SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) ‘Annual Financial Statements for the year ended 28 February 2018SEEK AFRICA TRADING (PTY) LTD {(Reglstration Number 2025/368634/07) ‘Annal Financial Statements for the year ended 28 February 2018 Index ‘The reports and statements set out below comprise the annual financial statements presented to the shareholder: Genera information 2 Report ofthe Compiler 3 Director's Responsibilities and Approval 4 Director's Report 5 Statement of Finance! Position 6 Statemant of Comprehensive Income 7 Statement of Changes in Equity 8 Statement of Cash Flows 8 Accounting Palices 10-1 Notes tothe Annual Financial Statements 2-13 ‘Supplementary information: Detailed income Statement 14-15 Income Tax Computation 16SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Annus Financial Statements for the year ended 28 February 2018 General Information Country of Incorporation and Domicile Director Business Address Value Added Tax Registration Number Compilers South africa DR Muller Slovo Junction 1 Corltt Drive ovo Sandton 2198 4110279637 Van Wyk Auditors 462 Grysbok Street Woterkloof Ridge | Pretoria Gauteng oes| a rinavanusorcom ag yor oz7 12307115, Foe tar 12 347 Sas e snnaremeericam Report of the Compiler To the Director of Seek Africa Trading (Pty) Ltd \We Have compiled the accompanying annual financial statements of Seeking Africa Trading (Py) itd based on Information you have provided. These annual financal statements comprise the statement of financial position of Seeking Attica Trading (Pty) Ltd as at 28 February 2018, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows forthe year then ended, a summary of significant accounting polices and other explanatory Information ‘We performed this compilation engagement in accordance with international Standard on Related Services 4410 (Revised), Compilation Engagements. ‘We have applied our expertise in accounting and financial reporting to assist you in the preparation ‘and presentation of these financial statements in accordance with the International Financial Reporting Standard for Smali and Wiediurysized Entities and the requirements of the Companies ‘Act of South Aires. We have complies with relevant ethical requirements inluding principles of Integrity, objectivity, professional competence and due care. ‘These financial statements ang the accuracy ané completeness ofthe information used to come them are your responsibilty. Since a compilation engagement s not an assurance engegement, we are not required to verify the accuracy oF completeness of the information you provided to us to compile these financial Statements. Accordingly, we do not exaress an audit opinion or a review conclusion on whether ‘these financial statements are prepared in accordance with the International Financial Reporting ‘Standard for Small and Medium-sized Entities and the requirements ofthe Companies Act of South Arica. Van Wyk Auditors 30September 2019 462 Grysbok Street Waterkloof sha). ns Per: T. Oberhol 7 Gauteng. Chartered Accountant (SA) os REGISTERED AUDITORS & ACCOUNTANTS: WAY GEREGISTREERDE QUDITEURS & REXENMEESTERS (Seo ASSOCATES | Jom RISC CS NP eure HORSE EDM «CC HEE EAHA Yb ECO EtSEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368624/07) ‘Annual Financial Statements for the year ended 28 February 2018 Director's Responsibilities and Approval ‘The director is required by the South African Companies Act to maintain adequate accounting records and is responsible for the content and integrity of the annual financial statements and relsted financial Information included inthis report: Ii his responsiblity to ensure that the annual financial statements satisly the financial reporting standards as to form and content and present feirly the statement of financial position, resuts of operations and business of the compeny, end explain the transactions and financial position of the business of the company at the end of the financial year. The annual financial statements ere based upon appropriate accounting polices consistently applied throughout the company and supported by reasonable and prudent judgements and estimates. ‘The director acknowledges that he is ultimately responsible forthe system of Intemal financial control established by the company and places considerable importance on maintaining a strong control environment. To enable the director to meet these responsibilities, he sets standards for internal control amed at reducing the risk of error or loss in a cost effective manner, The standards include the proper delegation of responsibilities within 2 clearly defined framewor, effective ‘accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored ‘throughout the company and all employees are required to maintaln the highest ethical standards in ensuring the company’s ‘business is conducted in a manner that in ll reasonable circumstances s above reproach. ‘The focus of risk management in the company is on identifying, assessing, managing and monitoring all known forms of risk ‘cross the company, While eperating risk cannot be fully eliminated, the company endeavours to minimise ie by ensuring that ‘appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints, ‘The director is ofthe opinion, based on the information and explanations given by management that the system of internal ‘control provides reasonable assurance thatthe financial records may be relied on forthe preparation of the annul financial statements, However, eny system of internal financial control ean provide only reasonable, and not absolute assurance against ‘material misstatement a los, The golng-concerm basis has been adopted in preparing the anual fnencial statements. Based ‘on forecasts anc available cath resources the director has no reason to believe that the company will not be a going concern in ‘the foreseeable future, The annval financial statements support the vibilty ofthe company. The compilers are responsible for reporting on the company’s annual financial statements. The compilation reports presented con page 3 The annual finaneal C ements 2 set out on pages 6 to 13 were approved by the director on 30 September 2019 and were signed by DRMuler | | | | | | |SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) ‘Annual Financial Statements for the year ended 28 Febrvary 2038 Director's Report The director presents his report forthe year ended 28 February 2018, - Review of activities ‘Main business and operations. ‘The principal activity ofthe company is and there were no major changes herein during the yea. ‘The operating results and statement of nancial position ofthe company are fully set out in the atacted financial statements ‘and do notin my opinion require any further cornment. Going concern ‘The annval financial statements have been prepared on the basis of accounting policies applicable to @ going concer. This basis presumes that funds will be availabe to finance future operations and that the realisation of assets and settlement of, labilties, contingent obligations and commitments will occur inthe ordinary course of business. Events after reporting date All events subsequent to the date of the annual financial statements and for which the applicable financial reporting Framework require adjustment or disclosure have been adjusted or disclosed. The director is not aware of any matter of circumstance arising since the end of the financial year to the date ofthis report that could have a matarial effect on the financial postion of the company. ‘Authorised and Issued share capital [No changes were approved or made tothe authorised or esued share capital ofthe company during the year under review. 9. Borrowing imitations In terms of the Memorandum of Incorporation of the company, the director may exercise all the powers of the company to ‘borrow money, as he considers appropriate. Director ‘The director ofthe company during the year and tothe date of this reports as Follows DR Muller Compiters \Van Wyk Aueltors were the compilers forthe year under review.SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Financial Statements for the year ended 28 February 2018, Statement of Financial Pos! Figures in R Notes 2018. 2017 Assets Non-Current Assets Property, plant and equipment 3 2,153,983 27325 Loans receivable 4 235,000 100 2,388,983 27 Aas Current Assets Inventories 5 80,000 - Trading investments, 6 3,000,000 - ‘Trade and other receivables 7 629,899 3,282 Cash and cash equivalents 8 2,001,934 2,034 4751.83 5,316 Total Assets. 7.340.816 32,781 Equity and Liabilities Equity Issued capital Retained earings Non-Current Liabilities Borrowings 8 (current Liabilities Trade and other payables 10 (Current tax atily Total Equity and LiabilitiesSEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Financial Statements forthe year ended 28 February 2018 ‘Statement of Comprehensive Income Figures in 2018 2017, Revenue 24a0goz2 3.865072 Cost of sles (22,570,308) 2) Gross profit 177718 212,701 Operating costs (2304276) (280052) Operating profit 136402 32,509 Finance income - Finance costs _# Profit before tax sat Tax expense 0 Profit forthe year 23.501 Retained income at 1 March 2017 23501 - Prafitfocthe year 433.981 zs Retained income st 28 February 2018 457,482 23.501SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Financial Statements forthe year ended 28 February 2038 Statement of Changes in Equity Retained ures in Share capital earnings Total Balance at 1 March 2016 : : : ‘Total comprehensive income for the year Profit for the year Total comprehensive income for the year : Issue of share capital 00! Balance at 28 February 2037 100 23,501 23,608 Balance at 1 March 2017 100 23501 23601 ‘otal comprehensive Income forthe year Profitfor the year ‘Total comprehensive income forthe yeor - 435,981 ‘alance st 28 February 2018, 300 457,482 457,582SEEK AFRICA TRADING (PTY) LTD (Registration Nurber2015/368634/07) Financial Statements forthe year ended 28 February 2038 Statement of Cash Flows ai Figures in Notes) 2018 2007. Cash flows from operating activities Profit for the year 433,981 23,801, Adjustments for: Finance costs - 8 lncome tax 900 Depreciation of property, plent and equipment 41s Investment income Operating cash flow before working capital changes 36,664 Wierking capital changes Increase in financial assets (3,000,000), - Increase in inventories (20,000) : Increase in trade and other receivables (626,617) (2.282) Increase in trade and other payables 6,414,684 : Net cashflows from operations 3,293,437 33,382 Investment income 165,310 a Finance costs : ® expat a ‘et cashflows from operating activities 3,459,746 33370 ‘Cash lows used in investing activities Property, plant and equipment acquired 3 __ (2275586) __ (31,340) Not cashflows used in investing activities (2275 586) (33,340) (Cash flows used In fnancing activites Capita issued 7 Loans repaid (144,260) 7 Net cash flows sed in financing activities (144,260) Net increase in cash and cash equivalents 1,039,900 CCash and cash equivalents at beginning of the year 2034 (Cash and cash equivalents at end ofthe year 8 1,041,934 °SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Financial Statements forthe year ended 28 February 2018 Accounting Policies 11 General information Seek Afic Treding (Pty) Ltd ea private company Incorporated in South Afia, 2. Summary of significant accounting policies “These annual financial statements have been prepared in accordance with the Intemational Financial Reporting Standards for Small and Medium-sized Entities issued by the international Accounting Standards Board and the requirements of the Comparies Act of South Africa. The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless atherwise stated. “These financial statements have been prepared under the historical cost convention and are presented in South African Rands. 2.4 Revenue recognition Revenue comprises the fait value of the consideration received or recelvable for the sale of goods and/or services In the ordinary course ofthe company's acthvitis. Revenue is shown net of value-added tax, retums, and discounts. ‘The company recognises revenue when: the amount of revenue can be reliably measured: its probable that future economic benefits willow to the entity; and specific erteria have been met for each ofthe company's activities, as described below: 22 income tax ‘The tax expense for the year comprises current and deferred tax Tax i recognised in profit or loss, except that a change ateibutable to an item of income or expense recogrized as other comprehensive income Is also recognised direct in other ‘comprehensive income. “The current income tax charge is calculated onthe basls of tax rates and laws that have been enacted or substantively enacted by the reporting date Deferred taxis recognised on differences between the carrying amounts of assets and lables inthe financial statements and thetr corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary differences that are expected to Inereate taxable profit in the future. Deferred tax assets are recognised for all temporery ciflerences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits, Deferred ‘ax assets are measured at the highest amount that, on the basis of current or estimated Future taxable profit is more likely ‘thon notte be recovered. “The net carrying emount of deferred tax assets Is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits. Any adjustments are recognised in profit or loss Deferred tanation i calculate at the tax rates that are expected to apply tothe taxable profit (tax loss) ofthe periods in which itexoects the deferred taxation asset to be realised or the deferred taxation liability to be settied, on the bass of tax rates that have been enacted o- substantively enacted by the end of the reporting period 2.3 Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Financial Statements forthe year ended 28 February 2018 Accounting Poli Costs include costs incurred initially to acquire or construct an item of property, plant and tequipment and costs incured subsequently to add to, replace part of, or service It. Ifa replacement cost Is recognised in the carrying amount ofan item of propery, plant and equipment, the carrying amount of the replaced parts derecognised, Depreciation is charged so as to allocate the cost of assets less ther residual values over thelr estimated useful lives, using the straight-line method. The following rates are used for the deprecation of property, plant and equipment: ‘The residual value, depreciation method and useful life of each asset are raviawee at each annual reporting period ifthere are Indicators present that there has been significant change from the previous estimates. Motor vehicles 25.00% Furniture and fitings 16.67% Other fixed asset 20.00% fice equipment 33.33% IT equipment 33.33% Tralers 20.00% 2.4 Trade and other receivables “rade recelvables are recognised Intally atthe transaction price. They are subsequently measured at amortsed cost using the ‘offective interest rate mathod, les provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the company wil not be abe to collect ll amounts due according to the oxiginal terms ‘of the recewvables. 2.5 Share capital Ordinary shares are classified as equity Equity instruments are measured atthe fair value of the cash or other resources received or receivable, net of the direct costs ‘of ssuing the equity instruments. if payment Is deferred and the time value of money s material, the initial measurement is on 1 present value bass, 2.6 Borrowings ‘Borrowings are recognised intially atthe trensaction price that Is, the present value of cash payable to the bank, Including transaction costs), Borrowings ace subsequently stated at amortised cost. Interest expense is racognised on the basis ofthe effective interest rate metinod and is included in finance costs. Borrowings are classified as current abilities unless the company has an unconditional right to defer settlement ofthe lably fora least 12 months after the reporting date, 2.7 Trade payables ‘Trade payables are recognised initially at the transaction price and subsequent) measured at amortised cost using the effective interest rate method.SEEK AFRICA TRADING (PTY) LTD (Registration Number 2015/368634/07) Financial Statements for the year ended 28 February 2018 Notes to the Annual Financial Statements _ Figures in 2018, 2017, 3. Property, plant and equipment ‘Accumulated 2018 Carrying ‘Accumulated 2017 Carrying Cost___deprecistion __value depreciation value Owned assets ae ‘Motor vehicles 1714518 (127,372) 1,587,147 : - Furniture and fittings 82,898 (5.975) 76923 13948 (2,363) 15,585 Other fixed assets, 100813 (11,499) 89,314 32392 (3,652) 10,740 Office equipment 68,169 - 68,169 : - - equipment 247,705 (5,705) 242,000 : - . Trailers 92,823 (2393) 90430 : : 2,306,926 (152,943) 2,153,983 31,340 (@o1s) ‘The carrying amounts of property, plant and equipment can be reconciled as follows: Carrying value at 2018 Carrying beginning of value at end year Additions Disposals _Depreciation _of year Owned assets Motor vehicles - 474518 (27371) 3,587,147 Furniture and fitings 16,585 63,950 - (3612) 76,923 Other fixed assets 10,740 88,421 (9847) 89,318 Office equipment - 68,169 - . 68,169 IT equipment = 247,708 - (5,705) 242,000 Trailers 92,823 (2,383) = __ (148,928) carrying value at 2017 Carrying beginning of value at end year ‘Additions Disposals Depreciation _of year ‘Owned assets Furniture and fittings Fe (2363) 16,585 ‘Other fixed assets ae (1,652) 10,740 : = (401s) 27,325 4, Loans receivable J Muller 85,000 - FGX Studios 150,000 - Directors Loan : 100 235,000, 300,SEEK AFRICA TRADING (PTY) LTD. (Registration Number 2015/368634/07) Financial Statements forthe year ended 28 February 2028 Notes to the Annual Financial Si Feuresin nts, 5. Inventories Inventories comprise Other stock 6. Trading investments Investment 7. Trade and other receivables Sundry debtors Valve Added Tax 8, Cash and cash equivalents Favourable cash balancer NB Platinum 6257231375 Investec Call Account Borrowings Unsecured Seek Group (Pty) Ltd Directors Loan 10, Trade and other payables ‘Trade ereitors Sundry creditors a 3,083,938 2018. 3,000,000 24,030 _ 629,899 875,634 166,300 7940 12,700 90,640 6,414,682 6,414,688 2017 3,282 3.282 2034 2034SEEK AFRICA TRADING (PTY) LTD (Registration Number 2035/368634/07) Financial Statements forthe year ended 28 February 2018, Detailed Income Statement ae i Figuresin R 2018 2017 ‘ross Revenue sales maaoaoz 1865072 costot ales Purchases waysoaos 1652371 Closing tock (80,00) ws7308 1652371 Gross Profit : 227 ‘other Income Investment income 165310SEEK AFRICA TRADING (PTY) LTD {Registration Number 2015/368624/07) Financial Statements forthe year ended 28 February 2018, Detailed income Statement Heures 2018. 2017 Expenditure ‘Accounting fees 38,064 5.025 Advertising : nr Bank charges 21,408 3,565 Computer expenses 5an2 2299 Depreciation - Tangible assets 149928 4015 Donations 2,650 = Entertainment 7.70 27,589 Finance costs : 8 General expenses 19200 : Incuranee 4077 Legal expense 69,000 Motor vehicle expense 411051 Postage 443 Printing and stationery 1.490 Rent 260,450 7 Repairs and maintenance 5015 230 Salaries 1,080 Z Small Assets 38,068 - Statt welfare 7233 33587 Subscriptions 7 25 Telephone and fox 9,038 536 Travel -local 6485, 14302 Travel overseas 9,239 1301,276 180060 Profit before tax 602,752, 32,641 Taxation 68,72) (20) Profit for the year 433,981 23,501SEEK AFRICA TRADING (PTY) LTD (Registration Number 2035/368634/07) Financial Statements for the year ended 28 February 2018 Income Tax Computation Figwesin ‘dd back Deduct, Profit before tax Computed income forthe year Normal tax on R 602,752 at 28c in the R Total per income statement Debit (Credit balance brought forward ‘Total per balance sheet -Asset/(Liabilty) 16 (a77,.913)