MW ASSET RENTALS (RF) LIMITED - Annual Financial Statements for the year ended 31 March 2018 and Restatement of Prior Year Annual Financial Statemen
MWAR01 MWAR02 201807310074A
Annual Financial Statements for the year ended 31 March 2018 and Restatement of Prior Year Annual Financial Statemen
MW Asset Rentals (RF) Limited
(“The Issuer”)
MWAR01 ZAG000140617
MWAR02 ZAG000150475
Annual Financial Statements for the year ended 31 March 2018 and
Restatement of Prior Year Annual Financial Statements
Annual Financial Statements for the year ended 31 March 2018
The 2018 Annual Financial Statements have been audited and signed
on 31 July 2018. They are available for viewing on the Merchant
West website:
http://www.merchantwest.co.za/docs/MWFS2018.pdf
Restatement of Prior Year Annual Financial Statements
In accordance with section 7.6(b) of the JSE’s Debt Listings
Requirements, noteholders are advised of the Issuer’s restatement
of the prior year’s Annual Financial Statements. This restatement
is necessitated as result of the proactive monitoring process by
the JSE. During the review it was agreed that the Issuer’s
subordinated loan of R44 645 000 had been erroneously disclosed
as equity instead of as a liability. In the prior year it was
assessed that the instrument met the criteria of a puttable
equity instrument. Not all requirements of IAS 32.16A were met
and the subordinated loan has been reclassified as a long-term
liability resulting in a restatement to the prior period error.
This reclassification is disclosed and further detailed in note
23 to the 2018 Annual Financial Statements. There is no impact on
the retained earnings of the entity.
The JSE’s proactive monitoring process also identified that the
Statement of Cash Flows disaggregated the repayment of debentures
and repayments/proceeds of amounts from related companies. This
presentation is not in compliance with paragraphs 21 and 31 of
IAS 7. The impact of the error is detailed in note 23 to the 2018
Annual Financial Statements.
31 July 2018
Sponsor
Nedbank CIB a division of Nedbank Limited
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