Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697646295926.pdf (Bahamas)
NASSAU FLIGHT SERVICES LIMITED Statement of Financial Position December 31 (Expressed in Bahamian dollars) (Unaudited) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 ASSETS Current assets Cash on hand and at bank (Note 5) Accounts receivable (Notes 6, 16) Prepayments and other assets Inventories Total current assets Fixed assets (Note 7) Total assets LIABILITIES AND DEFICIT Current liabilities Bank overdraft (Note 8(a)) Demand loan Accounts payable and accrued expenses (Notes 9, 16) Employee benefits payable (Note 10) Total current liabilities Employee benefits payable (Note 10) Total Liabilities Deficit Share capital Authorized, issued and fully paid: 5,000 shares of $1.00 each Contributed surplus Accumulated deficit Total deficit Total liabilities and deficit 71,180 497,927 40,613 75,960 739,145 1,584,775 1,066,069 704,620 873,176 435,704 1,307,535 1,384,906 1,241,632 840,810 1,008,874 33,809 28,901 25,425 25,425 32,278 (20,070) - 98,916 424,517 515,159 1,491,115 372,295 731,957 153,853 631,961 - - 46,557 - - 2,216,132 2,442,533 1,933,386 2,464,310 1,375,355 503,100 456,742 119,163
 116,344 2,598,974 2,765,789 2,899,275 2,151,465 3,005,171 3,948,309 4,761,977 5,343,212 4,679,246 3,943,752 4,606,290 - 3,154,748 116,114 1,000,000 2,167,922 265,228 2,735,360 2,235,557 2,029,444 1,917,845 1,596,893 2,193,006 - - - - 2,312,473 2,302,998 2,364,037 2,181,351 5,186,522 5,202,273 5,078,262 4,515,502 2,176,036 6,124,345 1,989,024 6,751,001 - - - - 5,343,212 4,679,246 3,943,752 4,606,290 5,000 5,000 5,000 5,000 12,684,443 11,157,773 9,891,173 7,205,884 (16,012,871) 5,000 3,974,571 (13,992,835)
 (12,444,718) (10,604,937) (8,345,624) (6,458,970) (5,391,488) (5,131,096) (4,581,645) (5,397,636) (2,830,062) (2,548,545) (3,394,053) (3,196,053) (2,479,399) (1,411,917) (1,151,525) (602,074) (1,418,065) (3,323,428) 1,754,834 2,372,211 1,966,957 1,792,469 2,928,292 4,271,602 3,931,295 3,527,721 3,341,678 3,188,225 5,000 3,974,571 5,000 3,974,571 5,000 5,144,571 5,000 3,974,571 5,000 3,974,571 - - - - - - - - - - NASSAU FLIGHT SERVICES LIMITED Statement of Comprehensive Loss For the year ended December 31, 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 REVENUE (Notes 11, 16) 7,710,863 7,395,751 7,450,776 6,930,516 7,539,157 7,975,737 8,886,275 8,650,789 8,940,278 8,022,751 LESS: DIRECT COSTS (Note 12) (5,733,992) (5,365,835) (5,425,222) (5,354,837) (5,422,196) (5,186,465) (5,381,360) (5,237,480) (5,234,013) (5,067,291) GROSS PROFIT 1,976,871 2,029,916 2,025,554 1,575,679 2,116,961 2,789,272 3,504,915 3,413,309 3,706,265 2,955,460 General and administrative expenses Payroll and related expenses (Note 13) Rent (Note 16) Depreciation (Note 7) Utilities (Note 16) Insurance Employee claim settled Communication Professional fees Directors’ fees and expenses (Note 16) Repairs and maintenance Education and training Miscellaneous Overdraft, Interest and bank charges Allowance for doubtful debts (Note 6) Office supplies Travel and accommodations Business development Collected commission Memberships and subscriptions Security Courier and postage Loss from operations - - -
 - - 100,000 107,222 78,616 118,140 102,386 114,613 51,374 43,908 79,400 162,556 108,556 226,730 25,909 24,889 35,917 36,000 33,528 36,389 28,945 31,382 - - - - 12,555 5,705 - - 11,564 5,312 4,450,445 4,093,588 4,062,492 4,046,385 4,283,108 4,115,904 4,005,639
 3,946,678 3,714,022 3,742,502 (2,473,574) (2,063,672) (2,036,938) (2,470,706) (2,166,147) (1,326,632) (500,724) (533,369) (7,757) (787,042) 2,580,238 2,523,307 348,844 340,212 231,274 303,202 189,729 192,307 128,242 122,041 - 179,302 100,554 75,604 126,159 94,783 62,262 55,486 78,832 70,670 174,065 58,072 61,011 126,108 56,690 61,581 56,575 50,039 39,901 38,399 95,086 35,380 - 36,000 36,000 57,800 36,000 36,000 32,444 33,401 36,587 35,316 49,344 74,270 43,305 39,220 27,343 18,394 19,699 14,834 14,432 10,575 23,159 1,919 - 12,407 2,879 12,715 - - 2,388 39,092 - - - - - 70 8,721 - 2,404,828 175,170 56,681 196,165 207,304 - 85,244 27,309 76,315 31,026 90,132 51,157 58,475 51,360 - 79,926 - - 8,291 10,264 - 1,142 - - - - - - - - - 2,718 - - - - 32,475 10,197 20,147 14,425 610 974 Other income (Note 14) 449,911 443,322 327,580 313,181 359,973 301,787 389,019 168,443 215,989 472,402 Net loss (2,023,663) (1,620,350) (1,709,358) (2,157,525) (1,806,174) (1,024,845) (111,705) (364,926) 208,232 (314,640) Other comprehensive loss Actuarial loss (Note 10) - 72,233 (130,423) (101,788) (80,480) (42,637) (148,687) (184,525) - - NET LOSS AND TOTAL COMPREHENSIVE LOSS (2,023,663) (1,548,117) (1,839,781) (2,259,313) (1,886,654) (1,067,482)
 (260,392) (549,451) 208,232 (314,640) NASSAU FLIGHT SERVICES LIMITED Statement of Changes in Deficit Share capital Contributed capital, beg Add/ Deduct Contributed capital, beg Accumulated deficit, beg Correction of an error Net Comprehensive Loss Accumulated deficit, end 11,157,773
2,685,289 2,061,313 1,170,000 11,157,773 9,891,173 7,205,884 5,144,571 3,974,571 3,974,571 3,974,571 3,974,571 3,974,571 3,974,571 3,974,571 3,974,571 3,974,571 3,974,571 - - - (10,604,937) (8,345,624) (6,458,970) (13,992,835) (12,444,718) - - - - - (2,023,663) (1,548,117) (1,839,781) (2,259,313) (1,886,654) (16,016,498) (13,992,835) - (314,640) (12,444,718) (10,604,937) (8,345,624) (6,458,970) (5,391,488) (5,131,096) (4,581,645) (5,397,636) (5,391,488) (5,131,096) (4,581,645) (5,397,636) 607,759 208,232 - (260,392) (549,451) (1,067,482) (5,082,996) - - Balance as at December 31 (3,327,055) (2,830,062) (2,548,545) (3,394,053) (3,196,053) (2,479,399) (1,411,917) (1,151,525) (602,074) (1,418,065) NASSAU FLIGHT SERVICES LIMITED Statement of Cash Flows NASSAU FLIGHT SERVICES LIMITED Notes to Financial Statements 5.
CASH ON HAND AND AT BANK Cash on hand Petty cash Cash at bank Current accounts RBC Royal Bank (Bahamas) Limited Term deposit RBC Royal Bank (Bahamas) Limited 6.
ACCOUNTS RECEIVABLE Trade receivables (Note 16) Value added-tax Other receivables Less: allowance for doubtful debts The movement in the allowance for doubtful debts is as follows: Beginning balance Provision for the year Reversal of provision Written-off during the year Ending balance - 14,367 9,801 8,679 21,629 13,251 (275,943) (239,941) (203,941) (168,069) (132,069) (98,919) (62,790) (457,521) (461,411) (391,120) 1,307,535 1,384,906 1,241,632 840,810 937,239 1,006,310 729,433 1,116,721 963,086 1,008,874 792,020 - 203 - 60,357 - 4,554 - 5,115 1,064,754 1,573,391 1,386,743 1,364,140 1,100,114 - 851 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 239,941 203,941 168,069 132,069 36,000 36,000 36,000 36,000 - - - 828,997 - (295,441) (142,436) - - 275,941 239,941 203,941 168,069 132,069 98,919 62,790 457,521 461,411 391,120 457,521 36,000 - (430,731) 461,411 - - (3,890) 391,120 79,926 - (9,635) 98,919 57,800 - (24,650) 62,919 36,000 - - - (128) - 7.
FIXED ASSETS SEE SEPARATE SPREADSHEET FOR FIXED ASSETS 9.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES Departure tax - Bahamas Customs (Note 16) Overtime - Bahamas Immigration (Note 16) Overtime - Bahamas Customs (Note 16) Accounts payable, other Landing fees - Bahamas Customs (Note 16) Payables to third-parties - staff loans deductions National insurance (Note 16) Union dues Collections on behalf of customers Accrued expenses 10.
EMPLOYEE BENEFITS PAYABLE As at December 31, 2016, employee benefits payable are as follows: Gratuity benefits Provident fund - - 9,024 3,958 3,958 3,958 24,556 54,971 1,215,575 827,997 204,446 - - 499,761 436,216 298,889 245,797 100,435 118,798 100,492 - 270,330 402,982 211,243 120,051 56,224 113,958 17,652 48,519 438,830 460,268 281,576 96,491 55,309 57,240 17,587 97,106 - - - 2011 2010 2009 2018 2015 2,312,473 2,302,998 2,364,037 2,181,351 - (a) Gratuity benefits Note: The information below is obtained directly from the independent actuarial report which
 is currently unavailable for the 2018 fiscal year The expenses related to gratuity benefits for the year were as follows: Current service cost Past service cost Actuarial gains/ losses Interest cost Included in direct costs and payroll and related expenses are expenses related to the gratuity benefits for the year The actuarial gratuity benefits obligation was as follows: loss resulting from the re-measurement of 2018 2016 2017 138,532 128,025 - - - - 107,335 110,805 245,867 238,830 2014 2013 2012 2011 2010
 2009 2015 134,965 - - 152,634 160,301 149,201 113,825 55,648 (1,824) - 102,693 97,721 92,368 95,188 - 242,052 228,538 236,586 188,980 205,606 272,302 357,483 125,845 - - 138,865 - - 110,418 - - 96,612 - - 107,087 Other comprehensive loss: Actuarial loss The movement in the present value of the gratuity benefits obligation for the year was as follows: Beginning balance Current service cost Past service cost Interest cost Actuarial loss Benefits paid Ending balance The principal assumptions used for the purpose of the re- measurement were as follows: 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 (72,233) 130,423 101,788 80,480 42,637 148,687 184,525 (1,824) 55,648 2018 2017 2016 2015 2,364,037 2,181,351 2,176,036 2,352,980 138,532 128,025 134,965 152,634 - 149,201 107,335 110,805 107,087 - 130,423 101,788 (72,233) 55,648 (234,674) (186,567) (338,525) (122,006) (211,525) (334,186) (543,482) (85,491) (218,319) - 2,302,997 2,364,037 2,181,351 2,176,036 1,989,024 1,921,326 1,917,845 2,678,955 2,492,144 2,492,144 160,301 113,825 - (1,824) 1,917,845 96,612 - 92,368 148,687 2,071,196 110,418 - 95,188 184,525 1,921,326 138,865 - 97,721 42,637 1,989,024 125,845 - 102,693 80,480 - - 2014 2013 2012 2011 2010 2009 Discount rate Expected rate of salary increase 2018 2017 5.2% 4.0% 2016 4.5% 4.0% 2015 5.0% 4.0% 2014 5.0% 4.0% 2013 5.0% 4.0% 2012 5.0% 4.0% 2011 5.0% 4.0% 2010 7.5% 0.7% 2009 7.5% 0.7% 11.
REVENUE For the year ended December 31, 2016, revenue was as follows: Ramp services Station overtime and employee meals Fuel Freight and cargo Baggage scanning Aircraft push-backs Equipment rental Communications Commissions - 237,666 92,254 58,508 132,578 6,252,729 392,842 290,485 189,388 58,761 167,241 81,018 63,370 43,323 7,267,464 380,392 572,191 173,353 - 276,800 79,990 67,022 123,066 6,897,298 523,365 391,071 188,193 90,659 258,195 71,922 68,581 161,505 2010 2013 2012 2011 2009 12.
DIRECT COSTS Payroll National insurance (Note 16) Cost of sales - fuel (Note 16) Equipment maintenance Provident fund (Note 10) Expenses related to gratuity benefits (Note 10) Depreciation (Note 7) Employee incentives Fuel - ramp equipment Uniforms Employees expenses Fuel - motor vehicles Airport concessions fees Ramp supplies Equipment insurance License fees 13.
PAYROLL AND RELATED EXPENSES Payroll Group insurance Provident fund (Notes 10, 16) Expenses related to gratuity benefits (Notes 10, 16) National insurance (Note 16) Staff recognition 14.
OTHER INCOME Cash handling fee Cargo processing fee Reversal of provision against doubtful debts Other - - - - - - - - - 1,100 1,350 1,750 - 1,850 5,733,992 5,365,835 5,425,222 5,354,837 5,422,196 5,186,465 5,381,360 5,237,480 5,234,013 5,067,291 3,662,277 208,132 286,525 239,522 187,853 71,282 231,687 129,494 172,323 87,322 69,077 34,866 - - - 3,564,369 151,569 242,507 187,231 162,925 103,598 210,104 76,714 54,274 34,508 214,994 49,835 10,704 2,925 1,034 3,544,145 206,750 226,754 185,419 185,873 183,668 180,070 133,334 162,952 89,899 50,229 34,977 - - - 3,440,631 188,962 301,206 164,549 172,193 110,613 231,687 121,035 154,096 89,569 221,243 33,719 2,400 2,522 - 3,817,851 210,138 234,037 213,976 185,129 175,551 180,944 140,072 130,899 58,814 41,369 31,866 - - - 3,270,208 165,099 483,698 176,291 171,685 102,827 230,897 198,648 67,842 69,622 213,518 57,994 14,400 11,234 - - - - 1,550 2,395 1,000 3,055 50 2009 2010 2018 2017 2016 2015 2,109,120 2,020,979 1,888,993 1,832,405 472,119 473,013 416,461 461,291 114,833 115,692 111,591 104,944 - 64,920 62,596 59,426 47,187 56,886 51,356 48,625 - 1,757 3,009
59,426 47,187 56,886 51,356 48,625 - - 6,283 2014 2010 2013 2011 2012 2009 2018 2017 2015 331,559 300,406 209,356 184,256 108,687 130,623 105,902 118,625 - - - - - - - - 2016 2014 2013 2012 2011 2010 2009 348,655 - - - 284,353 - - 4,766 247,965 - - 120,347 126,120 - - - - - - 215,989 - - 295,441 103,616 Liabilities written-off Exchange fee - 9,665 12,293 12,322 10,300 11,318 12,668 20,707 42,323 - 449,911 443,322 327,580 313,181 359,973 301,787 389,019 168,443 215,989 472,402 - - - - 73,345 - - - - - 16.
RELATED PARTY TRANSACTIONS AND BALANCES 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Accounts receivable: Bahamasair Holdings Limited Accounts payable and accrued expenses: Bahamas Customs Department - departure tax Bahamas Immigration Department - overtime Bahamas Customs Department - overtime Bahamas Customs Department - landing fees The National Insurance Board - national insurance Related party transactions during the year were as follows: Revenue: Bahamasair Holdings Limited Expenses: The Airport Authority - rent The National Insurance Board - national insurance Bahamasair Holdings Limited - cost of sales - fuel The Airport Authority - utilities Provident Fund - management Directors’ fees Expenses related to gratuity benefits - management BTC - utilities Bahamas Customs Department - rent Airport Authority - airport concession fees Bahamas Electricity Corporation - utilities 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 159,111 176,460 162,409
- 64,920 62,596 59,426 53,087 52,918 210,301 180,246 169,475 253,885 34,248 31,031 33,326 34,144 35,877 41,529 50,307 55,971 56,203 65,442 30,355 30,355 30,355 30,355 22,599 14,843 14,843 18,553 14,843 18,553 - - - 2,400 14,400 10,704 - 7,193 10,722 12,698 13,624 11,488 10,647 10,381 8,092 6,348 5,923 1,151,150 1,145,094 1,105,778 1,124,539 1,011,096 1,077,786 1,094,384 935,771 1,024,140 1,106,707 - - -