Rangatira Annual Report 2023 - Flipbook - Page 52
52
R anga tira Annua l Rep or t 2 0 2 3
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Note 9 Property, Plant and Equipment
Property, plant and equipment is measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes
expenditure that is directly attributable to the acquisition of the item.
Depreciation is provided on property, plant and equipment, excluding land. Depreciation is calculated on a straight line or diminishing
value basis so as to write off the net cost of each asset over its expected useful life to its estimated residual value. Leasehold
improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the diminishing
value or straight line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each
annual reporting period.
The principal rates (straight line or diminishing value) used are:
• Freehold and leasehold buildings
1–4%
• Furniture and leasehold improvements
4-40%
• Plant and equipment
4-60%
• IT hardware
40-48%
Right-of-use assets are depreciated over the term of the underlying lease.
The gain or loss arising on disposal or retirement is determined as the difference between sales proceeds and the carrying amount of
the asset and is recognised in the consolidated income statement.
Land and
buildings
$000
Plant and
equipment
$000
Furniture and
leasehold
improvements
nts
$000
15,621
45,914
14,817
1,293
77,645
29,808
107,453
-
1,694
123
64
1,881
34,089
35,970
26
2,663
601
242
3,532
1,301
4,833
Disposals
-
(1,949)
(120)
(30)
(2,099)
(1,205)
(3,304)
Right-of-use asset
remeasurement
-
-
-
-
-
3,589
3,589
15,647
48,323
15,421
1,569
80,960
67,582
148,542
Gross carrying
amount
IT
Hardware
at cost
$000
PPE
Total
$000
ROU
Assets
$000
Total
$000
2022 Restated*
Gross value at the beginning
of the year
Additions from acquisition
of subsidiary
Other additions
Gross value at the end of
the year
*certain amounts have been restated as a result of finalising the valuations for the 2022 business acquisitions - see Note 27
2023
Gross value at the beginning
of the year
15,647
48,323
15,421
1,569
80,960
67,582
148,542
Additions from acquisition
of subsidiary
-
1,938
-
23
1,961
1,783
3,744
Other additions
2
3,356
816
284
4,458
1,768
6,226
Disposals
-
(325)
(26)
(33)
(384)
(139)
(523)
Right-of-use asset
remeasurement
-
-
-
-
-
2,401
2,401
15,649
53,292
16,211
1,843
86,995
73,395
160,390
Gross value at the end of
the year