Page 59 - ar2014

NOTES TO FINANCIAL STATEMENTS
For the fnancial year ended 31 March 2014
1. Corporate information
Old Chang Kee Ltd. (the “Company”) is a limited liability company incorporated in Singapore and was admitted to the offcial list of Catalist
under the Singapore Exchange Securities Trading Limited Dealing and Automated Quotation (“SGX-SESDAQ”) rules.
The registered offce and principal place of business of the Company is located at 2 Woodlands Terrace, Singapore 738427.
The principal activity of the Company is investment holding. The principal activities of the subsidiary companies are disclosed in Note 13 to
the fnancial statements.
2. Summary of significant accounting policies
2.1 Basis of preparation
The consolidated fnancial statements of the Group and the balance sheet and statement of changes in equity of the Company have been
prepared in accordance with Singapore Financial Reporting Standards (“FRS”).
The fnancial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below.
The fnancial 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 fnancial year except in the current fnancial year, the Group has
adopted all the new and revised standards and Interpretations of FRS (INT FRS) which are effective for annual periods beginning on or after
1 April 2013. The adoption of these standards did not have any material effect on the fnancial performance or position of the Group and
the Company.
Accordingly to the transition provisions of FRS 113 Fair Value Measurement, FRS 113 has been applied prospectively by the Group on 1
April 2013.
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Annual Report 2014 •