Annual Report 2011 - 2012 - Colombo Stock Exchange
Annual Report 2011 - 2012 - Colombo Stock Exchange
Annual Report 2011 - 2012 - Colombo Stock Exchange
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NOTES TO THE FINANCIAL STATEMENTS Year ended 31 March <strong>2012</strong><br />
1. CORPORATE INFORMATION<br />
1.1. General<br />
The <strong>Colombo</strong> Pharmacy Company PLC, (“Company”) is a limited liability Company incorporated and domiciled in Sri Lanka and listed on the<br />
<strong>Colombo</strong> <strong>Stock</strong> <strong>Exchange</strong>. The registered office of the Company is located at No. 505, Union place, <strong>Colombo</strong> 02, and the principal places of<br />
business are located at Union place, <strong>Colombo</strong> 02 and Bambalapitiya.<br />
1.2. Principal Activities and Nature of Operations<br />
During the year the principal activities of the Company were dispensing Chemists and acting as retail dealers in Pharmaceuticals.<br />
1.3. Parent Entity and Ultimate Parent Entity<br />
The Company's parent entity is Environmental Resources Investment PLC, which is incorporated in Sri Lanka. In the opinion of the Directors, the<br />
Company's ultimate parent undertaking and controlling party is Lionhart Investments Limited, which is incorporated in the United Kingdom.<br />
1.4. Date of Authorization for Issue<br />
The Financial Statements of the <strong>Colombo</strong> Pharmacy Company PLC for the year ended 31 March <strong>2012</strong> were authorized for issue in accordance<br />
with a resolution of the Board of Directors on 26th July <strong>2012</strong>.<br />
2.1. BASIS OF PREPARATION<br />
The Financial Statements have been prepared on a historical cost basis, except for investment properties freehold land & buildings that have<br />
been measured at fair value. The Financial Statements are presented in Sri Lankan Rupees. The preparation and presentation of these Financial<br />
Statements is in compliance with the Companies Act No. 07 of 2007.<br />
2.1.1. Statement of Compliance<br />
The Balance Sheet, Income Statement, Statement of Changes in Equity and Cash Flow Statement together with the accounting policies and<br />
notes (the “Financial Statements”) have been prepared in compliance with Sri Lanka Accounting Standards (SLAS) issued by the Institute of<br />
Chartered Accountants of Sri Lanka.<br />
2.1.2. Going concern<br />
The Directors have made an assessment of the Company's ability to continue as a going concern and they do not intend either to liquidate or<br />
cease trading.<br />
The <strong>Colombo</strong> Pharmacy Company PLC<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> - <strong>2012</strong><br />
Notes to the Financial Statements<br />
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