Norgestaxi Bergen AS

Size: px

Start display at page:

Download "Norgestaxi Bergen AS"

Carmella Turner
6 years ago
Views:

1 Norgestaxi Bergen AS Income statement Note Operating income Revenue Other operating income Operating income Operating expenses Raw materials and consumables used Payroll expenses Depreciation on tangible and intangible assets Other operating expenses 2, Operating expenses Operating profit Financial income and expenses Other interest income Other interest expenses Other financial expenses Net financial income and expenses Result before tax Tax on ordinary result Result after tax Annual net profit Brought forward Received group contribution To other equity Net brought forward

2 Norgestaxi Bergen AS Balance sheet Note Assets Fixed assets Intangible fixed assets Deferred tax asset Total intangible fixed assets Tangible fixed assets Equipment and other movables Total tangible fixed assets Total fixed assets Current assets Inventories Inventories Total inventories Receivables Accounts receivables Other receivables Other current receivables group companies Total receivables Cash and bank deposits Cash and bank deposits Total cash and bank deposits Total current assets Total assets

3 Norgestaxi Bergen AS Note Equity and liabilities Equity Restricted equity Share capital 4, Other paid-in equity Total restricted equity Retained earnings Other equity Loss brought forward Total retained earnings Total equity Liabilities Current liabilities Liabilities to financial institutions Accounts payable Tax payable Public duties payable Current debt to group companies Other current liabilities Total current liabilities Total liabilities Total equity and liabilities

4 NORGESTAXI BERGEN AS NOTES FINANCIAL STATEMENT 2016 Note 1 - Accounting principles The Financial Statement have been prepared in accordance with the Accounting Act and generally accepted accounting principles. The following accounting principles have been applied: Revenues Revenue from the sale of goods takes place at the time of delivery. Revenue is shown in the financial statement as gross revenue. Current assets / current liabilities Current assets and current liabilities generally include items due for payment within one year after the balance sheet date. Current assets are valued at the lower of cost and estimated fair value. Fixed assets / non-current liabilities Fixed assets comprise assets for permanent ownership and use. Fixed assets are valued at acquisition cost. Tangible fixed assets are capitalized and depreciated over the economic life of the asset. Tangible fixed assets are depreciated at fair value through impairment, which is not expected to be temporary. The impairments is reversed when the basis for the impairment is no longer present. Fixed assets Tangible fixed assets are capitalized and depreciated on a straight-line basis over the expected delivery time of the assets if they have assumed a life expectancy over 3 years and have a cost price of more than NOK 15,000. Maintenance of operating equipment is expensed expensively under operating expenses. Costs or improvements are added to the cost of the asset and depreciated in line with the asset. The difference between maintenance and cost / improvement is calculated in relation to the condition of the asset when purchasing the asset. Receivables Account receivables and other receivables are stated at face value after deduction of provisions for expected losses. Provisions for losses are made on the basis of an individual assessment of the individual receivables. Tax The tax expense in the income statement includes both the payable tax for the period and changes in deferred taxes. Deferred tax is calculated by 25% for 2015 and 24% for 2016 on the basis of the temporary differences that exist between accounting and tax values, as well as comparable deficit to carry forward at the end of the fiscal year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse during the same period are settled and netted.

5 NORGESTAXI BERGEN AS NOTES FINANCIAL STATEMENT 2016 Note 2 Employees, remuneration, loans to employees etc. 2.1 Specification of labor cost Wages Payroll tax Pension Other payroll costs Accrual Total labor costs On average, the company had a number of 2 man-years in Mandatory pension The company is obliged to have an occupational pension scheme according to the Act on Compulsory Occupational Pensions. The company has established a pension scheme that meets the requirements of the law. 2.3 Benefits to executives The CEO is employed by the parent company and receives salary there. No board fees have been paid to the Board. No loans have been granted to the CEO, Chairman or other related parties. 2.4 Remuneration to the auditor The cost of auditing fees for 2016 amounts to NOK excluding VAT. NOK 25,000 consists of regular audit and NOK 117,244 of other assistance.

6 NORGESTAXI BERGEN AS NOTES FINANCIAL STATEMENT 2016 Note 3 Taxes 3.1 Specification of temporary differences/deferred tax Change Tangible assets Receivables Receviables lenders/drivers Net temporary differences Deferred tax assets/deferred tax in balance sheet Deferred tax assets are capitalized according to GRS. 3.2 Calculation specification of basis payable tax 2016 Operating result before tax Permanent differences Change temporary differences Group contribution Basis of tax payable Specification of tax expenses 2016 Tax payable (25 %) Change deferred tax Tax effect of group contribution received Total of tax expenses Tax payable in balance sheet 2016 Tax payable (25 %) Tax payable in balance sheet

7 NORGESTAXI BERGEN AS NOTES FINANCIAL STATEMENT 2016 Note 4 Shares and shareholders etc The company's share capital consists of 1,000 shares, nominal NOK 100 per share, totaling NOK 100,000. All shares have equal rights. The company has the following shareholders: Shoreholders Ownership Number of shares Norgestaxi AS 100 % The parent company Norgestaxi AS has a business office in Ensjøveien 20, 0661 Oslo, where one can get the consolidated financial statements. Note 5 Equity Share capital Other share capital Other equity Total equity Equity Annual net profit Group contribution received Equity Note 6 Intermediate with company in the same group Current short term liabilities Norgestaxi Stavanger AS Norgestaxi Buskerud AS Norgestaxi Trondheim AS 0 0 Norgestaxi Oslo AS 0 0 Total Current short term receivables Group contribution Norgestaxi Oslo AS Norgestaxi AS Norgestaxi Trondheim AS Norgestaxi Oslo AS Cabonline AS Total Note 7 Tax withholdings Of payment facilities, NOK 59,771 is bound for payment of advances. Note 8 Fixed assets

8 NORGESTAXI BERGEN AS NOTES FINANCIAL STATEMENT 2016 Tangible assets and inventories Total fixed assets Acquisition costs Activations Disposal of assets - - Acquisition costs Accumulated depreciation Balance sheet value Depreciation for the year Economic life expectancy Depreciation plan 5 år straight-line Note 9 Transactions with related parties The financial statement for 2016 are charged with NOK 10,296,000 in expenses invoiced internally from the parent company. Note 10 Cashpool The company's debt to credit institutions accounted for at NOK is part of the Group's cash pool agreement and the information does not express the balance with the bank.

9 Statsautoriserte revisorer Ernst & Young AS Dronning Eufemias gate 6, NO-0191 Oslo Postboks 1156 Sentrum, NO-0107 Oslo Foretaksregisteret: NO MVA Tlf: Fax: Medlemmer av den norske revisorforening INDEPENDENT AUDITOR S REPORT To the Annual Shareholders' Meeting of Norgestaxi Bergen AS Report on the audit of the financial statements Opinion We have audited the financial statements of Norgestaxi Bergen AS, which comprise the balance sheet as at 31 December 2016, the income statement and statements of cash flows for the year then ended and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements have been prepared in accordance with laws and regulations and present fairly, in all material respects, the financial position of the Company as at 31 December 2016 and its financial performance for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway. Basis for opinion We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Norway, and we have fulfilled our ethical responsibilities as required by law and regulations. We have also complied with our other ethical obligations in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Other information consists of the information included in the Company s annual report other than the financial statements and our auditor s report thereon. The Board of Directors and Managing Director (management) are responsible for the other information. Our opinion on the audit of the financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information, and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of management for the financial statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

10 Auditor s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing (ISAs) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with law, regulations and generally accepted auditing principles in Norway, including ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; obtain an understanding of internal control relevant to the audit 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; evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management; conclude on the appropriateness of management s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the Company to cease to continue as a going concern; evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on other legal and regulatory requirements Opinion on the Board of Directors report Based on our audit of the financial statements as described above, it is our opinion that the information presented in the Board of Directors report concerning the financial statements and the going concern assumption is consistent with the financial statements and complies with the law and regulations. Independent auditor's report - Norgestaxi Bergen AS

11 Opinion on registration and documentation Based on our audit of the financial statements as described above, and control procedures we have considered necessary in accordance with the International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, it is our opinion that management has fulfilled its duty to ensure that the Company's accounting information is properly recorded and documented as required by law and bookkeeping standards and practices accepted in Norway. Oslo, 6 July 2017 ERNST & YOUNG AS Leiv Aschehoug State Authorised Public Accountant (Norway) (This translation from Norwegian has been made for information purposes only.) Independent auditor's report - Norgestaxi Bergen AS

Financial Statements 2017

Financial Statements 2017 Financial Statements 217 Arabian Sea AS Org.no,: 919 779 225 Prepared by: NRP Procurator NRP Profit and loss account All figures in USD OPERATING INCOME AND EXPENSES Note 31.12.17 Operating income 2 28