1.1 General
Hydratec Industries N.V. (hereinafter referred to as Hydratec) has its registered office and principal place of business in Amersfoort, the Netherlands, and is registered with the Chamber of Commerce under number 23073095.
1.2 Statement of compliance
The Group’s consolidated financial statements were prepared on the basis of the going-concern principle, in compliance with International Financial Reporting Standards (IFRS-EU) as accepted by the European Union, and with Title 9 of Book 2 of the
1.3 Estimates and judgements by management
Hydratec makes use of estimates and assumptions when preparing the financial statements and the measurement of items in the financial statements.
1.4 Consolidation
Subsidiaries are companies in which Hydratec has or can exercise direct or indirect control. These participations are regarded as subsidiaries.
1.5 Foreign currency
Transactions in foreign currencies are translated into euros at the average monthly exchange rate for the month in which the transaction took place.
1.6 Financial instruments
Non-derivative financial instruments are trade and other receivables, cash and cash equivalents, borrowings, trade and other payables and the category other under financial fixed assets.
1.7 Intangible fixed assets
Acquired entities are consolidated from the date on which control is transferred. At initial recognition, acquired assets, liabilities and contingent liabilities are measured at fair value.
1.8 Tangible fixed assets
Tangible fixed assets are recognised at acquisition cost less accumulated depreciation and impairment (see policy 1.13).
1.9 Lease assets
The Group recognises lease assets on the commencement date of the lease (the date on which the underlying asset is available for use).
1.10 Inventories
Inventories purchased are recognised at either cost (on the basis of the latest procurement price) or net realisable value less selling costs, whichever is lower.