L J Williams : 10 Jul 2023 – L.J. Williams Limited – Audited Consolidated Financial Statements for the year ended March 31st, 2023 (Full)

L.J. Williams Limited

Consolidated Financial Statements

31 March 2023

(Expressed in Trinidad and Tobago Dollars)

L.J. Williams Limited

Contents	Page
Statement of Management's Responsibilities	1
Independent Auditor's Report	2 - 6
Consolidated Statement of Financial Position	7
Consolidated Statement of Profit or Loss and Other Comprehensive Income	8
Consolidated Statement of Changes in Equity	9
Consolidated Statement of Cash Flows	10
Notes to the Consolidated Financial Statements	11 - 54

L.J. Williams Limited

Statement of Management's Responsibilities

Management 15 responsible for the following.

• Preparmg and fairly presenting the accompanying consolidated financial statements of L J Willlams Limited and its subs1d1aries (the Group), which compnse the consohdated statement of fmancral position as at 31 March 2023. the consolidated statements of profit or loss and other comprehenswe income, changes in equity and cash flows for the year then ended, and significant accounting policies and other explanatory information;
• Ensuring that the Group keeps proper accounting records,
• Selecting appropriate accounting policies and applying them in a consistent manner:
• Implementing. monitoring and evaluating the system of internal control that assures security of the Group's assets. detection/prevention of fraud, and the achievement of Group operational efflc1enc1es
• Ensuring that the system of internal control operated effectively during the reporting period;
• Producing rehable financial reporting that comply wdh laws and regulations, including the Companies Act. and
• Using reasonable and prudent Judgement 1n the determination of estimates.

In preparing these audited consolidated financial statements, management utilised the International Financial Reporting Standards, as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances.

Nothing has come to the attention of management to indicate that the Group will not remain a going concern for the next twelve months from the reporting date, or up to the date the accompanying consolidated financial statements have been authorised for issue. 1f later.

Management affirms that it has carried out its responsibihties as outlined above

Manag1�g Director	Chief Accountant
6 July 2023	6 July 2023

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Independent auditor's report

To the Shareholders of L.J. Williams Limited

Report on the audit of the consolidated financial statements

Our opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of L.J. Williams Limited (the Company) and its subsidiaries (together 'the Group') as at 31 March 2023, and their consolidated financial performance and their consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards.

What we have audited

The Group's consolidated financial statements comprise:

• the consolidated statement of financial position as at 31 March 2023;
• the consolidated statement of profit or loss and other comprehensive income for the year then ended;
• the consolidated statement of changes in equity for the year then ended;
• the consolidated statement of cash flows for the year then ended; and
• the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

Our audit approach

Overview

Overall group materiality: $1.77 million, which represents 1% of revenue.

Materiality

Group

scoping

Key audit

matters

• The Group audit included:
• • full scope audits of the parent and one fully owned subsidiary.
  • an audit of specific account balances for right of use assets and lease liabilities for a Guyana subsidiary.

IFRS 16 - Leases

PricewaterhouseCoopers, PO Box 550, 11-13 Victoria Avenue, Port of Spain, 100902, Trinidad, West Indies T: [phone], F: [phone], www.pwc.com/tt

Our audit approach (continued)

Audit scope

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including, among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

How we tailored our group audit scope

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.

The Group audit engagement team performed all audits within the scope of the Group audit. This comprised of both full scope audits of the parent and one fully owned subsidiary (The Home Store Limited) as well as the audit over specific account balances of the Guyana subsidiary (The Home Store Inc.).

Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.

Overall Group materiality	$1.77 million
How we determined it	1% of revenue
Rationale for the materiality	We chose revenue as the benchmark because, in our view, it is
benchmark applied	the most stable benchmark against which the performance of
	the Group is most commonly measured by users, and is a
	generally accepted benchmark. We chose 1% which is within a
	range of acceptable benchmark thresholds.

We agreed with the Audit Committee that we would report to them misstatements identified during our audit above $89,350, as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

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