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PAGES
AUDITORS REPORT 1
BALANCE SHEET 2
NOTES TO ACCOUNTS 5
AUDITORS REPORT TO THE MEMBERS OF
ALIFUN HOTEL & CATERING LIMITED
We have examined the financial statement set out on page two to seven and have
obtained all information and explanations which we considered necessary and
adequate for the purpose of our audit.
The financial statements which are in agreement with the books and records
complied with the requirement of the Company and Allied Matter Decree, 1990
and Amendments thereof.
In our opinion, the Financial Statements which have been prepared on the basis of
the Accounting policies set out in the notes there to give a true and fair view of the
state of affairs of the company as at 31st December, 2009 and of the profit for the
year then ended.
2
ALIFUN HOTEL & CATERING LIMITED
BALANCE SHEET AS AT
31ST DECEMBER, 2009
2009 2008
CURRENT ASSETS
Debtors/Prepayment 264,530,000 205,000,000
Stock 175,620,000 171,000,000
Staff Loan 14,000,000 21,000,000
Cash / Bank Balance 43,193,000 35,107,000
497,343,000 432,107,000
LESS: CURRENT LIABILITIES
Trade Creditors/ Accrual 10,341,000 5,200,000
____________________________)
____________________________) DIRECTORS
____________________________)
3
ALIFUN HOTEL & CATERING LIMITED
PROFIT AND LOSS ACCOUNT FOR THE
YEAR ENDED 31ST DECEMBER, 2009
2009 2008
N N
Turnover 671,000,000 623,000,000
Less Direct Cost 493,200,000 474,000,000
177,800,000 149,000,000
LESS: ADMINISTRATIVE EXPENSES
Directors Remuneration / Salaries 72,000,000 60,000,000
Insurance & License 480,000 460,000
Expatriate Expenses 25,000,000 24,000,000
Rent and Rate 2,400,000 2,400,000
Finance Costs 10,025,000 9,643,000
Printing and Stationery 814,000 765,000
Medical Expenses 740,000 765,000
Electricity 1,235,000 1,225,000
Audit and Accountancy Fee 800,000 700,000
Office / Security Expenses 5,246,000 5,118,000
Telephone and Postage 1,650,000 1,460,000
Legal Expenses 420,000 480,000
Depreciation 6,440,000 4,642,000
127,250,000 110,893,000
Net profit for the year 50,550,000 38,107,000
Balance B/F 526,638,000 488,531,000
As per Balance B/S. 577,188,000 526,638,000
4
ALIFUN HOTEL & CATERING LIMITED
FIXED ASSETS AND DEPRECIATION
AS AT 31ST DECEMBER, 2009
DEPRECIATION:
5
ALIFUN HOTEL & CATERING LIMITED
NOTES TO ACCOUNTS
SIGNIFICANT ACCOUNTING POLICIES
1. ACCOUNTING CONVENTION
The Financial Statements have been prepared under the historical
cost convention.
2. FIXED ASSETS
Fixed Assets at cost less depreciation
3. DEPRECIATION
Depreciation is provided in respect of fixed assets on a straight-line
basis to write off their cost over their expected economic useful
lives from the year in which they are first acquired.
INCOME
Incomes represent earning from contracts and supplied of spares parts to
individuals and corporate bodies.