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UBP INTEGRATED REPORT 2022
INTRODUCTION ABOUT US MANAGEMENT APPROACH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2022
1.
CORPORATE INFORMATION
The United Basalt Products Limited (“the Company”) is a public company incorporated and domiciled in Mauritius and listed on the official market of the Stock Exchange of Mauritius. Its registered office is situated at Trianon, Quatre- Bornes.
The main activities of the Company and its subsidiaries, together referred to as the ‘Group’, are the manufacturing and selling of building materials, provision of workshop services, manufacture of ready-mixed concrete and in producing and selling of agricultural products.
The consolidated and separate financial statements for the year ended June 30, 2022 were authorised for issue by the Board of Directors on September 27, 2022 and the statements of financial position were signed on behalf of the Board by Messrs Jean-Claude Béga and Stéphane Ulcoq. The consolidated and separate financial statements will be submitted to the shareholders for approval at the annual meeting.
ACCOUNTING POLICIES
BASIS OF PREPARATION
The consolidated and separate financial statements of the Group and the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and complied with the Mauritius Companies Act 2001 and Financial Reporting Act 2004.
The consolidated and separate financial statements have been prepared on a historical cost basis except for freehold land and buildings classified under property, plant and equipment, financial assets at fair value through profit or loss, financial assets at fair value through other comprehensive income and consumable biological assets that have been measured at their fair value as disclosed in the accounting policies hereafter.
Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The consolidated and separate financial statements are presented in Mauritian Rupees and all values are rounded to the nearest thousand (Rs’000) except where otherwise indicated.
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of The United Basalt Products Limited and entities controlled by the Company (its subsidiaries) as at June 30, 2022.
Control is achieved when the Company 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 Company controls an investee if and only if the Company has:
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
Exposure, or rights, to variable returns from its involvement with the investee; and
The ability to use its power over the investee to affect its returns.
When the Company 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:
The contractual arrangement with the other vote holders of the investee; Rights arising from other contractual arrangements; and
The Company’s voting rights and potential voting rights.
The Company 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 Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Company gains control until the date the Company ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies.
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
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