NEULAND LABORATORIES LIMITED NEULAND LABORATORIES, INC.
Financial Statements For the year ended
March 31, 2023
And Independent Auditors' Report
505 Eighth Avenue, Suite 1402, New York, NY 10018
Tel: (646) 416 6669 Direct: (917) 607 1900 Fax: (646) 395 1726
www. CPAFirst.com
NEULAND LABORATORIES, INC.
FINANCIAL STATEMENTS | ||
MARCH 31, 2023 | ||
TABLE OF CONTENTS | ||
Page | ||
INDEPENDENT AUDITORS' REPORT | 1 | |
FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND FOR THE YEAR THEN ENDED: | ||
BALANCE SHEET | 3 | |
STATEMENT OF INCOME AND RETAINED EARNINGS | 4 | |
STATEMENT OF CASH FLOWS | 5 | |
NOTES TO FINANCIAL STATEMENTS | 6 - 9 |
505 Eighth Avenue, Suite 1402, New York, NY 10018
Tel: (646) 416 6669 Direct: (917) 607 1900 Fax: (646) 395 1726
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CPAFirst.com
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholder of
Neuland Laboratories, Inc.
We have audited the accompanying balance sheet of Neuland Laboratories, Inc., (the Company) as of March 31, 2023, and the related statements of income and retained earnings, and cash flows for the year then ended and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility:
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements 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. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Neuland Laboratories, Inc. as of March 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
New York, NY
April 27 , 2023
(2)
505 Eighth Avenue, Suite 1402, New York, NY 10018 Tel: (646) 416 6669 Direct: (917) 607 1900 Fax: (646) 395 1726
www. CPAFirst.com
NEULAND LABORATORIES, INC.
BALANCE SHEET AS AT MARCH 31, 2023
Assets | ||||
Current Assets | ||||
Cash and Cash Equivalents | $6,375 | |||
Accounts receivable from parent company | 691,959 | |||
Total Current Assets | $698,334 | |||
Total Assets | $698,334 | |||
Liabilities & Stockholder's Equity | ||||
Current Liabilities | ||||
Accounts payable and accrued expenses | $2,360 | |||
Payable to Employees | 2,497 | |||
Income taxes payable | 3,000 | |||
Deferred taxes payable | 131,686 | |||
Total Liabilities | $139,543 | |||
Stockholder's Equity: | ||||
Common stock, par value of $1 per share | ||||
1,000 shares authorized, issued and outstanding | $1,000 | |||
Retained earnings | 557,791 | |||
Total Stockholder's Equity | $558,791 | |||
Total Liabilities & Stockholder's Equity | $698,334 | |||
See Independent Auditors' Report and notes to financial statements. | (3) |
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Neuland Laboratories Ltd. published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 12:54:06 UTC.
