LHLT (FS2009) - by Roger

LEE HONG LEE TRADING PTE. LTD.
(Incorporated in the Republic of Singapore) (ACRA REG : 200715162R)
DIRECTORS REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD 31 DECEMBER 2009
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DIRECTORS REPORT AND FINANCIAL STATEMENTS TO 31 DECEMBER 2009
Director Lee Lin Sia Er Chee Hong Secretary Then Siau Fong Registered Office 951 Serangoon Road Singapore 328146
CONTENT Directors Report Statement by directors Balance Sheet Profit and Loss Statement Statement of Changes in Equity Statement of Cashflows Notes to the financial statements
PAGES 1-2 3 4 5 6 7 8
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DIRECTORS REPORT
The directors present their report to the members together with the financial statements of the Company for the period ended 31 December 2009.
Director The directors in office at the date of this report is: Lee Lin Sia Er Chee Hong Arrangements to enable director to acquire shares or debentures Neither at the end of the financial year nor at any time during that year, did there subsist any arrangement whose object is to enable the director to acquire benefits by means of the acquisition of shares or debentures in the Company or any other body corporate.
Director's interest in shares or debentures The director holding office at the end of the financial year and their interests in the share capital of the Company as recorded in the register of directors' shareholdings kept by the company under Section 164 of the Companies Act, Cap. 50 were as follows:
Name of Directors Lee Lin Sia Er Chee Hong
At 31 December 2008 Preference Ordinary 5,000.00 5,000.00
Director's contractual benefits Since the beginning of the financial year no director has received or become entitled to receive any benefit which is required to be disclosed by Section 201(8) of the Companies Act, Cap. 50 by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest except in respect of professional fees and or remuneration as shown in the audited accounts.
Page 1
Options During the financial year, (i) no option to take up unissued shares of the Company has been granted; and (ii) no shares have been issued by virtue of the exercise of option to take up unissued shares. As at the end of the year, there was no option to take up unissued shares of the Company.
ON BEHALF OF THE BOARD OF DIRECTOR
Lee Lin Sia Director
Er Chee Hong Director
SINGAPORE, 31ST October 2010
Page 2
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) STATEMENT BY DIRECTOR
In the opinion of the directors, the accompanying Financial Statements of the company together with the notes thereto are drawn up so as to give a true and fair view of the state of affairs of the company as at 31st December 2008 and of the results of the business of the Company for the year then ended.
At the date of this statement there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. The directors have on this day authorised the financial statements for issue. ON BEHALF OF THE BOARD OF DIRECTOR
Page 3
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) BALANCE SHEET AS AT 31 DECEMBER 2009 NOTES ASSETS Current assets Inventory Prepayments Trade and other receivables Cash and cash equivalents 9,636.12 100.00 12,665.62 20,364.94 42,766.68 42,766.68 2009 S$
1 2
TOTAL ASSETS
LIABILITIES AND EQUITY Current liabilities Trade and Other payables Capital and reserves Share capital Accumulated losses 10,000.00 (5,240.18) 4,759.82 TOTAL EQUITY AND LIABILITIES 42,766.68 The annexed notes form an integral part of and should be read in conjunction with these financial statements 4 3 38,006.86 38,006.86
Page 4
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2009
NOTES
2009 S$ 47,787.73 46,389.03 1,398.70
Revenue Cost of sales Gross profit Other income General and Administrative expenses Finance cost Loss before tax Taxes 18% Net Profit (Loss) for the period
5,400.88 (4,002.18) (4,002.18)
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Page 5
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 31 DECEMBER 2009
Share Capital 31 DECEMBER 2008 Share Issue for the period Net loss for the period As at 31 December 2009 10,000.00 10,000.00
Accumulated Profit/(Loss) (1,238.00) (4,002.18) (5,240.18)
Total (1,238.00) 10,000.00 (4,002.18) 4,759.82
Page 6
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) CASH FLOW STATEMENT FOR THE PERIOD 31 DECEMBER 2009 NOTES OPERATING ACTIVITIES Profit / (loss) from operations before tax Working capital changes Inventory Trade and other receivables Prepayments Trade and other payables Cash generated from operations Taxation paid Cash generated from operating activities (4,002.18) 13,623.88 (5,596.62) (100.00) 4,360.86 8,285.94 8,285.94 2009 S$
FINANCING ACTIVITIES Amount owing to directors Share capital issued Cash generated in investing activities
CASH AND CASH EQUIVALENTS Net movements in cash flow during the year As at beginning of year As at end of the year 2 8,285.94 12,079.00 20,364.94
Page 7
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2009
The following notes form an integral part of and should be read in conjunction with the financial statements at pages 4 to 7.
1 . DOMICILE AND ACTIVITILES LEE HONG LEE TRADING PTE. LTD. ("the Company) (ACRA Reg : 200715162R) is domiciled and incorporated in the Republic of Singapore and has its registered office and principal place of business at 951 Serangoon Road, Singapore 328146. The principal activities of the Company are those of trading of sanitary wares and aluminium products. There has been no significant change in the principal activities during the year. 2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The financial statements have been prepared in accordance with Singapore Financial Reporting Standards ("FRS") as required by the Companies Act. The financial statements have been prepared on the historical cost basis and are presented in Singapore dollars. (b) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is calculated on a Straight Line Method to write off the cost of property, plant and equipment over their estimated useful lives that have been taken as follows: Motor vehicles Office equipment - 20% - 20% Furniture & fittings Computers - 20% - 20%
Fully depreciated items are retained in the accounts until they are no longer in use. Any gain or loss on disposal of property, plant and equipment is taken to revenue. (c) Income Recognition Provided it is probable that the economic benefits will flow to the company, and the revenue and costs, can be measured reliably, revenue will be recognised on an accrual basis in the profit and loss account.
(e) Trade and other receivables Trade receivables are recognized and carried at original invoice amount less allowance for doubtful receivables. An allowance for doubtful receivables is made when collection of the full original invoice amount is no longer probable. (f) Trade and other payables Trade and other payables are stated at cost.
Page 8 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2009 (g) Impairment of assets The carrying amounts of the companys assets are reviewed at each balance sheet to determine if there is any indication of impairment. If such an indication exists, the assets recoverable amount is estimated. Any impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount and all impairment losses are recognised in the profit and loss account.
(h) Income Taxes Deferred income tax is provided, using the liability method, on all temporary difference at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled based on tax rates enacted or substantively enacted at the balance sheet date. Deferred tax liabilities are recognised for all taxable temporary differences, except where it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carryforward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carryforward of unused tax assets and unused tax losses can be utilised. At each balance sheet date, the Company re-assesses unrecognised deferred tax assets and the carrying amount of deferred tax assets. The Company recognises a previously unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Company conversely reduces the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax asset to be utilised. (i) Employee benefits Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into separate entities such as the Central Provident Fund, and will have no legal or constructive obligation to pay further contributions if any of the funds do not hold sufficient assets to pay all employees benefits relating to employee services in the current and preceding financial years. The Companys contribution to defined contribution plans is recognized in the financial year to which they relate. Employee leave entitlement Employee entitlements to annual leave and long service leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave and long-service leave as a result of services rendered by employees up to the balance sheet date.
Page 9 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2009
1 . TRADE AND OTHER RECEIVABLES Trade Creditors Accruals Due to Directors GST payable Other Creditors Total
352.35 5,500.00 26,942.39 212.12 5,000.00 38,006.86
2 . CASH AND CASH EQUIVALENTS Cash in Bank Cash on Hand Total

3,240.36 17,124.58
20,364.94
3 . TRDE AND OTHER PAYABLES Trade Creditors 352.35 Accruals 5,500.00 Due to Directors 26,942.39 GST 212.12 Other Creditors 5,000.00 Total 38,006.86 4 . SHARE CAPITAL Issue and Paid up: 10,000 Ordinary shares of S$1/- each, fully paid 5 . REVENUE These represent gross sales invoiced for the year.
S$ 10,000.00
Page 10 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2009 6 . TAXATION The income tax expense on the results for the financial year varies from the amount of income tax determined by applying the Singapore Standard rate of income tax to profit before tax due to the following factors: 2009 S$ Reconciliation Profit / (loss) before tax Tax expense at the applicable rate of 18% Effect of: - Non-deductible expenses - Capital allowances - Deferred tax asset not recognised b/f - Changes in effective tax rate - Deferred tax asset not recognised c/f 7 . FINANCIAL RISKS Financial Risk Management Objectives and Policies The risk arising from the companys financial instruments is credit risk. (a) Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The Company does not require collateral in respect of financial assets but collect deposits in certain cases. At the balance sheet date, there is no significant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, in the balance sheet. (b) Fair Values The following method and assumptions are used to estimate the fair value of each class of financial instruments for which is it practicable to estimate that value:Cash and cash equivalents, trade and other receivable, trade and other payables The carrying amount of cash equivalents, trade and other receivables and trade and other payables approximate their fair values due to the short-term nature of these balances. 8 . EXEMPT FROM AUDIT REQUIREMENTS As the Companys turnover did not exceed $5 million, its financial statements are exempted from audit requirements pursuant to Section 205C of the Companies Act, Cap 50. **END** (4,002.18) (720.39)
720.39 (0.00)
Page 11 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DETAILED PROFIT AND LOSS STATEMENT FOR THE PERIOD 31 DECEMBER 2009 2009 S$ Sales Revenue Less: Cost of sales Beginning Inventory Purchases Services rendered Ending Inventory Gross profit Less: Operating expenses Bank charges General expense General Repairs and Maintenance Printing and stationary Secretarial and accountancy fee Representations Uniforms Net loss for the year 47,787.73
23,259.59 32,430.56 335.00 (9,636.12) 46,389.03 1,398.70
230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88 (4,002.18)
Page 12
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R)
FOR THE PERIOD 31 DECEMBER 2009
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DIRECTORS REPORT AND FINANCIAL STATEMENTS TO 31 DECEMBER 2009
CONTENT Directors Report Statement by directors Balance Sheet Profit and Loss Statement Statement of Changes in Equity Statement of Cashflows Notes to the financial statements Detailed Profit and Loss Statement
PAGES 1-2 3 4 5 6 7 8-11 12
Page 1
Page 2
Page 3
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) BALANCE SHEET AS AT 31 DECEMBER 2009 NOTES ASSETS Current assets Cash and cash equivalents Trade and other receivables Prepayments Inventory 1 2 20,364.94 12,665.62 100.00 9,636.12 9,636.12 9,636.12 2009 S$
TOTAL ASSETS
LIABILITIES AND EQUITY Current liabilities Trade and Other payables Capital and reserves Share capital Accumulated losses TOTAL EQUITY AND LIABILITIES
The annexed notes form an integral part of and should be read in conjunction with these financial statements
38,006.86 38,006.86
10,000.00 (5,240.18) 4,759.82 42,766.68 (33,130.56)
Page 4
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) PROFIT AND LOSS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2009
NOTES
2009 S$ 47,787.73 46,389.03 1,398.70 5,400.88 (4,002.18) (4,002.18)
Revenue Cost of sales Gross profit Other income General and Administrative expenses Finance cost Loss before tax Taxes 18% Net Profit (Loss) for the period
Page 5
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 31 DECEMBER 2009
Total (1,238.00) 10,000.00 (4,002.18) 4,759.82
Page 6
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) CASH FLOW STATEMENT FOR THE PERIOD 31 DECEMBER 2009 NOTES OPERATING ACTIVITIES Profit / (loss) from operations before tax Working capital changes Increase(Decrease) Inventory Increase(Decrease) Trade and other receivables Increase(Decrease) Prepayments Increase(Decrease) Trade and other payables Cash generated from operations Taxation paid Cash generated from operating activities (4,002.18) 13,623.88 (5,596.62) (100.00) 4,360.86 8,285.94 8,285.94 2009 S$
CASH AND CASH EQUIVALENTS Net movements in cash flow during the year As at beginning of year As at end of the year 1 8,285.94 12,079.00 20,364.94
Page 7
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2009
1 . CASH AND CASH EQUIVALENTS Cash in Bank Cash on Hand Total

3,240.36 17,124.58
20,364.94
2 . TRADE AND OTHER RECEIVABLES Trade Creditors Accruals Due to Directors GST payable Other Creditors Total
352.35 5,500.00 26,942.39 212.12 5,000.00 38,006.86
3 . TRDE AND OTHER PAYABLES Trade Creditors 352.35 Accruals 5,500.00 Due to Directors 26,942.39 GST 212.12 Other Creditors 5,000.00 Total 38,006.86 4 . SHARE CAPITAL Issue and Paid up: 10,000 Ordinary shares of S$1/- each, fully paid 5 . REVENUE These represent gross sales invoiced for the year.
S$ 10,000.00
Page 10 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD 31 DECEMBER 2009 6 . TAXATION The income tax expense on the results for the financial year varies from the amount of income tax determined by applying the Singapore Standard rate of income tax to profit before tax due to the following factors: 2009 S$ Reconciliation Profit / (loss) before tax Tax expense at the applicable rate of 18% Effect of: - Non-deductible expenses - Capital allowances - Deferred tax asset not recognised b/f - Changes in effective tax rate - Deferred tax asset not recognised c/f 7 . FINANCIAL RISKS Financial Risk Management Objectives and Policies The risk arising from the companys financial instruments is credit risk. (a) Credit Risk Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to settle its financial and contractual obligations to the Company, as and when they fall due. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The Company does not require collateral in respect of financial assets but collect deposits in certain cases. At the balance sheet date, there is no significant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, in the balance sheet. (b) Fair Values The following method and assumptions are used to estimate the fair value of each class of financial instruments for which is it practicable to estimate that value:Cash and cash equivalents, trade and other receivable, trade and other payables The carrying amount of cash equivalents, trade and other receivables and trade and other payables approximate their fair values due to the short-term nature of these balances. 8 . EXEMPT FROM AUDIT REQUIREMENTS As the Companys turnover did not exceed $5 million, its financial statements are exempted from audit requirements pursuant to Section 205C of the Companies Act, Cap 50. **END** (4,002.18) (720.39)
720.39 (0.00)
Page 11 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DETAILED PROFIT AND LOSS STATEMENT FOR THE PERIOD 31 DECEMBER 2009 2009 S$ Sales Revenue Less: Cost of sales Beginning Inventory Purchases Services rendered Ending Inventory Gross profit Less: Operating expenses Bank charges General expense General Repairs and Maintenance Printing and stationary Secretarial and accountancy fee Representations Uniforms Net loss for the year 47,787.73
23,259.59 32,430.56 335.00 (9,636.12) 46,389.03 1,398.70
230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88 (4,002.18)
Page 12
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R)
FOR THE PERIOD DECEMBER 31, 2009 and 2008
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR 31 DECEMBER 2009
CONTENT Directors Report Statement by directors Balance Sheet Profit and Loss Statement Statement of Changes in Equity Statement of Cashflows Notes to the financial statements Detailed Profit and Loss Statement
PAGES 1-2 3 4 5 6 7 8-11 12
Page 1
Page 2
Page 3
(Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) BALANCE SHEET DECEMBER 31 NOTES 2009 S$ 2008 S$
%Change
ASSETS Current assets Cash and cash equivalents Trade and other receivables Prepayments Inventory
1 2
20,364.94 12,665.62 100.00 9,636.12 9,636.12 9,636.12
12,079.00 7,069.00 23,260.00 23,260.00 23,260.00
25.5% 28.4% 100.0% 41.4% -41.4% -41.4%
TOTAL ASSETS
LIABILITIES AND EQUITY Current liabilities Trade and Other payables Capital and reserves Share capital Accumulated losses TOTAL EQUITY AND LIABILITIES 4 10,000.00 (5,240.18) 4,759.82 42,766.68 (33,130.56) 10,000.00 (1,238.00) 8,762.00 42,408.00 (19,148.00)
0.0% 61.8% -29.6% 0.4%
38,006.86 38,006.86
33,646.00 33,646.00
6.1% 6.1%
Page 4
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) PROFIT AND LOSS STATEMENT YEARS ENDED DECEMBER 31
NOTES
2009 S$ 47,787.73 46,389.03 1,398.70 1,398.70
2008 S$ 115,637.00 112,830.00

2,807.00
%Change
Revenue Cost of sales Gross profit Other income Gross Income Selling,General and Administrative expenses Finance cost Loss before tax Taxes 18% Net Profit (Loss) for the period
-41.5% -41.7% -33.5% -100.0%
375.00 3,182.00 4,420.00 (1,238.00) (1,238.00)
5,400.88 (4,002.18) (4,002.18)
10.0% 52.7% 52.7%
Page 5
(Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 31 DECEMBER 2009
Total (1,238.00) 10,000.00 (4,002.18) 4,759.82
Page 6 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) CASH FLOW STATEMENT YEARS ENDED DECEMBER 31 2009 NOTES S$ OPERATING ACTIVITIES Profit / (loss) from operations before tax Working capital changes Increase(Decrease) Inventory Increase(Decrease) Trade and other receivables Increase(Decrease) Prepayments Increase(Decrease) Trade and other payables Cash generated from operations Taxation paid Cash generated from operating activities (4,002.18) 13,623.88 (5,596.62) (100.00) 4,360.86 8,285.94 8,285.94 (1,238.00) 52.75% (23,260.00) (7,069.00) 8,703.00 (22,864.00) (22,864.00)
-382.77%
2008 S$
%Change
-11.63% 100.00% -33.24%

-213.68% -213.68%
24,943.00 -100.00% 10,000.00 -100.00% 34,943.00 -100.00%
CASH AND CASH EQUIVALENTS Net movements in cash flow during the year As at beginning of year As at end of the year 1 8,285.94 12,079.00 20,364.94 12,079.00 -18.63% 100.00%
12,079.00 25.54%
Page 9 LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31 1 . CASH AND CASH EQUIVALENTS 2009 S$ Cash in Bank Cash on Hand Total 2 . TRADE AND OTHER RECEIVABLES 2009 S$ Trade Creditors Accruals Due to Directors GST payable Other Creditors Total 3 . TRDE AND OTHER PAYABLES
352.35 5,500.00 26,942.39 212.12 5,000.00 38,006.86 3,240.36 17,124.58
2008 S$
6,755.00 5,324.00
%Change
20,364.94
12,079.00
-35.2% 52.6% 25.5%
2008 S$
7,069.00 3,000.00 24,943.00 703.00 5,000.00 40,715.00
%Change
-90.5% 29.4% 3.9% -53.6% 0.0% -3.4%

%Change
2009 S$
352.35 5,500.00 26,942.39 212.12 5,000.00
2008 S$
5,000.00 3,000.00 24,943.00 703.00
Trade Creditors Accruals Due to Directors GST Other Creditors Total
38,006.86
5,000 38,646.00
-86.8% 29.4% 3.9% -53.6% 0.0% -0.8%
4 . SHARE CAPITAL Issue and Paid up: 10,000 Ordinary shares of S$1/- each, fully paid S$ 10,000.00 5 . REVENUE These represent gross sales invoiced for the year. 6 . Selling,General and Administrative expenses 2009 2008 S$ S$ Bank charges Commissions General expense General Repairs and Maintenance Printing and stationary Secretarial and accountancy fee Representations Transportations Uniforms 230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00
%Change
299.00 -13.0% 198.00 -100.0% 239.00 7.7% 100.0% 669.00 -79.4% 3,000.00 -9.1% 100.0% 15.00 -100.0% 100.0%
Total
5,400.88
4,420.00
10.0%
Page 10
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31 6 . TAXATION The income tax expense on the results for the financial year varies from the amount of income tax determined by applying the Singapore Standard rate of income tax to profit before tax due to the following factors: 2009 S$ Reconciliation Profit / (loss) before tax Tax expense at the applicable rate of 18% Effect of: - Non-deductible expenses - Capital allowances - Deferred tax asset not recognised b/f - Changes in effective tax rate - Deferred tax asset not recognised c/f (4,002.18) (720.39) 2008 S$
%Change
(1,238.00) 52.7% (223.00)
720.39
223.00
Page 11
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DETAILED PROFIT AND LOSS STATEMENT YEARS ENDED DECEMBER 31 2009 S$ Sales Revenue Less: Cost of sales Beginning Inventory Purchases Packing Materials Services rendered Freight, transportation and handling Ending Inventory Gross profit Other Income Gross Income Less: Operating expenses Bank charges Commissions General expense General Repairs and Maintenance Printing and stationary Secretarial and accountancy fee Representations Transportations Uniforms Net loss for the year 47,787.73
2008 S$
%Change
115,637.00 -41.52%
23,259.59 32,430.56 335.00 (9,636.12) 46,389.03 1,398.70 1,398.70
129,735.00 22.00 705.00 5,628.00 (23,260.00) 112,830.00 2,807.00 375.00
100.00% -60.00%
-100.00%
-35.58%
-100.00%
-41.41% -41.73% -33.49%

-100.00%
3,182.00 -38.93%
230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88 (4,002.18)
299.00 -13.04% 198.00 -100.00% 239.00 7.70% 100.00% 669.00 -79.36% 3,000.00 -9.09% 100.00% 15.00 -100.00% 100.00% 4,420.00 9.99% (1,238.00) 52.75%
Page 12
(Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) BALANCE SHEET DECEMBER 31 NOTES ASSETS Current assets Cash and cash equivalents Trade and other receivables Prepayments Inventory 1 2 20,364.94 12,665.62 100.00 9,636.12 9,636.12 9,636.12 12,079.00 7,069.00 23,260.00 23,260.00 23,260.00
25.5% 28.4% 100.0% 41.4% -41.4% -41.4%
2009 S$
2008 S$
%Change
TOTAL ASSETS
LIABILITIES AND EQUITY Current liabilities Trade and Other payables Capital and reserves Share capital Accumulated losses TOTAL EQUITY AND LIABILITIES 4 10,000.00 (5,240.18) 4,759.82 42,766.68 (33,130.56) 10,000.00 (1,238.00) 8,762.00 42,408.00 (19,148.00)
0.0% 61.8% -29.6% 0.4%
38,006.86 38,006.86
33,646.00 33,646.00
6.1% 6.1%
Page 1
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) PROFIT AND LOSS STATEMENT YEARS ENDED DECEMBER 31
NOTES
2009 S$ 47,787.73 46,389.03 1,398.70 1,398.70
2008 S$ 115,637.00 112,830.00

2,807.00
%Change
Revenue Cost of sales Gross profit Other income Gross Income Selling,General and Administrative expenses Finance cost Loss before tax Taxes 18% Net Profit (Loss) for the period
-41.5% -41.7% -33.5% -100.0%
375.00 3,182.00 4,420.00 (1,238.00) (1,238.00)
5,400.88 (4,002.18) (4,002.18)
10.0% 52.7% 52.7%
Page 2
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) CASH FLOW STATEMENT YEARS ENDED DECEMBER 31 2009 NOTES S$ OPERATING ACTIVITIES Profit / (loss) from operations before tax Working capital changes Increase(Decrease) Inventory Increase(Decrease) Trade and other receivables Increase(Decrease) Prepayments Increase(Decrease) Trade and other payables Cash generated from operations Taxation paid Cash generated from operating activities (4,002.18) 13,623.88 (5,596.62) (100.00) 4,360.86 8,285.94 8,285.94 (1,238.00) 52.75% (23,260.00) (7,069.00) 8,703.00 (22,864.00) (22,864.00)
-382.77%
2008 S$
%Change
-11.63% 100.00% -33.24%

-213.68% -213.68%
24,943.00 -100.00% 10,000.00 -100.00% 34,943.00 -100.00%
CASH AND CASH EQUIVALENTS Net movements in cash flow during the year As at beginning of year As at end of the year 1 8,285.94 12,079.00 20,364.94 12,079.00 -18.63% 100.00%
12,079.00 25.54%
Page 3
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31 1 . CASH AND CASH EQUIVALENTS 2009 S$ Cash in Bank Cash on Hand Total 2 . TRADE AND OTHER RECEIVABLES 2009 S$ Trade Creditors Accruals Due to Directors GST payable Other Creditors Total 3 . TRDE AND OTHER PAYABLES
352.35 5,500.00 26,942.39 212.12 5,000.00 38,006.86 3,240.36 17,124.58
2008 S$
6,755.00 5,324.00
%Change
20,364.94
12,079.00
-35.2% 52.6% 25.5%
2008 S$
7,069.00 3,000.00 24,943.00 703.00 5,000.00 40,715.00
%Change
-90.5% 29.4% 3.9% -53.6% 0.0% -3.4%

%Change
2009 S$
352.35 5,500.00 26,942.39 212.12 5,000.00
2008 S$
5,000.00 3,000.00 24,943.00 703.00
Trade Creditors Accruals Due to Directors GST Other Creditors Total 4 . SHARE CAPITAL
38,006.86
5,000 38,646.00
-86.8% 29.4% 3.9% -53.6% 0.0% -0.8%
Issue and Paid up: 10,000 Ordinary shares of S$1/- each, fully paid S$ 10,000.00 5 . REVENUE These represent gross sales invoiced for the year. 6 . Selling,General and Administrative expenses 2009 2008 S$ S$ Bank charges Commissions General expense General Repairs and Maintenance Printing and stationary Secretarial and accountancy fee Representations Transportations Uniforms Total 230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88
%Change
299.00 -13.0% 198.00 -100.0% 239.00 7.7% 100.0% 669.00 -79.4% 3,000.00 -9.1% 100.0% 15.00 -100.0% 100.0% 4,420.00 10.0%
Page 4
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31 6 . TAXATION The income tax expense on the results for the financial year varies from the amount of income tax determined by applying the Singapore Standard rate of income tax to profit before tax due to the following factors: 2009 S$ Reconciliation Profit / (loss) before tax Tax expense at the applicable rate of 18% Effect of: - Non-deductible expenses - Capital allowances - Deferred tax asset not recognised b/f - Changes in effective tax rate - Deferred tax asset not recognised c/f (4,002.18) (720.39) 2008 S$
%Change
(1,238.00) 52.7% (223.00)
720.39
223.00
Page 5
LEE HONG LEE TRADING PTE. LTD. (Incorporated in the Republic of Singapore) (ACRA REG : 200715162R) DETAILED PROFIT AND LOSS STATEMENT YEARS ENDED DECEMBER 31 2009 S$ Sales Revenue Less: Cost of sales Beginning Inventory Purchases Packing Materials Services rendered Freight, transportation and handling Ending Inventory Gross profit Other Income Gross Income Less: Operating expenses Bank charges Commissions General expense General Repairs and Maintenance Printing and stationary Secretarial and accountancy fee Representations Transportations Uniforms Net loss for the year 47,787.73
2008 S$
%Change
115,637.00 -41.52%
23,259.59 32,430.56 335.00 (9,636.12) 46,389.03 1,398.70 1,398.70
129,735.00 22.00 705.00 5,628.00 (23,260.00) 112,830.00 2,807.00 375.00
100.00% -60.00%
-100.00%
-35.58%
-100.00%
-41.41% -41.73% -33.49%

-100.00%
3,182.00 -38.93%
230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88 (4,002.18)
299.00 -13.04% 198.00 -100.00% 239.00 7.70% 100.00% 669.00 -79.36% 3,000.00 -9.09% 100.00% 15.00 -100.00% 100.00% 4,420.00 9.99% (1,238.00) 52.75%
Page 6
BALANCE SHEET
2008 S$ ASSETS Current assets Inventory Prepayments Trade and other receivables Cash and cash equivalents 23,260 0 7,069 12,079 42,408.00 42,408.00
2009 S$
9,636.12 100.00 12,665.62 20,364.94 42,766.68 42,766.68
13,623.88 (100.00) (5,596.62) 8,285.94 20,364.94
TOTAL ASSETS
LIABILITIES AND EQUITY Current liabilities Trade and Other payables Capital and reserves Share capital Dividends Accumulated losses TOTAL EQUITY AND LIABILITIES 10,000 -1,238 8,762.00 42,408.00 10,000.00 (5,240.18) (4,002.18) 4,759.82 42,766.68 33,646 33,646.00 38,006.86 38,006.86 4,360.86
NOTES
2 3 4

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LEE HONG LEE TRADING PTE. LTD.

(Incorporated in the Republic of Singapore) (ACRA REG : 200715162R)

DIRECTORS REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD 31 DECEMBER 2009

Name of Directors Lee Lin Sia Er Chee Hong

At 31 December 2008 Preference Ordinary 5,000.00 5,000.00

At 31 December 2009 Preference Ordinary 5,000.00 5,000.00

ON BEHALF OF THE BOARD OF DIRECTOR

Lee Lin Sia Director

Er Chee Hong Director

SINGAPORE, 31ST October 2010

Lee Lin Sia Director

Er Chee Hong Director

2009 S$ 47,787.73 46,389.03 1,398.70

5,400.88 (4,002.18) (4,002.18)

Accumulated Profit/(Loss) (1,238.00) (4,002.18) (5,240.18)

Total (1,238.00) 10,000.00 (4,002.18) 4,759.82

2 . CASH AND CASH EQUIVALENTS Cash in Bank Cash on Hand Total

23,259.59 32,430.56 335.00 (9,636.12) 46,389.03 1,398.70

230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88 (4,002.18)

DIRECTORS REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD 31 DECEMBER 2009

PAGES 1-2 3 4 5 6 7 8-11 12

Name of Directors Lee Lin Sia Er Chee Hong

At 31 December 2008 Preference Ordinary 5,000.00 5,000.00

At 31 December 2009 Preference Ordinary 5,000.00 5,000.00

ON BEHALF OF THE BOARD OF DIRECTOR

Lee Lin Sia Director

Er Chee Hong Director

SINGAPORE, 31ST October 2010

Lee Lin Sia Director

Er Chee Hong Director

10,000.00 (5,240.18) 4,759.82 42,766.68 (33,130.56)

2009 S$ 47,787.73 46,389.03 1,398.70 5,400.88 (4,002.18) (4,002.18)

Accumulated Profit/(Loss) (1,238.00) (4,002.18) (5,240.18)

Total (1,238.00) 10,000.00 (4,002.18) 4,759.82

1 . CASH AND CASH EQUIVALENTS Cash in Bank Cash on Hand Total

23,259.59 32,430.56 335.00 (9,636.12) 46,389.03 1,398.70

230.00 278.88 60.00 77.00 2,500.00 280.00 1,975.00 5,400.88 (4,002.18)

DIRECTORS REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD DECEMBER 31, 2009 and 2008

PAGES 1-2 3 4 5 6 7 8-11 12

Name of Directors Lee Lin Sia Er Chee Hong

At 31 December 2008 Preference Ordinary 5,000.00 5,000.00

At 31 December 2009 Preference Ordinary 5,000.00 5,000.00

ON BEHALF OF THE BOARD OF DIRECTOR

Lee Lin Sia Director

Er Chee Hong Director

SINGAPORE, 31ST October 2010

Lee Lin Sia Director

Er Chee Hong Director

20,364.94 12,665.62 100.00 9,636.12 9,636.12 9,636.12

12,079.00 7,069.00 23,260.00 23,260.00 23,260.00

25.5% 28.4% 100.0% 41.4% -41.4% -41.4%

2009 S$ 47,787.73 46,389.03 1,398.70 1,398.70

2008 S$ 115,637.00 112,830.00

-41.5% -41.7% -33.5% -100.0%

375.00 3,182.00 4,420.00 (1,238.00) (1,238.00)

5,400.88 (4,002.18) (4,002.18)

10.0% 52.7% 52.7%

Accumulated Profit/(Loss) (1,238.00) (4,002.18) (5,240.18)

Total (1,238.00) 10,000.00 (4,002.18) 4,759.82

-11.63% 100.00% -33.24%