WTK Holdings Berhad - Bursa Malaysia
WTK Holdings Berhad - Bursa Malaysia
WTK Holdings Berhad - Bursa Malaysia
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48<br />
Notes to the Financial Statements (Cont’d) 31 December 2003<br />
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)<br />
(d) Investments in Subsidiaries, Associates and Jointly Controlled Entity<br />
The Company’s investments in subsidiaries, associates and jointly controlled entity are stated at cost<br />
less impairment losses. The policy for the recognition and measurement of impairment losses is in<br />
accordance with Note 2(o).<br />
On disposal of such investments, the difference between net disposal proceeds and their carrying<br />
amounts is recognised in the income statement.<br />
(e) Property, Plant and Equipment and Depreciation<br />
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.<br />
The policy for the recognition and measurement of impairment losses is in accordance with Note 2(o).<br />
Certain land and buildings are stated at valuation less impairment losses. These assets have not been<br />
revalued since they were first revalued in 1980 and 1996. The directors have not adopted a policy of<br />
regular revaluations of such assets. As permitted under the transitional provisions of IAS 16 (Revised):<br />
Property, Plant and Equipment, these assets continue to be stated at their 1980 and 1996 valuation less<br />
accumulated depreciation. Upon disposal of revalued assets, the attributable revaluation surplus remaining<br />
in the revaluation reserve is transferred to retained profits.<br />
Freehold land and construction in progress are not depreciated. Leasehold land is depreciated over the<br />
period of the respective leases which range from 11 years to 99 years. Depreciation of other property,<br />
plant and equipment is provided for on a straight line basis to write off the cost of each asset to its<br />
residual value over the estimated useful life at the following annual rates:<br />
Office lots 2%<br />
Freehold land and buildings 2%<br />
Factory buildings and improvements 3% - 10%<br />
Furniture, fittings, equipment, renovations and installations 5% - 20%<br />
Plant, machinery, moulds and loose tools 5% - 66 2/3%<br />
Motor vehicles 20%<br />
Roads and bridges 5%<br />
Upon the disposal of an item of property, plant or equipment, the difference between the net disposal<br />
proceeds and the net carrying amount is recognised in the income statement and the unutilised portion<br />
of the revaluation surplus on that item is taken directly to retained profits.<br />
(f) Investment Properties<br />
Investment properties consist of investments in land and buildings that are not substantially occupied<br />
for use by, or in the operations of the Group.<br />
Investment properties are treated as long term investments and are stated at cost.<br />
W T K HOLDINGS BERHAD (10141-M)