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    © All Rights Reserved
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    7 views29 pages

    11578120221028125745

    Uploaded by

    Matthew Tsang

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    © All Rights Reserved
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    ‘TALON INTERNATIONAL ‘TRAVEL SERVICE COMPANY LIMITED REPORTS AND FINANCIAL STATEMENTS, FOR THE YEAR ENDED 31 MARCH 2022 C.K. Lo & Company Certified Public Accountants Hong Kong, ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ‘CONTENTS. REPORT OF THE DIRECTOR INDEPENDENT AUDITOR'S REPORT ‘STATEMENT OF PROFIT OR LOSS "AND OTHER COMPREHENSIVE INCOME. ‘STATEMENT OF CHANGES IN EQUITY ‘STATEMENT OF FINANCI SITION ‘STATEMENT OF CASH FLOWS NOTES TO THE FINANCIAL STATEMENTS 1102 3105 101027 ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED, REPORT OF THE DIRECTOR ‘The director presents herewith his report and the auited financial statements for the year ended 31 March 2022, PRINCIPAL ACTIVITY ‘The company is engaged in provision of tavel agency services FINANCIAL STATEMENTS AND DIVIDEND ‘The results forthe year ate sot out in the statement of profit or loss and other comprehensive income on page 6. The financial postion of the company as at 31 March 2022 is set out inthe sMatement of finanial postion on page 8, ‘The director does not recommend the payment of dividend [BUSINESS REVIEW ‘Under Section 388(3)a) ofthe Companies Ordinance, the company is exempted from preparing 1 business review as the company falls within the reporting exemption in the year ended 31 ‘March 2022, DIRECTORS. Te directors who held ofice during the year and upto the date ofthis report were: ‘Yuen Siu Shan (Resigned on 28 May 2022) ‘Yuen Yo Tong, Harry In accordance with the artile 7 of company’s articles of association, all directors, except permanent ditecors if any are appointed, shall retire from office and shall be eligible for reelection, DIRECTOR'S INTERESTS IN CONTRACTS During the year, no contracts of significance in relation to the company’s business to which the company was a party, and in which any director had a material interest, subsite atthe end of the year or at anytime during the year except the transactions disclosing in not= 12. PERMITTED INDEMNITY PROVISIONS. ‘At no time during the year were there any permitted indemnity provision in force for the benefit of the director of the company. At the date of approval ofthis report, there are no permitted indemnity provisions in force forthe benefit of the director ofthe company. EQUITY-LINKED ARRANGEMENTS. During the year, the company did not enter into equty-linked agreement. ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED REPORT OF THE DIRECTOR coined CONNECTED TRANSACTIONS During the year, tothe best of the director's knowledge, there were no connected transactions or ‘continuing connected transactions ofthe company except the transactions disclosing in note 12. AUDITOR During the year, C. K. Lo & Company, Certified Public Accountants, was appointed as the auditor ofthe company. A resolution to e-appoint the auditor, C, K. Lo & Company, Cenified Public Accountants, willbe submitted at the forthcoming annual general mectng. (On behalf ofthe Board eben ‘Yih Yak Tong, Harry Hong Kong, 22 om Chainian, C.K. Lo & Company ceriiedusicrccointans BERG HAT INDEPENDENT AUDITOR'S REPORT. ‘TO THE SHAREHOLDER OF ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) ‘OPINION We have audited the financial statements of Tai On Intemational Travel Service Company Limited ("the company") set out on pages 6 to 27, which comprise the statement of financial position as at 31 March 2022, and the statement of profit or loss and other comprehensive Income, statement of changes in equity and statement of cashflows forthe yea then ended, and notes the financial statements, chiding a summary of significant accounting policies, In our opinion, the financial statements give true and fair view ofthe financia position of the ‘company as at'31 March 2022, and ofits financial performance ad its cash flcws forthe year then ended in accordance with Hong Kong Financial Reporting Standards ("HSFRSs") issued by the Hong Kong Institute of Certified Public Accountants (THKICPA") and have been properly prepared in compliance with the Hong Kong Companies Ordinance. BASIS FOR OPINION We conducted our audit in accordance with Hong Kong Standards on Auaiiing CHKSAs") issued by the HKICPA. Our responsibilities under those standards ee further deseribed in the ‘Auditor's Responsibilities forthe Audit of the Financial Statements section of ou report. Weare independent of the company in accordance withthe HKICPA's Code of Ethies for Professional ‘Accountants ("he Code"), and we have fulilled our other ethical responsibil in accordance With the Code. We believe thatthe audit evidence we have obtained is sullicientand appropriate to provide a bass for our opinion MATERIAL UNCERTAINTY RELATED TO GOING CONCERN, ‘We draw attention to the financial statements, which indestes that during the year ended 31 March 2022, the company's curent Habits exceeded its current assets by HKSS4,680. It indicates that a material uncertainty exists that may east significant doubt or. the company’s ability to continue as a going eoncer. Our opinion is not modified in respec of his matter. ‘Unit 1205, 12/F, Mirror Tower, 61 Mody Ros, vim Ska Tou East, Kowloon, ‘Te: 23906373 ie ALM PHM SUH 1 aE ch DNB DOSE Fax: 23906972 ‘Web Site: www ekloepa.com 3 C.K. Lo & Company cerifescuiiccountans SR hOB AT INDEPENDENT AUDITOR'S REPORT ‘TO THE SHAREHOLDER OF ‘TAL ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) Continued) RESPONSIBILITIES OF DIRECTOR AND THOSE CHARGED WITH GOVERNANCE. FOR THE FINANCIAL STATEMENTS The director is responsible forthe preparation of the financial statements that give a tue and fair view in accordance with HKFRSS issued by the HKICPA and the Hong Kong Companies Ondinance, and for such intemal control asthe director determines is necessary 10 enable the preperation of Financial statements that are fee from material misstatement, whether due to fad or eror In preparing the financial statements, the director is responsible for assessing the company’s abiliy t continue as a going concer, disclosing, as applicable, matters related to going ‘concern and using the going concem basis of accounting unless the director either intends to Tiguidate the company oto cease operations, o have no realistic alternative but to do so, ‘Those charged with governance are responsible for overseeing. the company’s financial reporting proces. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL ‘STATEMENTS (Our objectives are to obtain reasonable assurance about whether the fnanciel statements 38 & ‘whole ae free from material misstatement, whether due to fraud or error, and (0 issue an auditor’ report that includes our opinion. Reasonable assurance is high level of assurance, but fs not a guarantee that an audit conducted in accordance with HKSAs will aways detect @ ‘material misstatement when it exists. Missatements can arise ftom fraud or error and are considered material if, individually or inthe aggregate, they could reasonably be expected to inuence the economic decisions of users taken onthe basis of these financial statements ‘As part ofan audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also = entity and assess the risks of material misstatement of the financial statements, whether Ave to fraud or eror, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a bass for our opinion The risk of not detecting a material misstatement resulting fom fraud is higher than for ‘one resulting from eror, a fraud may involve collusion, forgery, intetional omissions, misrepresentations, or the override of internal contro = Obiain an understanding of intemal control relevant fo the aut in order to design audit procodues that are appropriate in the circumstances, but not forthe purpose of expressing tn opinion on the effectiveness ofthe company's internal contol ‘Unit 1205, 12/R, Mirror Tower, 61 Mody Ros, Tsim Sha Tru East, Kowloon, Tel: 23906373 SRAM RON mie MoE ss O12m 120s Fax: 2390 6972 Web Site: www cklospa.com & C.K. Lo & Company cenifatcasicsecouans BERS HT INDEPENDENT AUDITOR'S REPORT ‘TO THE SHAREHOLDER OF ‘TAL ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED (INCORPORATED IN HONG KONG WITH LIMITED LIABILITY) Continued) AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (continued) = Bvaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. = Conclude on the appropriateness of the direstor's use of the going concer basis of ‘accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to ‘continue as a going concer. If we conelude that @ material uncertainty exists, we are required to draw attention in our auditor's report tothe related disclosures inthe financial SMatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our auditors report. However, future events or conditions may cause the company to cease to coninue as a going = Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation, ‘We communicate with those charged with governance regarding, among ther matters, the planned seope and timing ofthe audit and significant audit findings, including any significant ‘eficiencies in intemal contol that we identity during our aud C.K. Lo & Com CCenified Public Accountants Hong Kong, 22 October 2022 ‘Unit 1205, 127, Meror Tower, 61 Mody Road, Tsim Sha Taul East, Kowloon ‘Te:23906573 ER AMA Om Kei Morne wh L2H 205m Fax: 23906972 ‘Web site wow.cklogpa.com ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED ‘STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022 NOTES 2022 22. Ks HKS ‘TURNOVER. 5 = 7 (OTHER INCOME 150,000 250,000 ADMINISTRATIVE EXPENSES cas4907) 10.674) OPERATING LOSS 6 (G4907) (60.8574) TAXATION 7 : LOSS FOR THE YEAR G4.907) (0674) ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED ‘STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2022 Balance as at 1 April 2020 Loss forthe year Balance s at 31 March 2021 Loss forthe year Balance as at 31 March 2022 Share Accumulated Total capital losses equity KS KS KS 500,000 (459,099) 40901 (6074) (60674) 300,000 (519,773) (19,773) = 4907) 4907) (54,680) 500,000 ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED ‘STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2022 NOTES 2022 2021 KS KS ASSETS AND LIABILITIES Current asets Deposits paid and prepayment 19,532 19.532 ‘Amounts due from related companies 8 2123886 351.984 ‘Amount due from a director 9 285,200 183,300 Cash at banks 1371396 141381 655.214 696,167 Current liabilities Acenied expenses 19,800 10,846 ‘Amount due toa director 10 690,094 705,094, 709,894 Net current liabilities (54,680) (19,773) ‘Total assets less urrent lables (54,680) (49,773) NET LIABILITIES, (9,773) EQUITY Capital and reserve Share capital u 500,000 500,000 ‘Accumulated losses (554,680) (519,773) ‘TOTAL EQUITY (54,680) (9,773) ‘The financial statements on pages 8 to 27 were approved and authorised for issue by the Board of Director on 22 October 2022 and are signed on its behalf by: Hany ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED ‘STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 NOTE 2022 oa. KS. KS, Operating activities Loss before taxation 4.907) (os74) Adjustment for ‘Operating cash flows before movement in working capital 4,907) (wos74) Increase in deposits paid and prepayment (1332) Decrease /(inerease) in amounts due from related companies 139,068 671060) Increase in amount due from a director (101,900) (750) Tnerease /(eerease) in accrued expenses 954 10,054) (Decrease) increase in amount due oa director 15,000) 148,480 Cash generated by operations G.785) 18,610 [Net cash (utilized in) / rom operating activities 6785) 18,610 (Decrease) / increase in cash and cash equivalents 785) 18,610 ‘Cash and cash equivalents brought forward 141381 ‘Cash and cash equivalents carried forward (@) 137,596 141,381 (4) Analysis ofthe balances of cash and cash equivalents 22 202 KS UKs ‘Cash at banks 137.596 141381 ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ‘GENERAL INFORMATION ‘The principal activity of the company is provision of travel agency services. The company is an ordinary member of Travel Industry Council of Hong Kong and the membership number is 22336-0. The address ofits registered office is Unit 908, 9/F, Asia Trade Center, 79 Lei Muk Road, Kwai Chung, New Teritoris, Hong Kong. PRINCIPAL ACCOUNTING POLICIES a) STATEMENT OF COMPLIANCE ‘The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS), which collectively include all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accomnting Standards CHKAS") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally acceptec in Hong Kong, tnd the disclosure requirements ofthe Hong Kong Companies Ordinance. Inthe current yea, the company has applied the following new and revised standards, amendments and interpretations (hereinafter collectively referred to as “new and revised HKFRSs") issued by HKICPA that ar effective for the company’s financial year beginning on 1 April 2021 HKAS39, HKFRS 4, Interest Rate Benchmark Reform —Phase 2 TIKERS 7, HKFRS 9 and HKFRS 16 Amendment HKFRS 16 Amendment Covid-19-Related Rent Concessions ‘There are no other new standards or amendments to standards that are effective forthe Fiet time fr this financial year that could be expected to have a material impact onthe ‘company, TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 2, PRINCIPAL ACCOUNTING POLICIES (eontinued) 8) STATEMENT OF COMPLIANCE (continued) ‘The following HKFRSs in issue as at 31 December 2021 have not been applied inthe preparation of the Financial statements forthe year then ended since *hey were not yet effective for the financial year beginning on 1 April 2021: AGS (revised) “Merger Accounting for Common Contral Combinations ‘Annual Improvements Annual Improvements to HKFRSs 2018-2020 Project Amendment HK Int @2020) Presentation of Financial Statements ~ Classification by ‘the Borrower ofa Term Loan that Contains ‘Repayment on Demand Clause HKAS | Amendment Classification of Liabilities as Curent or Non-eurrent HKAS | andHKFRS__Diselosure of Accounting Policies Practice Statement 2 Amendment HKASS Amendment Definition of Accounting Estimates HKAS 12 Amendment Defered tax related to assets and liable arising fom ‘singe transaction HKFRS 3, HKAS 16 and Narrow-scope amendments HKAS 37 Amendments HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and Amendment its Associate or oint Venture HKFRS 16 Amendments Covid-19-Relted Rent Concessions beyond 2021 HIKERS 17 ‘Amendments to HKFRS 17 HKFRS 17 (now standard) Insurance Contracts b) BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS ‘The measurement basis used in the preparation of the financial statements is the historical cost bass except thatthe other financial assets are state at fair value, ‘The preparation of financial statements in conformity with EKFRSS requires ‘management 19 make judgments, estimates and assumptions that affect the application of policies and reported amounis of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed 19 be reasonable under the eicumstarces, te result of Which form the bass of making the judgments about carying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates, “The underlying assumptions and estimates ae reviewed on an ongoing basis. Revisions to accounting estimates are recognized inthe year in which the estimates are revised if the revision affects ony that year, or inthe year of the revision and future years if the revision affects both current and futur years. Judgments made by management inthe ‘pplication of HKFRSS that have a significant effect on the financial statements and estimates with asigificat risk of material adjustments in the next year are discussed in note 3 ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS, FOR THE YEAR ENDED 31 MARCH 2022 2, PRINCIPAL ACCOUNTING POLICIES (continued) © REVENUE FROM CONTRACTS WITH CUSTOMERS Under HKFRS 15, the company recognizes revenue when (or a8) @ performance ‘obligation is satisfied, ie. when “contol” of the goods or services underlying the particular performance obligation i transfered to the customer A performance obligation represents a good or service (or a bundle of goods or services) that is distinct o a series of disint goods or services that are substanialy the same, ‘Controls transferred overtime and revenue i recognised overtime by reference tothe ‘progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met: the customer simultaneously receives and consumes the benefits provided by the ‘company’s performance asthe company performs = the company’s performance crestes and enhances an asset that the customer ‘controls as the eompany performs; of = the company’s performance does not create an asset with an altemative use tothe ‘company and the company has an enforceable right to payment for performance ‘completed to date Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service. ‘A contrat asset represents the company’s right to consideration in exchange for goods ‘or servies thatthe company has transferred Wo a customer tat isnot yet unconditional, Ie is sessed for impairment in accordance with HIKFRS 9. In contrast, a receivable represents the company’s unconditional right to consideration, i. orly the passage of time is required before payment ofthat coasideration is due. ‘A contract lability represents the company’s obligation to transfer goods or services to 44 customer for which the company has received consideration (or an amount of consideration is due) from the customer. ‘A contract asset and a contract ibility relating tothe same contract are sccounted for nd presented ona net bass, 4) CONTINGENT LIABILITIES Contingent liabilities are possible obligations that arse from past events and whose ‘existence will only be confined by the oceurrence or non-occurrence of one or more tncertain future events not wholly within the control of the company It ean also be a present obligation arising from past events that is not recognized because itis not probable that outflow af economic resources will be required of the amount of obligation cannot be measured reliably. A contingent lability is not recognized but is disclosed in the notes tothe financial statements. When a change inthe probability of sn outflow occur so that outflow is probable, it wll then be recognized as a provision ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 2. PRINCIPAL ACCOUNTING POLICIES (continued) (©) FOREIGN CURRENCY TRANSACTIONS ') Punetional and presentation cureney Items included in the financial statements are measured using the curency of the primary economie environment in which the entity operates the functional currency”). ‘The Financial statements are presented in Hong Kong dollars, which isthe functional and presentation currency of the company. i) Transactions and balances ‘Transactions in foreign currency are translated into Hong Kong dolla at approximate rates of exchange ruling. on the transaction dates. Monetary assets and liilties ‘denominated in foreign currencies are translated at the rates ruling on the fiseal year end date. Profits and losses resulting from this translation poliey ae included in the Statement of profit or loss and other comprehensive income, except when deferred in equity as qualifying cashflow hedges or qualifying net investment hedges. Translation 4ifferences on non-monetary items, such as equity instruments held at fair value through profit o los, re reported as part of the fair value gain or loss. Translation differences on non-monetary items, such as equities classified as avallable-forsale financial assets, are included in the fair value reserve in equity 1) FINANCIAL INSTRUMENTS Financial assets and financial ibis are recognised when @ company becomes a party tothe contact provisions ofthe instrument. All regular way purchases or sales Of financial assets are recognised ani derecognized on atrade date bass. Regular way Purchases or sales are purchases or sales of financial assets that require delivery of assets within the ime frame established by regulation or convention in the market place. Financial assets and financial liabilities are initially measured at fir value except for ‘wade receivables arising from contacts with customers which are inially measured in ‘ecordance with HKFRS 15. Transaction costs that are directly atibutable to the acquisition of issue of financial asets and financial liabilities (oter than financial ‘assets of financial liabilities at far value through profit of loss) are added to oF deducted from the fair value of the financial assets or financial Tiabilitis, as appropriate, on initial recognition. Transaction costs that ae directly stibutale to the acquisition of financial asses or financial labltes at fir value threugh profit or loss fare recognised immediately in profit or loss ‘The effective interest method is a method of calculating the amortized cost of a financial asset of financial liability and of allocating interest income and interest ‘expense over the relevant period. The effective interest rate isthe rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral prt of the effective interest rat, transaction costs and other premiums or discounts) through the expected life of the financial asset ‘or financial liability, or, where appropriate, a shorter period, to the ne; earying amount ‘on initial recognition. ‘TAI ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022, 2. PRINCIPAL ACCOUNTING POLICIES (continued) 1) FINANCIAL INSTRUMENTS (continued) Financial asses Classification and subsequent measurement offaancial assets Financial assots that meet the following conditions are subsequently measured at amortized cost + the financial asst is held within a business model whose objective is to collect contractual cash flows and = the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest onthe principal amount outstanding, Financial assets that meet the following conditions are subsequently measured at ‘he value through other comprehensive income ("FV TOCT"): + the financial asst is held within business model whose objective is achieved by both collecting contractual cashflows and selling: and + the contractual terms give rise on specified dates to cash flows that are solely payments of prinipal and interest onthe principal amount outstanting. All other financial assets ar subsequently measured a fair value droagh te statement ff profit or loss CFVTPL"), except that at the date of intial applicatonfntial recognition of a financial asset the company may ievocably elect 10 present subsequent changes in fair value of an equity investment in OCI if that equity investment is neither held for wading nor contingent consideration recognised by an acquirer in a business combination to which HKFRS 3 “Business Combinations” applies. ‘A financial asset is classified as held for trading if thas been acquired principally forthe purpose of selling inthe ner term; on inital recognition itis a part ofa portfolio of identified financial instruments that the company manages together and has a recent actual patter of short-term proficaking: or = iCisa derivative that is nt designated and effective as a hedging instrument. In addition, the company may irevocaby designate a financial asset that are required to be measured atthe amortized cost or FVTOCI as measured at FYTPL if doing so fiminates or significantly reduees an accounting mismatch ‘TAL ON INTERNATIONAL TRAVEL SERVICE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022, 1) FINANCIAL INSTRUMENTS (continued) Financial asset continued) Classification and subsequent measurement of financial assets (continued) Amortized cost and interest income Interest income is recognised using the effective interest method fer financial assets measured subsequently at amortized cost and debt instrumens / reocivables subsequently measured at FVTOCI, Interest income is calculated by applying the effective interest rate to the gross carying amount of @ financial asset, except for financial assets that have subsequently become creditimpsired (see below). For financial assets that have subsequently become credit-impaired,icterest income is recognised by applying the effective interest rate to the amortized cost ofthe financial st from the next reporting period. If the credit risk on the credt-impaired financi instrument improves s0 that the financial asset is no longer credit-impaired, interest come is recognised by applying the effective interest rate to the gross carrying ‘amount ofthe financial asset from the begining ofthe reporting pevod following the

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