ELMEC SPORT BULGARIA EOOD

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“Elmec Sport Bulgaria” ЕООDReport and Financial Statements for the year ended 31 December 2008____________________________________________________________________The current tax assets for the current and preceding periods are appraised through the sum of money that isexpected to be refunded by the tax authorities in applying tax rates and tax laws that are already in force, or areexpected to take effect by the balance sheet date.InventoriesThe enterprise applies the IAS 2 to account for inventories:Inventories are assets:- held for sale in the ordinary course of the economic activity (goods, products);- being in a process of production for such sale (work in progress);- inventories which are expended in the production process, or at providing services; (raw materials)The inventories are valued under the lower one of either the cost price or the net realised value.The consumption of inventories is valued according to the average weighted price.Assets Held for SaleAs assets held for sale according to the IFRS 5 are classified non-current assets, whose balance sheet value will berefunded through a sale transaction, rather than by ongoing use.The assets held for sale are appraised under the lower one of either their balance sheet value, or their fair value,reduced by the expenses for the sale.Loss due to devaluation is recognised at every initial or subsequent reduction in the value of assets held for sale.Profit due to subsequent increase in fair values, reduced by the expenditure for sale of assets held for sale, isrecognised up to the amount of devaluation of the respective asset, already calculated according to the IAS 36 andIFRS 5.Share CapitalThe share capital consists of:• Registered capital – presented according to its nominal value as per a court judgement for registration• Unpaid capital – it is the non paid-up part of the fixed capital on nominal size.• Bought own shares – presented by the value of what was paid for the reacquisition.Reserves including:• Reserve of subsequent valuations – formed according to the requirements of IFRS and the appliedaccounting policy;• Premium reserves – formed by issue of share capital instruments.• General reserves – formed by the distribution of profit according to the requirements of the CommercialAct of the Republic of Bulgaria and the memorandum of association of the enterprise.• Other reserves – formed by a decision of the capital ownersFinancial result including:Retained profit from previous periods, not distributed by the date of the financial statements.Accumulated loss from previous periods, not covered by the date of the financial statements.Profit or loss for the period.Current and Non-Current LiabilitiesA liability is defined as current, when it meets some of the following criteria:• It is expected to be settled within the normal operating cycle of the enterprise;• It is held mainly with the purpose of trading;• It should be settled within twelve months from the financial statements date;• The enterprise does not have the unconditional right to postpone the liability settlement for a period of atleast twelve months from the financial statements date;A liability is classified as non-current if it does not meet the criteria for definition as current one.A liability is classified as current, when it should be settled within twelve months from the financial statementsdate, even if:• the initial term was for a period longer than twelve months;and• an agreement was concluded after the balance sheet date and before the financial statements have beenapproved for publication, for refunding or for a new repayment plan on a long-term basis.Loans, Trade and Other liabilitiesLoans, Trade and Other Debts, are financial liabilities arising from the direct providing of goods, services, moneyor money equivalents from creditors.After the initial recognition the loans and the trade debts that have no fixed maturity, are accounted for by thevalue estimated at their acquisition.10
“Elmec Sport Bulgaria” ЕООDReport and Financial Statements for the year ended 31 December 2008____________________________________________________________________The loans and debts that have fixed maturity are accounted for by their depreciated value.Tax liabilitiesThe current tax liabilities of the enterprise do not arise from contractual relations and are not classified as financialliabilities.The current tax for the current and previous periods is recognised as liability up to the extent where it has not beenpaid. The current tax liabilities for the current and previous periods are appraised by the sum that is expected to bepaid to the tax authorities in applying tax rates and tax laws, valid by the date of the balance sheet.Liabilities to the Personnel and Provisions for Long-Term Incomes of the PersonnelDebts towards the personnel comprise debts of the enterprise with respect to past work, performed by theemployed personnel, and the respective social security contributions, that are required by the legislation.According to the requirements of the IAS 19, are included also the calculated short-term incomes of the personnel,whose origin lies in unused leaves of the personnel, and the social security contributions on such incomes,calculated on the basis of the social security rates in force.According to the requirements of the IAS 19, are made provisions for long-term incomes of the personnel,presented by value of an actuary estimate.The enterprise has no policy to account for long-term incomes of the personnel.ProvisionsProvisions are debts having indefinite term or sum.Provisions are acknowledged with respect to structural and legal debts, arising as a result of past events, Accordingto the requirements of the IAS 37.Provisions are acknowledged according to the best approximate assessment of the enterprise management by thebalance sheet date for the expenses required to settle the present debt.The acknowledged sums of provisions are revised on every reporting date, and are recalculated with the objectiveof reflecting the best current estimate.Deferred Tax Assets and LiabilitiesThe deferred tax assets and liabilities are acknowledged on temporary differences, arising between the tax basis ofthe assets and liabilities, and their balance sheet value by the financial statement date.A deferred tax liability is recognised for all the sums for taxes to be due in future periods, related to taxabletemporary differences.A deferred tax liability is recognised for the tax sums refundable in future periods, related to deductable temporarydifferences, transfer of unused tax losses and credits up to the extent where a taxable profit is likely to exist,against which they will be able to be used.The enterprise revises by the date of every balance sheet the unacknowledged deferred tax assets.The company recognises the unrealised deferred tax assets in a previous period up to the extent, to which aprobability has emerged for the future taxable profit to allow the recovery of a deferred tax asset.The balance sheet value of the deferred tax asset is revised by every date of balance sheet. The enterprise reducesthe balance sheet value of the deferred tax assets down to an extent, to which it is no more likely for sufficienttaxable profit to be realised, which enables to utilise the benefit from a part of or the whole deferred tax asset.The postponed tax assets and liabilities are appraised by the tax rates, that are expected to be in force for the periodin which the asset is realised, or the liability is settled/redeemed on the basis of the tax rates (and tax laws), whichare in force or expected to take effect by the date of the balance sheet.The current and deferred taxes are acknowledged as credit or debit, and are included in the profit or loss for theperiod, besides to the extent, to which the tax emerges from an operation or an event, which was acknowledgedduring the same period or a different period directly in the own capital11
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