Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Right-of-use assets

v3.21.2
Right-of-use assets
6 Months Ended
Jul. 31, 2021
Right-of-use Assets  
Right-of-use assets

8. Right-of-use assets

 

The Group leases office facilities. The lease is for a period of 2 years.

 

The Group also leases IT equipment and other point of sale equipment.

 

Information about leases for which the Group is a lessee is presented below:

 

Right-of-use assets

 

   

Land &

Buildings

US $000’s

   

Plant, furniture, fittings and motor vehicles

US $000’s

   

Total

US $000’s

 
For the 6 months ended 31 July 2021                  
Balance as at 1 February 2021     12,919       254       13,173  
Additions to right-of-use-assets     2,501       13       2,514  
Depreciation expense – discontinued operations     (1,199 )     (19 )     (1,218 )
Depreciation expense – continuing operations     (9 )     -       (9 )
Derecognized during the period     (3,611 )     -       (3,611 )
Reduction due to discontinued operations     (10,547 )     (251 )     (10,798 )
Foreign exchange movements     142       3       145  
Balance at 31 July 2021     196       -       196  

 

   

Land &

Buildings

US $000’s

   

Plant, furniture, fittings and motor vehicles

US $000’s

   

Total

US $000’s

 
Balance as at 1 August 2020     13,873       236       14,109  
Additions to right-of-use-assets     244       68       312  
Depreciation charge for the period     (2,327 )     (69 )     (2,396 )
Foreign exchange movements     1,129       19       1,148  
Balance at 31 January 2021     12,919       254       13,173  

 

Amounts recognised in profit or loss

 

   

31 July 2021

US $000’s

   

31 July 2020

US $000’s

 
                 
Interest of lease liabilities (Note 5b)     1       -  

 

Extension options

 

Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.

 

 

Naked Brand Group Limited

Notes to the Consolidated Financial Statements

For the Half Year Ended 31 July 2021