Page 82-83 - ar2014

A M A R Q U E A B O V E T H E R E S T 80 E U R O S P O R T S G L O B A L L I M I T E D 81
2 0 1 4 A N N U A L R E P O R T
31 March 2014 31 March 2014
NOTES TO THE NOTES TO THE
F INANCI AL STATEMENTS F INANCI AL STATEMENTS
13. Investments in Subsidiaries
Company
2014
$’000
Unquoted equity shares at cost 7,953
Net book value of subsidiaries 24,341
All subsidiaries are wholly owned, incorporated and operates in Singapore. The details of the subsidiaries
are as below:
Name of Companies Principal Activities Cost in books
of Company
2014
$’000
EuroSports Auto Pte Ltd (a) Distribution and retailing of imported automobiles,
import of parts and accessories and repairs and
servicing of automobiles
7,953
EuroAutomobile Pte. Ltd.(a) Distribution and retailing of imported automobiles,
import of parts and accessories and repairs and
servicing of automobiles
–(b)
Spania GTA Asia Pacific Private
Ltd.(a)
Dormant –(b)
deLaCour Asia Pacific Pte. Ltd.(a) Dormant –(b)
Notes:
(a) Audited RSM Chio Lim LLP.
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12. Property, Plant and Equipment
Group
Construction
in progress
Plant and
equipment
Motor
vehicles Renovations
Leasehold
property and
improvements Total
$’000 $’000 $’000 $’000 $’000 $’000
Cost:
At 1 April 2012 – 730 2,219 1,129 7,451 11,529
Additions 16,297 99 891 221 – 17,508
Disposals – (95) (870) (436) – (1,401)
At 31 March 2013 16,297 734 2,240 914 7,451 27,636
Additions 1,715 397 1,466 52 54 3,684
Disposals (1,765) – (135) – (7,505) (9,405)
At 31 March 2014 16,247 1,131 3,571 966 – 21,915
Accumulated depreciation:
At 1 April 2012 – 276 765 415 2,831 4,287
Depreciation for the year – 180 496 199 933 1,808
Disposals – (91) (401) (246) – (738)
At 31 March 2013 – 365 860 368 3,764 5,357
Depreciation for the year – 182 574 182 896 1,834
Disposals – – (133) – (4,660) (4,793)
At 31 March 2014 – 547 1,301 550 – 2,398
Net book value:
At 1 April 2012 – 454 1,454 714 4,620 7,242
At 31 March 2013 16,297 369 1,380 546 3,687 22,279
At 31 March 2014 16,247 584 2,270 416 – 19,517
Notes:
(a) Depreciation expense is included under administrative expenses.
(b) Certain items are under finance lease agreements (see Note 20C).
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(d) The leasehold property and leasehold properties under construction in progress are mortgaged as security for the bank facilities
(see Note 20).
(e) EuroSports Auto Pte Ltd sold its leasehold interest in respect of 30 Teban Gardens Crescent Singapore 608927 on 17 March 2014
(see Note 21A).