Caledonian Maritime Assets Ltd Annual Report & Accounts 2013 Aithisg Bhliadhnail & Cunntasan 2013
Notes to the Accounts 1. General information Caledonian Maritime Assets Limited is a limited Company incorporated in Scotland. Its ultimate controlling party is Scottish Ministers. Its registered office and principal place of business is Municipal Buildings, Fore Street, Port Glasgow PA14 5EQ. The principal activities of the Company are shown on page 18. 2. Statement of compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board, International Financial Reporting Interpretations Committee (IFRIC) interpretations endorsed by the European Union and the Companies Act 2006 where applicable to companies reporting under IFRSs. 3. Basis of preparation The accounts have been prepared under the historical cost convention modified to account for land and buildings, plant and equipment, and vessels at their fair value. The Company is preparing its accounts in accordance with International Financial Reporting Standards, as adopted by the European Union. 4. Summary of significant accounting policies The accounting policies adopted in the preparation of these financial statements are set out below. (a) Adoption of new and revised standards The following standards, amendments and interpretations became effective during the year and have been adopted in these financial statements. Their adoption has not had any impact on the amounts reported in these financial statements: IAS 1 IAS 16 IFRS 7
Presentation of financial statements Property, plant and equipment Financial instruments: disclosures
At the year-end the following standards, amendments and interpretations, which have not been applied in these financial statements, were in issue, but not yet effective: IAS 12 IAS 19 IAS 28 IFRS 7 IFRS 12 IFRS 13
Income taxes Defined benefit schemes Investments in associates and joint ventures Financial instruments: disclosures Disclosure of interests in other entities Fair value measurement
The Directors have not yet had an opportunity to consider the potential impact of the adoption of these amendments. At the year-end there were further standards, amendments and interpretations in issue, but not yet effective, which are not expected to be relevant to the Company’s operations and are therefore not disclosed separately. (b) Property, plant and equipment and investment property Land Land is held at fair value and is valued in accordance with the Valuation Standards issued by The Royal Institution of Chartered Surveyors on the basis of existing condition. Increases in the carrying amount arising on revaluation are credited to other comprehensive income. Decreases that offset previous increases on the same asset are charged against other comprehensive income; all other decreases are charged to the income statement. Increases on the same asset that offset previous decreases charged to the income statement, are credited to the income statement to the extent of previous decreases and subsequently to other comprehensive income. When land assets are sold, any amounts included in other comprehensive income in respect of previously recognised surpluses are transferred to net earnings.
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