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Annual Report 2013 LifeBrandz Ltd
Notes to the Financial Statements
31 July 2013
1. Corporate information
LifeBrandz Ltd (the “Company”) is a limited liability company domiciled and incorporated in Singapore. The Company is
listed on the Singapore Exchange Securities Trading Limited.
The registered offce and principal place of business of the Company is located at Block 3C, Clarke Quay, River Valley
Road, #02-02, Singapore 179022.
The principal activity of the Company is that of investment holding. The principal activities of the Group are those of the
lifestyle and entertainment business as disclosed in Note 17 to the fnancial statements. There have been no signifcant
changes in the nature of these activities during the fnancial year.
2. Fundamental accounting concept
As at 31 July 2013, the Group’s current liabilities exceeded its current assets by $2,255,000 (2012: net current liabilities
of $1,969,000).
In the opinion of the directors, the Group is able to continue as a going concern despite its net current liabilities position
as the Group generated net profts for the year ended 31 July 2013, and based on the cashfow projections for the Group,
the directors believe that the Group will continue to be able to generate suffcient cash fows from its operations so as to
pay their debts when they fall due. Accordingly, the directors of the Group and the Company are of the view that the use
of the going concern assumption is appropriate for the preparation of these fnancial statements.
3. Summary of significant accounting policies
3.1 Basis of preparation
The consolidated fnancial statements of the Group and the statement of fnancial position and statement of changes in
equity of the Company have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”).
The fnancial statements have been prepared on a historical cost basis, except as disclosed in the accounting
policies below.
The fnancial statements are presented in Singapore dollars ($ or SGD) and all values are rounded to the nearest thousand
($’000) except when otherwise indicated.
3.2 Changes in accounting policies
The accounting policies adopted are consistent with those of the previous fnancial year except that in the current fnancial
year, the Group has adopted all the new and revised standards and Interpretations of FRS (INT FRS) that are effective for
annual periods beginning on or after 1 August 2012.
The adoption of these standards and interpretations did not have any effect on the fnancial performance or position of
the Group and the Company.