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Property, plant and equipment
 12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
Property, plant and equipment

12. Property, plant and equipment

 

   Leasehold   Plant and   Office   Motor     
   improvements   machinery   equipment   vehicle   Total 
   HK$   HK$   HK$   HK$   HK$ 
                     
Cost                         
                          
January 1, 2023   118,492,499    27,449,585    2,031,408    -    147,973,492 
                          
Additions   39,658,741    4,971,545    981,818    -    45,612,104 
Disposals   -    (137,998)   (45,818)   -    (183,816)
Written off   (7,935,580)   (5,741,030)   (673,237)   -    (14,349,847)
Transfer to assets classified as held for sale   (18,267,902)   (2,949,730)   (272,354)   -    (21,489,986)
                          
December 31, 2023   131,947,758    23,592,372    2,021,817    -    157,561,947 
                          
Additions   6,451,975    1,137,141    264,025    20,000    7,873,141 
Written off   (3,934,125)   (924,330)   (65,283)   -    (4,923,738)
                          
December 31, 2024   134,465,608    23,805,183    2,220,559    20,000    160,511,350 
                          
Accumulated depreciation                          
                          
January 1, 2023   42,808,392    10,454,220    846,972    -    54,109,584 
                          
Charge for the year   30,561,795    4,824,258    409,898    -    35,795,951 
Disposals   -    (78,784)   (43,793)   -    (122,577)
Written off   (4,576,871)   (2,711,267)   (359,528)   -    (7,647,666)
Transfer to assets classified as held for sale   (5,622,048)   (635,463)   (64,142)   -    (6,321,653)
                          
December 31, 2023   63,171,268    11,852,964    789,407    -    75,813,639 
                          
Charge for the year   28,956,777    4,671,570    408,508    2,000    34,038,855 
Written off   (3,634,261)   (717,381)   (45,817)   -    (4,397,459)
                          
December 31, 2024   88,493,784    15,807,153    1,152,098    2,000    105,455,035 
                          
Impairment                         
                          
January 1, 2023 and December 31, 2023   -    -    -    -    - 
                          
Provision   4,549,381    -    -    -    4,549,381 
                          
December 31, 2024   4,549,381    -    -    -    4,549,381 
                          
Net carrying amount                         
                          
December 31, 2024   41,422,443    7,998,030    1,068,461    18,000    50,506,934 
                          
December 31, 2023   68,776,490    11,739,408    1,232,410    -    81,748,308 
                          
Net carrying amount (US$)                         
December 31, 2024   5,332,652    1,029,652    137,552    2,317    6,502,173 

  

 

MasterBeef Group and its subsidiaries

 

 

 

Notes to the Consolidated Financial Statements (Continued)

December 31, 2024, 2023 and 2022

 

 

 

12.Property, plant and equipment (continued)

 

During the year, the Group does not dispose of property, plant and equipment. (2023: the Group disposed of property, plant and equipment with net book value of HK$61,239 at a consideration of HK$61,239.)

 

During the year, the Group write off of property, plant and equipment with net book value of HK$526,277 due to reallocation of restaurant. (2023: the Group write off of property, plant and equipment with net book value of HK$6,702,181 due to termination of a warehouse tenancy agreement and malfunction of plant and machinery and office equipment.)

 

During the year, an impairment loss of HK$4,549,381 was recognised for the leasehold improvements. The Group has identified that its property, plant and equipment constitute a cash-generating unit that has been reporting persistent operating losses over 2 consecutive reporting periods. This sustained underperformance triggered a formal impairment assessment and a fully impairment loss has been made on the net carrying amount of assets.

 

 

MasterBeef Group and its subsidiaries

 

 

 

Notes to the Consolidated Financial Statements (Continued)

December 31, 2024, 2023 and 2022