Executive Engineering Services

Statement of Financial Positin

For the Period ended June 30, 2023

2023 2022
Note Rs 000 Rs 000

CAPITAL AND LIABILITIES

Capital Account
Opening Retained Earning 509,868 329,549
Profit/(Loss) for the year 512,572 205,319
Less: Drawings (250,000) (25,000)

772,440 509,868
Non-Current Liabilities:
Security Deposits Payable - -

Current Liabilities:
Short Term Finance 7(a) 1,050 1,050
Accounts Payables 3 6,875 6,250
Provision For Taxation 7 - 2,368
7,925 9,668

780,365 519,536

ASSETS
Non-Current Assets:
Property, Plant and Equipment 4 6,107 6,285

Current Assets:
WIP, Materials Stores 5 234,344 213,040
Trade Debts 6 145,618 132,380
Advances, Deposits & Prepayments 7 131,263 119,330
Cash and Bank Balances 8 263,033 48,500
774,258 513,250

780,365 519,535
Contingencies and Commitments - -

_____________________
CHIEF EXECUTIVE
 Executive Engineering Services
Statement of Profit or Loss
For the Period ended June 30, 2023

2023 2022
Note Rs 000 Rs 000

Revenue 9 1,940,400 554,400

Cost of Revenue 10 (1,372,340) (297,250)
Gross Profit 568,060 257,150

Administrative Expenses 11 53,088 48,261

Operating Profit for the year 514,972 208,889

Financial Charges 12 2,400 980

Profit Before Tax 512,572 207,909
Tax Expense 13 - 2,590
Profit After Tax 512,572 205,319

G.P 29.28%
N.P 26.42%

CHIEF EXECUTIVE
 Executive Engineering Services
Statement of Cash Flow
For the Period ended June 30, 2023

2023 2022
Note Rs 000 Rs 000

CASH FLOWS FROM OPERATING ACTIVITIES

Profit Before Tax 514,972 208,889

Adjustments for:
Depreciation Expense 218 198
Cash Flows from Operating Activities 515,191 209,087

Working capital changes:

Stock in Trade (1,075,090) 3,750
Trade Debts (13,238) (2,490)
Advances, Deposits & Prepayments (11,933) 4,690
Creditors, Accrued and Other Liabilities - -
(1,100,261) 5,950

Interest 12 (2,400) (980)

Tax Paid 13 - (2,590)
Net Cash Flows from /(used in) Operating Activities (587,470) 211,467

CASH FLOWS FROM FINANCING ACTIVITIES

Issuance of Share Capital
Security Deposits (31,174) 28,340
Drawings 250,000 (25,000)
Net Cash Flows from Financing Activities (368,644) 214,807

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the year 48,500 58,000
Net increase (decrease) in cash & cash Equivalents 585,545 (224,307)
Cash and cash equivalents at the end of the year 8 265,401 48,500
-

CHIEF EXECUTIVE
 EXECUTIVE ENGINEERING SERVICES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
Note Rs 000 Rs 000

3 Creditors, Accrued And Other Liabilities

Creditors 6,875 6,250
Accured Expenses
Loan from CEO - -
- -
6,875 6,250

4 Property, Plant And Equipment

Schedule Annexed 6,107 6,285

5 WIP, Materials Stores 108,394 98,540

Stores 125,950 114,500
234,344 213,040

6 Trade Debts
Account Receivables 145,618 132,380
145,618 132,380

7 Advances, Deposits & Prepayments

Cash Margin/ Securities 31,174 28,340
Advance to Suppliers 98,560 89,600
Advance to Employees 1,529 1,390
131,263 119,330

7 Provision for Taxation

Provision for Taxation - 2,368
- -
- 2,368
7(a) Short Term Finance
Runnung Finance Facility 1,050 1,050

8 Cash & Bank Balance

Cash in Hand 246,179 8,000
Cash at Bank 16,855 40,500
263,033 48,500

9 Revenue
Contract Executed 1,940,400 554,400
Less: Discount - -

1,940,400 554,400

10 Cost of Goods Sold

Opening Stock 297,250 95,150
Purchases 1,164,240 291,250
 EXECUTIVE ENGINEERING SERVICES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
Less;Closing Stocks 89,150 89,150
1,372,340 297,250

11 Adminstrative Expenses
Overhead Expense 17,967 16,334
Salaries & Allowances 26,620 24,200
Telephone & Mobile 429 390
Stationery, Postage & Courier 149 135
Social Security & EOBI 138 125
Enertainment Expenses 1,766 1,605
Legal & Professional Charges 61 55
Vehicle Runnung & Maintenance 611 555
Repair & Maintenance 561 510
Welfare & Donations 451 410
Depreciation 218 198
Misc.Expenses 4,118 3,744
53,088 48,261

12 Finance Cost
Bank Charges 2,400 980
2,400 980
13 Taxation
Taxes for for the year 0 2590

There were no contengencies and commitments as at June 30, 2021.

14 General
Figures have been rounded off to the nearest Rupee.
Corresponding figures have been rearranged/reclassified, where necessary, for the purposes of comparison.

15 Authorization For Issue:

The financial statements were authorized for issue on the 01 Day of Nov, 2024

CHIEF EXECUTIVE
 EXECUTIVE ENGINEERING SERVICES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

1 COMPANY AND ITS OPERATIONS

1.1 Executive Engineering Services was incorporated in Pakistan under the Companies
Ordinance, 1984.The Company is engaged in the business of contructing, managing
and maintaining subject to the approval of concerned authority.

2 BASIS OF PREPARATION

2.1 Statement of Compliance

These financial statements have been prepared in accordance with the Accounting
and Financial Reporting Standards for Small Sized Entities (SSEs) as notified by
SECP vide SRO No. 860(1)/2007 dated August 21, 2007 U/S 234(3) of Companies
Ordinance 1984 and its related provisions. Wherever, the requirements of the
Companies Ordinance 1984 or directives issued by the Securities and Exchange
Commission of Pakistan differ with Requirements of these Standards, the
2.2 Fixed Assets

Fixed assets acquired are stated at cost less accumulated depreciation.

Depreciation on fixed assets is calculated using the Reducing Balance Method.
Depreciation is charged for full month in the month of purchase while no
depreciation is charged in the month of disposal. Major renewals and replacements
are capitalized. Gains or losses on retirement or disposal of fixed assets are charged
to Profit & Loss Account.
An item of property and equipment is derecognized upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is charged to Profit & Loss Account
in the year the asset is derecognized.
2.3 Trade Debts
Trade debts and other receivable are stated at original invoice. Bad debts are written
off when identified while debts considered doubtful of recovery are fully provided
for. Provision for doubtful debts is charged to profit and loss account currently.

2.4 Trade and other payables

Creditors relating to trade and other payables are carried at cost which is the fair
value of consideration to be paid in the future for goods and services received,
whether or not billed to the company.
 EXECUTIVE ENGINEERING SERVICES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2023

2.5 Revenue Recognization

Revenue from sales is recognized when significant risks and rewards of ownership
are transferred to the buyer. Contract income is recognized as income when the
services are rendered.
2.6 Cash and Cash Equivalents
Cash and cash equivalents are carried in the balance sheets at cost.