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\n
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1.
GENERAL INFORMATION
\u00a0
Sealand Capital Galaxy Limited (the \u201cCompany\u201d) was incorporated in the Cayman Islands on 22 May 2015 as an exempted company with limited liability under the Companies Law of the Cayman Islands. The Company\u2019s registered office is at Willow House, PO Box 709, Cricket Square, Grand Cayman, KY1-1107, Cayman Islands. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d)
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The Company\u2019s nature of operations is to act as a special purpose acquisition company.
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The Group engaged in digital marketing and other IT and e-Commerce related businesses.
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2.
BASIS OF PREPARATION
\u00a0
The financial statements have been prepared in accordance with the International Financial Reporting Standard (\u201cIFRSs\u201d) and IFRIC interpretations applicable to companies reporting under IFRSs.
\u00a0
These financial statements are presented in Great British Pounds (\u201c\u00a3\u201d) rounded to the nearest Great British Pound, except for otherwise indicated, and have been prepared under the historical cost convention.
\u00a0
Details of going concern are included in note 4(p).
\u00a0
3.
STANDARDS AND INTERPRETATIONS
\u00a0
(i)
New standards, amendments and interpretations adopted by the Group and Company
\u00a0
The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 January 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements:
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Standard / Interpretation
Application
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Amendments to IAS 1 and IFRS Practice Statement 2
Disclosure of Accounting Policies
\u00a0
Amendments to IAS 8
Definition of Accounting Estimates
\u00a0
Amendments to IAS 12
Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
\u00a0
(ii)
New standards, amendments and interpretations not yet adopted
\u00a0
\u00a0
Standard / Interpretation
Application
\u00a0
\u00a0
\u00a0
\u00a0
IAS 1 amendments
Classification of Liabilities as Current or Non-current
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IAS 1 amendments
Non-current Liabilities with Covenants
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IFRS 16 amendments
Lease liability in a Sale and Leaseback
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IAS 7 & IFRS 7 amendments
Supplier finance arrangements
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2025
\u00a0
IAS 21 amendments
Lack of Exchangeability
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2025
\u00a0
Amendments to IFRS 10 and IAS 28
Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
\u00a0
\u00a0
Effective: To be determined
\u00a0
There are no IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company or Group.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
4.
SIGNIFICANT ACCOUNTING POLICIES
\u00a0
(a)
Basis of consolidation
\u00a0
These financial statements comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) for the year ended 31 December 2023.
\u00a0
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:
\u00a0
\u25cf
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
\u25cf
Exposure, or rights, to variable returns from its involvement with the investee
\u25cf
The ability to use its power over the investee to affect its returns
\u00a0
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
\u00a0
\u25cf
The contractual arrangement(s) with the other vote holders of the investee
\u25cf
Rights arising from other contractual arrangements
\u25cf
The Group\u2019s voting rights and potential voting rights
\u00a0
(i)
Business combinations
\u00a0
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
\u00a0
\u00a0
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.
\u00a0
\u00a0
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
\u00a0
(ii)
Subsidiaries
\u00a0
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
(iii)
Loss of control
\u00a0
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
\u00a0
(iv)
Transactions eliminated on consolidation
\u00a0
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investee are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\u00a0
(b)
Revenue recognition
\u00a0
Revenue is recognised to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Specifically, the Group uses a 5-step approach to revenue recognition:
\u00a0
Step 1:
Identify the contract(s) with a customer;
Step 2:
Identify the performance obligations in the contract;
Step 3:
Determine the transaction price;
Step 4:
Allocate the transaction price to the performance obligations in the contract; and
Step 5:
Recognise revenue when (or as) the entity satisfies a performance obligation.
\u00a0
The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when \u201c control\u201d of the goods or services underlying the particular performance obligation is transferred to customers.
\u00a0
\u00a0
A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.
\u00a0
\u00a0
Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of relevant performance obligation if one of the following criteria is met:
\u00a0
-
the customer simultaneously receives and consumes the benefits provided by the entity\u2019s performance as the Group performs;
-
the Group\u2019s performance creates and enhances an asset that the customer controls as the Group performs; or
-
the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.
\u00a0
Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.
\u00a0
\u00a0
A contract asset represents the Group\u2019s right to consideration in exchange for goods and services that the Group has transferred to a customer that is not unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group\u2019s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
A contract liability represents the Group\u2019s obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.
\u00a0
\u00a0
A contract asset and a contract liability relating to a contract are accounted for and presented on a net basis.
\u00a0
\u00a0
Revenue from e-commerce service is recognised when the performance obligation is satisfied. Interest income from a financial asset is accrued on a time basis using the effective interest method.
\u00a0
(c)
Government grants
\u00a0
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.
\u00a0
\u00a0
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments.

(d)
Foreign currency transactions
\u00a0
(i)
Functional and presentational currency
\u00a0
Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cfunctional currency\u201d), being British Pound Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), Chinese Yuan (\u201cCNY\u201d) and Hong Kong Dollar (\u201cHKD\u201d). The Group Financial Statements are presented in GBP.
\u00a0
(ii)
Transactions and balances
\u00a0
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the Statement of Comprehensive Income.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
\u00a0
(iii)
Group companies
\u00a0
The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
\u00a0
-
the contractual arrangement(s) with the other vote holders of the investee assets and liabilities for each statement of financial position presented are translated at the closing exchange rate at the date of that statement of financial position;
-
income and expenses for each statement of comprehensive income are translated at average exchange rates; and
-
all resulting exchange differences are recognised in other comprehensive income (loss).
\u00a0
\u00a0
(e)
Goodwill and intangible assets
\u00a0
Goodwill
\u00a0
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.
\u00a0
For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019 s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.
\u00a0
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may be impaired. For the goodwill arising on an acquisition in a reporting period, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
\u00a0
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal.
\u00a0
(f)
Property, plant and equipment
\u00a0
Property, plant and equipment is measured on the cost basis and therefore stated at historic cost less accumulated depreciation. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
\u00a0
All repairs and maintenance expenditure is charged to the Consolidated Statement of Profit or Loss during the financial period in which they are incurred.
\u00a0
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Owned assets
\u00a0
\u00a0
Office equipment
36 - 60 months
\u00a0
Leasehold improvement
lower of 36 months and the lease term
\u00a0
Right-of-use assets
\u00a0
\u00a0
Buildings
Over the lease term
\u00a0
The assets\u2019 useful lives are reviewed, and, if appropriate, asset values are written down to their estimated recoverable amounts, at each reporting date. Gains and losses on disposals are determined by comparing proceeds with the carrying amounts, and are included in profit or loss.
\u00a0
\u00a0
(g)
Impairment of non-financial assets
\u00a0
Goodwill and intangible assets with indefinite useful lives or those not yet available for use are not subject to amortisation and are tested for impairment at least annually, irrespective of whether there is any indication that they are impaired. All other assets are tested for impairment whenever there are indications that the asset\u2019s carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately for the amount by which the asset\u2019 s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions less costs of disposal, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. For the purposes of assessing impairment, where an asset does not generate cash inflows largely independent from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash-generating unit). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill in particular is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which the goodwill is monitored for internal management purpose and not be larger than an operating segment.
\u00a0
Impairment losses recognised for cash-generating units, to which goodwill has been allocated, are credited initially to the carrying amount of goodwill. Any remaining impairment loss is charged pro-rata to the other assets in the cash generating unit, except that the carrying value of an asset will not be reduced below its individual fair value less cost of disposal, or value in use, if determinable. An impairment loss on goodwill is not reversed in subsequent periods. In respect of other assets, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the asset\u2019s recoverable amount and only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses recognised in an interim period in respect of goodwill are not reversed in a subsequent period. This is the case even if no loss, or a smaller loss, would have been recognised had the impairment been assessed only at the end of the financial year to which the interim period relates.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
(h)
Financial instruments
\u00a0
Financial assets and financial liabilities are recognised in the statements of financial position when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities within the scope of IFRS 9 are initially measured at fair value and transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
\u00a0
The Group\u2019s financial assets, including deposits, receivables, contract assets and cash and cash equivalents, are subsequently measured at amortised cost using the effective interest method, less identified impairment charges (see Note 4(i)) as the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u00a0
Financial liabilities include lease liabilities, trade payables, amount due to a director, other payables and accruals. All financial liabilities are subsequently measured at amortised cost using the effective interest method.
\u00a0
(i)
Impairment of financial assets
\u00a0
The Group recognises loss allowances for expected credit loss on the financial instruments that are not measured at fair value. The Group considers the probability of default upon initial recognition of financial assets and assesses whether there has been a significant increase in credit risk on an ongoing basis.
\u00a0
The Group considers the credit risk on a financial instrument is low if the financial instrument has a low risk of default, the debtor has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the debtor to fulfill its contractual cash flow obligations.
\u00a0
The carrying amount of the receivables is reduced through the use of the receivable impairment charges account. Changes in the carrying amount of the receivable impairment charges account are recognised in profit or loss. The receivable is written off against the receivable impairment charges account when the Group has no reasonable expectations of recovering the receivable.
\u00a0
If, in a subsequent period, the amount of expected credit losses decreases, the reversal would be adjusted to the receivable impairment charges account at the reporting date. The amount of any reversal is recognised in profit or loss.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
(j)
Derecognition of financial assets and financial liabilities
\u00a0
Financial assets are derecognised when the contractual rights to receive the cash flows of the financial assets expire; or where the Group transfers the financial assets and either (i) it has transferred substantially all the risks and rewards of ownership of the financial assets; or (ii) it has neither transferred nor retained substantially all the risks and rewards of ownership of the financial assets but has not retained control of the financial assets.
\u00a0
Financial liabilities are derecognised when they are extinguished, i.e. when the obligation is discharged, cancelled or expires.
\u00a0
(k)
Inventories
\u00a0
Inventories are stated at the lower of cost or net realisable value, with cost determined using the first-in, first-out (\u201cFIFO\u201d) cost method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated cost necessary to make the sale. Allowances are established to reduce the cost of excess and obsolete or damaged inventories to their estimated net realiable value.
\u00a0
(l)
Trade Receivables
\u00a0
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivables from the initial recognition date to the end of each of the reporting period. In the opinion of the directors of the Company, apart from those balances for which allowances have been provided, other trade receivables at the end of each reporting period are of good credit quality which considering the high credibility of these customers, good track record with the Group and subsequent settlement, the management believes that no impairment allowance is necessary in respect of unsettled balances.
\u00a0
The Group applied the simplified approach to provide the expected credit losses (\u201cECL\u201d) prescribed by IFRS 9. The impairment methodology is set out in Note 4 and Note 5(iii) respectively. As part of the Group\u2019s credit risk management, the Group assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts due in accordance with the contractual terms.
\u00a0
(m)
Cash and cash equivalents
\u00a0
Cash and cash equivalents include cash in hand and deposits held at call with banks.
\u00a0
(n)
Current and deferred income tax
\u00a0
Income tax comprises current and deferred tax. Current income tax is recognised in the profit or loss, except to the extent that it relates to items recognised directly in equity. In this case the tax is also recognised directly in other comprehensive income or directly in equity, respectively.
\u00a0
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period and are expected to apply when the related deferred income tax asset is utilised, or the deferred income tax liability is settled.
\u00a0
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
\u00a0
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
\u00a0
(o)
Leases
\u00a0
Lessee
\u00a0
All leases with a term of more than 12 months are recognised as an asset representing the right to use of the underlying asset and a liability representing the obligation to make lease payments, unless the underlying asset is of low value. Both the asset and the liability are initially measured on a present value basis. Right-of-use assets are recognised under fixed assets and are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life of the assets and the lease term. Lease liabilities are initially measured at the present value of unpaid lease payments and subsequently adjusted by the effect of the interest on and the settlement of the lease liabilities, and the re-measurement arising from any reassessment of the lease liabilities or lease modifications.
\u00a0
Lessor
\u00a0
Leases where substantially all the risks and rewards of ownership of assets remain with the Group are classified as operating leases. Assets leased under operating leases are included in fixed assets and rentals receivable are credited to surplus or deficit on the straight-line basis over the lease term.
\u00a0
(p)
Going Concern
\u00a0
The director\u2019s cash-flow projections for the forthcoming 12 months conclude there will be the need for additional cash resources to fully implement the business plans. A director has confirmed to provide financial supports to the Group and granted loan of approximately \u00a380,000 to the Group subsequent to the reporting period for supporting the Group\u2019s operation for the forthcoming 12 months. In addition, the directors are in non-binding discussions with individuals and institutions that may lead to further equity and/or loans being raised. There may be uncertainty that any such funds will be forthcoming or the price and other terms being acceptable and as such there is a material uncertainty over going concern.
\u00a0
(q)
Employee benefits
\u00a0
Salaries, wages, paid annual leave, bonuses and non-monetary benefits are accrued in the Year in which the associated services are rendered by the employees of the Group.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(r)
Share capital
\u00a0
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
\u00a0
(s)
Share-based payments
\u00a0
Equity-settled share-based payment transactions in exchange for services of goods are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 21.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
\u00a0
5.
FINANCIAL RISK MANAGEMENT
\u00a0
The Board\u2019s overall risk management strategy seeks to assist the Group in meeting its financial targets, while minimising potential adverse effects on financial performance. Its functions include the review of future cash flow requirements.
\u00a0
The Group\u2019s activities expose it to a variety of financial risks as below.
\u00a0
(i)
Interest rate risk
\u00a0
The Group has floating rate financial assets in the form of deposit accounts with major banking institutions of \u00a39,111. Apart from the abovementioned amount, no other financial instrument is subjected to interest rate risk. The interest rate risk is therefore considered minimal.
\u00a0
(ii)
Foreign exchange risk
\u00a0
Foreign currency risk is the risk to earnings or capital arising from movements in foreign exchange rates. The Group\u2019s foreign currency risk primarily arises from currency exposures originating from its foreign exchange dealings and other investment activities.
\u00a0
The Group monitors the relative foreign exchange positions of its assets and liabilities to minimise foreign currency risk. The foreign currency risk is managed and monitored on an ongoing basis by senior management of the Group. It is considered by the management of the Group that the exposure to foreign exchange risk is minimal.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
(iii)
Credit risk
\u00a0
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The carrying amount of financial assets and contract assets recognised on the consolidated statement of financial position, which is net of impairment losses, represents the Group \u2019 s exposure to credit risk without taking into account the value of any collateral held or other credit enhancements. The Group\u2019 s maximum exposure to credit risk is summarised in Note 23.
\u00a0
Most of the Group\u2019 s cash in banks have been deposited with reputable and creditworthy banks in Hong Kong. Management considers there is minimal credit risk associated with those balances.
\u00a0
(iv)
Liquidity risk
\u00a0
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. The responsibility for liquidity risk management rests with the Board of Directors.
\u00a0
As at the reporting date, the Group was in a net current liabilities positions. The Group is currently obtaining cash advances from one of a director to meet its temporary operating needs. Further, the Board of Directors is sourcing alternatives for the Group\u2019 s future capital needs include the issue of equity instruments and external borrowing. These alternatives are evaluated to determine the optimal mix of capital resources for our capital needs.
\u00a0
(v)
Market risk
\u00a0
Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group does not hedge these risk exposures due to the lack of any market to purchase financial instruments.
\u00a0
(vi)
Capital risk management
\u00a0
The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to shareholder through the optimisation of the debt and equity balances.
\u00a0
The capital structure of the Company consists of debt and equity attributable to the owners of the Company, comprising share capital, share premium and accumulated losses.
\u00a0
The directors of the Company review the capital structure regularly. As part of this review, the directors of the Company consider the cost of capital and the associated risks, and take appropriate actions to adjust the Company\u2019s capital structure. The overall strategy of the Company remained unchanged.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
6.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY UNCERTAINTIES OF ESTIMATION UNCERTAINTY
\u00a0
The preparation of the Group\u2019 s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.
\u00a0
The estimates and underlying assumption are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
\u00a0
Key source of estimation uncertainty
\u00a0
Trade receivables and contract assets
\u00a0
The Group\u2019s customer base consists of a wide range of clients and the trade receivables and contract assets are categorised by common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts due in accordance with the contractual terms. The Group applies a simplified approach in calculating ECL for trade receivables and contract assets and recognises a loss allowance based on lifetime ECL at each reporting date and has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The expected loss rate used in the provision matrix is calculated for each category based on actual credit loss experience over the prior years and adjusted for current and forward- looking factors to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group\u2019s estimate on future economic conditions over the expected lives of the receivables. There was no change in the estimation techniques or significant assumptions made during the Year.
\u00a0
At 31 December 2023, a provision for impairment loss on trade receivables and contract assets of \u00a39,500 (2022: Nil) was recognised according to the management expected loss. The Group\u2019s trade receivables which are past due but which the Group has not impaired as there have not been any significant changes in credit quality of customers and the management believes that the amounts are fully recoverable. Receivables that were neither past due nor impaired at 31 December 2023 relate to a wide range of customers for whom there was no history of default.
\u00a0
The Group does not hold any collateral over trade receivables and contract assets at 31 December 2023 (2022: Nil).
\u00a0
Allowance for obsolete inventories
\u00a0
Allowance for obsolete inventories is made for those identified obsolete and slow-moving inventories and inventories with a carrying amount higher than net realisable value. The assessment of the allowance involves management\u2019 s judgement and estimates on which are influenced by assumptions concerning future sales and judgements in determining the appropriate level of inventory allowance against identified surplus or obsolete items. Where the actual outcome in future is different from the original estimate, such difference will impact the carrying value of inventories and allowance charge/write-back in the period in which such estimate has been changed.
\u00a0
At 31 December 2023, allowance for obsolete inventories of \u00a342,413 (2022: Nil) was recognised.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
7.
SEGMENT INFORMATION
\u00a0
The Chief Operating Decision Maker (\u201cCODM\u201d) has been identified as the executive directors of the Company who reviews the Group\u2019s internal reporting in order to assess performance and allocate resources. The CODM has determined the operating segments based on these reports.
\u00a0
For management purposes, the Group is organised into business units based on their products and services, and has reportable operating segments as follows:
\u00a0
(a)
The digital marketing and payment segment includes services on enlisting merchants to mobile payment gateways and providing digital advertising services;
\u00a0
\u00a0
\u00a0
(b)
The software development and support segment includes sales and distribution of mobile game and all other I.T. related development and support services; and
\u00a0
\u00a0
\u00a0
(c)
The e-commerce segment includes sales of goods through internet and provision for consultancy services related to e-commerce.
\u00a0
\u00a0
\u00a0
\u00a0
Digital marketing
and
payment
\u00a0
Software
Development
and support
\u00a0
e-Commerce
\u00a0
Unallocated
\u00a0
Total
\u00a0
\u00a0\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Year ended 31 December 2023
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
\u00a0
-
\u00a0
-
\u00a0
125,793
\u00a0
-
\u00a0
125,793
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Segment loss
\u00a0
(1,691)
\u00a0
-
\u00a0
(11,838)
\u00a0
(413,517)
\u00a0
(427,046)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
-
\u00a0
-
\u00a0
-
\u00a0
29,010
\u00a0
29,010
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
6
\u00a0
-
\u00a0
110,393
\u00a0
43,080
\u00a0
153,479
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
6,470
\u00a0
-
\u00a0
99,858
\u00a0
1,315,224
\u00a0
1,421,552
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Year ended 31 December 2022
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
\u00a0
887
\u00a0
-
\u00a0
225,863
\u00a0
-
\u00a0
226,750
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Segment (loss)/Profit
\u00a0
(53,128)
\u00a0
(7,920)
\u00a0
4,534
\u00a0
(123,055)
\u00a0
(179,569)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
-
\u00a0
-
\u00a0
-
\u00a0
34,746
\u00a0
34,746
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
443
\u00a0
-
\u00a0
196,419
\u00a0
74,319
\u00a0
271,181
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
21,767
\u00a0
-
\u00a0
125,892
\u00a0
1,016,365
\u00a0
1,164,024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
Geographical information:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
Revenue by Geography
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Hong Kong
125,793
\u00a0
226,750
\u00a0
Information about major customers
\u00a0
For the year ended 31 December 2023, 2 external customer contributed more than 10% to the Group revenue (2022: no external customer contributed more than 10% to the Group revenue).
\u00a0
8.
REVENUE AND OTHER INCOME
\u2003
\u00a0
\u00a0
2022
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
REVENUE
\u00a0
\u00a0
\u00a0
\u00a0
Advertising services
-
\u00a0
887
\u00a0
Commission income
1,301
\u00a0
1,301
\u00a0
eCommerce sales
124,492
\u00a0
224,562
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
125,793
\u00a0
226,750
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
OTHER INCOME
\u00a0
\u00a0
\u00a0
\u00a0
Bank interest income
11
\u00a0
10
\u00a0
Government subsidy
-
\u00a0
2,730
\u00a0
Others
16,056
\u00a0
17,744
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
16,067
\u00a0
20,484
\u00a0
9.
LOSS BEFORE TAX
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Loss before tax has been arrived at after charging:
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation \u2013 Owned assets
-
\u00a0
1,387
\u00a0
Depreciation \u2013 Right of use assets
29,010
\u00a0
33,359
\u00a0
Cost of inventories sold
71,893
\u00a0
133,462
\u00a0
Exchange gain, net
50,520
\u00a0
(125,886)
\u00a0
Provision for impairment losses on trade and other receivables
17,811
\u00a0
-
\u00a0
Allowance for obsolete inventories
42,413
\u00a0
-
\u00a0
Staff cost (including Director Remuneration)
206,861
\u00a0
307,105
\u00a0
Audit fees
52,500
\u00a0
52,241
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
10.
EMPLOYEES
\u00a0
The average number of employees during the Year was made up as follows:
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
Directors
2
\u00a0
2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Staff
3
\u00a0
7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Staff costs, including directors\u2019 costs comprise:
\u00a0
\u00a0
\u00a0
\u00a0
Wages, salaries and other staff costs
206,861
\u00a0
307,105
\u00a0
Share-based remuneration
-
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
206,861
\u00a0
307,105
\u00a0
Included in the wages, salaries and other staff cost, \u00a33,827 (2022: \u00a326,616) represents the salaries paid to the daughter of a director.
\n
\u00a0
Key Management Remuneration
\u00a0
The directors\u2019 emoluments in respect of qualifying services, which all related to short-term employee benefits, were as follows:
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Chung Lam Nelson Law
\u00a0
\u00a0
\u00a0
\u00a0
Salaries and fees \u2013 in cash
180,000
\u00a0
180,000
\u00a0
Share-based payment
-
\u00a0
-
\u00a0
Geoffrey John Griggs
\u00a0
\u00a0
\u00a0
\u00a0
Salaries and fees \u2013 in cash
18,000
\u00a0
18,000
\u00a0
Share-based payment
-
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
198,000
\u00a0
198,000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
No pension contributions were made on behalf of the directors of the Company.
\u00a0
No share options were granted to directors during the year and year ended 31 December 2023 and 2022.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
11.
INCOME TAX
\u00a0
No provision for profits tax has been made in these consolidated financial statements as the Group did not have any assessable profits. The profits tax rate for Hong Kong is currently at 16.5% (2022: 16.5%) of the estimated assessable profits for the Year.
\u00a0
A reconciliation of income tax expense applicable to the loss before tax at the statutory tax rate of Hong Kong to the income tax expense at the effective tax rate of the Group is as follows:
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loss before tax
(427,046)
\u00a0
(179,569)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Tax at the Hong Kong statutory tax rate of 16.5%
(70,463)
\u00a0
(29,629)
\u00a0
Effect of different tax rates in other jurisdictions
-
\u00a0
51,135
\u00a0
Income not subject to tax
(7,319)
\u00a0
(178,623)
\u00a0
Expenses not deductible for tax
74,833
\u00a0
157,216
\u00a0
Tax losses not recognized for the year
4,380
\u00a0
4,856
\u00a0
Utilisation of tax losses not recognised for the year
(1,431)
\u00a0
(4,955)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
-
\u00a0
-
\u00a0
Hong Kong statutory tax rate of 16.5% is adopted in the tax reconciliation since the Group\u2019s major operating subsidiaries are incorporated and operated in Hong Kong and subject to Hong Kong Profits Tax.
\u00a0
Potential deferred tax assets arising from operating loss carryforward totalling approximately \u00a3588,000 (2022: \u00a3570,000) have not been recognised due to uncertainty as to when taxable profits will be generated.
\u00a0
12.
BASIC AND DILUTED LOSS PER SHARE
\u00a0
Basic loss per share is calculated by dividing the loss attributable to the Company\u2019 s owners of \u00a3414,232 (2022: \u00a3177,096) by the weighted average number of 715,815,080 ordinary shares (2022: 602,495,699) in issue during 2023.
The following potential ordinary shares are anti-diluted and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted loss per share.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Effect of potential ordinary shares
\u00a0
\u00a0
\u00a0
\u00a0
Employee share options (Note 21(a))
105,122,539
\u00a0
105,122,539
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Diluted loss per share was the same as basic loss per share as no potential dilutive ordinary shares were outstanding for both the years ended 31 December 2023 and 2022.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
13.
PROPERTY, PLANT AND EQUIPMENT
\u00a0
\u00a0\u00a0
Office equipment
\u00a0
Leasehold improvement
\u00a0
Right-of-use Assets
\u00a0
Total
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2023
-
\u00a0
-
\u00a0
44,791
\u00a0
44,791
\u00a0
Depreciation for the year
-
\u00a0
-
\u00a0
(29,010)
\u00a0
(29,010)
\u00a0
Exchange differences
-
\u00a0
-
\u00a0
(1,603)
\u00a0
(1,603)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December 2023
-
\u00a0
-
\u00a0
14,178
\u00a0
14,178
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2022
-
\u00a0
1,159
\u00a0
14,491
\u00a0
15,650
\u00a0
Additions for the year
-
\u00a0
-
\u00a0
59,721
\u00a0
59,721
\u00a0
Depreciation for the year
-
\u00a0
(1,387)
\u00a0
(33,359)
\u00a0
(34,746)
\u00a0
Exchange differences
-
\u00a0
228
\u00a0
3,938
\u00a0
4,166
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December 2022
-
\u00a0
-
\u00a0
44,791
\u00a0
44,791
\u00a0
\u00a0
14.
INVENTORIES
\u2003
\n
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0\u00a0\u00a0
\u00a0
Finished goods:
\u00a0
Gross amount
91,637
\u00a0
106,088
\u00a0
Allowance for obsolete inventories
(42,413)
\u00a0
-
\u00a0
49,224
\u00a0
106,088
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
15.
TRADE RECEIVABLES, DEPOSIT, PREPAYMENT AND OTHER RECEIVABLES
\u00a0
(a)
Trade receivables
\u00a0
\u00a0
\u00a0
2022
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Trade receivables \u2013 billed
25,935
\u00a0
26,430
\u00a0
Less: Provision for impairment loss
(9,500)
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
35,435
\u00a0
26,430
\u00a0
During the year, the Group has recognised a provision for impairment loss on trade receivables of \u00a39,500 (2022: Nil). The Group normally grants credit periods of up to 90 days to its customers as approved by the management on a case by case basis.
\u00a0
The ageing analysis of trade receivables - billed (net of loss allowance) based on invoice date at the end of the reporting period is as follows:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Within 30 days
14,431
\u00a0
9,305
\u00a0
31 to 60 days
1,769
\u00a0
6,134
\u00a0
61 to 90 days
1,310
\u00a0
2,006
\u00a0
91 to 180 days
17,925
\u00a0
8,985
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
35,435
\u00a0
26,430
\u00a0
The carrying amount of the Group\u2019s trade receivables as at 31 December 2023 and 2022 was denominated in Hong Kond Dollars.
\u00a0
(b)
Deposit,prepayments and other receivables
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Prepayments
32,684
\u00a0
35,814
\u00a0
Deposit and other receivables
21,158
\u00a0
22,491
\u00a0
Less: Provision for impairment loss
(8,311)
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
45,531
\u00a0
58,305
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
16.
TRADE PAYABLES
\u00a0
The following is an ageing analysis of trade payables presented based on the invoice date at the end of each reporting period:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Within 30 days
-
\u00a0
-
\u00a0
31 to 60 days
-
\u00a0
-
\u00a0
61 to 90 days
-
\u00a0
-
\u00a0
91 to 180 days
-
\u00a0
-
\u00a0
181 to 365 days
-
\u00a0
-
\u00a0
More than 365 days
36,110
\u00a0
36,110
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
36,110
\u00a0
36,110
\u00a0
\u00a0
17.
AMOUNT DUE TO A DIRECTOR
\u00a0
The amount was unsecured, interest-free and had no fixed terms of repayment.
\u00a0
18.
LEASE LIABILITIES
\u00a0
The total minimum lease liabilities under finance leases and their present values at the reporting date are as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Current portion:
\u00a0
\u00a0
\u00a0
\u00a0
Gross finance lease liabilities
14,503
\u00a0
30,544
\u00a0
Finance expense not recognised
(71)
\u00a0
(686)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
14,432
\u00a0
29,858
\u00a0
Non-current portion:
\u00a0
\u00a0
\u00a0
\u00a0
Gross finance lease liabilities
-
\u00a0
15,272
\u00a0
Finance expense not recognised
-
\u00a0
(75)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
-
\u00a0
15,197
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
14,432
\u00a0
45,055
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
The net finance lease liabilities are analysed as follows:
\u00a0
\u00a0
\u00a0
-
Not later than 1 year
14,432
\u00a0
29,858
\u00a0
-
Later than 1 year but not more than 5 years
-
\u00a0
15,197
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net finance lease liabilities
14,432
\u00a0
45,055
\u00a0
The interest on lease liabilities for the year ended 31 December 2023 was \u00a3666 (2022: \u00a3738). The Group does not recognise right-of-use assets and lease liabilities for short-term leases and leases where the underlying asset is of low value. The expenses for these leases for the year ended 31 December 2023 were \u00a3Nil (2022: \u00a3 Nil).
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
19.
SHARE CAPITAL
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
Number of
shares
\u00a0
\u00a0
\u00a0
Number of
shares
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Ordinary shares issued and
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
fully paid
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January
715,815,080
\u00a0
71,581
\u00a0
595,694,385
\u00a0
59,569
\u00a0
Issue of shares
-
\u00a0
-
\u00a0
120,120,695
\u00a0
12,012
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
715,815,080
\u00a0
71,581
\u00a0
715,815,080
\u00a0
71,581
\u00a0
\u00a0
On 20 December 2022, the Company has issued 115,211,604 new ordinary shares of 0.21 pence each to Mr. Nelson Law, the Company\u2019s Chairman and Chief Financial Officer, for the conversion of the loan owned to him of \u00a3241,944.
\u00a0
On 4 April 2022, the Company has issued 4,909,091 new ordinary shares of the Company in lieu of professional service provided.
\u00a0
20.
CAPITAL AND RESERVES
\u00a0
The nature and purpose of equity and reserves are as follows:
\u00a0
Share capital comprises the nominal value of the ordinary issued share capital of the Company.
\u00a0
Share Premium represents consideration less nominal value of issued shares and costs directly attributable to the issue of new shares.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
21.
SHARE-BASED PAYMENTS
\u00a0
(a)
Share Options
\u00a0
During the year ended 31 December 2021, the Group has implemented a stock option plan (the \u201cPlan\u201d) for the employees and directors, which awards options over the ordinary share of the Company. The Board of Directors (the \u201cBoard\u201d) approves all grants and the terms of all grants. Options awarded under the Plan generally vest on issue and exercisable over a period from one year after the grant date to four years after the grant date.
\u00a0
The fair value of each option granted is estimated on grant date using the Black-Scholes option-pricing model by applying the following assumptions:
\u00a0
Share price
\u00a30.0007
Risk-free interest rate
0.0022%
Expected life of warrant (years)
4
Expected annualised volatility
0.66
Expected dividend yield
Nil
\u00a0
For the year ended 31 December 2021, the Company recorded share-based compensation expenses in the amount of \u00a3357,417.
\u00a0
At 31 December 2023 and 2022, the Group had 105,122,539 share options outstanding as follows.
\u00a0
Date of
Exercise
Expiry
Exercise
Number
\u00a0
Grant
start date
date
price
granted
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
19/10/2021
19/10/2021
18/10/2025
0.7p
Nil
\u00a0
\u00a0
(b)
Shares issued for services
\u00a0
On 4 April 2022, the Company has issued 4,909,091 new ordinary shares of the Company in lieu of professional service provided.
\u00a0
22.
RELATED PARTY TRANSACTIONS
\u00a0
(a)
Details of the compensation of key management personnel was disclosed in Note 10 to the financial statements.
\u00a0
\u00a0
\u00a0
(b)
Apart from the balances with related parties at the end of the reporting period disclosed elsewhere in the financial statements, the Company had not entered into any significant related party transactions for the Year.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
23.
FINANCIAL INSTRUMENTS BY CATEGORY
\u00a0
The totals for each category of financial instruments is as follows:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
Financial assets
\u00a3
\u00a0
\u00a3
\u00a0
Financial assets at amortised cost
\u00a0
\u00a0
\u00a0
\u00a0
Trade receivables
35,435
\u00a0
26,430
\u00a0
Deposit and other receivables
12,847
\u00a0
22,491
\u00a0
Cash and cash equivalents
9,111
\u00a0
35,567
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
57,393
\u00a0
84,488
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities at amortised cost
\u00a0
\u00a0
\u00a0
\u00a0
Trade payables
36,110
\u00a0
36,110
\u00a0
Other payables and accrued expense
630,524
\u00a0
480,213
\u00a0
Amounts due to directors
740,486
\u00a0
602,646
\u00a0
Lease liabilities
14,432
\u00a0
45,055
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
1,421,552
\u00a0
1,164,024
Prepayments are excluded from the summary above.
\u00a0
24.
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
\u00a0
\u00a0
\u00a0
Lease liabilities
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January
45,055
\u00a0
14,750
\u00a0
New lease
-
\u00a0
59,721
\u00a0
Financing cash flows
(29,674)
\u00a0
(33,582)
\u00a0
Exchange adjustment
(949)
\u00a0
4,166
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
14,432
\u00a0
45,055
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
25.
CAPITAL COMMITMENTS
\u00a0
There were no capital commitments as at the year ended 31 December 2023 (2022: Nil).
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
26.
DEREGISTRATION OF SUBSIDIARIES
\u00a0
In April 2023, the Group deregistered the subsidiaries of Taohui Limited (PRC) and Ptp Media Limited (PRC). The principal activities of the subsidiaries are inactive.
\u00a0
The following summarises the carrying amount of the assets and liabilities at the date of deregistration:
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
Net liabilities of the deregistered subsidiaries
\u00a0
\u00a0
Prepayments and other receivables
381
\u00a0
Cash and cash equivalents
1,013
\u00a0
Other payables and accrued expenses
(42,601)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(41,207)
\u00a0
\u00a0
\u00a0
\u00a0
Gain on deregistration of subsidiaries
41,207
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net cash flow on deregistration of subsidiaries
-
\u00a0
\u00a0
\u00a0
\u00a0
Net outflow of cash and cash equivalents
(381)
\u00a0
\u00a0
\u00a0
\u00a0
27.
SUBSEQUENT EVENT
\u00a0
On 26 January 2024, the Company has issued 9,090,909 new ordinary shares of the Company in lieu of professional service provided.The management expects share premium of approximately \u00a39,000 will be generated as a result.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1.
GENERAL INFORMATION
\u00a0
Sealand Capital Galaxy Limited (the \u201cCompany\u201d) was incorporated in the Cayman Islands on 22 May 2015 as an exempted company with limited liability under the Companies Law of the Cayman Islands. The Company\u2019s registered office is at Willow House, PO Box 709, Cricket Square, Grand Cayman, KY1-1107, Cayman Islands. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d)
\u00a0
The Company\u2019s nature of operations is to act as a special purpose acquisition company.
\u00a0
The Group engaged in digital marketing and other IT and e-Commerce related businesses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": { "value": "Sealand Capital Galaxy Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "Cayman Islands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "Cayman Islands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "Cayman Islands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": { "value": "Willow House, PO Box 709, Cricket Square, Grand Cayman, KY1-1107, Cayman Islands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": { "value": "
The Company\u2019s nature of operations is to act as a special purpose acquisition company.
\u00a0
The Group engaged in digital marketing and other IT and e-Commerce related businesses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_E11_CY": { "value": "
2.
BASIS OF PREPARATION
\u00a0
The financial statements have been prepared in accordance with the International Financial Reporting Standard (\u201cIFRSs\u201d) and IFRIC interpretations applicable to companies reporting under IFRSs.
\u00a0
These financial statements are presented in Great British Pounds (\u201c\u00a3\u201d) rounded to the nearest Great British Pound, except for otherwise indicated, and have been prepared under the historical cost convention.
\u00a0
Details of going concern are included in note 4(p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations_D1959738753_CY": { "value": "
3.
STANDARDS AND INTERPRETATIONS
\u00a0
(i)
New standards, amendments and interpretations adopted by the Group and Company
\u00a0
The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 January 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements:
\u00a0
\u00a0
Standard / Interpretation
Application
\u00a0
\u00a0
\u00a0
\u00a0
Amendments to IAS 1 and IFRS Practice Statement 2
Disclosure of Accounting Policies
\u00a0
Amendments to IAS 8
Definition of Accounting Estimates
\u00a0
Amendments to IAS 12
Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
\u00a0
(ii)
New standards, amendments and interpretations not yet adopted
\u00a0
\u00a0
Standard / Interpretation
Application
\u00a0
\u00a0
\u00a0
\u00a0
IAS 1 amendments
Classification of Liabilities as Current or Non-current
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IAS 1 amendments
Non-current Liabilities with Covenants
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IFRS 16 amendments
Lease liability in a Sale and Leaseback
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IAS 7 & IFRS 7 amendments
Supplier finance arrangements
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2025
\u00a0
IAS 21 amendments
Lack of Exchangeability
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2025
\u00a0
Amendments to IFRS 10 and IAS 28
Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
\u00a0
\u00a0
Effective: To be determined
\u00a0
There are no IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company or Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D164288399_CY": { "value": "
(i)
New standards, amendments and interpretations adopted by the Group and Company
\u00a0
The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 January 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements:
\u00a0
\u00a0
Standard / Interpretation
Application
\u00a0
\u00a0
\u00a0
\u00a0
Amendments to IAS 1 and IFRS Practice Statement 2
Disclosure of Accounting Policies
\u00a0
Amendments to IAS 8
Definition of Accounting Estimates
\u00a0
Amendments to IAS 12
Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_ExplanationOfNotAppliedNewStandardsOrInterpretations_D1883408570_CY": { "value": "
(ii)
New standards, amendments and interpretations not yet adopted
\u00a0
\u00a0
Standard / Interpretation
Application
\u00a0
\u00a0
\u00a0
\u00a0
IAS 1 amendments
Classification of Liabilities as Current or Non-current
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IAS 1 amendments
Non-current Liabilities with Covenants
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IFRS 16 amendments
Lease liability in a Sale and Leaseback
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2024
\u00a0
IAS 7 & IFRS 7 amendments
Supplier finance arrangements
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2025
\u00a0
IAS 21 amendments
Lack of Exchangeability
\u00a0
\u00a0
Effective: Annual periods beginning on or after 1 January 2025
\u00a0
Amendments to IFRS 10 and IAS 28
Sale or Contribution of Assets between an Investor and its
Associate or Joint Venture
\u00a0
\u00a0
Effective: To be determined
\u00a0
There are no IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Company or Group.
", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_D1695066646_CY": { "value": "
\n
\u00a0
\u00a0
4.
SIGNIFICANT ACCOUNTING POLICIES
\u00a0
(a)
Basis of consolidation
\u00a0
These financial statements comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) for the year ended 31 December 2023.
\u00a0
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:
\u00a0
\u25cf
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
\u25cf
Exposure, or rights, to variable returns from its involvement with the investee
\u25cf
The ability to use its power over the investee to affect its returns
\u00a0
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
\u00a0
\u25cf
The contractual arrangement(s) with the other vote holders of the investee
\u25cf
Rights arising from other contractual arrangements
\u25cf
The Group\u2019s voting rights and potential voting rights
\u00a0
(i)
Business combinations
\u00a0
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
\u00a0
\u00a0
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.
\u00a0
\u00a0
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
\u00a0
(ii)
Subsidiaries
\u00a0
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
(iii)
Loss of control
\u00a0
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
\u00a0
(iv)
Transactions eliminated on consolidation
\u00a0
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investee are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\u00a0
(b)
Revenue recognition
\u00a0
Revenue is recognised to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Specifically, the Group uses a 5-step approach to revenue recognition:
\u00a0
Step 1:
Identify the contract(s) with a customer;
Step 2:
Identify the performance obligations in the contract;
Step 3:
Determine the transaction price;
Step 4:
Allocate the transaction price to the performance obligations in the contract; and
Step 5:
Recognise revenue when (or as) the entity satisfies a performance obligation.
\u00a0
The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when \u201c control\u201d of the goods or services underlying the particular performance obligation is transferred to customers.
\u00a0
\u00a0
A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.
\u00a0
\u00a0
Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of relevant performance obligation if one of the following criteria is met:
\u00a0
-
the customer simultaneously receives and consumes the benefits provided by the entity\u2019s performance as the Group performs;
-
the Group\u2019s performance creates and enhances an asset that the customer controls as the Group performs; or
-
the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.
\u00a0
Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.
\u00a0
\u00a0
A contract asset represents the Group\u2019s right to consideration in exchange for goods and services that the Group has transferred to a customer that is not unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group\u2019s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
A contract liability represents the Group\u2019s obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.
\u00a0
\u00a0
A contract asset and a contract liability relating to a contract are accounted for and presented on a net basis.
\u00a0
\u00a0
Revenue from e-commerce service is recognised when the performance obligation is satisfied. Interest income from a financial asset is accrued on a time basis using the effective interest method.
\u00a0
(c)
Government grants
\u00a0
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.
\u00a0
\u00a0
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments.

(d)
Foreign currency transactions
\u00a0
(i)
Functional and presentational currency
\u00a0
Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cfunctional currency\u201d), being British Pound Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), Chinese Yuan (\u201cCNY\u201d) and Hong Kong Dollar (\u201cHKD\u201d). The Group Financial Statements are presented in GBP.
\u00a0
(ii)
Transactions and balances
\u00a0
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the Statement of Comprehensive Income.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
\u00a0
(iii)
Group companies
\u00a0
The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
\u00a0
-
the contractual arrangement(s) with the other vote holders of the investee assets and liabilities for each statement of financial position presented are translated at the closing exchange rate at the date of that statement of financial position;
-
income and expenses for each statement of comprehensive income are translated at average exchange rates; and
-
all resulting exchange differences are recognised in other comprehensive income (loss).
\u00a0
\u00a0
(e)
Goodwill and intangible assets
\u00a0
Goodwill
\u00a0
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.
\u00a0
For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019 s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.
\u00a0
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may be impaired. For the goodwill arising on an acquisition in a reporting period, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
\u00a0
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal.
\u00a0
(f)
Property, plant and equipment
\u00a0
Property, plant and equipment is measured on the cost basis and therefore stated at historic cost less accumulated depreciation. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
\u00a0
All repairs and maintenance expenditure is charged to the Consolidated Statement of Profit or Loss during the financial period in which they are incurred.
\u00a0
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Owned assets
\u00a0
\u00a0
Office equipment
36 - 60 months
\u00a0
Leasehold improvement
lower of 36 months and the lease term
\u00a0
Right-of-use assets
\u00a0
\u00a0
Buildings
Over the lease term
\u00a0
The assets\u2019 useful lives are reviewed, and, if appropriate, asset values are written down to their estimated recoverable amounts, at each reporting date. Gains and losses on disposals are determined by comparing proceeds with the carrying amounts, and are included in profit or loss.
\u00a0
\u00a0
(g)
Impairment of non-financial assets
\u00a0
Goodwill and intangible assets with indefinite useful lives or those not yet available for use are not subject to amortisation and are tested for impairment at least annually, irrespective of whether there is any indication that they are impaired. All other assets are tested for impairment whenever there are indications that the asset\u2019s carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately for the amount by which the asset\u2019 s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions less costs of disposal, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. For the purposes of assessing impairment, where an asset does not generate cash inflows largely independent from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash-generating unit). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill in particular is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which the goodwill is monitored for internal management purpose and not be larger than an operating segment.
\u00a0
Impairment losses recognised for cash-generating units, to which goodwill has been allocated, are credited initially to the carrying amount of goodwill. Any remaining impairment loss is charged pro-rata to the other assets in the cash generating unit, except that the carrying value of an asset will not be reduced below its individual fair value less cost of disposal, or value in use, if determinable. An impairment loss on goodwill is not reversed in subsequent periods. In respect of other assets, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the asset\u2019s recoverable amount and only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses recognised in an interim period in respect of goodwill are not reversed in a subsequent period. This is the case even if no loss, or a smaller loss, would have been recognised had the impairment been assessed only at the end of the financial year to which the interim period relates.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
(h)
Financial instruments
\u00a0
Financial assets and financial liabilities are recognised in the statements of financial position when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities within the scope of IFRS 9 are initially measured at fair value and transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
\u00a0
The Group\u2019s financial assets, including deposits, receivables, contract assets and cash and cash equivalents, are subsequently measured at amortised cost using the effective interest method, less identified impairment charges (see Note 4(i)) as the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u00a0
Financial liabilities include lease liabilities, trade payables, amount due to a director, other payables and accruals. All financial liabilities are subsequently measured at amortised cost using the effective interest method.
\u00a0
(i)
Impairment of financial assets
\u00a0
The Group recognises loss allowances for expected credit loss on the financial instruments that are not measured at fair value. The Group considers the probability of default upon initial recognition of financial assets and assesses whether there has been a significant increase in credit risk on an ongoing basis.
\u00a0
The Group considers the credit risk on a financial instrument is low if the financial instrument has a low risk of default, the debtor has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the debtor to fulfill its contractual cash flow obligations.
\u00a0
The carrying amount of the receivables is reduced through the use of the receivable impairment charges account. Changes in the carrying amount of the receivable impairment charges account are recognised in profit or loss. The receivable is written off against the receivable impairment charges account when the Group has no reasonable expectations of recovering the receivable.
\u00a0
If, in a subsequent period, the amount of expected credit losses decreases, the reversal would be adjusted to the receivable impairment charges account at the reporting date. The amount of any reversal is recognised in profit or loss.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
(j)
Derecognition of financial assets and financial liabilities
\u00a0
Financial assets are derecognised when the contractual rights to receive the cash flows of the financial assets expire; or where the Group transfers the financial assets and either (i) it has transferred substantially all the risks and rewards of ownership of the financial assets; or (ii) it has neither transferred nor retained substantially all the risks and rewards of ownership of the financial assets but has not retained control of the financial assets.
\u00a0
Financial liabilities are derecognised when they are extinguished, i.e. when the obligation is discharged, cancelled or expires.
\u00a0
(k)
Inventories
\u00a0
Inventories are stated at the lower of cost or net realisable value, with cost determined using the first-in, first-out (\u201cFIFO\u201d) cost method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated cost necessary to make the sale. Allowances are established to reduce the cost of excess and obsolete or damaged inventories to their estimated net realiable value.
\u00a0
(l)
Trade Receivables
\u00a0
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivables from the initial recognition date to the end of each of the reporting period. In the opinion of the directors of the Company, apart from those balances for which allowances have been provided, other trade receivables at the end of each reporting period are of good credit quality which considering the high credibility of these customers, good track record with the Group and subsequent settlement, the management believes that no impairment allowance is necessary in respect of unsettled balances.
\u00a0
The Group applied the simplified approach to provide the expected credit losses (\u201cECL\u201d) prescribed by IFRS 9. The impairment methodology is set out in Note 4 and Note 5(iii) respectively. As part of the Group\u2019s credit risk management, the Group assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts due in accordance with the contractual terms.
\u00a0
(m)
Cash and cash equivalents
\u00a0
Cash and cash equivalents include cash in hand and deposits held at call with banks.
\u00a0
(n)
Current and deferred income tax
\u00a0
Income tax comprises current and deferred tax. Current income tax is recognised in the profit or loss, except to the extent that it relates to items recognised directly in equity. In this case the tax is also recognised directly in other comprehensive income or directly in equity, respectively.
\u00a0
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
\u00a0
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period and are expected to apply when the related deferred income tax asset is utilised, or the deferred income tax liability is settled.
\u00a0
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
\u00a0
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
\u00a0
(o)
Leases
\u00a0
Lessee
\u00a0
All leases with a term of more than 12 months are recognised as an asset representing the right to use of the underlying asset and a liability representing the obligation to make lease payments, unless the underlying asset is of low value. Both the asset and the liability are initially measured on a present value basis. Right-of-use assets are recognised under fixed assets and are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life of the assets and the lease term. Lease liabilities are initially measured at the present value of unpaid lease payments and subsequently adjusted by the effect of the interest on and the settlement of the lease liabilities, and the re-measurement arising from any reassessment of the lease liabilities or lease modifications.
\u00a0
Lessor
\u00a0
Leases where substantially all the risks and rewards of ownership of assets remain with the Group are classified as operating leases. Assets leased under operating leases are included in fixed assets and rentals receivable are credited to surplus or deficit on the straight-line basis over the lease term.
\u00a0
(p)
Going Concern
\u00a0
The director\u2019s cash-flow projections for the forthcoming 12 months conclude there will be the need for additional cash resources to fully implement the business plans. A director has confirmed to provide financial supports to the Group and granted loan of approximately \u00a380,000 to the Group subsequent to the reporting period for supporting the Group\u2019s operation for the forthcoming 12 months. In addition, the directors are in non-binding discussions with individuals and institutions that may lead to further equity and/or loans being raised. There may be uncertainty that any such funds will be forthcoming or the price and other terms being acceptable and as such there is a material uncertainty over going concern.
\u00a0
(q)
Employee benefits
\u00a0
Salaries, wages, paid annual leave, bonuses and non-monetary benefits are accrued in the Year in which the associated services are rendered by the employees of the Group.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(r)
Share capital
\u00a0
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
\u00a0
(s)
Share-based payments
\u00a0
Equity-settled share-based payment transactions in exchange for services of goods are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 21.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D1473433954_CY": { "value": "
(a)
Basis of consolidation
\u00a0
These financial statements comprise the financial statements of the Company and entities controlled by the Company (its subsidiaries) for the year ended 31 December 2023.
\u00a0
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:
\u00a0
\u25cf
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
\u25cf
Exposure, or rights, to variable returns from its involvement with the investee
\u25cf
The ability to use its power over the investee to affect its returns
\u00a0
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
\u00a0
\u25cf
The contractual arrangement(s) with the other vote holders of the investee
\u25cf
Rights arising from other contractual arrangements
\u25cf
The Group\u2019s voting rights and potential voting rights
\u00a0
(i)
Business combinations
\u00a0
The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
\u00a0
\u00a0
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss.
\u00a0
\u00a0
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
\u00a0
(ii)
Subsidiaries
\u00a0
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
\u00a0
(iii)
Loss of control
\u00a0
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
\u00a0
(iv)
Transactions eliminated on consolidation
\u00a0
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investee are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory_E88_CY": { "value": "
(ii)
Subsidiaries
\u00a0
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_E77_CY": { "value": "
(b)
Revenue recognition
\u00a0
Revenue is recognised to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Specifically, the Group uses a 5-step approach to revenue recognition:
\u00a0
Step 1:
Identify the contract(s) with a customer;
Step 2:
Identify the performance obligations in the contract;
Step 3:
Determine the transaction price;
Step 4:
Allocate the transaction price to the performance obligations in the contract; and
Step 5:
Recognise revenue when (or as) the entity satisfies a performance obligation.
\u00a0
The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when \u201c control\u201d of the goods or services underlying the particular performance obligation is transferred to customers.
\u00a0
\u00a0
A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.
\u00a0
\u00a0
Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of relevant performance obligation if one of the following criteria is met:
\u00a0
-
the customer simultaneously receives and consumes the benefits provided by the entity\u2019s performance as the Group performs;
-
the Group\u2019s performance creates and enhances an asset that the customer controls as the Group performs; or
-
the Group\u2019s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.
\u00a0
Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.
\u00a0
\u00a0
A contract asset represents the Group\u2019s right to consideration in exchange for goods and services that the Group has transferred to a customer that is not unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group\u2019s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.
\u00a0
A contract liability represents the Group\u2019s obligation to transfer services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.
\u00a0
\u00a0
A contract asset and a contract liability relating to a contract are accounted for and presented on a net basis.
\u00a0
\u00a0
Revenue from e-commerce service is recognised when the performance obligation is satisfied. Interest income from a financial asset is accrued on a time basis using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants_E46_CY": { "value": "
(c)
Government grants
\u00a0
Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset.
\u00a0
\u00a0
When the Group receives grants of non-monetary assets, the asset and the grant are recorded at nominal amounts and released to profit or loss over the expected useful life of the asset, based on the pattern of consumption of the benefits of the underlying asset by equal annual instalments.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": { "value": "
(d)
Foreign currency transactions
\u00a0
(i)
Functional and presentational currency
\u00a0
Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cfunctional currency\u201d), being British Pound Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), Chinese Yuan (\u201cCNY\u201d) and Hong Kong Dollar (\u201cHKD\u201d). The Group Financial Statements are presented in GBP.
\u00a0
(ii)
Transactions and balances
\u00a0
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the Statement of Comprehensive Income.
(iii)
Group companies
\u00a0
The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
\u00a0
-
the contractual arrangement(s) with the other vote holders of the investee assets and liabilities for each statement of financial position presented are translated at the closing exchange rate at the date of that statement of financial position;
-
income and expenses for each statement of comprehensive income are translated at average exchange rates; and
-
all resulting exchange differences are recognised in other comprehensive income (loss).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_E44_CY": { "value": "
(i)
Functional and presentational currency
\u00a0
Items included in the Financial Statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cfunctional currency\u201d), being British Pound Sterling (\u201cGBP\u201d or \u201c\u00a3\u201d), Chinese Yuan (\u201cCNY\u201d) and Hong Kong Dollar (\u201cHKD\u201d). The Group Financial Statements are presented in GBP.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_E54_CY": { "value": "
\u00a0
(e)
Goodwill and intangible assets
\u00a0
Goodwill
\u00a0
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.
\u00a0
For the purposes of impairment testing, goodwill is allocated to each of the Group\u2019 s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.
\u00a0
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may be impaired. For the goodwill arising on an acquisition in a reporting period, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
\u00a0
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_E73_CY": { "value": "
(f)
Property, plant and equipment
\u00a0
Property, plant and equipment is measured on the cost basis and therefore stated at historic cost less accumulated depreciation. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
\u00a0
All repairs and maintenance expenditure is charged to the Consolidated Statement of Profit or Loss during the financial period in which they are incurred.
\u00a0
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:
\u00a0
\u00a0
Owned assets
\u00a0
\u00a0
Office equipment
36 - 60 months
\u00a0
Leasehold improvement
lower of 36 months and the lease term
\u00a0
Right-of-use assets
\u00a0
\u00a0
Buildings
Over the lease term
\u00a0
The assets\u2019 useful lives are reviewed, and, if appropriate, asset values are written down to their estimated recoverable amounts, at each reporting date. Gains and losses on disposals are determined by comparing proceeds with the carrying amounts, and are included in profit or loss.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_E51_CY": { "value": "
\u00a0
(g)
Impairment of non-financial assets
\u00a0
Goodwill and intangible assets with indefinite useful lives or those not yet available for use are not subject to amortisation and are tested for impairment at least annually, irrespective of whether there is any indication that they are impaired. All other assets are tested for impairment whenever there are indications that the asset\u2019s carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately for the amount by which the asset\u2019 s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions less costs of disposal, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. For the purposes of assessing impairment, where an asset does not generate cash inflows largely independent from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash-generating unit). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill in particular is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which the goodwill is monitored for internal management purpose and not be larger than an operating segment.
\u00a0
Impairment losses recognised for cash-generating units, to which goodwill has been allocated, are credited initially to the carrying amount of goodwill. Any remaining impairment loss is charged pro-rata to the other assets in the cash generating unit, except that the carrying value of an asset will not be reduced below its individual fair value less cost of disposal, or value in use, if determinable. An impairment loss on goodwill is not reversed in subsequent periods. In respect of other assets, an impairment loss is reversed if there has been a favourable change in the estimates used to determine the asset\u2019s recoverable amount and only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Impairment losses recognised in an interim period in respect of goodwill are not reversed in a subsequent period. This is the case even if no loss, or a smaller loss, would have been recognised had the impairment been assessed only at the end of the financial year to which the interim period relates.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_E39_CY": { "value": "
(h)
Financial instruments
\u00a0
Financial assets and financial liabilities are recognised in the statements of financial position when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities within the scope of IFRS 9 are initially measured at fair value and transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
\u00a0
The Group\u2019s financial assets, including deposits, receivables, contract assets and cash and cash equivalents, are subsequently measured at amortised cost using the effective interest method, less identified impairment charges (see Note 4(i)) as the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specific dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u00a0
Financial liabilities include lease liabilities, trade payables, amount due to a director, other payables and accruals. All financial liabilities are subsequently measured at amortised cost using the effective interest method.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory_E50_CY": { "value": "
(i)
Impairment of financial assets
\u00a0
The Group recognises loss allowances for expected credit loss on the financial instruments that are not measured at fair value. The Group considers the probability of default upon initial recognition of financial assets and assesses whether there has been a significant increase in credit risk on an ongoing basis.
\u00a0
The Group considers the credit risk on a financial instrument is low if the financial instrument has a low risk of default, the debtor has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the debtor to fulfill its contractual cash flow obligations.
\u00a0
The carrying amount of the receivables is reduced through the use of the receivable impairment charges account. Changes in the carrying amount of the receivable impairment charges account are recognised in profit or loss. The receivable is written off against the receivable impairment charges account when the Group has no reasonable expectations of recovering the receivable.
\u00a0
If, in a subsequent period, the amount of expected credit losses decreases, the reversal would be adjusted to the receivable impairment charges account at the reporting date. The amount of any reversal is recognised in profit or loss.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_E19_CY": { "value": "
(j)
Derecognition of financial assets and financial liabilities
\u00a0
Financial assets are derecognised when the contractual rights to receive the cash flows of the financial assets expire; or where the Group transfers the financial assets and either (i) it has transferred substantially all the risks and rewards of ownership of the financial assets; or (ii) it has neither transferred nor retained substantially all the risks and rewards of ownership of the financial assets but has not retained control of the financial assets.
\u00a0
Financial liabilities are derecognised when they are extinguished, i.e. when the obligation is discharged, cancelled or expires.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_E65_CY": { "value": "
(k)
Inventories
\u00a0
Inventories are stated at the lower of cost or net realisable value, with cost determined using the first-in, first-out (\u201cFIFO\u201d) cost method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated cost necessary to make the sale. Allowances are established to reduce the cost of excess and obsolete or damaged inventories to their estimated net realiable value.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_E92_CY": { "value": "
(l)
Trade Receivables
\u00a0
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivables from the initial recognition date to the end of each of the reporting period. In the opinion of the directors of the Company, apart from those balances for which allowances have been provided, other trade receivables at the end of each reporting period are of good credit quality which considering the high credibility of these customers, good track record with the Group and subsequent settlement, the management believes that no impairment allowance is necessary in respect of unsettled balances.
\u00a0
The Group applied the simplified approach to provide the expected credit losses (\u201cECL\u201d) prescribed by IFRS 9. The impairment methodology is set out in Note 4 and Note 5(iii) respectively. As part of the Group\u2019s credit risk management, the Group assesses the impairment for its customers based on different group of customers which share common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts due in accordance with the contractual terms.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_E22_CY": { "value": "
(m)
Cash and cash equivalents
\u00a0
Cash and cash equivalents include cash in hand and deposits held at call with banks.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_E52_CY": { "value": "
(n)
Current and deferred income tax
\u00a0
Income tax comprises current and deferred tax. Current income tax is recognised in the profit or loss, except to the extent that it relates to items recognised directly in equity. In this case the tax is also recognised directly in other comprehensive income or directly in equity, respectively.
\u00a0
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
\u00a0
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period and are expected to apply when the related deferred income tax asset is utilised, or the deferred income tax liability is settled.
\u00a0
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
\u00a0
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_E63_CY": { "value": "
(o)
Leases
\u00a0
Lessee
\u00a0
All leases with a term of more than 12 months are recognised as an asset representing the right to use of the underlying asset and a liability representing the obligation to make lease payments, unless the underlying asset is of low value. Both the asset and the liability are initially measured on a present value basis. Right-of-use assets are recognised under fixed assets and are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter of the useful life of the assets and the lease term. Lease liabilities are initially measured at the present value of unpaid lease payments and subsequently adjusted by the effect of the interest on and the settlement of the lease liabilities, and the re-measurement arising from any reassessment of the lease liabilities or lease modifications.
\u00a0
Lessor
\u00a0
Leases where substantially all the risks and rewards of ownership of assets remain with the Group are classified as operating leases. Assets leased under operating leases are included in fixed assets and rentals receivable are credited to surplus or deficit on the straight-line basis over the lease term.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1281097212_CY": { "value": "
(p)
Going Concern
\u00a0
The director\u2019s cash-flow projections for the forthcoming 12 months conclude there will be the need for additional cash resources to fully implement the business plans. A director has confirmed to provide financial supports to the Group and granted loan of approximately \u00a380,000 to the Group subsequent to the reporting period for supporting the Group\u2019s operation for the forthcoming 12 months. In addition, the directors are in non-binding discussions with individuals and institutions that may lead to further equity and/or loans being raised. There may be uncertainty that any such funds will be forthcoming or the price and other terms being acceptable and as such there is a material uncertainty over going concern.
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_E28_CY": { "value": "
(q)
Employee benefits
\u00a0
Salaries, wages, paid annual leave, bonuses and non-monetary benefits are accrued in the Year in which the associated services are rendered by the employees of the Group.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory_E62_CY": { "value": "
(r)
Share capital
\u00a0
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_E86_CY": { "value": "
(s)
Share-based payments
\u00a0
Equity-settled share-based payment transactions in exchange for services of goods are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 21.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_E58_CY": { "value": "
5.
FINANCIAL RISK MANAGEMENT
\u00a0
The Board\u2019s overall risk management strategy seeks to assist the Group in meeting its financial targets, while minimising potential adverse effects on financial performance. Its functions include the review of future cash flow requirements.
\u00a0
The Group\u2019s activities expose it to a variety of financial risks as below.
\u00a0
(i)
Interest rate risk
\u00a0
The Group has floating rate financial assets in the form of deposit accounts with major banking institutions of \u00a39,111. Apart from the abovementioned amount, no other financial instrument is subjected to interest rate risk. The interest rate risk is therefore considered minimal.
\u00a0
(ii)
Foreign exchange risk
\u00a0
Foreign currency risk is the risk to earnings or capital arising from movements in foreign exchange rates. The Group\u2019s foreign currency risk primarily arises from currency exposures originating from its foreign exchange dealings and other investment activities.
\u00a0
The Group monitors the relative foreign exchange positions of its assets and liabilities to minimise foreign currency risk. The foreign currency risk is managed and monitored on an ongoing basis by senior management of the Group. It is considered by the management of the Group that the exposure to foreign exchange risk is minimal.
\n
\u00a0
\u00a0
\u00a0
(iii)
Credit risk
\u00a0
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The carrying amount of financial assets and contract assets recognised on the consolidated statement of financial position, which is net of impairment losses, represents the Group \u2019 s exposure to credit risk without taking into account the value of any collateral held or other credit enhancements. The Group\u2019 s maximum exposure to credit risk is summarised in Note 23.
\u00a0
Most of the Group\u2019 s cash in banks have been deposited with reputable and creditworthy banks in Hong Kong. Management considers there is minimal credit risk associated with those balances.
\u00a0
(iv)
Liquidity risk
\u00a0
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. The responsibility for liquidity risk management rests with the Board of Directors.
\u00a0
As at the reporting date, the Group was in a net current liabilities positions. The Group is currently obtaining cash advances from one of a director to meet its temporary operating needs. Further, the Board of Directors is sourcing alternatives for the Group\u2019 s future capital needs include the issue of equity instruments and external borrowing. These alternatives are evaluated to determine the optimal mix of capital resources for our capital needs.
\u00a0
(v)
Market risk
\u00a0
Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group does not hedge these risk exposures due to the lack of any market to purchase financial instruments.
\u00a0
(vi)
Capital risk management
\u00a0
The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to shareholder through the optimisation of the debt and equity balances.
\u00a0
The capital structure of the Company consists of debt and equity attributable to the owners of the Company, comprising share capital, share premium and accumulated losses.
\u00a0
The directors of the Company review the capital structure regularly. As part of this review, the directors of the Company consider the cost of capital and the associated risks, and take appropriate actions to adjust the Company\u2019s capital structure. The overall strategy of the Company remained unchanged.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": { "value": "
(iv)
Liquidity risk
\u00a0
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. The responsibility for liquidity risk management rests with the Board of Directors.
\u00a0
As at the reporting date, the Group was in a net current liabilities positions. The Group is currently obtaining cash advances from one of a director to meet its temporary operating needs. Further, the Board of Directors is sourcing alternatives for the Group\u2019 s future capital needs include the issue of equity instruments and external borrowing. These alternatives are evaluated to determine the optimal mix of capital resources for our capital needs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfMarketRiskExplanatory_E91_CY": { "value": "
(v)
Market risk
\u00a0
Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates, will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. The Group does not hedge these risk exposures due to the lack of any market to purchase financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_E3_CY": { "value": "
\n
\u00a0
\u00a0
6.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY UNCERTAINTIES OF ESTIMATION UNCERTAINTY
\u00a0
The preparation of the Group\u2019 s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.
\u00a0
The estimates and underlying assumption are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
\u00a0
Key source of estimation uncertainty
\u00a0
Trade receivables and contract assets
\u00a0
The Group\u2019s customer base consists of a wide range of clients and the trade receivables and contract assets are categorised by common risk characteristics that are representative of the customers\u2019 abilities to pay all amounts due in accordance with the contractual terms. The Group applies a simplified approach in calculating ECL for trade receivables and contract assets and recognises a loss allowance based on lifetime ECL at each reporting date and has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The expected loss rate used in the provision matrix is calculated for each category based on actual credit loss experience over the prior years and adjusted for current and forward- looking factors to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group\u2019s estimate on future economic conditions over the expected lives of the receivables. There was no change in the estimation techniques or significant assumptions made during the Year.
\u00a0
At 31 December 2023, a provision for impairment loss on trade receivables and contract assets of \u00a39,500 (2022: Nil) was recognised according to the management expected loss. The Group\u2019s trade receivables which are past due but which the Group has not impaired as there have not been any significant changes in credit quality of customers and the management believes that the amounts are fully recoverable. Receivables that were neither past due nor impaired at 31 December 2023 relate to a wide range of customers for whom there was no history of default.
\u00a0
The Group does not hold any collateral over trade receivables and contract assets at 31 December 2023 (2022: Nil).
\u00a0
Allowance for obsolete inventories
\u00a0
Allowance for obsolete inventories is made for those identified obsolete and slow-moving inventories and inventories with a carrying amount higher than net realisable value. The assessment of the allowance involves management\u2019 s judgement and estimates on which are influenced by assumptions concerning future sales and judgements in determining the appropriate level of inventory allowance against identified surplus or obsolete items. Where the actual outcome in future is different from the original estimate, such difference will impact the carrying value of inventories and allowance charge/write-back in the period in which such estimate has been changed.
\u00a0
At 31 December 2023, allowance for obsolete inventories of \u00a342,413 (2022: Nil) was recognised.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": { "value": "
\n
\u00a0
\u00a0
7.
SEGMENT INFORMATION
\u00a0
The Chief Operating Decision Maker (\u201cCODM\u201d) has been identified as the executive directors of the Company who reviews the Group\u2019s internal reporting in order to assess performance and allocate resources. The CODM has determined the operating segments based on these reports.
\u00a0
For management purposes, the Group is organised into business units based on their products and services, and has reportable operating segments as follows:
\u00a0
(a)
The digital marketing and payment segment includes services on enlisting merchants to mobile payment gateways and providing digital advertising services;
\u00a0
\u00a0
\u00a0
(b)
The software development and support segment includes sales and distribution of mobile game and all other I.T. related development and support services; and
\u00a0
\u00a0
\u00a0
(c)
The e-commerce segment includes sales of goods through internet and provision for consultancy services related to e-commerce.
\u00a0
\u00a0
\u00a0
\u00a0
Digital marketing
and
payment
\u00a0
Software
Development
and support
\u00a0
e-Commerce
\u00a0
Unallocated
\u00a0
Total
\u00a0
\u00a0\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Year ended 31 December 2023
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
\u00a0
-
\u00a0
-
\u00a0
125,793
\u00a0
-
\u00a0
125,793
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Segment loss
\u00a0
(1,691)
\u00a0
-
\u00a0
(11,838)
\u00a0
(413,517)
\u00a0
(427,046)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
-
\u00a0
-
\u00a0
-
\u00a0
29,010
\u00a0
29,010
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
6
\u00a0
-
\u00a0
110,393
\u00a0
43,080
\u00a0
153,479
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
6,470
\u00a0
-
\u00a0
99,858
\u00a0
1,315,224
\u00a0
1,421,552
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Year ended 31 December 2022
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Revenue
\u00a0
887
\u00a0
-
\u00a0
225,863
\u00a0
-
\u00a0
226,750
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Segment (loss)/Profit
\u00a0
(53,128)
\u00a0
(7,920)
\u00a0
4,534
\u00a0
(123,055)
\u00a0
(179,569)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
-
\u00a0
-
\u00a0
-
\u00a0
34,746
\u00a0
34,746
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Assets
\u00a0
443
\u00a0
-
\u00a0
196,419
\u00a0
74,319
\u00a0
271,181
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities
\u00a0
21,767
\u00a0
-
\u00a0
125,892
\u00a0
1,016,365
\u00a0
1,164,024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Geographical information:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
Revenue by Geography
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Hong Kong
125,793
\u00a0
226,750
\u00a0
Information about major customers
\u00a0
For the year ended 31 December 2023, 2 external customer contributed more than 10% to the Group revenue (2022: no external customer contributed more than 10% to the Group revenue).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRevenueExplanatory_E119_CY": { "value": "
8.
REVENUE AND OTHER INCOME
\u2003
\u00a0
\u00a0
2022
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
REVENUE
\u00a0
\u00a0
\u00a0
\u00a0
Advertising services
-
\u00a0
887
\u00a0
Commission income
1,301
\u00a0
1,301
\u00a0
eCommerce sales
124,492
\u00a0
224,562
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
125,793
\u00a0
226,750
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
OTHER INCOME
\u00a0
\u00a0
\u00a0
\u00a0
Bank interest income
11
\u00a0
10
\u00a0
Government subsidy
-
\u00a0
2,730
\u00a0
Others
16,056
\u00a0
17,744
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
16,067
\u00a0
20,484
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_scgl_DisclosureOfProfitLossBeforeTaxExplanatory_D1883031358_CY": { "value": "
9.
LOSS BEFORE TAX
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Loss before tax has been arrived at after charging:
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation \u2013 Owned assets
-
\u00a0
1,387
\u00a0
Depreciation \u2013 Right of use assets
29,010
\u00a0
33,359
\u00a0
Cost of inventories sold
71,893
\u00a0
133,462
\u00a0
Exchange gain, net
50,520
\u00a0
(125,886)
\u00a0
Provision for impairment losses on trade and other receivables
17,811
\u00a0
-
\u00a0
Allowance for obsolete inventories
42,413
\u00a0
-
\u00a0
Staff cost (including Director Remuneration)
206,861
\u00a0
307,105
\u00a0
Audit fees
52,500
\u00a0
52,241
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "scgl:DisclosureOfProfitLossBeforeTaxExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory_E68_CY": { "value": "
\n
\u00a0
\u00a0
10.
EMPLOYEES
\u00a0
The average number of employees during the Year was made up as follows:
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
Directors
2
\u00a0
2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Staff
3
\u00a0
7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Staff costs, including directors\u2019 costs comprise:
\u00a0
\u00a0
\u00a0
\u00a0
Wages, salaries and other staff costs
206,861
\u00a0
307,105
\u00a0
Share-based remuneration
-
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
206,861
\u00a0
307,105
\u00a0
Included in the wages, salaries and other staff cost, \u00a33,827 (2022: \u00a326,616) represents the salaries paid to the daughter of a director.
\n
\u00a0
Key Management Remuneration
\u00a0
The directors\u2019 emoluments in respect of qualifying services, which all related to short-term employee benefits, were as follows:
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Chung Lam Nelson Law
\u00a0
\u00a0
\u00a0
\u00a0
Salaries and fees \u2013 in cash
180,000
\u00a0
180,000
\u00a0
Share-based payment
-
\u00a0
-
\u00a0
Geoffrey John Griggs
\u00a0
\u00a0
\u00a0
\u00a0
Salaries and fees \u2013 in cash
18,000
\u00a0
18,000
\u00a0
Share-based payment
-
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
198,000
\u00a0
198,000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
No pension contributions were made on behalf of the directors of the Company.
\u00a0
No share options were granted to directors during the year and year ended 31 December 2023 and 2022.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
11.
INCOME TAX
\u00a0
No provision for profits tax has been made in these consolidated financial statements as the Group did not have any assessable profits. The profits tax rate for Hong Kong is currently at 16.5% (2022: 16.5%) of the estimated assessable profits for the Year.
\u00a0
A reconciliation of income tax expense applicable to the loss before tax at the statutory tax rate of Hong Kong to the income tax expense at the effective tax rate of the Group is as follows:
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Loss before tax
(427,046)
\u00a0
(179,569)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Tax at the Hong Kong statutory tax rate of 16.5%
(70,463)
\u00a0
(29,629)
\u00a0
Effect of different tax rates in other jurisdictions
-
\u00a0
51,135
\u00a0
Income not subject to tax
(7,319)
\u00a0
(178,623)
\u00a0
Expenses not deductible for tax
74,833
\u00a0
157,216
\u00a0
Tax losses not recognized for the year
4,380
\u00a0
4,856
\u00a0
Utilisation of tax losses not recognised for the year
(1,431)
\u00a0
(4,955)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
-
\u00a0
-
\u00a0
Hong Kong statutory tax rate of 16.5% is adopted in the tax reconciliation since the Group\u2019s major operating subsidiaries are incorporated and operated in Hong Kong and subject to Hong Kong Profits Tax.
\u00a0
Potential deferred tax assets arising from operating loss carryforward totalling approximately \u00a3588,000 (2022: \u00a3570,000) have not been recognised due to uncertainty as to when taxable profits will be generated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
12.
BASIC AND DILUTED LOSS PER SHARE
\u00a0
Basic loss per share is calculated by dividing the loss attributable to the Company\u2019 s owners of \u00a3414,232 (2022: \u00a3177,096) by the weighted average number of 715,815,080 ordinary shares (2022: 602,495,699) in issue during 2023.
The following potential ordinary shares are anti-diluted and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted loss per share.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Effect of potential ordinary shares
\u00a0
\u00a0
\u00a0
\u00a0
Employee share options (Note 21(a))
105,122,539
\u00a0
105,122,539
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Diluted loss per share was the same as basic loss per share as no potential dilutive ordinary shares were outstanding for both the years ended 31 December 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": { "value": "
13.
PROPERTY, PLANT AND EQUIPMENT
\u00a0
\u00a0\u00a0
Office equipment
\u00a0
Leasehold improvement
\u00a0
Right-of-use Assets
\u00a0
Total
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2023
-
\u00a0
-
\u00a0
44,791
\u00a0
44,791
\u00a0
Depreciation for the year
-
\u00a0
-
\u00a0
(29,010)
\u00a0
(29,010)
\u00a0
Exchange differences
-
\u00a0
-
\u00a0
(1,603)
\u00a0
(1,603)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December 2023
-
\u00a0
-
\u00a0
14,178
\u00a0
14,178
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2022
-
\u00a0
1,159
\u00a0
14,491
\u00a0
15,650
\u00a0
Additions for the year
-
\u00a0
-
\u00a0
59,721
\u00a0
59,721
\u00a0
Depreciation for the year
-
\u00a0
(1,387)
\u00a0
(33,359)
\u00a0
(34,746)
\u00a0
Exchange differences
-
\u00a0
228
\u00a0
3,938
\u00a0
4,166
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December 2022
-
\u00a0
-
\u00a0
44,791
\u00a0
44,791
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInventoriesExplanatory_E79_CY": { "value": "
14.
INVENTORIES
\u2003
\n
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0\u00a0\u00a0
\u00a0
Finished goods:
\u00a0
Gross amount
91,637
\u00a0
106,088
\u00a0
Allowance for obsolete inventories
(42,413)
\u00a0
-
\u00a0
49,224
\u00a0
106,088
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory_E128_CY": { "value": "
\n
\u00a0
\u00a0
15.
TRADE RECEIVABLES, DEPOSIT, PREPAYMENT AND OTHER RECEIVABLES
\u00a0
(a)
Trade receivables
\u00a0
\u00a0
\u00a0
2022
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Trade receivables \u2013 billed
25,935
\u00a0
26,430
\u00a0
Less: Provision for impairment loss
(9,500)
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
35,435
\u00a0
26,430
\u00a0
During the year, the Group has recognised a provision for impairment loss on trade receivables of \u00a39,500 (2022: Nil). The Group normally grants credit periods of up to 90 days to its customers as approved by the management on a case by case basis.
\u00a0
The ageing analysis of trade receivables - billed (net of loss allowance) based on invoice date at the end of the reporting period is as follows:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Within 30 days
14,431
\u00a0
9,305
\u00a0
31 to 60 days
1,769
\u00a0
6,134
\u00a0
61 to 90 days
1,310
\u00a0
2,006
\u00a0
91 to 180 days
17,925
\u00a0
8,985
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
35,435
\u00a0
26,430
\u00a0
The carrying amount of the Group\u2019s trade receivables as at 31 December 2023 and 2022 was denominated in Hong Kond Dollars.
\u00a0
(b)
Deposit,prepayments and other receivables
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Prepayments
32,684
\u00a0
35,814
\u00a0
Deposit and other receivables
21,158
\u00a0
22,491
\u00a0
Less: Provision for impairment loss
(8,311)
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
45,531
\u00a0
58,305
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
16.
TRADE PAYABLES
\u00a0
The following is an ageing analysis of trade payables presented based on the invoice date at the end of each reporting period:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Within 30 days
-
\u00a0
-
\u00a0
31 to 60 days
-
\u00a0
-
\u00a0
61 to 90 days
-
\u00a0
-
\u00a0
91 to 180 days
-
\u00a0
-
\u00a0
181 to 365 days
-
\u00a0
-
\u00a0
More than 365 days
36,110
\u00a0
36,110
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
36,110
\u00a0
36,110
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_scgl_DisclosureOfAmountDueToADirectorExplanatory_D238240941_CY": { "value": "
17.
AMOUNT DUE TO A DIRECTOR
\u00a0
The amount was unsecured, interest-free and had no fixed terms of repayment.
", "dimensions": { "concept": "scgl:DisclosureOfAmountDueToADirectorExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfLeasesExplanatory_E87_CY": { "value": "
18.
LEASE LIABILITIES
\u00a0
The total minimum lease liabilities under finance leases and their present values at the reporting date are as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
Current portion:
\u00a0
\u00a0
\u00a0
\u00a0
Gross finance lease liabilities
14,503
\u00a0
30,544
\u00a0
Finance expense not recognised
(71)
\u00a0
(686)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
14,432
\u00a0
29,858
\u00a0
Non-current portion:
\u00a0
\u00a0
\u00a0
\u00a0
Gross finance lease liabilities
-
\u00a0
15,272
\u00a0
Finance expense not recognised
-
\u00a0
(75)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
-
\u00a0
15,197
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
14,432
\u00a0
45,055
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
The net finance lease liabilities are analysed as follows:
\u00a0
\u00a0
\u00a0
-
Not later than 1 year
14,432
\u00a0
29,858
\u00a0
-
Later than 1 year but not more than 5 years
-
\u00a0
15,197
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net finance lease liabilities
14,432
\u00a0
45,055
\u00a0
The interest on lease liabilities for the year ended 31 December 2023 was \u00a3666 (2022: \u00a3738). The Group does not recognise right-of-use assets and lease liabilities for short-term leases and leases where the underlying asset is of low value. The expenses for these leases for the year ended 31 December 2023 were \u00a3Nil (2022: \u00a3 Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_E123_CY": { "value": "
19.
SHARE CAPITAL
\u00a0
\u00a0
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
Number of
shares
\u00a0
\u00a0
\u00a0
Number of
shares
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Ordinary shares issued and
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
fully paid
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January
715,815,080
\u00a0
71,581
\u00a0
595,694,385
\u00a0
59,569
\u00a0
Issue of shares
-
\u00a0
-
\u00a0
120,120,695
\u00a0
12,012
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
715,815,080
\u00a0
71,581
\u00a0
715,815,080
\u00a0
71,581
\u00a0
\u00a0
On 20 December 2022, the Company has issued 115,211,604 new ordinary shares of 0.21 pence each to Mr. Nelson Law, the Company\u2019s Chairman and Chief Financial Officer, for the conversion of the loan owned to him of \u00a3241,944.
\u00a0
On 4 April 2022, the Company has issued 4,909,091 new ordinary shares of the Company in lieu of professional service provided.
\u00a0
20.
CAPITAL AND RESERVES
\u00a0
The nature and purpose of equity and reserves are as follows:
\u00a0
Share capital comprises the nominal value of the ordinary issued share capital of the Company.
\u00a0
Share Premium represents consideration less nominal value of issued shares and costs directly attributable to the issue of new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_E124_CY": { "value": "
21.
SHARE-BASED PAYMENTS
\u00a0
(a)
Share Options
\u00a0
During the year ended 31 December 2021, the Group has implemented a stock option plan (the \u201cPlan\u201d) for the employees and directors, which awards options over the ordinary share of the Company. The Board of Directors (the \u201cBoard\u201d) approves all grants and the terms of all grants. Options awarded under the Plan generally vest on issue and exercisable over a period from one year after the grant date to four years after the grant date.
\u00a0
The fair value of each option granted is estimated on grant date using the Black-Scholes option-pricing model by applying the following assumptions:
\u00a0
Share price
\u00a30.0007
Risk-free interest rate
0.0022%
Expected life of warrant (years)
4
Expected annualised volatility
0.66
Expected dividend yield
Nil
\u00a0
For the year ended 31 December 2021, the Company recorded share-based compensation expenses in the amount of \u00a3357,417.
\u00a0
At 31 December 2023 and 2022, the Group had 105,122,539 share options outstanding as follows.
\u00a0
Date of
Exercise
Expiry
Exercise
Number
\u00a0
Grant
start date
date
price
granted
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
19/10/2021
19/10/2021
18/10/2025
0.7p
Nil
\u00a0
\u00a0
(b)
Shares issued for services
\u00a0
On 4 April 2022, the Company has issued 4,909,091 new ordinary shares of the Company in lieu of professional service provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": { "value": "
22.
RELATED PARTY TRANSACTIONS
\u00a0
(a)
Details of the compensation of key management personnel was disclosed in Note 10 to the financial statements.
\u00a0
\u00a0
\u00a0
(b)
Apart from the balances with related parties at the end of the reporting period disclosed elsewhere in the financial statements, the Company had not entered into any significant related party transactions for the Year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": { "value": "
23.
FINANCIAL INSTRUMENTS BY CATEGORY
\u00a0
The totals for each category of financial instruments is as follows:
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
Financial assets
\u00a3
\u00a0
\u00a3
\u00a0
Financial assets at amortised cost
\u00a0
\u00a0
\u00a0
\u00a0
Trade receivables
35,435
\u00a0
26,430
\u00a0
Deposit and other receivables
12,847
\u00a0
22,491
\u00a0
Cash and cash equivalents
9,111
\u00a0
35,567
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
57,393
\u00a0
84,488
\u00a0
Financial liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Liabilities at amortised cost
\u00a0
\u00a0
\u00a0
\u00a0
Trade payables
36,110
\u00a0
36,110
\u00a0
Other payables and accrued expense
630,524
\u00a0
480,213
\u00a0
Amounts due to directors
740,486
\u00a0
602,646
\u00a0
Lease liabilities
14,432
\u00a0
45,055
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
1,421,552
\u00a0
1,164,024
Prepayments are excluded from the summary above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory_D54320648_CY": { "value": "
24.
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
\u00a0
\u00a0
\u00a0
Lease liabilities
\u00a0
\u00a0
2023
\u00a0
2022
\u00a0
\u00a0
\u00a3
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January
45,055
\u00a0
14,750
\u00a0
New lease
-
\u00a0
59,721
\u00a0
Financing cash flows
(29,674)
\u00a0
(33,582)
\u00a0
Exchange adjustment
(949)
\u00a0
4,166
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 31 December
14,432
\u00a0
45,055
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": { "value": "
25.
CAPITAL COMMITMENTS
\u00a0
There were no capital commitments as at the year ended 31 December 2023 (2022: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_scgl_DisclosureDeregistrationOfSubsidiariesExplanatory_D1151583198_CY": { "value": "
26.
DEREGISTRATION OF SUBSIDIARIES
\u00a0
In April 2023, the Group deregistered the subsidiaries of Taohui Limited (PRC) and Ptp Media Limited (PRC). The principal activities of the subsidiaries are inactive.
\u00a0
The following summarises the carrying amount of the assets and liabilities at the date of deregistration:
\u00a0
\u00a0
\u00a0
\u00a3
\u00a0
\u00a0
\u00a0
\u00a0
Net liabilities of the deregistered subsidiaries
\u00a0
\u00a0
Prepayments and other receivables
381
\u00a0
Cash and cash equivalents
1,013
\u00a0
Other payables and accrued expenses
(42,601)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(41,207)
\u00a0
\u00a0
\u00a0
\u00a0
Gain on deregistration of subsidiaries
41,207
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
-
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net cash flow on deregistration of subsidiaries
-
\u00a0
\u00a0
\u00a0
\u00a0
Net outflow of cash and cash equivalents
(381)
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "scgl:DisclosureDeregistrationOfSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D342158169_CY": { "value": "
27.
SUBSEQUENT EVENT
\u00a0
On 26 January 2024, the Company has issued 9,090,909 new ordinary shares of the Company in lieu of professional service provided.The management expects share premium of approximately \u00a39,000 will be generated as a result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138009EB25MJIULQO19", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }