XML 41 R11.htm IDEA: XBRL DOCUMENT v3.20.1
FIXED ASSETS
12 Months Ended
Oct. 31, 2018
Property, Plant and Equipment [Abstract]  
FIXED ASSETS

Note 5 - FIXED ASSETS

 

Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost.

 

Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred.

 

Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized.

 

On October 30, 2014, the Company purchased our principal executive offices at 1 Kalnu iela, Malta, LV-4630 Latvia, for $7,915. As of October 31, 2018, an impairment has been taken, valuing this asset at $0. The current executive offices are provided without cost, located at: 797 South First Street Fulton, NY 13069.

 

The Company depreciates its property using straight-line depreciation over the estimated useful life of 40 years.

 

For the year ended October 31, 2018 the company recorded $148 in depreciation expense. From inception (October 12, 2014) through October 31, 2018 the company has recorded a total of $742 in depreciation expense.