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SUNNINGDALE TECH LTD
ANNUAL REPORT 2014
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
NOTES TO THE FINANCIAL STATEMENTS
1.
Corporate Information
Sunningdale Tech Ltd (the “Company”) is a limited liability company, domiciled and incorporated in the Republic of Singapore
and is listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
The registered office and principal place of business of the Company is located at 51 Joo Koon Circle, Singapore 629069.
The principal activities of the Company consist of manufacturing and sale of dies, tools, jigs, fixtures, high precision steel
moulds and plastic products. The principal activities of the subsidiaries are outlined in Note 16 to the financial statements.
There have been no significant changes in the nature of these activities during the year.
2.
Summary of significant accounting policies
2.1
Basis of presentation
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 financial statements are presented in Singapore Dollars (SGD or $), and all values in the tables are rounded to the nearest
thousand ($’000) except when otherwise indicated.
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 which are effective for annual financial periods beginning on or after 1
January 2014. The adoption of these standards did not have any effect on the financial performance or position of the Group
and the Company.
2.3
Standards issued but not yet effective
The Group has not adopted the following standards that have been issued but not yet effective:
Description
Effective for annual period
beginning on or after
Amendments to FRS 19
Defined Benefit Plans: Employee Contributions
1 July 2014
Improvements to FRSs (January 2014)
(a) Amendments to FRS 102
Share Based Payment
1 July 2014
(b) Amendments to FRS 103
Business Combinations
1 July 2014
(c) Amendments to FRS 108
Operating Segments
1 July 2014
(d) Amendments to FRS 16
Property, Plant and Equipment
and FRS 38
Intangible Assets
1 July 2014
(e) Amendments to FRS 24
Related Party Disclosures
1 July 2014
