126 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 11. Property, plant and equipment (cont’d) The Group and Company incurred costs of $2,304,823 (2023: $77,435) on the planned re-construction of the warehouse building at 132 Pioneer Road Singapore. The construction works have yet to be commenced as of reporting year end. Motor vehicles with carrying value of $602,319 as at 31 December 2024 (2023: $516,440) were acquired under finance lease agreements (Note 27). For the purpose of consolidated statement of cash flows, the Group’s additions to property, plant and equipment during the reporting year, comprised of: Group 2024 2023 $ $ Additions of property, plant and equipment 2,982,549 1,608,290 Acquired under finance lease arrangements (including cost of motor vehicle of $240,472 and other item of $6,745) (247,217) (422,900) Cash payments to acquire property, plant and equipment 2,735,332 1,185,390 12. Right-of-use assets Leasehold lands Office premises Office equipment Motor vehicles Total Group $ $ $ $ $ Cost: At 1 January 2023 2,285,423 1,093,265 8,343 73,218 3,460,249 Currency translation differences – (14,988) (461) 3,195 (12,254) Additions – – – 127,698 127,698 Write off of expired and terminated leases – – – (75,386) (75,386) Lease modification 65,845 – – – 65,845 At 31 December 2023 2,351,268 1,078,277 7,882 128,725 3,566,152 Currency translation differences – 3,408 543 1,974 5,925 Additions – 287,930 2,201 41,582 331,713 Write off of expired and terminated leases – (762,741) – (20,683) (783,424) At 31 December 2024 2,351,268 606,874 10,626 151,598 3,120,366 Accumulated depreciation: At 1 January 2023 263,048 552,172 1,251 53,784 870,255 Currency translation differences – (10,158) (114) 1,845 (8,427) Depreciation for the year 66,485 311,288 1,621 51,532 430,926 Write off of expired and terminated leases – – – (75,386) (75,386) At 31 December 2023 329,533 853,302 2,758 31,775 1,217,368 Currency translation differences – 5,520 233 453 6,206 Depreciation for the year 66,929 199,832 1,784 57,922 326,467 Write off of expired and terminated leases – (762,741) – (8,016) (770,757) At 31 December 2024 396,462 295,913 4,775 82,134 779,284 Carrying value: At 1 January 2023 2,022,375 541,093 7,092 19,434 2,589,994 At 31 December 2023 2,021,735 224,975 5,124 96,950 2,348,784 At 31 December 2024 1,954,806 310,961 5,851 69,464 2,341,082
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