CAREGIVERS INTERNATIONAL LIMITED

(incorporated in Hong Kong with limited liability)

DIRECTOR’S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019
Caregivers International Limited
Year ended 31 December 2019

REPORT OF THE DIRECTOR

The sole director submits the report together with the audited financial statements for the year ended
31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of Caregivers International Limited (“the Company”) is provision of

consultancy services. However, the Company has not yet commenced business up to the date of this
report.

BUSINESS REVIEW

The Company falls within reporting exemption for the preparation of a business review. Accordingly,
no business review has been prepared.

RESULTS

The results of the Company for the year ended 31 December 2019 are set out on page 3 of the
financial statements.

PRESENTATION OF FINANCIAL STATEMENTS

The Company qualifies under the Small and Medium-sized Entity Financial Reporting Framework
(SME-FRF) to prepare and present its financial statements in accordance with the Small and Medium-
sized Entity Financial Reporting Standard (SME-FRS).

RESERVES

Details of the movements in reserves are disclosed in the statement of changes in equity as set out on
page 5 of the financial statements.

DIRECTOR

The sole director during the year and up to the date of this report was :

DOMKE Heidi Joelle

There being no provision in the Company’s Articles of Association for the retirement of directors, the
sole director continues in office.

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Caregivers International Limited
Year ended 31 December 2019

REPORT OF THE DIRECTOR (continued)

DIRECTOR’S MATERIAL INTERESTS IN TRANSACTIONS, ARRANGEMENTS AND

CONTRACTS THAT ARE SIGNIFICANT IN RELATION TO THE COMPANY’S
BUSINESS

No contracts of significance in relation to the Company’s business to which the Company was a party
and in which a director of the Company had a material interest whether directly or indirectly,
subsisted at the end of the year or at any time during the year.

DIRECTOR’S INTERESTS IN THE UNDERLYING SHARE AND DEBENTURES OF THE

COMPANY

At no time during the year was the Company a party to any arrangements to enable the sole director
of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the
Company or any other body corporate.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the whole or any substantial part of
the business of the Company were entered into or existed during the year.

PERMITTED INDEMNITY PROVISIONS

At no time during the financial year and up to the date of this director’s report, was or is there, any
permitted indemnity provision being in force for the benefit of the sole director of the Company.

AUDITOR

The financial statements have been audited by CW CPA, Certified Public Accountants, who retire
and, being eligible, offer themselves for re-appointment.

DOMKE Heidi Joelle

Sole director

HONG KONG,

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Caregivers International Limited
Financial statements for the year ended 31 December 2019

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019

2019 2018
Note HK$ HK$

Turnover 2.2 - -

Administrative and other operating expenses (14,144) (30,137)

Loss before income tax (14,144) (30,137)

Income tax 4 - -

Loss for the year (14,144) (30,137)

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Caregivers International Limited
Financial statements for the year ended 31 December 2019

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

2019 2018
Note HK$ HK$

ASSETS

Current assets
Cash and bank balances 10,827 14,971

TOTAL ASSETS 10,827 14,971

EQUITY AND LIABILITIES

Equity attributable to owners

Share capital 5 1 1
Accumulated losses (111,329) (97,185)

(111,328) (97,184)

Current liabilities
Accruals 20,000 21,700
Amount due to the sole director 6 102,155 90,455

122,155 112,155

TOTAL EQUITY AND LIABILITIES 10,827 14,971

_________________________
DOMKE Heidi Joelle
Sole director

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Caregivers International Limited
Financial statements for the year ended 31 December 2019

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2019

Share Accumulated
capital losses Total
HK$ HK$ HK$

At 1 January 2018 1 (67,048) (67,047)

Loss for the year - (30,137) (30,137)

At 31 December 2018 1 (97,185) (97,184)

At 1 January 2019 1 (97,185) (97,184)

Loss for the year - (14,144) (14,144)

At 31 December 2019 1 (111,329) (111,328)

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Caregivers International Limited
Financial statements for the year ended 31 December 2019

NOTES TO THE FINANCIAL STATEMENTS

1 GENERAL INFORMATION

(a) Caregivers International Limited (“the Company”) provides consultancy services. However, the
Company has not commenced business during the year.

(b) The Company is incorporated in Hong Kong with limited liability. The address of its registered
office is in Tsim Sha Tsui, Hong Kong.

(c) These financial statements are presented in Hong Kong dollars (HK$).

2 PRINCIPAL ACCOUNTING POLICIES

2.1 Basis of preparation and changes in accounting policies

The Company qualifies for the reporting exemption as a small private company under section
359(1)(a) of the Hong Kong Companies Ordinance and is therefore entitled to prepare and
present its financial statements in accordance with the Small and Medium-sized Entity
Financial Reporting Standard (SME-FRS) issued by the Hong Kong Institute of Certified
Public Accountants.

These financial statements comply with the SME-FRS and have been prepared under the
accruals basis of accounting and on the basis that the Company is a going concern.

The Company incurred a net loss of HK$14,144 during the year ended 31 December 2019 and,
as of that date, the Company’s total liabilities exceeded its total assets by HK$111,328. The
financial statements have been prepared on a going concern basis, the validity of which is
dependent upon the Company maintaining future profitable operations and the continuing
financial support of its shareholders. The shareholders have confirmed that it is their present
intention to provide sufficient financial resources to the Company so as to enable the Company
both to meet its liabilities as they fall due and to carry on its business without a significant
curtailment of operations.

The measurement base adopted is the historical cost convention.

2.2 Revenue recognition

The Company did not commence its business and no revenue was generated during the year.

2.3 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less, and bank overdrafts.
Bank overdrafts are shown within borrowings in current liabilities on the statement of financial
position.

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Caregivers International Limited
Financial statements for the year ended 31 December 2019

NOTES TO THE FINANCIAL STATEMENTS (continued)

2 PRINCIPAL ACCOUNTING POLICIES (continued)

2.4 Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a
result of past events; it is more likely than not that an outflow of resources will be required to
settle the obligation; and the amount has been reliably estimated. Provisions are not recognized
for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required
in settlement is determined by considering the class of obligations as a whole. A provision is
recognized even if the likelihood of an outflow with respect to any one item included in the
same class of obligations may be small.

2.5 Foreign currency translation

Foreign currency transactions are converted at the exchange rate applicable at the transaction
date. Foreign currency monetary items are translated into Hong Kong Dollars using exchange
rates applicable at the end of the reporting period. Gain and losses on foreign exchange are
recognized in the profit or loss.

2.6 Income tax

Income tax represents current tax. The income tax payable represents the amounts expected to
be paid to the taxation authority, using the tax rates (and tax laws) that have been enacted or
substantively enacted by the end of the reporting period.

Deferred tax is not provided.

2.7 Related parties

For the purposes of these financial statements, parties are considered to be related to the
Company if the Company has the ability, directly or indirectly, to control the party or exercise
significant influence over the party in making financial and operating decisions, or vice versa, or
where the Company and the party are subject to common control or common significant
influence. Related parties may be individuals or entities.

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Caregivers International Limited
Financial statements for the year ended 31 December 2019

NOTES TO THE FINANCIAL STATEMENTS (continued)

3 DIRECTOR’S REMUNERATION

The sole director did not receive any emoluments in respect of the services rendered to the
Company during the year. (2018 : nil)

4 INCOME TAX

Hong Kong profits tax has not been provided as the Company has not derived any estimated
assessable profit for the year. (2018 : nil)

5 SHARE CAPITAL

No. of
shares HK$

Ordinary shares, issued and fully paid :

At 1 January 2018,
at 31 December 2018 and
at 31 December 2019 300,000 1

The holders of ordinary shares are entitled to receive dividends as declared from time to time
and are entitled to one vote per share at meetings of the Company. All ordinary shares rank
equally with regard to the Company’s residual assets.

6 AMOUNT DUE TO THE SOLE DIRECTOR

The amount due to the sole director is interest-free, unsecured and has no fixed terms of
repayment.

7 RELATED PARTY TRANSACTIONS

Except for the transactions and balances disclosed elsewhere in these financial statements, in
particular notes 3 and 6, the Company did not have other material transaction with related
parties.

8 APPROVAL OF FINANCIAL STATEMENTS

The financial statements set out on pages 3 to 8 were approved and authorized for issue by the
sole director on .

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
CAREGIVERS INTERNATIONAL LIMITED
(incorporated in Hong Kong with limited liability)

Opinion

We have audited the financial statements of Caregivers International Limited (“the Company”) set out
on pages 3 to 8, which comprise the statement of financial position as at 31 December 2019, and the
income statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.

In our opinion, the financial statements of the Company are prepared, in all material respects, in
accordance with Hong Kong Small and Medium-sized Entity Financial Reporting Standard (“SME-
FRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been
properly prepared in compliance with the Hong Kong Companies Ordinance.

Basis for opinion

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) and with
reference to PN900 (Revised) Audit of Financial Statements Prepared in Accordance with the Small
and Medium-sized Entity Financial Reporting Standard issued by the HKICPA. Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in accordance with the
HKICPA’s Code of Ethics for Professional Accountants (“the Code”), and we have fulfilled our other
ethical responsibilities in accordance with the Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2.1 in the financial statements, which indicates that the Company incurred a
net loss of HK$14,144 for the year ended 31 December 2019 and, as of that date, the Company’s total
liabilities exceeded its total assets by HK$111,328. As stated in note 2.1, these events or conditions,,
along with other matters as set forth in note 2.1, indicate that a material uncertainty exists that may cast
significant doubt about the Company’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.

Other information

The sole director is responsible for the other information. The other information comprises the
information included in the director’s report, but does not include the financial statements and our
auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
CAREGIVERS INTERNATIONAL LIMITED (continued)

Other information (continued)

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of director and those charged with governance for the financial statements

The sole director is responsible for the preparation of the financial statements in accordance with the
SME-FRS issued by the HKICPA and the Hong Kong Companies Ordinance, and for such internal
control as the sole director determine is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the sole director is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the sole director either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.

The sole director is responsible for overseeing the Company’s financial reporting process.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with HKSAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

• Obtain an understanding of internal control relevant to the audit 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 Company’s internal control.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
CAREGIVERS INTERNATIONAL LIMITED (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the director.

• Conclude on the appropriateness of the director’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company to
cease to continue as a going concern.

We communicate with the director regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.

CW CPA
Certified Public Accountants

HONG KONG,

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