Courts (Jamaica) Limited
Identification and Significant Accounting Policies
31 March 2002
Identification and Principal Activities
Courts (Jamaica) Limited (the company) is a public company incorporated and resident in Jamaica. It is a
subsidiary of Courts Furnishers (Overseas) Limited which is incorporated in England and which holds 79.9% of the
company's issued stock units. The ultimate holding company is Courts PLC which is also incorporated in England.
The principal activities of the company consist of the retailing and the hire purchase financing of furniture and
appliances.
These financial statements are presented in Jamaican dollars
Basis of preparation
The financial statements have been prepared in accordance with and comply with Jamaican Accounting Standards
and have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Use of estimates
The preparation of financial statements in conformity with Jamaican generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates.
Foreign currency translation
Transactions during the year are converted into Jamaican dollars at the appropriate rates of exchange ruling on
transaction dates. Assets and liabilities denominated in foreign currencies are translated into Jamaican dollars at the
appropriate rates of exchange ruling on the balance sheet date. Gains or losses arising from fluctuations in exchange
rates are reflected in the profit and loss account
