Maranguka Annual Report 2024 - Flipbook - Page 18
Depreciation
The depreciable amount of all property, plant and equipment is depreciated on a straight‐line basis
over the asset’s useful life to the company commencing from the time the asset is held ready for use.
The depreciation rates used for each class of depreciable assets are:
Computer equipment
Furniture and 昀椀ttings
Motor vehicles
33%
20%
12.5%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of
each reporting period. An asset’s carrying amount is written down immediately to its recoverable
amount if the asset’s carrying amount is greater than its estimated recoverable amount.
Trade and other payables
Trade and other payables represent the liability outstanding at the end of the reporting period for
goods and services received by the company during the reporting period, which remain unpaid.
The balance is recognised as a current liability with the amounts normally paid within 30 days of
recognition of the liability. The carrying amount of trade and other payables is deemed to re昀氀ect fair
value.
Income received in advance
Income, other than government contract income, that is received before the service to which the
payment relates has been provided is recorded as a liability until such time as the service has been
provided, at which time it is recognised in the statement of comprehensive income.
Unexpended grants
The company receives grant monies to fund projects either for contracted periods of time or for
speci昀椀c projects irrespective of the period of time required to complete these projects. It is the policy
of the company to treat grant monies as revenue in advance in the statement of 昀椀nancial position
where the company is contractually obliged to provide the services in a subsequent 昀椀nancial period
to when the grant is received or in the case of speci昀椀c project grants where the project has not
been completed.
Employee bene昀椀ts
Provision is made for the company’s liability for employee bene昀椀ts arising from services rendered
by employees to the end of the reporting period. Employee bene昀椀ts that are expected to be settled
within one year have been measured at the amounts expected to be paid when the liability is
settled. Employee bene昀椀ts payable later than one year have been measured at the present value
of the estimated future cash out昀氀ows to be made for those bene昀椀ts. In determining the liability,
consideration is given to employee wage increases and the probability that the employee may not
satisfy vesting requirements. Those cash out昀氀ows are discounted using market yields on high quality
corporate bonds with terms to maturity that match the expected timing of cash 昀氀ows.
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