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Right-of-use assets
 12 Months Ended
Dec. 31, 2024
Right-of-use assets

13. Right-of-use assets

 

   Leased 
   properties 
   HK$ 
     
Cost     
      
January 1, 2023   184,630,718 
      
Additions   40,840,565 
Modification   3,010,450 
Exchange adjustments   (87)
Transfer to assets classified as held for sale   (33,467,904)
      
December 31, 2023   195,013,742 
      
Additions   26,786,998 
Modification   16,222,827 
Written-off   (15,023,753)
Exchange adjustments   (1,964)
      
December 31, 2024   222,997,850 
      
Accumulated depreciation     
      
January 1, 2023   87,053,544 
      
Charge for the year   48,467,296 
Exchange adjustments   95 
Transfer to assets classified as held for sale   (8,627,546)
      
December 31, 2023   126,893,389 
      
Charge for the year   44,562,079 
Written-off   (15,023,753)
Exchange adjustments   (1,663)
      

December 31, 2024

   156,430,052 
      
Impairment     
      
January 1, 2023 and December 31, 2023   - 
      
Provision   5,013,080 
      
December 31, 2024   5,013,080 
      
Net carrying amount     
      
December 31, 2024   61,554,718 
      
December 31, 2023   68,120,353 
      
Net carrying amount (US$)     
December 31, 2024   7,924,446 

  

During the year, an impairment loss of HK$5,013,080 was recognised. The Group has identified that its right-of-use assets constitutes 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

 

 

 

13.Right-of-use assets (continued)

Schedule of detailed information about lease liabilities and short term leases

   2024   2024   2023 
   US$   HK$   HK$ 
             
Expense relating to short-term leases   193,078    1,499,771    2,174,712 
                
Variable lease payments not included in the
measurement of lease liabilities		   34,992    271,808    591,527 
                
Expense relating to leases of low-value assets, excluding short-term leases of low value assets   939    7,295    - 
                
Total cash outflow for leases #   7,202,491    56,257,499    56,745,464 

 

#Amount includes payments of principal and interest portion of lease liabilities and short-term leases.

 

For both years, the Group leases various offices and warehouses for its operations. Lease contracts are entered into for fixed term of 2 to 5 years. Lease terms are negotiated on an individual basis.