equipment rental 457,518
Insurances 29,536
Interest and bank charges 6,070
Legal and professional 13,894
Freight and brokerage 27,451
Miscellaneous 1,502
Motor vehicle expenses 114,379
Printing, postage and stationery 19,485
Repairs and maintenance 100,315
Safety 80,370
Salaries and wages (including national insurance) 91,504
Subsistence 18,320
Telephone and electricity 44,371
Training 12,890
Transport 45,752
5,490,366

Income before taxation 3,659,984

Taxation 914,996

Income after taxation 2,744,988

Retained Earnings - brought forward 239,120

Retained Earnings - carried forward 2,984,108


COMMISSIONG AND COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS


AT 31ST DECEMBER, 2013

1. Incorporation and principal activity


The company is incorporated in the Republic of Trinidad and Tobago and operates
as General Contractor .

2. Significant accounting policies


i) Basis of preparation
(a) These financial statements have been prepared on the historical cost convention

(b) The preparation of the financial statements in conformity with International


Accounting Standards requires management to make estimates and assumptions
that affect the reported amount of assets and liabilities and disclosure of the
contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.

ii) Fixed Assets


Fixed assets are stated at cost and are depreciated on the reducing balance basis, at
annual rates which are adequate to write off the costs of the assets over their estimated
useful lives as follows:

Light and heavy equipment 20%


Office equipment 10% - 33.3%

iii) Inventories
Inventories are stated at the lower of cost and net realisable value as established on the
first in, first out basis.

3. Stated Capital
Issued
25,000 ordinary shares $ 25,000

4. Director's Loan Account


The balance represents amounts owed to a director for fixed assets introduced into the
company. There are no fixed term of payments.