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    83 views24 pages

    Crane and Heavy Equipment Certification Corporation (Formerly TUV Bayern Ventures, Inc.)

    Uploaded by

    Ren Mar Cruz

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    SECURITIES AND EXCHANGE COMMISSION ‘The following document has been received: Recelving: John Denver De Guzman Receipt Date and Time: May 16, 2022 09:03:28 AM Securities ana en FRR yp oecsceoc Document Information Document ID: 0ST1051620228389590 Document Type: Financial Statement Document Code: FS Period Covered: December 31, 2021 ‘Submission Type: Annual Remarks: None O6rvpascua 02:13:01 PM 03/06/ COVER SHEET for AUDITED FINANCIAL STATEMENTS ‘SEC Registration Al 2] of 0) Securities ans COMPANY NAME c[RIA[NJe| TAIN SERRDGOODROOOEGORDE io = im > i< | im 2 | ie a PRINCI 8 8 1 Tel ittly] ing te report ‘Secondary License Type, [a |F RE |c lo|R]o|s N|A ‘COMPANY INFORMATION Companys email Address ‘Companys Telephone Numbers ‘Moble Number ‘debasa@ficontab com 899-0321, (09175077187 No.of Stockroiges ‘Anoval Meeting MorhvDay) Fiscal Year (MontvOoy) 5 vanuary 28 DECEMBER 31 ‘CONTACT PERSON INFORMATION "he dotrated contact person MUST be an Otero he Cerporaion Name of Conta Pesson Enotes Tetphove Numbers Hobie Number JAMES F, PORTER i05@ahoo.com 90.0221 09175077167 CONTACT PERSON's ADDRESS {8263 CONSTANCIA STREET BRGY. OLYMPIA, MAKATI CITY NOTE 1: nome ofgou sigan cr castton of fice the ocr degre a contact ese, such cde! shal be reputed ‘he Comvssion win tty 2) cleda days on fw eccurerce erect wh formation and comple contact clas of e new ‘nla penon Seagate 2: Al Bowes must be propeny and comply kup Faz 6 osha cause he doy uponing ne coporton rears ‘uth be Cammesion andor ran recat Nee ol Deere. Fura. rx-ecbof Nace of Osieres sant excuse the ‘erpraten ton aby fr ts decances. O6rvpascua 02:13:01 PM 03/06/2 TWIS-15:4: SYSTEM GENERATED -COPY-GF THE DOCUMENT -FROH THE: OFFICIAL RECORD-OF-t SIGNATURE NOT REQUIRED 0O & ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS Secutitiesions Exchange Commission INDEPENDENT AUDITOR'S REPORT ‘The Boat of Directors nd Stockholders (CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPORATION £263 Corsancia Sect Brgy. Olympia, Matti City, Meto Manila statements of CRANE AND HEAVY EQUIPMENT CERTIFICATION the satenents of Mnarcat postion as ai December 31, 2721 and 2020, and ie enters te ae ae Deh preset fay, a all material respects, the foancial positon ofthe Prermanct andi es flows forthe year then ene 0 Seal Entities (PFRS fr SES. ‘iid our other responsibilities in accordance wih these requirements. We believe that the mdi evidence We have obuaned i suit and aproprae m providea bas fer our opin. Responsible of Management ond Thase Charged with Governance fer the Financ Staemests Managencat i resonsble fr the preparion und fur resenaton ofthe faaneastement in aecordasce with Philippine Finacial Repoting tandars for Smal stities (PFRS foe SEs) and fer sch iteralconrol as management determines is neces 1 enable the preparation offical statements hat ae fe ro material misatement whether de fad oF ln pcpaing the franca statements, management is responsible for asesing the Compary’s sbi to continue as 2 going concern, ichsng as applicable, mates felted to going concem and wsng the going concem bas of eccvuning less ‘mansgement ether interds to liidate the Company orto cee operations, er has borealis akeraive but do ‘Those changed nthe governance reponse or rere the Conny’ lance seperting process. Audios’ Responsible forthe Aud of be Fhancal Satements ur objetves are o obtain reasonable assurance about whee the fancial statements a a whole ae fee from material Inssutenent weber dic raed oreo, ad iu an mits port hat ees ow pion Reasonable our Isa high tevel of ssurince, but st guarasic that an adit pndted in accordance wita PSAS wil bays detect ‘mata isutemen when exits Misshtements an arse fom fag o rr and we considered material avidly or in the ageeete. they could masonably be expected infuece the ecenomie decisions of uses taken onthe bass of thes antl statement As put of an aut in accordance with PSAS, we excise professional jgment and main profesional skeptsm roughou teaudt. We alse: 1 demi and assess the ish of material mstatment ofthe faancilsatements, wheter due w fraud ere, design and peter aol procedures esponsveW those rks, and cba aut evidence tls suftent and appopriae ‘provide aba frou opinion. The sk of ot dtesing a material mistaterent reskng fom frau is bgher thas for ‘ne resulting fom er, as fraud ty Irvole colusien, forge, intemal omisions, mitepesensions, ofthe vee of nea contol OGrvpascua 02:13:01 PM 03/06/2 A Net Tower lg 135 HY Dat Cons Se Sales 2 THO NOS SMTP (ND) HOSAMRD lla ESUezadloeale Cal ™ SIGNATURE NOT REQUIRED OO & ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS Securities ona + Obtain an understanding of inter contol eevan the aut in det design a inthe eieamstances, bu oto he prpos of expressing an opinion othe effesiveness of ‘oneal 1+ Evabate the appropriates of scounting policies used andthe reasonableness of accounting estimates and rated scones mae by management | ++ Concladeon Se appropistcnes of managemes's we ofthe gong concer buss of accountng and, aed othe wit rience obtained wheter 1 mural unerity exits related toevents or conditions that may eat sian doubt 5 abit to contin as + going once. If we condode that a material ureranty exiss, we are “ew senion in our auditor's report to the related dicosues inthe nancial statemets ox, if such inaleqt,t modify our opinion. Our eoclsions are based onthe aut evienceobtsned up t the a ecur q ities ana ‘of the franca! statements festding the discloses, and vransctons and events in manner tht acheves fit “inerying ommission ibd with governs fpiting, among other matters, the planed scope and timing of he sud ndings, cluding any signicart eiclnces in leral oul that me Mei during ow ‘Our aud was conducted fr the pupose of forming at pinion onthe bisicSinncalsatemens taken as « whole. The ‘upslementary informalion in Note 1 to the Snack sateen i presented for purposes of fling wit the Bure of intemal Revenue ands no required part ofthe base func stemens. Suck iformaion isthe responsibilty of {nmgcian of CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPORATION. The information hat been “ubjocted to the ating procedures epplied in our wit the base fauna statements, In ou opinio, the fformatin is fain staid in all teal respect in eaton fo te base anal Sates tale a «whole For 00 & Associates: wan ki aneves Pariner CPA Celeste No, 0086812 TINNo, 129-434485, PTR No, MKT 8849967 0179/2022, Malti Ciy [BIR Ascediation No. AN H-O(282(-01-2021 valid wail 04067024 ‘SEC Acreditation No, 1602-ARCI valid wl 0/152023 Firm's SEC accrediation No 123-SEC vali nti 0922026 Firm's BOA Regisraton No. 1023 valid nti 01222023, ‘ape 1.2022 MAY 1.2 7022 O6rvpascua 02:13:01 PM 03/06/2 AUF Act Tower Bldg. 135 HLV. Dela Costa St, Salcedo Village 1227 Makati City ‘THis 15: RbiSRD) EPIRA AAS Uni PSA aA BABAR AOR REIMER He sec ‘SUONATURE-NOT- REQUIRED. Commission 00 & ASSOCIAT CERTIFIED PUBLIC ACCOUNTANTS Etchonoe”” ‘he Board of irecors an Chuave AND HEAVY EOUIPMENT CERTIFICATION CORPORATION 1263 Corstancia Steet Brgy, Olympia Matt City, Met Manila [RANE AND HEAVY EQUIPMENT CERTIFICATION Secmbsr 31 221 and 2100 wich we hive endo ache repo eed sSecuiilies and Conpary hs wl une of fe) sce ening wana4farees Partcr Firm's BOA koa N10) vw 7220033 ‘apes 1.2022 a 12 02 O6rvpascua 02:13:01 PM 03/06/2: AVP Act Tower Bldg. 135 HLV. Del te cad ha 12 Me Ci urs taht TBR Re i BEETAER PROT THE SEC ‘SUGHATURENOT- REQUIRED STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS. ‘The management of CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPORATION is responsible for the preparation and fair presentation of the financial statements for the years ended December 31, 2021 and 2020, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is necessary to enable the preparation of stements that are free from material misstatement, whether due to fraud ome -ment is responsible for assessing the , disclosing, as applicable matters ping, comcara baits ot ecunig unleer COM 1¢ Company oF to cease operations, or has tors fs réspofisibié or Sverseeing the Company's financial reporting, sion ‘The Board of Directors reviews and approves the financial statements including the schedules attached therein, and submits the same to the stockholders, 00 & Associates, the independent auditor appointed by the stockholders, has audited the financial statements of the company in accordance with Philippine ‘Standards on Auditing, and in its report to the stockholders, has expressed its opinion ‘on the faimess of presentation upoa completion of such aucit. JAMES F. PORTER JR. (Chairman of the Board JAMES ss President ‘Treasurer HAY 12 222 SIAGIRIPRI LRG 2022 02:13:01 PM 03/06/2 {TWIS-15 A. SYSTEM GENERATED: COPY. OF THE DOCUMENT FROM THE: OFFICIAL RECORD:OF SUGNATURE NOT REQUIRED Securities na Exchange Commission We sec (Formerly: TUV BAYERN VENTURES, INC.) i ‘ASAT DECEMBER 31, 2021 and 2020 (in Phiippine Pesos ) urities Exchange. Commission 2 1341241 13,112,497 4,689,890 24,863 Exchange Commission LIABILITIES AND EQUITY ‘Current Liabilties “Trade and Other Payables 7 30,808, 561,143 Income Tax Payable " - 08,733 “Total Current Liabilties $30, ear, TOTAL LIABILITIES £30, ea7.g78 Equity Capital Stock ‘ 5,000,000 5,000,000 Resenes 4 8,000,000 8,000,000 Retained Comings | Eau 17,606,992 17,885,945. LIABILITIES AND. 7.88818, Talepang re Raa O6rvpascua 02:13:03 PM 03/06/2 SIGNATURE NOT REQUIRED. (Formerly: TUV BAYERN VENTURES, INC) FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020 (in Philippine Pesos ) REVENUES 21,633,483 20,100,319 DIRECT COSTS, 2 16,671,088 12,799,013 4,962,399 7,381,306 Aor 6,006,113 4.911.624 6,006,113 PROFIT BEFORE TAX 54a7s 4,287,019 INCOME TAX EXPENSE (BENEFIT) " (84,805) 388,558 PROFIT_ FOR THE PERIOD. 105,780__998,481 . O6rvpascua \502:13 Ps 202,86 03/06/2 MAY ‘TWIS-1S-4:SYSTEM-CENERATED:COPY.-CF-THE-DOGUMENT ‘FROM THE: OFFICIAL RECORD ‘OF. THE SEC SIGNATURE NOT- REQUIRED i rites ana x FOR THE YEARS ENDED DECEMBER 31, 2021 anf 2120 Comniaton, (inPhiippine Pesos ) lances a8 at December 3 rot forthe Period = O6rvpascua 02!181029%M 03/06/2: ‘THES: IS: A-SYSTEN-CENERATED COPY. OP THE DOGIMENT FROM THE: OFFICIAL RECORD OF THE SEC SIONATURE-WOT- REQUIRED. CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPO! (Formerly:TUV BAYERN VENTURES, INC.) tes ona Exchange FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020 Gomminion (in Philippine Pesos ) 2020 ‘Cash Flows from Operating Activities (CASH BALANCES, BEGINNING 43,112437___ 10,874,004 CASH BALANCES, END aaarzsa 13,112,487 O6rvpascua 02:13{02 BM 03/06/2 TWIS-1S-A- SYSTEM GENERATED cOPY-OP-THE DOGIMENT FRaH THE: OFFICIAL: RECORD OF THE SEC SSHONATURE NOT: REQUIRED: CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPORATION (Formerly: TUV BAYERN VENTURES, INC.) He onc Exchange: DECEMBER 31, 2021 AND 2020, Commission (in Philippine Pesos) 4. GENERAL Crane and Heavy Equipment Certification Corporation (the Company) was registered with the PPhiipphe Secures and Exchange Commission (SEC) ov June 8, 2013 under SEC Reg. No. ‘A200204012. The Company was organized prinarly to engage in Inspection of cranes, passenger ho'sts, material hoists, amusement rides, elavators, escalators, gondolas, heavy equipment, liting ‘and devices, conveyors, pressure vessels and pressure controling devices and oer pment and devices gle et ot Cnc Oi at ecuriti |S and the Company were authorized for issue by the Board of Jal tatemeris of the Cempary have been prepared in accordance with the Philippine | Repoting Standards for Smat Entities (PFRS for SEs) issued by the Financial Reporing ‘Standards Counc ofthe Philipines, They have been prepared under the historical cost convention. ‘The francal statements are presented in Philippine Pesos, which is the Company's functional currency. Al amourts are reunded to the nearest Philppine peso, except when otherwise indicatec ‘The firancial statements have been prepared on a obing concem basis, which contemplate the resizaton of assets and setlement of abil in the normal course of business, ‘The principal sccounting policies epplied in the propartion of these fnarcal statements are set below. These have been consistently appli to all the years presented, unless otherwise stated Baste Financia Instruments “The Compeny account forthe folowing nancial instuments as a basic fancal instruments. (@) Cash (0) Trade recewabes (6) Trade and other payables nwa! Recognition of Financial Assets and Labies ‘The Company shall recognize a financial aseot or @ financial labilty only when the Company ‘becomes a party tothe contactual provisions ofthe instrument. Inia Hoosurement When a financial asset or fnancial Labity is recognized initially, the Compary stall measure it atthe transaction price (including transaction costs except nthe intial measuremert of financial astets and aves tna are measured at fai value through prof or loss) unless the arrangement constitutes, in cffect. a iranci transaction. A financing tansaction may take place in connection with the sale of ‘Goods or services, for example, if payments are deferred beyond normal business terms ois fnanced ‘t a rae of Interest that is nota marke! rat. Ifthe arrangement constitutes a fiancing transacton, ‘the Company shall measure the financial asset or foancial assets or financial Fabilty at the present value of the future payments discounted ata market rate of intrest for a similar debt instrument. O6rvpascua 02:13:02 PM 03/06/2: THIS-1S-A-BYSTEM-CENERATED- COPY. OF THE DOGMENT FROM THE: OFFICIAL RECORD OF THE SEC SUONATURE_NOT REQUIRED CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPO! (Formerly: TUV BAYERN VENTURES, INC.) INS ona Exchange. DECENBER 34, 2021 AND 2020, Commission (in Philippine Pesos) ‘Subsequent Measurement [At the end of each reporting period, the Company shall measure frarcial instuments as follows, ‘witout any deduction for ransaction costs the Company may incur on sale o other dapotal: {@) Debt instruments shall be measured at amcrized cost vsing the effective intrest mathod. Debt Instruments that ae classed as curent assels of cuent lattes shall be measured at the counted amount of cash o other consideration expected to be paid or received unless the nt constitutes, in eect, a Srarcing transaction Ifthe arrangement consttutes. a transaction, the entty shall measure the debi instrument at the present value of the iscounted at a market rate of interes fora similar debt instrument. ecurities ang pete, Lpr-Pat meet we cinder, aha be messed a cont se sacha Lobsirad Sede or Amertizad Cost ‘reporting pBridd, ‘an eftity shall assess whether there is objective evidence of any nancial astets that are measured at cost or amortized cost if there is cbjecive /mmgament the enty shall recogniae animpaiemant lotsin profit rls immecatly Fox financial assets measured at amortized cost, impairment loss is the diference betwoen the ‘asset's carying amourt ard the present value of estimated cash flows discounted at the asset's ‘orginal fective inorest rao. It such a nancial asset has a vaiable interetraie, the discount rate for measuring any impairment less isthe curent effective intrest rato determined under the contract Fora francial asset measixed at cost less parment, inpalrment loss isthe diference between the set's carving amourt ard the best estimate (which will necessarily be an approximation) of the ‘amount (which might be ze) thatthe entity would receive for the asset it were to be soldat the Feporting date, Reversal fn a subsequent period, the amount of an impakment loss decreases and the decrease can be ‘elated obectiely to an’ event occuring afer the impairment was recognized (auch as an Improvement in the debtor's credt rating). the entiy shall reverse the previously recognized frolmont oes eter ocly cr by agus an ellowarce scount The reveal shal fot resin 8 Ccarying amount of the financial asset (net of allowance account) that exceeds what the caring ‘amount would have been had the impairment net previously been recognized. The entty shal tecognze the amount o the reversal i statement of income immediately. ‘Dorecogniton of Financia! Asset ‘The Company shall derecognze a nancial asset only when: (a) the contractual ighs tothe cash flows fiom the nancial asset expire or are sete: or (8) the Company transfers to another party substantial al of the risks and rewards of ownership of the financial asset. Dorecegniton ef Financial Liabities ‘The Company shall derecognize a financial liablity (or a pat ct a financial ability) only when it is exinguished—e., when the obigaton spectiedin the contract is discharged, is cancelleg or expres, OG6Grvpascua 02:13:02 PM 03/06/2 ‘THIS-IS-A- SYSTEM GENERATED. COPY.OF TWE-DOGIMENT: FROM THE OFFICIAL: RECORD OF THE SEC SIGNATURE NOT REQUIRED (CRANE AND HEAVY EQUIPMENT CERTIFICATION CORPO! (Formerly: TUV BAYERN VENTURES, INC) rites ana Exchange ‘DECEMBER 31, 2021 AND 2020 Commission (ln Philppine Pesos) fan esting borrower and lender exchange financial instrumerts with substantaly differet tems, the entties shall account forthe transaction as an extinguistmert ofthe orignal financial liality and the recogntion of @ new financial labity. Similarly, an ently shall account for a substantia! ‘mesifcation ofthe ecm of an existing financial lability oF @ pat of it (whether or not atributable to the financial dificuty of the debtor) as an extinguishment of the cigial francal labilty and the on of ane rancid. shalecognze i statement of income ary diference between the carying snout of (orpartof 2 finest) exingushed of ransteredto another party and the a TEPERS eageteanetered or labites assumed Exchange mission Wg HI LIP PINES tre recognized intial athe Vansacton pce. They ave subsequently measured at cost using the etfecive intrest method, less provision for impairment. provision for tof tade receivables i established when thee i objective evdence thatthe Comany wil ‘not be able collect all amounts due according to the original terms of the receivables. Property and Equioment Propery and equipment are stated at fistorcal cost less accumulated depreciation and any ‘accumulated impaiment losses. Historcal cost incudes expersitue that is cecty atributabie to bringing the asset to the location and condition necessary for It to be capable of operating in the ‘manner intended by management. “The Company adda to the carrying amount ofan item of property and equiprrent the cost of replacing ‘pats of such an lem when that cost is incured if the replacement part is expected to provide Incremental future benefits to the Company. The carting amount of the replaced par is

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