四洲集团中期报告2023-2024

The board of directors (the “Board”) of Four Seas MercantileHoldings Limited (the “Company”) presents the unauditedcondensed consolidated statement of financial position as at30 September 2023 of the Company and its subsidiaries (the“Group”) and the unaudited condensed consolidated statementof profit or loss, unaudited condensed consolidated statementof comprehensive income, unaudited condensed consolidatedstatement of changes in equity and unaudited condensedconsolidated statement of cash flows for the six months ended30 September 2023 as follows: CONDENSED CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS CONDENSED CONSOLIDATEDSTATEMENT OF COMPREHENSIVEINCOME CONDENSED CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY SIX MONTHS ENDED 30 SEPTEMBER 2023 NOTES TO THE CONDENSEDCONSOLIDATED FINANCIALSTATEMENTS 1. 1.ACCOUNTING POLICIES 1634 Theunaudited condensed consolidated interim financialstatements are prepared in accordance with the applicabledisclosure requirements of Appendix 16 to the Rules GoverningtheListing of Securities(“Listing Rules”)on The StockExchange of Hong Kong Limited (“Stock Exchange”) and theHong Kong Accounting Standard (“HKAS”) 34Interim FinancialReportingissued by the Hong Kong Institute of Certified PublicAccountants (“HKICPA”). The accounting policies and basis of preparation adopted in thepreparation of the unaudited condensed consolidated interimfinancial statements are consistent with those adopted in thepreparation of the annual financial statements for the year ended31 March 2023. In the current interim period, the Group has applied, for the firsttime, certain revised Hong Kong Financial Reporting Standards(“HKFRSs”) and Interpretations issued by the HKICPA that aremandatorily effective for the Group’s financial years beginningon or after 1 April 2023. HKFRS 17Amendments to HKFRS 17 Insurance ContractsInsurance Contracts Amendments to HKFRS 17 Initial Application of HKFRS 17and HKFRS 9 – ComparativeInformation Amendments to HKAS 1 andHKFRS PracticeStatement 2Amendments to HKAS 8Amendments to HKAS 12Amendments to HKAS 12 1. 1.ACCOUNTING POLICIES(continued) The nature and impact of the revised HKFRSs are describedbelow: (a)12 (a)Amendments to HKAS 1 require entities to disclosetheir material accounting policy information rather thantheir significant accounting policies. Accounting policyinformationis material if,when considered togetherwith other information included in an entity’s financialstatements, it can reasonably be expected to influencedecisionsthat the primary users of general purposefinancial statements make on the basis of those financialstatements. Amendments to HKFRS Practice Statement2 provide non-mandatory guidance on how to apply theconcept of materiality to accounting policy disclosures.The Group has applied the amendments since 1 April 2023.The amendments did not have any impact on the Group’sinterim condensed consolidated financial information butare expected to affect the accounting policy disclosures inthe Group’s annual consolidated financial statements. (b)Amendments to HKAS 8 clarify the distinction betweenchanges in accounting estimates and changes in accountingpolicies. Accounting estimates are defined as monetaryamountsin financial statements that are subject tomeasurement uncertainty. The amendments also clarifyhow entities use measurement techniques and inputs todevelop accounting estimates. The Group has applied theamendments to changes in accounting policies and changesin accounting estimates that occur on or after 1 April2023. Since the Group’s policy of determining accountingestimates aligns with the amendments, the amendmentsdid not have any impact on the financial position orperformance of the Group. (b)8 1. 1.ACCOUNTING POLICIES(continued) (c)1212(i)(ii) (c)Amendments to HKAS 12Deferred Tax related to Assetsand Liabilities arising from a Single Transactionnarrowthe scope of the initial recognition exception in HKAS 12so that it no longer applies to transactions that give rise toequal taxable and deductible temporary differences, suchas leases and decommissioning obligations. Therefore,entities are required to recognise a deferred tax asset(provided that sufficient taxable profit is available) and adeferred tax liability for temporary differences arising fromthese transactions. The Group has applied the amendmentson temporary differences related to leases as at 1 April2022. Upon initial application of these amendments, theGroup recognised (i) a deferred tax asset for all deductibletemporary differences associated with lease liabilities(provided that sufficient taxable profit is available), and (ii)a deferred tax liability for all taxable temporary differencesassociated with right-of-use assets as at 1 April 2022. (d)12 (d)Amendments to HKAS 12 International Tax Reform –Pillar Two Model Rulesintroduce a mandatory temporaryexception from the recognition and disclosure of deferredtaxes arising from the implementation of the Pillar Twom