WWW.DISSERTATION.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Dissertations, online materials
 
<< HOME
CONTACTS



Pages:     | 1 |   ...   | 5 | 6 || 8 | 9 |

«ATLAS ESTATES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2012 Atlas Estates Limited Martello Court Admiral Park St Peter Port ...»

-- [ Page 7 ] --

While there will always remain some inherent uncertainty within the aforementioned cash flow forecasts, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the consolidated and the Company financial information for the year ended 31 December 2012, as set out in note 1.

The financial statements present the individual financial data of the Company for the year ended 31 December

2012. The financial information is prepared in Euro and presented in thousands of Euro (“€’000”). Atlas Estates Limited also prepares separate consolidated financial statements, which incorporate the financial statements of the Company and its subsidiaries up to 31 December 2012.

Foreign currencies The functional currency of the Company and the presentation currency for the financial statements is Euro.

Transactions in foreign currencies other than the Company’s functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Nonmonetary items carried at fair value, which are denominated in foreign currencies, are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated.

–  –  –

STATEMENT OF ACCOUNTING POLICIES

Gains and losses arising on the settlement of monetary items and on the re-translation of monetary items are included in the income statement for the year.

The following exchange rates were used in preparation of these financial statements:

–  –  –

Finance income Interest-bearing loans receivable are initially recorded at fair value, net of direct issue costs, and are then subsequently measured at amortised cost with interest being calculated using the effective interest rate method.

All lending income is recognised in the income statement in the year in which it is incurred.

Financial assets

The Company classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(a) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are classified as ‘trade and other receivables’, ‘other loan receivables’ or ‘loans receivable from minority investors’ in the balance sheet (note 9). Cash and cash equivalents (note 10) are classified as loans and receivables. Cash and cash equivalents are a separate position in the balance sheet.

Impairment The carrying amounts of the Company’s non-monetary assets are reviewed at each reporting date. If any indication of impairment of the value of these assets exists, the recoverable amount of the asset is assessed. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount.

The recoverable value of an asset is assessed by obtaining an independent assessment of its market value less any costs that would be incurred to realise its value.

Investments in subsidiaries Investments in subsidiary companies are recognised initially at cost. The carrying amounts of the investments are reviewed at each reporting date. If any indication of impairment of the value of these assets exists, the recoverable amount of the asset is assessed. An impairment loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount.

An impairment of investments in subsidiaries is recognised when there is objective evidence that the market value of the investment less any costs that would be incurred to realise its value is less than the carrying value.

Significant financial difficulties of the subsidiary, probability that the subsidiary will enter bankruptcy or financial reorganisation, and default or delinquency in payments on loans receivable from the subsidiary are considered indicators that the investment is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

Other loans receivable Other loans receivable are recognised initially at fair value and subsequently measured at amortised cost method.

The carrying amounts of other loans receivable are reviewed at each reporting date. If any indication of impairment of the value of these assets exists, the recoverable amount of the asset is assessed. An impairment

–  –  –





STATEMENT OF ACCOUNTING POLICIES

loss is recognised in the income statement whenever the carrying amount of an asset exceeds its recoverable amount.

An impairment of other loans receivable is recognised when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognised in the income statement within administrative expenses. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against administrative expenses in the income statement.

Cash and cash equivalents

Cash and cash equivalents consist of cash balances, deposits held at banks and other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within bank loans in current liabilities on the balance sheet. Bank overdrafts that are repayable on demand and which form an integral part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.

Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. As at 31 December 2011 and 2012, no such financial liabilities were held by the Company.

Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of any direct issue costs.

Treasury shares The costs of purchasing Treasury shares are shown as a deduction against equity. The purchase of own shares does not lead to a gain or loss being recognised in the income statement.

–  –  –

STATEMENT OF ACCOUNTING POLICIES

Taxation With effect from 1 January 2008, Guernsey's corporate tax regime has changed. From that date the exempt company and international business regimes have been abolished as a consequence of which the Company is treated as resident for tax purposes subject to 0% tax. These changes do not adversely affect the tax efficiency of the AEL group corporate structure.

Dividends Final dividend payments in respect of a financial year are recognised as a liability in the year in which the dividend payment is approved by the Company’s shareholders.

Interim dividends paid are recognised in the year in which the payment is made.

Changes to accounting policies since the last period The following standards and interpretations, issued by the IASB or the International Financial Reporting Interpretations Committee (IFRIC), are also effective for the first time in the current financial year and have been adopted by the Group with no significant impact on its consolidated results or financial position for the current

reporting period:

Amendment to IFRS 7 ‘Disclosures – Transfers of Financial Assets’ (effective for accounting periods • beginning on or after 1 July 2011). This amendment has been endorsed for use in the EU.

Amendment to IFRS 1 ‘Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters’ • (effective for accounting periods beginning on or after 1 July 2011). This amendment has been endorsed for use in the EU.

Amendment to IAS 12 ‘Deferred Tax: Recovery of Underlying Assets’ (effective for accounting periods • beginning on or after 1 January 2012). This amendment has been endorsed for use in the EU.

The following standards and interpretations issued by the IASB or IFRIC have not been adopted by the Group as these are not effective for the current year. The Group is currently assessing the impact these standards and

interpretations will have on the presentation of its consolidated results in future periods:

Amendment to IAS1 ‘Presentation of Items of Other Comprehensive Income’ (effective for accounting • periods beginning on or after 1 July 2012). This amendment has been endorsed for use in the EU.

IFRS 10 ‘Consolidated Financial Statements’ (effective for accounting periods beginning on or after • 1 January 2013). This interpretation has been endorsed for use in the EU (the mandatory effective date for the EU-endorsed version is 1 January 2014).

IFRS 11 ‘Joint Arrangements’ (effective for accounting periods beginning on or after 1 January 2013).

• This interpretation has been endorsed for use in the EU (the mandatory effective date for the EUendorsed version is 1 January 2014).

IFRS 12 ‘Disclosure of Interests in Other Entities’ (effective for accounting periods beginning on or after • 1 January 2013). This interpretation has been endorsed for use in the EU (the mandatory effective date for the EU-endorsed version is 1 January 2014).

IFRS 13 ‘Fair Value Measurement’ (effective for accounting periods beginning on or after 1 January • 2013). This interpretation has been endorsed for use in the EU.

IAS 27 ‘Separate Financial Statements’ (effective for accounting periods beginning on or after 1 January • 2013). This interpretation has been endorsed for use in the EU (the mandatory effective date for the EUendorsed version is 1 January 2014).

IAS 28 ‘Investments in Associates and Joint Ventures’ (effective for accounting periods beginning on or • after 1 January 2013). This interpretation has been endorsed for use in the EU (the mandatory effective date for the EU-endorsed version is 1 January 2014).

IAS 19 ‘Employee Benefits’ (effective for accounting periods beginning on or after 1 January 2013). This • interpretation has been endorsed for use in the EU.

–  –  –

STATEMENT OF ACCOUNTING POLICIES

Amendment to IFRS 7 ‘Disclosures - Offsetting Financial Assets and Financial Liabilities’ (effective for • accounting periods beginning on or after 1 January 2013). This amendment has been endorsed for use in the EU.

Amendment to IFRS 1 ‘Government Loans’ (effective for accounting periods beginning on or after 1 • February 2010). This amendment has not yet been endorsed for use in the EU.

Annual Improvements to IFRSs (2009-2011 Cycle) - Minor amendments to various accounting • standards, effective for periods beginning on or after 1 January 2013 onwards. These amendments have not yet been endorsed for use in the EU.

Amendments to IFRS 10, IFRS 11 and IFRS 12 ‘Consolidated Financial Statements, Joint Arrangements • and Disclosure of Interests in Other Entities: Transition Guidance’ (effective for accounting periods beginning on or after 1 January 2013). This amendment has not yet been endorsed for use in the EU.

Amendment to IAS 32 ‘Offsetting Financial Assets and Financial Liabilities’ (effective for accounting • periods beginning on or after 1 January 2014). This amendment has been endorsed for use in the EU.

Amendments to IFRS 10, IFRS 12 and IAS 27 ‘Investment Entities’ (effective for accounting periods • beginning on or after 1 January 2014). This amendment has not yet been endorsed for use in the EU.

IFRS 9 ‘Financial Instruments’ (effective for accounting periods beginning on or after 1 January 2015).

• This amendment has not yet been endorsed for use in the EU.

–  –  –

NOTES TO THE FINANCIAL STATEMENTS



Pages:     | 1 |   ...   | 5 | 6 || 8 | 9 |


Similar works:

«The Tournament at Saint-Omer, 1377 © Steen Clemmensen, Farum, Denmark, February 2008. Armorial d'Urfé, Paris, BnF, ms.fr.32753 pages 149-150, segment 46 = URF:2652-2679 (28 items). Especially when the Hundred Year’s War between England and France grew colder rather than combative, tournaments were held between the warring parties. One of these took place outside Calais in the year 1377. The same year as the enfeebled king of England, Edward III, died on June 20th and Bergerac in Périgord...»

«1 Analysis of Stratified Data 1.1 Introduction...........................................................................1 1.2 Continuous Endpoints............................................................... 3 1.3 Categorical Endpoints................................................................»

«JANICE MUELLER STATE AUDITOR 22 E. MIFFLIN ST., STE. 500 MADISON, WISCONSIN 53703 (608) 266-2818 FAX (608) 267-0410 May 6, 2004 Leg.Audit.Info@legis.state.wi.us Senate Majority Leader Mary Panzer and Assembly Speaker John Gard State Capitol Madison, Wisconsin 53702 Dear Senator Panzer and Representative Gard: At your request, we have completed a limited-scope review of the finances of the Milwaukee Brewers Baseball Club from 1994 through 2003. Our review was initiated following reports that the...»

«Page |1 Central Highlands Council AGENDA – ORDINARY MEETING – 16 AUGUST 2016 Agenda of an Ordinary Meeting of Central Highlands Council scheduled to be held at Bothwell Council Chambers, on Tuesday 16th August 2016, commencing at 9am. I certify under S65(2) of the Local Government Act 1993 that the matters to be discussed under this agenda have been, where necessary, the subject of advice from a suitably qualified person and that such advice has been taken into account in providing any...»

«THE UNIVERSITY OF SOUTHERN MISSISSIPPI ATHLETIC TRAINING POLICIES AND PROCEDURES 2011-2012 I. COORDINATION OF TREATMENT FOR ATHLETIC SQUADS A. Student athletes are expected to promptly report all of their injuries and illnesses to the staff certified athletic trainers no later than the times listed below: *6:30 A.M. ALL football players and those athletes with an 8:00am class *7:45-11:00 A.M. all athletes who do not have an 8:00am class as instructed by staff certified athletic trainers B....»

«Creation/Evolution Says he's a creationist and he's looking for a date. Articles Issue 30 Summer 1992 1 Radiocarbon Dates for Dinosaur Bones? A Critical Look at Recent Creationist Claims Bradley T. Lepper 10 Radiocarbon Dating Dinosaur Bones: More Pseudoscience from Creationists Thomas W. Stafford Jr. 18 Science or Animism? Bruce Stewart 20 Science at Bob Thurston University Kathryn Lasky Knight 22 Evolution's Hidden Agenda—Revealed! Arthur Shapiro 29 Life—How It Got Here: A Critique of a...»

«E-Leader Budapest 2010 KNOWELEDGE, RISK PERCEPTION AND BEHAVIOUR ON HIV/AIDS AMONG STUDENTS OF TERTIARY INSTITUTIONS IN LAGOS STATE, NIGERIA Rasheed Kola Ojikutu,PhD Ismaila Adedeji Adeleke,PhD Tajdeen Yusuf,PhD Lukman Abolaji Ajijola, MSc University of Lagos Department of Actuarial Science and Insurance Lagos, Nigeria Abstract This Study was focused on the behavior and risk perception of HIV/AIDS among students of tertiary institutions in Lagos State, Nigeria because researches have shown that...»

«INTERPRETING THE PASSOVER IN THE EXODUS TRADITION AMONGST THE TIV AS A NARRATIVE CONCERNING ORIGIN AND MIGRATION by Jonathan Tyosar Weor Dissertation Presented for the Degree of Doctor of Theology at the University of Stellenbosch South Africa Promoter: Prof Hendrik L Bosman December 2012 Stellenbosch University http://scholar.sun.ac.za DECLARATION I, the undersigned, hereby declare that the work contained in this dissertation is my own original work and that I have not previously in its...»

«Publications 2015, 3, 104-119; doi:10.3390/publications3020104 OPEN ACCESS publications ISSN 2304-6775 www.mdpi.com/journal/publications Article Novices’ Struggles with Conceptual and Theoretical Framing in Writing Dissertations and Papers for Publication † Christine Pearson Casanave 1,* and Yongyan Li 2 1 Graduate College of Education, Temple University, Japan Campus, Japan 2 Faculty of Education, University of Hong Kong, Pokfulam Road, Hong Kong, China; E-Mail: yongyan@hku.hk † This...»

«TWIN LAKES FAMILY YMCA GYMNASTICS 2015-2016 SCHOOL YEAR SCHEDULE SEPTEMBER 12, 2015 – MAY 21, 2016 Registration Begins: April 25, 2015 for YMCA Family Members / May 9, 2015 for Community Members PRESCHOOL CO-ED CLASSES CLASS MONDAY TUESDAY WEDNESDAY THURSDAY SATURDAY Tiny Tots (16mo-3yrs) 9:30-10:15am 9:30-10:15am 10:30-11:15am Flippin For Fun (3-4yrs) 9:30-10:15am 4:30-5:15pm 10:30-11:15am 3:30-4:15pm CO-ED CLASSES CLASS MONDAY TUESDAY WEDNESDAY THURSDAY SATURDAY Co-Ed 4-5 yrs 10:30-11:25am...»

«Tanzania Electric Supply Company Limited Environmental and Social Impact Assessments (ESIA) for the Proposed 400 kV Power Transmission Line Iringa Dodoma Singida Shinyanga Draft Final Report November 2009 Submitted to: National Environment Management Council P.O Box 63154, Dar es Salaam, Tanzania Tel: +255 22 2134603 Email: nemc@nemctz.org Prepared by: Institute of Resource Assessment P.O. Box 35097 Norsk-Data-Strasse 1 Dar es Salaam, Tanzania 61352 Bad Homburg v.d.H., Germany Tel:...»

«Oligopolies with (Somewhat) Environmentally Conscious Consumers: Market Equilibrium and Regulatory Intervention1 George Deltas Donna Ramirez Harrington Madhu Khanna University of Illinois University of Vermont University of Illinois 1206 South Sixth Street Old Mill Building 1301 W. Gregory Drive Champaign, IL 61820 Burlington, VT 05405 Urbana, IL 61801 Phone: (217) 333-4678 Phone: (802) 656-0964 Phone: (217) 333-5176 e-mail: deltas@uiuc.edu e-mail: djramire@uvm.edu e-mail: khanna1@uiuc.edu July...»





 
<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.