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Food Empire Holdings Limited Annual Report 2013
72
1. Corporate information
The financial statements of Food Empire Holdings Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended
31 December 2013 were authorised for issue in accordance with a resolution of the Directors on 20 March 2014.
The Company is a limited liability company, which is domiciled and incorporated in Singapore and is listed on the Singapore Exchange
Securities Trading Limited (SGX-ST).
The registered office of the Company is located at 50 Raffles Place, #32-01, Singapore Land Tower, Singapore 048623. The principal place
of business of the Company is located at 31 Harrison Road, #08-01 Food Empire Business Suite, Singapore 369649.
The principal activity of the Company is that of an investment holding company. The principal activities and other details of the subsidiaries
are stated in Note 14 to the financial statements. There have been no significant changes in the nature of these activities during the financial
year under review.
Related parties refer to companies in which certain Directors or minority shareholders have substantial beneficial interests, and/or in a
position to exercise significant influence over the Group’s financial and operating policy decisions.
2. Summary of significant accounting policies
2.1
Basis of preparation
The consolidated financial 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 financial statements have been prepared on a historical cost basis except as disclosed in the accounting policies below.
The Company’s functional currency is Singapore Dollars (“S$” or “SGD”) while the financial statements are presented in United States
Dollars (“US$” or “USD”). The Group adopted USD as the presentation currency as it is more reflective of the business operations of the
Group, where transactions are mostly in USD.
All values in the tables are rounded to the nearest thousand (US$’000), unless otherwise stated.
2.2
Changes in accounting policies
The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Group has
adopted all the new and revised standards and Interpretations of FRS (“INT FRS”) which are effective for annual financial periods beginning
on or after 1 January 2013 and early adopted the Amendments to FRS 36
Recoverable Amount Disclosures for Non-financial Assets
which
are effective for annual periods beginning on or after 1 January 2014. The adoption of these standards and interpretations did not have any
effect on the financial performance or position of the Group and the Company, except as discussed below.
According to the transition provisions of FRS 113
Fair Value Measurement
, FRS 113 has been applied prospectively by the Group on
1 January 2013.
notes to the financial statements
For the year ended 31 December 2013