SINGAPORE WINDSOR HOLDINGS LIMITED
| Annual Report 2015
39
Year ended 31 March 2015
NOTES TO THE
FINANCIAL STATEMENTS
1.
General
The company is incorporated in Singapore with limited liability. The financial statements are presented in Hong
Kong dollar and they cover the company (referred to as “parent”) and the subsidiaries.
The board of directors approved and authorised these financial statements for issue on the date of the statement
by directors.
The company is an investment holding company. It is listed on the Singapore Exchange Securities Trading Limited.
The principal activities of the subsidiaries are described in Note 15 below.
The registered office is: 300 Beach Road, #29-01, The Concourse, Singapore 199555. The company is situated in
Singapore.
2.
Summary of significant accounting policies
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 presentation
The consolidated financial statements include the financial statements made up to the end of the reporting year
of the company and all of its subsidiaries. The consolidated financial statements are the financial statements of
the group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries
are presented as those of a single economic entity and are prepared using uniform accounting policies for like
transactions and other events in similar circumstances. All significant intragroup balances and transactions,
including income, expenses and cash flows are eliminated on consolidation. Subsidiaries are consolidated from the
date the reporting entity obtains control of the investee and cease when the reporting entity loses control of the
investee. Control exists when the group has the power to govern the financial and operating policies so as to gain
benefits from its activities.
Changes in the group’s ownership interest in a subsidiary that do not result in the loss of control are accounted for
within equity as transactions with owners in their capacity as owners. The carrying amounts of the group’s and non-
controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. When the group
loses control of a subsidiary it derecognises the assets and liabilities and related equity components of the former
subsidiary. Any gain or loss is recognised in profit or loss. Any investment retained in the former subsidiary is
measured at fair value at the date when control is lost and is subsequently accounted as available-for-sale financial
assets in accordance with FRS 39.
The company’s separate financial statements have been prepared on the same basis, and as permitted by the
Companies Act, Chapter 50, the company’s separate statement of profit or loss and other comprehensive income is
not presented.
