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Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

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