| LEASE LIABILITIES |
19
LEASE LIABILITIES
During
the year ended 31 March 2024, the Company entered into a lease that expires on 1 January 2027. The initial quarterly rent is 31,316
Euros ($34,580).
The lease is adjusted annually by an indexation factor and has an annual break clause. The quarterly rent is adjusted and increased to
32,091 Euros
($34,905)
from February 2024.
Changes
in lease liability is as follows:
SCHEDULE OF CHANGES IN LEASE LIABILITY
| | |
At 30 September | | |
At 31 March | |
| | |
2024 | | |
2024 | |
| | |
USD | | |
USD | |
| At the beginning of the period/year | |
| 365,356 | | |
| - | |
| Beginning balance | |
| 365,356 | | |
| - | |
| Increase in lease liability | |
| - | | |
| 482,619 | |
| Interest expense (note 8) | |
| 9,667 | | |
| 18,328 | |
| Lease modification adjustment | |
| - | | |
| (25,837 | ) |
| Reduction in lease liability | |
| (104,715 | ) | |
| (109,754 | ) |
| At the end of the period/year | |
| 270,308 | | |
| 365,356 | |
| Ending balance | |
| 270,308 | | |
| 365,356 | |
Classified
in the unaudited interim condensed consolidated statements of financial position as follows:
SCHEDULE OF LEASE LIABILITIES
| | |
At 30 September | | |
At 31 March | |
| | |
2024 | | |
2024 | |
| | |
USD | | |
USD | |
| Current | |
| 122,076 | | |
| 122,076 | |
| Non-current | |
| 148,232 | | |
| 243,280 | |
| | |
| 270,308 | | |
| 365,356 | |
Maturity
of lease liabilities is as follows:
SCHEDULE OF MATURITY OF LEASE LIABILITIES
| | |
At 30 September | | |
At 31 March | |
| | |
2024 | | |
2024 | |
| | |
USD | | |
USD | |
| Not later than one year | |
| 104,714 | | |
| 139,619 | |
| Later than one year and not later than five years | |
| 186,159 | | |
| 255,969 | |
| Later than five years | |
| - | | |
| - | |
| | |
| 290,873 | | |
| 395,588 | |
| Finance costs | |
| (20,565 | ) | |
| (30,232 | ) |
| Present value of minimum lease payments | |
| 270,308 | | |
| 365,356 | |
The
lease commitments have been discounted to calculate a present value of commitments using a cost of capital rate of 5.88%.
|
19
LEASE LIABILITIES
During
the year ended 31 March 2024, the Company entered into a lease that expires on 1 January 2027. The quarterly rent is 31,316 Euros ($34,580).
The lease is adjusted annually by an indexation factor and has an annual break clause. The quarterly rent is adjusted and increased to
32,091 Euros ($34,905) from February 2024.
Changes
in lease liability is as follows:
SCHEDULE OF CHANGES IN LEASE LIABILITY
| | |
At 31 March | | |
At 31 March | |
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| At 1 April | |
| - | | |
| - | |
| Beginning balance | |
| - | | |
| - | |
| Increase in lease liability | |
| 482,619 | | |
| - | |
| Interest expense (note 8) | |
| 18,328 | | |
| - | |
| Lease modification adjustment | |
| (25,837 | ) | |
| | |
| Reduction in lease liability | |
| (109,754 | ) | |
| - | |
| Ending
balance | |
| 365,356 | | |
| - | |
Classified
in the combined statements of financial position as follows:
SCHEDULE OF LEASE LIABILITIES
| | |
At 31 March | | |
At 31 March | |
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| Current | |
| 122,076 | | |
| - | |
| Non-current | |
| 243,280 | | |
| - | |
| Lease liabilities | |
| 365,356 | | |
| - | |
Maturity
of lease liabilities is as follows:
SCHEDULE OF MATURITY OF LEASE LIABILITIES
| | |
At 31 March | | |
At 31 March | |
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| Not later than one year | |
| 139,619 | | |
| - | |
| Later than one year and not later than five years | |
| 255,969 | | |
| - | |
| Total future minimum lease payments | |
| 395,588 | | |
| - | |
| Finance costs | |
| (30,232 | ) | |
| - | |
| Present value of minimum lease payments | |
| 365,356 | | |
| - | |
The
lease commitments have been discounted to calculate a present value of commitments using a cost of capital rate of 5.88%.
|