NOTICE OF THE ANNUAL GENERAL MEETING OF SANDY PLACE SHARE BLOCK LIMITED
Reg no: 1969/01187/06
You are cordially invited by the Management of Sandy Place Share Block Ltd to attend the Annual General Meeting to be held on the 30th of June 2007 at Manzi Monate at 10H30.
The Agenda is as follows:
1. Opening / Welcome
2. Quorum / Proxies / Apologies
3. Approval of the minutes of the previous AGM held on the 22nd of August 2006
4. Matters arising out of the previous meeting
5. Chairman’s report
6. Approval of the financial statements for the year ending 31 December 2006
7. Approval of auditors’ remuneration
8. Appointment of auditors
9. Approval of insurance with or without amendments
10. Determination of the number of Directors
11. Election of Directors
12. General
13. Vote of thanks and closing
BY ORDER OF THE BOARD
MINUTES OF THE ANNUAL GENERAL MEETING OF SANDY PLACE SHARE BLOCK LIMITED HELD AT MANZI MONATE COUNTRY CLUB ON THE
22ND OF AUGUST 2006 AT 14H00.
PRESENT:
JW MEYER (JM)
E HEATHMAN (EH)
JP DE BEER (JB)
APOLOGIES:
IL WILCOCKS (IW)
BY INVITATION:
MA DREYER (MD)
J VAN NIEKERK (JVN)
J DE LANG VENTER (DV)
J VIVIERS (JV)
C BEKKER (CB)
C FLAVELL (CF)
MEMBERS:
AS PER ATTENDANCE REGISTER
1. OPEN AND WELCOME
Noted:
JM welcomed everyone and extended a special welcome to Hennie Enslin from GKL
Auditors, and thanked Manzi Monate for supplying the venue and VRS staff for
arranging the AGM.
2. APOLOGIES
Noted:
Apologies were received from Mr. I Wilcocks, Mr. JC Lamprecht and Mr. I Potgieter.
3. PROXIES
Noted:
JM tabled the two (2) proxies that had been received.
4. QUORUM
Noted:
JM advised that a quorum was present in terms of the proxies received and the Members attending the AGM.
5. APPROVAL OF THE MINUTES OF THE PREVIOUS AGM HELD ON THE 24TH OF SEPTEMBER 2005
Noted:
The Minutes having been duly circulated were taken as read
Resolved:
The minutes of the AGM held on the 24th of September 2005 were approved and
accepted. (Proposed JB Seconded EH)
6. MATTERS ARISING FROM THE MINUTES OF THE PREVIOUS AGM HELD ON THE
24TH OF SEPTEMBER 2005
Noted:
There were no matters arising.
7. CHAIRMAN'S REPORT
Noted:
As the report was circulated with the notice same was taken as read. JM the minutes of
the General meeting had been approved by the directors to enable them to register the
Special resolution. The minutes were available on request.
8. APPROVAL OF FINANCIALS DATED 31 DECEMBER 2005
Noted:
JM confirmed that the financial reports had been circulated, as there were no questions arising from the documents asked the meeting to approve the acceptance of the financial statements and the actions of the Directors by a show of hands.
Resolved:
The Financials for the period ending 31 December 2005 and the actions of the Directors were unanimously approved.
9. APPOINTMENT OF AUDITORS
Noted:
JM stated that the Directors were very pleased with the service received from GKL Auditors and asked Hennie Enslin to thank his staff for their excellent service.
Resolved:
That GKL Auditors be appointed as the Auditors for the ensuing financial year.
10. REMUNERATION OF AUDITORS
Noted:
JM stated that the auditor's remuneration had to be approved for payment by the
Managing Agent the account stood at R17 910.47; Hennie Enslin stated he would
Write back the accrued interest on the account.
Resolved:
Payment to GKL Auditors was approved for an amount of R17 385.00.
11. APPROVAL OF INSURANCE
Noted:
JM referred to a handout relating to a comparative quotation between Insura which was
the current insurer and Safari & Tourism.
The Chairman pointed out that at the previous AGM it was resolved to increase the public liability from R5M to R10M. The quote by Insura stated that they could not increase the public liability at a reasonable rate; however Safari & Tourism could assist with this increased cover at a very comparable rate. The Board had discussed the matter and proposed that the meeting resolve to change the insurer to Safari & Tourism as they were also approximately R1 700.00 lower in price even with the increased liability.
That the insurance company be changed from Insura to Safari & Tourism with the
increased public liability amount of R10M.
12. APPROVAL OF THE NUMBER OF DIRECTORS
Noted:
JM stated that there were four (4) Directors on the Board and that no new nominations
were received from the Members and that the Directors currently stood down but were
available for re-election.
Resolved:
A unanimous resolution was passed that the Directors attendant be re-elected en
block. A further unanimous resolution was passed appointing the directors until the next
AGM.
13. CONFIRMATION OF CHANGE OF REGISTERED ADDRESS
Noted:
The meeting confirmed the change of registered address to the VRS address.
14. GENERAL
Noted:
There were no matters raised under general
15. CLOSE
Noted:
JM thanked all the members and invitees for attending the AGM and thanked and complimented VRS for all their hard work during the year and for the preparations for the meeting. The meeting was adjourned at 14h20.
Signed at Pretoria .on this 14th day of February 2006
Chairman
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CHAIRMAN'S REPORT
It is once again a privilege to provide members with this Chairman's report. There are few occasions as motivating as being able to report on a great year for the Resort and our members have benefitted as a result thereof.
For those of you who have been to the resort recently will have noted that the refurbishment and makeover of the resort is almost complete, and the benefits as far as the accommodation and the holiday experience enjoyed by all is very evident. In fact it is so evident that RCI awarded the resort the coveted Silver Crown grading at the RCI awards ceremony, and based on the current evaluations, we are in a strong position to be able to challenge all to achieve the Gold Crown status.
Would also like to take this opportunity of saying a big thank you to Juan and his team, they have certainly worked miracles in very difficult circumstances, which included the daunting task of accommodating and dealing with clients who were onsite while the refurbishment was in progress and certain units were decommissioned due to the refurbishment. Well done Juan to you and your teams, we are very proud of you.
I would also like to extend a special word of recognition to Marjorie and the VRS head office team, who apart from dealing with the co-ordination of the unit allocations, to the communication with members, RCI and the Directors and most importantly the collection of levies. Charmaine and her team have to date collected 92, 79% of the current year's levies, well done and thanks.
Even though expenses have been well controlled, there are a couple of challenges, and one of those is the final completion of the staff quarters, the roofs, the parking base, gate entrance and the drive way and new parking area which have to be funded from third party income and with all things being equal we have planned to finalise these items before the year end.
The results of the operations for the year ending December 2006 are reflected in the income statement and the corresponding calculations are set out in the audited Annual Financial Statements.
At first glance it seems that the Company did not perform well during the year as the income statement shows a net shortfall of R885, 812 for the year. This figure is however misleading as included in this figure is the refurbishment expenditure for the year (R1 144 976) which relates to the special levies raised in 2005. If this figure is excluded it reveals a contribution to reserves of R295
164 (levies raised for 2006 minus the operating expenses related thereto). The operating income for the year equals R179 937, and this figure is applied to calculate the taxation expense for the year (dividends are excluded) as set out in calculation 6. Also note that previous year adjustments have been included in the taxation expense for this year. This adjustment is caused by the fact that in some of the previous years no provision was made for the taxation.
The administrative expenses for the year increased with R134 120. One major contributor of this increase is the bad debt of R77 414. The bad debt was the result of various weeks of defaulting shareholders being put on tender, in accordance with provisions of the Articles of Association of the Company. Due to the fact that the outstanding debt was for more than one year the tenders received regrettably did not cover the outstanding debt, which led to the bad debt. This should however not happen again in future as the board has resolved to act against defaulters in the year of their default.
Other operating expenses for the year decreased with R109 959. The decrease is the result of the refurbished resort and less expenditure required to maintain this resort.
The other expenses reflected in the income statement are the expenditure relating to the special levy of 2005 and additions to fixed assets as set out in the calculations 4 and 5.
The result of the operations is carried through to the statement of changes in equity. This together with the additions to assets and the transfer from the replacement reserve to the accumulated surplus provides us with the new balances in reserves as reflected on the balance sheet.
The balance sheet provides us with a snapshot view of the Assets, Equity and Liability on 31 December 2006.
You will note that the Company is in “good health” as it has reserves of R1 532 738. The increase in levies received in advance also reflects the Shareholders confidence in the Company.
From the notice you will note that the AGM will be held in Pretoria, we are doing this to accommodate the maximum number of clients, so hopefully you will be able to attend the AGM, in which event please complete the RSVP form so assist us in planning the seating and catering arrangements.
In the event however that you are not able to attend the AGM, please remember to complete the proxy form before you put these documents away, and then forward the completed form to VRS at your earliest convenience so that same can be noted in the records and your vote can be counted.
If you have any items you wish to have discussed at the AGM and which of general interest to the body of members please submit you proposal to VRS at least 96 hours before commencement of the meeting, to enable us to incorporate the discussion point at the meeting. Any other issues can and will be dealt with after the conclusion of the meeting.
Now that the completion of the upgrade is close on hand we would appreciate it that when you go to the resort that you provide us with feedback and evaluation so that we can ensure a trouble free happy holiday at Sandy Place. The staff will only be too happy to discuss matters with you. We believe that this will help us in the longer term to maintain the standards that we have set ourselves for the resort, and more especially to allow you the owners to provide us with honest opinions as to the quality of the furnishings and the workmanship.
I would also like to thank the Board of Directors for their dedicated input and enthusiasm with which they tackle tasks relevant to the resort. It was motivating to see how some of our Directors became involved in the refurbishment program and assisted management, well done and thank you!
Our Board Members have indicated that they will be available for re-election, but if you know of a member that would be able to offer a contribution to the corporate side of the Company, please complete the attached nomination form, and include a brief CV of the nominee so that we can include the person if the nomination and election process.
I look forward to meeting with you at the AGM, if not just another reminder to send in your proxy form. Everything of the best for the balance of the year, enjoy your holidays at our Jewel of the North Coast.
Regards and God bless,
John Meyer
Chairman
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SANDY PLACE SHAREBLOCK BEPERK
SANDY PLACE SHAREBLOCK LIMITED
REG N R 1969/011887/06
VERSLAG VAN DIE DIREKTEURE VIR DIE JAAR GEËINDIG 31 DESEMBER 2006
REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2006
1. BESIGHEID EN BEDRYWIGHEDE / BUSINESS AND ACTIVITIES
Die maatskappy doen sake as 'n aandeleblokmaatskappy soos bepaal deur die Wet op die Berheer van Aandeelblokke (Wet 59 van 1980). Die tyddeeloord is geleë te Erf 5, St Lucia, Kwa-Zulu Natal.
The company is a share block company as defined in the Share Block Control Act (Act 59 of 1980). The time share resort is situated at Lot 5, St Lucia, Kwa-Zulu Natal.
2. OORSIG VAN DIE MAATSKAPPY SE STAND VAN SAKE EN BESIGHEIDSRESULTATE VIR DIE JAAR/
REVIEW OF THE COMPANY’S STATE OF AFFAIRS AND FINANCIAL RESULTS FOR THE YEAR
Die maatskappy het vir die oorsigjaar 'n tekort van R885 812 (2005 - surplus van R1 445 137) gegenereer na reserwe oorplasings gemaak is. Opgehoopte surplus bedra nou R850 109 (2005 -Opgehoopte surplus van R590 945). /
The company generated a deficit of R885 812 (2005 - surplus R1 445 137) for the year under review after transfers to reserves has teen made. Accumulated surplus amounts to R850 109 (2005 Accumulated surplus R590 345).
3. DIVIDENDE BETAAL EN VOORGESTEL / DIVIDENDS PAID AND RECOMMENDED
Vanweë die aard van die maatskappy se bedrywighede word geen dividend verklaar of betaal nie. / Due to the nature of the company's business, no dividends are declared or paid.
4. AANDELE UITGERE1K GEDURENDE DIE JAAR / SHARES ISSUED DURING THE YEAR
Geen. / None.
5. BELANGRIKE VERANDER1NGE IN DIE VASTE BATES VAN DIE MAATSKAPPY /
MAJOR CHANGES TO THE FIXED ASSETS OF THE COMPANY
Daar was geen verandering in die aard en gebruik van vaste bates gedurende die jaar onder oorsig nie.
No changes in the nature and use of fixed assets during the year under review.
6. BESIGHE1D DEUR `N DERDE PARTY 1NGEVOLGE OOREENKOMS BESTUUR /
BUSINESS MANAGED BY A THIRD PARTY
Word bestuur deur Vacation Recreational Services (Edms) Bpk.
Managed by Vacation Recreational Services (Pry) Ltd.
7. DIREKSIE / DIRECTORS
Die volgende persone het as direkteure gedien gedurende die finansiële tydperk:
The directors of the company during the accounting period were:
J W Meyer
I L Wilcocks
J P de Beer
E Heathman
8. SEKRETARIS / SECRETARY
M A Dreyer
9. WESENLIKE FEITE OF OMSTANDIGHEDE / MATERIAL FACT OR CIRCUMSTANCE
Geen belangrike feite of omstandighede wat van belang is vir die beoordeling van die maatskappy se stand van sake, het tussen die datum van die finansiële state en die datum van hierdie verslag plaasgevind nie.
No material fact or circumstance of importance for the interpretation of the company's financial position, has occurred between the accounting date and the date of this report.
10. VERKLARING VAN VERANTWOORDELIKHEID DEUR DIE RAAD VAN DIREKTEURE /
STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS
Die direkteure is verantwoordelik vir die opstel, integriteit en redelike aanbieding van die finansiële state. Die finansiële state, wat op bladsye 2 tot 15 aangebied word, is opgestel in ooreenstemming met Internasionale Finansiële Verslagdoening Standaarde en bevat bedrae gegrond op oordele en ramings wat deur die bestuur gemaak is.
Die direkteure is ook verantwoordelik vir die maatskappy se interne finansiële beheerstelsels. Die stelsels is ontwerp om nie algehele nie, maar redelike gerusstelling te verskaf oor die betroubaarheid van die finansiële state, om bates toereikend te beveilig en te verifieer, die aanspreeklikheid daarvan in stand te hou, en om wanvoorstelling en verlies te voorkom en op te spoor. Geen omstandigheid of geval het onder die direkteure se aandag gekom wat daarop dui dat enige wesenlike tekortkoming in die funksionering van hierdie beheerstelsels, prosedures en stelsels gedurende die jaar onder oorsig voorgekom het nie.
Die lopendesaak-grondslag is met die opstel van die finansiële state gevolg. Die direkteure het geen rede om te glo dat die maatskappy in die afsienbare toekoms nie 'n lopende saak sal wees nie, gegrond op voorspellings en beskikbare kontant hulpbronne. Die lewensvatbaarheid van die maatskappy word deur die finansiële state gerugsteun.
Die finansiële state is geouditeer deur die onafhanklike rekenmeesters en ouditeursfirma, G K L Ouditeure, wat onbeperkte toegang verkry het tot alle finansiële rekords en verwante data, met inbegrip van notules van alle aandeelhouersvergaderings, die direkteure en direkteurskomitees. Die direkteure meen dat alle verklarings wat gedurende hul oudit aan die onafhanklike ouditeure gemaak is, geldig en toepaslik is.
The directors are responsible for the maintenance of adequate accounting records and the preparation and integrity of the financial statements and related information. The financial statements, as set out on pages 2 to 15, have been prepared in accordance with International Financial Reporting Standards and contain amounts based an decisions and provisions that have been made by management.
The directors are also responsible for the company's system of internal financial control. These are designed to provide reasonable, but not absolute, assurance as to the reliability of the financial statements and to adequately safeguard verity and maintain accountability of assets and to prevent and detect misstatement and loss. Nothing has come to the attention of the directors to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the year under review.
The financial statements have been prepared on the going concern basis, since the directors have every reason to believe that the company has adequate resources in place to continue in operation for the foreseeable future. The life expectancy of the company is supported by the financial statements.
The financial statements have been audited by the independent accounting and auditing firm, GKL Auditors, who had complete access to all the financial records and related data, with insight of minutes of as shareholders meetings, directors and director's committees. The directors are of the opinion that all declarations made to the independent auditors during the audit, are valid and appropriate.
11. AFWYK1NG VAN REKENINGKUNDIGE PRAKTYK / DEPARTURE FROM ACCOUNTING PRACTICE
Bate vervangings en toevoegings word jaarliks afgeskryf deur die inkomstestaat en geen waardevermindering word voorsien nie. Die rekenkundige hantering verskil met die relevante Suid-Afrikaanse Standpunte van Algemene Aanvaarbare Rekeningkundige Praktyk (AARP), wat vereis dat eiendom, aanleg en toerusting gekapitaliseer word en oor die verwagte ekonomiese lewensduur van die bate afgeskryf word.
Die maatskappy se ouditeure is verplig om te verwys na die verskil in rekeningkundige hantering en het daarna verwys in hul ouditeursverslag. U raad van direkteure is van mening dat die Suid-Afrikaanse Standpunte van AARP ten opsigte van eiendom, aanleg en toerusting nie geskik is vir Aandeleblok maatskappye in die tyddeel bedrvf nie. Daar word tans met ander rolspelers in die tyddeel bedryf en met die betrokke regulerende rekeningkundige owerheid beraadslaag, om vrystelling te verkry van die betrokke Standpunt van AARP.
Assets replacements and additions are charged to the income statement annually and no depreciation is provided for. The accounting treatment differs from the relevant South African Statements of Generally Accepted Accounting Practice (GAAP), which requires that property, plant and equipment be capitalised and depreciated over their useful lives.
The company's auditors are obliged to refer to this difference in accounting treatment, which they have done in their audit report. Your board considers that the South African Statements of GAAP in relation to property, plant and equipment are not appropriate for Share block companies in the timeshare industry. Discussions have been initiated with other players in the South African timeshare industry and the accounting regulators to obtain exemption from compliance with the current Statement of GAAP.
Die finansiële state is deur die direkteure goedgekeur en onderteken. / The annual financial statements were approved by the directors and signed.
DIREKTEUR /DIRECTOR
PRETORIA
1 Junie / June 2007
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SANDY PLACE SHAREBLOCK BEPERK
SANDYPLACE SHAREBLOCK LIMITED
REG NR: 1969/01187/06
BALANSSTAAT OP 31 DESEMBER 2006
BALANCE SHEET ON 31 DECEMBER 2006
Aantekeninge/ Notes |
2006 R |
2005 R |
|
| BATES/ ASSETS | |||
| Nie-Bedryfsbates / Non-Cunerrt Assets | 2 |
865 773 |
832 460 |
| Eiendom., aanleg en toerusting / Property, plant and equipment | 3 064 795 |
3 088 303 |
|
| Bedryfsbates / Currant Assets | 2 875 690 |
2 231 688 |
|
| Kontant en kontantekwivalente / Cash and cash equivalents | 6 049 |
6 049 |
|
| Deposito's / Deposits | 3 |
183 056 |
850 566 |
| Handels- en ar.der debiteure / Trade and other debtors | 3 930 566 |
3 920 763 |
|
| TOTALE BATES / TOTAL ASSETS | |||
| EKWITEIT EN LASTE / EQUITY AND LIABILITIES | |||
| Kapitaal en Reserwes/ Capital and Reserves | 1 533 409 |
2 385 908 |
|
| Uitgereikte aandelekapitaal / Issued capital | 4 |
671 |
671 |
| Opgehoopte surplus I Accumulated surplus | 850 109 |
590 945 |
|
| Vervangingsreserwe / Replacement reserve | 5 |
332 235 |
1 477 211 |
| Nie-verdeelbare reserwe / Non-distributable reserve | 6 |
350 394 |
317 081 |
| Nie-Bedryfslaste / Non-Current Liabilities | |||
| Nie-rentedraende lenings / Non-interest bearing borrowings | 7 |
515 379 |
515 379 |
| Nie-Bedryfslaste I Current Liabilities | 1881780 |
1 019 476 |
|
| Handels- en ander Kretditeure / Trade and other creditors | 8 |
444 744 |
144 501 |
| Heffings vooruit ontvang / Levies in advance | 1 437 036 |
874 975 |
|
| TOTALE EKWITEIT EN LASTE / TOTAL EQUITY AND LIABILITIES | 3 930 568 |
3 920 763 |
Aantekening / Note: Die aangehegte aantekeninge vorm deel van die finansiele state. /
The attached notes form part of the financial statements.
BRITS
25 Mei I May 2007
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SANDY PLACE SHAREBLOCK BEPERK
SANDYPLACE SHAREBLOCK LIMITED
REG NR: 1969/01187/06
INKOMSTESTAAT VIR DIE JAAR GEEINDIG 31 DESEMBER 2006
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006
Berekeninge/ |
2006 |
2005 |
|
Calcutatlons |
R |
R |
|
| HEFFINGS INKOMSTE / LEVY INCOME | 1 699 112 |
1 546 293 |
|
| ANDER BEDRYFSINKOMSTE/ OTHER OPERATING INCOME | 1 |
179 937 |
118119 |
| ADMINISTRATIEWE UITGAWES / ADMINISTRATIVE EXPENSES | 2 |
(515 694) |
(381 562) |
| ANDER BEDRYFSUITGAWES / OTHER OPERATING EXPENSES | 3 |
(981 191) |
(1 091 150) |
| SPESIALE HEFFING / SPECIAL LEVY | 4 |
(1 144 976) |
1 419 907 |
| BATE VERVANGINGS / ASSET REPLACEMENTS | 5 |
(33 313) |
(135 271) |
| NETTO (TEKORT) / SURPLUS VOOR BELASTING / NET (DEFICIT)/ SURPLUS BEFORE TAX | (796 125) |
(1 476 216) |
|
| BELASTINGUITGAWE / TAXATION | 6 |
(89 687) |
(31 079) |
| NETTO (TEKORT) / SURPLUS VIR DIE JAAR / NET (DEFICIT)/ SURPLUS FOR THE YEAR | (885 812) |
(1 445 137) |
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SANDY PLACE SHAREBLOCK BEPERK
SANDYPLACE SHAREBLOCK LIMITED
REG NR: 1969/01187/06
STAAT VAN VERANDERING IN EKWITEIT VIR DIE JAAR GEEINDIG 31 DESEMBER 2006
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2006
Gewone aandelekapitaal/ Ordinary share capital |
Vervangings reserwe/ Replacements reserve |
Nie verdeelbare reserwe/ Non distributable reserve |
Opgehoopte surplus / (tekort)/ Accumulated surplus/ (deficit) |
Totaal/ Total R |
|
| Saldo op 31 December 2004 / Balance on 31 December 2004 | 671 |
57 304 |
181 810 |
565 715 |
805 500 |
Netto surplus/ Net surplus |
- |
- |
- |
1 445 137 |
1 445 137 |
| Bates aangekoop/ Assets purchased | - |
- |
135 271 |
- |
135 271 |
| Specaile heffings uitgawes nog nie spandeer/ Special levy expenses not yet incurred | - |
1 419 907 |
- |
(1 413 907) |
- |
| Saldo op 31 Desember 2006/ Balance on 31 December 2006 | 671 |
1 477 211 |
317 081 |
590 945 |
2 385 908 |
| Netto (tekort) / surplus / Net (deficit)/ surplus | - |
- |
- |
(885 812) |
(885 812) |
| Bates aan gekoop/ Assets purchased | - |
- |
33 313 |
- |
33 131 |
| Spesiale heffings uitgawes gedurende die jaar spandeer/ Special levy expenses during the year incurred | - |
(1 144 976) |
- |
1 144 976 |
- |
| Saldo op 31 Desember 2006/ Balance on 31 December 2006 | 671 |
332 235 |
350 394 |
850 109 |
1 533 409 |
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SANDY PLACE SHAREBLOCK BEPERK
SANDYPLACE SHAREBLOCK LIMITED
REG NR: 1969/01187/06
KONTANTVLOEI5TAAT VIR DIE JAAR GEEINDIG 31 DESEMBER 2006
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006
2006 |
2005 |
||
R |
R |
||
| KONTANTVLOEI U1T BEDBYFSAKTIWITEITE / CASH RETAINED FROM OPERATING ACTIVITIES | 677 315 |
(369 129) |
|
| (Tekort) / Surplus voor belasting / (Deficit) / Surplus before taxation | (796 125) |
1 476 216 |
|
| Aansuiwerings vir Adjustments for. | |||
| -Bate vervangings / Assets replacements | 33 313 |
135 271 |
|
| -Rente ontvang / Interest received | (118 587) |
(82 573) |
|
| BEDRYFS (TEKORT) I SURPLUS VOOR VERANDERING IN BEDRYFSKAPITAAL / CASH (UTILISED IN) I GENERATED FROM OPERATING ACTIVITIES | (8761 399) |
1 528 914 |
|
| Veranderinge in bedryfskapitaal / Changes in working capital. | |||
| - Afname/ (Toename) in debiteure' Decrease/ (Increase, in debtors | 667 510 |
(811 089) |
|
| - (Toename) in deposito's (Increase) in deposits | - |
(294) |
|
| - Toename / (Afname) in vooruitontvangeinkomste/ Increase / (Decrease) in income in advance | 562 061 |
(1 066 870) |
|
| - Toename / (Afname) in kredrteure/ Increase / (Decrease) in creditors | 256 834 |
(98 250) |
|
| NETTO KONTANT DEUR BEDRYW1GHEDE VOORTGEBRING / NET CASH AVAILABLE FROM OPERATING ACTIVITIES | 605 006 |
(447 589) |
|
| Rente ontvang / Interest received |
118 587 |
82 573 |
|
| Belasling betaal / Taxation paid | (46 278) |
(4 113) |
|
| KONTANTVLOEI UIT BELEGGINGSAKTIWITEITE / CASH UTILISED IN INVESTMENT ACTIVITIES | |||
| Vervanging van toerusting / Replacement of assets | (33 313) |
(135 271) |
|
| NETTO UITVLOEI VAN KONTANT EN KONTANTEKWIVALENTEI NET CHANGE IN CASH AND CASH EQUIVALENTS | 644 002 |
(504 400) |
|
KONTANT EN KONTANTEKWIVALENTE BEGIN VAN JAAR / CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR |
2 231 688 |
2 736 088 |
|
KONTANT EN KONTANTEKWIVALENTE EINDIE VAN JAAR / CASH AND CASH EQUIVALENTS AT END OF THE YEAR |
2 875 690 |
2 31 688 |
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SANDY PLACE SHAREBLOCK BEPERK SANDY PLACE SHAREBLOCK LIMITED
REG NR 1969/011887/06
AANTEKENINGE WAT DEEL VORM VAN DIE FINANSIELE STATE OP 31 DESEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2006
1. REKENINGKUNDIGE BELEID / ACCOUNTING POLICY
1.1 Basis van aanbiedinq / Basis of presentation
Die volgende is die belangrikste rekeningkundige beleid van die groep wat in alle wesenlike opsigle ooreenstem met die wat in vorige jare toegepas is, tensy andersins aangedui. Die finansiele state is voorberei op die historiese-koste-grondslag, behalwe soos aangepas vir die herwaardasie van eien-dom en finansiele instrumente na markwaarde. I The following are the most important accounting policies of the group, that correspond in all material aspects to those implemented in the previous year unless otherwise indicated. The financial statements are prepared on the historical-cost-basis, except for the adjustments for the valuation of property and financial instruments to fair value.
1.2 Eiendom, aanleq en toerustinq / Property, plant and equipment
Alle vervangings aan chalet toerusting en aankope van eiendom, aanleg en toerusting, word ten voile as n uitgawe in die inkomstestaat afgeskryf. Toevoegings tot eiendom, aanleg en toerusting word gedebiteer teen kosprys en dienooreenkomstig gekrediteer na 'n nie-verdeelbare reserwe. Geen waardevermindering word dus voorsien nie. / All replacements of chalet equipment and additions to property, plant and equipment are expensed in full in the income statement. Additions to property, plant and equipment are debited at cost with a corresponding credit to a non-distributable reserve. Therefore no depreciation is calculated on property, plant and equipment.
1.3 Kontantvloei / Cash flow
Vir die doeleindes van die kontantvloeistaat sluit kontant en kontantekwivalente, kontant voorhande, onmiddellike opvraagbare deposito's, beleggings in geldmarkinstrumente en oortrokke bank in. / For the purpose of the cash flow statement, cash and cash equivalents include cash on hand, call deposits, investments in money market instruments and bank overdraft.
1.4 Finansiele instrumente/ Financial Instruments
Finansiele bates word erken wanneer die maatskappy 'n reg of ander toegang tot ekonomiese voordele het. Sodanige bates bestaan uit kontant, 'n kontraktuele reg om kontant of n ander finansiele bate te ontvang. / Financial assets are recognised when the company has a right or any other means of access to economic benefits. These assets include cash or a contractual right to receive cash or any other asset.
Finansiele laste word erken wanneer daar 'n verpligting is om ekonomiese voordele oor te dra en daardie verpligting is 'n kontraktuele verpligting om kontant of 'n ander finansiele bate aan n ander onderneming te lewer of finansie le instrumente met 'n ander onderneming te ruil op voorwaardes wat potensieel ongunstig is. / Financial assets are recognised when the company has an obligation to transfer economic benefits and the obligation is a contractual obligation to transfer cash or any other assets to another business.
1.5 Erkenning van inkomste / Recognition of Revenue
Inkomste (wat Belasting op Toegevoegde Waarde uitsluit) verteenwoordig die netto waarde van
goedere en dienste gefaktureer. Rente word op 'n tydverhoudingsgrondslag erken, inaggenome
die kapitaal uitstaande en die effektiewe koers oor die periode tot die vervaldatum. / Income (which
excludes Value Added Tax) represents the net value of goods and services invoiced. Interest is
recognised on a time-apportioned basis, taking into account the outstanding capital and effective rate until the expiring date.
1.6 Handelsdebiteure / Trade debtors
Debiteure word getoon teen oorspronklike faktuurbedrag na inagneming van waardedalings. / Debtors are shown at the original invoice amount less any impairment.
2. EIENDOM. AANLEG EN TOERUSTING / PROPERTY. PLANT AND EQUIPMENT
Meubels en |
Vaste |
Voertuie / Vehicles |
Totaal/ Total |
|
| Drawaarde 31 Desember 2005 / Carrying value 31 December 2005 | 226 271 |
482 619 |
123 370 |
832 460 |
| Drawaarde 31 Desember 2006 / Carrying value 31 December 2006 | 259 584 |
482 819 |
123 370 |
865 773 |
2006 |
2005 |
||
R |
R |
||
| (Sekere eiendom wat bestaan uit n blok vakansiewoonstelle te Erf 5, St Lucia, Kwa-Zulu Natal - Groot 4047 m2. Die eiendom word gehou kragtensTitelakte nr 2831/70. / Property consists of a block of flats on Lot 5, St Lucia, Kwa-Zulu, Natal - measuring 4047m2. The property is held according to Title Act nr 2831/70). | |||
| Kosprys van vaste bates / Cost price of fixed assets | 41 150 |
41 150 |
|
| Verbeteringe teen kosprys / Improvements at cost price | 441 669 |
441 669 |
|
| Kosprys van vaste eiendom / Cost price of fixed property | 482 819 |
482 819 |
|
Kosprys van meubels en toerusting / Cost price of furniture and equipment |
259 584 |
226 271 |
|
| Kosprys van voertuie / Cost price of vehicles | 123 370 |
123 370 |
|
865 773 |
832 460 |
||
| 3. | HANDELS- EN ANDER DEBITEURE / TRADE AND OTHER DEBTORS | ||
| SAID - BTW / SARS - VAT | 111 280 |
38 947 |
|
| Handels debiteure / Trade debtors | 68 276 |
861 500 |
|
| Vooruitbetaling/ Prepayment | 3 500 |
- |
|
| Min: Voorsiening vir oninbare skulde / Less: Provision for bad debts | - |
(49 881) |
|
183 056 |
850 566 |
||
| 4. | AANDELEKAPITAAL / SHARE CAPITAL | ||
| GEMAGTIG / AUTHORISED | |||
| - 400 000 Gewone aandele van 1 c elk / Ordinary shares of 1c each | 4 000 |
4 000 | |
| UITGEREIK/ ISSUED | |||
| - 67 060 Gewone aandele van 1c elk / Ordinary shares of 1c each | 671 |
671 |
|
| 5. | VERVANGINGSRESERWE / REPLACEMENT RESERVE |
||
| Saldo 31 Desember 2006 / Balance at 31 December 2006 | 332 235 |
1 477 211 |
|
| (Die vervangingsreserwe sal aangewend word wanneer omstandig-hede groot herstelkoste aan geboue en toerusting vereis. / The replacement reserve will be utilised when circumstances require high maintenance costs for buildings and equipment). | |||
| 6. | NIE-VERDEELBARE RESERWE / NON-DISTRIBUTABLE RESERVE | ||
| Reserwe vir bate aankope / Reserve for additions | 350 394 |
317 081 |
|
| (Hierdie reserwe sal slegs aangewend word by likwidasie van die maatskappy. / This reserve will only be utilised upon liquidation of the company) | |||
| 7. | NIE-RENTEDRAENDE LENING / NON-INTEREST BEARING LOANS | ||
| Aandeelhouerslening / Shareholders loan | 515 379 |
515 379 |
|
| Bostaande aandeelhouerslening is ooreenkomstig Artikel 26(b) van die Akte van Oprigting van die maatskappy onderhewig aan die volgende voorwaardes: / The above shareholders loan is in accordance with schedule 26(b) of the Memorandum of Association of the company, subject to the following conditions: | |||
| 7.1 Dit is 'n lening aan die maatskappy. / It is a loan to the company. | |||
| 7.2 Dit is nie aan aandeelhouers terugbetaalbaar nie, tensy die maatskappy besluit om die lening terug te betaal. / It is not to be repaid to the shareholders unless the company decides to pay back the loan. | |||
| 7.3 Dit is terugbetaalbaar aan die aandeelhouer by likwidasie van die maatskappy indien die maatskappy oor voldoende fondse beskik. / It is to be paid to the shareholders upon liquidation of the company unless the company does not have the funds to repay them. | |||
| 7.4 Die lening is onverseker en rentevry. / The loan is unsecured and is interest free. | |||
| 8. | HANDELS- EN ANDER KREDITEURE / TRADE AND OTHER CREDITORS | ||
| Handels krediteure / Trade creditors | 338 202 |
81 368 |
|
| Onbetaalde huur en onbekende deposito's / Unpaid rent and unknown deposits | 4 067 |
4 067 |
|
| Inkomstebelasting / Income tax | 102 475 |
59 066 |
|
444 744 |
144 501 |
||
| 9. | DIREKTEURSVERGOEDING / DIRECTORS REMUNERATION | ||
| As direkteure / As directors | |||
| Reiskoste / Traveling expense | |||
- |
13 703 |
||
| 10. | VOORSIENING VIR SLEGTE SKULD / PROVISION FOR BAD DEBTS | ||
| Opening saldo / Opening balance | 49 881 |
49 881 |
|
| Slegte skuid afgeskryf / Bad debt written off | (49 881) |
- |
|
- |
49 881 |
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SANDY PLACE SHAREBLOCK BEPERK SANDY PLACE SHAREBLOCK LIMITED
REG NR 1969/011B87/06
BEREKENINGE TOT DIE INKOMSTESTAAT VIR DIE JAAR GEEINDIG 31 DESEMBER 2006
CALCULATIONS TO THE INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006
2006 |
2005 |
||
R |
R |
||
| 1. | ANDER BEDRYFSINKOMSTE / OTHER OPERATING INCOME |
||
| Dividende ontvang / Dividends received |
5 227 |
- |
|
| Rente ontvang / Interest received | 118 587 |
82 573 |
|
| Ander inkomste / Other income | 56 123 |
35 546 |
|
179 937 |
118 119 |
||
| 2. | ADMINISTRATIEWE UITGAWES / ADMINISTRATIVE EXPENSES | ||
| Bankkoste / Bank charges |
22 235 |
27 255 |
|
| Bestuursagent / Management agent |
203 517 |
163 034 |
|
| Brandstof en reiskoste / Fuel and travelling expenses |
22 261 |
23 595 |
|
| Direkteursvergoeding / Directors remuneration |
- |
13 703 |
|
| Drukwerk, skryfbehoeftes en seels / Printing, stationery and stamps |
8 444 |
2 801 |
|
| Funksies / Functions |
9 047 |
5 848 |
|
| Gastebenodigdhede / Guests requirements |
31 747 |
3 186 |
|
| Huur van toerusting / Hire of equipment |
- |
3 070 |
|
| Lisensies en ledegeld / Licenses and subscriptions |
57 4444 |
36 880 |
|
| Onthaalkoste / Entertainment expenses |
4 246 |
11 920 |
|
| Ouditfooie / Audit fees |
15 789 |
27 979 |
|
| Vir dienste as ouditeur / For services as auditor |
15 789 |
22 979 |
|
| Ander dienste / Other services |
- |
5 633 |
|
| Rekenaarkostes / Computer expenses | 5 325 |
- |
|
| Sekuriteit / Security | 9 428 |
2 375 |
|
| Slegte skuld afgeskryf / Bad debts written off |
77 414 |
- |
|
| Streeksdiensteraad heffings / Regional Services Council levies | 4 065 |
4 173 |
|
| Telefoon / Telephone |
33 407 |
39 239 |
|
| Vergoedingskommissaris / Compensation commissioner |
1 958 |
- |
|
| Versekering I Insurance | 9 367 |
16 624 |
|
515 694 |
381682 |
||
| 3. | ANDER BEDRYFSUITGAWES / OTHER OPERATING EXPENSES | ||
| Elektrisiteit, water, riool en erfbelasting / Electricity, water, sewerage and property tax | 141 347 |
134 726 |
|
| Skoonmaak / Cleaning | 29 308 |
45 761 |
|
| Herstel en onderhoud / Repairs and maintenance | 219 050 |
278 146 |
|
Salarisse en lone / Salaries and wages |
591 486 |
632 517 |
|
981 191 |
1 091 150 |
||
| 4. | SPESIALE HEFFING / SPECIAL LEVY | ||
| Heffingsinkomste / Levy income |
- |
3 833 923 |
|
| Min: Uitgawes / Less: Expenses | 1 144 976 |
2 414 016 |
|
| Arbeid elektries / Electrical labour |
27 763 |
- |
|
| Badkamer / Bathroom |
7 238 |
- |
|
| Bou-arbeid / Building labour |
240 478 |
42 900 |
|
| Bou materiaal / Building material |
154 600 |
136 840 |
|
| Buitekant / Exterior |
1 240 |
123 182 |
|
| Eenheid staal / Unit steel |
- |
30 298 |
|
| Elektries / Electrical |
18 357 |
122 835 |
|
| Konsultasiefooie / Consulting fees |
16 431 |
13 474 |
|
| Loodgieterswerk / Plumbing |
28 067 |
193 600 |
|
| Lugversorging / Aircon |
45 830 |
233 200 |
|
| Meubels / Funiture |
452 473 |
554 460 |
|
| Stoffering en gordyne / Upholstery and curtains |
61 921 |
310 950 |
|
| Toebehore / Appliances |
20 421 |
368 630 |
|
| Verf/ Paint |
28 668 |
43 234 |
|
| Vloer / Flooring |
18 668 |
231 887 |
|
| Vervoer en brandstof / Traveling and fuel | 23 094 |
8 526 |
|
(1 144 976) |
1 419 907 |
||
| 5. | BATE VERVANGINGS / ASSET REPLACEMENTS |
||
| Kontoortoerusting / Office equipments | 33 313 |
11 901 |
|
| Voertuie / Vehicles | - |
123 370 |
|
33 313 |
135 271 |
||
| 6. | BELASTINGUITGAWE / TAXATION | ||
| Huidige jaar / Current year | 44 306 |
31 079 |
|
| Vorige jare aanpassing / Previous years adjustments | 45 381 |
- |
|
89 687 |
31 079 |
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SANDY PLACE SHAREBLOCK BEPERK
SANDY PLACE SHAREBLOCK LIMITED
BELASTINGBEREKENING VIR DIE JAAR GEEINDIG 31 DESEMBER 2006
INCOME TAX CALCULATION FOR THE YEAR ENDED 31 DECEMBER 2006
VERWYSINGSNOMMER / REFERENCE NUMBER 9020 312 61 8
| ANDER INKOMSTE / OTHER INCOME | 56123 |
| RENTE ONTVANG I INTEREST RECEIVED | 118 587 |
174 710 |
|
| Min / Less: UITGAWES I EXPENSES | 21931 |
| Ouditfooi / Audit fees (10% van / ofR15 789) | 1 579 |
| Administrasiefooi / Administration fee (10% van / of R203 517) | 20 352 |
| BELASBARE INKOMSTE / TAXABLE INCOME | 152 779 |
| BELASTING BETAALBAAR / TAXATION PAYABLE®29% | 44 306 |
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SANDY PLACE SHAREBLOCK BEPERK
SANDY PLACE SHAREBLOCK LIMITED
(Reg No: 1969/011887/06)
INSURANCE SCHEDULE
Type |
Covered for: |
Sum Insured |
|
|
|
Buildings |
Fire lightning, flood |
R 13 685 760.00 |
Contents |
Fire lightning, flood |
R1 186 898.00 |
Total |
|
R 14 872 658.00 |
|
|
|
Property |
Public Liability on premises |
R 10 000 000.00 |
|
|
|
Loss of Income |
Loss of Rent |
R821 000.00 |
|
|
|
Theft |
First Loss |
R 20 000.00 |
|
|
|
Money |
Money on site & in Transit |
R 5 000.00 |
|
|
|
All Risk |
Laptop & Radios |
R 26 000.00 |
|
|
|
SASRIA |
Political Unrest, riots, strikes etc |
R 25 724 658.00 |
|
|
|
Motor |
Comprehensive |
R 145 000.00 |
|
|
|
SASRIA |
Political Unrest, riots, strikes etc |
R 145 000.00 |