Page 83 - Annual Report 2021

5.8 PLANT AND EQUIPMENT

All items of plant and equipment are initially measured at cost. Cost includes expenditures that are directly
attributable to the acquisition of the asset and other costs directly attributable to bringing the asset to working
condition for its intended use.

Subsequent to initial recognition, plant and equipment are stated at cost less accumulated depreciation and any
impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when the cost is incurred and it is probable that the future economic benefits associated with the asset will
flow to the Group and the cost of the asset can be measured reliably. The carrying amount of parts that are
replaced is derecognised.

Depreciation on plant and equipment is charged to profit or loss on a straight-line method to write off the
depreciable amount of the assets over their estimated useful lives. The principal annual rates used for this purpose
are:-

Renovation 5% - 25%
Office equipment 12% - 20%
Furniture and fittings 10% - 20%
IT equipment, licence and software development 20% - 25%
Signage 20%
Electrical equipment 20%
Machinery 20%
Medical equipment 12%
Motor vehicles 20%
Work-in-progress Nil

Capital work-in-progress included in plant and equipment are not depreciated as these assets are not yet
available for use.

The depreciation method, useful lives and residual values will be reviewed if there is a significant change since the
last annual reporting date in the pattern by which the Group expects to consume an asset’s future economic
benefits. Any changes are accounted for as a change in accounting estimate.

Any gain or loss arising from the disposal of plant and equipment is recognised in profit or loss.

5.9 PROJECTS WORK-IN-PROGRESS

Projects work-in-progress comprises all costs attributable to the project or can be allocated on a reasonable basis
to such projects.

Costs incurred on project are capitalised and deferred until only when the project is completed or is available for use.

Annual Report 2021 83