TOMS CO.,
LTD.
Flat
# 8-5,
Sheltech Barnali,
House
#
30, Road
#
20,
Block-K, Banani
PS;
Dhaka -1213, Bangladesh.
Audit Report
and
Financial Statements
Of
TOMS CO., LTD.
For the year ended
30 June 2024
MA FAZAL & CO.
Chartered Accountants
H&S Building (4
th
Floor),
91
Bir Uttam C.R Dutta Road,
Dbaka-1205. Mobile: +8801612240422 Web: www.mafazal.com; E-Mail: probir@mafazal.com
,
t ;:
i
I
t
f
MA
FAZAL & CO.
Ch
a
rte
red
Acco
u n
tan
h
111
l'rO\.'lkc
Since 1970
Opinion
lndtptndrnt
Auditor's
Rtporl
lo
tht Sharrhuldtrs
ufl
OMS CO.,
LTD.
(ll1nicl1dtsh
Liaison
Omer)
Rtf!Orl
on
tht
audit
uftht
Financial St1trmrnts We
ha,e audited
the occompuyning Financial
S1a1c111cnls
of
"TOMS
CO., L
Tl>.
(Bangladesh Liaison
Otlicc) "
which
comprise the Statcmcnls
of
Financial
Position as
ut
30 June 2024 and Statement
of
Operational expenses, Slatcmcnt
of
Receipts & l'aymncts
and noles
10
the
Finalcial Statements,
including a
summary
of
significant accounting policies
and
notes
to
the financial statements. including
a summary
of
significant accounting policies.
In
our opinion, the accompan)
ing financial statements present
fairly.
in
all material respects. the financial position
of
the as at 30 June 2024,
and
its
financial
performance
for
the year
then
ended
in
accordance
wi1h
International Financial Reporting Standards (IFRSs)
and
olher applicable laws and
regulations.
Basis for Opinion
We
conducted our audit
in
accordance \\ith International Standards on Auditing (ISAs). Our
responsibilities under those standards arc further described
in
the
auditors' responsibilities
for
the
audit
of
the financial statements section
of
our
report.
We
arc independent
of
the liaison office
in
accordance
with
!he International Ethics Standards
Board for
Accountants" Code
of
Ethics
for
Professional
Accountants (IESBA Code) together
with
the
ethical requirements that arc relevant to our audit
of
the
financial statements
in
Bangladesh,
and we
have fulfilled
our other ethical responsibilities
in
accordance
with
the IESBA Code.
We
believe
1hat
the
audit evidence
we
have
obtained is sufficient and appropriate to provide a basis
for
our opinion.
Other Maller
The financial statements
of
lOMS
CO
..
LTD.
(Bangladesh Liaison Office)
for the
year ended 30th
June 2023 were audited
by
another auditor \\ho expressed an unmodified opinion on those statements
on December 24, 2023.
Responsibilities of Management :ind Those Charged
~
ith Go,
ernance
for the Financial
Statements
and
Internal Controls
Management is responsible
for the preparation and fair
presentation
of
the financial statements
in
accordance with I FRSs. and other applicable
laws and regulations and
for
such internal control as
management determines is necessary to enable the preparation
of
financial statements
th:it
arc free from
material misstatement, "hether due to
fraud
or error.
In
preparation the financial statements. management is responsible for assessing the Liaison office's
ability to continue as going concern. disclosing.
us
applicable. matters related
to
going concern and
u,ing the going concern basis
of
accounting unless management either intends to cease the project or
has
no
realistic alternative but
to
do
so.
1 hose charged "ith governance arc responsible for ovcrs..-cing the Liaison omce's linancial reporting
process.
H&S Building (4'
11
floor),
91 Bir Uttam C,R Dutta Road, Dhaka-nos
Mobile: 48801612240422, +88 01781501074 www.mafazal.com; probir@mafazal.com;. I
Head office: 29, Bangabandhu Avenue (2"" Floor), Dhaka-1000.
~
MA FAZAL & CO.
Ch a rteredAcco u n tan ts
In rt:ictkc Since 1970
Auditors Res1mnsibilitie, for the Audit of the l•inancial Statemenh
Our objectives urc lo obtain rcasonublc assurance about whether the financial statements as a whole are
th.-c from malcriul 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.
Misstalcmcnls can arise from fraud or error and arc considered material if, individually or in the
aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the
basis of these financial statements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
As 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 is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal 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 the
cflectivcncss of the company'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 Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosure 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 Liaison office 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 financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the company to
express an opinion on the financial statements. We are responsible for the direction, supervision and
performance of the audit. We remain solely responsible for our audit opinion.
2
ff&S Building (4' 11 floor), 91 Bir Uttam C,R Dutta Road. Dhaka-UOS
Mobile: 1'-88 0 I 612240422, 1'-88 01781 SO I 074 www.mafual.com: probir@mafazal.com;
Head office: 29, Ban1abandhu Avenue (JM Floor), Dhaka-1000.
MA
FAZAL & CO.
Ch
a
rte
red
Acco
II n tan ts
In
l'rncticc Since 1970
We
communicnte \\ith those
churged
with
govcrnunec regarding.
among
other matters. the planned
scope
und
timing
of
the
umlit und
signltieunt
uudit
findings, including
any
significant deficiencic,
in
intcmul contml
thut we
identify during our
uudit.
We ulso
pmvide those
churgcd with
governance
with
a stutcmcnt
that
we
have complied
with
relevant
cthicul rcquircmcnts regarding independence,
and
to
communicute
with them
all relationships and
other matters that
may
rcasonuhly
he
thought
lo
hear on
our independence, and where applicable,
rclated
sulcguurds.
We
also
n-port
that:
a)
We
haYe
obtained
all
the inlbnnation
nnd
explnnotions
which lo the
best
of
our knowledge and
bclicfwcrc necessary
for
the
purpose
of
our audit and
made
due verification thereof.
h)
In
our opinion. proper
books
of
accounts,
records and
other statutory
books
as required
by
law have been kept
by
the
Liaison
office
so
far
us
it
appeared
from
our examinations oflhose
books;
c)
The
statement
of
financial
position
and
statement
of
operational expenses
and
other comprehensive income dealt
with
by
the
report
are
in
agreement
with
the books
of
accounts: and
Place: Dhaka
Dated:
19
NOV 2024
Probir
K
Partner,
Enro
ent # I
583
MAFAZAL&CO.
Chartered Accountants
DVC:~41.2.1~1
~93Af,;,4tlfj
16
3
ff&S Bulldlng (4'
11
t1oor), 91 Dir Uttam C,R Putta Roadt Phaka-UOS
Mobile: 4
HH
OI612240422. 4
HH
OI 7R I50 I074 www.mafazal.com: probir@mafazal.com:
Head office: 29, Ban1abandhu Avenue (2nd Floor), Dhaka-1000.
7
MA
FAZAL &
CO.
Chartered Accountants
TOMS CO., LTD.
(Hangladesh Liaison Office)
Statement
of
Financial Position
As nt
June
30, 2024
P11rticul11r
otes
I B Amount
in
Taka
______________
_,
June 30 2024 June 30 2023
ASSETS
Non-Current Assets
Property, Plant & Equipment
Current Assets
Advance, Deposit & Prepayments
Cash & Cash Equivalents
Total Assets
EQUITY & LIABILITIES
Current Liability
Current Account with Head Office
Liabilities For Expenses
Total Equity & Liabilities
4.00
5.00
6.00
7.00
8.00
131,072 152,095
131,072 I
.__I
__
1_52
__
,0_95....,,!
5,237,252 3,262
181
219,000 219,000
5,018,252 3,043,
181
5,368,324 3,414,276
5,368,324
5,106,124
262,200
5,368,324
3,414,276
3,169,326
244,950
3,414,276
The annexed notes are integral part
of
these financial statements
T:,~
,'2.:~
LTD.
~K
:lranager
Country Manager
Signed in terms
of
our report
of
even date.
Place: Dhaka
Dated:
19
NOV
Z021,
4
Probir mar Paul FCA
Partner, E olment # 1583
MA
FAZAL & CO.
Chartered Accountants
DVC: ~'(JI I
,1.6~?~'(0516
01,eration11I CXf)CIISCS
Salary & Allowances
Otlice Rent
Consultancy Fees
Car Rent
Otlice Expenses
Internet Expenses
Mobile & Telephone Expenses
Flyover Charge
Fuel & Lubricant
Office Cleaning Expenses
Printing & Stationery
Repairing & Maintenances
Utilities
Audit Fees including VAT
Postage & Courier
Tax & Duty
License and renewals
Tours & Travelling Local
Bank Charges
Depreciation
Total Operational expenses
TOMS CO., LTD.
(U11n~l11de~h Lhli~on Office)
St11tement of O1,er11tlon11l n pen~H
fior the year ended ,June JO, 2024
MA FAZAL & CO.
Chartered Accountants
2023-2024 2022-2023
Amount In Taka Amount in Tak•
4,511,779
876,000
1,347,350
1,035,261
16,132
76,175
42,000
6,225
276,234
85,020
2,929
14,054
93,799
86,250
11,550
30,000
11,824
286,581
4,610
26,079
8,839,852
4,301,989
876,000
1,162,190
1,036,500
10,635
86,264
42,000
6,560
292,386
91,871
220
28,230
92,609
86,250
4,265
23,282
8,141,251
untty Manager
Country Manager
Signed in terms of our report of even date.
Pl111:e: Dhab
Dated: 19 NOV 202
5
Probir Ku a Paul FCA
Partner, Enrol nt # 1583
MA FAZAL & CO.
Chartered Accountants
DVC:~4111,1593AS3'f051.6
TOMS CO., LTD.
(IJangladesh
Liaison Office)
Statement
of
Receipts & Payments
For the year ended June 30, 2024
MA
FAZAL & CO.
Chartered Accountants
P•rtkular
Amount
In
Tak•
Notes June 30 2024 June
30
2023
O~ning
balance
Cash
in
Hand
Cash
at
Bank
RECEIPTS
Remittance received
Total Amount
PAYMENTS
Cash Operational expenses
Non-Current Assets
Total Payments
Closing balance
Cash
in
Hand
Cash at Bank
Total Amount
9.00
10.00
3
043
181
40,925
3,002,256
10,776,650
13.819.831
8,796,523
5,056
8,801,579
5,018,252
125,590
4,892,662
13,819,831
The annexed notes are integral part
of
these financial statements
T~D-
ger Country Manager
Place: Dhaka
Dated:
19
NOV 2024
8
I
68
00
178,965
1,089,335
9,952,500
11.220,soo
8,112,219
65,400
8,177,619
3,043,181
40,925
3,002,256
1 IJ20,800
TOMS CO., LTD.
Notes to the Financial Statements
•·or the year ended June 30, 2024
1.00 CORPORATE INF'ORMATION
1.01 Legal status
MA FAZAL & CO.
Chartered Accountants
TOMS CO., LTD. (Bangladesh Liaison Office) having permission from
Bangladesh Investment Development Authority (BIDA), Prime Minister's office vide
permission No. 03.219.344.00.00.0000.1276.11062017 dated 21.08.2017 which
subsequently extended vide ref. No.: OPE-0 I August2023-00004 dated: 04 September
2023 and 188 permission from Bangladesh Bank under Foreign Exchange Regulation
Act, 1947 vide Endt.No.FEID/729/L-135 I /2023-3958 dated. I I. 16.2023.
1.02 Nature of Business activities
The activities of the Liaison office shall remain confined to follow up the instruction
of the principal office in respect of maintaining liaison between the principal office
and local garment & garments accessories manufacturer supplier traders & exporters.
1.03 Address of the entity
The office of the entity is located at Flat# B-5, Sheltech Banani, house #30, Road #20,
Block-K, Banani, Dhaka-1213.
2.00 Preperation of the financial statement.
2.01 Basis of preparation of the financial statements
The elements of financial statements have been measured on "Historical Cost"
convention. These statements have been prepared and the disclosures of information
made in accordance with the requirements of the terms of BIDA and International
Accounting Standards (IAS) adopted by the Institute of Chartered Accountants of
Bangladesh (ICAB) and where relevant with presentational requirements of the law.
All activities incuded in these financial statements are based on accrual basis and
going concern assumption except receipt & payment which is on cash basis.
2.02 Functional and presentation currency
These financial statements are presented in Taka, which is the liaison office's
functional currency.
2.03 Components of Financial Statements
The financial statement comprises the following:
(i) Statement of financial position as at 30 June, 2024;
(ii) Statement of operational expenditure for the year ended from 01 July, 2023 to 30
June,2024;
(iii) Statement of receipts & payments for the year ended from 01 July, 2023 to 30
June, 2024;
(iv) Schedule of property, plant & equipments as at 30 June, 2024; and
(v) Notes to the financial statements of significant accounting policies and other
explanatory information as at and for the year ended from 01 July, 2023 to 30 June,
2024;
7
MA
FAZAL
&
CO.
Chartered Accountants
2.04 Statement on Compliance with local laws 11,e Financial Statement have
been
prepared
in
accordance with International
Accounting Standards (IAS) and International Financial Reporting Standard (IFRS),
the
tem1s
of
BIDA and other applicable
laws
& regulations.
2.0S
Use
of
estimates
and
Judgment
11,e preparation
of
financial statements
in
conformity
with IFRS.
Management
judgement estimation
and
assumptions that affect the application
Of
accounting
policies and the reported amount
of
assets, liabilities, income and expenses and
disclosure requiremems for contingent assets
and
liabilities during and at the date
of
the financial statements.
Actual
results
may
differ
from
these estimates. Estimates and underlying assumptions
are reviewed on
an
ongoing basis. Revisions
of
accounting estimates are recognized
in
the period
in
which the estimate
is
revised and
in
any
future period affected as
required
by IAS 8.
Accounting policies, Changes
in
Accounting Estimates and Errors.
Estimates and underlying assumptions are reviewed
on an
ongoing basis. Revision
of
accounting estimates are recognized
in
the period
in
which estimate
is
revised and
in
any future periods affected.
2.06 Going
concern
basis
The Liaison office has adequate resources to continue
in
the operation for the
foreseeable future and hence, the financial statements have been
prepared on going
concern basis.
As
per management assessment there are no materials uncertainties
related to events or conditions whid
may
cast significant doubt upon
the the liaison
office's ability to continue
as
going concern.
2.07 Accrual basis ofaccounting
The Liasion office prepares
its
financial statements using the accrual basis
of
accounting.
When
the accrual basis
of
accounting
is used,
an
entity recognizes items as
assets, liabiities, equity, income and expenses (the elements
of
financial statements)
when satisfy the definitions ond recognition criteria
for
those elements
in
the
framework.
2.08 Materiality and aggregation
The Liaison office presents separately each material Class
of
similar items and Items
of
a dissimilar nature
of
function unless they arc immaterial. Finanial statements result
from processing large number
of
transaction or other event that are aggregated into
classes according to their nature or function.
2.09 Offsetting
The Liaison office does not offset and liabilities or income and expenses, unless
required or
by
IFRS.
8
MA
FAZAL
&
CO.
Chartered Accountants
2.10 Reporting period
The financial statements
of
TOMS CO., LTD. (Bangladesh liaison office) cover from
I July 2023 to 30 June 2024.
3.00
Summary
ofsignificant accounting policy
3.01
Property,
plani & equipment (PPE)
The cost
of
an item
of
property, plant and equipment shall be recognized as an asset
if:•
it is probable that future economic benefits will flow to the entity; and the cost
of
item
can be measured reliably.
3.02 Measurement
Items
of
property, plant and equipment except land are measured at cost less
accumulated depreciation and impainnent losses,
if
any. Property, plant and equipment
are recognized as assets when atl the conditions for recognitions as per IAS 16:
Property, plant and Equipment are met.
The cost
of
an item
of
property, plant equipment comprises its purchase price, import
duties and non-refundable taxes, after deducting trade discounts and rebates and any
costs directly attributable to bringing the asset to the location and condition and
necessary for it to be capabie
of
operating in the intended manner.
3.03 Subsequent costs
The cost replacing part
of
item
of
Property, plant and equipment is recognized in the
carrying amount
of
the item
if
it is probabe that the future economic benefits embodied
within the part will flow to the \icison office and Its cost can be measured reliaby. The
costs
Of
the day-to-day servicing
of
Property. plant and equipment are recognized in
the statement
of
income and expenditure as incurred.
3.04 Depreciation
Depreciation has been charged on reducing balance method at the rate
of
given below.
Full year's depreciation to be charged in the year
of
acquisition where as depreciation
will not be charged in the year
of
disposal.
Head
of
assets Rate
of
Deoreciation
Electric & electronic eauioment's 30%
Mobile&SIM 10%
3.05 Disposal
of
Property. plant and equipment
An item
of
property, plant and equipment removed from the statement position when it
is disposed
of
or when no future economic benefits are expected from its use
or disposal. The gain or loss on the disposal
of
an item
of
property, plant and equipment
is included in the statement
of
income and expenditure in which the de-recognition
occurs.
9
----~-----------------------------~--------~..,,.IE'!C>q
MA
FAZAL
&
CO.
Chartered
Accountants
3.06
Fln11nd11l
Rssets
All
other financial assets are recognized initially on the
date at which the liaison
office
becomes a party to the contractual provisions
of
the
transaction.
3.07
CR5h
Rnd
CRSh
equivRlents
Cash and cash equivacnts comprise
of
cash
in
hand and
cash at bank which are
available
for
use without
any
restriction.
3.08 Advances, deposits
and
prepayments
Advances are recognized and stated at original invoiced amounts and carried at
anticipated realizable values.
3.09 Remittance/Fund
The company receives
Fund from
head office to operate it's regular business activities.
The company received
fund
Tk. 10,776,650 during
the income year 2023-2024.
3.
10
Financial income
and
expenses
Financial income and expenses are reported
in
income and
expenses
on
a net basis as
either finance income or finance expense depending
on
whether finance income and
expenses are
in
a net income
or expense position. Interest shali
be
recognized using
the effective interest
method.
Finance expense comprises
of
bank commission, excise
duty and
charges.
3.11 Comparatives and rearrangement:
Comparative information
has been
disclosed for
all
numerical information
in
the
financial statements
and
also the narrative and descriptive information when it
is
relevant for understanding
of
the current
financial statements.
To facilitate comparison, certain relevant balances pertaining to the previous year
have
been rearranged
and
reclassified whenever considered necessary to conform to current
year's presentation.
3.
12
Financial instruments
A financial instrument is any contract that gives rise
to
a financial asset
of
entity and a
financial liability or equity instrument
of
another entity.
Financial asset carried
in
the statement
of
financial
pos1t1on
includes cash and
equivalents, fixed deposits, advances, deposits and prepayments.
3.13 Provision
A provision is recognized
in
the statement of financial position
if,
as a result
of
a
past
event, the company has a present legal or constructive obligation that can be estimated
reliably, and it
is
probable that an outflow of economic benefit will be required to
settle the obligation.
10
Not,s
TOMS CO.,
LTD.
Noles lo lhe Accounts
For lhe ycur ended June
JO.
2024
MA
FAZAL
&
CO.
Chartered
Accountants
l'ullculu
Amount ht Taka
.___
___..__
_________________
L:!,J!!JHn!!.!,~JO~~l~02~4!..J
Jun,
JO
202J
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Properly,
l'l
■
nl
& F.qulpmrnl
Opcmng
Add·
Add111on
Less. AdjustmenVDisposal
Opening dcpric1alion
Add Chargrd during lhc
y~-ar
Less Disposal during the year
W.D.V
■
son
JO
June 2024
Advance, Deposit & Prepayments
Advance Office Rent
Cash & Cash Equivalents
Cash in Hand
Cash at Bank (UCBL
NC-
0951101000008515)
Current Account with Head Office
Opening
as
on
O I July 2023
Add1t1on during the year ( Rem11tance Received)
Balance before adjustment
Less· Operational expenses
Closing as on
JO
June 2024
Liabilities For
Expuses
Aud11
Fee Payable
Car
Rent Payable
Consultancy Fees Payable
Remittance Received
October 2023
June
2024
Cash Op,ralional
Expuses
Salary & Allowances
Office Rent
Consullancy Fees
Car
Rent
Office Expenses
Internet Expenses
Mobile & Telephone Expenses
Flyover Charge
Fuel & Lubricant
Office Cleaning Expenses
Pnnung
& Stationery
Repa1rmg & Maintenances
U11Jo11es
Aud11
Fees mcludms VAT
Postage &
Cooner TaK& Duty License
and
Renewals
Tours & Travelltng Local
Dank
Charges
•
;I
,
'
11
315.130
11
5,056
Jl0.186
Jl0,186 163,035
26 079
189,114
1891114
•~1.012
219.000
~12.ggg
125.590
1 4 892 662
510111.252
3.169.326
10.776.650
13,945,976
(8,839.852)
5 1 106 1 124
86,250
86,250
89.700
m~WI
5.496.650:
5,280,0001
1017761650
4,511,779
876.000
1,330,100
1,035,261
16,132
76,175
42,000
6,225
276,234
85.020
2.929
14,054
93,799
86,250
11,550
30,000
11,824
286,581
4.610
8 796
'"'
249.730
1 65.400
Jl5.IJO
315,130
139.753
23 282
16J,OJ5
16lz035
•~Z.09~
219.000
219,000
40.9251
3,002,256
J 1
0,U 1
181
1,358.077
9 952.500
11,310,577
(8.141.251)
31169.326
86.250
86,250
72.450
mm
4,702.5001
5.250.000_
4,301.989
876,000
1,156,440
1,036,500
10,635
86,264
42.000
6,560
292.386
91,871
220
28.230
92,609
86,250
4.265
11.1,~
~-,
SI No Particulars Balance
as
on
01.07.2023
I Electric & Electronic 180,400
1Eauipments
2 Mobile& SIM 134,730
Total as on 30.06.2024 315,130
Total as on 30.06.2023 249.730
Place: Dhaka
Dated: 19
NOV
202~
Cost
TOMS CO., LTD.
Property, Plant & Equipment
As at June 30, 2024
Addition Adjustment Balance as Balance as
/ Disposal during the
During the on Rate on
year 30.06.2024 01.07.2023 year
- 180,400 30% 128,582
5,056 - 139.786 10% 34,453
5,056 - 320,186 163,035
65.400 315.130 139.753
12
MAFAZAL&CO.
Chartered Accountants
Annexure-A
Depreciation
Charged Adjustment Balance as on W.D.V as on During made during
30.06.2024 30.06.2024 the year the year
15,545 - 144,127 36.273
10,533 - 44,986 94,800
26,079 - 189,114 131,072
23.282 163 035 152.095