Scribd Logo
Upload

Welcome to Scribd!

  • CAMERTON INC ANNUAL ITR 2021 With BIR STAMPED

    Uploaded by

    Amino Benito
    22 views46 pages
    dddddddddddddd

    Original Title

    CAMERTON INC ANNUAL ITR 2021 with BIR STAMPED

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    dddddddddddddd

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    22 views46 pages

    CAMERTON INC ANNUAL ITR 2021 With BIR STAMPED

    Uploaded by

    Amino Benito
    dddddddddddddd

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 46
    COVER SHEET AUDITED FINANCIAL STATEMENTS S.E.C. Registration Number c[sf2}oli]1folols[s Company Name cla[mJe[ R[tlo[n] J [i nic tlie Als|t[mJa] 1 [Nn viel Telus vl [sle[z tfale [uly [a efc[H[nfolelalr[ xl, [els [fain ale[u[n Form Type Department requiring the report ‘Secondary License lype.if applicable Al Fs COMPANY INFORMATION Companys Email Adaress (Company's Telephone Numbers Mobile Nurber igs_dm@yahoo.com 671-4232 09178832172 No. of Stockholders ‘Annual Meeting Fiscal Year Montvbay MonthDay 7 March 25 December 31 CONTACT PERSON INFORMATION “Te deslgnated contact potson MUST be an ofa the Corporation| Name of Contact Person Email Address Telephone Numbers Mobile Number [SIGRID VON D. JESUS sigs_dm@yahoo.com 671-4232 (09178832172 Contact Person's Address 116 East Main Ave. Phase V SEZ Laguna Technopark Bilan Laguna Note: In case of death, resignation or cessation of ofc ofthe officer designated as contact person. such incident shall be reported tothe Commission within thirty (20) calender days from the ecourrence thereof with information and complete contact etals ofthe new contact peson designated Camerton Inc. 116 East Main Avenue, Phase V-SEZ, Laguna Technopark, Biftan, Laguna Audited Financial ‘Statements December 31, 2021 and Independent Auditor's Report STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL STATEMENTS ‘The Management of CAMERTON INC. is responsible for the preparation and fair presentation of the financial statements, inctuding the schedules attached therein, for the years ended December 31, 2021 in accordance with the prescribed financial reporting framework indicated therein, and such internal control 2s management determines is necessary to enable the preparation of financial statements that are free from ‘material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to ‘continue as going concem, disclosing, as applicable, matter related to going concem and using going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has 1no realistic alternative to do so. ‘The Board of Directors is responsible for overseeing the Company's financial reporting process. ‘The Board of Directors reviews and approves the financial statements, including the schedules attached therein, and submits the same to shareholders. ‘Araceli M. Climacosa, CPA, the independent auditor appointed by the shareholders, has audited the financial statements of the Company in accordance with Philippine Standards on Auditing, and in his report to the shareholders, has expressed his opinion on the fairness of presentation upon completion of such Signed this___day of. » 2022 INDEPENDENT AUDITOR'S REPORT ‘TO THE BOARD OF DIRECTORS ‘CAMERTON INC. 16 East Main Avenue, Phase V-SEZ, Laguna Technopark, Bifian, Laguna Report on the Audit of the Financial Statements Opinion have audited the financial statements of CAMERTON INC. which comprise the statements of financial position as at December 31, 2021 and the statement of comprehensive income and changes in equity and statement of cash flows for the year then ended, and notes to financial statements, including the summary of significant accounting policies, In my opinion, the accompanying financial statements present fairy, in all material respects, the financial postion of the ‘company as at December 31, 2021, and its financial performance and its cash flows forthe year then ended in accordance with Philippine Financial Reporting Standards. Basis for Opinion I conducted my audits in accordance with Philippine Standards on Auditing (PSAs). Our responsibilities under those standards are farther described in the Auditor's Responsibiliies for the Audit of the Financial Statements section of our report. I am independent of the company in accordance with the Code of Ethics for Professional Accountant in the Philippines (Code of Ethics) together with the ethical requirements that are relevantto our audit ofthe financial statements in accordance with these requirements and the Code of Ethics. I believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Respor ities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with PFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concem, disclosing, as applicable, matter related to going concem and using the going concem basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do 50. ‘Those charged with governance are responsible for overseeing the company’s financial reporting process. Auiditor's Responsibilities for tie Audit of tie Finaucia Stateaieits ‘My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance isa high level of assurance, but is not a guarantee that an audit conducted in accordance with PSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements, ‘As part of an audit in accordance with PSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: © Identify and assess the risks of material misstatement ofthe financial statement, whether due to fraud or eror, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher then for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, rmisrepresentation, or the override of intemal control. © Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the ‘company’s intemal control. ‘© Evaluate the appropriateness of accounting policies used and forthe reasonableness of accounting estimates and related disclosures made by management. ‘* Conclude on the appropriateness of management’ use of the going concem 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 asa going concem. IfT conclude thata material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosure are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtain up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concer. ‘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 tht achieves fair presentation. communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit Report on the Supplementary Information required Under Revenue Regulations 15-2010 (ur audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information required under Revenue Regulations 15-2010 in Note 17 to the financial statements is presented for purposes of filing with Bureau of Intemal Revenue and is not a required part of the basic financial statements. Such information is the responsibilty ofthe management of CAMERTON INC. The information has been subjected tothe auditing procedures applied in our aut of the basic financial statements. In our opinion, th information is fairly tated, in all material respects, in relation tothe basic financial statements taken asa whole, Aisi \CELI M./CLIMACOSA Certified Public Accountant CPA Cert No. 0097765 PTR. 7743250, 02/10/2022 Pasay City TIN 915-784-439-000 BOA No. 7003, effective until January 25, 2023 April 5, 2022 ATEME) BY SI ‘TO THE BOARD OF DIRECTORS CAMERTON INC. 116 East Main Avenue, Phase V-SEZ, Laguna Technopark, Biflan, Laguna have audited the financial statements of CAMERTON INC. for the calendar year ended December 31, 2021, on ‘which I have rendered my report dated April 5, 2022. In compliance with Section 8-A, Revenue Regulation No. V-20, I am stating the following: 1, That the taxes paid or accrued by the above taxpayer for the year ended December 31, 2021 are shown in the schedule of taxes and licenses attached to the income tax return; 2, That am not related by consanguinity or affinity to the Management and Members ofthe Board of Directors; 3, That L Enrique. Valerio, Certified Public Accountant or my staff, have no financial interest tothe business ‘or any family relationships with ts management. Avene CELI M. CLIMACOSA. Certified Public Accountant CPA Cert No. 0097765 PTR NO. 7749250, 02/10/2022 Pasay City TIN 915-784-439-000 BOA No. 7003, effective until January 25, 2023 April 5, 2022 SUPPLI ‘ATI ‘TO THE BOARD OF DIRECTORS ‘CAMERTON INC. 116 East Main Avenue, Phase V-SEZ, Laguna Technopark, Bifian, Laguna have audited the financial statements of CAMERTON INC. for the year ended December 31, 2021, on which I have rendered the attached report dated April 5, 2022. Jn compliance with SRC Rule 68, Iam stating thatthe Corporation has 2 stockholders owning 100 or more shares as of December 31, 2020, 2 hy CELI M. CCIMACOSA Certified Public Accountant CPA Cert No, 0097765 PTRNo. 7743250, 02/10/2022 Pasdiy City ‘TIN 915-784-439-000 BOA No. 7003, effective until January 25, 2023 April 5, 2022 : : ~ ~ FOR ANNUAL INCOME TAX RETURN ‘The Management of CAMERTON INC. is responsible for all information and representations contained in the ‘Annual Income Tax Return for the year ended December 31, 2021. Management is likewise responsible for all information and representations contained inthe financial statements accompanying the (Annual Income Tax Retum ‘or Annual Information Return) covering the same reporting period. Furthermore, the Management is responsible forall information and representations contained in all the other tax returns filed forthe reporting period, including, ‘but not limited, to the value added tax and/or percentage tax returns, withholding tax retumns, documentary stamp tax returns, and any all other tax returns, In this regard, the Management affirms that the attached audited financial statements forthe year ended December 31, 2021 and the accompanying Annual Income Tax Return are in accordance with the books and records of CAMERTON INC. complete and correct in all material respects. Management likewise firms that: The Annual Income Tax Return has been prepared in accordance with the provisions of the National Intemal Revenue Code, as amended, and pertinent tax regulations and other issuances of the Department of Finance and the Bureau of Internal Revenue; Any disparity of figures in the submitted reports arising from the preparation of financial statements pursuant to financial accounting standards and the preparation of the income tax return pursuant to tax accounting rules has been reported as reconciling items and maintained in the company's books and records in accordance with the requirements of Revenue Regulations No. 8-2007 and other relevant issuances; © CAMERTON INC. has filed all applicable tax returns, reports and statements required to be filed under Philippine tax laws forthe reporting period and all taxes and other impositions shown thereon tobe due and payable haven been paid forthe reporting period, except those contested in good faith. ant JERRY T. LIU ‘Chairman of the Board ‘CAMERTON INC. STATEMENT OF FINANCIAL POSITION ‘As of December 31, 2021 ‘With Comparative Figure from December 31, 2020 Amounts in Phitippine Pesos Notes 2001 20 ASSETS ] a CURRENT ASSETS Cash and Cash Equivalents 34 498,422,162 846223936 Other Current Assets 35 10,877,962 7,196,029 Total Current Asset . 509,300,124 553,419,965 NON-CURRENT ASSETS Vehicle, net 23,6 17,234,987 12,416,435, ‘Stocks Investment 23,7 6,550,977,030 4,413,477,015 Total Noneurrent Ames 4425 993,450 TOTAL ASSETS 4979313415 LIABILITIES AND EQUITY oe oe ‘Accrued Expenses and Other Liailiies 38 360,000 ‘Total Current Liabilities : 360,800 NON-CURRENT LIABILITIES Due to Officers 39 11,675,321, 12340602 Due to Affiliates 310 5333295014 3368975071 Total Non Carrent Liabilities 5344 970;335 3381315713, TOTALLIABILITIES 5.345 400,335 3,381,675.713 EQUITY Ordinary Shares 15,652,000 15,652,000 Preferred Shares 104,348,000 104,348,000 Retained Earnings 1,612,111,806 1,477,637,702, “Total Equity 1,732,111,806 = ‘TOTAL LIABILITIES AND EQUITY ‘See accompanying Notes to Financial Statements 7077 512,141 CAMERTON INC. ‘STATEMENT OF COMPREHENSIVE INCOME, For the Year Ended December 31, 2021 ‘With Comparative Figure from December 31, 2020 Amounts in Philippine Pesos Notes 201 2020 Dividend Income 3 138,613,185 172,793,015, Interest Income, net 3,12, 176,215, 152,565 Total Income - 138,789,400 172,945,580 General and Administrative Expenses 313 4315296) (4261375) Net Income a = 134474106 168,678,205 ‘See accompanying Notes to Financlal Statements CAMERTON INC. NOTES TO FINANCIAL STATEMENTS For the Year Ended December 31,2019 i Corporate Profile ‘Camerton Inc. was registered in the Philippines on January 21, 2011 with the Securities and Exchange Commission SEC) under Registration No,SZ01100857 and subsequently registered with the Bureau of Internal Revenue on March 11, 2011 ‘with TIN 007-963-316-000, ‘The primary purpose of the Company is to invest in purchase or otherwise acquire and ow, hold, use, assigns, transfer, ‘mortgage, pledge, exchange or otherwise dispose of real or personal property of every kind and description including share of stocks, bonds, debentures, notes, evidence of indebtedness etc. ‘The Company has interest on various businesses that engage in food, insurance, distribution, real estate and technology. ‘The registered office address and place of business of the Company is at 116 East Main Avenue, Phase V-SEZ, Laguna “Technopark, Binan, Laguna. Bails of Preparation Statement of Compliance ‘The financial statements have been prepared in accordance with Philippine Financial Reporting Standards (PFRSs). PFRSs are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). PFRSs consist of PFRSs, Philippine Accounting Standards (PAS), and Piippine Interpretations which are issued by the Philippine Financial Reporting Standards Council (FRSC). ‘Basis of Measurement ‘The Company's financial statements have been prepared on the historical cost basis, except for retirement benefits asset liability) which is measured at the fair value of plan assets less the present value ofthe defined benefit obligations. Eunctional and Presentation Currency ‘The financial statements are measured using the currency of the primary economic environment in which the Company ‘operates. The financial statements are presented in Philippine Pesos (Php), which is also the Company's functional currency. All amounts are rounded to the nearest peso, except when otherwise indicated, ae f ‘The Company's financial statements as at and for the year ended December 31, 2019 and 2018 were approved and ‘authorized for issuance on June 26, 2020 by the Company's President, as authorized by the Board of Directors (BOD) on the same date. ‘Use of Judgments and Estimates ‘The preparation ofthe financial statements in accordance with PFRS requires management to exercise judgments, make ssccounting estimates and use assumptions that affect reported amounts of assets, liabilities, income and expenses, and ‘elated disclosures, Future events may occur which will cause the assumptions used in ariving atthe accounting estimates to change. The effects of any change in accounting estimates are reflected in the financial statements as they become reasonably determinable. ‘Accounting judgments, estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judements In the process of applying the Company's accounting policies, management has made the following judgments, apart from those involving estimations, that have the most significant effect on the amOunts, ‘recognized in the financial statements: CAMERTON INC. STATEMENT OF CASHFLOWS For the Year Ended December 31, 2021 ‘With Comparative Figure from December 31, 2020 Amounts in Philippine Pesos 2021 2020 (CASH INFLOWS FROM OPERATING ACTIVITIES Net Income 134,474,104 168,678,205 ‘Adjustments for: Dae (Operating income before working capital changes Increase/(decrease) in: Accrued Expenses and Other Liabilities Net cash provided by(used in) operating activities (CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of Vehicle (4,818,552) (2,502,720) Acquisition of Stocks. (2,137,500,015) (215,542,447 ‘Net cash provided by(used in) investing activities 142,318,567) (218,045,167) (CASH FLOWS FROM FINANCING ACTIVITIES ‘Payment for Advances to Officers (665,321) (1,228,228) ‘Proceeds from advances from affiliates 1,964,319,943 52,573,138 ‘Net cash provided by/(uod in) fnancing activities 1983 65462, 51344910 INCREASEADECREASE) IN CASH argo) 2,535,721 (CASH, BEG. OF YEAR 546,223,936 543,688,215, CASH, END OF YEAR 498,422,162 546,223,936 ‘See accompanying Notes to Financial Statements ~ ~ CAMERTON INC. STATEMENT OF CHANGES IN EQUITY For the Year Ended December 31, 202 With Comparative Figure from December 31, 2019 Amounts in Philippine Pesos 2001 2000 ‘AUTHORIZED CAPITAL Ordinary Shares 19,600,000 19,600,000 Preferred Shares 130,400,000 ORDINARY SHARE CAPITAL Beginning Balance 15,652,000 15,652,000 ‘Add/Less): Receiptsl( Withdrawals) 7 - Ending Balance 15,652,000 15,652,000 PREFERRED SHARE CAPITAL Beginning Balance 104,348,000 104,348,000 ‘Add/(Less: Receipts/(Withdrawals) 7 : Ending Balance : . . 104,348,000 RETAINED EARNINGS Beginning Balance 14779637,702 ‘Add(Less): Receipts/(Withdrawals) Net income 134474104 Ending Balance ~ = 1,612,111,806 Appropriated 14,274 287,167 12745767 Unappropriated 337,884,639 203,380,535 ee 1612,111,806 ATT AST 702 TOTAL EQUITY 1. 732,111,806 ‘See Accompanying Notes o Financial Statements 1,597,637,702 Determination of the Company's Functional Currency Based on the economic substance of the underlying circumstances relevant to the Company, the functional currency has been determined tobe the Php. I isthe currency that mainly influences the economic flow of resources. Estimates and Assumptions “The key assumptions concerning the future and other key sources of estimation uncertainty as at reporting date that have the most significant risk resulting in a material adjustment to the carrying amounts of assets, liabilities and equity within the next financial year are as follows: ‘Measurement of Fair Values. A number of the Company's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. ‘When measuring fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair ‘values are categorized into different levels in a fair value hierarchy, described as follows: © Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at reporting date; © Level 2: inputs other than quoted prices included within Level 1 that are observable forthe asset or liability, either directly or indirectly; and © Level 3: unobservable inputs. Ifthe inputs used to measure the fair value of an asset or liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety inthe same level ofthe fair value hierarchy as the lowest input that is significant to the entire measurement. Estimating Allowance for Impairment Losses on Receivables ‘The Company assesses the need to provide an allowance for impairment losses on receivables at a level considered adequate to provide for potential uncollectible receivables, The level of this allowance is evaluated by management on the basis of factors that affect the collectablity of the accounts. These factors include, but are not limited to the history of the clients payment behavior, age of receivables and other external factors affecting the industry. The Company reviews the age and status of receivables and identifies accounts that are to be provided for with an allowance for impairment losses on a continuous basis. An increase in the allowance for impairment losses on receivables would increase the recorded operating expenses and decrease curent assets. “Management believes that the outstanding receivables are fully collectible, hence, no allowance for impairment loss on receivables was recognized as at December 31, 2020 and 2019. The carrying amount of the Company's receivables amounted to P7,196,029 and P6,325,159 for December 31, 2020 and 2019. Estimating Useful Lives of Property ‘The Company reviews annually the estimated useful fives of property based on the period over which the assets are ‘expected to be available for use and are updated if expectations differ from previous estimates due to physical wear and ‘tear, technical or commercial obsolescence. It is possible that future results of operations could be materially affected by ‘changes in these estimates brought about by changes in the factors mentioned. A reduction in the estimated useful lives of property and equipment and intangible assets would increase the recorded depreciation and amortization expenses and decrease noncurrent assets. ‘As at December 31, 2020, the carrying amount of property amounted to P 12,416,435. ‘Summary of Significant Accounting Policies ‘The accounting policies set out below have been applied consistently to all years presented in these financial statements, ‘and have been applied consistently by the Company, except for the changes in accounting policies as explained below. Adoption of Amendments to Standards ‘The Company has adopted the following amendments to standards and interpretations starting January 1 2017, and accordingly changed its accounting policies. The edoption of these amendments did not have any significant impact on ‘the Company's financial statements. © Disclosure initiative (Amendments to PAS 7). The amendments address financial statements users’ requests for improved disclosures about an entity's net debt relevant to understanding an entity’s cash flows. The amendments require entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes providing ‘The amendments are effective for annual periods of beginning on or after January 1, 2017. Early adoption is permited, ‘When an entity first applies the amendments, itis not required to provide comparative information for preceding periods. © Recognition of Deferred Tax Assets for Unrealized Losses (Amendments to PAS 12). The amendments clarify that: © the existence of a deductible temporary difference depends solely on a comparison of the carrying amount of an asset and its tax base at the end of the reporting period, and is not affected by possible future changes in the carrying amount or expected manner of recovery of the asset; ‘© the calculation of future taxable profit in evaluating whether sufficient taxable profit will be available in future periods excludes tax deductions resulting from the reversal ofthe deductible temporary differences; © the estimate of probable future taxable profit may include the recovery of some of an emity’s assets for more than ‘their carrying amount if there is sufficient evidence that itis probable thatthe entity will achieve this; and ‘© anentity assesses a deductible temporary difference related to unrealized losses in combination with all of ts other deductible temporary differences, unless a tax law restricts the utilization of losses to deduction against income of a specific type ‘The amendments are to be applied retrospectively for annual periods beginning on or after January 1, 2017. Early adoption is permitted, On initial application, the change in the opening equity of the earliest ‘comparative period may be recognized in opening retained earnings (or in another component of equity, as appropriate), without allocating the change between opening retained earings and other components of equity. If an entity applies the relie, it shall disclose that fact. Effective January 1, 2018 ‘© PFRS 9, Financial Instruments (2014). PFRS 9 (2014) replaces PAS 39 Financial Instruments: Recognition and ‘Measurement and supersedes the previously published versions of PFRS 9 that introduced new classifications and ‘measurement requirements (in 2009 and 2010) and a new hedge eccounting model (in 2013). PFRS 9 includes revised ‘guidance on the classification and measurement of financial assets, including a new expected credit loss model for calculating impairment, guidance on own credit risk on financial liabilities measured at fair value and supplements the new general hedge accounting requirements published in 2013. PFRS 9 incorporates new hedge ‘sccounting requirements that represent a major overhaul of hedge accounting and introduces significant improvement by aligning the accounting more closely with risk management. “The new standard is to be applied retrospectively for annual periods beginning on or after January 1, 2013, with early adoption permitted. © PPRS 15 Revenue from Contracts with Customers replaces PAS 11 Construction Contracts, PAS 18 Revere, IFRIC 13 Customer Loyalty Programmes, IFRIC 18 Transfer of Assets from Customers and SIC-31 Revenue - Barter Transactions Involving Advertising Services. The new standard introduces a new revenue recognition model for ‘contracts with customers which specifies that revenue should be recognized when (or as) 8 company transfers control ‘of goods or services to a customer at the amount to which the company expects to be entitled. Depending on whether certain criteria are met, revenue is recognized overtime, in a manner that best reflects the company’s performance, ‘rata point in time, when control ofthe goods or services is transfered tothe customer. The standard does not apply insurance contracts, financial instruments or lease contracts, which fallin the same scope of other PFRSs. It also does not apply if non-monetary assets to facilitate sales to other partes. Furthermore, if a contract with a customer is partly inthe scope of another IFRS, then the guidance on separation and measurement contained inthe other PFRS takes precedence. Effective January 1, 2019 © PERS 16, Leases supersedes PAS 17, Leases and the related Philippine Interpretations. The new standard introduces ‘single lease accounting model for lessees under which all major leases are recognized on-balance sheet, removing the lease classification test. Lease accounting for lessors essentially remains unchanged except for a number of details including the application of the new - 16- lease definition, new sale-and-leasebeck guidance, new sub-lease guidance ‘and new disclosure requirements. Practical expedients and targeted reliefs were introduced including an optional lessee exemption for short-term leases (leases with a term of 12 months or less) and low-value items, as well as the ‘permission of portfolio-level accounting instcad of applying the requirements to individual leases. New estimates and judgmental thresholds that affect the identification, classification and measurement of lease transactions, 2s well as requirements to reassess certain key estimates and judgments at each reporting date were introduced. PFRS 16 is effective for annual periods beginning on or after January 1, 2019. Earlier application is not permitted until the FRSC has adopted PFRS 15 Revenue from Contracts with Customers aat or before the date of initial application of PERS 16. Einansial Instruments Date of Recognition. The Company recognizes a financial asset or a financial liability in the statements of financial position when it becomes a party to the contractual provisions of the instrument. The Company determines the classification ofits financial assets and labil initial recognition and, where applicable and appropriate, r-evaluates this designation at each reporting date. In the case of a regular way purchase or sale of financial assets, recognition and derecognition, as applicable, is done using trade date accounting. Regular way purchases or sales of financial assets, require delivery of assets within the period generally established by regulations or convention in the marketplace. Initial Recognition of Financial Instruments. Financial instruments are recognized initially at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, The fair value of a financial instrument on initial recognition is normally the transaction price the fair value of the consideration given or received). Ifa financial asset is not subsequently accounted for at FVPL, the initial measurement includes transaction costs that are directly attributable to the asset's acquisition or origination. ‘The Company classifies its financial assets in the following categories: HTM investments, AFS financial assets, FVPL. financial assets, Financial liabilities are clasified as either FVPL financial liabilities or other financi ities. The classification depends on the Company's business model for managing financial instruments and the contractual cash flow characteristics ofthe financial instruments. ‘Day 1 Profit, Where the transaction price in a non-active market is different from the fair value of other observable ‘current market transactions of the same instrument oF based on a valuation technique whose variables include only data from observable market, the Company recognizes the difference between the transaction price and fiir value (a ‘Day 1° profit) in profit or loss. In cases where no observable data is used, the difference between the transaction price and model ‘value is only recognized in profit or loss when the inputs become observable or when the instrument is derecognized. For cach transaction, the Company determines the appropriate method of recognizing the ‘Day I" profit amount. ‘As at March 31, 2018 and 2017, the Company has stocks investment either classified as HTM investments, AFS financial ‘asses and financial assets and liabilities at FVPL. Financial Assets Loans and Receivables. Loans and receivables are non-derivative financial assets with fixed or determinable payments and maturities that are not quoted in an active market. They are not entered into with the intention of immediate or short- term resale and are not designated as AFS financial assets or financial assets at FVPL. Such assets are recognized initially at fair value. After initial recognition, loans and receivables are subsequently measured at amortized cost using the cffective interest method, ess any allowance for impairment losses, ift ‘© The loans and receivables are held within a business model whose objective is o hold such assets in order to collect contractual cash flows; and © The contractual terms of the loans and receivables give rise, on specified dates, to cash flows that are solely ‘payments of principal and interest. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees that are an integral part ofthe effective interest rate. Gains and losses are recognized in profit or loss when the loans and receivables are To: "petespanoliiii@yahoo.com” Sent: Sunday, April 10, 2022, 11:52:56 PM GMT+8, Subject: Tax Return Receipt Confirmation This confirms receipt of your submission with the following details subject to validation by BIR: File name: 007963316000-1702RT-1221.xml Date received by BIR: 10 April 2022 Time received by BIR: 11:29 PM Penalties may be imposed for any violation of the provisions of the NIRC and issuances thereof. FOR RETURNS WITH PAYMENT Please print this e-mail together with the RETURN and proceed to pay through the Authorized Agent Bank / Collection Agent / GCASH or use other payment options. This is a system-generated email. Please do not reply. Bureau of Internal Revenue DISCLAIMER This email and its attachments may be confidential and are intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient of this email and its attachments, you must take no action based upon them, nor must you disseminate, distribute or copy this e-mail. Please contact the sender immediately if you believe you have received this email in error. E-mail transmission cannot be guaranteed to be secure or error-free. The recipient should check this email and any attachments for the presence of viruses. The Bureau of Internal Revenue does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. BIR Form No. 1702RT Page 1 of 2 2 IR ERERW EAL = ul eee I income Tax Return Afemte mone on 1702-RT eo 2013 Pose? TEPC Cade. SS oe eS 36 Total income Tax Duo (Overpaymert on Path nen 77 Less: Total Tax Croc Paymonts raw Po "8 Net Tax Paytio (Overpayment) a etn 17 ve Pat) 18 Add: Total Ponatios (row Fat 0 or 5 ‘20 TOTAL ANGUNT PAYABLE (Overpayment) Gora fon an fea PorWom ai ak tha oie “Tobe whured “Tobe amund Ta Cait Cortes “Tob coriod ovo 4 te SOS Poy 25 CanvEark Dock Mer na 7 Chock wr : 20 Tax Dobe Wome “Ir | 7 10/04/2022 file:///C:/Users/PET/AppData/Local/Temp/%7BF 8CEE068-E978-43EF-9047-800908 11 BIR Form No. 1702RT Page | of 2 Annual income Tax Return) 7c | MINRANSSIOREI| Page 2 June 2019, “oesrrea 2 reasoner —rges eye ryt Pp ptyt gp gO 010, 0] | eamenton. ine "3a Net Saie/Rvornoa/Racnpa/ Fans fon Ss ‘Pant - Computation of fox an) Penta Comes 31 Loss: Cost of Sales Sorvens fran Sale 2027 32 Gros income ham Operation ‘ten so (en tn 35 Aa er Tanai coma Not Subjected oF Tat em ae tena [3 Total Grose income caeretors 22439 Toss: Dodesons Alpunbie under ats ere = ata ‘gem aa 6 $e Sood Nome tid Das aaa 138 Tot tora Dek net 31277 “OF cose ia une Soe PVE ALT ‘2 beome Tax Duo Ober Dan MOM sono was 3 Minimum Corporate noome Tax DMCIT) ss e/a peor nt 30 49 Compremion {50 Total Penalties Gon dios 7b) oP Bon ‘51 Total Amount Payable (Overpayment) nme 420 _(ToPet ¢ton Park V= Tax Ret vation [ie ROT emer Coravea} "52 Specs! Mownble Nrined Dedacbons arson 26) {53 Add: Special ex Crodis (roe Sowa 70 $A Totol Tax Rolie! Avalimand notte 38 5) "5 Hama of Exterral aor Reweciod Tax Agar "Par Vi iaformation- External AndiioAporediied Tax Apert Co a az sa ‘ss N 1 (SSH Recoiaon Ro ve Dato e eefererts [pepe Th Ue ies: pb =] file:///C:/Users/PET/AppData/Local/Temp/%7BF8CEE068-E978-43EF-9047-8009081D... 10/04/2022 BIR Form No, 1702RT Page 1 of 2 Annual Income Tax Return | 4792-pT EGR ll Page 3 - Schedulos 1 & 2 re 2019 STS TOSTAT Te ‘Wontifiestion Number (TiN) La Se Nien 7 ree? 1 Ste of Gand raperios ——— [2 Sale of Services bd 3 Lae of Proper _ ATO amettom 103) : S Less: Seles Retr, Alowances and Discounts *| (@ Not SaiewReovoruea/Rocaipta/F00e fet tanstew 5 oe +] Sahedan = a z ‘Schou 3A -Goat of Stes (For ose Engaged tn Tracing) 1 Mrchandica Invontory -Bogrning : 2 Aad: Purchases of Merchandise : {3 Tota Goods Avalabe Tor Sele Son etore a +] ‘Lass: Merchandise inventory, Ending s ‘5 Cost of Seles ona ters) (To Bean 227) : Tehedvls 25 = Gost of Suloe (For (Dred Matera, Bearing 7 Aes: Purchases of Doe Matra ‘SMart Arafabi ar Uso Sareea 7 © Less: Doe Materia End, "10 Faw Matorais Used soon oss on 11 Drea Labor 12 Marutactsng Overhead 19 Total Manutacnsng Cost eomettor 1182 {14 Ac: Work n Process, Boginning * ( Lass: Workin Process, Erling = 16 Con of Goods Mantactuod ia oRone 194 Has te 3) 17 Frishod Goods, Bognning 720 Gost of Sarvices ese engaged iexoed or oad oto rom 20 Dioct Charges - Salarioa, Wages and Benefits | 21 Dioct Charges - Marais, Supploa and Fashion “| Oro rue -Dopecon 5 [ore rare Ro : 38 Ovect Gages - Gade Sonor : 25 Dre rapes: Ove : [25 Toll Cost of Services rr atre De) (Tomei 27 Total Coot of SaletSores amet s 0628 tert (oe file:///C:/Users/PET/AppData/Local/Temp/%7BF8CEE068-E978-43EF-9047-8009081D..._ 10/04/2022 BIR Form No. 1702RT Page | of 2 Annual Income Tax Return RFS A al ncome Tex Return | Trost | Ml al ame privet (6 Chantatie Corgbusore: [¢ Comerumsaton, Ugh and Waller [8 Doplobon 10 Depreciation 11 Decors Fees, 12 Feige Benefit 15 rerest 7] file:///C:/Users/PET/AppData/Local/Temp/%7BF8CEE068-E978-43EF-9047-8009081D... 10/04/2022 Page | of 2 ~ ~ BIR Form No. 1702RT Annual income Tax Return | ‘rox | MlUEANUMWGERII mee cmon | Mae Lease enema ae eerste lel HOUSES a a eT 90 Secunty Seneca 131 SSS. GSIS, Phiheath, HOM and Other Gobutons 2 Tanes ond Leora 32 Toting Foes 34 Tranng and Sorinars One sy a Aa st a) fm 35 Tearepertsion ard Tove 7 [Riaioaiay ieee ei ae anceniom mre f Tshodle 6 Spec Alowshie Rerisnd Docusins naan cara ey — aaa file:///C:/Users/PET/AppData/Local/Temp/%7BF8CEE068-E978-43EF-9047-8009081D... 10/04/2022 BIR Form No. 1702RT Page 1 of 2 Annual Income Tax Return 1702-RT 3 Fame Tax Payor under Rogue tomal ate fom Previous Quarters 4 Excess MIT Appiod this Curert Taxable Yoor ‘an sea # em

    You might also like