Annual Report 2011 - Food Junction

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54 Notes to the Financial Statements (cont’d) 31 December 2011 1. Corporate information Food Junction Holdings Limited (the “Company”) is a limited liability company which is domiciled and incorporated in Singapore. The Company is listed on the Singapore Exchange Securities Trading Limited. APG Strategic Investment Private Limited is the immediate holding company of the Company. The penultimate holding company is Auric Pacific Investment Holdings Private Limited and the ultimate holding company is Auric Pacific Group Limited. Auric Pacific Group Limited is listed on the Singapore Exchange Securities Trading Limited. These holding companies are incorporated in Singapore. The registered office of Food Junction Holdings Limited is located at 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623. The principal place of business is 91 Tanglin Road, #02-02 Tanglin Place, Singapore 247918. The principal activities of the Company are those of investment holding and the provision of management services to its subsidiary companies. The principal activities of the subsidiary companies are as shown in Note 4. There have been no significant changes in the nature of these activities during the financial year. The Group operates in Singapore, Malaysia, Indonesia and People’s Republic of China, including Hong Kong. 2. Summary of significant accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group and the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars (“SGD” or “$”) and all values in the tables are rounded to the nearest thousand ($’000) as indicated. 2.2 Changes in accounting policies The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Group has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for annual periods beginning on or after 1 January 2011. The adoption of these standards and interpretations did not have any effect on the financial performance or position of the Group and the Company. Annual Report
Notes to the Financial Statements (cont’d) 31 December 2011 2. Summary of significant accounting policies (cont’d) 2.3 Standards issued but not yet effective The Group and the Company have not adopted the following standards and interpretations that have been issued but not yet effective: Description Effective for annual periods beginning on or after Amendments to FRS 107 Disclosures – Transfers of Financial Assets 1 July 2011 Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets 1 January 2012 Amendments to FRS 1 Presentation of Items of Other Comprehensive Income 1 July 2012 Revised FRS 19 Employee Benefits 1 January 2013 Revised FRS 27 Separate Financial Statements 1 January 2013 Revised FRS 28 Investments in Associates and Joint Ventures 1 January 2013 FRS 110 Consolidated Financial Statements 1 January 2013 FRS 111 Joint Arrangements 1 January 2013 FRS 112 Disclosure of Interests in Other Entities 1 January 2013 FRS 113 Fair Value Measurements 1 January 2013 The directors expect that the adoption of the standards and interpretations above will have no material impact on the financial statements in the period of initial application. 2.4 Significant accounting estimates and judgements The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. (a) Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of each reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: (i) Useful lives of fixed assets Fixed assets are depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of these fixed assets to be 6 years or the lease period. Changes in the expected level of usage and technological developments could impact the economic useful lives of these assets, therefore future depreciation charges could be revised. The carrying amount of the Group’s fixed assets at 31 December 2011 is disclosed in Note 3. (ii) Impairment of loans and receivables The Group assesses at the end of each reporting period whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Group’s loans and receivables at 31 December 2011 is disclosed in Note 6. Annual Report 55
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FOOD JUNCTION HOLDINGS LIMITED [Com
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Annual Report 2011 - Food Junction

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