SINGULARITY

(General Partnership)
Notes to Financial Statements
For the year ended December 31, 2018
(All amounts in Philippine Peso)

2023 2022 2021 2020

1 Cash and cash equivalent
This account consists of:
Petty cash fund 10,000 10,000 10,000 10,000
Cash on hand and in bank 648,567 751,067 700,613 694,140
Total 658,567 761,067 710,613 704,140

2 Inventories
This account represents:
Merchandise 94,863 92,100 89,418 86,813
Total 94,863 92,100 89,418 86,813

3 Property and equipment

This account represents:
Acquisiton cost
Leasehold Improvement 80,000 80,000 80,000 80,000
Office Equipment 61,000 61,000 61,000 61,000
Furniture & Fixtures 15,000 15,000 15,000 15,000
Total 156,000 156,000 156,000 156,000
Accumulated Depreciation
Leasehold Improvement 48,000 40,000 32,000 24,000
Office Equipment 36,600 30,500 24,400 18,300
Furniture & Fixtures 9,000 7,500 6,000 4,500
Total 93,600 78,000 62,400 46,800
Net book value, at cost
Leasehold Improvement 32,000 40,000 48,000 56,000
Office Equipment 24,400 30,500 36,600 42,700
Furniture & Fixtures 6,000 7,500 9,000 10,500
Total 62,400 78,000 93,600 109,200

4 Non-current asset
This account represents:
Securit Deposits 40,000 40,000 40,000 40,000
Total 40,000 40,000 40,000 40,000

5 Trade and other current payables

This account consists of the following:
Accounts payable 113,029 109,737 106,541 103,438
Accrued expenses 16,229 15,756 15,297 14,852
Output vat payable 10,202 9,904 9,616 9,336
SSS, Philhealth & HDMF payable 28,269 27,445 26,646 25,870
WHT - payable 858 833 809 785
Total 168,586 163,676 158,908 154,280

6 Income tax payable

 2023 2022 2021 2020
This account consists of the following:
Income tax due 154,357 134,771 116,467 99,374
Less: Quarterly payments - - - -
Net - Payable 154,357 134,771 116,467 99,374

7 Sales
This account represents:
Merchandise 2,695,507 2,567,149 2,444,904 2,328,480
Total 2,695,507 2,567,149 2,444,904 2,328,480

8 Cost of Sales
This account represents the following:
Merchandise 1,301,285 1,263,384 1,226,586 1,190,860
Total 1,301,285 1,263,384 1,226,586 1,190,860

9 Administrative Expenses
This account consists of the following:
Rent & related expenses 139,113 135,061 131,127 127,308
Payroll & related expenses 345,243 335,188 325,425 315,947
Utilities 157,198 152,619 148,174 143,858
Depreciation & amortization 15,600 15,600 15,600 15,600
Transportation & travel 4,173 4,052 3,934 3,819
Repairs and maintenance 8,347 8,104 7,868 7,638
Office supplies 19,453 18,886 18,336 17,802
Taxes & licenses 132,621 128,758 125,008 121,367
Communication 13,897 13,493 13,100 12,718
Insurance 2,319 2,251 2,185 2,122
Professional fees 41,734 40,518 39,338 38,192
Total 879,697 854,530 830,095 806,372

10 Taxes & licenses

This account consists of the following:
BIR - Annual Registration Fees 500 500 500 500
Percentage tax 134,775 128,357 122,245 116,424
Local government taxes, permits and license 9,622 9,342 9,070 8,805
Total 144,897 138,199 131,815 125,729

11 Income tax expense

The Company is subject to income tax based on the Regular Corporate Income Tax (RCIT).
Computed as follows:
a. Minimun Corporate Income Tax
Gross Income 1,394,222 1,303,766 1,218,318 1,137,620
Minimum Corporate Income Tax Rate 2% 2% 2% 2%
Minimum Corporate Income Tax 27,884 26,075 N/A N/A
b. Regular Corporate Income Tax
Net Income Before Interest Income 514,524 449,236 388,223 331,248
Regular Income Tax Rate 30% 30% 30% 30%
 2023 2022 2021 2020
Regular Income Tax 154,357 134,771 116,467 99,374
Income Tax Expense 154,357 134,771 116,467 99,374
2019 2018

10,000 10,000
628,753 601,716
638,753 611,716

84,285 81,830
84,285 81,830

80,000 80,000
61,000 61,000
15,000 15,000
156,000 156,000

16,000 8,000
12,200 6,100
3,000 1,500
31,200 15,600

64,000 72,000
48,800 54,900
12,000 13,500
124,800 140,400

40,000 40,000
40,000 40,000

100,425 97,500
14,419 13,999
9,064 8,800
25,116 24,385
762 740
149,786 145,424
 2019 2018

83,426 68,557
- -
83,426 68,557

2,217,600 2,112,000
2,217,600 2,112,000

1,156,175 1,122,500
1,156,175 1,122,500

123,600 120,000
306,744 297,810
139,668 135,600
15,600 15,600
3,708 3,600
7,416 7,200
17,283 16,780
117,832 114,400
12,348 11,988
2,060 2,000
37,080 36,000
783,339 760,978

500 500
110,880 105,600
8,549 8,300
119,929 114,400

1,061,425 989,500
2% 2%
N/A N/A

278,086 228,522
30% 30%
2019 2018
83,426 68,557
83,426 68,557
 SINGULARITY
(General Partnership)
Statements of Financial Position
As of December 31, 2018
(All amounts in Philippine Peso)

Notes 2023 2022 2021

ASSETS
Current assets
Cash and cash equivalent 1 658,567 761,067 710,613
Inventories 2 94,863 92,100 89,418
Total current assets 753,431 853,167 800,031
Noncurrent assets
Property and equipment 3 62,400 78,000 93,600
Other noncurrent assets 4 40,000 40,000 40,000
Total noncurrent assets 102,400 118,000 133,600
Total assets 855,831 971,167 933,631
LIABILITIES & EQUITY
Current liabilities
Trade and other current payables 5 168,586 163,676 158,908
Income tax payable 6 154,357 134,771 116,467
Total current liabilities 322,943 298,446 275,375
Total liabilities 322,943 298,446 275,375
Equity
Contributed Capital 500,000 500,000 500,000
Accumulated Earnings 32,888 172,721 158,255
Total equity 532,888 672,721 658,255
Total liabilities and equity 855,831 971,167 933,631
The accompanying notes are an integral part of these financial statements
p)
osition
018
Peso)

2020 2019 2018

27,037

704,140 638,753 611,716 611,716

86,813 84,285 81,830 81,830
790,954 723,037 693,546 693,546
-
109,200 124,800 140,400 140,400
40,000 40,000 40,000 40,000
149,200 164,800 180,400 180,400
940,154 887,837 873,946 873,946
-
-
154,280 149,786 145,424 145,424
99,374 83,426 68,557 68,557
253,654 233,212 213,980 213,980
253,654 233,212 213,980 213,980
-
500,000 500,000 500,000 500,000
186,499 154,625 159,965
686,499 654,625 659,965 659,965
940,154 887,837 873,946 873,946
 SINGULARITY
(General Partnership)
Statements of Comprehensive Income
For the year ended December 31, 2018
(All amounts in Philippine Peso)

Notes
2023 2022 2021 2020

Sales 7 2,695,507 2,567,149 2,444,904 2,328,480

Cost of sales 8 1,301,285 1,263,384 1,226,586 1,190,860
Gross profit 1,394,222 1,303,766 1,218,318 1,137,620
Administrative expenses 9 879,697 854,530 830,095 806,372
Income (loss) from operations 514,524 449,236 388,223 331,248
Other income and Expense
Interest income subjected to final tax
Net income (loss) before tax 514,524 449,236 388,223 331,248
Income tax expense 11 154,357 134,771 116,467 99,374
Profit for the year 360,167 314,465 271,756 231,874
The accompanying notes are an integral part of these financial statements
 2019 2018

2,217,600 2,112,000
1,156,175 1,122,500
1,061,425 989,500
783,339 760,978
278,086 228,522

278,086 228,522
83,426 68,557
194,660 159,965
 SINGULARITY
(General Partnership)
Statements of Changes in Partnership's Equity
For the year ended December 31, 2018
(All amounts in Philippine Peso)

Notes 2023 2022 2021

Contributed Capital
Porazo 100,000 100,000 100,000
Papango 100,000 100,000 100,000
Oliveros 50,000 50,000 50,000
Olarte 150,000 150,000 150,000
Decena 50,000 50,000 50,000
Aquino 50,000 50,000 50,000
Total 500,000 500,000 500,000
Add: Accumulated Earnings
Beginning balance 172,721 158,255 186,499
Net income for the period 360,167 314,465 271,756
Earnings Available for profit sharing 532,888 472,721 458,255
Less: Declared Profit to be shared
Porazo 100,000 60,000 60,000
Papango 100,000 60,000 60,000
Oliveros 50,000 30,000 30,000
Olarte 150,000 90,000 90,000
Decena 50,000 30,000 30,000
Aquino 50,000 30,000 30,000
Total 500,000 300,000 300,000
Accumulated Earnings balance, end of the year 32,888 172,721 158,255

Total equity, end of the year 532,888 672,721 658,255

The accompanying notes are an integral part of these financial statements
Equity
18

2020 2019 2018

100,000 100,000 100,000

100,000 100,000 100,000
50,000 50,000 50,000
150,000 150,000 150,000
50,000 50,000 50,000
50,000 50,000 50,000
500,000 500,000 500,000

154,625 159,965
231,874 194,660 159,965
386,499 354,625 159,965

40,000 40,000
40,000 40,000
20,000 20,000
60,000 60,000
20,000 20,000
20,000 20,000
200,000 200,000
186,499 154,625 159,965

686,499 654,625 659,965

 SINGULARITY
(General Partnership)
Statements of Cashflows
For the year ended December 31, 2018
(All amounts in Philippine Peso)

Notes 2023 2022 2021 2020 2019

Cash flows from operating activities
Profit for the year 360,167 314,465 271,756 231,874 194,660
Adjustments for non-cash income and expenses:
Depreciation 3 15,600 15,600 15,600 15,600 15,600
Increase in provision for income tax 6 19,586 18,304 17,093 15,949 14,869
Changes in operating assets and liabilities
Increase in inventories 2 (2,763) (2,683) (2,604) (2,529) (2,455)
Increase in trade and other current payables 5 4,910 4,767 4,628 4,494 4,363
Net cash from (used in) operating activities 397,501 350,454 306,473 265,388 227,037
Cash flows from investing activities
Acquisition of property equipment 3 - - - - -
Increase in other non-current assets 4 - - - - -
Net cash from (used in) investing activities - - - - -
Cash flows from financing activities
Capital contribution from partners - - - - -
Profit shared (500,000) (300,000) (300,000) (200,000) (200,000)
Net cash from financing activities (500,000) (300,000) (300,000) (200,000) (200,000)
Net increase (decrease) in cash and cash equivalents 1 (102,499) 50,454 6,473 65,388 27,037
Cash and cash equivalent at beginning of year 761,067 710,613 704,140 638,753 611,716
Cash and cash equivalent at end of year 658,567 761,067 710,613 704,140 638,753
The accompanying notes are an integral part of these financial statements
2018

159,965

15,600
68,557

(81,830)
145,424
307,716

(156,000)
(40,000)
(196,000)

500,000
-
500,000
611,716

611,716
1 WITHOLDING TAX PAYABLE 7,140.00
CASH 7,140.00

2 sss payable 4,231.76

cash 4,231.76

percentage tax payable 96,800.00

cash 96,800.00

insurance expense 2,000.00

prepaid insurance 2,000.00

rent expense 20,000.00

prepaid rent 20,000.00

office supplies expense 16780

inventory - office supplies 4,000.00
cash 12,780.00

purchases 50,000.00
inventory 50,000.00

cash 135,499.00
salaries payable 24,000.00
accounts payable 97,500.00
accrued expense 13,999.00

deprecion expense 15,600.00

accum depreciation - li 8,000.00
accum depreciation - oe 6,100.00
accum depreciation - f 1,500.00

petty cash fund 10000

cash 10,000.00
SINGULARITY
TRIAL BALANCE
AS OF DECEMBER 31, 2017

ADJUSTED

43,100.00
DR(CR) BS PNL DR(CR)
Cash in bank - - -
Cash on Hand 601,715.71 601,715.71 601,715.71
Petty Cash Funds 10,000.00 10,000.00 10,000.00
Accounts Receivable - others - - -
Input Tax - - -
Inventory-BOTTLE 81,830.00 81,830.00 81,830.00
Invetory - office supplies - -
Prepaid insurance - -
Prepaid rent - -
Prepaid Income Tax - - -
Leasehold Improvement 80,000.00 80,000.00 80,000.00
Leasehold Improvement:Accum Depreciation-Lease imp (8,000.00) (8,000.00) (8,000.00)
Office Equipment 61,000.00 61,000.00 61,000.00
Office Equipment & Furniture:Accum Depreciation-Office Eq (6,100.00) (6,100.00) (6,100.00)
Furniture & fixtures 15,000.00 15,000.00 15,000.00
Furniture & fixtures:Accum Depreciation-RestoEquipt (1,500.00) (1,500.00) (1,500.00)
Transportation Equipment - - -
Transportation Equipment:Accum Depreciation-Transpo - - -
Security Deposits Asset 40,000.00 40,000.00 40,000.00
Accounts Payable (97,500.00) (97,500.00) (97,500.00)
Accrued Expense (13,999.00) (13,999.00) (13,999.00)
Accrued Payroll - - -
Income Tax Payable - - -
Percentage tax payable (8,800.00) (8,800.00) (8,800.00)
SALARIES PAYABLE (24,000.00) (24,000.00) (24,000.00)
SSS,Phihealth&HDMF Prem Payable (384.71) (384.71) (384.71)
WHT Payable-COMPENSATION - - -
WHT Payable-Expanded (740.00) (740.00) (740.00)
Advances from Stockholder - - -
Loans payable - Burgundy Taft - - -
Loans payable - Transpo Equipment - - -
Owner's Capital (500,000.00) (500,000.00) (500,000.00)
Retained Earnings - - -
TOSales-Food-Vat Exempt (2,112,000.00) (2,112,000.00) (2,112,000.00)
Sales-Food-Vatable - - -
SALES - DISCOUNT - - -
1-Raw Materials & Supplies:Food 1,122,500.00 1,122,500.00 1,122,500.00
1-Raw Materials & Supplies:Kitchen supplies - - -
2-Payroll and Related Expenses:13th month pay - cost - - -
2-Payroll and Related Expenses:Employees Benefits - cost - - -
2-Payroll and Related Expenses:Salaries & wages - cost - - -
2-Payroll and Related Expenses:SSS, Philhealth & HDMF -cos - - -
3-Outside services-DaybyDay - - -
4-Kitchen Overhead:Common usage service area-cost - - -
4-Kitchen Overhead:Depreciation - Cost - - -
4-Kitchen Overhead:LPG - - -
4-Kitchen Overhead:Rent Expense - cost - - -
4-Kitchen Overhead:Repairs & Maintenance - cost - - -
4-Kitchen Overhead:Utilities - Cost - - -
Advertising and Promotion - - -
Bank Service Charges - - -
Cash Shortage (Overage) - - -
Common usage service area - - -
Communication 11,988.00 11,988.00 11,988.00
Depreciation Expense 15,600.00 15,600.00 15,600.00
Dues and Subscriptions - - -
Gas and Oil - - -
Insurance Expense 2,000.00 2,000.00 2,000.00
Notarial & legal fees - - -
Meals & Subsistence - - -
Medical Assistance - Employees - - -
Miscellaneous - - -
Office Supplies 16,780.00 16,780.00 16,780.00
Outside Services - daybyday - - -
Payroll and Related Expenses:13th Month Pay 288,000.00 288,000.00 288,000.00
Payroll and Related Expenses:Employees Benefits - - -
Payroll and Related Expenses:Salaries & Wages - - -
Payroll and Related Expenses:SSS, Philhealth & Pag-Ibig Pr 9,810.00 9,810.00 9,810.00
Printing & Reproduction - - -
Professional Fees 36,000.00 36,000.00 36,000.00
Rent Expense 120,000.00 120,000.00 120,000.00
Repairs and Maintenance 7,200.00 7,200.00 7,200.00
Representation & Entertainment - - -
Restaurant Supplies - - - -
Taxes and licenses:BIR Annual Registration Fee 500.00 500.00 500.00
Taxes and licenses:Brgy. Clearance 800.00 800.00 800.00
Taxes and licenses:Cedula - - -
Taxes and licenses:percentage tax 105,600.00 105,600.00 105,600.00
Taxes and licenses:Mayor's Permit 7,500.00 7,500.00 7,500.00
Toll & Parking Fees - - -
Transportation & travel 3,600.00 3,600.00 3,600.00
Uniforms - - -
Utilities 135,600.00 135,600.00 135,600.00
Interest Income - - -
Income Tax Expense - - -
TOTAL - 228,522.00 (228,522.00) -
 611,715.71 81,830.00 - -

Cash & Cash Equivalent-

Note 4 Inventories-Note 5 Trade & Other Receivables Prepayment and Other Current asset-Note6

Cash on Kitchen Restaurant Other Prepaid Income

Cash in Bank Hand Food supplies supplies #REF! Trade Receivables Input Tax Tax
- 611,715.71 81,830.00 - - - - - - -
-
601,715.71
10,000.00

-
81,830.00
- ### 81,830.00 - - - - - - -
 BALANCE SHEET
- 156,000.00 (15,600.00)

her Current asset-Note6 Trade

Other Office
Current Kitchen Leasehold Equipment Restaurant Kitchen Leasehold Office Equipment Restaurant Accounts
Asset Equipment Improvement & Furniture Equipment Equipment Improvement & Furniture Equipment Payable
- - 80,000.00 61,000.00 15,000.00 - (8,000.00) (6,100.00) (1,500.00) (97,500.00)

80,000.00
(8,000.00)
61,000.00
(6,100.00)
15,000.00
(1,500.00)

(97,500.00)
- - 80,000.00 61,000.00 15,000.00 - (8,000.00) (6,100.00) (1,500.00) (97,500.00)
 (145,423.71) - (500,000.00)

Income Tax
Trade and Other Current Payables-Note 8 Payable-Note 9 Equity

SSS, PHIC &

Accrued Output VAT HDMF Prem - Retained
Expense payable payable WHT payable Other Payable Income Tax Capital Earnings
(13,999.00) (8,800.00) (24,384.71) (740.00) - - (500,000.00) -

(13,999.00)
-
-
(8,800.00)
(24,000.00)
(384.71)
-
(740.00)

(500,000.00)
-
(13,999.00) (8,800.00) (24,384.71) (740.00) - - (500,000.00) - ###
 (2,112,000.00)
Income Statement 1,122,500.00

Sales-Note 10 COST OF REVENUE-Note 11

Payroll &
Raw Materials Related Kitchen Advertising & Depreciation
Food - Vatable Food-NV & Supplies Expenses Overhead Promotion Communication Expense
- (2,112,000.00) 1,122,500.00 - - - 11,988.00 15,600.00

(2,112,000.00)
-
-
1,122,500.00
-
-
-
-
-

-
-
-
-
-
-
 -

11,988.00
15,600.00

- (2,112,000.00) - ### 1,122,500.00 - - ### - 11,988.00 15,600.00

 ADMINISTRATIVE COSTS-Note 12

Payroll and
Insurance Notarial & Office Related Printing & Professional Repairs &
Expense legal fees Misc Supplies Expenses Reproduction Fees Rent Expense Maintenance
2,000.00 - - 16,780.00 297,810.00 - 36,000.00 120,000.00 7,200.00
2,000.00
-

-
16,780.00

288,000.00

-
9,810.00
-
36,000.00
120,000.00
7,200.00

2,000.00 - - 16,780.00 297,810.00 - 36,000.00 120,000.00 7,200.00

 Interest Income Tax
Income -note Expense-note
14 15
Other
Representation Income-
& Restaurant Taxes & Transpo & Interest
Entertainment Supplies Licenses Travel Utilities income Income Tax
- - 114,400.00 3,600.00 135,600.00 - -
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
(40,000.00)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

-
-
-
-
-
-
-
-
-
-
-
-
-
 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- -
- -
500.00 -
800.00 -
- -
105,600.00 -
7,500.00 -
-
3,600.00 -
-
135,600.00 -
- -
- -
- - 114,400.00 3,600.00 135,600.00 - - - (40,000.00)