Raffles Insitutep Xpo - Raffles Medical Group

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ANNUAL REPORT 2004 p45 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 2 Summary of Significant Accounting Policies (cont’d) 2.12 Liabilities and interest-bearing borrowings Trade and other payables are recognised at cost. Interest-bearing liabilities are recognised initially at cost less attributable transaction costs. Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost using the effective interest method. 2.13 Deferred tax Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Temporary differences are not recognised for goodwill not deductible for tax purposes and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and joint ventures, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not be reversed in the foreseeable future. 2.14 Revenue recognition Service revenue Revenue is recognised upon provision of healthcare and hospital services. Rental income from operating leases Rental income receivable under operating leases is recognised in the profit and loss account on a straight-line basis over the term of the lease. Contingent rentals are recognised as income in the accounting period in which they are earned. Interest income Interest income from bank deposits and commercial notes are accrued on a time-apportioned basis. 2.15 Operating leases Where the Group has the use of assets under operating leases, payments made under the leases are recognised in the profit and loss account on a straight-line basis over the term of the lease. Contingent rentals are charged to the profit and loss account in the accounting period in which they are incurred. 2.16 Finance costs Interest expense and similar charges are expensed in the profit and loss account in the period in which they are incurred, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to be prepared for its intended use or sale.
RAFFLES MEDICAL GROUP p46 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 3 PROPERTY, PLANT AND EQUIPMENT Furniture Leasehold Medical and Office Motor Facilities properties equipment fittings equipment vehicles Computers Renovations equipment Total Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Cost At 1 January 2004 9,029 13,504 2,593 787 532 3,106 3,291 1,698 34,540 Translation differences on consolidation – (21) – (3) – – (27) – (51) Additions – 586 65 16 345 237 287 20 1,556 Disposals – (151) (790) (61) (298) (299) (641) (548) (2,788) At 31 December 2004 9,029 13,918 1,868 739 579 3,044 2,910 1,170 33,257 Accumulated depreciation At 1 January 2004 666 5,256 1,085 395 212 2,581 1,648 414 12,257 Translation differences on consolidation – (10) (1) (3) – – (12) – (26) Depreciation charge for the year 190 1,371 210 65 56 429 507 166 2,994 Disposals – (76) (305) (29) (149) (294) (286) (183) (1,322) At 31 December 2004 856 6,541 989 428 119 2,716 1,857 397 13,903 Carrying amount At 31 December 2004 8,173 7,377 879 311 460 328 1,053 773 19,354 At 31 December 2003 8,363 8,248 1,508 392 320 525 1,643 1,284 22,283
Page 1 and 2: CONTENTS 21 CORPORATE GOVERNANCE 29
Page 3 and 4: RAFFLES MEDICAL GROUP p22 CORPORATE
Page 11 and 12: RAFFLES MEDICAL GROUP p30 DIRECTORS
Page 17 and 18: RAFFLES MEDICAL GROUP p36 STATEMENT
Page 19 and 20: RAFFLES MEDICAL GROUP p38 BALANCE S
Page 21 and 22: RAFFLES MEDICAL GROUP p40 Exchange
Page 23 and 24: RAFFLES MEDICAL GROUP p42 NOTES TO
Page 25: RAFFLES MEDICAL GROUP p44 NOTES TO
Page 53 and 54: RAFFLES MEDICAL GROUP p72 SHAREHOLD
Page 55 and 56: RAFFLES MEDICAL GROUP p74 NOTICE OF
Page 57: Fold this Flap For Sealing Please A

Raffles Insitutep Xpo - Raffles Medical Group

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