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ANNUAL REPORT 201434NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2014(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)1. Incorporation and Principal ActivitiesGuardian Media Limited (the %u201cCompany%u201d) is a limited liability company incorporated in 1917 and continued on 21 November 1997 under the Companies Act, 1995, in the Republic of Trinidad and Tobago. Effective 26 April 2010, the Company changed its name to Guardian Media Limited (formerly Trinidad Publishing Company Limited). The Company operates in Trinidad and Tobago and is a subsidiary of ANSA McAL Limited (the %u201cUltimate Parent%u201d), which is a public company that owns 51% of the issued stated capital of the Company. The registered office of the Company is at 22-24 St. Vincent Street, Port of Spain. Guardian Media Limited is the parent company of Wonderland Entertainment Limited. The Company has a primary listing on the Trinidad and Tobago Stock Exchange.Guardian Media Limited and its consolidated Subsidiary (%u2018the Group%u2019) consist of the parent company, Guardian Media Limited and its 100% owned subsidiary Wonderland Entertainment Limited. The Group is the publisher of the Trinidad Guardian and the Sunday Guardian, and also provides printing services for other publishers. The Group purchased the operating assets and liabilities of Trinidad Broadcasting Company Limited and Prime Radio Limited on 1 May 1998 and acquired a 100% share of Wonderland Entertainment Limited on 9 August 2011. On the 12 September 2014, the Group entered into an agreement to acquire a licence to operate the 99.5 F.M. radio frequency, which was approved by the Telecommunications Authority of Trinidad and Tobago (%u201cTATT%u201d) on condition that the Group surrenders the 7.30 A.M. Frequency. The Group will continue to operate six (6) broadcasting stations, 95.1 F.M. The Best Mix, the Vibe CT105 F.M., Sangeet 106.1 F.M., Aakash Vani 106.5 F.M., SLAM 100.5 F.M. and Inspirational Radio 7.30 A.M. (up until 31 March 2015 at the latest) which will be replaced by Sky Radio 99.5 F.M. The Group is also the operator of a television station, CNC3. The inaugural feed began on 26 September 2005. 2. Significant accounting policiesi) Basis of preparationThese consolidated financial statements are expressed in thousands of Trinidad and Tobago dollars (except when otherwise indicated) and have been prepared on a historical cost basis except for the measurement at fair value of certain financial assets measured at fair value through income.