| PROPERTY AND EQUIPMENT |
NOTE 9 – PROPERTY AND EQUIPMENT The movements in property and equipment and related accumulated depreciation during the years ended 31 December 2024 and 2023 were as follows: | | | | | | | | | | | | | | | | | | | | 1 January | | | | | | 31 December | | | 2024 | | Additions | | Disposals | | 2024 | | | | | | | | | | Cost: | | | | | | | | | Motor vehicles | | 104,584 | | 2,921 | | — | | 107,505 | Furniture and fixtures (*) | | 1,362,165 | | 374,731 | | (48,519) | | 1,688,377 | Leasehold improvements | | 331,514 | | 46,329 | | — | | 377,843 | | | | | | | | | | Total | | 1,798,263 | | 423,981 | | (48,519) | | 2,173,725 | | | | | | | | | | Accumulated depreciation: | | | | | | | | | Motor vehicles | | (40,103) | | (20,702) | | — | | (60,805) | Furniture and fixtures | | (789,005) | | (236,280) | | 33,731 | | (991,554) | Leasehold improvements | | (243,301) | | (46,652) | | — | | (289,953) | | | | | | | | | | Total | | (1,072,409) | | (303,634) | | 33,731 | | (1,342,312) | | | | | | | | | | Net book value | | 725,854 | | | | | | 831,413 |
(*)Addition of furniture and fixtures mainly comprise of purchased computers, servers and machine equipment investments in the Group’s operation center. NOTE 9 – PROPERTY AND EQUIPMENT (continued) | | | | | | | | | | | 1 January | | | | | | 31 December | | | 2023 | | Additions | | Disposals | | 2023 | | | | | | | | | | Cost: | | | | | | | | | Motor vehicles | | 104,480 | | 104 | | — | | 104,584 | Furniture and fixtures (*) | | 1,196,549 | | 180,830 | | (15,214) | | 1,362,165 | Leasehold improvements | | 315,341 | | 17,288 | | (1,115) | | 331,514 | | | | | | | | | | Total | | 1,616,370 | | 198,222 | | (16,329) | | 1,798,263 | | | | | | | | | | Accumulated depreciation: | | | | | | | | | Motor vehicles | | (19,608) | | (20,495) | | — | | (40,103) | Furniture and fixtures | | (593,761) | | (200,079) | | 4,835 | | (789,005) | Leasehold improvements | | (198,931) | | (45,173) | | 803 | | (243,301) | | | | | | | | | | Total | | (812,300) | | (265,747) | | 5,638 | | (1,072,409) | | | | | | | | | | Net book value | | 804,070 | | | | | | 725,854 |
(*)Addition of furniture and fixtures mainly comprise of purchased computers, servers and machine equipment investments in the Group’s operation center. There is no collateral, pledge or mortgage on tangible assets as of 31 December 2024 (2023: None).
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