Page 51 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

2020 2019
14.1. Movement in provision for impairment of inventories
$’000 $’000
Balance at 1 April (484) (739)
Provision for impairment recognised during the year (277) (710)
Inventories written off during the year as obsolete 65 965
Balance at 31 March (696) (484)
The inventory provision was determined based upon management’s assessment of slow moving and excess stock.

15. Property, plant and equipment
Balance at Balance at
1/04/2018 Additions Transfers Disposals 31/03/2019
$’000 $’000 $’000 $’000 $’000
Cost or valuation
Work in progress 350 560 (350) 0 560
Land 0 4,754 0 0 4,754
Buildings 0 780 0 0 780
Leasehold improvements 8,943 726 332 (1,489) 8,512
Plant and equipment 7,425 691 18 (2,733) 5,401
Motor vehicles 2,562 718 0 (133) 3,147
Computer equipment 3,554 740 0 (1,287) 3,007
22,834 8,969 0 (5,642) 26,161

Balance at Balance at
1/04/2018 Depreciation Disposals 31/03/2019
$’000 $’000 $’000 $’000
Accumulated depreciation
Buildings 0 (11) 6 (5)
Leasehold improvements (6,561) (560) 1,420 (5,701)
Plant and equipment (6,005) (627) 2,689 (3,943)
Motor vehicles (774) (365) 86 (1,053)
Computer equipment (3,070) (352) 1,286 (2,136)
(16,410) (1,915) 5,487 (12,838)

Carrying amount 6,424 13,323

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NZPM GROUP LIMITED ANNUAL REPORT 2020