Beruflich Dokumente
Kultur Dokumente
CORPORATION
QUEZON CITY - PHILIPPINES
FINANCIAL STATEMENTS
DECEMBER 31, 2015
AND
AUDITORS REPORT
Ma. Paz D. Ingal
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Certified Public Accountant
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with Philippine Financial Reporting Standards. This responsibility
includes designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of the financial statements that are free from material misstatements,
whether due to fraud or error, selecting and applying appropriate accounting policies and
making accounting estimates that are reasonable in the circumstances.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Philippine Standards on Auditing. Those standards
require that we comply with ethical Technology Standards, Integrity, Independence.
Competence requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatements.
Scope
An audit involves performing procedure to obtain audit evidence about the amounts and
closures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risk of material misstatements of the financial
statements, whether due to fraud or error. In making those risk of assessments, the auditors
consider internal control relevant to the entitys preparation and fair presentation of the financial
statements in order to design the audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entitys internal
control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
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Unit 1607 World Trade Exchange Bldg., 215 Juan Luna St., Binondo,
Manila; Tel. 241-1780
Opinion
In our opinion, the financial statements, give the true and fair view of the financial position of
HANSK NEW MATERIALS TECHNOLOGY CORPORATION as of December 31, 2015 AND
2014, and of its financial performance and its cash flows for the years then ended in
accordance with Philippine Financial Reporting Standards.
April 8, 2016
___________________________________________________________________________
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Unit 1607 World Trade Exchange Bldg., 215 Juan Luna St., Binondo,
Manila; Tel. 241-1780
In compliance with SRC Rule 68, I am stating that the said company has a total number of FIVE
(5) stockholders owning one hundred or more shares each.
___________________________________________________________________________
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Unit 1607 World Trade Exchange Bldg., 215 Juan Luna St., Binondo,
Manila; Tel. 241-1780
2015 2014
ASSETS
Current Assets
Cash on hand and in banks P 6,314 P 340,412
Accounts receivable 0 0
Inventories (Estimate) 67,216 0
Current Liabilities
Accounts payable P 0 P 0
Advances from Officers & Stockholders 244,515 0
2015 2014
INCOME P 27,000 P 0
COST 19,967 0
2015 2014
DEFICIT
Balance at beginning of year (129,588) 0
Net income (loss) (424,102) (129,588)
P ( 53,690) P 370,412
See accompanying Notes to Financial Statements.
HANSK NEW MATERIALS TECHNOLOGY CORPORATION
SCHEDULE OF OPERATING EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2015
Depreciation 0
Rental 120,000
Gasoline Expense 0
Representation 0
Transportation 0
Inventories, Beg P 0
Purchases 87,183
1. CORPORATE INFORMATION
The Company was incorporated and registered with the Securities and Exchange
Commission (SEC) on May 8, 2014. Its primary purpose is to engage in, conduct and carry
on the business of buying and selling, distributing, marketing at wholesale in so far as may
be permitted by law.
The Company started its normal commercial operations on July 15, 2014.
The registered office address of the Company is at Ermin Garcia cor. Stanford Streets,
Cubao, Quezon City.
The principal accounting policies adopted in preparing the financial statements of the
Company are as follows:
Accounting Convention
The accompanying financial statements have been prepared under the historical cost
convention.
Revenue Recognition
Revenue from rendering of services that are of short duration is recognized when the
services are completed. Revenue from rendering of services is recognized by reference to
the stage of completion of the transaction at the balance sheet date determined by work
performed, services performed to date as a percentage of total services or. the proportion
of that cost incurred to date bear to the estimated total cost of the transaction and the
amount of revenue, stage of completion, and costs of the transaction (including future costs
to complete) can be measured reliably. Interest revenue is recognized on a time-proportion
basis using the effective interest rate. Rental revenue is recognized on a time-proportion
basis. Revenue is measured at the fair value of the consideration received or receivable,
taking into account the amount of any trade discounts and volume rebates allowed by the
entity.
Fully depreciated assets still in use are retained in the financial statements.
Depreciation is computed using the straight line-method over the estimated useful life of
assets as follows:
Years
Leasehold Improvements 3-4
Office and Furniture Equipment 3-4
Transportation equipment 4
The useful life of an item of property, plant and equipment is reviewed periodically, and if
expectations are significantly different from previous estimates, the depreciation charge for
the current and future periods are adjusted.
Asset Impairment
The carrying amounts of the Companys noncurrent assets are reviewed at each balance
sheet date to determine whether there is any indication of impairment. If any such
indication exists, the assets recoverable amount is estimated. An impairment loss
recognize in the statement of operations whenever the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount.
Income Tax
The income taxes are accounted using the asset and liability method that requires the
recognition of taxes payable or refundable for the current year and deferred tax liabilities
and assets for the future tax consequence of events that have been recognized in the
financial statement or tax returns. The measurements of current and deferred tax liabilities
and assets are based on provisions of the enacted tax laws; the effects of future changes in
tax laws or rates are not anticipated. The measurement of deferred tax assets is reduced, if
necessary, by the amount of any tax benefits that, based on available evidence, are not
expected to be realized. A deferred tax liability is recognized for all taxable temporary
differences.
Accounting Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires the directors to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates. Apart from
those involving estimations, management has made judgments in the process of applying
the entitys accounting policies that have the most significant effect on the amounts
recognized in the financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Cash
Cash for the cash flow statement includes cash and cash equivalents less bank overdrafts.
P 6,314
4. INVENTORIES
This account is only an estimate since costs can not be determine as of this time:
Inventories P 67,216
P 67,216
5. DEPOSIT FOR SUBSCRIPTION TO INCREASE AUTHORIZED CAPITAL STOCK
This account represents the excess of the agreed price (as appraised by an independent
appraiser) of the property and equipment owned by the major stockholder which he
transferred/ assigned to the Company as his subscription to the Companys capital stock.
However, the value of the transferred property and equipment exceeded generally the
present authorized capital stock. The excess is temporarily carried in the books of accounts
as Deposit on Subscriptions to the Increase in Authorized Capital Stock account and shall
be converted to the paid up capital upon approval of the application for the increase in
authorized capital stock of the Company, which at balance sheet date has yet to be filed
with SEC.
The financial statements were approved by the Board of Directors and authorized for
issue on April 8, 2016.
HANSK NEW MATERIALS TECHNOLOGY CORPORATION
CASHFLOW STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2015
In this regard the management affirms that the attached audited financial statements
for the year ended December 31, 2015 and the accompanying Annual Income Tax Return are
in accordance with the books and records of HANSK NEW MATERIALS TECHNOLOGY
CORPORATION, complete and correct in all material respects. Management likewise affirms
that:
a. The Annual Income Tax Return has been prepared in accordance with the provisions of
the National Internal Revenue Code as amended, and pertinent tax regulations and
other issuances of the Department of Finance and the Bureau of Internal Revenue;
b. Any disparity of figures in the submitted reports arising from the preparation of financial
statements pursuant to financial accounting standards and the preparation of the
income tax return pursuant to tax accounting rules has been reported as reconciling
items and maintained in the companys books and records in accordance with the
requirements of Revenue Regulations No. 8-2007 and other relevant issuances.
Treasurer