Page 164 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
1 CORPORATE INFORMATION
The United Basalt Products Limited is is a a a a a a a a a public Company incorporated and and domiciled in in Mauritius and and listed on the official market of of o the Stock Exchange of of o Mauritius Ltd Its registered office is is situated at at at Trianon Quatre-Bornes The main activities of the the the the Company and and its subsidiaries together referred to to as the the the the ‘Group’ are the the the the manufacturers and and sellers sellers of of of building materials provision of of of workshop services and sellers sellers of of of agricultural products The consolidated and separate financial statements
for for the the year ended June 30 2020
were authorised for for issue by the the Board Board of of Directors on on on November 09 2020
and the the statements
of of financial position were signed on on on the the Board’s behalf by Messrs Marc Freismuth and and Stéphane Ulcoq The consolidated and and separate financial statements
will be submitted to the shareholders for approval at the annual meeting 2 ACCOUNTING POLICIES
2 1 BASIS OF PREPARATION
The consolidated and and separate financial statements
of the the Group and and the the Company have been prepared fin in accordance with International International Financial Reporting Standards Standards (“IFRS”) as issued by the International International Accounting Standards Standards Board (“IASB”) and and complied with the Mauritius Companies Act Act 2001 and and Financial Reporting Act Act 2004 The consolidated and and separate financial statements
have been prepared on on a a a a a a a a a a a a a historical cost basis except for freehold land and and buildings classified under property plant and and equipment financial financial assets at fair value through profit or loss financial financial assets assets at at at fair value through other comprehensive income and consumable biological assets assets that have been measured at at at their fair value as disclosed in in the the accounting policies hereafter The consolidated and and separate financial statements
are are presented fin in Mauritian Rupees and and all values are are rounded to the nearest thousand (Rs’000) except where otherwise indicated The consolidated and separate financial statements
provide comparative information fin in in respect of the previous year 2 2 2 2 BASIS OF CONSOLIDATION
The The consolidated financial financial statements
statements
comprise the financial financial statements
statements
of The The United Basalt Products Limited and its subsidiaries as at June 30 2020
Control is is achieved when the the Group is is exposed or has rights to variable returns from its involvement with the the investee and has the the the ability to affect those returns through its power over the the the investee investee Specifically the the the Group controls an an investee investee if if and only if if the Group has:
• Power over the the the the investee investee (i e e e e e e e e e e e e e e e e e e e e existing rights that give it it it the the the the current ability to direct the the the the relevant activities of the the the the investee)
• Exposure or rights to variable returns from its involvement with the investee and • The ability to to use its its power over the investee to to affect its its returns When the the the Group Group has less than a a a a a a a a a majority of of the the the voting or or similar rights of of an an an investee the the the Group Group considers all relevant facts and circumstances in in in in in assessing whether it has power over an an an investee including:
• The contractual arrangement with the the the other vote holders of the the the investee • Rights arising from other contractual arrangements
• The Group’s voting voting rights rights and potential voting voting rights rights 164 - UBP INTEGRATED REPORT 2020