Page 178 - CJ 2019 INTEGRATED REPORT

176
NOTES TO THE FINANCIAL
STATEMENTS 31 DECEMBER 2019 (CONTINUED)
1 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property plant and equipment
Freehold land land and and and and buildings buildings buildings and and and and buildings buildings buildings on on on on on leasehold land land are are shown at at at at at fair value value based on on on on on a a a a a a a a a a a a a a a a a a a a a a periodic but at at at at at least triennial valuation by external independent valuers less subsequent depreciation for for buildings buildings buildings Valuations are are performed with sufficient regularity to ensure that the the the fair value value value of of a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a revalued asset does not differ materially from its carrying carrying amount amount amount amount Any accumulated depreciation at at at at at at at at at the the the the the the the the date of of of of revaluation is is eliminated against the the the the the the the the gross carrying carrying amount amount amount amount of of of the the the the the the the assets and and the the the the the the the net amount amount amount amount is is is is is is restated to to to the the the the the the the revalued amount amount amount amount of of of the the the the the the the asset asset All other property plant and and equipment
is is is is is is stated stated at at at at at at historical cost cost less depreciation Historical cost cost includes expenditure that is is is is is is directly attributable to to the the acquisition of the the items Subsequent costs are included in in in the the the the asset’s carrying amount or recognised as as as as as a a a a a a a a a a a a a a a a a separate asset asset as as as as as appropriate only when it fit it it it is is is is probable that future economic benefits associated with the the the the the the the item item will flow to the the the the the the the Group and and the the the the the the the cost cost of of the the the the the the the the item item can be be measured reliably The carrying amount of of o the the the the the the the the replaced part is is is derecognised All other repairs and and maintenance are are charged to profit or loss during the the the the financial period in in in fin in in which they are are incurred Increases in in in in in in in the the carrying amount arising on on on on revaluation revaluation of freehold land land and and and and and buildings buildings and and and and and buildings buildings on on on on leasehold land land are are are credited to other other comprehensive comprehensive income income and and and and and and shown as as as as as as revaluation revaluation reserve in in in in in in in in in in in shareholders’ equity Decreases that offset previous increases o of o the the the the the same asset are are are are charged charged in in in in in in in other other other comprehensive comprehensive income income and and debited against the the the the the revaluation reserve directly in in in in equity all other other decreases are are charged charged to profit or loss Land is is not depreciated Depreciation on on other assets is is calculated using the the the the the straight-line method to to allocate their their their cost or revalued amounts to their their residual values over their their estimated useful lives as as follows:
Buildings and and buildings on on long leasehold land Plant equipment
and other assets Motor vehicles
Furniture and fittings
2 0% 0% to 5 0% 0% 10 0% 0% to 50 0% 0% 20 0% 0% to 33 0% 0% 5 0% 0% to 22 0% 0% CURRIMJEE JEEWANJEE AND COMPANY LIMITED