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Provision for reinstatement costs
 12 Months Ended
Dec. 31, 2024
Provision For Reinstatement Costs  
Provision for reinstatement costs

24. Provision for reinstatement costs

 

Under the terms of operating leases in respect of properties entered into try by the Group, the Group is required to reinstate the properties to the original physical condition at the end of the respective leases. Provision is therefore made for the best estimate of the expected costs that related to the restoration of the alternations made to the properties.

 

Schedule of provision for reinstatement costs 

   2024   2024   2023 
   US$   HK$   HK$ 
             
At beginning of year   691,324    5,370,000    4,800,000 
Provision   190,533    1,480,000    1,800,000 
Utilisation for the year   (25,748)   (200,000)   - 
Write-off upon the expiration of leases   (173,797)   (1,350,000)   (700,000)
Transfer to liabilities classified as held for sale   -    -    (530,000)
                
At end of year   682,312    5,300,000    5,370,000 
Less: portion classified as current liabilities   (324,420)   (2,520,000)   (730,000)
                
    357,892    2,780,000    4,640,000