Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
UNILEVER CARIBBEAN LIMITED
December 31, 2022
(Expressed in Trinidad and Tobago Dollars)
Notes 2022 2021
$'000 $'000
ASSETS
Non-current assets Property,
plant and equipment 8 4,285 8,943
Retirement benefit asset 9(i) 99,142 137,039
117,677 152,441
Current assets
Inventories 11 29,250 26,808
Trade and other receivables 12 63,988 102,948
Due from related companies 13 74,491 176,388
Cash at bank and in hand 171,778 118,132
Assets held for sale 31 - 58,146
347,082 489,997
Total asset 464,759 642,438
EQUITY AND LIABILITIES EQUITY
Stated capital 14 26,244 26,244
Property revaluation surplus - 36,568
Total equity 337,563 476,943
LIABILITIES
Non-current liabilities
Retirement and termination benefit obligation 9(ii) 3,085 6,989
Lease liabilities 27 1,979 605
34,169 47,698
Current liabilities
Trade and other payables 15 72,280 63,400
Lease liabilities 27 711 4,170
Due to related companies 13 14,878 31,528
Provisions for other liabilities 16 5,158 15,750
Liabilities directly associated with the assets held for sale 31 - 2,949
93,027 117,797
Total liabilities 127,196 165,495
Total equity and liabilities 464,759 642,438
The notes are an integral part of these financial statements. On March 29, 2023 the Board of Directors of Unilever Caribbean Limited authorised these financial statements for issue.
Evaluate the company’s latest annual financial statements (balance sheet, income statement, and
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