ANNUAL REPORT
2016
.103
NOTES TO THE
FINANCIAL STATEMENTS
29.
EVENTS AFTER THE END OF THE REPORTING YEAR
On 1 April 2016, a wholly-owned subsidiary, Ultimate Drive EuroSports Pte Ltd (¡°UDE¡±) was incorporated. The
principal activities of UDE are the rental and leasing of private cars with and without operator and trading of related
merchandise.
On 24 May 2016, the group through UDE completed the acquisition of the business and assets of short term rental
of premium sportscars (for periods not exceeding two hours) with and without the provision of drivers from third
party vendors. The amount paid by the group to the vendors was $536,095 which comprised the consideration
of $503,218 and reimbursements for deposits and certain prepayments made by the vendors to the landlords in
connection with certain leases of $32,878.
Provisional amounts of the assets and liabilities acquired and goodwill arising from the completion of the acquisition
are as follows:
2016
$¡¯000
Plant and equipment
150
Advanced bookings cash value
(32)
118
Goodwill arising on acquisition:
The goodwill arising on acquisition is as follows:
2016
$¡¯000
Consideration transferred
503
Fair value of identifiable net assets acquired
(118)
Goodwill arising on acquisition
385
Where the fair values are measured on a provisional basis they are finalised within one year from the acquisition date
with consequent retrospective changes to the amounts recognised at the acquisition date to reflect new information
obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the
measurement of the amounts recognised as of that date.
