197 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 3 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Company Building RM’000 Computer and equipment RM’000 Renovations, office equipment, furniture and fittings RM’000 Motor vehicles RM’000 Total RM’000 2023 Accumulated depreciation At 1 January 818 501 341 708 2,368 Depreciation charge for the financial year 80 37 21 - 138 Disposals - (1) (41) (708) (750) Write-offs - (257) (307) - (564) Transfer to assets held for sale (898) - - - (898) At 31 December - 280 14 - 294 Carrying amount at 31 December - 110 36 - 146 Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Freehold land is not depreciated as it has an indefinite life. Capital work-in-progress and assets under construction included in plant and equipment are not depreciated until these assets are ready for their intended use. Depreciation is calculated to write off the depreciable amount on a straight line basis over their estimated useful lives. The depreciable amount is determined after deducting residual value from cost. The estimated useful lives of the property, plant and equipment are as follows: Buildings 10 - 50 years Plant, machinery, tools and equipment 2 - 25 years Electrical installations, computer and office equipment, furniture and fittings 3 - 10 years Motor vehicles 3 - 5 years Renovation, yard development and store extension 2 - 50 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at the end of each financial year.
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