Asia-Pacific Strategic Investments Limited - Annual Report 2021

Notes to the Financial Statements For the financial year ended 30 June 2021

19

Property, plant and equipment (continued)

Office equipment, furniture and fittings

Buildings

Vehicle S$’000

Total

S$’000

S$’000

S$’000

Company 2021 Cost Beginning of financial year

565

143

117 154 271

825 155 980

Additions

-

1

End of financial year

565

144

Accumulated depreciation Beginning of financial year

283 282 565

131

100

514 366 880

Depreciation charge End of financial year

3

81

134

181

Net book value End of financial year

-

10

90

100

2020 Cost Beginning of financial year Adoption of SFRS(I) 16 Leases

-

144

-

144 682 826

565 565

-

117 117

144

Additions Written-off

- -

4

- -

4

(5)

(5)

End of financial year

565

143

117

825

Accumulated depreciation Beginning of financial year

-

132

-

132 387

Depreciation charge

283

4

100

Written-off

-

(5)

-

(5)

End of financial year

283

131

100

514

Net book value End of financial year

282

12

17

311

The Group owns and operates a 113-room hotel, Anatole by Landison Hotel Huzhou (formerly known as Cheery Hotel Huzhou), at Hefu Town, Huzhou City, Zhejiang Province of PRC. The leasehold land and the hotel building with a total carrying value of S$26,751,000 (2020: S$26,297,000) have been pledged as collateral to secure the banking facilities of a subsidiary corporation [(Note 23(a)(i),(iii)]. The lease term of the land will expire on 18 October 2056.

Right-of-use of assets under leasing arrangements are presented together with the owned assets of the same class. Details of such leased assets are disclosed in Note 20(a).

During the financial years ended 30 June 2021 and 2020, no impairment arose in the hotel building and its related assets with aggregate carrying amount of S$29,843,000 (2020: S$29,327,000) included in property, plant and equipment following the impairment assessment performed by management. The key assumptions used for impairment assessment were disclosed in Note 3.1.

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

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