Annual Report 2011 - Colombo Stock Exchange

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22 Annual Report 2011Cash Flow StatementFor the year ended 31 st December 2011Cash flow from Operating Activities2011Rs.2010Rs.Profit/(Loss) from Operations before Tax 59,615,468 (24,627,950)Adjustments for:Interest Expenses - 24,775,095Depreciation 6,733,000 613,629Provision for Retirement Benefit Cost 48,750 (13,253)Loss/(Gain) on Exchange 10,860,653 (1,823,753)Operating Profit before Working Capital Changes 77,257,871 (1,076,232)(Increase)/Decrease in Trade & Other Receivables 3,372,208 (2,043,347)Increase / (Decrease) in Amounts due to Related Company (79,721,874) 29,599,973Increase/(Decrease) in Trade & Other Payables 85,492 66,809Cash Generated from Operations 993,697 26,547,203Interest paid - (24,775,095)Net Cash Flow generated from / (Used in) Operating Activities 993,697 1,772,108Net Decrease in Cash & Cash Equivalents 993,697 1,772,108Cash and Cash Equivalents at the beginning of the year 929,786 (842,322)CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1,923,483 929,786The figures in brackets indicate deductions.The accounting policies and notes from page 23 to 33 form an integral part of these financial statements.
Beruwela Walk Inn PLC 23Notes to the Financial StatementsYear ended 31 st December 20111. CORPORATE INFORMATION1.1. GeneralBeruwela Walk Inn PLC is a limited liability company incorporated and domiciled in Sri Lanka. The registeredoffice of the Company is located at Level 14, West Tower, World Trade Centre, Echelon Square, Colombo 01,Sri Lanka and the principal place of business is situated at Beruwela, but was seriously damaged during 26 thDecember 2004 Asian Tsunami.Its major shareholder is Banyan Tree Holdings Limited which is incorporated in Singapore.1.2. Principal Activities and Nature of OperationsThe principal activity of the Company, which is hotel operation, remains unchanged. However, the Hotel wasclosed for business since 28 th April 2004 to date for refurbishment.1.3. Number of EmployeesThe number of employees at the end of the year was 4 (2010 – 4).2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES2.1. General Policies2.1.1. Basis of PreparationThe Balance Sheet, Income Statement, Statement of Changes in Equity, Cash Flow Statement andAccounting Policies and Notes (Financial Statements) of Beruwela Walk Inn PLC have been preparedin accordance with the Standards issued by the Institute of Chartered Accountants of Sri Lanka. TheFinancial Statements comply with the Sri Lanka Accounting Standards. The Financial Statements ofthe Company are prepared under the historical cost convention except for revaluation of certainProperty, Plant & Equipment. The said Financial Statements are presented in Sri Lankan Rupees (Rs.).2.1.2. Going ConcernThe Directors have made an assessment of the Company’s ability to continue as a going concernwith no intention to either liquidate or cease trading.2.1.3. Comparative InformationThe accounting policies have been consistently applied by the Company and are consistent withthose used in the previous year. Previous year’s figures and phrases have been re-arranged wherevernecessary to conform to the current year’s presentation.2.1.4. Foreign Currency TransactionsAll foreign exchange transactions are converted into Sri Lankan Rupees at the rate of exchangeprevailing at the time the transactions were effected. Monetary assets and liabilities denominated inforeign currencies are translated into Sri Lankan Rupees at the rate of exchange ruling at the balancesheet date. The resulting gains and losses are accounted for in the Income Statement.2.1.5. Taxationa) Current TaxesThe provision for income tax is based on the elements of income and expenditure as reportedin the financial statements and computed in accordance with the provisions of the InlandRevenue Act No. 10 of 2006 and amendments thereto. Relevant details are disclosed in Note 6to the Financial Statements.
Page 3 and 4: ContentsHistory of the Company 2Ana
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Page 9 and 10: Beruwela Walk Inn PLC 7Board of Dir
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Annual Report 2011 - Colombo Stock Exchange

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