Mustek : Annual Financial Statements for the year ended 30 June 2023 (6.9m)

Mustek Limited

(Registration number 1987/070161/01)

Annual Financial Statements

for the year ended 30 June 2023

These annual financial statements were prepared by:

Jo-Anne Pieterse (supervised by Shabana Aboo Baker Ebrahim FD)

CA(SA)

These financial statements have been audited in compliance with the applicable requirements of the Companies Act of South

Africa.

Issued 19 September 2023

Mustek Limited

(Registration number 1987/070161/01)

Annual Financial Statements for the year ended 30 June 2023

General Information

Registered office	322 15th Road
	Randjespark
	Midrand
	1685
Auditors	BDO South Africa Incorporated
	Chartered Accountants (SA)
	Registered Auditors
Secretary	Sirkien Van Schalkwyk
Company registration number	1987/070161/01
Level of assurance	These financial statements have been audited in compliance with the
	applicable requirements of the Companies Act of South Africa.
Preparer	The annual financial statements were internally compiled by:
	Jo-Anne Pieterse (supervised by Shabana Aboo Baker Ebrahim FD)
	CA(SA)

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Mustek Limited

(Registration number 1987/070161/01)

Annual Financial Statements for the year ended 30 June 2023

Contents

	Page
Directors' Responsibilities and Approval		3
The CEO and finance director responsibility statement		4
Company Secretary's Certification		5
Independent Auditor's Report	6	- 8
Audit and Risk Committee Report	9 - 15
Directors' Report	16	- 20
Statements of Comprehensive Income	21
Statements of Financial Position	22	- 23
Statements of Changes in Equity	24	- 25
Statements of Cash Flows	26
Accounting Policies	27	- 28
Notes to the Annual Financial Statements	28 - 116

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Mustek Limited

(Registration number 1987/070161/01)

Annual Financial Statements for the year ended 30 June 2023

Directors' Responsibilities and Approval

The directors are required in terms of the Companies Act of South Africa to maintain adequate accounting records and are responsible for the content and integrity of the annual financial statements and related financial information included therein. It is their responsibility to ensure that the annual financial statements fairly present the state of affairs of the group and company as at the end of the financial year and the results of its operations and cash flows for the period then ended, in conformity with International Financial Reporting Standards (IFRS). The external auditors are engaged to express an independent opinion on the financial statements.

The annual financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates.

The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the group and company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the group and company and all employees are required to maintain the highest ethical standards in ensuring the group and company's business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the group and company is on identifying, assessing, managing and monitoring all known forms of risk across the group and company. While operating risk cannot be fully eliminated, the group and company endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints.

The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss.

The consolidated and separate annual financial statements are prepared on a going concern basis. Nothing has come to the attention of the directors to indicate that the Group and company will not remain a going concern for the next twelve months and the foreseeable future.

The external auditors are responsible for independently auditing and reporting on the group and company's financial statements. The financial statements have been examined by the group's external auditors and their report is presented on pages 6 to 8.

The annual financial statements set out on pages 9 to 116, which have been prepared on the going concern basis were approved by the board on 19 September 2023 and were signed on their behalf by:

Approval of financial statements

VC Mehana

H Engelbrecht

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Mustek Limited

(Registration number 1987/070161/01)

Annual Financial Statements for the year ended 30 June 2023

The CEO and finance director responsibility statement

Each of the directors, whose names are stated below, hereby confirm that:

1. the consolidated and separate annual financial statements set out on pages 21 to 116, fairly present in all material respects the financial position, financial performance and cash flows of Mustek Limited (the issuer) in terms of IFRS;
2. to the best of our knowledge and belief, no facts have been omitted or untrue statements made that would make the consolidated and separate financial statements false or misleading;
3. internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the financial statements of the issuer; and
4. the internal financial controls are adequate and effective and can be relied upon in compiling the consolidated and separate financial statements, having fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls;
5. where we are not satisfied, we have disclosed to the audit and risk committee and the auditors any deficiencies in design and operational effectiveness of the internal financial controls and have taken steps to remedy the deficiencies; and
6. we are not aware of any fraud involving directors.

H Engelbrecht		S Aboo Baker Ebrahim
Tuesday, 19 September 2023		Tuesday, 19 September 2023

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