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10. Financial Instruments
The company is party to financial instruments as part
of its normal operations. These financial instruments
include bank accounts, accounts receivable, accounts
payable and term loans. All financial instruments
are recognised in the Statement of Financial Position
and all revenues and expenses in relation to financial
instruments are recognised in the Statement of Financial
Performance.
11. Construction Contracts
Profits on contracts are recognised progressively over
the period of each contract. The amount included in the
Statement of Financial Performance, and value of the
contract work in progress in the Statement of Financial
Position, are established by assessment of individual
contracts taking into account the proportion of work
completed.
12. Intangible Assets/Goodwill
Goodwill on acquistion of other business operations is
amortised on a straight line basis over the period of the
expected benefit.
The period of expected benefit for the intangible assets
currently held has been assessed as 2 years.
The carrying amount of goodwill is reviewed annually
by the Directors and adjusted where it is considered
necessary.
13. Statement of Cash Flows
Cash means cash balances on hand, held in bank
accounts, demand deposits and other highly liquid
investments in which the Company invests as part of its
day-to-day management.
Operating activities include cash received from all
income sources of the Company and records the cash
payments made for the supply of goods and services.
Investing activities are those activities relating to the
acquisition and disposal of non-current assets.
Financing activities comprise the change in equity and
debt capital structure of the Company.
Changes in Accounting Policies
There have been no changes to accounting policies.
Policies have been applied on a basis consistent with
prior years.
