KOPEKS HOUSING SDN BHD - KOPEKS (Sabah Government ... filekopeks housing sdn bhd (460305-a) (incorporated in malaysia) report and financial statements for the year ended 31st december

Y029-14/9588(13)/SURIATI

Company No:

460305-A

KOPEKS HOUSING SDN BHD (460305-A)

(Incorporated In Malaysia)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST

DECEMBER 2014

CONTENTS PAGES

Corporate Information 1

Directors’ Report 2-5

Statement by Directors 6

Statutory Declaration 6

Auditors’ Report 7-8

Balance Sheet 9

Income Statement 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Financial Statements 13-16

Y029-14/9588(13)/SURIATI

Company No:

460305-A



CORPORATE INFORMATION

Board of Directors : Datuk Maznah Binti Abdul Ghani

Joanna Binti Kitingan

Buvil Bin Angkui

Saturah Binti Jamrah @ Masturah

Company Secretary : Chan Man Kit

(MIA 5212)

Registered Office : Lot 40 - 42, Block F,

Kompleks Sadong Jaya,

Karamunsing, 88000

Kota Kinabalu, Sabah.

Auditors : Yong Ng & Co PLT

(LLP0001093-LCA)

Chartered Accountants

AF0368

Lot 62, 2nd

Floor,

Block G, Asia City,

P. O. Box 16640, 88871

Kota Kinabalu, Sabah.

Date of Incorporation : 2nd

April 1998

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Company No:

460305-A



DIRECTORS’ REPORT

The directors hereby submit their report together with the audited financial statements of the

Company for the financial year ended 31st

December 2014.

PRINCIPAL ACTIVITY

The Company has ceased its business operation since 2005.

FINANCIAL RESULTS

RM

Net loss for the year before taxation (3,570)

Taxation -

--------------

Net loss for the year after taxation (3,570)

Unappropriated profit brought forward 163,953

--------------

Unappropriated profit carried forward 160,383

========

DIVIDENDS

No dividend was paid during the financial year nor do the directors recommend any amount to be

paid by way of a dividend.

DIRECTORS

The directors who held office during the year since the date of the last report are : -

Datuk Maznah Binti Abdul Ghani

Joanna Binti Kitingan

Buvil Bin Angkui

Saturah Binti Jamrah @ Masturah

In accordance with Article No. 63 & 64 of the Articles of Association , Joanna Binti Kitingan shall

retire from the board at the forthcoming annual general meeting, and being eligible offer herself for

re-election.

DIRECTORS’ BENEFITS

During and at the end of the financial year, no arrangements subsisted to which the Company is a

party, with the object or objects of enabling directors of the Company to acquire benefits by means

of the acquisition of shares or debentures of the company or any other body corporate.

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Company No:

460305-A

No director has, since the end of the previous financial year, received or become entitled to receive a

benefit by reason of a contract made by the Company or a related corporation with the director or

with a firm of which the director is a member, or with a company in which the director has a

substantial financial interest required to be disclosed by Section 169(8) of the Companies Act, 1965.

DIRECTORS’ INTERESTS

According to the register of directors’ shareholding, the interests of directors in office at the end of

the financial year in the ordinary shares of the Company are as follows : -

Number of ordinary shares of RM1 each in the Company

As At As At

01.01.2014 31.12.2014

Shares Shares

Datuk Maznah Binti Abdul Ghani - -

Joanna Binti Kitingan - -

Buvil Bin Angkui - -

Saturah Binti Jamrah @ Masturah - -

---------------- ----------------

- -

========= =========

RESERVES AND PROVISIONS

All material transfers to and from reserves and provisions during the year are shown in the financial

statements.

ISSUE OF SHARES

The Company had not issued any share during the financial year.

BAD AND DOUBTFUL DEBTS

Before the income statement and the balance sheet were made out, the directors took reasonable

steps to ascertain that action had been taken in relation to the writing off of bad debts and the making

of provision for doubtful debts, and had satisfied themselves that all the debts were good and hence

neither bad debt was written off, nor provision for doubtful debts was made.

At the date of this report, the directors of the Company are not aware of any circumstances which

would require the writing off of bad debts or the making of provision for doubtful debts to any

extent.

CURRENT ASSETS

Before the income statement and the balance sheet were made out, the directors took reasonable

steps to ensure that any current assets, which were unlikely to realize, in the ordinary course of

business, their value as shown in the accounting records of the Company had been written down to

an amount which might be expected to realize.

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Company No:

460305-A

At the date of this report, the directors are not aware of any circumstances, which would render the

values attributed to current assets in the financial statement of the Company misleading.

VALUATION METHODS

At the date of this report, the directors are not aware of any circumstances which have arisen which

render adherence to the existing methods of valuation of assets or liabilities of the Company

misleading or inappropriate.

CONTINGENT AND OTHER LIABILITIES

Other than the contingent liabilities as disclosed in note to financial statements no.11, there does not

exist:-

(i) any charge on the assets of the Company which has arisen since the end of the financial year

which secures the liabilities of any other person, or

(ii) any contingent liability of the company which has arisen since the end of the financial year.

No contingent liability or other liability has become enforceable or is likely to become enforceable

within the period of twelve months after the end of the financial year which, in the opinion of the

directors, will or may affect the ability of the Company to meet their obligations when they fall due.

CHANGE OF CIRCUMSTANCES

At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in

this report or the financial statements which would render any amount stated in the financial

statements misleading.

ITEMS OF AN UNUSUAL NATURE

The results of the operations of the Company for the year ended 31st December 2014 were not, in the

opinion of the directors, substantially affected by any item, transaction or event of a material and

unusual nature.

EVENTS SUBSEQUENT TO BALANCE SHEET DATE

There has not arisen in the interval between the end of the financial year and the date of this report

any item, transaction or event of a material and unusual nature likely, in the opinion of the directors,

to affect substantially the result of the operations of the Company for the financial year in which this

report is made.

HOLDING COMPANY

The holding company of the Company is Onekinabalu Holdings Sdn Bhd, a Company incorporated

in Malaysia and is holding 100% of the issued shares of the company.

The ultimate holding company is Koperasi Pekerja-Pekerja Kerajaan Sabah Berhad.

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Company No:

460305-A

AUDITORS

The retiring auditors, Messrs. Yong Ng & Co. PLT, have indicated their willingness to be

reappointed in accordance with Section 172(2) of the Companies Act, 1965.

Signed on behalf of the Board of directors in accordance with a resolution of the directors

Datuk Maznah Binti Abdul Ghani Buvil Bin Angkui

Director Director

Kota Kinabalu

Dated :

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Company No:

460305-A



STATEMENT BY DIRECTORS Pursuant to section 169(15) of the Companies Act, 1965

We, Datuk Maznah Binti Abdul Ghani and Buvil Bin Angkui being two of the directors of

Kopeks Housing Sdn Bhd, do hereby state on behalf of the directors that in our opinion, the

financial statements as set out on pages 9 to 16 are drawn up in accordance with the provisions of the

Companies Act, 1965 and applicable Approved Financial Reporting Standards in Malaysia so as to

give a true and fair view of the state of affairs of the Company as at 31st December 2014 and of the

results and the cash flows of the Company for the year ended on that date.

Signed on behalf of the Board in accordance with a resolution of the directors

Datuk Maznah Binti Abdul Ghani Buvil Bin Angkui

Director Director

Kota Kinabalu

Dated :

STATUTORY DECLARATION Pursuant to section 169(16) of the Companies Act, 1965

I, Buvil Bin Angkui, being the director responsible for the accounting records and financial

management of Kopeks Housing Sdn Bhd, do solemnly and sincerely declare that the financial

statements as set out on pages 9 to 16 are to the best of my knowledge and belief, correct and I make

this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions

of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by

the abovenamed Buvil Bin Angkui

at Kota Kinabalu Sabah on

Before me

Commissioner for Oaths Buvil Bin Angkui

Director

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Company No:

460305-A

YONG NG & CO PLT (LLP0001093-LCA)

CHARTERED ACCOUNTANTS AF 0368

P O BOX 16640, 88871 KOTA KINABALU, SABAH TEL : 088-241091, 242091 FAX : 088-233795

e-mail : [email protected]

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF KOPEKS HOUSING SDN BHD

Report on the Financial Statements

We have audited the financial statements of Kopeks Housing Sdn Bhd, which comprise the balance

sheet as at 31st December 2014, and the income statement, statement of changes in equity and cash

flow statement for the year then ended, and a summary of significant accounting policies and other

explanatory notes, as set out on pages 9 to 16.

Directors’ Responsibility for the Financial Statements

The directors of the Company are responsible for the preparation and fair presentation of these

financial statements in accordance with the Companies Act 1965 and applicable Approved Financial

Reporting Standards in Malaysia. This Responsibility includes : designing, implementing and

maintaining internal control relevant to the preparation and fair presentation of financial statements

that are free from material misstatement, 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 approved standards on auditing in Malaysia. Those

standards require that we comply with ethical requirements and plan and perform the audit to obtain

reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures

in the financial statements. The procedures selected depend on our judgment, including the

assessment of risks of material misstatement of the financial statements, whether due to fraud or

error. In making those risk assessments, we consider internal control relevant to the Company’s

preparation and fair presentation of the financial statements in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Company’s internal control. An audit also includes evaluating the

appropriateness of accounting policies used and the reasonableness of accounting estimates made by

the directors, 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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Company No:

460305-A

Opinion

In our opinion, the financial statements have been properly drawn up in accordance with the

Companies Act 1965 and applicable Approved Financial Reporting Standards in Malaysia so as to

give a true and fair view of the financial position of the Company as of 31st December 2014 and of its

financial performance and cash flows of the year then ended.

Report on Other Legal and Regulatory Requirements

In accordance with the requirements of the Companies Act 1965 in Malaysia, we also report that in

our opinion the accounting and other records and the registers required by the Act to be kept by the

Company have been properly kept in accordance with the provisions of the Act.

Other Matters

This report is made solely to the members of the Company, as a body, in accordance with Section

174 of the Companies Act 1965 in Malaysia and for no other purpose. We do not assume

responsibility to any other person for the content of this report.

Yong Ng & Co PLT

(LLP0001093-LCA)

Chartered Accountants

AF 0368

Ng Chee Min 797/04/16 (J/PH)

Chartered Accountant

Kota Kinabalu

Dated :

____________________________________________________________________________

Lot 62, 2nd

Floor, Block G, Asia City, 88000 Kota Kinabalu, Sabah.

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Company No:

460305-A



NOTES TO THE FINANCIAL STATEMENTS

31ST

DECEMBER 2014

1. PRINCIPAL ACTIVITY

The Company has ceased its business operation since 2005.

2. DATE OF AUTHORISATION OF ISSUE

The financial statements were authorized for issue by the Board of Directors on

3. SIGNIFICANT ACCOUNTING POLICIES

a) Basis of preparation

The financial statements of the Company have been prepared under the historical cost

convention and comply with the provisions of the Companies Act, 1965 and applicable

Approved Financial Reporting Standards in Malaysia.

The preparation of financial statements in conformity with the provisions of the Companies

Act, 1965 and the applicable Approved Financial Reporting Standards in Malaysia requires

the use of estimates and assumptions that affect the reported amounts of assets and liabilities

at the date of the financial statements, and the reported amounts of revenues and expenses

during the reported financial year. Although these estimates are based on the Directors’ best

knowledge of current events and actions, actual results may differ from those estimates.

b) Provisions for Liabilities

Provisions for liabilities are recognized when the Company has a present obligation as a

result of a past event and it is probable that an outflow of resources embodying economic

benefits will be required to settle the obligation, and a reliable estimate of the amount can be

made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current

best estimate. Where the effect of the time value of money is material, the amount of a

provision is the present value of the expenditure expected to be required to settle the

obligation.

c) Cash flow statements

The Company adopts the indirect method in the preparation of cash flow statements.

Cash and cash equivalents comprise cash at bank and in hand, bank overdraft, deposits and

investments maturing within three months from the date of acquisition and which are readily

convertible to known amount of cash which are subject to an insignificant risk of changes in

value.

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Company No:

460305-A

d) Impairment of assets

The carrying amounts of assets, other than inventories, assets arising from construction

contracts, deferred tax assets and financial assets (other than investments in subsidiaries,

associates and jointly controlled entity) are reviewed for impairment when there is an

indication that the assets might be impaired. Impairment is measured by comparing the

carrying values of the assets with their recoverable amounts. The recoverable amount is the

higher of an asset’s net selling price and its value in use, which is measured by reference to

discounted future cash flows. Recoverable amounts are estimated for individual asset, or if

it is not possible, for the cash-generating unit.

An impairment loss is recognized as an expense in the income statement immediately,

unless it reverses a previous revaluation, in which case it is treated as a revaluation decrease.

Any subsequent increase in the recoverable amount of an asset is treated as reversal of the

previous impairment loss and is recognized to the extent of the carrying amount of the asset

that would have been determined (net of amortization or depreciation) had no impairment

loss been recognized. The reversal is recognized in the income statement immediately,

unless the asset is carried at revalued amount. A reversal of an impairment loss on a

revalued asset is credited directly to revaluation surplus. To the extent that an impairment

loss on the same revalued asset was previously recognized as an expense in the income

statement, a reversal of that impairment loss is recognized as income in the income

statement.

e) Income tax

Income tax on the profit or loss for the year comprise current tax. Current tax is the expected

amount of income tax payable in respect of the taxable profit for the year. It is measured

using the tax rates that have been enacted at the balance sheet date.

f) Financial Instruments

Financial instruments are recognized in the balance sheet when the Company has become a

party to the contractual provisions of the instruments.

Financial instruments are classified as liabilities or equity in accordance with the substance

of the contractual arrangement. Interest, dividends, gains and losses relating to a financial

instrument classified as a liability, are reported as expense or income. Distributions to

holders of financial instruments classified as equity are charged directly to equity. Financial

instruments are offset when the Company has a legally enforceable right to offset and

intends to settle either on a net basis or to realize the asset and settle the liability

simultaneously.

i) Receivables

Receivables are carried at anticipated realizable value. Bad debts are written off when

identified. An estimate is made for doubtful debts based on a review of all outstanding

amounts as at the balance sheet date.

ii) Payables

Payables are stated at cost which is the fair value of the consideration to be paid in future

for goods and services received.

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Company No:

460305-A

iii) Equity instruments

Ordinary shares are classified as equity. Dividend on ordinary shares are recognized in

equity in the period in which they are declared.

4. AMOUNT DUE FROM HOLDING COMPANY

The holding company of the Company is Onekinabalu Holdings Sdn Bhd., a Company

incorporated in Malaysia, which owns 100% of the issued shares of the company.

Amount due from holding company is unsecured, interest free and with no fixed term of

repayment.

5. AMOUNT DUE FROM ULTIMATE HOLDING COMPANY

The ultimate holding company is Koperasi Pekerja-Pekerja Kerajaan Sabah Berhad, a

co-operative society registered in Malaysia.

Amount due from ultimate holding company is unsecured, interest free and with no fixed term of

repayment.

6. OTHER PAYABLES

2014 2013

RM RM

Sundry payables 1,730 1,730

======= =======

7. SHARE CAPITAL

2014 2013

No. of No. of

Shares RM Shares RM

Authorised ordinary shares of RM 1 each

As at beginning of the year 500,000 500,000 500,000 500,000

Created during the year - - - -

------------- ------------- ------------- -------------

As at end of the year 500,000 500,000 500,000 500,000

======= ======= ======= =======

Issued and fully paid ordinary shares of

RM 1 each

As at beginning of the year 250,000 250,000 250,000 250,000

Issued during the year - - - -

------------- ------------- ------------- -------------

As at end of the year 250,000 250,000 250,000 250,000

======= ======= ======= =======

During the financial year, no new ordinary share was issued by the Company.

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Company No:

460305-A

8. REVENUE

There was no revenue in 2014.

9. LOSS FROM OPERATIONS

2014 2013

RM RM

Loss from operations is stated :-

After charging

Auditors’ remuneration 1,270 1,270

The Company had no employee other than the four directors at the end of the financial year.

(2013: 4).

10. FINANCIAL RISK MANAGEMENT POLICIES

The Company’s financial risk management policy seeks to ensure that adequate financial

resources are available for the development of the Company’s businesses whilst managing its

risks through risk reviews, internal control system, insurance program and adherence to

financial risk management policies.

The main areas of financial risks faced by the Company and the policy in respect of the major areas

of treasury activity are set out as follows : -

a) Liquidity and Cash Flow risks

The Company actively manages its operating cash flows and the availability of funding to ensure

all financing, repayment and funding needs are met.

b) Fair Values

The carrying amounts of the Company’s financial instruments, including financial assets and

liabilities approximate their fair values due to their short term maturities.

The following methods and assumptions are used to estimate the fair values of these

instruments :

c) Cash and Cash Equivalents and Other Receivables and Payables

The carrying amounts approximate fair values due to the relatively short term maturity of these

financial instruments.

11. CONTINGENT LIABILITIES

A charge created by the Company in favour of Bank Utama (M) Bhd for third party banking

facilities of RM14.26 million is still outstanding.

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Company No:

460305-A

Lodged by: S O Management, Lot 47, 3rd

Floor, Block F, Ruang Singgah Mata, Asia City,

88000 Kota Kinabalu, Sabah. P. O. Box 16640, 88871 Kota Kinabalu, Sabah.

Tel No: 088-248091 Fax: 088-233795

16

Note 2014 2013

RM RM

CURRENT ASSETS

Amount due from holding company 4 297,580 297,580

Amount due from ultimate holding company 5 79,299 82,859

Cash at bank 35,234 35,244

412,113 415,683

CURRENT LIABILITIES

Other payables & accruals 6 1,730 1,730

1,730 1,730

NET CURRENT ASSETS 410,383 413,953

410,383 413,953

FINANCED BY

Share capital 7 250,000 250,000

Reserves 160,383 163,953

SHAREHOLDERS' EQUITY 410,383 413,953

The accompanying notes form an integral part of the financial statements.

BALANCE SHEET

AS AT 31ST DECEMBER 2014

KOPEKS HOUSING SDN BHD(460305-A)


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Company No.

Y029-14/9588(13)/SURIATI

2014 2013

RM RM

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss before taxation (3,570) (3,020)

Operating loss before working capital changes (3,570) (3,020)

Decrease/(Increase) from other receivables - -

Decrease/(Increase) in amount due from ultimate holding company 3,560 3,010

Increase/(Decrease) in other payables - -

Cash generated used in operations (10) (10)

Income tax paid - -

Net cash used in operating activities (10) (10)

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash from/(used in) investing activities - -

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash from/(used in) financing activities - -

NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS (10) (10)

OPENING CASH AND CASH EQUIVALENTS 35,244 35,254

CLOSING CASH AND CASH EQUIVALENTS 35,234 35,244

ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash at bank 35,234 35,244


FOR THE FINANCIAL YEAR ENDED 31ST DECEMBER 2014

12

CASH FLOW STATEMENT



Company No.

Y029-14/9588(13)/SURIATI

Share Retained

Capital Profit Total

RM RM RM

BALANCE AS AT 1ST JANUARY 2013 250,000 166,973 416,973

Net loss for the year - (3,020) (3,020)

BALANCE AS AT 31ST DECEMBER 2013 250,000 163,953 413,953

Net loss for the year - (3,570) (3,570)

BALANCE AS AT 31ST DECEMBER 2014 250,000 160,383 410,383


KOPEKS HOUSING SDN BHD

STATEMENT OF CHANGES IN EQUITY


11

(460305-A)


Company No.

Y029-14/9588(13)/SURIATI

Note 2014 2013

RM RM

REVENUE 8 - -

OPERATING COST - -

OPERATING PROFIT/(LOSS) - -

Other operating income - -

General & administrative expenses (3,570) (3,020)

Other operating expenses - -

LOSS FROM OPERATIONS 9 (3,570) (3,020)

Finance costs - -

NET LOSS BEFORE TAXATION (3,570) (3,020)

Taxation - -

NET LOSS FOR THE YEAR (3,570) (3,020)


10




INCOME STATEMENT

Company No.

Y029-14/9588(13)/SURIATI



FINANCIAL STATEMENTS

31ST

DECEMBER 2014

----------------------------------------------------------

YONG NG & CO PLT (LLP0001093-LCA)

CHARTERED ACCOUNTANTS

AF 0368 P. O. BOX 16640, 88871 KOTA KINABALU

SABAH TEL : 088-242091, 241091

FAX : 088-233795

e-mail : [email protected]

Documents

KOPEKS HOUSING SDN BHD - KOPEKS (Sabah Government ... filekopeks housing sdn bhd (460305-a) (incorporated in malaysia) report and financial statements for the year ended 31st december