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Other Financial Commitments | 12 Months Ended
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Jan. 31, 2020
Other Financial Commitments |
Other Financial Commitments |
27 | Other Financial Commitments
| (a) Operating leases
|  | 31 January 2020 NZ$000’s |  |  | 31 January 2019 NZ$000’s |
Minimum lease payments under non-cancellable operating leases: |  |  |  |  |  |  |  |
- not later than one year |  |  | - |  |  |  | 8,533 |
- between one year and five years |  |  | - |  |  |  | 18,039 |
- later than five years |  |  | - |  |  |  | 1,485 |
|  |  | - |  |  |  | 28,057 |
IFRS 16 Leases standard came into effect on 1 January 2019. IFRS 16 requires that all leases and the related rights and obligations should be recognised on the lessee’s balance sheet, unless the lease is less than one year in length or is for a low-value asset. Leases that do not meet these criteria are expensed on a straight-line basis. See note 3 for more details on IFRS 16 and note 22 for details of undiscounted contractual maturity of lease liabilities. (b) Contracted Commitments
|  | 31 January 2020 NZ$000’s |  |  | 31 January 2019 NZ$000’s |
Licence contract |  |  |  |  |  |  |  |
- not later than one year |  |  | 5,392 |  |  |  | 4,286 |
- between one year and five years |  |  | - |  |  |  | 8,696 |
|  |  | 5,392 |  |  |  | 12,982 |
On 31 January 2020 the Group, through mutual consent, terminated the licence agreement with Heidi Klum and Heidi Klum Company LLC of a fee of US$3.5m as is shown above. (c) Lessor Commitments At 31 January 2020, had no outstanding commitments due to the adoption of IFRS 16 “Leases”:
|  | 31 January 2020 NZ$000’s |  |  | 31 January 2019 NZ$000’s |
- no later than 1 year |  |  | - |  |  |  | 441 |
- between 1 year and 5 years |  |  | - |  |  |  | 493 |
- greater than 5 years |  |  | - |  |  |  | - |
Total minimum lease payments |  |  | - |  |  |  | 934 |

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- Definition The disclosure of commitments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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