Heralal Rampadarath- Contractor

Financial Statements

31 December 2020

(Expressed in Trinidad and Tobago Dollars)

Heralal Rampadarath- Contra cor
Financial Statements
(Expressed in Trinidad and Tobago Dollars)

CONTENTS
Page

Independent Auditors' Report 1-3

Statement of Financial Position

Statement of Comprehensive Income 5

Statement of Changes in Owner's Capital 6

Statement of Cash Flows 7

Notes to the Financial Statements

8-13
 Alan Ramoutar & Go
CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT
To Heralal
Rampadarath Contractor
Report on the Audit of the
Financial Statements
Opinion
We have audlted the
financial statements of Heralal
which cormprise the statement
comprehensive Income,
Rampadarath-
financial position as at 31 DecemberContractor
of (the Organlsatlon)
then ended, and statement changes in equity and
of 2020, and the statement of
policles.
notes to the financial
statements, Including statement of cash
a summary of flows for the year
significant accounting
In our opinion, the
financlal position ofOrganisation's financial
the Organisation statements present fairly, in all material
as at 31
its cash flows for the respects, the
year then ended in December 2020 and its financial performance and
Standards for Small and Medium-slzed Entlties accordance with International Flnancial
(lIFRS for SMEs). Reporting
Basis for Opinion
We conducted our audit In
responsibilities accordance with Internatlonal Standards on Auditing
under those standards
Audit of the Financial Statements are further described In the ("ISAs"). Our
section of our Auditor's
report. We are Independent ofResponsibilities for the
accordance with the Internatlonal Ethics Standards the
Professional Accountants ("IESBA Code"), and we haveBoard for Accountants CodeOrganisatlon of Ethics for
in
accordance with the IESBA fulfilled our other ethical
and appropriate to provideCode. We belleve that the audit
a basis for our responsiblltles
evidence we have obtalned in
is sufficlent
opinion.

Rosponsiblities
Statements
of Management and Those Charged with
Governance for the Financial
Management Is responsible for the preparatlon and falr
accordance wlth IFRS for SMEs and for such Internal presentatlon of the financlal statements ln
to enable the controlas management
due to fraud orpreparation
error.
of flnancial
statements that are free from materialdetermines Is necossary
misstatement, whether
In preparing the financial
ablty to continue as a goingstatements, management Is responslble for assessing the
concem, discloslng, Gs appllcable, matters
and using the golng concern basis of accounting unless related to Organisatlon'
golng concern
s
Organlsation or to cease operatlons, or has no reallstte management elther Intends to lquldate the
/-19n Rsps Strert
alternative but to do so.

-868.741.5791 (M)
-B68.657.5845 (0)
 Alan Ramoutar & GO
CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT
To Heralal
Rampadarath-
Report on the Audit of theContractor
(Contnued) Financial Statements
Those charged with governance are
reporting process. responslble for overseeing the Organisation's flnanclal
Auditor's Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain
whole are free from material reasonable assurance about whether the financial
report that Includes our opinion.misstatement, whether due to fraud or error, and to issue
statements as a
an auditor's
guarantee that an audit conducted Reasonable assurance Is a high level of
assurance Is
but
misstatement when it exists. Misstatementsin accordance with ISAs
will always detect a not a
material If, individually or in the can arise from fraud or error and are material
economic decisions of users taken aggregate, they could reasonably be considered
on the basis of these expected
financial statements. to Influence the
As part of an audit in
professional skepticisn accordance with ISAs, we exercise professional
throughout the audit. We also: judgment and maintaln
ldentify and assess the risks of
due to fraud or error, design andmaterial misstatement of the financial statements, whether
perform audit procedures responsive to those rlsks,
obtain audit evidence that Is sufficient
The rlsk of not detecting a and appropriate to provide a and
basls for our
resulting from error, as material misstatement resulting from fraud is hlgher than opinlon.
fraud may nvolve colluslon, for one
misrepresentatlons, or the override of Internal control. forgery, Intentlonal omissions,

2
1DA OCG)
-868.741,5791 (M)
-868.657.5845 (0)
 Alan Ramoutar &Co
CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT
To Heralal
Rampadarath
Report on the -
Audit of the Contractor
(Continued) Flnancial Statements
Auditor's Responsibilities for the
(Continued) Avdit of the Financial
Siatements
Obtain an
procedures understanding
that are
of Internal
control relevant to the audlt In
an oplnlon on the approprlate in the order to design audit
clrcumstances,
effectlveness of the Assoclation' but not for the purpose
s Internal control. of expressing
" Evaluate the
appropriateness
accounting estimates of
and related accounting policies Used and the
"
disclosures made by management. reasonableness of
Conclude on the
accounting approprlateness
and based on the audit
of
management'
related to events or conditions that evldence s use of thea golng concem basls of
obtained,
continue as a going concern. If wemay cast significantwhether material uncertainty exlsts
doubt on the
requlred to draw attention In our conclude that a material uncertainty Assoclatlon's abilty to
statements such disclosures are
or, If auditor's report to the exlsts, we are
related disclosures in the fnancial
based on the audit evldence obtainedInadequate, to modlfy our oplnlon. Our
future events or condittons may cause the
up to the date of our audlltor's concluslons are
Assoclatlon to cease to report. However,
Evaluate the overall presentatlon, continue golng concem.
as a
the and whether the structure and content of the financlal
and dsclosures,
events in a manner that financlal statements represent the statements, Inclucing
achieves fair presentatlon. underlying transactions
We communicate with those
scope and timing of the auditcharged
and
wth governance
regarding, among other matters, the planned
Internal control that we ldentfy significant audit findings, including any significant deflclencles in
durlng our audit.

San Fernando,
TRINIDAD ALAN RAMOUTAR C0
23 July 2021 CHHARTERED ACCOUNTANTS
8AN FERNANDO; TERINDAD

-868.741.5791 (M)
269.657.5845 (O)
 Heralal Rampadarath- Contractor
Statement of Financial Position as at 31 December 2020
(Expressed in Trinidad and Tobago Dollars)

31 December 31 December
Notes 2020 2019
Assets $
Non-Current
Property , plant &equipment 4
3,252,428 1,051,631

3,252,428 1,051,631
Current
Trade and other receivables
334,155 836,328
Cash and cash equivalents
1415,031l 36,152
1749,186 872,480
Total Assets
5,001,614 1,924,111
Equity and Liabilities
Owners' Capital 6 500,000 500,000
Accumulated Reserves 1,609,396 1,390,684
Total Capital 2,109,396 1,890,684
Liabilities

Current
Trade and other payables 7 92,218 33,426
Due to related parties 2,800,000
2,892,218 33,426
Total Liabilities
2,892,218 33,426
Total Equity and Liabilities 5,001,614 1,924,110
The notes on pages 8 to 13form an integral part of these financial statements.

On 23 July 2021, Mr Heralal Rampadarath approved and

authorised these financial statements for issue.

Heralal Rampadarath

4
Heralal Rampadarath- Contractor
Statement of Comprehensive Income For The Year Ended 31 De cember 2020
(Expressed in Trinidad and Tobago Dollars)

Year ended Year endod

31 December 31 December
2020 2019
Notes $
Revenue
Contract receipts 7,852,363 5,571,054

Cost and Expenses

Operating Costs -5,401,103 -4,926,550
Administrative Costs
Financial Costs
-2,178,718 -432,125
-4,926 -6,987
Total Expenses Z,584,747Z) (5,365,662)
Net Profit Before Taxation
267,616 205,392
Taxation 8 48,904 33,426
Net Profit After Taxation
218,712 171,966

The notes on pages 8 to 13 form an Integral part of these financial statements.

5
Heralal Rampadarath- Contractor
Statement of Changes in Owners' Equity
(Expressed in Trinidad and Tobogo Dollars)

Owners' Accumulated
Capital Reserves Total
$

Balance as at 1January 2019

500,000 2,118,717 2,618,717
Net profit after taxation
Owners Drawings 171,966 171,966
Balance as at year ended31 December 2019 (899,999) (899,999)
500,000 1,390,684 1,890,684

Balance as at 1January 2020

500,000 1,390,684 1,890,684
Net profit after taxation
218,712 218,712
Owners' Drawings
Balance as at year ended31 December 2020
500,000 1,609,396 2,109,396

The notes on pages 8 to 13 form an

integral part of these financlal statements.

6
 Heralal Rampadarath- Contractor
Statement of Cash Flows
(Expressed in Trinidad and Tobago Dollars)
Year Ended Year Ended
Notes 31 December 31 December
2020 2019
$ $
Cash Flows From Operating Activities
Net Profit before taxation 267,616 205,392
Adjustments For:
Depreciation 913,848 350,543
1,181,464 555,935
Changes In Working Capital
Decrease/(Increase)in trade and other receivables 502,175 (343,547)
(Decrease)/Increase in trade and other payables 58,792 (1,475)
Cash Generated From Operating Aciivities 1,742,431 210,914

Taxation paid 48,906 33,427

Net Cash (Used In) / Generated From Operating Activities 1,693,525 177,486
Investing Activities
Purchase of plant and equipment 4 (3,114,646)

Net Cash Generated/(Used) in Investing Activities (3,114,646)

Financing Acivities
Owners' loan 2,800,000
Owners' drawings (899,999).
Net Cash Generaled from Financing Activities 2,800,000 (899,999)
Net Cash (Decrease)/Increase During The Yoar 1,378,879 (722,513)
Cash And Cash Equivalents, Beginning Of Year 36,152 758,665
Cash And Cash Equivalents, End Of Year 1,415,031 36,152

Represented by Cash and Cash Equivalents 1,415,031 36,152

The notes on pages 8 to 13 form an ntegral part of these financial statements.

7
Heralal Rampadarath- Contractor
Notes to the Financial Statements
(Expressed in Trinidad and Tobago Dollars)

1 Incorporation And Principal Activities

Heralal Rampadarath (General Contractor)was registered in the Republic of Trinidad

and Tobago. Its principal activities are gargage collection and general transportation services.

2 Summary of Significant Accounting Policies

2.1 Basis of Preparation

These financial statements have been prepared under the historical cost convention and in
accordance with International Financial Reporting Standards for small and meduim sized entities
(SME's).

2.2 Foreign Currencies

a) Functional currency
Items included in the financial statements of the organisation are measured using the currency of the
primary statements economic environment in which the organisation operates (functional currency').
The financial are presented in Trinidad and Tobago dollars which is the company's functional
Currency.
b) Transaction and balances
Foreign Currency transactions are translated into the functional currency using the exchange rates
prevailing at the time of the transactions. Foreign exchange gains and lossess resulting from the
settlement of these transactions and from the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign currencies are recognised in the statement of
comprehensive income.

2.3 Property, Plant &Equipment

Plant & equipment is stated at cost less occumulated depreciation and any recognised impairment
loss. Cost includes expenditure that is directly atributable to bringing the asset to the location and
condition necessary for it to be capable of operating in the manner intended by management.
following
Depreciation on plant and equipment is provided on the reducing balance basis at the
their estimated Useful lives:
rates which are considered appropriate to write off the assets over
Heralal Rampadarath- Contractor
Notes to the Financial Statements (Continued)
(Expressed in Trinidad and Tobago Dollars)
2.3 Property, Plant &Equipment (Continued)

Computer equipment and software 25%

Office equipment 25%
Furniture and fixtures 25%
Motor vehicles 25%
Buildings housing equipment 10%
The assets residual value and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period. An asset's carrying amount is written down immediately to its recoverable amount if the
assets' carrying amount is greater than its estimated recoverable amount.

2.4 Trade Receivables

Trade receivables are recognised initially at the transaction price. A provision for impairment of trade
receivables is established when there is objective evidence that the organisation will not be able to collect
all amounts due according to the original terms of the receivables.

2.5 Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits and other short-term highly liquid
investments with original maturities of three months or less. Bank overdrafts are shown within current
liabilities.

9
Heralal Rampadarath- Contractor
Notes to the Financial Statements (Continued)
(Expressed in Trinidad and Tobago Dollars)

2.6 Owners' Capital

Owners' capltal is the owner's cumulative contributions to the organisation.

2.7 Payables
Payables are obligations to pay for goods and services that have been acquired in the ordinary course
of business from suppliers. Trade payables are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities.

2.8 Financial Instruments

Financial instruments carried on the statement of financial position include cash and bank balances, trade
and oher receivables, trade and other payables, related party balances and bank loans. The particulor
recognition methods adopted are disclosed in the individual policy statement associated with each Item.

2.9 Provisions
Provisions are recognised when the organisation has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount of the obligation can be made.

Provisions are measured at the present value of the amount expected to be required to settle the
obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the obligation.

2.10 Revenue Recognition

Revenue comprises the falr value of the consideration received or receivable for the sale of goods in the ordinary
coUrse of the organisation's activities. Revenue is shown net of returns, rebates and discounts. The organisation
recognises revenue when the amount of revenue can be reliably measured and when it is probable that future
economic benefits will flow to the entity.

10
Heralal Rampadarath- Contractor
Notes to the Financial Statements (Continued)
(Expressed in Trinidad and Tobago Dollars)

3 Significant Accounting Estimates, Judgements and Assumptions

Estimates and judgements are continually evaluated and are based on experience and other
factors, including expectations of future events that are believed to be reasonable.
Key estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilitites within the next financial year are discussed below.
a) Income Taxes
Some judgement is required in determining the provision for income taxes. There are transactions
and calculations for which the ultimate tax determination is uncertain during the ordinary course of
business. The organisation recognises liabilities for anticipated tax audit issues based on estimates of
whether additional taxes will be due.Where the final tax outcomes of these matters is different from
amounts that were initially recorded, such differences will impact the income tax and deferred tax
provisions in the perlod in which such determination is made.
Heralal Rampadarath- Contractor
Notes to the Financial Statements
(Continued)
(Expressed in Trinidad and Tobago Dollars)

4 Property, Plant &Equipment

Office Plant Furniture

and Motor Vehicles and Buildings Total
Equipment Fixtures
$ -
$
Year Ended 31 December 2020
Cost
As at 01January 2020 117,068 11749,843 184477 12,051,388
Additions 2,204,124 59,050 851,472 3,114,646
Disposals
As at 31 December 2020 11Z,068 13,953,967 243,527 851472 15,166,034

Accumulated Depreciation
As at 01 January 2020 (102,613) (10,725,728) (171,417) (10,999,758)
Depreciation (3,614) (807,060) (18,028) (85,147) (913,848)
As at 31 December 2020 (106,227) (11532-788) (189 445) (85,147) (11913,606)1

Carrying Amount
As at 01 January 2020 14455 1,024,115 13,060 L051,630

As at 31 December 2020 10841 2421,179 54,083 766,325 3,252,428

12
Heralal Rampadarath- Contractor
Notes to the Financial Statements (Continued)
(Expressed in Trinidad and Tobago Dollars)

2020 2019
$ $
5 Trade and Other Receivables

Trade receivables 334,155 836,328

334,155 836,328

6 Owners' Capital 2020 2019

$ $
This comprises of capital injected into the organisation by
the owner.

500,000 500,000

2020 2019
7 Trade and Ofher Payables $ $

Other payables &accruals 92,218 33,426

2020 2019
$ $
8 Taxation
Taxation consists of the following:
Current tax- Business Levy charge
33,426
Current tax- Income tax charge 48,904
Total 48,904 33,426

13