|
|
|
|
|
|
|
|
Connecting Commerce Limited
|
|
|
|
|
|
Notes to the financial statements - continued
|
|
|
for the year ended 31 December 2025
|
|
|
|
|
|
|
|
|
2
|
Accounting policies - continued
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
|
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
|
|
|
|
|
|
|
|
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
|
|
|
|
|
|
|
|
Intangible assets
|
-
|
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
|
|
|
|
|
|
|
|
|
|
Financial instruments
|
|
|
|
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
|
|
|
|
|
|
|
|
|
|
Taxation
|
|
|
|
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
|
|
|
|
|
|
|
|
Current or deferred taxation assets and liabilities are not discounted.
|
|
|
|
|
|
|
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
|
|
|
|
|
|
|
|
|
Deferred taxation
|
|
|
|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
|
|
|
|
|
|
|
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
|
|
|
|
|
|
|
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
|
|
|
|
|
|
|
|
|
4
|