55
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 June 2016
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Board of Directors on 29 September 2016.
1 DOMICILE AND ACTIVITIES
Grand Banks Yachts Limited (the Company) is incorporated in the Republic of Singapore and has its registered office
at 274 Upper Bukit Timah Road #03-16 Singapore 588213.
The principal activities of the Company are those of an investment holding company with significant subsidiaries in the
business of manufacturing and selling luxury yachts worldwide. See Note 5 to the financial statements for additional
information on the subsidiaries.
The financial statements of the Group as at and for the year ended 30 June 2016 comprise the Company and its
subsidiaries (together referred to as the ‘Group’ and individually as ‘Group entities’).
2 BASIS OF PREPARATION
2.1 Statement of compliance
The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards
(FRS).
2.2 Basis of measurement
The financial statements have been prepared on the historical cost basis except for certain financial assets
which are measured at fair value.
2.3 Functional and presentation currency
These financial statements are presented in Singapore dollars, which is also the Company’s functional currency.
The financial statements of the Company and its subsidiaries are measured in respective functional currencies
determined by management. All financial information presented in Singapore dollars have been rounded to the
nearest thousand, unless otherwise stated.
2.4 Use of estimates and judgements
The preparation of the financial statements in conformity with FRSs requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected.
