Page 1 of 17

ABC (PRIVATE) LIMITED

STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2024
2024 2023
Note Rupees Rupees
(Restated)
ASSETS

Non Current Assets

Property, plant and equipment 4 98,163,744 91,528,937

Investment property 5 15,753,854 14,701,200
Long term investment 6 500,469 500,469
Long term deposits 7 464,375 692,975

114,882,442 107,423,581
Current Assets

Stores, spares and stocks 8 4,101,096 34,331,203

Trade debts 9 342,257,683 361,869,428
Advances, deposits, short term prepayments and other receivables 10 343,885,063 279,451,638
Cash and bank balances 11 7,035,937 1,429,121

697,279,779 677,081,390
Less: Current Liabilities

Trade and other payables 12 297,447,827 255,579,507

Accrued mark up 295,891 616,710
Short term borrowing 13 8,898,193 52,236,801
Current portion of liabilities against assets subject to finance lease 15 623,358 587,555
Provision for taxation 14 29,427,257 44,524,001

(336,692,526) (353,544,574)

Net Current Assets 360,587,253 323,536,816

Non Current Liabilities

Liabilities against assets subject to finance lease 15 980,811 1,604,159

Deferred liability 16 2,516,201 3,751,246

(3,497,012) (5,355,405)

Contingencies and Commitments 17 - -

NET ASSETS 471,972,683 425,604,992

REPRESENTED BY:

Share Capital and Reserves

Authorized capital:
1,500,000 (2023: 1,500,000) ordinary shares
of Rs. 10 each 15,000,000 15,000,000

Issued, subscribed and paid up capital:

821,000 (2023: 821,000) ordinary shares of
Rs. 10 each fully paid in cash 8,210,000 8,210,000
Share deposit money 6,790,000 6,790,000
Unappropriated profit 456,972,683 410,604,992

471,972,683 425,604,992

The annexed notes form an integral part of these financial statements.

CHIEF EXECUTIVE DIRECTOR

 Page 2 of 17

ABC (PRIVATE) LIMITED

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30, 2024

2024 2023
Note Rupees Rupees
(Restated)

Sales - net 18 866,503,911 973,587,324

Cost of sales 19 (650,450,244) (822,213,081)

Gross Profit 216,053,667 151,374,243

Administrative and selling expenses 20 (129,566,775) (117,384,723)

Operating Profit 86,486,892 33,989,520

Finance cost 21 (5,037,191) (5,448,965)

Other operating expenses 22 (9,501,992) (10,377,150)
Other operating income 23 2,612,194 2,900,519

Profit before Taxation 74,559,903 21,063,924

Taxation 24 (28,192,212) (48,275,247)

Profit after Taxation 46,367,691 (27,211,323)

The annexed notes form an integral part of these financial statements.

CHIEF EXECUTIVE DIRECTOR

 Page 3 of 17

ABC (PRIVATE) LIMITED

CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Rupees Rupees
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 74,559,903 21,063,924

Adjustments for:
- Depreciation 8,332,218 8,492,951
- (Gain) / Loss on disposal of property, plant and equipment (634,825) 31,383
- Receivables written off 7,090,569 9,895,767
- Finance cost 5,037,191 5,448,965

19,825,153 23,869,066

Operating profit before working capital changes 94,385,056 44,932,990

Decrease / (increase) in current assets:

- Stores, spares and stocks 30,230,107 (20,137,888)
- Trade debts 19,611,745 (6,784,469)
- Advances, deposits, prepayments and other receivables (64,493,092) 43,577,920
Increase / (decrease) in current liabilities:
- Trade and other payable 41,868,320 (6,808,078)
- Accrued markup (320,819) 345,648

26,896,261 10,193,133

Cash generated from operations 121,281,317 55,126,123

Income tax paid (51,326,303) (68,582,621)

Finance cost paid (5,037,191) (5,448,965)

Net cash generated from / (used in) Operating Activities 64,917,823 (18,905,464)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (17,117,200) (20,957,608)

Proceeds from disposal of property, plant and equipment 2,785,000 88,500
Costs incurred on investment property (1,052,654) -

Net Cash used in Investing Activities (15,384,854) (20,869,108)

CASH FLOWS FROM FINANCING ACTIVITIES

Payment of liabilities under finance lease (587,545) (479,305)

Short term borrowings (43,338,608) 17,867,981

Net Cash used in Financing Activities (43,926,153) 17,388,676

Net Increase / (Decrease) in Cash and Cash Equivalents 5,606,816 (22,385,896)

Cash and cash equivalents at the beginning of the year 1,429,121 23,815,017

Cash and Cash Equivalents at the End of the Year 7,035,937 1,429,121

The annexed notes form an integral part of these financial statements.

CHIEF EXECUTIVE DIRECTOR

 Page 4 of 17

ABC (PRIVATE) LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2024

Share Share Deposit Un-appropriated

Particulars Total
Capital Money Profit
Rupees Rupees Rupees Rupees

Balance as at June 30, 2010 8,210,000 6,790,000 437,816,316 452,816,316

Total comprehensive income for the year (27,211,323) (27,211,323)

as restated

Restated Balance as at June 30, 2023 8,210,000 6,790,000 410,604,993 425,604,993

Balance as at June 30, 2023

as Previously Reported 8,210,000 6,790,000 442,600,376 457,600,376

Effect of correction of error - - (31,995,384) (31,995,384)

(Refer to Note 27)

Restated Balance as at June 30, 2023 8,210,000 6,790,000 410,604,992 425,604,992

Total comprehensive income for the

year ended June 30, 2024 - - 46,367,691 46,367,691

Balance as at June 30, 2024 8,210,000 6,790,000 456,972,683 471,972,683

The annexed notes form an integral part of these financial statements.

CHIEF EXECUTIVE DIRECTOR

 Page 5 of 17

ABC (PRIVATE) LIMITED

NOTES TO AND FORMING THE PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

Note 1
The Company and its Operations

The Company was incorporated in Pakistan as a private limited company under the Companies Ordinance, 1984
on September 27, 2000. The primary objective of the Company is to import and supply branded computers,
computer equipment and software and to provide technical and engineering services to industrial, commercial
and banking organizations. The registered office of the Company is situated at Building No. 2345 No. 155, Street
No. 190, F-10/2, Islamabad.

Note 2
Basis of Preparation

2.1 Statement of compliance

These financial statements have been prepared in accordance with approved accounting standards as
applicable in Pakistan. Approved accounting standards comprise of Accounting and Financial Reporting
Standards for Medium Sized Entities (MSEs) issued by the Institute of Chartered Accountants of Pakistan
and provisions of and directives issued under the Companies Ordinance, 1984. In case requirements
differ, the provisions or directives of the Companies Ordinance, 1984 shall prevail.

2.2 Basis of measurement

These financial statements have been prepared under the historical cost convention.

2.3 Use of estimates and judgments

The preparation of financial statements in conformity with Accounting and Financial Reporting Standards
for Medium Sized Entities (MSEs) issued by the Institute of Chartered Accountants of Pakistan requires
management to make judgments, estimates and assumptions that affect the application of policies and
reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are
based on historical experience and various other factors that are believed to be reasonable under the
circumstances. The estimates and related assumptions are reviewed on an ongoing basis. Accounting
estimates are revised in the period in which such revisions are made.

Significant management estimates in these financial statements relate to the useful life of property, plant
and equipment, provisions for doubtful debts and taxation. However, the management believes that the
change in outcome of estimates would not have a material effect on the amounts disclosed in the
financial statements.

2.4 Reporting currency

These financial statements are prepared and presented in Pak Rupees which is the Company's functional
and presentation currency. All the figures are rounded off to the nearest rupee, unless otherwise stated.
ABC (PRIVATE) LIMITED Page 6 of 17
Notes to and forming part of the Financial Statements

Note 3
Summary of Significant Accounting Policies

3.1 Provisions

A provision is recognized in the STATEMENT OF FINANCIAL POSITION when the Company has a legal or
constructive obligation as a result of a past event and it is probable that an outflow of economic benefits
will be required to settle the obligation and a reliable estimate of the amount can be made.

3.2 Staff retirement benefits

Defined contribution plan

The Company operates a recognized provident fund scheme covering all its permanent employees. Equal
contribution is made @ 10% of basic salary by the Company and employees to the fund.

3.3 Trade and other payables

Liabilities for trade and other amounts payable are carried at cost which is the fair value of the
consideration to be paid or given in the future for goods and services received or to be delivered or for
any other amount, whether or not billed to the Company.

3.4 Taxation

Income tax on the profit or loss for the year comprises current and deferred tax. Income tax expense is
recognized in profit and loss account except to the extent that relates to items recognized directly in
equity, in which case it is recognized in equity.

Current

The charge for taxation on deemed income on imports and supplies is based on applicable tax rates
subject to final taxation and the charge for taxation other than the deemed income is ascertained on
prorata basis subject to normal taxation under the Income Tax Ordinance, 2001.

Deferred

Deferred tax is accounted for using the STATEMENT OF FINANCIAL POSITION liability method in respect
of all temporary differences arising from differences between the carrying amount of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax
assets are recognized to the probable extent that taxable profits will be available against which deductible
temporary differences, unused tax losses and tax credits can be utilized.

3.5 Property, plant and equipment

Owned

Property, plant and equipment are stated at cost less accumulated depreciation and identified impairment
losses. Cost of property, plant and equipment consists of historical cost, mark up pertaining to the
construction and erection period and directly attributable costs of bringing assets to working condition.
ABC (PRIVATE) LIMITED Page 7 of 17
Notes to and forming part of the Financial Statements

Note-3 Summary of Significant Accounting Policies continued…

Depreciation is charged to income using the reducing balance method at the rates specified in Note 4.
Depreciation on all additions is charged from the month the asset is available for use and on disposal upto
the month in which the asset is disposed off.

Normal repairs and maintenance are charged to income as and when incurred whereas major renewals
and replacements are capitalized. Gain or loss, if any, on disposal of property, plant and equipment is
included in current year income.

Leased

Assets subject to finance lease are stated at the lower of present value of minimum lease payments under
the lease agreement and the fair value of such assets. Related obligation under the lease is accounted for
at net present value of liabilities. Assets so acquired are depreciated over their expected useful life at the
same rates and basis as of owned assets given in Note 4. Depreciation is charged to current year income.

3.6 Investment property

Property not held for own use or for sale in the ordinary course of business is classified as investment
property. The Company values its investment property for capital appreciation purposes, using the cost
model.

3.7 Impairment

Carrying amounts of the Company's assets are reviewed at each STATEMENT OF FINANCIAL POSITION
date to determine whether there is any indication of impairment. If any such indication exists, the asset's
recoverable amount is estimated and impairment loss is recognized in the profit and loss account.

3.8 Investments

The Company classifies its investment in subsidiaries as "Available for Sale". The classification is made on
the basis of intended purpose for holding such investments. The Company recognises its investment
initially at cost, comprising the consideration paid and the cost of transaction and subsequently at fair
value. Changes in carrying value are recognized in equity until investment is sold or determined to be
impaired at which time the accumulated gain or loss previously recognized in equity is included in the
profit and loss account.

3.9 Stores and spares and stock in trade

These are valued at lower of cost and net realizable value and cost is determined by using following basis:

Sun vouchers - First in first out basis

Stores and spares - Average cost basis
Stock in trade - Average cost basis

Net realizable value signifies the estimated selling price in the ordinary course of business less necessary
cost to make the sale.

3.10 Trade debts

All the outstanding debts are reviewed at the STATEMENT OF FINANCIAL POSITION date. The Company
recognizes and carries these debts at original invoice amount less an allowance for uncollectible amounts,
if any. Bad debts are written off as incurred and provision is made against debts considered doubtful
when the collection of the full amount is no longer probable.
ABC (PRIVATE) LIMITED Page 8 of 17
Notes to and forming part of the Financial Statements

Note-3 Summary of Significant Accounting Policies continued…

3.11 Cash and cash equivalents

For the purpose of cash flow statement, cash and cash equivalents include cash in hand, cheques in hand
and deposits with banks.

3.12 Foreign currency transactions and translation

Transactions denominated in foreign currencies are initially recorded at Pak Rupees by applying the
foreign exchange rate ruling on the date of transaction. All monetary assets and liabilities in foreign
currencies are translated into Pak Rupees at the exchange rate prevailing at the STATEMENT OF
FINANCIAL POSITION date except for balances covered under forward exchange contracts, which are
converted at the contracted rates. Exchange differences are included in income currently.

3.13 Revenue recognition

- Revenue from sale of computers, computer equipment and software is recognized at the time of supply of
goods to customers.

- Income from installation services and training is recognized when the services are rendered to customers.

3.14 Mark up, interest and other charges

Mark up, interest and other charges on loans and advances upto the date of commissioning of the
respective assets acquired out of the proceeds of such loans and advances are capitalized. All other mark
up, interest and other charges are charged to the income currently.

3.15 Related party transactions

Transactions in relation to sales, purchases and services with related parties are made at arm's length
prices determined in accordance with the Company's policy except for the allocation of expenses which
are charged on actual basis.
ABC (PRIVATE) LIMITED Page 10 of 17
Notes to and forming part of the Financial Statements

Note 5
Investment Property
2024 2023
Note Rupees Rupees

Investment property 5.1 15,753,854 14,701,200

5.1 This represents cost of land acquired for capital appreciation purposes. The management considers that
fair value of investment property approximates to its cost as at the STATEMENT OF FINANCIAL POSITION
date.
Note 6
Long Term Investments
2024 2023
Note Rupees Rupees
Available for sale

Techaccess Africa Limited - Wholly owned subsidiary company 6.1 500,469 500,469

6.1 The investment has been measured at cost which is considered to be the fair value of investment being
an unquoted company.

Note 7
Long Term Deposits
2024 2023
Rupees Rupees

Security deposits against leased assets 464,375 692,975

Note 8
Stores, Spares and Stocks
2024 2023
Rupees Rupees

Computer accessories and spares 4,101,096 34,071,096

Sun vouchers - 260,107
4,101,096 34,331,203

8.1 No specific stores and spares are held for capital expenditures as at the STATEMENT OF FINANCIAL POSITION date (2023: N

Note 9
Trade Debts
2024 2023
Rupees Rupees
(Restated)

Trade debts - Considered good (un-secured) 342,335,163 371,272,383

Less: Trade debts written off (77,480) (9,402,955)
342,257,683 361,869,428
ABC (PRIVATE) LIMITED Page 11 of 17
Notes to and forming part of the Financial Statements

Note 10
Advances, Deposits, Prepayments and Other Receivables
2024 2023
Note Rupees Rupees
Advances (considered good):
- to employees 10.1 71,206,795 40,538,180
- to suppliers 40,577,348 13,755,612
- to sub-offices for expenses 1,375,540 3,286,698
Due from associated undertakings 10.2 39,124,815 16,623,044
Advance income tax 121,321,145 114,518,843
Security deposits and retention money 3,340,433 2,008,956
Margin against letter of credit 3,518,004 2,913,457
Bank and insurance guarantee margins 21,149,315 62,906,323
Earnest money 17,275,672 8,994,975
Prepaid expenses 6,404,395 9,474,516
Sales tax refundable - net 18,591,601 4,431,034
343,885,063 279,451,638
222,563,918 164,932,795
10.1 This includes amount of Rs. 54.836 million (2023: Rs. 28.147) given to chief executive and directors of
the Company for business purposes as per the Company's policy.

10.2 This represents amount due from Techaccess Africa Limited, an associated undertaking of the Company.

Note 11
Cash and Bank Balances
2024 2023
Rupees Rupees

Cash in hand 908,808 146,871

Cash at bank:
- Current accounts 112,512 79,513
- Saving accounts 5,691,572 143,062
- Foreign currency accounts 323,045 1,059,675
6,127,129 1,282,250
7,035,937 1,429,121

Note 12
Trade and Other Payables
2024 2023
Rupees Rupees
(Restated)

Creditors 135,506,504 175,840,241

Less: Balances written back (3,226,666) (312,574)
132,279,838 175,527,667
Accrued expenses 389,633 348,134
Payable to employees 26,798,551 25,401,952
Payable to Provident Fund 12,000,000 14,500,000
Advances 20,421,195 19,022,835
Due to associated undertaking 94,315,919 705,723
Income tax payable 10,353,630 20,073,196
Other payables 889,061 -
297,447,827 255,579,507
ABC (PRIVATE) LIMITED Page 12 of 17
Notes to and forming part of the Financial Statements

Note 13
Short Term Borrowing
2024 2023
Rupees Rupees

Borrowings / running finance - Secured 8,898,193 52,236,801

13.1 Borrowing / running finance have been arranged from Askari Bank Limited with aggregate facilities of Rs.
120 million (2023: Rs. 120 million) with expiry on December 31, 2024. These arrangements are secured
by way of hypothecation over the Company's present and future current assets to the tune of Rs. 150
million and property mortgage. The markup is charged at 3 month average Kibor plus 3% (2023: 3 month
average Kibor plus 3%) per annum payable on monthly basis or as per the terms and conditions of
borrowings.

Note 14
Provision for Taxation
2024 2023
Rupees Rupees

Opening balance 44,524,001 36,118,556

Charge for the year 29,427,257 44,524,001
Total tax payable 73,951,258 80,642,557
Less: Payment / adjustment made during the year (44,524,001) (36,118,556)
29,427,257 44,524,001

Note 15
Liabilities Against Assets Subject to Finance Lease
2024 2023
Rupees Rupees
The amounts of future lease rentals are payable as under:

- Not later than one year 760,188 856,416

- Later than one year but not later than five years 314,336 1,074,524
1,074,524 1,930,940
Security deposits 692,975 692,975
Gross minimum lease payments 1,767,499 2,623,915
Financial charges not currently due (163,330) (432,191)
Present value of minimum lease payments 1,604,169 2,191,714
Current portion shown under current liabilities (623,358) (587,555)
980,811 1,604,159

Reconciliation between total of minimum lease payments and their present value is as under:

Gross minimum lease payments:

- Due not later than one year 760,188 856,416
- Due later than one year but not later than five year 1,007,311 1,767,499
1,767,499 2,623,915

- Not later than one year 623,358 587,555

- Later than one year but not later than five years 980,811 1,604,159
1,604,169 2,191,714
ABC (PRIVATE) LIMITED Page 13 of 17
Notes to and forming part of the Financial Statements

Note-15 Liabilities Against Assets Subject to Finance Lease - Continued…

This represents finance leases entered into with Askari Leasing Limited for vehicles. Monthly lease rentals include
financial charges @ 19.75% per annum approximately, which are used as discounting factor. Taxes, repairs,
replacements and insurance costs are borne by the Company.

These leases are secured against cash deposits of Rs. 692,975 (2023: Rs. 692,975) and title of leased assets.
Security deposits would be adjusted against lease obligations, as management intends to retain leased assets at
the expiry of lease terms.

Note 16
Deferred Liability
2024 2023
Rupees Rupees

Deferred liability comprises of deferred tax liability which is as follows:

Taxable temporary differences

- Accelerated tax depreciation 2,516,201 3,751,246

Note 17
Contingencies and Commitments

Contingencies

17.1 Guarantees given by the banks / insurance companies on behalf of the Company outstanding as at the
STATEMENT OF FINANCIAL POSITION date approximate to Rs. 180.723 million (2023: Rs. 298.685
million)
Commitments

17.2 Future payments in respect of lease rentals amounting to Rs. 1.075 million (2023: Rs. 1.930 million) as at
the STATEMENT OF FINANCIAL POSITION date.

17.3 Aggregate commitments to complete the work in progress as at the STATEMENT OF FINANCIAL
POSITION date were amounting to Rs. 6.210 million (2023: Rs. 6.210 million).

17.4 Commitments in respect of letter of credit as at the STATEMENT OF FINANCIAL POSITION date were
amounting to Rs. 23.441 million (2023: Rs. 19.423 million).
ABC (PRIVATE) LIMITED Page 14 of 17
Notes to and forming part of the Financial Statements

Note 18
Sales - Net
2024 2023
Rupees Rupees
(Restated)

Sale of computers, computer equipment and software - Net 473,670,869 580,570,155

Income from installation/support services and trainings 392,833,042 350,658,417
Income from indent sales of computers and computer equipment - 42,358,752
866,503,911 973,587,324

Note 19
Cost of Sales
2024 2023
Note Rupees Rupees
(Restated)

Purchases 336,593,883 512,722,658

License and service charges 143,143,936 174,247,105
Direct expenses 53,249,889 34,331,359
532,987,708 721,301,122
Salaries and benefits 19.1 96,075,866 78,451,553
Travelling and conveyance 14,093,146 15,074,206
Staff training expenses 2,975,560 3,019,829
Tender and registration fees 151,855 119,895
Depreciation 4.2 4,166,109 4,246,476
650,450,244 822,213,081

19.1 Salaries and benefits includes amount Rs. 3,115,787 (2023: Rs. 2,716,744) in respect of staff provident
fund.

Note 20
Administrative and Selling Expenses
2024 2023
Note Rupees Rupees

Salaries and benefits 20.1 64,050,577 52,301,036

Travelling and conveyance 9,395,431 10,049,471
Postage and telephone 7,176,340 6,486,023
Printing and stationery 1,077,284 1,367,997
Utilities 4,945,838 3,744,478
Rent, rates and taxes 13,959,357 13,408,684
Repairs and maintenance 4,361,327 2,461,686
Vehicle running and maintenance 2,636,019 2,154,452
News papers and periodicals 43,855 28,509
Insurance and licenses 4,456,896 2,710,524
Legal and professional charges 456,260 217,400
Advertisement and promotional 670,144 5,410,168
Staff training expenses 1,983,706 2,013,220
Entertainment 4,615,064 5,208,108
Fee, subscription and consultancy 4,173,730 4,308,620
Donations and charity - 269,542
Miscellaneous 1,398,838 998,330
Depreciation 4.2 4,166,109 4,246,475
129,566,775 117,384,723

20.1 Salaries and benefits includes amount Rs. 2,077,192 (2023: Rs. 1,811,163) in respect of staff provident
fund.
ABC (PRIVATE) LIMITED Page 15 of 17
Notes to and forming part of the Financial Statements

Note 21
Finance Cost
2024 2023
Rupees Rupees
Mark up on:
- Finance lease 268,851 377,108
- Short term borrowings 1,695,350 1,807,327
- Other 842,429 840,477
Bank charges and commission 2,230,561 2,424,053
5,037,191 5,448,965
Note 22
Other Operating Expenses
2024 2023
Rupees Rupees

Receivables / Advances written off 7,090,569 9,895,767

Exchange loss - net 1,911,423 -
Audit fee 500,000 450,000
Loss on disposal of property, plant and equipment - 31,383
9,501,992 10,377,150

Note 23
Other Operating Income
2024 2023
Rupees Rupees

Exchange gain - net - 822,172

Profit on saving accounts 1,714,408 1,739,253
Gain on disposal of property, plant and equipment 634,825 -
Excess liabilities written back - 322,474
Others 262,961 16,620
2,612,194 2,900,519

Note 24
Taxation
2024 2023
Rupees Rupees
Charge for taxation:

Current
- Current 29,427,257 44,524,001
- Prior periods - -

Deferred tax (1,235,045) 3,751,246

28,192,212 48,275,247
ABC (PRIVATE) LIMITED Page 9 of 17
Notes to and forming part of the Financial Statements

Note 4
Property, Plant and Equipment
2024 2023
Note Rupees Rupees

Operating fixed assets 4.1 77,548,744 70,913,937

Capital work in progress 4.3 20,615,000 20,615,000
98,163,744 91,528,937

4.1 Operating fixed assets

Year ended June 30, 2024

Cost Depreciation Written Down

Particulars As at As at As at For the As at Value as at
Additions Deletion Rate Deletion
01.07.2023 30.06.2024 01.07.2023 Year 30.06.2024 30.06.2024
Rupees Rupees Rupees Rupees % Rupees Rupees Rupees Rupees Rupees

Owned

Freehold land 18,992,420 - - 18,992,420 - - - - - 18,992,420

Building 27,455,896 - - 27,455,896 10 8,291,377 - 1,916,452 10,207,829 17,248,067
Furniture and fixtures 16,937,064 301,415 - 17,238,479 10 6,754,795 - 1,027,631 7,782,426 9,456,053
Electrical equipment 3,520,145 402,090 - 3,922,235 10 1,095,124 - 265,423 1,360,547 2,561,688
Computers 26,053,495 2,826,963 (43,750) 28,836,708 30 18,615,485 (35,301) 2,700,627 21,280,811 7,555,897
Office equipment 8,830,842 778,939 - 9,609,781 10 2,654,730 - 671,298 3,326,028 6,283,752
Motor bike 86,100 - - 86,100 20 86,100 - - 86,100 -
Vehicles 18,041,334 12,807,793 (3,428,358) 27,420,769 20 12,852,701 (1,286,633) 1,481,397 13,047,465 14,373,304

Sub total 119,917,296 17,117,200 (3,472,108) 133,562,388 50,350,313 (1,321,934) 8,062,828 57,091,207 76,471,181

Leased

Vehicles 3,443,497 - - 3,443,497 20 2,096,543 - 269,390 2,365,934 1,077,563

Total 2024 123,360,793 17,117,200 (3,472,108) 137,005,885 52,446,856 (1,321,934) 8,332,218 59,457,141 77,548,744

Year ended June 30, 2023

Cost Depreciation Written Down

Particulars As at As at As at For the As at Value as at
Additions Deletion Rate Deletion
01.07.2022 30.06.2023 01.07.2022 Year 30.06.2023 30.06.2023
Rupees Rupees Rupees Rupees % Rupees Rupees Rupees Rupees Rupees

Owned

Freehold land 13,563,370 5,429,050 - 18,992,420 - - - - - 18,992,420

Building 27,455,896 - - 27,455,896 10 6,161,986 - 2,129,391 8,291,377 19,164,519
Furniture and fixtures 16,696,573 240,491 - 16,937,064 10 5,642,763 - 1,112,032 6,754,795 10,182,269
Electrical equipment 3,085,020 435,125 - 3,520,145 10 851,669 - 243,455 1,095,124 2,425,021
Computers 24,220,613 2,017,427 (184,545) 26,053,495 30 15,960,195 (64,662) 2,719,952 18,615,485 7,438,010
Office equipment 7,551,277 1,279,565 - 8,830,842 10 2,023,124 - 631,607 2,654,730 6,176,111
Motor bike 86,100 - - 86,100 20 63,482 - 22,618 86,100 -
Vehicles 18,041,334 - - 18,041,334 20 11,555,543 - 1,297,158 12,852,701 5,188,633

Sub total 110,700,183 9,401,658 (184,545) 119,917,296 42,258,762 (64,662) 8,156,213 50,350,313 69,566,983

Leased

Vehicles 3,443,497 - - 3,443,497 20 1,759,805 - 336,738 2,096,543 1,346,954

Total 2023 114,143,680 9,401,658 (184,545) 123,360,793 44,018,567 (64,662) 8,492,951 52,446,856 70,913,937

4.2 Depreciation charged for the year has been allocated as follows:

2024 2023
Rupees Rupees

Cost of sales 19 4,166,109 4,246,476

Administrative and selling expenses 20 4,166,109 4,246,476
8,332,218 8,492,951

4.3 Capital work in-progress

This represents advances for the purchase of land and properties.

ABC (PRIVATE) LIMITED Page 16 of 17
Notes to and forming part of the Financial Statements

Note 25
Chief Executive's and Directors' Remuneration

The aggregate amounts charged in the financial statements for the year as remuneration and benefits to the
chief executive and directors of the Company are as follows:

2024 2023
Chief Chief
Directors Directors
Executive Executive
Rupees Rupees Rupees Rupees

Managerial Remuneration 2,080,000 2,400,000 2,080,000 2,400,000

House rent allowance 832,000 960,000 832,000 960,000
Utilities 208,000 240,000 208,000 240,000
3,120,000 3,600,000 3,120,000 3,600,000

Number of persons 1 2 1 2

25.1 The chief executive and two directors are provided with free use of Company maintained vehicle.

25.2 No meeting fee has been paid to any director of the Company.

Note 26
Transactions with Related Parties

Related parties comprise related group companies, local associated companies, staff retirement funds, directors
and key management personnel. Transactions with related parties other than remuneration and benefits to key
management personnel under the term of their employment, as disclosed in Note 25, are as follows:

2024 2023
Rupees Rupees

- Purchases from associates - 1,793,201

- Advance recovered from / (to) subsidiary for expenses - Net 71,108,425 28,780,415
- Director's loan adjustment - Net 549,426 2,096,000
- Contribution to provident fund 5,192,979 4,527,907
ABC (PRIVATE) LIMITED Page 17 of 17
Notes to and forming part of the Financial Statements

Note 27
Restatement of Financial Statements

During the year, the management has corrected the revenue and cost of revenue with retrospective effect as
allowed by IAS-8 (Accounting Policies Changes in Accounting Estimates and Errors).

The effect of retrospective restatement on financial statements for the year ended June 30, 2023 is tabulated
below:
2023
Note Rupees

Decrease in sale of computers, computer equipment and software - Net 18 129,101,736

Decrease in trade debts 9 129,101,736
Decrease in purchases 19 97,106,352
Decrease in creditors 12 97,106,352

Note 28
Authorization of Financial Statements

These financial statements were authorized for issue by the Board of Directors of the Company
on__________________.

Note 29
General

- Figures have been rounded off to the nearest rupee;

- Comparative figures have been rearranged wherever necessary, to facilitate comparison. No material
rearrangements have been made in these financial statements.

CHIEF EXECUTIVE DIRECTOR