Asia-Pacific Strategic Investments Limited - Annual Report 2021

Notes to the Financial Statements For the financial year ended 30 June 2021

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

The financial statements of the Group and the Company for the financial year ended 30 June 2021 were authorised for issue in accordance with a resolution of directors on 14 October 2021.

1

General information

Asia-Strategic Strategic Investments Limited (formerly known as China Real Estate Grp Ltd) (the “Company”) was incorporated as a public company limited by shares, in Singapore on 6 July 2006 and is listed on the Catalist Board of Singapore Exchange Securities Trading Limited (“SGX‑ST”) on 31 August 2007.

With effect from 31 December 2020, the name of the Company was changed from China Real Estate Grp Ltd to Asia-Pacific Strategic Investments Limited.

The principal place of operation is at 1 Scotts Road, #20-07 Shaw Centre, Singapore 228208 and the registered office is at 8 Robinson Road, #03-00 ASO Building, Singapore 048544.

The principal activity of the Company is that of investment holding. The principal activities of the subsidiary corporations are disclosed in Note 18.

2

Summary of significant accounting policies

2.1 Basis of preparation

These financial statements have been prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) under the historical cost convention, except as disclosed in the accounting policies below. The financial statements are presented in Singapore Dollars and have been rounded to the nearest thousand, unless otherwise stated. The preparation of financial statements in conformity with SFRS (I) requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. 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. As the effects of the coronavirus (“COVID-19”) spread across the entire world, including Singapore and PRC, the countries in which the Group operates, the primary focus for governments and businesses is the safety of their people. Stringent travel restrictions and safe distancing measurements imposed on a global scale to battle the spread of COVID-19 have had severe repercussions on the hospitality and real estate industries, which are the Group’s main business operations. As a result, for the financial year ended 30 June 2021, the Group has incurred a net loss of S$5,056,000 (2020: S$6,962,000) and recorded a net cash used in operating activities of S$5,757,000 (2020: S$1,335,000). Going concern assumption

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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