[FP]
ATB Lab Ltd.
Statement of Financial Position
As at period ended December 31, 2020
Notes | Amount in Taka
December 31 | September 30
2020 | 2020
ASSETS:
Non-Current Assets
Property, Plant & Equipment | 4.00 | 511,547 | 548,184
Total Non-Current Assets | 511,547 | 548,184
Current Assets
Trade & Other Receivables | 674,890 | 588,550
Advances, Deposits and Prepayments | 5.00 | - | -
Cash and Cash Equivalents | 6.00 | 1,589,400 | 950,465
Total Current Assets | 2,264,290 | 1,539,015
Total Assets | 2,775,837 | 2,087,199
EQUITY AND LIABILITIES:
Equity
Share Capital | 7.00 | 500,000 | 500,000
Share Money Deposit | 8.00 | 24,678 | 24,678
Retained Earnings | 1,843,884 | 1,259,807
2,368,562 | 1,784,485
Liabilities
Current liabilities
Trade & Other Payables | 9.00 | - | -
Liabilities For Expenses | 10.00 | 407,275 | 302,713
407,275 | 302,713
Total Equity and Liabilities | 2,775,837 | 2,087,198 | 0 | 0
The accompanying notes from 01 to 12 form an integral parts of these financial statements
Director | Managing Director
ATB Lab Ltd. | ATB Lab Ltd.
Signed in terms of our report of even date annexed.
Mohammad Ata Karim & Co.
Dhaka: | Chartered Accountants
August 14, 2021
1039569 | 1039569
772857 | 772857
199067 | 199067
[SCI]
ATB Lab Ltd.
Statement of Profit or Loss and Other Comprehensive Income
For the period ended December 31, 2020
Notes | Amount in Taka
December 31 | September 30
2020 | 2020
Service Revenue | 11.00 | 1,776,540 | 1,690,200
Cost of Services | 11.01 | (879,040) | (1,017,474)
Gross Profit | 897,500 | 672,726
Operating and Administrative expenses | 12.00 | (333,253) | (281,292)
Non-Operating Income/Expenses:
Foreign Exchange Gain | 19,830 | 556
Foreign Exchange Loss | - | (24)
Profit/(Loss) before tax | 584,077 | 391,966
Income tax expense | - | -
Profit/(Loss) after tax | 584,077 | 391,966
The accompanying notes from 01 to 12 form an integral parts of these financial statements
Director | Managing Director
ATB Lab Ltd. | ATB Lab Ltd.
Signed in terms of our report of even date annexed.
Dhaka: | Mohammad Ata Karim & Co.
August 14, 2021 | Chartered Accountants
1039569 | 1039569
772857 | 772857
199067 | 199067
[SCE ]
ATB Lab Ltd.
Statement of Changes in Equity
For the period ended December 31, 2020
Share capital | Share Money Deposit | Retained Earnings | Total Equity
Balance as at 1st October 2020 | 5,000,000 | - | 24,678 | - | 1,259,807 | - | 6,284,485
Addition/(Adjustments) during the year | - | - | - | -
Net Profit/(Loss) after tax for the year | - | - | 584,077 | 584,077
Balance as at December 31, 2020 | 5,000,000 | 24,678 | 1,843,884 | 6,868,562
The accompanying notes from 01 to 12 form an integral parts of these financial statements
Director | Managing Director
ATB Lab Ltd. | ATB Lab Ltd.
Signed in terms of our report of even date annexed.
Mohammad Ata Karim & Co.
Dhaka: | Chartered Accountants
August 14, 2021
[CF]
ATB Lab Ltd.
Statement of Cash Flows
For the period ended December 31, 2020
Amount in Taka
Decemb. 31 | Sept. 30
2020 | 2020
A) | Cash flows from operating activities
Net Profit/ (Loss) during the year | 584,077 | 1,002,018
Adjustment for Non-Cash Items:
Depreciation | 36,637 | 172,217
(Increase)/ Decrease in | Trade & Other Receivables | (86,340) | (582,289)
(Increase)/ Decrease in | Advances, Deposits and Prepayments | - | -
Increase/ (Decrease) in | Trade & Other Payables | - | -
Increase/ (Decrease) in | Liabilities For Expenses | 104,562 | 206,940
Net cash generated by/(used in) operating activities | 638,935 | 798,886
B) | Cash flows from investing activities
Net cash (used in)/generated by investing activities | - | 720,400
C) | Cash flows from financing activities
Share Capital | - | -
Share Money Deposit | - | -
Net cash provided by /(used in) financing activities | - | -
D) | Net increase/(decrease) in cash and cash equivalent (A+B+C) | 638,935 | 1,519,286 | 41,849 | (1,477,437) | 1,092,464
E) | Opening cash and cash equivalents | 950,465 | 523,643
F) | Closing cash and cash equivalents as at 31 December 2020 | 1,589,400 | 2,042,929 | 0 | 0
The accompanying notes from 01 to 12 form an integral parts of these financial statements
Director | Managing Director
ATB Lab Ltd. | ATB Lab Ltd.
Signed in terms of our report of even date annexed.
Dhaka: | Mohammad Ata Karim & Co.
September 30, 2020 | Chartered Accountants
772857 | 772857
199067 | 199067
[Note -1-3]
ATB Lab Ltd.
Notes to the Financial Statements
As at and for the period ended December 31, 2020
1.00 | THE REPORTING ENTITY:
1.01 | Legal form of Enterprise :
ATB Lab Ltd. came into existence in on May 28, 2019 by incorporating as a private limited company under the Companies Act, 1994, vide Certificate of Incorporation No. C-152250/2019. The Authorized Share Capital of the Company is TK. 1,000,000 (One Crore) divided into 10,000 (Ten Thousand) Ordinary Shares of TK 100 (One Hundred) each.
1.02 | Nature of the Business
The activities of the company are to carry on business of Software Development, Analysis, Design, Programming, Testing, Maintenance of Artificial Intelligence and other related activities, Development, Operation and Maintenance of telecommunication systems and services, business of online, Internet and mobile phone applications and services, etc.
1.03 | Components of the financial statements
The financial statement comprises of :
(i) Statement of Financial Position period ended 31 December 2020;
(ii) Statement of Profit or Loss and Other Comprehensive Income for the period ended 31 December, 2020;
(iii) Statement of Changes in Equity for the period ended 31 December 2020;
(iv) Statement of Cash Flows for the period ended 31 December 2020;
(v) Accounting policies and explanatory notes to the Financial Statement for the period ended 31 December 2020.
2.00 | BASIS OF PREPARATION, PRESENTATION AND DISCLOSURES OF FINANCIAL STATEMENTS
2.01 | Basis of Preparation
The financial statements have been prepared on a going concern basis following accrual basis of accounting except for statement of cash flows in accordance with the International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs).
2.02 | Functional and presentational currency
These financial statements has been prepared in Bangladeshi Taka (Taka/Tk), which is the company’s functional as well as presentational currency. All financial information presented in Taka has been rounded off to the nearest integer. Figures in brackets indicate deductions.
2.03 | Use of estimates and judgements
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
2.04 | Going concern
The company has adequate resources to continue its operation for foreseeable future. For this reason the directors continue to adopt going concern basis in preparing the financial statements. The current credit facilities and resources of the company provide sufficient fund to meet the present requirements and trading obligations of its existing businesses and operations.
2.05 | Reporting period
This financial statement covers a financial period from 1st October 2020 to 31 December 2020.
2.06 | Taxation
As per Sixth Schedule Part A (Para 33) of Income Tax Ordinance 1984, any income or class of income from Software Development, Software or Application Customization, IT Support and Software Maintenance Services shall be exempted from the tax payable under this ordinance.
3.00 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The specific accounting policies selected and applied by the company’s directors for significant transactions and events that have material effect within the framework of IAS-1 “Presentation of Financial Statements”, in preparation and presentation of financial statements have been consistently applied throughout the year and were also consistent with those used in earlier years.
For a proper understanding of the financial statements, these accounting policies are set out below in one place as prescribed by the IAS-1 “Presentation of Financial Statements”. The recommendations of IAS-1 relating the format of financial statements were also taken into full consideration for fair presentation.
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
3.01 | Property, plant & equipment's
3.1.1 | Recognition & measurements
Property, plant & equipments are stated at cost less accumulated depreciation and impairment losses. The cost of acquisition comprises of purchase price, including import duties and non-refundable taxes and any directly attributable cost of bringing the assets to its working condition for its intended use.
3.1.2 | Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognized in the profit and loss account as incurred.
3.1.3 | Depreciation
Depreciation has been charged on reducing balance basis on all assets. Depreciation on addition of all assets charged for whole year of acquisition of assets. Following Depreciation Rate has been followed:
Particulars | Rate of Depreciation | Related Party Transactions Note will be added
Computer Equipment | 30%
Furniture & Fittings | 10% | 10%
Office Equipment | 10% | 10%
3.02 | Cash and cash equivalents
Cash and Cash Equivalents include cash in hand and cash at bank on current and deposit accounts, which were held and available for readily use by company without any restriction. There is insignificant risk of changes in value of the same.
3.03 | Responsibility for presentation and preparation of financial statements
The Board of Directors is responsible for the preparation and presentation of Financial Statements under section 183 of the Companies Act 1994 and as per provision of the International Accounting Standards Committee (IASB).
3.04 | General
Figures in this note and annexed financial statements have been rounded off to the nearest integer.
[Note 04-FAS]
4.00 Statement of Property, Plant & Equipment
SL | Particulars | Cost | Rate of Depreciation | Depreciation | W.D.V. as on 31/12/2020
Opening Balance as on 01/10/2020 | Addition during the period | Adjustment during the period | Closing Balance as on 31/12/2020 | Opening Balance as on 01/10/2020 | Charge during the period | Adjustment during the period | Closing Balance as on 31/12/2020
1 | Computer Equipments | 550,400 | - | - | 550,400 | 30% | 143,104 | 33,024 | 176,128 | 374,272
2 | Furniture & Fittings | 120,000 | - | - | 120,000 | 10% | 20,550 | 2,550 | 23,100 | 96,900
3 | Office Equipments | 50,000 | - | - | 50,000 | 10% | 8,563 | 1,063 | 9,625 | 40,375
Total 2021 | 720,400 | - | - | 720,400 | 172,217 | 36,637 | - | 208,853 | 511,547
[Notes 5-12]
Amount in Taka
Dec 31 | Sept. 30
2020 | 2020
5.00 | Advances, Deposits and Prepayments
Advance for Car Purchase | - | -
Advance Office Rent | - | -
Advance to Employee | - | -
Security Deposit (Office Rent) | - | -
- | -
6.00 | Cash and Cash Equivalents:
Cash in Hand | 50,000 | 50,000
Cash at Bank | 1,539,400 | 900,465
1,589,400 | 950,465
7.00 | Share Capital
Authorized Capital
10,000 ordinary shares of BDT 100 each | 1,000,000 | 1,000,000
Issues, Subscribed and Paid-up Capital:
5,000 ordinary shares of BDT 100 each fully paid | 500,000 | 500,000
8.00 | Share Money Deposit
Opening Balance | 24,678 | 24,678
Add: Addition during the year | - | -
24,678 | 24,678
Less: Allotment of Share | - | -
Closing Balance | 24,678 | 24,678
9.00 | Trade & Other Payables
Other Payable | -
- | -
10.00 | Liabilities For Expenses
Audit Fee Payable | - | -
Office Rent Payable | - | -
Professional Fees Payable | 60,950 | -
Salary Payable | 311,916 | 288,900
Utilities Payable | - | -
TDS payable | 34,408 | 13,813
VDS payable | - | -
407,275 | 302,713
Amount in Taka
Dec. 31 | Sept. 30
2020 | 2020
11.00 | Service Revenue | 1,776,540 | 1,690,200
1,776,540 | 1,690,200
12.01 | Cost of Services
Salary & Allowances | 846,016 | 984,450
Depreciation Expense | 33,024 | 33,024
879,040 | 1,017,474
12.00 | Operating and Administrative expenses
Audit Fee | - | -
Advertisement | - | -
Bank Charge | 3,345 | -
Conveyance | - | -
Courier Bill | - | -
Entertainment Expense | - | -
Freelancing fee | - | -
Internet and Cable Bill | - | -
Medical Expense | - | -
Mobile and Telephone Bill | - | -
Office Rent | - | -
Office Maintanance | - | -
Office cleaning Bill | - | -
Professional & Consultancy Fees | 212,041 | 111,850
Registration Expenses | - | -
Salary & Allowances | 105,000 | 105,000
Security Expenses | - | 17,680
Stationary | - | 35,654
Tax & Duty | 9,254 | -
Tours & Travelling - Local | - | -
Misc. Expense | - | -
Utility | - | 7,495
Depreciation Expense | 3,613 | 3,613
333,253 | 281,292 | 281,292.00
[TDS & VAT ]
English Heads | Accounts Heads | Total | Cash Transaction | Expense | TDS Payable | TDS Paid | Net TDS payable | VAT payable | Total Expense | Asset | Liability
Salary | Salary & Wages | 10,249,948 | 10,249,948 | 10,249,948 | 21,541 | 5,002 | 16,539.0 | 10,271,489
Bonus | Salary & Wages | 441,992 | 441,992 | 441,992 | 441,992 | Bonus
Japanese Accommodation | House Rent | 225,000 | 225,000 | 225,000 | 11,842 | 11,842.1 | 236,842
Hotel Bill | 38,400 | 38,400 | 38,400 | 38,400
Service charge | 31,500 | 31,500 | 31,500 | 31,500
Repair & Maintenance | 68,740 | 68,740 | 68,740 | 68,740
Miscellaneous expenses | 46,762 | 46,762 | 46,762 | 46,762
Entertainment | 7,925 | 7,925 | 7,925 | 7,925
Fixed Asset - Furniture & Fixture | 544,280 | 544,280 | 11,108 | 11,107.8 | 555,388
Conveyance Bill | Tour & Travelling Expense- Local | 2,086,603 | 2,086,603 | 2,086,603 | 2,086,603
Lunch | Salary & Wages | 533,056 | 533,056 | 533,056 | 533,056 | Lunch bill
Communication Fee | Mobile & Telephone | 151,389 | 151,389 | 151,389 | 151,389
Internet Bill | 132,000 | 132,000 | 132,000 | 14,667 | 8,000 | 6,666.7 | 146,667
Office Supplies | Office Supply | 196,257 | 196,257 | 196,257 | 4,005 | 4,005.2 | 200,262
Repair Cost & new goods buy | Raw material Consumption | 1,007,940 | 1,007,940 | 1,007,940 | 1,007,940
Fuel & Lubricant | 405,500 | 405,500 | 405,500 | 405,500
Fixed Asset-Office Equipment | 602,400 | 602,400 | 12,294 | 9426 | 2,867.9 | 614,694
Fixed Asset - Furniture & Fixture | 9,800 | 9,800 | 200 | 200.0 | 10,000
Fixed Asset - Machineries | 1,770,360 | 1,770,360 | 36,130 | 36,129.8 | 1,806,490
Repair & Maintenance | 137,890 | 137,890 | 137,890 | 137,890
Office Supply | 692,669 | 692,669 | 692,669 | 14,136 | 14,439 | - | 706,805
Electric Bill | Electric Bill | 149,157 | 149,157 | 149,157 | 149,157
Water Bill | Water Bill | 23,120 | 23,120 | 23,120 | 23,120
Vehicle Maintenance fee | Fuel & Lubricant | 297,065 | 297,065 | 297,065 | 297,065
Car Rent | 778,612 | 360,000 | 360,000 | 11,134 | 16,330 | - | 55,670 | 426,804
Person Introducing Fee | Salary & Wages | 96,000 | 96,000 | 96,000 | 96,000
House Rent | Service charge | 27,171 | 27,171 | 27,171
House Rent | 725,171 | 698,000 | 698,000 | 36,737 | 36,736.8 | 734,737
Service Charge | 72,000 | 72,000 | 72,000 | 72,000
Office Rent | 900,000 | 900,000 | 900,000 | 47,368 | 25,264 | 22,104.4 | 142,105 | 1,089,474
Factory Rent | 600,000 | 600,000 | 720,000 | 37,895 | 18,947 | 18,947.7 | 113,684 | 871,579 | Factory rent Adv. Adjust tk 10,000 monthly
Tax & Service Fee | Tax & Service Fee | 1,077,950 | Previous year expenses
Labour Cost | Loading & Unloading Expense | 152,100 | 152,100 | 152,100 | 152,100
FASHION＆INO | Office Renovation | 725,288 | 725,288 | 14,802 | 14,801.8 | 740,090
Miscellaneous expenses | Fuel & Lubricant | 600 | 600 | 600 | 600
Salary & Wages | 78,965 | 168,000 | 168,000 | 168,000 | Decrease car rent & Increase Diver salary
Repair & Maintenance | 81,180 | 81,180 | 81,180 | 81,180
Tour & Travelling-Foreign | 477,630 | 477,630 | 477,630 | 1,437 | 965 | 472.2 | 479,067
Hotel Bill | 84,500 | 84,500 | 84,500 | 84,500
Mobile & Telephone | 11,900 | 11,900 | 11,900 | 11,900
Cash Deposit | 200,000
Miscellaneous expenses | 1,186,426 | 1,186,426 | 1,186,426 | 1,186,426
Consulting Fee payable | 300,656 | 300,656 | 300,656 | Accounts review & Tax assessment fee (including TDS & VDS)
Consulting Fee payable | 28,500 | - | 28,500 | Withhold tax return, (including TDS & VDS)
Audit Fee payable | 92,920 | 92,920 | 92,920 | Statutory Audit fee including VAT & TDS
27,098,075 | 25,490,548 | 275,296 | 98,373 | 182,422.0 | 311,460 | 22,892,718 | 3,726,661 | 393,576
[Tax Calculation]
Particulars | If Inspection & control Business | If Sub-contract Business | Explaination
Rate | Taka | Rate | Taka
Sales | 16,731,467 | 16,731,467
AIT | 10% | 1,673,147 | 7.50% | 1,254,860 | Remitance received in Bank as Sales, but not deduct AIT 10%. So according to law CGA should deposit AIT
Minimum Tax | 0.60% | 7.50% | 1,254,860 | Company is in loss, so minimum tax is calculated on Total Turnover.
AIT Carry forword to Next year | -
Net TDS payable | 182,422 | 182,422 | Total TDS payabe is Taka 275,296 but alrady paid 98,373. So CGA should deposit the remaining balance.
VAT Payable | 311,460 | 311,460 | VAT calculated only on Car Rent, Office Rent & Factory Rent