82
PETRA FOODS LIMITED
ANNUAL REPORT 2015
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
NOT E S TO THE F I NANC I AL S TAT EMENT S
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.
1.
GENERAL INFORMATION
Petra Foods Limited (the “Company”) is incorporated and domiciled in Singapore and is publicly traded on
the Singapore Exchange Securities Trading Limited. The address of its registered office is 111 Somerset Road,
#08-05 TripleOne Somerset, Singapore 238164.
The principal activities of the Company are the manufacturing, marketing and distribution of chocolate,
chocolate confectionery, consumer products and investment holding. The principal activities of each of the
subsidiaries are set out in Note 17.
2.
SIGNIFICANT ACCOUNTING POLICIES
2.1
Basis of preparation
These financial statements have been prepared in accordance with 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 critical accounting
estimates and assumptions. Although these estimates are based on management’s best knowledge of current
events and actions, actual results may ultimately differ from those estimates. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 3.
Interpretations and amendments to published standards effective in 2015
On 1 January 2015, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are
mandatory for application for the financial year. Changes to the Group’s accounting policies have been made,
as required, in accordance with the transitional provisions in the respective FRS and INT FRS.
The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the Group’s
and Company’s accounting policies and had no material effect on the amounts reported for the current or prior
financial years.
2.2
Group accounting
(a)
Subsidiaries
(i)
Consolidation
Subsidiaries are entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power over
the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date on which that control ceases.
