Page 42 - 00_See Hup Seng_Cover.indd

SEE HUP SENG LIMITED
Annual Report 2012
40
Notes to the Financial Statements
31 DECEMBER 2012
These notes form an integral part of and should be read in conjunction with the accompanying financial statements:
1 Corporate Information
See Hup Seng Limited (the “Company”) is listed on the Singapore Stock Exchange and incorporated and
domiciled in Singapore. The address of its registered office and principal place of business is 81 Tuas South
Street 5, Singapore 637651.
The principal activities of the Company are those of grit blasting and painting. The principal activities of its
subsidiaries are set out in Note 9 to the financial statements.
The consolidated financial statements of the Group for the year ended 31 December 2012 and the balance
sheet of the Company as at 31 December 2012 were authorised for issue in accordance with a resolution of
the Directors on the date of the Statement by Directors.
2 Significant Accounting Policies
(a) Basis of Preparation
The financial statements, which are expressed in Singapore dollars, are prepared in accordance with
the provisions of the Singapore Companies Act, Cap. 50 (the “Act”) and Singapore Financial Reporting
Standards (“FRS”). The financial statements have been prepared under the historical cost convention,
except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with FRS requires management to exercise its
judgement in the process of applying the Group’s accounting policies. It also requires the use of certain
critical accounting estimates and assumptions. The areas involving a higher degree of judgement or areas
where assumptions and estimates are significant to the financial statements, are disclosed in Note 3.
The accounting policies adopted are consistent with those of the previous financial year.
Financial Reporting Standards (“FRSs”) and Interpretations (“INT FRS”) effective for annual period
beginning on or after 1 January 2012
There is no new or amended standard which is mandatory for annual financial periods on or after 1
January 2012 that is applicable and relevant to the Group and the Company.
New or revised FRS that are issued but not yet effective
The Group and the Company have not adopted the following standards and interpretations that have
been issued but are not yet effective:
Amendment to FRS 1 Presentation of Items of Other Comprehensive Income
The amendment to FRS 1 Presentation of Items of Other Comprehensive Income requires entities to
group items presented in other comprehensive income (“OCI”) on the basis of whether they are potentially
reclassifiable to profit or loss. It is effective for annual periods beginning on or after 1 July 2012. As this
is a disclosure standard, it will not have any impact on the financial performance or the financial position
of the Group and Company when implemented.