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Abaphumeleli Trading 1 195 CC trading as Axxa Car Rental

(Registration numb er 2010/065901 /23)


Annual financial statements
for the year ended 28 FebruarY 2013

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901 /23)
Annual Financial Statements for the year ended 28 February 2013

General lnformation
COUNTRY OF INCORPORATION AND

DOMICILE

MEMBERS
REGISTERED

South Africa
Riyad Manzur Saldulker

OFFICE

Cnr Klipfontein Road & Arries Road


Surrey Estate
7764

POSTAL

ADDRESS

Cnr Klipfontein Road & Arries Road


Surrey Estate
7764

Rich Reward Accounting & Tax Consultants

ACCOUNTING OFFICER

CLOSE CORPORATION REGISTRATION

NUMBER

20101065901I23

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901 /23)
Annual Financial Statements for the year ended 28 February 2013

lndex
The reports and statements set out below comprise the annual financial statements presented to the
member:
INDEX

PAGE

Report of the Accounting Officer

Members' Responsibilty and Approval

Balance Sheet

lncome Statement

Statement of Changes in Equity

Cash Flow Statement

- 10

Accounting Policies

Notes to Annual Financial Statements

11-12

Detailed lncome statement

13-14

RICH REWARD

REPORT OF THE ACCOUNT,AN]T


To the Member of

AbaphumeleliTrading 1195 eC trading as Axxa Car Rental


IN RESPECT OF THE DRAFTANNUAL FINANCIAL STATEMENTS

28 FEBRUARY 2013

On the basis of the information provided by the member we have compiled, in accordance with the statements of

as at 28 February 2013.

Reza Van Oudtshooi'n


Practice No. 08D'1079
'12

August 2013

NB: Please note the contact details have changed re below to 021-591 5366 and A71 374 3970

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901/23)
Annual Financial Statements for the year ended 28 February 2013

Members' Responsibilities and Approval

The member is responsible for the maintenance of adequate accounting records and the preparation and
integrity of the annual financial statements and related information The accounting officer is responsible to
determine that the annual financial statements are in agreement with the accountrng records, summarised in the
manner required by section 58(2)(d) of the Act
The member is also responsible for the corporation's system of internal financial control These are designed
to provide reasonable, but not absolute, assurance as to the reliability of the annual financial statements, and to
adequately safeguard, vertfy and maintain accountability of assets, and to prevent and detect misstatement and
loss Nothing has come to the attention of the members to indrcate that any material breakdown in the
functioning of these controls, procedures and systems has occurred during the year under review
The annual financial statements have been prepared on the going concern basis, since the members have every
reason to believe that the corporation has adequate resources in place to contrnue in operation for the
foreseeable future
The annual financial statements set out on pages 5 to 14, were approved by all member on 12 August 2013:

Riyad Manzur Saldulker

Cape Town
12 August 2013

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901/23)
Annual Financial Statements for the year ended 28 February 2013

Balance Sheet
Figures in Rand

NOTES

20't3

ASSETS

Non-Current Assets
Property plant and equipment

3 843 420

3 843 420

Current Assets
Cash and cash equivalents

133 172
133 172

TotalAssets

3 976 592

EQUITY AND LIABILITIES


MEMBER'S INTEREST AND RESERVES
Member's contributions
Retained profit

100

239 1 30
239 230

LIABILITIES

Non-Current Liabilities
Loans

1 983 576

Other financial liabilities

1 449 691

3 433 267

Current Liabilities
Current tax payable
Deposits Held

92 995

211 100
304 095

Total Liabilities

3 737 362

Total Equity and Liabilities

3 976 592

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registratron number 201 0 I 06590 1 123)
Annual Frnancial Statements for the year ended 28 February 2013

lncome Statement
Figures in Rand
Revenue

NOTES

2013
3 922 155

Cost of sales
Gross profit
Operating expenses

3 922 155
(3 421 838)

500 317

Operating profit
lnvestment revenue
Finance costs

( 168 1e2)

Profit before taxation


Taxation

( e2 eeS)

Profit / Loss for the period

239 1 30

332 125

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(

Reg istration number 201

0I

065901 123)

Annual Financial Statements for the year ended 28 February 2013

STATEMENT OF CHANGES IN EQUITY


Retained profit
Figures in Rand
Net profit / (loss) for the year
Total changes

Balance at 28 February 2013

Member's / Accumulated
loss
contributions
'100

Total equity

'100

239
239

130

130

239 230
239 230

100

239

130

239 230

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


Registration nu mber 201 O I 065901 123)
Annual Financial Statements for the year ended 28 February 2013
(

CASH FLOW STATEMENT


Figures in Rand

2013

NOTES

CASH FLOWS FROM OPERATING ACTIVITIES


Cash generated from / (utilized in) operations

1 677 030

Net cash from operating activities

1 508 838

CASH FLOWS FROM INVESTING ACTIVITIES


Acquisition of fixed assets

(4 80e 033)

Net cash from investing activities

(4 809 033)

CASH FLOWS FROM FINANCING ACTIVITIES


100

Members contribution
Members loan raised
Movement in long term liability

1 983 576

Net cash from financing activities

3 433 367

449 691

Total cash movement for the period


Cash at the beginning of the period

133 172

Total cash at end of the period

133 172

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901/23)
Annual Financial Statements for the year ended 28 February 2013

ACCOUNTING POLICIES

1.

Presentation of Annual Financial Statements

The annual financial statements are prepared in conformity with generally accepted accounting practice,
appropriate to the business of the corporation The annual financial statements are prepared under the historical
cost convention and incorporate the principal accounting policres set out below

1.1

Property, plant and equipment

The cost of an item of property plant and equipment is recognised as an asset when.
- it is probable that future economic benefits assocrated with the item willflow to the close corporatton,

and

the cost of the item can be measured reliably

Costs include costs incurred initrally to acquire or construct an item of property plant and equipment and costs
incurred subsequently to add to, replace part of or service it lf a replacement cost is recognised in the carrying
amount of an item of property plant and equipment, the carrying amount of the replaced part rs derecognised

Item

Average useful life

Furniture and fittings


Motor vehicles
Computer equipment

16 67%
20%
33 33% - 50%

Offrce

20To

equipment

The useful life of each asset rs assessed on the initial recognition

1.2

Financial instruments

Loans to shareholders, directors, managers and employees


These financial assets are carried at amortised cost Iess any accumulated impairment

Trade and other receivables


Trade and other recievables are carried at amortised cost less any accumulated impairment

Trade and other payables


Trade and other payables are carried at amortised cost

Cash and cash equivalents


Cash and cash equivalents comprise cash on hand and demand deposits and other short-term hrghly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
changes in value These are initially and subsequently recorded at fair value

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


( Registration number 201 0 1065901 123)
Annual Financial Statements for the year ended 28 February 2013

ACCOUNTING POLICIES
1.3 Tax
Current tax assets and liabilities
Current tax for current and prior periods is to the extent unpaid recognised as a liability lf the amount already
paid in respect of current and prior periods exceeds the amount due for those periods, the excess is recognised
as an asset
Current tax liabilities (assets) for the current and pnor periods are measured at the amount expected to be pard
to (recovered from) the tax authorities, using the tax rates (and tax laws) that have been enacted or substantively
enacted by the balance sheet date

Tax expenses
Current and deferred taxes are recognised as income or an expense and included in profit or loss for the period,
except to the extent that the tax arises from.
- a transaction or event which is recognised, in the same or a different period, directly in equity, or
- a business combination
Current tax and deferred taxes are charged or credited directly to equity if the tax relates to items that are
credited or charged, in the same or a different period, directly to equity

10

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 2010/065901/23)
Annual Financial Statements for the year ended 28 February 201 3

NOTES TO THE ANNUAL FINANCIAL STATEMENTS


2013

Figures in Rand

2.

PROPERTY, PLANT AND EQUIPMENT


2 013

Cost /
Valuation
15 000

Furn ture and fitttngs


Motor vehicles
Computer equipment
Office equrpment

4 725 000
32 300
36 733

4 809 033

Carrying
value

Accumulated
depreciation
( 2 500)
( 945 000)

12 500

(7 347)

3 780 000
21 533
29 386

( 965 613)

3 843 420

( 10 767)

Reconciliation of property, plant and equipment - 2013


Opening
Balance

Additions
1s 000
4725 000
32 300

Furniture and fittings


Motor vehicles
Computer equipment
Office equipment

Jb /JJ

4 809 033

3,

Total

Depreciation
(2
(945
(10
(7

500)

000)
767)
347

(965 61 3)

12 504
3780 000
21 533
29 386
3 843 420

CASH AND CASH EQUIVALENTS

Cash and cash equivalents consist of:


Cash on hand
Bank balances

4,

IJJ

IJJ

II

MEMBER'S NET INVESTMENT

20't3

Rryad Manzur Saldulker

Percentage Member's
interest contributions
100
100%
100%

5.

100

Retained

profit

Loans

Tota

239 130

1 983 576

2222 806

239 1 30

1983 576

2222 806

LONG TERM BORROWINGS

Rryad Manzur Saldulker

'1

983 576

These indeflnite period fluctuating loans bear interesl at fluctuating


rates There are no fixed terms of repayment
1 983 576

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Reg istration number 201 0 1065901 123)

Annual Financial Statements for the year ended 28 February 2013

NOTES TO THE ANNUAL FINANCIAL STATEMENTS


Figures in Rand

7,

2013

CASH GENERATED FROM OPERATIONS

Net (loss)/profit before taxation

332 125

Adjustments for:
Depreciation and amortisation

965

61 3

Changes in working capital:


Trade and other payables

211 100
1 677 030

8.

OPERATING PROFIT

Operating profit for the year is stated after accounting for the following
Profit (loss) on exchange drfferences
Depreciation on property, plant and equipment
Employee

9.

965 613

costs

553 823

FINANCE COSTS

Non-cu rrent borrowings

168 192

12

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901/23)
Annual Financial Statements for the year ended 28 February 2013

Detailed lncome statement


Figures in Rand

NOTES

2013
3 922 155

Revenue

(3 421 838)

Expenses (Refer to page 14)


Operating profit
Finance costs

500 317

( 168 1e2)

Profit before taxation


Taxation

332 125
( e2 995)

Profit for the period

239 1 30

13

Abaphumeleli Trading 1195 CC trading as Axxa Car Rental


(Registration number 201 0/065901/23)
Annual Financial Statements for the year ended 28 February 2013

Detailed lncome statement


NOTES

Figures in Rand

2013

Operating expenses
5 500
18 852

Accounting Officers remuneration


Advertising and promotions
Bank charges
Commissions paid
Computer expenses
Depreciatron of fixed assets
Employee costs
Entertainment
lnsurance
Lease rentals on operating lease
Members salaries
Motor vehrcle expenses
Printing and stationery
Repairs and maintenance
Staff welfare

24 741
31 040
5 641

965 61 3
553 823
20 328
648 060
253 332
721 785
57 660

24 669
2 813
5 438

42 672
6 788
24 924

Security

Subscriptions
Telephone and fax
Uniforms

8 160
3 421 838

14