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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | 22. LEASES All leases are accounted for by recognizing a right-of-use asset and a lease liability except for:
| ● | Leases of low value assets; and
| ● | Leases with a duration of 12 months or less.
The Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group does not have leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment. For leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. During the course of 2022, the Group entered into a new lease agreement for its London office. Any leases that have a term shorter than 12 months the Group has applied the exemption allowed by paragraph 5a in IFRS16 in respect of short – term leases.
Right-of-use assets |  | 31 Dec 2023 |  |  | 31 Dec 2022 |
|  | $000 |  |  | $000 |
At 1 January |  |  | 372 |  |  |  | 448 |
Depreciation |  |  | (104 | ) |  |  | (50 | )
Disposal of lease |  |  | - |  |  |  | - |
Exchange differences |  |  | 15 |  |  |  | (26 | )
|  |  | 283 |  |  |  | 372 |
Lease Liabilities |  | 31 Dec 2023 |  |  | 31 Dec 2022 |
|  | $000 |  |  | $000 |
At 1 January |  |  | 365 |  |  |  | 448 |
Interest expense |  |  | 10 |  |  |  | 6 |
Lease payments |  |  | (119 | ) |  |  | (61 | )
Exchange differences |  |  | (9 | ) |  |  | (28 | )
|  |  | 247 |  |  |  | 365 |
Lease liabilities are presented in the consolidated statement of financial; position as follows:
|  | 31 Dec 2023 |  |  | 31 Dec 2022 |
|  | $000 |  |  | $000 |
Current |  |  | 138 |  |  |  | 122 |
Non-current |  |  | 109 |  |  |  | 243 |
|  |  | 247 |  |  |  | 365 |
The lease liabilities are secured by the related underlying assets. Future minimum lease payments as of 31 December 2023 were as follows:
|  | Minimum lease payment due |
|  | Within 1 year |  |  | 1-2 years |  |  | 2-5 years |  |  | Over 5 years |  |  | Total |
Lease payments |  |  | 148 |  |  |  | 111 |  |  |  | - |  |  |  | - |  |  |  | 259 |
Finance Charges |  |  | (10 | ) |  |  | (2 | ) |  |  | - |  |  |  | - |  |  |  | (12 | )
Net Present Values |  |  | 138 |  |  |  | 109 |  |  |  | - |  |  |  | - |  |  |  | 247 |

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2023-03-23 + Details
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- References No definition available. + Details
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