Company: OTSA
Filing Date: 2025-01-28
Form Type: DRS
Source: 0001213900-25-007614
Chunk: 254

Company: OTSAW Ltd
Filing Date: 2025-01-28
Form: DRS
Chunk 254
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 be a transaction under common control as ultimately both entities were controlled by Ling, Ting Ming before and after the transaction. Therefore, the consolidated financial statements have been retrospectively recast to reflect Otsaw’s controlling interest in Otsaw Digital for all periods presented. For the period prior to the incorporation of Otsaw, the consolidated financial statements reflect Ling, Ting Ming’s controlling interest in Otsaw Digital, which he held through Arrarat Capital Pte Ltd, a personal holding company owned and controlled by Ling, Ting Ming with no other operations that does not form part of the consolidated group. There is currently no specific guidance on accounting for common control transactions under International Financial Reporting Standards issued by the International Accounting Standards Board (“IFRS”). In the absence of specific guidance Otsaw elected to apply the “pooling of interests” method of accounting. Under “pooling of interests” the assets and liabilities of Otsaw Digital are carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest period presented. These consolidated annual financial statements comprise Otsaw and its subsidiaries (collectively the “group” and individually “group companies”). The group is primarily involved in security, logistics and disinfection robot services, development of autonomous mobile robotic software and investment holding. The consolidated financial statements of the Company for the financial year ended April 30, 2024 are authorised for issue by the Board of Directors on October 23, 2024. Basis of measurement The consolidated annual financial statements have been prepared on the historical cost basis with the exception of certain financial instruments which have been fair valued. Functional and presentation currency These consolidated annual financial statements are presented in United State Dollar (USD), which is the Group’s presentation currency. The Group’s functional currencies are Singapore Dollar (SGD), Euro (EUR) and United State Dollar (USD). Reclassification of prior year presentation In the current year; certain prior year expenses have been classified to better reflect the function of the expense. No prior year numbers were restated, these reclassifications had no effect on the reported operating loss in the consolidated statement of loss and comprehensive loss. Employment expenses of USD166,340, relating to operations staff cost were classified as General and administration expenses in the prior year, these expenses would have been disclosed as Cost of revenue in the prior year, if to conform with current year presentation. F-8

OTSAW LIMITED AND ITS SUBSIDIARIES