/ . 6 3
A N N U A L R E P O R T 2 0 1 5
T H E S T R E N G T H O F O U R B R A N D S
1 .
gene r a l ( Con t ’ d )
1 . 2 . The Re s t r uc t u r i ng E xe r c i s e ( Con t ’ d )
(g)
Disposal of shares in brickfree Pte. Ltd. and E-Elements Pte. Ltd.
As part of the Restructuring Exercise to dispose of the non-luxury lifestyle businesses prior to the Listing, the
Company completed the following disposals:
(a)
On 30 September 2012, EuroSports Auto disposed 500,000 ordinary shares in Brickfree Pte. Ltd. to Goh
Kim San at a cash consideration of $500,000; and
(b)
On 12 September 2012, EuroSports Auto transferred 15,000 ordinary shares in E-Elements Pte. Ltd. to
Goh Kim Hup at a nominal consideration of S$1.00.
The subsidiaries held by the Company as of the date of this report are disclosed in Note 13.
2 .
Summa r y o f S i gn i f i c an t ac coun t i ng Po l i c i e s
accounting Convention
The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (“
FrS
”)
and the related Interpretations to FRS (“
inT FrS
”) as issued by the Singapore Accounting Standards Council and the
Companies Act, Chapter 50. The financial statements are prepared on a going concern basis under the historical cost
convention except where an FRS requires an alternative treatment (such as fair values) as disclosed where appropriate
in these financial statements. The accounting policies in FRSs need not be applied when the effect of applying them is
immaterial. The disclosures required by FRSs need not be made if the information is immaterial. Other comprehensive
income comprises items of income and expense (including reclassification adjustments) that are not recognised in the
income statement, as required or permitted by FRS. Reclassification adjustments are amounts reclassified to profit or
loss in the income statement in the current period that were recognised in other comprehensive income in the current
or previous periods.
basis of Preparation of the Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles requires the
management tomake estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting year. Actual results could differ from those estimates. The estimates and assumptions
are reviewed on an on-going basis. Apart from those involving estimations, management has made judgements in
the process of applying the entity’s accounting policies. The areas requiring management’s most difficult, subjective
or complex judgements, or areas where assumptions and estimates are significant to the financial statements, are
disclosed at the end of this Note, where applicable.
