FINANCIAL STATEMENTS

(CONTINUED) FOR THE 52 WEEKS ENDED 27 DECEMBER 2022

(c) Going concern (continued)

Based on the above, the Directors consider that the Company will be able to continue to fulfil all obligations as and when they fall due for the foreseeable future, being at least twelve months from the date of approval of these financial statements, and that the Company's financial statements should be prepared on a going concern basis.

(d) Functional and presentation currency

These financial statements are presented in Australian dollars, which is the Company's functional currency.

(e) Use of estimates and judgements

The preparation of financial statements in conformity with AASB requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes:

• Note 11 Intangible assets

• Note 17 Property, plant and equipment - residential property land

• Note 22 Contingencies

(f) Changes in accounting policies, disclosures, standards and interpretations New and amended standards and interpretations

The Company has adopted the following standard in the current period:

• AASB 1060 General Purpose Financial Statements - Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 entities

The Company has consistently applied the newly adopted accounting standard to all periods presented in these financial statements. The above standard did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.

Accounting Standards and Interpretations issued but not yet effective

Certain Australian Accounting Standards and Interpretation have recently been issued or amended but are not yet effective and have not been adopted by the Company for the reporting period ended 27 December 2022.

3

Significant

accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

(a) Financial instruments

(i) Recognition and initial measurement

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.