Heralal Rampadarath- Contractor
Financial Statements
31 December 2019
(Expressed in Trinidad and Tobago Dollars)
Heralal Rampadarath- Contractor
Financial Statements
(Expressed in Trinidad and Tobago Dollars)
CONTENTS Page
Independent Auditors' Report 1-3
Statement of Financial Position 4
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 &Co Aan Rautodlar FeCA CA aHy Rnetn A,
CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT
To Heralal Rampadarath Contractor
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Heralal Rampadarath-
which comprise the statement of financial position as at Contractor (the Organisation)
31 December 2019, and the statement of
comprehensive income, statement of changes in equity and statement of cash flows for the year
then ended, and notes to the financial statements, including a summary of
policies. significant accounting
In our opinion, the Organisation's financial statements present fairly, in all
financial position of the Organisation as at 31 December 2019 and its financialmaterial respects, the
its cash flows for the year then ended in accordance with performance and
International Financial Reporting
Standards for Small and Medium-sized Entities (IFRS for SMES).
Basis for Opinion
We conducted our audit in accordance with International Standards on
responsibilities under those standards are further described in the Auditor's Avditing ("ISAs").for Our
Responsibilities the
Audit of the Finoncial Statements section of our report. We are
accordance with the International Ethics Standards Board forindependent of the Organisation in
Accountants' Code of Ethics for
Professional Accountants ("IESBA Code"), and we have fulfiled our other ethical
accordance with the IESBA Code. We believe that the audit evidence we have responslbilities in
obtained is sufficient
and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Fingncial
Statements
Management is responsible for the preparation and falr presentation of the financial statements in
accordance with IFRS for SMEs and for such Internalcontrol as
to enable the preparation of financial statements that are free management determines is necessary
from material misstatement, whether
due to fraud or error.
In preparing the financial statements, management is
responsible for assessing the Organisation's
ability to continue as a going concern, disclosing, as applicable, matters
and using the golng concern basis of accounting unless management eitherrelated to going concern
17-19 Mon RrSAsation or to cease operatlons, or has no recalistic alternative but to doIntends
to liquidate the
so.
San Fernando
TRINIDADE TOBAGO
+868.741.5791 (M)
+868.657.5845 (0)
Alan Ramoutar & Co Aian RamgutayFCÇA.CA Latay Ramoultar
CHARTERED ACCOUNTANTS FCAACA
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT
To Heralal Rampadarath- Contractor
Report on the Audit of the Financial Statements
(Continued)
Those charged with governance are responsible for overseeing the Organisation's financial
reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our 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 is a high level of assurgnce but is not a
guarantee that an audit conducted in accordance with ISAs 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 ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
ldentify and assess the risks of material misstatement of the financial statements, whether'
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting amaterial misstatement resulting from fraud is higher than for one
resulting from error, s fraud- may Involve collusion, forgery, intentional omisons,
misrepresentations, or the override of Internal control,
17-19 son Rens S°ect
San Fernando
TRINIOAD E TOBAGO 2
"868.741.5791 (A)
+868.697.5845 (0)
Alan Ramoutar & Co
CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT
To Heralal Rampadarath - Contractor
Report on the Audit ofthe FinancialStatements
(Continued)
Avditor's Responsibilities for the Audit of the Financial Stalements
(Continued)
Obtain an understanding of internal control relevant to the audit in order to deslgn audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Association's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's'use of the going concern 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 Association's
continue as a going concern. If we conclude that a material uncertainty exists,ability
to
we are
required to draw attention in our auditor's report to the related disclosures in the financial,
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor's report. However,
future events or conditions may caUse the Association to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial
the disclosures, and whether the financial statements statements, Including
and events in a manner that achieves fair presentation.
represent the underlying transactlons
We communicate with those charged with governance regarding,
among
scope and timing of the audit and significant audit findings, including anyother maters, the planned
significant
intemal control that we identify during our audit. deflciencies in
San Fernando,
TRINIDAD ALAN RAMOUTAR &CO
17-19 hon Re3yly 2020 CHARTERED ACCOUNTANT
8AN FERNANDU, IRINIDAD
San Fernando
TRIDAD TOEAG0 3
"B68,741.9791 (M)
"868.657.5845 (0)
Heralal Rempadarath- Contracor
Statement of Financiel Position as af 31 December 2019
(Expressed ln Trinidad ond Tobago Dollars)
31 December 31 December
Notes 2019 2018
Assets $
Non-Curent
Property, plant &equipment 4 1,051,630 1402,174
Curent
1,051,630 1A02,174
Trade and other receivables
5
Cash and cash equivalents 836,328 492,779
36,1 52 758,665
Total Assets
872,480 1,251,444
1,924,110 2,653,618
Equity end Liabilities
Owners' Capital 6
Accumulated Reserves 500,000 500,000
1,390,684 2,118,717
Total Capital
1,890,684 2,618,717
Licbilities
Current
Trade and other payabies 7
33,426 34,901
33,426 34,901
Total Liabiliies
33,426 34,901
Total Equity and Liabilities
1,924,1 10 2,653,61 8
The notes on pages 8 to 13 form an integral part of
these financial statements.
On 23 July 2020, Mr Heralal Rampadarath approved
authorised these financial siatements for issue.
and
Heralal Rampadarath
Heralal Rampadarath- Contractor
Statement of Comprehensive Income For The Year Ended 31
(Expressed in Trinidad and Tobago Dollars) December 2019
Year ended Year onded
31 December 31 December
2019 2018
Notes $
Revenue $
Contract receipts 5,571,054 5,829,685
Cost and Expenses
Operoting Costs
Administrattve Costs (4,926,550) (5,037,831)
Financial Costs (432,125) (574,023)
(6,987) (6,987)
Total Expenses (5,365,662) (5,618,841)
Net Profit Before Taxation
205,392 210,844
Taxation
33,426 34,978
Net Profit Afer Taxation
1Z1,966 175,866
The notes on pages 8 to 13 form an itegral part of these financial statements.
5
Heralal Rampadarath- Contractor
Stalement of Changes in Ownere' Equity
(Expressed In Trinldad and Tobago Dollars)
Owners' Accumulated
Capital Reserves Total
$ -
Balance as at 1 January 2018
500,000 2,502,851 3,002,85 1
Net profit after taxation
175,866 175,866
Owners' Drawings
Balance as at year ended 31 December 2018
(560,000) (560,000)
500,000 2,118,717 2,618,717
Balance as at 1 January 2019 500,000 2,118,717 2,618,717
Net profit after taxation 171,966 171,966
Owners Drawings (899,999) (899,999)
Balance as at year ended 31 December 2019 500,000 1,390,684 1,890,684
The notes on pages 8 to 13 form an integral part of these financial statements.
6
Heralal Rampadarath- Contractor
Statement of Cash Flows
(Expressed in Trinidad and Tobago Dollars)
Year Ended Year Ended
Notes 31 December 31 December
2019 2018
$ $
Cash Flows From Operating Activitiles
Net Profit before taxation 205,392 210,844
Adjustments For.
Depreciation 350,543 467,391
555,935 678,235
Changes In Working Capital
Decrease/(ncrease)in trade and other recelvables (343,547) 500,001
(Decrease),/ncrease in trade and other payables (1,475) (29,961)
Cash Generated From Operating Acivities 210,914 1,148,275
Taxation paid 33,427 34,979
Net Cash (Used In) / Generaled From Operating Aivities 177,486 1,113,296
Investing Acivities
Purchase of plant and equipment
Net Cash Generated/(Used) in Investing Adiviies
Financing Acivities
Partners drawings (899,999) (560,000)
Net Cash Generated from Financing Activities
(899,999) (560,000)
(722,513) 553,296
Net Cash (Decrease)/increase During The Year
758,665 205,369
Cosh And Cash Equlvalents, Beginning Of Year
36,152 758,665
Cash And Cash Eqvivalents, End Of Year
36,152 758,665
Represenked by Cash and Cash Equivalents
integral part of these financial statements.
The notes on pages 8 to 13 form an
7
Heralal Rampadarath- Contrador
Notes to the Financial Statements
(Expressed in Trinidad and Tobago Dollars)
1Incorporation And Principal Activities
Heralal Rampadarath (General Contractor) was registered in the Republic of Trinidad
and Tobago. Its principal activitles are gargage collection and general transportatlon 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 entitles
(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 organisotion operates (functional currency).
The financial are presented in Trinidad and Tobago dollars which is the company's functional
Currency.
b) Transacion and balances
Foreign aurrency transactions are translated into the functional currency using the exdhange rates
prevailing at the time of the transacions. Foreign exchange gains and lossess resulting from the
setlement of these transactions and from the translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign curencles are recognised in the statement of
comprehensive income.
2.3 Property, Plant &Equipment
Plant &equipment is stated at cost less accumulated depreciation and any recognised impairment
loss. Cost incudes expenditure that is directly atributable to bringing the asset to the location and
condlition necessary for it to be capable of operating in the manner intended by management.
Depreciation on plant and equipment is provided on the reducing balance basis at the following
rates which are considered appropriate to write off the assets over their estimated useful lives:
8
Heralal Rampadarath- Contractor
Notes to the Financial Stotements
(Expressed In Trinidad and Tobago (Continved)
Dollars)
2.3 Property, Plant &Fquipment (Continved)
Computer equipment and software 25%
Office equipment 25%
Furniture and flxtures 25%
Motor vehicles 25%
The assets residual value and uUseful llves are reviewed, and
adjusted if appropriate, at the end of each
reporting period. An asset's carrying amount is writen down Immediately to its recoverable amount If the
assets' carrying amount is greater than its estimated recoverable amout.
2.4 Trade Recelvables
Trade receivables are recognised initially at the transaciion price. Aprovision for impairmet of trade
recelvables is established when there is objective evidence that the organisation willnot be able to collect
all amounts due according to he original terms of the receivables.
2.5 Cash and Cash Equivalents
Cash and cash equlvalents 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- Contrador
Notes to the Financial
Statements
(Expressed in Trinldad and Tobago (Continued)
Dollars)
2.6 Owners' Capital
Owners' capital is the owner's cumulatlve contributions to the
organisation.
2.7 Payables
Payables are obligations to pay for goods and
of business from suppliers. Trade payables are services that have been acquired in the ordinary course
one year or less. If not, they are presented as
cdassified as current liabilitles if payment is due within
non-current Ilabilities.
2.8 Financial Instruments
Financial instruments carried on the statement of financial position
and other receivables, trade and other payables, related party include cash and bank balances, trade
balances and bank loans. The particular
recognition methods adopted are disclosed in the indlvidual pollcy statement
assodated with each item.
2.9 Provisions
Provisions are recognised when the organisation has a present legal or
past events, it is probable that an outflow of resources will be required constructive obligation as a result of
to settle the obligation, anda
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 fair value of the consideration received or recelvable for the sale of
goods in the ordinary
course of the organisation's activities. Revenue is shown net of returns, rebates and
discounts.
recognises revenue when the amount of revenue can be reliably measured and when it is probable
The organisation
that fuure
economic benefits will flow to the entity.
10
Heralal Anpadaruth Conthotor
Nutes t the
Plnunlal tutementa
(prenel n Irstod md Tooyn (Centlved)
Dollon)
gnlfeant Arcountlng almetes, Judgements and Atsmptiens
tante md udyements rentolly evokuted nd ors bsed on eperlee ond otther
Iuter, hhtns petotos of uvre evernts thot ore belleved to be eonalle
Key tlnate daintlon thot hova
sgniflcont rlsk of couslng a mterlol odustnent to the
corryu outs ef ne nd labilles withln he next inndl yent re tlisused ialow,
) lneme Yuxes
Some Jlyement Is requred ndotermlng the provlelcon tor lone toxes,
md ealolatlens tor whlh the ultlmate There
tox determnotlon is uncertoln durlng the ore tromsotlons
Ishes Ihe orgnlsotlon recgnlses liolblies for ordinary couns of
nticipeted
whether ddtonal txes wil be due.Where ths flool tox tox cudit sues bosed on estimotes of
mounte hol were litlally recordel, sh ditterences will outcomes of these motters le different from
provlalons n the perlod n whlch hcdeterminotlon le mode.lmpot the lncome tox ond leferred toK
11
Heralal Rampadaroth- Contractor
Notes to the FinancialStatements (Centinved)
(Expressed in Trintdad ond Tobogo Dollars)
4 Property, Plant &Equipment
Office Plant Furniture
Motor
and and Total
Vehicles
Equipment Fixtures
$
Year Ended 31 December 2019
Cost
As at 01 January 2019 117,068 11749,843 184,477 12,051,388
Additions
Dlsposals
As at 31 December 2019
117068 11749,843 184477 12,051,388
Accumulated Depreciation
As at 01 January 2019 (97,795) (10,384,356) (167,064) (10,649,215)
Depreciation (4,818) (341,372) (4,353) (350,543)
As at 31 December 2019
(102,613) (10725,728) (171A1Z (10.999,758)
Carrying Amount
As at 01 January 2019 19,273 1,365A87 17A13 1402,173
As at 31 December 2019 14455 1,024,115 13,060 L,051,630
12
Heralal Rampadarath- Contractor
Notes to the Financial Statements
(Expressed in Trinldad and Tobogo (Continued)
Dollars)
2019 2018
3 $
Trade and Other Receivables
Trade receivables
836,328 492,779
836,328 492,779
6 Owners' Capital
2019 2018
$
This comprises of capital injected into the organisation by
the owner.
500,000 500,000
2019 2018
7 Trade and Other Payables
$ $
Other payables &accruals
33,426 34,901
2019 2018
$ $
8Texation
Toxation conslsts of the following:
Current tax- Business Levy charge 34,978
Current tax- Income tax harge 30,404
Total
34,978 30404
13
