NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACTIVITIES
TRIMETYS LTD (the “Company”) was incorporated as a private limited company in the Republic of Mauritius on 13 January 1999. The registered office and the principal place of business is Barachois Estate, Tamarin, 90901.
The Group and the Company’s principal activities are Real Estate development, Tourism and Hospitality services, Agribusi- ness and operations of Sports and Leisure complexes.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements of the Group and the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and comply with the Mauritian Companies Act 2001. The financial statements have been prepared under the historical cost convention, unless otherwise specified in these financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the directors to exercise their judgement in the process of applying the Company’s and Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.
Changes in accounting policies and disclosures
Standards and amendments to existing standards effective 1 January 2020
New or amended Accounting Standards and Interpretations adopted.
The Company has adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB) that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December 2020. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has: (a) Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee). (b) Exposure, or rights, to variable returns from its involvement with the investee. (c) The ability to use its power over the investee to affect its returns. Generally, there is the presumption that amajority of voting rights results in control. To support this presumption andwhen the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
(a) The contractual arrangement(s) with the other vote holders of the investee. (b) Rights arising from other contractual arrangements. (c) The Group’s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
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