Interfront 2024 Annual Report

INTERFRONT ANNUAL REPORT 2024 International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 NOTES TO THE FINANCIAL STATEMENTS Going concern The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. A major portion of revenue is currently attributable to a single customer, the shareholder. This is expected to continue in the near future. Reconciliation between budget and statement of financial performance SARS as principal of its wholly owned subsidiary, incorporates Interfront in its parliamentary and ultimate statutory accountability processes. Interfront is included inter alia in the SARS strategic plan, budget, monthly and annual reporting, as well as the consolidated annual financial statements. Interfront functions primarily as a service provider supporting customs modernisation. Within these overall objectives, Interfront is governed by its Board under scrutiny of SARS. Interfront is thus excluded from the detailed reporting requirements based on paragraph 3 GRAP 24. Change in estimate Intangible assets The useful life of Intellectual property rights was estimated in August 2013 to be 10 years. In the current period management have revised their estimate in line with the services agreement for the last customer which still makes use of the system. The effect of this revision had the following impact: Heading Prior useful life assessment Current useful life assessment Increase/(decrease) in amortisation expense – current year Increase/(decrease) in amortisation expense – future periods Intellectual property and other rights 10 11 (1 195 294) 1 195 294