Annual Report 2011 - Colombo Stock Exchange

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16 Annual Report 2011Report of the DirectorsShareholding by PublicAs at 31 st December 2011, 18.82% (31 st December 2010: 18.82%) of the issued shares were held by the public.Corporate Governance/Internal ControlsThe Corporate Governance practices of the Company are set out on page 10. The Board is satisfied with the effectiveness ofthe system of internal control for the period up to the date of signing of the Financial Statements.Risk ManagementSpecific steps taken by the Company in managing various risks are detailed on page 9 of this report.Events Occurring after the Balance Sheet DateNo events have occurred since the Balance Sheet date which would require adjustments or disclosure in the FinancialStatements.AuditorsThe Financial Statements for the financial year have been audited By Messrs. Tudor V. Perera & Co. (Chartered Accountants)who offer themselves for re-appointment. A Resolution to re-appoint the Auditors will be proposed at the forthcomingannual general meeting.By Order of the Board,Varners International (Private) LimitedCompany SecretariesColombo15 th May 2012
Beruwela Walk Inn PLC 17Statement of DirectorsResponsibilities for Preparing the Financial StatementsThe following statement which should be read in conjunction with the Report of the Auditors of their responsibilities set outin their report is made with the view to distinguish for the shareholders the respective responsibilities of the Directors andof the Auditors, in relation to the Financial Statements.The Directors of Beruwela Walk Inn PLC, are required by the Act, to prepare financial statements for each financial year andplace before a general meeting, Financial Statements which give a true and fair view of the state of affairs of the Company,as set out in the Balance Sheet at the end of the financial year and of the Income Statement, Cash Flow and the Statementof Changes in Equity of the Company for the financial year. The Directors are required to prepare these Financial Statementson a going concern basis, unless it is deemed not appropriate.The Directors consider that in preparing the Financial Statements for the financial year ended 31 st December 2011 on page19 to 33 the Company has used appropriate accounting policies, consistently applied and supported by reasonable andprudent judgments and estimates. The Directors also consider that all applicable accounting standards have been followedand confirm that the Financial Statements have been prepared on a going concern basis. As the Directors are satisfied thatthe Company has the resources to continue in business for the foreseeable future, the Financial Statements continue to beprepared on the said basis.The Directors are responsible for ensuring that the Company keeps accounting records, which disclose with reasonableaccuracy at any time the financial position of the Company, which enable them to ensure that the Financial Statementscomply with the Companies Act No. 07 of 2007.The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of theCompany and to prevent and detect fraud and other irregularities.The Directors are required to prepare the Financial Statements and to provide the Auditors with every opportunity to takewhatever steps and undertake whatever inspections they consider to be appropriate for the purpose of enabling them togive their audit report.The Directors are of the view that they have discharged their responsibilities as set out in this statement.Compliance ReportThe Directors confirm that to the best of their knowledge, all taxes, duties and levies payable by the Company and allcontributions, levies and taxes payable on behalf of and in respect of the employees of the Company and all other knownStatutory dues as were due and payable by the Balance Sheet date have been paid, or where relevant, provided for.By Order of the Board,Varners International (Private) LimitedCompany SecretariesColombo15 th May 2012
Page 3 and 4: ContentsHistory of the Company 2Ana
Page 5 and 6: Beruwela Walk Inn PLC 3Analysis of
Page 7 and 8: Beruwela Walk Inn PLC 5Financial Re
Page 9 and 10: Beruwela Walk Inn PLC 7Board of Dir
Page 11 and 12: Beruwela Walk Inn PLC 9Risk Managem
Page 13 and 14: Beruwela Walk Inn PLC 11Corporate G
Page 15 and 16: Beruwela Walk Inn PLC 13Report of t
Page 17: Beruwela Walk Inn PLC 15Report of t
Page 21 and 22: Beruwela Walk Inn PLC 19Income Stat
Page 23 and 24: Beruwela Walk Inn PLC 21Statement o
Page 25 and 26: Beruwela Walk Inn PLC 23Notes to th
Page 38 and 39: 36 Annual Report 2011Notice of Meet
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Page 42: Form of ProxyInstruction as to Comp

Annual Report 2011 - Colombo Stock Exchange

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