Company No :

477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2010
The Directors have pleasure in submitting their report together with the audited financial statements
of the Company for the year ended 31 December 2010.
PRINCIPAL ACTIVITY
The Company is principally engaged in a business of interior designer. There has been no significant
change in the nature of this activity during the year.
FINANCIAL RESULTS
RM
Loss after taxation
Accumulated losses brought forward
Accumulated losses carried forward

(167,987)
(397,144)
(565,131)

RESERVES AND PROVISIONS

There were no material transfers to or from reserves and provisions during the financial year.
DIVIDENDS
No dividend has been paid or declared since the end of previous financial year.
The directors do not recommend any dividend in respect of the current financial
year.
ISSUE OF SHARES
There was no movement in shares of the Company during the financial year.

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
DIRECTORS OF THE COMPANY
Directors who served since the date of last report until the date of this report made are: ANUAR BIN MOHAMED
MOHAMAD ZAINAL ASRI BIN NAWI
AZRAI @ AZRY BIN MUHAMMED GHALIP
The holdings in the ordinary shares of the Company of those who were directors at year end are as
follows:Number of ordinary shares of RM1 each
As at
As at
01.01.10 Bought
Sold 31.12.10
ANUAR BIN MOHAMED
MOHAMAD ZAINAL ASRI BIN NAWI

225,001
25,001

225,001
25,001

DIRECTORS BENEFITS
Since the end of the previous financial year, no director of the Company has received or become
entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments
received or due and receivable by directors as shown in the financial statements) by reason of a
contract made by the Company or a related company 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.
There were no arrangements during and at the end of the financial year, which had the object of
enabling directors of the Company to acquire benefits by means of the acquisition of shares in, or
debentures of the Company or any other body corporate.

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
STATUTORY INFORMATION ON FINANCIAL STATEMENTS
Before the financial statements of the Company were made out, the Directors took reasonable steps:
i)

to ascertain that action had been taken in relation to the writing-off of bad debts and the
making of allowance for doubtful debts and satisfied themselves that all known bad
debts had been written off and that adequate allowance has been made for doubtful debts.

ii)

to ensure that any current assets which were unlikely to realise their book value in the
ordinary course of business were written down to an amount which they might be
expected so to realise.

At the date of this report, the Directors are not aware of any circumstances which would render:i)

the amount written off for bad debts or the amount of allowance for doubtful debts in the
financial statements of the Company inadequate to any substantial extent;

ii)

the values attributed to current assets in the financial statements of the Company
misleading;

iii)

the adherence to the existing method of valuation of assets or liabilities of the Company
misleading or inappropriate.

No contingent liability or other liability of the Company has become enforceable or are 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 its obligations as
and when they fall due.
At the date of this report:
i)

there are no charges on the assets of the Company that have arisen since the end of the
financial year to secure the liabilities of any other person, and

ii)

there are no contingent liabilities in respect of the Company which have arisen since the
end of the financial year.

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
OTHER STATUTORY INFORMATION
The Directors state that:
At the date of this report, they 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.
In the opinion of the Directors:
a)

the results of the Companys operations during the financial year were not substantially affected
by any item, transaction or event of a material and unusual nature; and

b)

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 to affect
substantially the results of the operations of the Company for the current financial year in which
this report is made.

AUDITORS
The auditors, Messrs. ARIFIN AHMAD & CO, have indicated their willingness to accept
appointment.
Signed in accordance with a resolution of the directors:

ANUAR BIN MOHAMED

Director

AZRAI @ AZRY BIN MUHAMMED GHALIP

Director
Kuala Lumpur
Date :

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)

STATEMENT BY DIRECTORS PURSUANT TO

SECTION 169(15) OF THE COMPANIES ACT, 1965
We, ANUAR BIN MOHAMED and AZRAI @ AZRY BIN MUHAMMED GHALIP, being
the directors of ANUAR M INTERIORS SDN. BHD., state that, in our opinion, the
financial statements set out on pages 9 to 21 are drawn up in accordance with
the Private Entity Reporting Standards in Malaysia and the provisions of the
Companies Act, 1965 so as to give a true and fair view of the state of affairs of
the Company at 31 December 2010 and of its results and cash flows for the
financial year ended on that date.

In accordance with a resolution of the Directors:

ANUAR BIN MOHAMED

Director

AZRAI @ AZRY BIN MUHAMMED GHALIP

Director
Kuala Lumpur
Date :
5

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
DECLARATION PURSUANT TO
SECTION 169(16) OF THE COMPANIES ACT, 1965

I, ANUAR BIN MOHAMED, being the director primarily responsible for the financial
management of ANUAR M INTERIORS SDN. BHD., do solemnly and sincerely declare that
the financial statements set out on pages 9 to 21 are, in my opinion, 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 ANUAR BIN MOHAMED

)
)

(I/C No: 570719-04-5803) at Batu Caves

in the state of Selangor Darul Ehsan

ANUAR BIN MOHAMED

Before me:

Commissioner for Oaths

Batu Caves
Date :

6
INDEPENDENT AUDITORS'
REPORT

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)

TO THE MEMBERS OF
SIERRA ENERGY SDN BHD
Company No.: 477002-W

Report on the Financial Statements

We have audited the financial statements of ANUAR M INTERIORS SDN. BHD.,
which comprise the balance sheet as at 31 December 2010, and the income
statement of changes in equity and cash flow statement for the year then
ended, and a summary of significant accounting policies and other explanatory
information, as set out on pages 9 to 21.
Directors Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation of financial
statements that give a true and fair view in accordance with Private Entity
Reporting Standards and the Companies Act 1965 in Malaysia, and for such
internal control as the directors determine are necessary to enable the
preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
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
about 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 assessment, we consider internal control relevant to the
entitys preparation of financial statements that give a true and fair view 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 entitys 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.
7

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)

INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF
ANUAR M INTERIORS SDN. BHD.
Company No.: 477002-W

Opinion
In our opinion, the financial statements have been properly drawn up in
accordance with Private Entity Reporting Standards and the Companies Act 1965
in Malaysia so as to give a true and fair view of the financial position of the
Company as of 31 December 2010 and of its financial performance and cash
flows for the year then ended.
Emphasis of matter
Without qualifying our opinion, we draw attention to Note 3 in the financial
statements which discloses the premise upon which the Company has prepared
its financial statements by applying the going concern assumption,
notwithstanding that the Company incurred a net loss of RM 167,987 during the
year ended 31 December 2010, and as of that date, the Companys current
liabilities exceeded its current assets by RM 322,568, thereby indicating the
existence of a material uncertainty which may cast significant doubt about the
Companys ability to continue as a going concern.
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.

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
ARIFIN AHMAD & CO
Chartered Accountants (Malaysia)
AF 1080

BASRI BIN HARUN

Partner of the firm
2358/10/12 (J)
Chartered Accountant

Date :

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
BALANCE SHEET AS AT 31 DECEMBER 2010
2010
RM

NOTE

2009
RM

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment

CURRENT ASSETS
Trade receivables
Other receivables, deposits and prepayments
Amount owing by director
Tax recoverable
Cash and bank balances

7,440

11,308

118,306
8,691
1,232
1,648
41,525
171,402

195,396
11,491
1,232
1,648
41,489
251,256

178,842

262,564

250,002
(565,131)
(315,129)

250,002
(397,144)
(147,142)

10
11

493,971
493,971

406,884
2,822
409,706

178,842

262,564

7
8

TOTAL ASSETS
EQUITY AND LIABILITIES
Equity attributable to the shareholders of the Company
Share capital
Unappropriated losses

LIABILITIES
Current Liabilities
Other payables and accruals
Hire purchase payable

TOTAL EQUITY AND LIABILITIES

The notes on pages 13 to 21 form part of these financial statements.

10

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
INCOME STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2010

2010
RM

NOTE

Revenue

12

335,261

Cost of sales

Gross profit

335,261

2009
RM

210,926
(6,236)
204,690

Other income

62

Total income

335,323

204,690

Administrative expenses

(502,486)

(409,063)

Loss fromoperation

(167,163)

(204,373)

(824)

(3,912)

(167,987)

(208,285)

Financial cost
Loss before taxation

13

Taxation

14

Loss after taxation

(167,987)

The notes on pages 13 to 21 form part of these financial statements.

11

(208,285)

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Share
Capital
RM
Balance as at 31 December 2008

250,002

Net loss for the year

Balance as at 31 December 2009

250,002

Net loss for the year

Balance as at 31 December 2010

250,002

Accumulated
Losses
RM
(188,859)

61,143

(208,285)

(208,285)

(397,144)

(147,142)

(167,987)

(167,987)

(565,131)

(315,129)

The notes on pages 13 to 21 form part of these financial statements.

12

Total
RM

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010

CASH FLOWS FROM OPERATING ACTIVITIES

Loss Before Taxation
Adjustments for :
Depreciation
Operating loss before working capital

2010
RM

2009
RM

(167,987)

(208,285)

3,869
(164,118)

(Increase) / Decrease in :
Receivables
Directors
Increase / (Decrease) in:
Payables

3,868
(204,417)

79,890
-

19,751
(1,232)

87,087

51,499

Net Cash Generated From / (Used In) Operating Activities

2,859

(134,399)

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of plant, property and equipment
Net Cash Generated From / (Used In) Investing Activities

(1,315)
(1,315)

(2,822)
(2,822)

(17,148)
(17,148)

CASH FLOW FROM FINANCING ACTIVITIES

Repayment of hire purchase
Net Cash Used In Financing Activities
NET INCREASE / (DECREASE) IN CASH AND
CASH EQUIVALENTS DURING THE FINANCIAL YEAR

37

(152,862)

CASH AND BANK BALANCES AT THE

BEGINNING OF THE FINANCIAL YEAR

41,489

194,351

CASH AND BANK BALANCES AT THE

END OF THE FINANCIAL YEAR

41,526

41,489

41,526

41,489

Cash and cash equivalents at end of the financial

year comprise the following :
Cash and bank balances

13

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS
1.

PRINCIPAL ACTIVITIES
The Company is principally engaged in a business of interior designer. There has been no
significant change in the nature of this activity during the year.

2. GENERAL INFORMATION
The financial statements were authorized for issue by the board of Directors in accordance with a
resolution of the Directors on
The Company is a private limited liability Company, incorporated and domiciled in Malaysia.
The registered office of the Company is located at No. 85B, Jalan SG 3/10, Pusat Bandar Sri
Gombak, 68100 Batu Caves, Selangor Darul Ehsan.
The principal place of business is located at 19-2 Jalan 26/70A, Desa Sri Hartamas, Off Jalan
Bukit Kiara, 50480 Kuala Lumpur.
3.

GOING CONCERN
As at 31 December 2010, the Company has a net current liabilities of RM 322,568 (2009: RM
158,450) and capital deficiency of RM 315,129 (2009: RM 147,142). The financial statements of
the company have been prepared in accordance with the accounting policies applicable to a
going concern. This basis presumes that the Company will continue to receive financial support
from its shareholders, the director or creditor, and that future operating results of the Company
will improve. Should any of the above underlying assumption be negated or substantially altered,
the accompanying financial statements may be affected materially.

4.

FINANCIAL RISK MANAGEMENT POLICIES

The Companys financial risk management policy seeks to ensure that adequate financial
resources are available for the development of Companys businesses whilst managing its risk.
The Company operates within clearly defined guidelines that are approved by the Board and the
Companys policy is not to engage in speculative transactions.
The main areas of financial risks faced by the Companys and the policy in respect of the major
areas of treasury activity are out as follows:
a)

Liquidity and cash flow risk.

The Company seeks to achieve a balance between certainty of funding and flexible, costeffective borrowing structure. This is to ensure at minimum, all projected net borrowing
needs are covered by committed facilities. Also, the objective for debts maturity is to ensure
that the amount of debts maturing in any one year is not beyond the Company means to
repay and refinance.
14

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS
4.

FINANCIAL RISK MANAGEMENT POLICIES (CONTD)

b)

Credit risk
The credit risk is controlled by the application of credit approvals, limits and monitoring
procedures. An internal credit review is conducted if the credit risk is material.

c)

Market risk
For key product purchases, the Company establishes floating and fixed price levels that the
Company considers acceptable and enters into physical supply agreements, where necessary,
to achieve these levels. The Company does not face significant exposure from the risk from
changes in price levels.

5.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a)

Basis of preparation
The financial statements of the Company have been prepared in
accordance with the Private Entity Reporting Standards and Companies
Act, 1965 in Malaysia.
The financial statements have been prepared on the historical cost basis
unless otherwise disclosed in the accounting policies below.

b)

Accounting convention.
The financial statements of the Company are prepared under the historical cost convention,
unless otherwise indicated in the other significant accounting policies.

c)

Property, plant and equipment and depreciation

Property, plant and equipment are stated at historical cost less accumulated depreciation
and impairment losses and less any impairment losses.
Property, plant and equipment are depreciated on a straight-line basis to write off the cost
of the assets over the term of their estimated useful lives.
The principal annual rates of depreciation used are as follows:
Computer and software
Furniture and fittings
Motor vehicles
Office equipment

40%
10%
20%
10%

Property, plant and equipment are written down to recoverable amount if, in the opinion of
the Directors, it is less than their carrying value. Recoverable amount is the net selling price
of the property, plant and equipment i.e. the amount obtainable from the sale of an asset in
15

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
an arms length transaction between knowledgeable, willing parties, less the costs of
disposal.
NOTES TO THE FINANCIAL STATEMENTS (CONTD)
5.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD)

c) Receivables
Receivables are carried at anticipated realisable values. Bad debts are written off in the year
in which they are identified. An estimate is made for doubtful debts based on a review of all
outstanding amounts at the financial year.
d)

Payables
Payables are stated at cost, which is the fair value of the consideration to be paid in the
future for goods and services received.

e)

Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents
comprises of cash in hand and deposits held a call with banks.

f)

Impairment of assets
The carrying values of assets 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 net realizable value
and value in use, which is measured by reference to discounted future
cash flows.
An impairment loss is charged to the income statement immediately.
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 determined (net of
amortization and depreciation) had no impairment loss been recognized.
There reversal is recognized in the income statement immediately.

g)

Income taxes
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax
is the expected amount of income taxes payable in respect of the taxable profit for the year
and is measured using the tax rates that have been enacted at the balance sheet date.
Deferred tax liabilities and assets are under the liability method at the current tax rate in
respect of all temporary differences between the amounts of an asset or liability in the
balance sheet and its tax base including unused tax losses and capital allowances.
A deferred tax asset is recognized only to the extent that it is probable
that taxable profit will be available
against which the deductible
16

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
temporary differences can be utilized. The carrying amount of a deferred
tax asset is reviewed at each balance sheet date. If it is no longer
probable that sufficient taxable profit will be available to allow the
benefit of part or all of that deferred tax asset to be utilized, the carrying
amount of the deferred tax asset will be reduced accordingly. When it
becomes probable that sufficient taxable profit will be available, such
reductions will be reversed to the extent of the taxable profit.

NOTES TO THE FINANCIAL STATEMENTS (CONTD)

5.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD)

h)

Provision
Provisions are recognized when there is a present obligation, legal or constructive, as a
result of a past event, when it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and reliable estimate can be made of the
amount of the obligation.

i)

Financial instruments
Financial instruments are recognized when a contractual relationship has
been established.
Financial instruments are classified as liabilities or equity in accordance
with the substance of the contractual agreement. Interest, dividends,
gains and losses relating to the financial instruments classified as liability
are reported as expenses or income and distributions in respect of
financial instruments classified as equity charged to equity.
Financial instruments are offset when the Company has a legally
enforceable right to offset and intends to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The Companys accounting policies and the method adopted in respect
of each class of financial; instruments and further information thereof are
disclosed in the individual accounting policy statements or notes to the
financial statements associated with those financial instruments.

j)

Employee benefits
(i)

Short term benefits

Wages, salaries, paid annual leave and sick leave, bonuses and nonmonetary benefits are accrued in the financial year in which the
associated services are rendered by employees of the Company.
17
(ii) Defined contribution plan

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)

The Companys contributions to defined contribution plans are

charged to the income statement in the financial year to which they
relate. Once contributions have been paid, the Company has no
further payment obligation. Companies incorporated in Malaysia
contribute to the Employees Provident Fund, the national defined
contribution plan.
k) Revenue recognition
Revenue from services is recognised when services are rendered and invoice issued to
customers.

18

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS (CONTD)
6.

PROPERTY, PLANT AND EQUIPMENT

Cost
Particulars

As at
01.01.2010
RM

Acquired
RM

Disposed
RM

As at
31.12.2010
RM

Computer and software

Furniture and fittings
Motor vehicle
Office equipment

81,244
9,969
202,188
28,714

81,244
9,969
202,188
28,714

322,115

322,115

Particulars

As at
01.01.2010
RM

Depreciation
RM

Disposed
RM

As at
31.12.2010
RM

Computer and software

Furniture and fittings
Motor vehicle
Office equipment

81,243
8,567
202,187
18,809

997
2,872

81,243
9,564
202,187
21,681

310,806

3,869

314,675

Accumulated Depreciation

Net Book Value

Particulars
Computer and software
Furniture and fittings
Motor vehicle
Office equipment

Net Book Value

2010
2009
RM
RM

Depreciation
2009
RM

1
405
1
7,033

1
1,401
1
9,905

997
2,872

7,440

11,308

3,869

a) Included in property, plant and equipment of the Company are fully depreciated property,
plant and equipment with a total cost of RM 283,432 (2009: RM 283,432) which are still in
used.
b) Included in the property, plant and equipment of the Company are motor vehicles that
acquired under hire purchase installment with a total net book value of RM 1 (2009: RM 1)

19

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS (CONTD)
7.

OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

Non-trade receivables

2010
RM

2009
RM

8,691

11,491

Included in non-trade receivables is an amount owing by the company in

which the director is also director of the Company.
8. AMOUNT OWING BY DIRECTOR
The amount owing by the director is unsecured, bears no interest and has no
scheme of repayment has been arranged.
9.

SHARE CAPITAL
2010
RM

2009
RM

Authorized capital:
500,000 ordinary shares of RM 1 each

500,000

500,000

Issued and paid-up capital:

250,002 ordinary shares of RM 1 each

250,002

250,002

2010
RM

2009
RM

489,571
4,400
493,971

402,684
4,200
406,884

10. OTHER PAYABLES AND ACCRUALS

Non-trade payables
Accrual of expenses

Included in non-trade payables is an amount owing to the company in which the director is also
director of the Company.

20

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)

NOTES TO THE FINANCIAL STATEMENTS (CONTD)

11. HIRE PURCHASE PAYABLE
2010
RM

2009
RM

3,422

3,422
(600)
2,822
2,822
2,822

Minimum instalment payments

Within 1 year
After 1 year but not later than 5 years
Interest
suspense
Present on
value:
Within 1 year
After 1 year but not later than 5 year

12. REVENUE
Revenue represents income derived from provision of interior design.
13. LOSS BEFORE TAXATION
Note
This is derived at after charging the following:
Audit fees
Depreciation
Directors remuneration
Office rental
Interest on hire purchase
Staff costs

21

(i)

2010
RM

2009
RM

2,000
3,869
190,617
22,000
177,886

1,800
3,868
72,000
21,800
3,600
245,684

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS (CONTD)
13. LOSS BEFORE TAXATION (CONTD)
(i)

Staff cost
2010
RM
134,235
30,251
13,400
177,886

Salaries, bonus and allowance

EPF and SOCSO
Duit raya
Staff refreshment

2009
RM
220,320
22,964
2,400
245,684

The number of employees of the Company at the end of the year was 6 (2009: 4) persons.
14. TAXATION
No taxation has been provided in the financial statements as the Company had incurred a tax loss
in the financial year.
Subject to the Inland Revenue Board, the Company had unabsorbed tax losses and capital
allowance carried forward of approximately RM 423,809 (2009: RM 259,690) and RM 19,559
(2009: RM 16,725) respectively, to be set off against the Companys future taxable income.
The tax reconciliation of income tax expenses applicable to profit before taxation at the statutory
tax rate of income tax expenses to the effective tax rate of the Company is as follows:-

Loss before taxation

Tax calculated at Malaysian rate of 20%
Tax effects of:
-Non allowable expenses
-Deferred tax asset not recognised
-Utilisation of deferred tax not recognised in prior year
Taxation

22

2010
RM
(167,987)

2009
RM
(208,285)

(33,597)

(41,657)

87,803
(54,206)

4,163
54,206
(16,712)

Company No :
477002 W

ANUAR M INTERIORS SDN. BHD.

(Incorporated in Malaysia)
NOTES TO THE FINANCIAL STATEMENTS (CONTD)
15. DEFERRED TAXATION
The tax effect of timing differences which would give rise to net future tax benefit are generally
recognized only where there is a reasonable expectation of realization. As at 31 December 2010,
the estimated amount of deferred taxation benefit calculated at current tax rate which has not
been recognized in the financial statement, are as follows:

Tax effect of timing differences in respect of the

excess of tax capital allowance over book depreciation
Tax effect of unabsorbed capital allowances
Tax effects of unabsorbed business losses
Deferred tax assets

2010
RM

2009
RM

(870)
3,912
84,761
87,803

(1,077)
3,345
51,938
54,206

The potential deferred tax asset of the Company is not provided for in the financial statements as
it is anticipated that the tax effects of such deferrals will not reverse in the foreseeable future.

18. FINANCIAL INSTRUMENTS

a)

Credit risk
The maximum credit risk associated with recognized financial assets is the carrying amount
shown in the balance sheet.

b)

Fair value
The carrying amounts of financial assets and liabilities of the Company at the balance sheet
date approximate their fair values.

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