[FP]
GF FREIGHT SYSTEMS (HK) COMPANY LIMITED
(Bangladesh Liaison Office)
Statement of Financial Position
As at 30 June 2020
Notes | Amount in Taka
30 June, 2020 | 30 June, 2019
ASSETS
Current Assets | 1,283,594 | 2,779,000
Advance Deposit & Prepayments | 25,000 | -
Cash & Cash Equivalents | 04.00 | 1,258,594 | 2,779,000
Total Assets | 1,283,594 | 2,779,000
EQUITY & LIABILITIES
Current Liabilities
Current Account with Head Office | 05.00 | 1,005,872 | 2,578,948
Liabilities for Expenses | 06.00 | 277,722 | 200,052
Total Equity and Liabilities | 1,283,594 | 2,779,000
The accompanying notes 01 to 07 form an integral part of these financial statements.
Country Manager | Mohammad Ata Karim & Co.
Chartered Accountants
Signed in terms of our report of even date annexed. | Signed in terms of our report of even date annexed.
Dhaka:
August 28, 2020
[Operational Expenses ]
GF FREIGHT SYSTEMS (HK) COMPANY LIMITED
(Bangladesh Liaison Office)
Statement of Operational Expenses
For the year ended 30 June 2020
Amount in Taka
30 June, 2020 | 30 June, 2019
Operational Expenses
Audit Fee | 86,250 | 86,250
Bank Charges | 6,593 | 1,553
Cable Network Bill | 3,000 | -
Car Rent | 294,379 | 137,525
Consulting Fees | 418,370 | 361,548
Fuel & Lubricants | - | 40,000
House Rent | 569,053 | 273,684
Internet Expense | 11,665 | 9,332
License, Renewal & Govt. fees | - | 37,853
Office Expenses | 113,100 | 23,166
Office Rent | 294,725 | 54,473
Office Supplies | 4,800 | -
Postage & Courier | 5,014 | 3,892
Printing & Stationeries | - | 440
Repair & Maintenances | 300 | 1,280
Salary & allowances | 136,000 | 137,000
Telephone & Mobile Expenses | 7,200 | -
Tours & Travelling Expenses | 325,633 | 348,846
Utilities | 98,319 | 64,211
Total Expenses | 2,374,401 | 1,581,053
The accompanying notes 01 to 07 form an integral part of these financial statements.
Country Manager | Mohammad Ata Karim & Co.
Chartered Accountants
Signed in terms of our report of even date annexed.
Dhaka:
August 28, 2020
[Receipts & payment]
GF FREIGHT SYSTEMS (HK) COMPANY LIMITED
(Bangladesh Liaison Office)
Statement of Receipts and Payments
For the year ended 30 June, 2020
Notes | Amount in Taka
30 June, 2020 | 30 June, 2019
RECEIPTS
Opening balance | 2,779,000 | -
Cash in Hand | 23,534 | -
Cash at Bank | 2,755,466 | -
Remittance Received | 05.01. | 801,325 | 4,160,000
Liability for other Finance | - | 3,000
Total Receipts | 3,580,325 | 4,163,000
PAYMENTS
Cash Operating Expenses | 2,296,731 | 1,381,001
Liability for Other Finance | - | 3,000
Security Deposit-House Rent | 25,000 | -
2,321,731 | 1,384,001
Closing balance | 1,258,594 | 2,779,000
Cash in Hand | 23,108 | 23,534
Cash at Bank | 1,235,486 | 2,755,466
Total Payments | 3,580,325 | 4,163,000
The accompanying notes 01 to 07 form an integral part of these financial statements.
Country Manager | Mohammad Ata Karim & Co.
Chartered Accountants
Signed in terms of our report of even date annexed.
Dhaka:
August 28, 2020
[Note]
GF FREIGHT SYSTEMS (HK) COMPANY LIMITED
(Bangladesh Liaison Office)
Notes to the Accounts
As at and For the year ended 30 June, 2020
01. | CORPORATE INFORMATION
1.01 Legal status
GF FREIGHT SYSTEMS (HK) COMPANY LIMITED (Bangladesh Liaison Office) having permission from Bangladesh Investment Development Authority (BIDA), Prime Minister's office vide permission No. 03.219.344.00.00.0000.2177.08012019. Effect date: 17.01.2019 dated 30 January 2019 for 3 years.
1.02 Nature of activities
The activities of the Liaison Office shall remain confined to Transportation, Logistic service and general trading.
02. | COMPONENTS OF FINANCIAL STATEMENTS
The financial statement comprises the following:
(i) Statement of financial position as at 30 June, 2020;
(ii) Statement of operational expenses for the year ended from 1st July, 2019 to 30 June, 2020;
(iii) Statement of receipts & payments for the year ended from 1st July, 2019 to 30 June, 2020;
(iv) Notes to the financial statements of significant accounting policies and other explanatory information as at and for the year ended from 1st July, 2019 to 30 June, 2020.
03. | SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied in the preparation of these financial statements are set out below.
3.01 Basis of accounting:
The financial statements have been prepared under the Accrual basis of accounting.
3.02 Compliance with accounting standards:
The financial statements have been prepared in compliance with the requirements of International Financial Reporting Standard (IFRS).
3.03 Reporting currency and others:
The figures in the financial statements has been represented in Bangladeshi Taka, except otherwise specified which have been rounded of the nearest Taka.
3.04 Cash & Cash equivalent:
Cash and cash equivalents comprises of cash in hand and cash at bank which are held and available for use by the company without any restriction.
Amount in Taka
30 June, 2020 | 30 June, 2019
04.00 | Cash & Cash Equivalents
Cash in Hand | 23,108 | 23,534
Cash at Bank | 1,235,486 | 2,755,466
1,258,594 | 2,779,000
05.00 | Current Account with Head Office
Opening Balance | 2,578,948 | -
Add: Remittance Received During the Year (Note : 5.01) | 801,325 | 4,160,000
Less: Operating Expenses | (2,374,401) | (1,581,053)
Closing balance | 1,005,872 | 2,578,948
05.01. | Remittance Received
March'20 | 801,325 | -
February'19 | - | 4,160,000
801,325 | 4,160,000
06.00 | Liabilities for Expenses
Audit Fee Payable | 86,250 | 86,250
Consulting Fee Payable | 92,000 | 92,000
Car Rent Payable | - | -
Office Rent Payable | 30,000 | -
House Rent Payable | 60,000 | -
TDS payable | 4,736 | 10,243
VDS payable | 4,736 | 11,559
277,722 | 200,052
07.00 | Operating Expenses:
Audit Fee | 86,250 | 86,250
Bank Charges | 6,593 | 1,553
Cable Network Bill | 3,000 | -
Car Rent | 294,379 | 137,525
Consulting Fees | 418,370 | 361,548
Fuel & Lubricants | - | 40,000
House Rent | 569,053 | 273,684
Internet Expense | 11,665 | 9,332
License, Renewal & Govt. fees | - | 37,853
Office Expenses | 113,100 | 23,166
Office Rent | 294,725 | 54,473
Office Supplies | 4,800 | -
Postage & Courier | 5,014 | 3,892
Printing & Stationeries | - | 440
Repair & Maintenances | 300 | 1,280
Salary & allowances | 136,000 | 137,000
Telephone & Mobile Expenses | 7,200 | -
Tours & Travelling Expenses | 325,633 | 348,846
Utilities | 98,319 | 64,211
2,374,401 | 1,581,053
[Sheet1]
Paritculars | Dr. | Cr.
Car Rent | 20000
Car Rent | 63750
Car Rent | 163764
Car Rent | 200646
[Sheet3]
Paritculars | Dr. | Cr.
Car Rent | 20000
Car Rent | 63750
Car Rent | 163764
Car Rent | 200646
[Workings]
Paritculars | Dr. | Cr. | Row Labels | Sum of Dr. | Sum of Cr.
Opening Balance | 2,779,000 | Bank Charges | 6,593 | Cash Operating Expenses | 2,296,731
Security Deposit-Office Rent | 25,000 | Car Rent | 448,160 | Security Deposit-House Rent | 25,000
Security Deposit-House Rent | 65,000 | Consulting Fee | 504,620 | Omitted
Current A/C with HO | 801,325 | Current A/C with HO | 801,325 | Loan to FLL | 50,000
Security Deposit-Office Rent | 25,000 | Entertainment expense | 3,300 | Security Deposit-Office Rent | 50,000
Loan to FLL | 50,000 | House Rent | 505,895 | Security Deposit-House Rent | 65,000
Car Rent | 200,646 | Internet Bill | 11,665 | 2,486,731
Consulting Fee | 108,100 | Loan to FLL | 50,000 | 50,000
Utilities | 18,820 | Mobile & Telephone Expenses | 6,200
Entertainment expense | 3,300 | Office Expenses | 109,800
Utilities | 2,550 | Office Rent | 261,570
House Rent | 204,750 | Office Supplies | 4,800
Internet Bill | 6,999 | Opening Balance | 2,779,000
Mobile & Telephone Expenses | 4,000 | Postage & Courier | 5,014
Office Expenses | 75,650 | Repair & Maintenance | 300
Office Rent | 69,471 | Salary & allowances | 136,000
Postage & Courier | 822 | Security Deposit-House Rent | 65,000 | 90,000
Salary & allowances | 52,000 | Security Deposit-Office Rent | 50,000 | 50,000
Service Charges-House | 36,000 | Service Charges-House | 48,500
Tax & Duties | 18,612 | Tax & Duties | 18,612
Tours & Travelling | 86,350 | Telephone & Mobile Expenses | 1,000
TV Cable Network Bill | 1,800 | Tours & Travelling | 171,883
Bank Charges | 3,488 | TV Cable Network Bill | 3,000
Car Rent | 163,764 | Utilities | 49,819
Consulting Fee | 159,620 | Grand Total | 3,745,325 | 2,486,731
Utilities | 26,749
Utilities | 1,700 | Closing Balance
House Rent | 114,829 | 50,000
Internet Bill | 4,666 | 25000 | 65,000
Mobile & Telephone Expenses | 2,200 | 50,000
Office Expenses | 34,150 | 2,321,731
Office Rent | 79,471
Office Supplies | 3,500
Repair & Maintenance | 300
Salary & allowances | 44,000
Security Deposit-House Rent | 90,000
Security Deposit-Office Rent | 50,000
Service Charges-House | 12,500
Tours & Travelling | 90
TV Cable Network Bill | 1,200
Bank Charges | 1,610
Car Rent | 63,750
Consulting Fee | 236,900
House Rent | 139,737
Office Rent | 84,471
Office Supplies | 1,300
Postage & Courier | 4,192
Salary & allowances | 30,000
Telephone & Mobile Expenses | 1,000
Tours & Travelling | 960
Tours & Travelling | 84,483
Loan to FLL | 50,000
Bank Charges | 1,495
Car Rent | 20,000
House Rent | 46,579
Office Rent | 28,157
Salary & allowances | 10,000
3,745,325 | 2,486,731
Closing Balance | 1,258,595
[TDS & VDS]
Total Yearly TDS VDS
Particulars | Net Bill | Bill Per Month | TDS | VDS | Total TDS & VDS | 473750
CAR RENT | 145000 | 149,485 | 4,485 | 22,423 | 26,907
HOUSE RENT | 470000 | 494,737 | 24,737 | - | 24,737
INTERNET BILL | 10000 | 11,111 | 1,111 | 556 | 1,667 | 2222.222222 | 222.2222222
OFFICE RENT | 180000 | 189,474 | 9,474 | 28,421 | 37,895 | 111.1111111
805000 | 91,205
Paid from July, 2019 to April, 2020
Particulars | TDS Paid till 30 June | VDS Paid till 30 June | Total Paid till 30 June
CAR RENT | 4,485.00 | 22,425.00 | 26,910.00
HOUSE RENT | 20,894.74 | - | 20,894.74
INTERNET BILL | 1,111 | 556 | 1,666.67
OFFICE RENT | 7,894.74 | 23,680.00 | 31,574.74
34,386 | 46,661 | 81,046
Payable in June, 2020 (Short Amount) | Paid in September,2020 | Outstanding of June, 2020
Particulars | Net TDS Payable | Net VDS Payable | Total Payable 30 June | Net TDS Payable | Net VDS Payable | Total Payable 30 June | Net TDS Payable | Net VDS Payable | Total Payable 30 June
CAR RENT | (0) | (2) | (3) | - | - | - | (0) | (2) | (3)
HOUSE RENT | 3,842 | - | 3,842 | 3,158 | - | 3,158 | 684 | - | 684
INTERNET BILL | - | - | - | 2,222 | 222 | 2,444 | (2,222) | (222) | (2,444)
OFFICE RENT | 1,579 | 4,741 | 6,320 | 1,578 | 4,736 | 6,314 | -
5,421 | 4,739 | 10,159 | 6,958 | 4,958 | 11,916 | (1,539) | (225) | (1,763)
[House Rent]
House Rent 2019-2020
Month | Net Amount | Grossing up | TDS should be paid @5% | TDS Actually paid | TDS (oustanding)
July | 65,000 | 68,421 | 3,421 | 3,250
August | 65,000 | 68,421 | 3,421 | 3,250
September | 65,000 | 68,421 | 3,421 | 3,250
October | 65,000 | 68,421 | 3,421 | 3,250
November | - | - | - | - | -
December | 30,000 | 31,579 | 1,579 | 1,579 | -
January | 30,000 | 31,579 | 1,579 | 1,579 | -
February | 30,000 | 31,579 | 1,579 | 1,579 | -
March | 30,000 | 31,579 | 1,579 | 1,579 | -
April | 30,000 | 31,579 | 1,579 | 1,579 | -
May | 30,000 | 31,579 | 1,579 | - | 1,579
June | 30,000 | 31,579 | 1,579 | - | 1,579
470,000 | 494,737 | 24,737 | 20,895 | 3,158 | 3,842
[Car Rent]
Car Rent 2019-2020
Month | Net Amount | Grossing up | TDS should be paid @3% | VDS should be paid @15% | TDS Actually paid | VDS Actually paid | TDS (oustanding) | TDS (oustanding) | Total
July | 29,000 | 29,897 | 897 | 4,485 | 897 | 4,485 | - | - | -
August | 29,000 | 29,897 | 897 | 4,485 | 897 | 4,485 | - | - | -
September | 29,000 | 29,897 | 897 | 4,485 | 897 | 4,485 | - | - | -
October | 29,000 | 29,897 | 897 | 4,485 | 897 | 4,485 | - | - | -
November | 29,000 | 29,897 | 897 | 4,485 | 897 | 4,485 | - | - | -
Travelling Expense Local | December | 30,000 | 30,928 | 928 | 4,639 | - | - | 928 | 4,639 | 5,567
January | 20,000 | 20,619 | 619 | 3,093 | - | - | 619 | 3,093 | 3,711
February | 20,000 | 20,619 | 619 | 3,093 | - | - | 619 | 3,093 | 3,711
March | 23,750 | 24,485 | 735 | 3,673 | - | - | 735 | 3,673 | 4,407
April | 20,000 | 20,619 | 619 | 3,093 | - | - | 619 | 3,093 | 3,711
May | 20,000 | 20,619 | 619 | 3,093 | - | - | 619 | 3,093 | 3,711
June | 20,000 | 20,619 | 619 | 3,093 | - | - | 619 | 3,093 | 3,711
298,750 | 307,990 | 9,240 | 46,198 | 4,485 | 22,423 | 4,755 | 23,776 | 28,531
[Office Rent]
Office Rent 2019-2020
Month | Net Amount | Grossing up | TDS should be paid @5% | VDS should be paid @15% | TDS Actually paid | VDS Actually paid | TDS (oustanding) | TDS (oustanding) | Total
July | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
August | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
September | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
October | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
November | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
December | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
January | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
February | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
March | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
April | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | - | - | -
May | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | 3,158
June | 15,000 | 15,789 | 789 | 2,368 | 789 | 2,368 | 3,158
180,000 | 189,474 | 9,474 | 28,421 | 7,895 | 23,684 | 1,579 | 4,737 | 6,316
[TDS & VDS payble Per Month]
Per Month TDS VDS of GF Freight Sytems (HK) Company Limited
Particulars | Net Bill | Bill Per Month | TDS | VDS
CAR RENT | 20,000 | 20,619 | 619 | 3,093
HOUSE RENT | 30,000 | 31,579 | 1,579 | -
INTERNET BILL | - | - | - | -
OFFICE RENT | 15,000 | 15,789 | 789 | 2,368
[Sheet2]
Staff Sharing:office expenses for JULY
Monthly Office rent for JULY
Office rent 5%AIT+15%TAX
Monthly house rent for JULY
House rent 5%TAX
Rent building service fee for JULY
RentalHomeBD administrative cost for JULY
House Maid fof for JULY
Monthly car rent for JULY
Car rent 3%TAX+15%VAT
Car rent Additional charge for JUN
Corporate house internet Charge for JULY
House internet Charge 10%TAX+5%VAT
Corporate house TV cable Charge for JULY
Corporate house Garbage Charge for MAY
Corporate house Electricity Charge for MAY
Corporate house GAS Charge for JUN
Pay to TRAVAL SQUARE Ltd (AIR Ticket)