ST Engineering Annual Report 2020

NOTES TO THE BALANCE SHEET OF THE COMPANY AS AT 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) 1. Basis of preparation and significant accounting policies The Balance Sheet of the Company is prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)). The Balance Sheet of the Company has been prepared on the historical cost convention, except as otherwise described in the accounting policies below. The Balance Sheet of the Company are presented in Singapore dollars (SGD) which is the Company’s functional currency. All values are rounded to the nearest thousand ($’000) unless otherwise indicated. Accounting policies, estimates and critical accounting judgements applied to the preparation of the Balance Sheet of the Company is consistent with the disclosures in the consolidated financial statements. The Balance Sheet and the notes to the Balance Sheet of the Company as at 31 December 2020 were authorised and approved by the Board of Directors for issuance on 18 February 2021. 2. Property, plant and equipment Buildings and improvements Furniture, fittings, office equipment and others Construction-in- progress Total $’000 $’000 $’000 $’000 Cost At 1 January 2020 2,847 34,713 2,651 40,211 Additions – 7,123 – 7,123 Disposals (2,841) (39,712) (1,460) (44,013) At 31 December 2020 6 2,124 1,191 3,321 Accumulated depreciation At 1 January 2020 1,576 9,947 – 11,523 Depreciation charge 190 3,634 – 3,824 Disposals (1,763) (12,400) – (14,163) At 31 December 2020 3 1,181 – 1,184 Net book value At 31 December 2020 3 943 1,191 2,137 / ST ENG I NEER I NG 282