Page 57 - BH Global-AR2012-FA.indd

55
bh global marine LIMITEDANNUAL REPORT 2012
These notes form an integral part of and should be read in conjunction with the accompanying fnancial statements.
1 Corporate information
The Company (Co. Reg. No. 200404900H), is incorporated and domiciled in Singapore. The address of its registered offce
is at 8 Penjuru Lane, Singapore 609189.
The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are disclosed in
Note 11 to the fnancial statements.
The Company’s immediate and ultimate holding company is Beng Hui Holding (S) Pte Ltd, incorporated in Singapore.
Related companies are subsidiaries of Beng Hui Holding (S) Pte Ltd.
2 Signifcant accounting policies
a) Basis of preparation
The fnancial statements, (expressed in Singapore dollars which is the Company’s functional currency), have been
prepared in accordance with the provisions of the Singapore Companies Act and Singapore Financial Reporting
Standards (“FRS”). The fnancial statements have been prepared under the historical cost convention except as
disclosed in the accounting policies below.
The preparation of fnancial statements in conformity with FRS requires the use of estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the fnancial statements and the reported amounts of revenues and expenses during the fnancial year. Although these
estimates are based on management’s best knowledge of current events and actions and historical experiences and
various other factors that are believed to be reasonable under the circumstances, actual results may ultimately differ
from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.
The areas involving a higher degree of judgment in applying accounting policies, or areas where assumptions and
estimates have a signifcant risk of resulting in material adjustment within the next fnancial year are disclosed in Note
2(dd) to the fnancial statements.
The carrying amounts of cash and cash equivalents, trade and other current receivables and payables approximate their
respective fair values due to the relatively short-term maturity of these fnancial instruments.
In the current fnancial year, the Group has adopted all the new and revised FRS and Interpretations of FRS (“INT FRS”)
that are relevant to its operations and effective for the current fnancial year. The adoption of these new/revised FRS and
INT FRS did not have any material effect on the fnancial results or position of the Group and the Company.
New standards, amendments to standards and interpretations that have been issued at the end of the reporting period
but are not yet effective for the fnancial year ended 31 December 2012 have not been applied in preparing these
fnancial statements. None of these are expected to have a signifcant effect on the fnancial statements of the Group
and the Company except as disclosed below.
NOTES TO THE FINANCIAL STATEMENTS
For the fnancial year ended 31 December 2012