Investor Presentaiton
HKAS 1.51(a)
HKAS 1.49
HK Listco Ltd
Financial statements for the year ended 31 December 2023
HKAS 38.118(c)&(e)
12 INTANGIBLE ASSETS 154
Development
Patents and
costs
trademarks
Total
$'000
$'000
$'000
Cost:
At 1 January 2022
15,000
15,000
Addition through internal development
2,400
2,400
At 31 December 2022
2,400
15,000
17,400
At 1 January 2023
2,400
15,000
17,400
Addition through internal development
1,500
1,500
Addition through acquisition of subsidiary
2,000
2,000
At 31 December 2023
3,900
17,000
20,900
Accumulated amortisation:
At 1 January 2022
Charge for the year
At 31 December 2022
1,500
1,500
1,500
1,500
3,000
3,000
At 1 January 2023
Charge for the year
3,000
3,000
780
1,900
2,680
At 31 December 2023
780
4,900
5,680
Net book value:
At 31 December 2023
At 31 December 2022
HKAS 38.118(d)
3,120
12,100
15,220
2,400
12,000
14,400
The amortisation charge for the year is included in "cost of sales" in the consolidated statement of
profit or loss87.
[Paragraphs 126 to 132 of HKAS 36 contain detailed disclosure requirements that apply whenever an
entity recognises an impairment loss or a reversal of an impairment loss. If an impairment loss has
been recognised or reversed, care should be taken to comply with these requirements, (and paragraphs
134 to 135 of HKAS 36 for intangible assets with indefinite useful lives 183), including disclosing key
assumptions. It may be helpful to the reader to include sensitivity analysis for any particularly
judgemental assumptions which may be subject to change in an uncertain future.] 181
Acquisition of subsidiary
On 15 January 2023, the group entered into a sale and purchase agreement to acquire 100% equity
interest in Best Solutions Limited at a total consideration of $2,000,000 (note 22(e)). The principal
activity of Best Solutions Limited is to design integrated lighting control solutions, and its identifiable
assets are mainly patents and trademarks. The transaction was completed in March 2023 and
recognised as an acquisition of assets, rather than a business combination, given that substantially all
of the fair value of the gross assets is concentrated in a group of similar identifiable assets (the patents
and trademarks). Further details of the net assets acquired are set out in note 22(e).
114
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