1.directors' and auditors report


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1.directors' and auditors report

  1. 1. HATO COMPANY LIMITEDAudited Financial 31 DecemberStatements 2008Esq. Financial ServicesAccountants, Auditors and Tax ConsultantsRoom 12, NHC Gorofa Jipya BuildingTaifa Road, Near Barclays Bank Keko Branch.PO Box 75115 Dar es Salaam.Tel/Fax: +255 22 2864052Website:www.esq.co.tz, e-mail:info@esq.co.tzTel: 0712 747474/ 0762 747474 / 0782747474
  2. 2. Table of ContentsFor Financial Statements ofHATO COMPANY LIMITEDItem PageCorporate information 2Report of Directors 4Report of the Auditors 5Statement of Comprehensive Income 6Statement of Financial Position 7Statement of Changes in Equity 8Statement of Cash Flows 9Notes to the Financial Statements 10 2
  3. 3. Corporate Information ofHATO COMPANY LIMITEDFor the year ended 31 December 2008Directors David Anandumi Ulomi Abdi Clemence Mushi Haruni Ramadhani Mushi Onaukiro Nkuwi UlomiRegistered Office Kigogo Roundabout, Kawawa Road, PO Box 65086, Dar es Salaam. TanzaniaAccountants Esq. Financial Services Certified Public Accountants PO Box 75115 Dar es SalaamPrincipal Bankers United Bank of Africa, Pugu Road Branch Dar es Salaam 3
  4. 4. Report of the Directors1.0 The Directors present their report and Audited Financial Statements for the year ended 31 December 2008. The Audited Financial Statements are set out on pages 6 to 13.2.0Directors The Directors of the company who held office during the year ended 31 December 2008 and to the date of this report were:- Name Control David Anandumi Ulomi 20% Abdi Clemence Mushi 20% Haruni Ramadhani Mushi 20% Onaukiro Nkuwi Ulomi 40%3.0 Statement of Directors’ Responsibilities The Directors as required by the provisions of the Companies Act 2002 are responsible for the preparation of financial statements that give a true and fair view of the state of the affairs of the Company as at the end of the financial year and of the profit and profit of the Company for that year. The Directors confirmed that suitable accounting policies have been used and applied consistently and reasonable and prudent judgment and estimates have been made in the preparation of the financial statements for the year ended 31 December 2008. The Directors also confirm that applicable accounting standards, the International Financial Reporting Standards have been followed and that the financial statements have been prepared on the going concern basis. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company. They are also responsible for safeguarding the assets of the Company and hence taking reasonable steps for the prevention and detection of fraud, errors and other irregularities. The Directors are also responsible for the maintenance of an adequate system of internal controls.4.0Principal Activities The Company’s main activity is transportation business using trucks and trading in all types of petroleum products in Tanzania.5.0Operations Results During the year ended 31 December 2008 the Company made a profit as shown in the Statement of Comprehensive Income.6.0Solvency Evaluation The Company’s state of affairs as at 31 December 2008 is shown on page 6. The Board considers the Company to be solvent within the meaning ascribed by the Companies Act 2002. 4
  5. 5. 7.0Dividends The Directors did not declare dividend for the year under review, as the company is reinvesting its profits.8.0Employee Welfare The relationship between employees and Management continued to be good.9.0Statutory Payments The Company does not make statutory payments such as PAYE, SDL and NSSF as it has not yet employed permanent staff. It does not pay VAT as the Company is not VAT registered.10.0Statutory Auditors Esq. Financial Services were the appointed statutory auditors of HATO COMPANY LIMITED for the year ended 31 December 2008.By Order of the BoardDirector ………………… Date ………………… Director …………….. 5
  6. 6. Report of the External Auditorsto the members ofHATO COMPANY LIMITEDWe have audited the accompanying Statement of Financial Position of HATOCOMPANY LIMITED for the year ended 31 December 2008 and the relatedStatement of Comprehensive Income, Statement of Changes in Equity andStatement of Cash Flows for the year then ended.Respective responsibilities of Management of HATO COMPANY LIMITED andAuditorsThe Directors of HATO COMPANY LIMITED are responsible for the preparation ofthese financial statements. It is our responsibility to form an independentopinion, based on our audit, on these financial statements and to report ouropinion to you.Basis of opinionWe conducted our audit in accordance with International Auditing Standards.Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on test basis evidence supportingthe amounts and disclosures in the financial statements. An audit also includesassessing the accounting principle used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation.We have obtained the information and explanations which we deemed necessaryfor our audit. We believe that our audit provides a reasonable basis for ouropinion.OpinionIn our opinion, the accompanying financial statements present fairly the financialposition of HATO COMPANY LIMITED for the year ended 31 December 2008 andthe results of its operations and its statement of changes in equity and cash flowsfor the year then ended in accordance with International Accounting Standards.For and on behalf ofEsq. Financial ServicesCertified Public Accountants, Auditors and Tax ConsultantsMbonde Said MbondeMANAGING PARTNER 6