30-Jun-20 30-Jun-19
Amount in BDT Amount in BDT
ASSETS
Current Assets
Advance, deposit and prepayments 4.00 15,849 291,221
Cash and cash equivalents 5.00 5,989,613 9,163,443
Total current assets 6,005,462 9,454,664
Total Assets 6,005,462 9,454,664
EQUITY AND LIABILITIES:
Equity
Retained Earnings 1,706,237 3,254,708
Total Equity 1,706,237 3,254,708
Liabilities
Current Liabilities
Current Account with Head Office 6.00 4,147,500 4,147,500
Liabilities For Expenses 7.00 146,970 299,920
Provisions for Expenses 8.00 4,755 1,752,535
Total Liabilities 4,299,225 6,199,955
Total Equity and Liabilities 6,005,462 9,454,664
__________________
Country Manager
Dated: 28 August 2020
Dhaka.
Signed as per our separate report of same date.
____________________________
Mohammad Ata Karim & Co.
Chartered Accountants
Yurtec Corporation
Statement of Financial Position
As at June 30, 2020
The accompanying notes 01 to 10 form an integral parts of these financial statements
Notes
30-Jun-20 30-Jun-19
Amount in BDT Amount in BDT
Revenue 9.00 792,437 7,280,516
Operating and Administrative expenses 10.00 (2,336,155) (2,273,273)
Profit/(Loss) before tax (1,543,717) 5,007,244
Income tax expense (4,755) (1,752,535)
Net Profit/(Loss) after tax (1,548,472) 3,254,708
Dhaka.
Dated: 28 August 2020
Chartered Accountants
Notes
Yurtec Corporation
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2020
The accompanying notes 01 to 10 form an integral parts of these financial statements
Signed as per our separate report of same date.
________________
Mohammad Ata Karim & Co.
_________________________
Country Manager
Particulars Current Account
with Head Office Retained Earnings Total Equity
Balance as at July 01, 2019 4,147,500 3,254,708 7,402,208
Addition/(Adjustment) during the year - - -
Net Profit/(Loss) after tax - (1,548,472) (1,548,472)
Balance as at June 30, 2020 4,147,500 1,706,237 5,853,737
Balance as at November 01, 2018 - - -
Addition/(Adjustment) during the year 4,147,500 - 4,147,500
Net Profit/(Loss) after tax - 3,254,708 3,254,708
Balance as at June 30, 2019 4,147,500 3,254,708 7,402,208
_________________
Country Manager Mohammad Ata Karim & Co.
Chartered Accountants
Dated: 28 August 2020
Dhaka.
Signed as per our separate report of same date.
Yurtec Corporation
Statement of Changes in Equity
For the year ended 30 June 2020
The accompanying notes 01 to 10 form an integral parts of these financial statements
30-Jun-20 30-Jun-19
Amount in BDT Amount in BDT
A) Cash flows from operating activities
(1,548,472) 3,254,708
(Increase)/ Decrease Advance, deposit and prepayments 275,372 (291,221)
Increase/ (Decrease) Liabilities For Expenses (152,950) 299,920
Increase/ (Decrease) Provisions for Expenses (1,747,780) 1,752,535
Increase/ (Decrease) Current Account with Head Office - 4,147,500
Net cash generated by/(used in) operating active (3,173,830) 9,163,443
B) Cash flows from investing activities
Acquisition of property, plant and equipment - -
Disposal of Fixed Asset - -
Net cash (used in)/generated by investing activities - -
C) Cash flows from financing activities
Proceeds from parent company - -
Proceeds from/(payment of) short-term bank loan - -
Net cash provided by /(used in) financing activities - -
D) Net increase/(decrease) in cash and cash equivalent (A+B+C) (3,173,830) 9,163,443
E) Opening cash and cash equivalents 9,163,443 -
F) Closing cash and cash equivalents 5,989,613 9,163,443
_______________
Country Manager Mohammad Ata Karim & Co.
Chartered Accountants
Signed as per our separate report of same date.
Dated: 28 August 2020
Dhaka.
Yurtec Corporation
Statement of Cash Flows
For the year ended 30 June 2020
Net Profit/(Loss) after tax
The accompanying notes 01 to 10 form an integral parts of these financial statements
1.00 The Reporting Entity:
1.01
1.02 Nature of the Business
1.03 Components of the financial statements
(i) Statement of Financial Position as at 30 June 2020;
(ii) Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2020;
(iii) Statement of changes in equity for the year ended 30 June 2020;
(iv) Statement of cash flows for the year ended 30 June 2020; and
2.00 Basis of Preparation, Presentation and Disclosures of Financial Statements
2.01 Basis of Preparation
2.02 Functional and presentational currency
The financial statement comprises of :
(v) Accounting policies and explanatory notes to the financial Statement for the year ended 30 June 2020.
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).
These financial statements are prepared in Bangladeshi Taka (Taka/Tk), which is the company’s functional currency. All
financial information presented in Taka has been rounded off to the nearest integer. Figures in brackets indicate
deductions.
Yurtec Corporation
The activities of the branch Office shall remain confined to a) Electric, Communications, Civil engineering, and
construction work; b) Piping works for air conditioning, sanitary facilities, water supply and other; c) Selling of generated
output by wind force etc.
Notes to the Financial Statements
As at and for the year ended 30 June 2020
Legal form of Enterprise :
Yurtec Corporation (Bangladesh Branch Office) having permission from Bangladesh Investment Development
Authority (BIDA), Prime Minister's office vide permission No. 03.219.344.00.00.0000.2056.28102018 with Effect From: 01
November, 2018 and 18B Permission from Bangladesh Bank under Foreign Exchange Regulation Act, 1947 vide Endt.
No. FEID/729/B-1602/2019-683 Dated 06 March, 2019.
2.03 Use of estimates and judgements
2.04 Going concern
2.05 Reporting period
3.00 Summary of Significant Accounting Policies:
3.01 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 use by company without any restriction. There is insignificant risk of changes in value of the same.
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 recognised in the period in which the estimate is revised and in any future periods affected.
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 of its existing businesses and operations.
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.
The financial year of the company has been determined to be from 1st July to 30th June each year. This financial
statement covers a financial year from 1st July 2019 to 30 June 2020.
30-Jun-20 30-Jun-19
Amount in BDT Amount in BDT
4.00 Advances, Deposits and Prepayments
Advance Income Tax 4.01 15,849 291,221
15,849 291,221
4.01 Advance Income Tax
Opening Balance 291,221 -
Add: Addition during the year 15,849 291,221
307,070 291,221
Less: Adjustment during the year 291,221 -
Closing Balance 15,849 291,221
5.00 Cash and Cash Equivalents:
Cash in Hand 90,000 -
Cash at Bank :
Southeast Bank A/C no: 002411100007952 5,899,613 9,163,443
5,989,613 9,163,443
6.00 Current Account With Head Office
Opening Balance 4,147,500 -
Remittance Received 6.01 - 4,147,500
Closing Balance 4,147,500 4,147,500
6.01 Remittance Received
Remittance Received for Operating and Admin Exp. - 4,147,500
- 4,147,500
7.00 Liabilities For Expenses
Consulting Fee Payable 54,050 207,000
Audit Fee Payable 92,920 92,920
146,970 299,920
8.00 Provisions for Expenses
Provision for Corporate Income Tax 8.01 4,755 1,752,535
4,755 1,752,535
8.01 Provision for Corporate Income Tax
Opening Balance 1,752,535 -
Add: Addition during the year 4,755 1,752,535
1,757,290 1,752,535
Less: Adjustment during the year (1,752,535) -
Closing Balance 4,755 1,752,535
9.00 Revenue 792,437 7,280,516
792,437 7,280,516
10.00 Operating and Administrative expenses
Dhaka. Advertisement Expenses 2,496 -
Audit Fee 92,920 92,920
Bank Charges 3,305 3,278
Consultancy Fees 1,523,175 367,655
Installation Expenses 25,720 1,459,610
License, Renewal & Govt. Fees 57,879 140,510
Office Rent 358,800 209,300
Salary & Allowances 271,860 -
2,336,155 2,273,273