BOULEVARD CITY SUITES HOTEL

APARTMENT L.L.C
DUBAI U.A.E
AUDITORS REPORT
AND
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2015

INDEX

Page

1-2 AUDITORS REPORT

3 BALANCE SHEET AS OF DECEMBER 31, 2015

4 INCOME STATEMENT

4 STATEMENT OF RETAINED EARNINGS

5 STATEMENT OF CASH FLOW

6 STATEMENTS OF CHANGES IN OWNERS EQUITY
7-12 NOTES TO THE FINANCIAL STATEMENTS
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To: The Partners of,

BOULEVARD CITY SUITES HOTEL APARTMENT L.L.C
Dubai United Arab Emirates

AUDITORS REPORT

We have audited the accompanying financial statements of BOULEVARD CITY

SUITES HOTEL APARTMENT- L.L.C Dubai U.A.E set out on pages (3-12)
which comprise the Balance Sheet at December 31, 2015 and the income statement
for the period from January 01, 2015 to December 31, 2015 and the summary of
significant accounting policies and other explanatory notes.

The Companys Management Responsibility for the Financial Statements:-

The companys management is responsible for the preparation and fair presentation
of these Financial Statements in accordance with International Accounting
Standards .This responsibility includes designing, implementing of financial
statements that are free of 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 have conducted our audit in accordance with International Standards
of Auditing. Those standards require that we comply with ethical requirements, plan
and perform the audit to obtain reasonable assurance, whether the financial
statements are free of material misstatement.
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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 the 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 entitys 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 entitys internal control.
An audit also includes evaluating the appropriateness of accounting principles used
and reasonableness of accounting estimates made by management, 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 opinion.

Opinion:-
Except for the effects of the matters above mentioned, in our opinion the financial
statements present fairly, in all material respects, the financial position of
BOULEVARD CITY SUITES HOTEL APARTMENT- L.L.C Dubai U.A.E as
of December 31, 2015 and the results its operations and its cash flows for the year
then ended in accordance with International Financial Reporting Standards.

Amana Dubai
Chartered Accountants June 21, 2016
Musab Mansor
Reg No; 272
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BOULEVARD CITY SUITES HOTEL APARTMENT L.L.C

DUBAI U.A.E
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2015

1. LEGAL STATUS:

BOULEVARD CITY SUITES HOTEL APARTMENT L.L.C-DUBAI

U.A.E registered with the Tourism and Commerce Marketing
Department of government of Dubai under Tourism License No.
(618589) the shares are as follows:
Name Nationality Share
Majid Sultan Mohamad Ahmad Bin Suliman UAE 25%
Ahmad Sultan Mohamad Ahmad Bin Suliman UAE 25%
Khalifa Sultan Mohamad Ahmad Bin Suliman UAE 25%
Fahad Sultan Mohamad Ahmad Bin Suleman UAE 25%
100%

2. ACTIVITIES:

The main activity of the company is hotel apartments rental.

3. ACCOUNTING POLICIES:

A) The accompanying financial statements are prepared on the

historical cost convention adjusted to the measurement of the fair
values wherever applicable.
B) Depreciation of fixed assets is calculated to write-off the book value
on a straight-line basis over the expected useful lives as follows:
Furniture and Fixture 20%
Machinery & Electrical Appliances 20%
GYM Equipments 20%
Kitchen Equipments 20%
Building Improvement 20%
Office Equipments 20%
Building 5%

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 BOULEVARD CITY SUITES HOTEL APARTMENT L.L.C
DUBAI U.A.E
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2015

C) Revenue is calculated based on actual during the year.

D) Provision for Gratuity &Leave salary is made as per Labor Law

of U.A.E.

E) Transactions during the year in foreign currencies are converted

into U.A.E Dirham at approximate exchange rates prevailing at the
transaction dates. Assets and liabilities denominated in foreign
currencies are converted into U.A.E Dirham at approximate exchange
rates prevailing on the date of balance sheet. The gains or losses on
conversion are included in the statements of income.

F) An assessment is made at each balance sheet date to determine

whether there is objective evidence that the financial assets or group of
financial assets may be impaired. If such evidence exists, the estimated
recoverable amount of those assets is determined and impairment loss,
if any, is recognized for the difference between the recoverable amount
and the carrying amount. Impairment losses are recognized in the
statement of income.