Company financial statements
notes to the company financial statements
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1. |
ACCOUNTING POLICIES |
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Except as presented below, the accounting policies and notes to the financial statements are identical to those disclosed in the consolidated financial statements found here. |
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1.1 |
Investments in subsidiaries |
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The Companies carry their investments in subsidiaries at cost less impairment losses. |
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1.2 |
Foreign currency transactions and translations |
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The financial statements are presented in South African rand, which is the Companie s’ functional currency. All transactions are in South African rand. |
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1.3 |
Basis of consolidation |
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The Companies’ financial statements are presented as separate financial statements. |
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The Companies’ financial statements have been prepared in accordance with IFRS and its interpretations adopted by the International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the requirements of the Companies Act of South Africa. |
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1.4 |
Basis of preparation |
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The Companies’ financial statements are prepared on the historical cost basis. |
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The accounting policies have been consistently applied to all periods presented in these financial statements except where the Companies have adopted the IFRS and IFRIC interpretations and amendments. These interpretations and amendments had no material impact on the reported results. Where applicable, additional disclosures for the current and comparative periods were provided. |
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1.5 |
Property, plant and equipment |
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No property, plant and equipment are held by the Companies. |
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1.6 |
Intangible assets |
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No intangible assets are held by the Companies. |
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1.7 |
Leases |
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No lease arrangements are held by the Companies. |
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1.8 |
Inventory |
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No inventory is held by the Companies. |
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1.9 |
Treasury shares |
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No treasury shares are held by the Companies. |
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1.10 |
Borrowing costs |
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No property, plant, equipment and intangible assets are held by the Companies thus no borrowing costs will occur. |
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1.11 |
Employee benefits |
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No employee benefits are recognised by the Companies. |
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1.12 |
Operating segments |
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No segmental financial information is required for the separate financials of the Companies |