GOING
THE DISTANCE
EUROSPORTS
GLOBAL
.60
NOT E S TO T HE
F I NANC I A L S TAT EMEN T S
YEAR ENDED
31 MARCH, 2016
1.
GENERAL
The company is incorporated in Singapore with limited liability. The financial statements are presented in Singapore
dollars.
The board of directors approved and authorised these financial statements for issue on the date of the statement
by directors.
The principal activities of the company are those of an investment holding company and the provision of management
services. The principal activities of the subsidiaries are disclosed in Note 14 to the financial statements.
The registered office and principal place of business is at 30 Teban Gardens Crescent Singapore 608927.
The group has reported loss for the year. The financial position of the entity, its cash flows, liquidity position and
borrowing facilities are described in the notes to the financial statements. In addition the notes to the financial
statements include the objectives, policies and processes for managing capital; financial risk management
objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk. The entity has
considerable financial resources together with some good arrangements with a number of customers and suppliers.
As a consequence, the management believes that the entity is well placed to manage its business risks. After making
enquiries, the management has a reasonable expectation that the entity has adequate resources to continue in
operational existence for the foreseeable future. Accordingly, the management continues to adopt the going
concern basis in preparing the financial statements.
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 may 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 to make 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 ongoing 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 footnote, where applicable.
