Integrated Annual Report 2024 SECTION 6 • FINANCIAL STATEMENTS 257 Notes to the Financial Statements 3. PROPERTY, PLANT AND EQUIPMENT (CONT’D) Company Capital work-inprogress RM’000 Office equipment RM’000 Motor vehicle RM’000 Total RM’000 Cost At 1 January 2023/31 December 2023/ 1 January 2024 2,431 141 45 2,617 Additions 4,784 - - 4,784 At 31 December 2024 7,215 141 45 7,401 Depreciation At 1 January 2023 - 12 40 52 Depreciation for the year - 5 5 10 At 31 December 2023/1 January 2024 - 17 45 62 Depreciation for the year - 14 - 14 At 31 December 2024 - 31 45 76 Carrying amounts At 1 January 2023 - 26 5 31 At 31 December 2023/1 January 2024 2,431 124 - 2,555 At 31 December 2024 7,215 110 - 7,325 3.1 Security At 31 December 2024, property, plant and equipment of the Group with an aggregate carrying amount of RM46,307,000 (2023: RM50,896,000) was pledged as security and as fixed and floating charges to secure bank facilities granted to its subsidiaries (see Note 16). 3.2 Write off During the financial year, the group recognised a total written of expenses of property, plant and machineries amounting to RM158,586,000 of which RM129,748,000 were related to the damaged plant and machineries of Press Metal Bintulu Sdn. Bhd. arising from the fire incident (see Note 34.2). 3.3 Material accounting policy information (a) Recognition and measurement Freehold land and capital work-in-progress are measured at cost. Other items of property, plant and equipment are measured at cost less any accumulated depreciation and any accumulated impairment losses. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. (b) Depreciation Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment from the date that they are available for use. Freehold land is not depreciated. Capital work-in-progress are not depreciated until the assets are ready for their intended use.
RkJQdWJsaXNoZXIy NDgzMzc=