Interfront 2025 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2025 140 INTERFRONT ANNUAL REPORT 2025 1.3 Property, plant and equipment The cost of an item of property, plant and equipment is recognised as an asset when: • it is probable that future economic benefits or service potential associated with the item will flow to the entity; and • the cost of the item can be measured reliably. Property, plant and equipment is initially measured at cost. The cost of an item of property, plant and equipment is the purchase price and other costs attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Trade discounts and rebates are deducted in arriving at the cost. Property, plant and equipment are depreciated on the straight‑line basis over their expected useful lives to their estimated residual value. Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. The useful lives of items of property, plant and equipment have been assessed as follows: ITEM DEPRECIATION METHOD AVERAGE USEFUL LIFE Furniture and fixtures Straight‑line 5–16 years IT equipment Straight‑line 3–13 years Leasehold improvements Straight‑line Over the life of the asset or lease period, whichever is shorter Security equipment Straight‑line 13 years Office equipment – leased Straight‑line Over the term of the lease At each reportingdate theentity assesseswhether there is any indication that theentity’s expectations about the residual value and the useful life of an asset have changed since the preceding reporting date. If any such indication exists, the entity revises the expected useful life and/or residual value accordingly. The change is accounted for as a change in an accounting estimate. The depreciation charge for each period is recognised in surplus or deficit unless it is included in the carrying amount of another asset. Items of property, plant and equipment are derecognised when the asset is disposed of or when there are no further economic benefits or service potential expected from the use of the asset. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in surplus or deficit when the item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item. The entity separately discloses expenditure to repair and maintain property, plant and equipment in the notes to the financial statements (see note 7).