EFTA00725161.pdf

Apes Hill Development, SRL Balance Sheet Barbados Dollars (BD$) December 31, 2008 ASSETS CASH Cash-Operating-BNB-BD$ Cash-Operating-BNB-US$ Account Cash clearing account Petty cash funds Cash-Escrow-BNB-BD$ Cash-Escrow-BNB-US$ Account (39.869) 109.608 (5.414) 2.000 1.941.627 24.800.970 Total Cash 26.808.922 ACCOUNTS RECEIVABLE Accounts receivable 7.314.507 Total Accounts Receivable 7.314.507 RECEIVABLE FROM CONSOLIDATED AFFILIATES AR-Phase III Apes Hill Total Receivable from Consolidated Affiliates RECEIVABLE FROM UNCONSOLIDATED AFFILIATES AR-Landmark Land Company. Inc. AR-Waterhall house construction 231.116 231.116 10.920 16.486 Total Receivable from Unconsolidated Affiliates 27,406 INVENTORIES Pro Shop Inventory Inventory-trees Inventory-grass Total Inventories 926.071 4.812 788.731 132.528 OTHER CURRENT ASSETS Deposits-Lex Caribbean (25) Deposits-utilities 4,709 Deposits-contracts 300.000 Prepaid insurance 176.045 VAT refunds due (input VAT) 5.842.469 Prepaid expenses 614 Prepaid rent 34.840 Prepaid legal fees 90.830 Total Other Current Assets 6.449.482 INVESTMENTS Investment in Cobblers (BVI) Limited Investment in Godings Bay (BVI) Limited Total Investments 23.993.826 14.094.511 9.899.315 REAL ESTATE HELD FOR SALE Completed lots Total Real Estate Held for Sale REAL ESTATE HELD FOR DEVELOPMENT Land-Apes Hill acquisition cost Land-beach site acquisition cost MSI & amenties allocated to lots DIP-Sales building DIP-Office building DIP-Golf course 7.960.864 7.960.864 24.728.031 6.220.624 (36.800.000) 393.356 3.578 55.344.831 EFTA00725161 Apes Hill Development, SRL Balance Sheet Barbados Dollars (BD$) December 31, 2008 DIP-Golf maint bldg, pump house & rest rooms 3,037,991 DIP-Golf clubhouse & cartbam 2,942,141 DIP-Master site improvements 30,995,596 DIP-Hotel master site improvements 29 DIP-Parcel A - 36 lots (208,396) DIP-Parcel B - Hilltop Villa 03-04 5,611,019 DIP-Parcel B - Treehouse 05-06 5,551.158 DIP-Parcel B - Hilltop Villa 21-22 5.913.206 DIP-Parcel B - Fairway Villa 23-24 5,577,326 DIP-Parcel B - Fairway Villa 27-28 5,550,676 DIP Parcel B - Fairway Villa 29-30 5,638,507 DIP-Parcel B - 62 villa pads 5,084,068 DIP-Parcel C 1,375,820 DIP-Parcel D 1,077,963 DIP-Parcel E 512,734 DIP-Parcel F 468,059 DIP-Parcel H 7,558,105 DIP-Spec House Parcel I, Lot 6 338,913 DIP-Parcel I - 39 lots (106,388) DIP-Spec House Parcel J, Lot 57 237,110 DIP-Parcel J - 58 lots (41,516) DIP-Parcel V 22,259 DIP-Parcel Y - 2 lots 1,147,500 DIP-Beach site carrying & planning costs 3.812.026 Total Real Estate Held for Development 141,986,326 OPERATING PROPERTY & EQUIPMENT Operating property & equipment 2,917,555 Accumulated depreciation (768.413) Net Operating Property & Equipment 2.149.142 Total Assets 217,847,661 EFTA00725162 Apes Hill Development, SRL Balance Sheet Barbados Dollars (BD$) December 31, 2008 LIABILITIES ACCOUNTS PAYABLE & ACCRUED EXPENSES Accounts payable trade 10,646,477 Retentions payable 1,267,736 PAYE withholdings payable 97,193 NIS contributions payable 80,647 Pension plan payable (9.881) Medical Ins payable 7,146 Miscellaneous payroll deductions payable 2,613 VAT Payable (output VAT) 93,315 Accrued purchases - PO clearing 723.516 Total AP & Accrued Expenses 12,908,762 PAYABLE TO CONSOLIDATED AFFILIATES Payable to CO Williams Construction 4,051,964 Payable to CO Williams 320,000 Interest payable to CO Williams Construction 407,017 Interest payable to C O Williams 61,380 Total Payable to Consolidated Affiliates 4,840,361 PAYABLE TO UNCONSOLIDATED AFFILIATES Payable to Apes Hill Club HOA, Inc. (201.722) Total Payable to Unconsolidated Affiliates (201,722) NOTES PAYABLE NP-Barbados National Bank 88,463,670 Notes payable clearing 7,215,377 Interest payable to Barbados National Bank 552,833 Total Notes Payable 96,231,879 OTHER LIABILITIES & DEFERRED CREDITS Real estate escrow deposits 12,692,400 Deferred income-golf membership 1 169 821 Total Other Liab. & Deferred Credits 13 862 221 Total Liabilities 127 641 501 CAPITAL PAID IN EQUITY Members contributed equity-C O Williams 16,000,000 Members contributed equity-LML Caribbean 8.000.000 Total Paid in Equity 24,000,000 RETAINED EARNINGS Retained earnings (1,607,831) Current Year Prof it/(Loss) 67 813 991 Total Retained Earnings 66.206.160 Total Capital 90,206,160 Total Liabilities & Capital 217.847.661 EFTA00725163