This document provides financial statements and related information for Hato Company Limited for the year ended 31 December 2008. It includes the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows, notes to the financial statements, report of the directors and report of the external auditors. The directors confirm the company was profitable during the year and consider it to be solvent. Hato Company Limited's main activities are transportation using trucks and trading in petroleum products in Tanzania.

1. HATO COMPANY LIMITED
Audited Financial 31 December
Statements 2008
Esq. Financial Services
Accountants, Auditors and Tax Consultants
Room 12, NHC Gorofa Jipya Building
Taifa Road, Near Barclays Bank Keko Branch.
PO Box 75115 Dar es Salaam.
Tel/Fax: +255 22 2864052
Website:www.esq.co.tz, e-mail:info@esq.co.tz
Tel: 0712 747474/ 0762 747474 / 0782747474

2. Table of Contents
For Financial Statements of
HATO COMPANY LIMITED
Item Page
Corporate information 2
Report of Directors 4
Report of the Auditors 5
Statement of Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash Flows 9
Notes to the Financial Statements 10
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3. Corporate Information of
HATO COMPANY LIMITED
For the year ended 31 December 2008
Directors David Anandumi Ulomi
Abdi Clemence Mushi
Haruni Ramadhani Mushi
Onaukiro Nkuwi Ulomi
Registered Office Kigogo Roundabout,
Kawawa Road,
PO Box 65086,
Dar es Salaam.
Tanzania
Accountants Esq. Financial Services
Certified Public Accountants
PO Box 75115
Dar es Salaam
Principal Bankers United Bank of Africa,
Pugu Road Branch
Dar es Salaam
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4. Report of the Directors
1.0 The Directors present their report and Audited Financial Statements for
the year ended 31 December 2008. The Audited Financial Statements are
set out on pages 6 to 13.
2.0Directors
The Directors of the company who held office during the year ended 31
December 2008 and to the date of this report were:-
Name Control
David Anandumi Ulomi 20%
Abdi Clemence Mushi 20%
Haruni Ramadhani Mushi 20%
Onaukiro Nkuwi Ulomi 40%
3.0 Statement of Directors’ Responsibilities
The Directors as required by the provisions of the Companies Act 2002 are
responsible for the preparation of financial statements that give a true and
fair view of the state of the affairs of the Company as at the end of the
financial year and of the profit and profit of the Company for that year.
The Directors confirmed that suitable accounting policies have been used
and applied consistently and reasonable and prudent judgment and
estimates have been made in the preparation of the financial statements
for the year ended 31 December 2008. The Directors also confirm that
applicable accounting standards, the International Financial Reporting
Standards have been followed and that the financial statements have been
prepared on the going concern basis.
The Directors are responsible for keeping proper accounting records that
disclose with reasonable accuracy at any time the financial position of the
Company. They are also responsible for safeguarding the assets of the
Company and hence taking reasonable steps for the prevention and
detection of fraud, errors and other irregularities. The Directors are also
responsible for the maintenance of an adequate system of internal
controls.
4.0Principal Activities
The Company’s main activity is transportation business using trucks and
trading in all types of petroleum products in Tanzania.
5.0Operations Results
During the year ended 31 December 2008 the Company made a profit as
shown in the Statement of Comprehensive Income.
6.0Solvency Evaluation
The Company’s state of affairs as at 31 December 2008 is shown on page
6. The Board considers the Company to be solvent within the meaning
ascribed by the Companies Act 2002.
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5. 7.0Dividends
The Directors did not declare dividend for the year under review, as the
company is reinvesting its profits.
8.0Employee Welfare
The relationship between employees and Management continued to be
good.
9.0Statutory Payments
The Company does not make statutory payments such as PAYE, SDL and
NSSF as it has not yet employed permanent staff. It does not pay VAT as
the Company is not VAT registered.
10.0Statutory Auditors
Esq. Financial Services were the appointed statutory auditors of HATO
COMPANY LIMITED for the year ended 31 December 2008.
By Order of the Board
Director ………………… Date ………………… Director ……………..
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6. Report of the External Auditors
to the members of
HATO COMPANY LIMITED
We have audited the accompanying Statement of Financial Position of HATO
COMPANY LIMITED for the year ended 31 December 2008 and the related
Statement of Comprehensive Income, Statement of Changes in Equity and
Statement of Cash Flows for the year then ended.
Respective responsibilities of Management of HATO COMPANY LIMITED and
Auditors
The Directors of HATO COMPANY LIMITED are responsible for the preparation of
these financial statements. It is our responsibility to form an independent
opinion, based on our audit, on these financial statements and to report our
opinion to you.
Basis of opinion
We conducted our audit in accordance with International Auditing Standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on test basis evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principle used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We have obtained the information and explanations which we deemed necessary
for our audit. We believe that our audit provides a reasonable basis for our
opinion.
Opinion
In our opinion, the accompanying financial statements present fairly the financial
position of HATO COMPANY LIMITED for the year ended 31 December 2008 and
the results of its operations and its statement of changes in equity and cash flows
for the year then ended in accordance with International Accounting Standards.
For and on behalf of
Esq. Financial Services
Certified Public Accountants, Auditors and Tax Consultants
Mbonde Said Mbonde
MANAGING PARTNER
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