125 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 1. CORPORATE INFORMATION CSE Global Limited (the “Company”) is a limited liability company incorporated and domiciled in Singapore and is listed on the Singapore Exchange Securities Trading Limited (SGX-ST). The registered office of the Company is located at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 and its principal place of business is 202 Bedok South Avenue 1, #01-21, Singapore 469332. The principal activities of the Company are those relating to provision of total integrated industrial automation, information technology and intelligent transport solutions and investment holding. The principal activities of the subsidiary companies are disclosed in Note 3 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 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 (International) (“SFRS(I)”). 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 “$”) and all values are rounded to the nearest thousand ($’000), except when otherwise indicated. The Company is in net current liabilities of $46,773,000 (2022: net current assets of $62,089,000) following the capitalisation of loan and amount due from subsidiaries into investment in subsidiaries during the year (Note 3). The Company has the ability to deploy cash and bank balances of the group subsidiaries as well as to utilise available banking facilities. 2.2 Changes in accounting policies and disclosures The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and amended standards which are relevant to the Group and are effective for annual financial periods beginning on or after 1 January 2023. The adoption of these standards did not have any material effect on the financial performance or position of the Group. Amendments to SFRS (I) 1-12: International Tax Reform – Pillar Two Model Rules The amendments to SFRS(I) 1-12 have been introduced in response to the Organisation for Economic Co-operation and Development (“OECD”)’s Base Erosion and Profit Shifting (“BEPS”) Pillar Two (“Pillar Two”) rules and include: - A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and - Disclosure requirements for affected entities to help users of the Financial Statements better understand an entity’s exposure to Pillar Two income taxes arising from that legislation, particularly before the effective date.
RkJQdWJsaXNoZXIy NTM2MDQ5