v3.25.1
Right-of-use assets and operating lease liabilities
 12 Months Ended
Dec. 31, 2024
Right-of-use Assets And Operating Lease Liabilities  
Right-of-use assets and operating lease liabilities

Note 7 Right-of-use assets and operating lease liabilities

 

As of December 31, 2024, the Company had the following non-cancellable lease contracts:

 

Description of lease   Term  

Imputed interest rate

  
           
Director’s quarters, Kowloon, Hong Kong   24 months from May 1, 2023 to April 30, 2025     5.6 %
Office, Kowloon, Hong Kong   24 months from January 1, 2025 to December 31, 2026     5.6 %
Production plant and administration facility, Shenzhen, PRC   3 years from July 16, 2024 to July 15, 2027     3.45 %

 

The following amounts were recognized in the consolidated balance sheets:

 

   December 31, 2023   December 31, 2024   December 31, 2024 
   HK$’000   HK$’000   US$’000 
Right-of-use assets   3,801    15,295    1,969 
                
Operating lease liabilities               
Current   4,060    5,822    750 
Non-current   198    9,482    1,221 
Total   4,258    15,304    1,971 

 

A summary of lease costs recognized in the Company’s consolidated statements of income and supplemental cash flow information relating to the operating leases is as follows:

 

   2023   2024   2024 
   For the year ended December 31 
   2023   2024   2024 
   HK$’000   HK$’000   US$’000 
Amortization charge of right-of use assets   5,410    6,824    879 
Right-of-use assets obtained in exchange for operating lease liabilities   -    17,604    2,260 
Interest on lease liabilities   313    368    47 
Cash paid for operating leases   6,301    6,935    893 

 

Future undiscounted lease payments as of December 31, 2024 are as follows:

 

Year ending December 31  HK$’000   US$’000 
2025   6,240    803 
2026   6,234    803 
2027   3,492    450 
           
Future minimum operating lease payments   15,966    2,056 
Less: Imputed interest   (662)   (85)
           
Total operating lease liabilities   15,304    1,971