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Stamford Tyres Corporation Limited

Annual Report 2013

35

Notes to the Financial Statements

30 April 2013

(In Singapore dollars)

P

ERFORMANCE

S

TEERING

FOR

1.

Corporation information

Stamford Tyres Corporation Limited is a limited liability company incorporated and domiciled in Singapore and is

listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Its registered office and principal place of business is at 19 Lok Yang Way, Singapore 628635.

The principal activity of the Company is that of an investment holding company and the principal activities of the

subsidiary companies consist of the wholesale and retail of tyres and wheels, design and contract manufacturing

of tyres for proprietary brands, tyre retreading, equipment trading, servicing of motor vehicles, and manufacturing

and sale of aluminium alloy wheels.

2.

Summary of significant accounting policies

2.1 Basis of preparation

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 for certain financial instruments

and financial assets that have been measured at their fair values.

The financial statements are presented in Singapore Dollars ($) and all values are rounded to the nearest

thousand ($’000) except when otherwise indicated.

The accounting policies adopted by the Company and the Group are consistent with those used in the previous

year, except for the changes in accounting policies discussed in the following note below.

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 that are effective for annual periods

beginning on or after 1 May 2012. The adoption of these standards did not have any material effect on the

financial performance or position of the Group and the Company.