Annual Report 2011 年報 - Neo-Neon LED Lighting International Ltd

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NotES to tHE CoNSoLIDAtED fINANCIAL StAtEMENtS 4. SIGNIFICANT ACCOUNTING POLICIES (Continued) Property, plant and equipment Property, plant and equipment including land and buildings held for use in the production or supply of goods, or for administrative purposes, other than construction in progress, are stated at cost less subsequent accumulated depreciation and any identified impairment losses. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Construction in progress includes property, plant and equipment in the course of construction for production or for its own use purposes. Construction in progress is stated at cost which includes all development expenditure and other direct costs, attributable to such projects, less any recognised impairment loss. They are not depreciated until completion of construction and the asset is put into use. Cost of completed construction works is transferred to the appropriate category of property, plant and equipment. For the leasehold land and buildings in Hong Kong, the cost of leasehold land and buildings is depreciated over 50 years on a straight line basis. The cost of buildings in Mainland China (the “PRC”) is depreciated over 20 years using the straight line method. Depreciation is provided to write off the cost of other property, plant and equipment over their estimated useful lives, using the straight line method, at the following rates per annum: Furniture, fixtures and equipment 15% – 20% Leasehold improvements 20% Motor vehicles 20% Moulds 20% Plant and machinery 10% Yacht 15% Leasehold land and building When a lease includes both land and building elements, the Group assesses the classification of each element as a finance or an operating lease separately based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element have been transferred to the Group, unless it is clear that both elements are operating leases, in which case the entire lease is classified as an operating lease. Specifically, the minimum lease payments (including any lump-sum upfront payments) are allocated between the land and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element of the lease at the inception of the lease. To the extent the allocation of the lease payments can be made reliably, interest in leasehold land except for investment properties that is accounted for as an operating lease is presented as “prepaid lease payments” in the statement of financial position and is amortised over the lease term on a straight line basis. ANNUAL REPORT <strong>2011</strong> 57
NotES to tHE CoNSoLIDAtED fINANCIAL StAtEMENtS 4. SIGNIFICANT ACCOUNTING POLICIES (Continued) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale for which the commencement date for capitalisation is on or after 1st January, 2009, are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. Intangible assets Intangible assets acquired separately On initial recognition, intangible assets acquired separately are recognised at cost. After initial recognition, intangible assets with finite useful lives are carried at costs less accumulated amortisation and any accumulated impairment losses. Amortisation for intangible assets with finite useful lives is provided on a straight line basis over their estimated useful lives. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss in the period when the asset is derecognised. Intangible assets acquired in a business combination Intangible assets acquired in a business combination are recognised separately from goodwill and are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets with finite useful lives are carried at costs less accumulated amortisation and any accumulated impairment losses. Amortisation for intangible assets with finite useful lives is provided on a straight line basis over their estimated useful lives. Alternatively, intangible assets with indefinite useful lives are carried at cost less any subsequent accumulated impairment losses. 58 NEO-NEON HOLDINGS LIMITED
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Contents Corporate Information 4 Ch
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4lnternational Merged In Year 2010,
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Chairman’s Statement Dear Shareho
Page 8 and 9: Chairman’s Statement We are confi
Page 10 and 11: Directors, and Senior Management Pr
Page 12 and 13: Directors, and Senior Management Pr
Page 14 and 15: Management Discussion And Analysis
Page 24 and 25: Directors’ Report PRE-EMPTIVE RIG
Page 26 and 27: Directors’ Report DIRECTORS AND C
Page 28 and 29: Directors’ Report CONNECTED TRANS
Page 30 and 31: Directors’ Report The weighted av
Page 32 and 33: Directors’ Report EMPLOYEES The t
Page 34 and 35: Corporate Governance Report Chairma
Page 36 and 37: Corporate Governance Report Minutes
Page 38 and 39: Corporate Governance Report III. Em
Page 40 and 41: INDEPENDENt AuDItor’S rEPort TO T
Page 42 and 43: CoNSoLIDAtED StAtEMENt of CoMPrEHEN
Page 44 and 45: CoNSoLIDAtED StAtEMENt of fINANCIAL
Page 46 and 47: CoNSoLIDAtED StAtEMENt of CASH fLoW
Page 48 and 49: NotES to tHE CoNSoLIDAtED fINANCIAL
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NotES to tHE CoNSoLIDAtED fINANCIAL
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Annual Report 2011 年報 - Neo-Neon LED Lighting International Ltd