ee =, Siddiqui & Co. ‘Gs. 1946) Income Tax, Sales Tax & Corporate Consultants. Accountants & Auditors AUDITOR’S REPORT ‘We have audited the accompanying Balance Sheet and Trading Profit and Loss Account of @_ —_-_ MS. L_ MAND SONS, QUETTA, for the period ended 30 June 2020. These financial Istatements are the responsibility of the Organization management. Our responsibility is to express an opinion on these financial statements based on our audit. We conduct our audit in accordance with international standards on auditing those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining on test bases, evidence, supporting the amount and disclosure in the financial statement. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the allsfinancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. ‘in our opinion, the Balance Sheet and Trading Profit and Loss Account of M/S L. M AND SONS, QUETTA, for the period ended 30 June 2020 gives a true and fair view of the state of affairs of the organization, SIDDIQUI & Co: lame Ta Ses ret sas hie Bases Cane Dr. Head office: #57, 2nd lor cvic business centre, Hall Road, Quetta 7:(92 81) 263 6733 E:siddiqui@siddiquicocom.pk wovsiddiquico.compk Suku office: Marich Bazar, Sukkur T:(92 71) 562 5279 Karachi office: Sharjah Trade Centre, New Chal, Shara-e-Liaquat Road Karachi T: (9221) 324 14996 Scanned with CamScannerLM AND SONS STATEMENT OF FINANCIAL POSITION ' ‘AS ON 30TH JUNE 2020 Note 2020 2019 ASSETS NON CURRENT ASSETS Property, plant & equipment 4 106,802,979, 72,280,019 ® CURRENT ASSETS laventory 75,181,700, Trade and other receivables 9,889,300 Gash and bank balances 158,188,978 799,050,855 189,259,378 BOSS ES4 —755,50,007 & EQUITY AND LIABILITIES EQUITY Equity 299,856,700 249,999,007 LIABILITIES e ' “Trade and other payables 5,997,194 5,540,000 Tages ese ZEST . All notes to the accounts i.e, from note 1 to 7 annexes are part of these financial statements. Scanned with CamScannerSal Cost of goods sold Gross (loss) / profit, Other income Expenditures Staff salaries Venue and space charges Franchise royalty Depreciation Utlities Traveling expenditure s Vehicle expenditure Stationery & office supplies expenditure |. Miscellaneous expenditure Net profit before taxation Taxation Net profit after taxation Notes 4 LM AND SONS STATEMENT OF INCOME & EXPENDITURE FOR THE PERIOD FROM 4ST JULY, 2019 TO 30TH JUNE, 2020 2020 2019 573,968,924 35,395,668 (408,899,384) (16,243,004) 165,069,540 19,152,664 . 2464,308 (26,865,000) (2,180,000) (395,000) (360,000) (383,000) (355,000) (12,265,040) (8,344,947) (888,000) (740,000) (993,298) (80,600) (1,183,085) (96,000) (1,109,142) (90,000) lod8.74%) (53990308) __(352860)_(12.500207 111,139,234 9,018,260 43087 569 ‘oat 988 ‘All notes to the accounts Le. from note 1 to 7 annexes are part of these financial statements. Scanned with CamScannerLM AND SONS ‘STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD FROM 1ST JULY, 2019 TO 30TH JUNE, 2020 ORDINARY SHARES. PKR 2019 ‘Opening balance as on 01/07/2018 244,099,998 Profit for the year 7,976,302 Drawings during the year (2:976,303) Closing balance as on 30/08/2019 249,999,997 2020 ‘Opening balance as on 01/07/2019 249,999,997 Proft for the year 68,091,565 Drawings during the year 18,234,862) Closing balance as on 30/06/2020 299,856,700. All notes to the accounts Le. from note to 7 annexes are pat of these financial statements. Scanned with CamScannerLM AND SONS ‘STATEMENT OF CASH FLOW FOR THE PERIOD FROM 1ST JULY, 2019 TO 30TH JUNE, 2020 ee —_—__— 2 ___ \ ‘Net profit before taxation 68,091,565 7,976,302 Adjustment of non cash items Depreciation 12,265,040 8,344,947 Cash flow before working capital changes 80,556,605 76,321,249 Changes in working capital (Increase) / decrease In current assets (2,160,281) (6,185,500) Increase / (decrease) in current liabilities 457,134 (4,592,410) oo TTT) G77, 510) Net cash in operating activities 78,653,458 6,543,339 Financing activities Purchase of property, plant & equipment (46,788,000) : Drawings 18,234,862, (2,976,303) Net cash outflow for financing activities (65,022,862) 2,876,303) etintease (decrease) in cash and cash equivalents 73,600,506 3,567,086 lOpening cash and cash equivalents 158,188,978 154,621,942 Closing cash and cash equivalents 171,819,574 158,168,976 ‘All notes to the accounts i.e. from note 1 to 7 annexes are part of these financial statements, Scanned with CamScannerLM AND SONS NOTED TO THE ACCOUNTS FOR THE PERIOD FROM 1ST JULY, 2019 TO 30TH JUNE, 2020 4 GENERAL INFORMATION: LLM and Sons is Quetta City baséd organization, whichis ovned by singe propitor. The main operations of the organization's | Contractual Development Services, The ccanization doos nl have any separate legal Matty oer then ks pune. 2 STATEMENT OF COMPLIANCES: ‘The financial statements made on the basis of accrual besis and on the basis of Intemational Financial Reporting Standards (JERS) for Small and Medium Entities (SMEs) applicable in Islamic Republic of Pekistan and guidelines provided by Institue of Chartered Accountants of Pakistan (ICAP). 3 ACCOUNTING POLICIES: Taxation Provision of taxation is made at current rate of company tax provided at Income Tax Ordinance 2001, Tax credit and brought forward losses are recognized for arriving at taxable income forthe year. Provision ‘A.ptousion is recognized inthe balance sheet when the company has a present legal or constructed obligation as a result of past ‘events and itis probable that an outflow of resources embodying economic Benefits will be required to sete the obligation and a reliable estimate ofthe amount can be made. Revenue recognition Revenue is recognized atthe fal value of the consideration, when economic Benefit as a result from past evens have Incurred ands probable that the inflow of resources shall be made in futur. Cash and cash equivalents For the purpose of cash lon, cash and equivalents consist of cash in hand and cash at bank Creditors, accruals & other payables |. Usbitties fr ereitors, acruals and oer payables are cared t cost which sth fair value ofthe consideration tobe pad Inthe future for gods and services received, whether or no biled to the organization. ‘4 PROPERTY, PLANT & EQUIPMENT: WRITTEN: AS ON DEPRECIATION PARTICULARS cuore ADDITION DISPOSALS TOTAL RATE Fon THeyeaR DOWN Plant and machinery 64,284,588 41,969,000 + 105,653,586 10% 10,585,959 95,088,227 Office equipment 4412287 ‘976,000 + 2388247 25% ‘597,062 1,791,185 Vehicles 6425619 3,753,000 = 9,178,619 10% 917,862 8,260,757 Fumiture and figures __1,157,567___690,000 = 1.847.567 _10% 184,757 __1/662;810 72,280,019 46,788,000 = 179,068,019 7,265,080 106,802,979 ‘Depreciation is charged on the basis of reducing balance method, whereas full depreciation is charged in the year of acquisition ‘and no depreciation is charged inthe year of disposals. 5 CURRENCY: “These financial statements have been presented in Pakistani Rupee, itis the company’s functional and presentational currency. [6 FIGURES: ‘The figures represented in th financial statement is rounded. 7 APPROVAL OF FINANCIAL STATEMENT: ‘These financial statement ae signed and approved on Scanned with CamScanner