29. LEASE LIABILITIES (CONTINUED) Land Equipment Motor Vehicles Dormitories/ Office Total $’000 $’000 $’000 $’000 $’000 Group Balance at 1 October 2022 (Restated) 4,976 179 296 1,502 6,953 Additions 51 432 30 2,231 2,744 Modifications 4 (79) – (14) (89) Disposal of a subsidiary – – (82) (209) (291) Interest expense (Note 6) 171 7 12 40 230 Repayment during the financial year – Principal portion (458) (103) (115) (1,698) (2,374) – Interest portion (171) (7) (12) (40) (230) Balance at 30 September 2023 (Restated) 4,573 429 129 1,812 6,943 The maturity analysis of lease liabilities of the Group and the Company at the end of the reporting period are as follows: 2024 2023 $’000 $’000 (Restated) Group Contractual undiscounted cash flows – Not later than one financial year 810 2,501 – After one financial year but within five financial years 2,714 2,996 – More than five financial years 2,118 2,544 5,642 8,041 Less: Future interest expense (887) (1,098) Present value of lease liabilities 4,755 6,943 Presented in statements of financial position – Non-current 635 2,294 – Current 4,120 4,649 4,755 6,943 The Group leases land, equipment, dormitories and warehouse in Singapore. As at 30 September 2024, the average incremental borrowing rate applied in the lease were 4.6% (2023: 3.6%). As at 30 September 2024, the Group leased certain motor vehicles under finance lease and the average discount rate implicit in finance lease was 5.43% (2023: 5.1%). Interest rates are fixed at the contract date. All finance leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The Group’s lease liabilities of $208,000 (2023: $129,000) were secured over motor vehicles (Note 11). The details for right-of-use assets are disclosed in Note 11. The lease liabilities are denominated in Singapore dollar. 120 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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