Hera lal Ramp adara th- Contractor

Finan cial Statements

31 December 2021

(Expressed in Trinidad and Tobago Dolla rs)

 Heralal Rampodarath- Contro dot
fina ncia l Statementt
J.§xp~ ~&d ln Trinldod ond Tobopo Dollcm)

CONTENTS
Page

Independent Auditors' Report

1-3

Statem ent of Financial Position

4

Statem ent of Comprehensi ve Income

5

Statem ent of Changes in Owner's Capita l

6

Statem ent of Cash Flows

7

Notes to the Flnandal Statements

8 - 13

-,
 CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT

To Hera la I Rampadarath Contractor

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Heralal Rampadarath- Contractor (the Organisation)
which comprise the statement of financial position as at 31 December 2021, and the statement of
comprehensive Income, statement of d,anges in equity and statement of cash flows for the year
then ended, and notes to the financial statements, including a summary of significant accounting
policies. ·

In our opinion, the Organisation's financial statements present fairly, in all material respects, the
financial position of the Organisation as at 31 December 2021 and Its financial performance and
its cash flows for the year then ended In accordance with International Financial Reporting
Standards for Small and Medium-sized Entitles (IFRS for SMEs).

Basis for Opinion

We conducted our audit In accordance with International Standards on Auditing ("ISAs"), Our
responsibllltles under those standards are further described In the Auditor's Responsibilities for the
Audit of the Financial Statements section of our report. We are Independent of the Organisation in
accordance with the International Ethics Standards Board for Accountants' Code of Ethics for
Professional Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in
accordance with the IESBA Code. We believe that the audit evidence we have obtained Is sufficient
and appropriate to provide a basis for our opinion.

Responslbllltles 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 IFRS for SMEs 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 Organisation's
ability to continue as a going concern, dlscloslng, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either Intends to ltquldate the
Organisation or to cease operations, or has no reallstlc alternative but to do so.

17-19 Mon Rcpos Street 1

Sal' Feroaudo
·r,UtUDIID ti TOBAGO
.at,1.741.5791 (M)
461,657,5145 (0)
 CHARTERED ACCOUNTANTS
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT

\ To Heral al Rampadarath- Contractor

I Report on the Audit of the Financial Statements
J (Continued)
'
1 Those charged with governance are responsible· for overseeing the Organisation's financial
\ reporting process.
I
'
Auditor's Responsibilities for the Audit of the Financial Statements

Our obiectlves 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 assurance 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, lndlvldually or ln the aggregate, they could reasonably be expected to Influence the
economic decisions of users taken on the basis of these financial statements.

Al part of an audit In accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify 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 a material misstatement resulting from fraud ls higher than for one
resulting from error, as fraud may Involve collusion, forgery, Intentional omissions,
mlsroprosontatlon,, or tho override of Internal control.

2
11-19 M.on Ra,J>os Su ect
Sal• f'e1nn11do
TitltUOAD a TOBAGO
+161,741,5791 IMI
+161,65'7.5145 (01
lltliii@i~Si~~~
CHARTERED ACCOUNTANTS .
ICATT REGISTERED FIRM
INDEPENDENT AUDITOR'S REPORT

To Heral al Rampadarath - Contractor

Report on the Audit of the Financial Statements
(Continued)

Auditor's Re1pon1ibllitie1 for the Audit of the Financial Statements

(Continued)

• Obtain an understanding of Internal control relevant to the audit In order to design audit
procedures that ore 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 pollcles used and the reasonableness of

accounting estimates and related dlsclosures made by management.

l
(
• 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

l related to events or conditions that may cast significant doubt on the Association's ablllty to
continue as a going concern. If we conclude that a materlal uncertainty exists, we are

i required to draw attention In our auditor's report to the related disclosures In the flnanclal
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 statements, including
the disclosures, and whether the flnanclal statements represent the underlying transactions
and events In a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, lncludlng any significant deficiencies In
Internal control that we Identify during our audit.

San Fernando,
TRINIDAD
13 June 2022
Ol... k, ~--11'.A'""'k."" ,,. C, 3
17 19 /will Repos Stret!t CHARTERED ACCOUNTANTS
San f'er111111dci
TRIHIDAD Ct TOOt,GO
....7◄1.5791 IM)
461,657.5845 (0)
I

Hetolal Rompodarath- Contrador

Statement of Flnanclal Po1ltlon 01 at 31 December 2021
(E,cpressed In Trinidad and Tobago Dollars)

31 December 31 December
Notea 2021 2020
$ $
A11et1
Non-Current
Property , plant & equipment 4 4,227,450 3,252,428

4,227,450 3,252,428
Current
Trade and other rec:elvables 5 30,150 334,155
Cash and cash equlvalents 4,275,769 1,415,031
4,305,919 1,749,186
Total A11et1 8,533,369 5,001,614

Equity and Uabllltlea

Owners' Capita! 6 500,000 500,000

Accumulated Reaervoa
1,991,550 1,609,396
Total Capital
2,491,550 2,109,396
llabllltlet
Non-Current
Loan 8 99,096
99,096

Current
Trade and other payables 7 464,013 92,218
Due to related parties
5,252,213 2,800,000
Current portion loan I 226,497
5,942,723 2.892,218
Total Uabllltlet
6,041,819 2,892,218
Total Equity and UabllltlH
8,533,369 5,001,614
The note• on pages 8 to 13 form an Integral part of these flnanclal statements.

On 13 June 2022, Mr Heralal Rampadarath approved and

authort..d these flnandal 1tatement1 for Issue.

Heralal Rampadarath
 Herala l Rampadarath- Contra dor
Statement of Comprehensive Income For The Year Ended
31 December 2021
(Expressed In Trinidad and Tobag o Dollars)

Year ended Year ended

31 December 31 Decem ber
2021 2020
Notes $ $
Revenue
Contra ct receipts
7,078,416 7,852, 363

Cost and Expenaea

Opera ting Costs (6,421,860) (5,40 l, 103)
Administrative Costs (178,669) (2,178,718)
Financial Costs (36,763) (4,926)

Total Expenses (6,637,292) (7,584,747)

Net Profit Before Taxation 441,12 4 267,6 16

Taxation 9 58,97 0 -48,904

Net Profit After Taxation 382, l 54 218,71 2

The notes on pages 8 to l 3 form an Integral part of these financi

a l statements.

5
 Heralal Rampadarath- Contractor
Statement of ChangH fn Owners' Equity
(Expressed In Trinidad and Tobago Dollars)

Owners' Accumulated
Capital Reserves Total
$ $ $

Balance as at 1 January 2020 500,000 1,390,684 1,890,684

Net profit after taxation 218,712 218,712

Owners' Drawings
Balance as at year ended 31 December 2020
500,000 1,609,396 2,109,396

Balance as at 1 January 2021 500,000 1,609,396 2,109,396

Net profit after taxation 382,154 382,154

Owners' Drawings

Balance as at year ended 31 December 2021 500,000 1,991 ,550 2,491,550

The notes on pages 8 to 1 3 form an Integral part of these financial statements.

6
I 1
Hera lal Ramp adara th- Contractor
Statement of Ca1h Flows
(Expressed In Trinidad and Toba go Dollars)

Year Ended Year Ended

Notea 31 December 31 December
2021 2020
Cash Flows From Operating Activities $ $
Net Profi t befor e taxat ion
441,1 24 267,616
Adjustments For:
Depr eciat ion
1,153,871 913,848
1,594,995 1,181,464
Change& In Working Capital
Decrease/(lncrease)ln trade and other receivables
304,0 07 502,175
(Decrease)/lncrease In trade and other paya
bles 371? 95 58?9 2
Cash Generated From Operating Activities
2,270,797 1,742,431
Taxatl on paid
58,972 48,906
Net Cash (Used In) / Generated From Operating Activ
ities 2,211,825 1,693,525
Investing Activities
Purchase of plant and equipment
4 (2,128,893) (3,114,646)

Net Cash Generated/(Used) In Investing Activities

(2,128,893) (3,114,646)

Financing Activities
Owne rs' loan 2,452,213 2,800,000
Bank loan
325,5 93
Net Cash Generated from Financing Activities
2,m, B06 2,800 ,000

Net Cash (Decrease)/lncrease During The Year 2,860,738 1,378,879

Cash And Cash Equivalents, Beginning Of Year
1,415,031 36,15 2

Cash And Cash Equivalents, End Of Year

4,275,769 1,415,031

Represented by Cash and Cash Equivalents

4,275,769 1,415,031

The notes on page s 8 to 13 form an Integ ral part

of these financial statements.

7
H•ralal Rampodnroth- Control'fo r
NotH to th• Flnnnclnl Sh,t•m•nl a
fit rtmfltci In Trlnlcind nnri Tobnoo D<-llnrt)

1 Incorporation And rrlnclpal ActlvlllH

Herolol Rompodc,roth (C.ttn•rol Contractor) wc,1 roglstcm1d In tho Rctpuhllc of Trinidad

and Tobago. Its prlnclpol octlvlrlos ore gorgage COIIC\ctlon tmd gc,nMol trmnportorlon s.-rvlcct1,

2 Summary of Significant A«ountlng Pollclea

2.1 Baals of Preparation

These flnanclol statements hove been preparod under the hlstorlcol cost convontlon and In
accordance with lntemotlonal Flnonclal Reporting Standards for ,mall and medulm ,lied entitle,
(SME's).

2.2 Foreign Currenclea

a) Fundiona l cur,..ncy
Items Included In the flnonclal statements of the organisation are measured using the C\lrrency of the
primary statements economic environment In which the organisation operates ('functional currency').
The financial are presented In Trinidad and Tobago dollars whldt ls the company's functlonal
currency.
b) Transaction and balance,
Foreign currency transaction s are translated Into the functlonal currency using the exchange rot••
prevalllng at the time of the transactions. Foreign exdtange gains and lo11e11 resulting from th•
settlement of thest transactions and from the translation at year-end exchange rot•• of monetary
assets and llabllltles denominated In foreign currencies are recognised In the statement of
comprehensive Income,

2.3 Property, Plant & Equipment

Plant & equipment Is stated at cost less accumulated depreciation and any r•cognbed Impairment
loss. Cost Includes expenditure that 11 dlrectly attributable to bringing th• asset to the location and
condition necessary for It to be capable of operating In the manner Intended by ntanag•m•nt,
Depr4tdatlon on plant and equipment Is provided on the reducing balance basis at the following
rates which ore considered appropriate to writ• off the assets over their estimated useful llv•••

8
H•ralal Rampadarath- Contrador
No.., to the Flnanclal Statement• (Contlnu•d)
(ExprHutd In Trinidad and Tobago Dollars)

2.3 Property, Plant & Equipment (Continued)

Computer equipment and so~ware 25%

Office equipment 25%
Furniture and fixtures 25%
Motor vehicles 25%
Bulldlngs housing equipment 10%
The auen 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 Receivablea

Trade receivables are recognised lnltlally at the transaction price. A provision for Impairment of trade
receivables Is established when there Is objective evidence that the organisation wlll 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 llquld
investments with orlglnol maturities of three months or less. Bank overdrafts are shown within current
IIabilities.

9
Heralal Rampadarath• Contractor
Note1 to the Financlol Stat.ment, (Continued)
(Expressed In Trinidad and Tobago Dollars)

2.6 Own..-1 1 Capital

Owners' capital Is the owner's cumulative contributions to the organisation.

2.7 Payable,
Payables are obligations to pay for goods a nd services that have been acquired In the
ordinary course
of business from suppllers. Trade payables ore classlfled as current llabllltles If payment
Is due within
one year or less. If not, they are presented os non-current liabilities.

2.8 Financial ln1truments

Financlal Instruments carried on the statement of financial position include cash and bank
balances, trade
and other receivables, trade and other payables , related party balances and bank loans.
The particular
recognition methods adopted are dlsclosed In the lndlvidual pollcy statement associated
with each Item.

2.9 Provl1lon1
Provisions are recognised when the organisat ion has a present legal or constructive obllgatlon
as a result of
past events, It ls probable that an outflow of resources will be required to settle the obllgatlon
, and a
reliable estimate of the amount of the obllgatlon can be mode.

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

2.10 Revenue Recognition

Revenue 00mprlses the fair value of the consideration received or receivabl e 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 wlll flow to the entity.

10
Heralal Rampadarath- Contractor
Notes to the Financial Statement, (Continued)
(Expressed ln Trlnldad and Tobogo Dollars)

3 Significant Accounting Eatlmatea, Judgements and Asaumptlons

Estimates and judgements ore continually evaluated and ore based on experience and other
factors, lncludlng expectations of future events that are belleved to be reasonable.
Key estimates and assumptions that have a significant risk of causing a material adlustment to the
carrying amounts of assets and llabllltles within the next flnanclal year are discussed below.

a) Income Taxea
Some judgement Is required In determining the provision for Income taxes. There are transactions
and calculations for which the ultimate tax determination ls uncertain during the ordinary course of
business. The organisation recognises llabilitles for anticipated tax audit Issues based on estimates of
whether addltlonal taxes will be due. Where the final tax outcomes of these matters ls different from
amounts that were lnltlally recorded, such differences will impact the Income tax and deferred tax
provisions In the period In which such determination Is mode.

11
 Hera lal Ram pada rath - Con trado r
Notes to the Financial Statements (Continue
d)
(Expressed In Trinidad and Tobago Dolla rs)

4 Property, Plan t & Equipment

Office Plant Furniture

and Motor Vehicles and Buildings Total
Equipment Fixtures
$ $ $ $
Year Ended 31 Dece mber 2021
Cost
As at 0 1 January 202 1 117,0 68 13,953,967 243,527 851,472 15,166,034
Additions
1,604,493 14,332 510,068
Disposals 2,128,893

As at 31 December 2021 117,068 15,558,460 257,859 1,361,540 17,294,927

Accumulated Depreciation
As at 0 1 January 2021 (106,227) (11,532,788) (189,445) (85,147) (11,913,606)
Depreciation (2,710) (1,006,41 8) (17,104) (127,639) (1,153,871}
As at 31 December 2021 (108,9371 (12,539,2061 (206,549! (212 ?86! p3,0 67,4 nl

Can ylng Amo unt

As at 0 1 January 2021 10,841 2,421,179 54,082 766,325 3,252,428

As at 31 December 2021 a, 131 3,019,254 51,311 1,148,754 4,227,450

12
He ral al Ra mp ad ara th- Co
ntrador
Notes to the Financial Sta
tements (Continued)
(Expressed In Trinidad an d To
bag o Dollars)

2021 20 20
5 Trade an d Ot he r Recei
vables
$ $

Tr ad e receivables
30 ,15 0 33 4,1 55

30 ,15 0 33 4,1 55

6 Ow ne rs' Capital
2021 2020
This comprises of cap ita l Inj $ $
ected into the organisation by
the owner.

500,000 50 0,0 00

20 21 20 20
7 Trade an d Ot he r Pa ya ble
s $ $
Ot he r pa ya ble s & accruals
46 4,0 13 92 ,21 8

2021 20 20
8 Bank Loan
$ $
Due within 1 2 months
22 6,4 97
Due aft er 12 months
99 ,09 6
32 5,5 93

2021 20 20
$ $
9 Ta xa tio n
Taxa tlo n consists of the foll ow
ing:
Current tax - Business Levy
charge
Current tax - Income tax cha 58,97 0
rge 48,904
Total 58,970 48,904

13