INCREDIBLE HOLDINGS LTD. ANNUAL REPORT 2022
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| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 9,825,708 | 23,338,595 | PDF p. 47 |
| Cost of sales$ | (8,873,432) | (22,572,466) | PDF p. 47 |
| Gross profit$ | 952,276 | 766,129 | PDF p. 47 |
| Other operating income$ | 1,744,332 | 523,099 | PDF p. 47 |
| Reversal of impairment on amount due from an associated company$ | – | 26,560 | PDF p. 47 |
| Selling and distribution expenses$ | (151,012) | (115,004) | PDF p. 47 |
| Administrative expenses$ | (4,388,041) | (4,600,850) | PDF p. 47 |
| Other operating expenses$ | (2,052,743) | (2,885,294) | PDF p. 47 |
| Finance costs$ | (337,591) | (37,207) | PDF p. 47 |
| Share of results of an associated company$ | 55,279 | – | PDF p. 47 |
| Loss before tax$ | (4,177,500) | (6,322,567) | PDF p. 47 |
| Tax income$ | 38,106 | – | PDF p. 47 |
| Loss for the year$ | (4,139,394) | (6,322,567) | PDF p. 47 |
| Other comprehensive income/(loss) | |||
| Currency translation differences on consolidation$ | 281,802 | (197,264) | PDF p. 47 |
| Fair value gain from other investment$ | 32,764 | – | PDF p. 47 |
| Other comprehensive income/(loss) for the year, net of tax$ | 314,566 | (197,264) | PDF p. 47 |
| Total comprehensive loss for the year | |||
| attributable to owners of the Company$ | (3,824,828) | (6,519,831) | PDF p. 47 |
| Loss per share for the year attributable to owners of the Company | |||
| Basic (cents)cents per share | (0.14) | (0.23) | PDF p. 47 |
| Diluted (cents)cents per share | (0.14) | (0.23) | PDF p. 47 |
Original report: PDF p. 47 ↗
Row 'Total comprehensive loss for the year attributable to owners of the Company' wraps over two lines; label taken from second line. No Company-level income statement is printed.
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| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Plant and equipment$ | 130,638 | 1,394,056 | PDF p. 48 |
| Investments in subsidiaries$ | – | – | PDF p. 48 |
| Investments in associated companies$ | 14,613,337 | – | PDF p. 48 |
| Other investment$ | 3,152,348 | – | PDF p. 48 |
| Intangible assets$ | 1,480,019 | – | PDF p. 48 |
| Deferred tax assets$ | 37,820 | – | PDF p. 48 |
| Total non-current assets$ | 19,414,162 | 1,394,056 | PDF p. 48 |
| Current assets | |||
| Inventories$ | 514,391 | 5,657,280 | PDF p. 48 |
| Trade and other receivables$ | 4,443,221 | 6,080,710 | PDF p. 48 |
| Cash and cash equivalents$ | 569,330 | 815,209 | PDF p. 48 |
| Total current assets$ | 5,526,942 | 12,553,199 | PDF p. 48 |
| Assets | |||
| Total assets$ | 24,941,104 | 13,947,255 | PDF p. 48 |
| Equity | |||
| Share capital$ | 53,665,223 | 53,665,223 | PDF p. 48 |
| Foreign currency translation reserve$ | (433,330) | (715,132) | PDF p. 48 |
| Fair value reserve$ | 32,764 | – | PDF p. 48 |
| Accumulated losses$ | (47,960,288) | (43,820,894) | PDF p. 48 |
| Total equity/(deficit)$ | 5,304,369 | 9,129,197 | PDF p. 48 |
| Non-current liabilities | |||
| Lease liabilities$ | 646,125 | 874,143 | PDF p. 48 |
| Loan payables$ | 559,711 | – | PDF p. 48 |
| Provision$ | 38,790 | 38,790 | PDF p. 48 |
| Other payables$ | 10,481,649 | – | PDF p. 48 |
| Total non-current liabilities$ | 11,726,275 | 912,933 | PDF p. 48 |
| Current liabilities | |||
| Trade and other payables$ | 5,936,661 | 3,632,634 | PDF p. 48 |
| Contract liabilities$ | – | 53,936 | PDF p. 48 |
| Lease liabilities$ | 227,619 | 218,555 | PDF p. 48 |
| Loan payables$ | 1,746,180 | – | PDF p. 48 |
| Total current liabilities$ | 7,910,460 | 3,905,125 | PDF p. 48 |
| Liabilities | |||
| Total liabilities$ | 19,636,735 | 4,818,058 | PDF p. 48 |
| Equity and liabilities | |||
| Total equity and liabilities$ | 24,941,104 | 13,947,255 | PDF p. 48 |
Original report: PDF p. 48 ↗
Group columns of the combined Group/Company statement; quotes are full printed rows including Company columns.
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| Metric / unit | 2022Company | 2021Company | Source |
|---|---|---|---|
| Non-current assets | |||
| Plant and equipment$ | 20,858 | 39,726 | PDF p. 48 |
| Investments in subsidiaries$ | 1,010,215 | 10,215 | PDF p. 48 |
| Investments in associated companies$ | 14,614,154 | 817 | PDF p. 48 |
| Other investment$ | 3,152,348 | – | PDF p. 48 |
| Intangible assets$ | – | – | PDF p. 48 |
| Deferred tax assets$ | – | – | PDF p. 48 |
| Total non-current assets$ | 18,797,575 | 50,758 | PDF p. 48 |
| Current assets | |||
| Inventories$ | – | – | PDF p. 48 |
| Trade and other receivables$ | 646,717 | 570,016 | PDF p. 48 |
| Cash and cash equivalents$ | 80,852 | 42,924 | PDF p. 48 |
| Total current assets$ | 727,569 | 612,940 | PDF p. 48 |
| Assets | |||
| Total assets$ | 19,525,144 | 663,698 | PDF p. 48 |
| Equity | |||
| Share capital$ | 53,665,223 | 53,665,223 | PDF p. 48 |
| Foreign currency translation reserve$ | – | – | PDF p. 48 |
| Fair value reserve$ | – | – | PDF p. 48 |
| Accumulated losses$ | (48,445,587) | (54,847,741) | PDF p. 48 |
| Total equity/(deficit)$ | 5,219,636 | (1,182,518) | PDF p. 48 |
| Non-current liabilities | |||
| Lease liabilities$ | – | – | PDF p. 48 |
| Loan payables$ | – | – | PDF p. 48 |
| Provision$ | – | – | PDF p. 48 |
| Other payables$ | 10,481,649 | – | PDF p. 48 |
| Total non-current liabilities$ | 10,481,649 | – | PDF p. 48 |
| Current liabilities | |||
| Trade and other payables$ | 3,823,859 | 1,846,216 | PDF p. 48 |
| Contract liabilities$ | – | – | PDF p. 48 |
| Lease liabilities$ | – | – | PDF p. 48 |
| Loan payables$ | – | – | PDF p. 48 |
| Total current liabilities$ | 3,823,859 | 1,846,216 | PDF p. 48 |
| Liabilities | |||
| Total liabilities$ | 14,305,508 | 1,846,216 | PDF p. 48 |
| Equity and liabilities | |||
| Total equity and liabilities$ | 19,525,144 | 663,698 | PDF p. 48 |
Original report: PDF p. 48 ↗
Company columns of the combined Group/Company statement; quotes are full printed rows including Group columns.
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| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Loss for the year$ | (4,139,394) | (6,322,567) | PDF p. 47 |
| Other comprehensive income/(loss): Items that are or may be reclassified subsequently to profit or loss | |||
| Currency translation differences on consolidation$ | 281,802 | (197,264) | PDF p. 47 |
| Fair value gain from other investment$ | 32,764 | – | PDF p. 47 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss) for the year, net of tax$ | 314,566 | (197,264) | PDF p. 47 |
| Total comprehensive loss | |||
| Total comprehensive loss for the year attributable to owners of the Company$ | (3,824,828) | (6,519,831) | PDF p. 47 |
Original report: PDF p. 47 ↗
Statement for the financial year ended 31 December 2022. No non-controlling interests are presented; total comprehensive loss is attributable to owners of the Company.
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| Metric / unit | 2022Group - Share capital | 2022Group - Foreign currency translation reserve | 2022Group - Fair value reserve | 2022Group - Accumulated losses | 2022Group - Total equity | Source |
|---|---|---|---|---|---|---|
| Group | ||||||
| Balance at 1 January 2022$ | 53,665,223 | (715,132) | – | (43,820,894) | 9,129,197 | PDF p. 49 |
| Loss for the year$ | – | – | – | (4,139,394) | (4,139,394) | PDF p. 49 |
| Other comprehensive loss | ||||||
| Currency translation differences on consolidation$ | – | 281,802 | – | – | 281,802 | PDF p. 49 |
| Fair value gain from other investment$ | – | – | 32,764 | – | 32,764 | PDF p. 49 |
| Other comprehensive loss for the year, net of tax$ | – | 281,802 | 32,764 | – | 314,566 | PDF p. 49 |
| Group | ||||||
| Total comprehensive gain/(loss) for the year$ | – | 281,802 | 32,764 | (4,139,394) | (3,824,828) | PDF p. 49 |
| Balance at 31 December 2022$ | 53,665,223 | (433,330) | 32,764 | (47,960,288) | 5,304,369 | PDF p. 49 |
Original report: PDF p. 49 ↗
Currency translation differences row label wraps: 'Currency translation differences on consolidation'. Quotes for wrapped rows are the numeric line.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group - Share capital | 2021Group - Foreign currency translation reserve | 2021Group - Accumulated losses | 2021Group - Total equity | Source |
|---|---|---|---|---|---|
| Group | |||||
| Balance at 1 January 2021$ | 38,852,217 | (517,868) | (37,498,327) | 836,022 | PDF p. 49 |
| Loss for the year$ | – | – | (6,322,567) | (6,322,567) | PDF p. 49 |
| Other comprehensive loss | |||||
| Currency translation differences on consolidation$ | – | (197,264) | – | (197,264) | PDF p. 49 |
| Other comprehensive loss for the year, net of tax$ | – | (197,264) | – | (197,264) | PDF p. 49 |
| Group | |||||
| Total comprehensive loss for the year$ | – | (197,264) | (6,322,567) | (6,519,831) | PDF p. 49 |
| Issuance of shares (Note 19)$ | 15,084,815 | – | – | 15,084,815 | PDF p. 49 |
| Cost of shares issuance (Note 19)$ | (271,809) | – | – | (271,809) | PDF p. 49 |
| Balance at 31 December 2021$ | 53,665,223 | (715,132) | (43,820,894) | 9,129,197 | PDF p. 49 |
Original report: PDF p. 49 ↗
No fair value reserve column in the 2021 movements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss before tax$ | (4,177,500) | (6,322,567) | PDF p. 51 |
| Adjustments for | |||
| Depreciation of plant and equipment$ | 271,499 | 153,294 | PDF p. 51 |
| Gain on disposal of plant and equipment$ | (100) | (2,940) | PDF p. 51 |
| Gain on lease termination$ | – | (895) | PDF p. 51 |
| Inventories written off$ | – | 645 | PDF p. 51 |
| Write down of inventories$ | – | 182,815 | PDF p. 51 |
| Reversal of inventory write down$ | – | (90,469) | PDF p. 51 |
| Reversal of impairment on amount due from an associated company$ | – | (26,560) | PDF p. 51 |
| Unrealised exchange losses/(gains)$ | 10,226 | (32,963) | PDF p. 51 |
| Share of profit of an associated company$ | (55,279) | – | PDF p. 51 |
| Interest expense$ | 337,591 | 37,207 | PDF p. 51 |
| Interest income$ | – | (66) | PDF p. 51 |
| Impairment losses of plant and equipment$ | 1,140,085 | 183,911 | PDF p. 51 |
| Impairment losses of goodwill$ | – | 1,062,109 | PDF p. 51 |
| Impairment losses of website development costs$ | 405,186 | 1,274,814 | PDF p. 51 |
| Impairment losses of prepayments$ | – | 181,000 | PDF p. 51 |
| Impairment of interest receivables$ | 268,448 | – | PDF p. 51 |
| Impairment of other receivables$ | 7,560 | – | PDF p. 51 |
| Dividend income$ | (365,072) | – | PDF p. 51 |
| Cash flows from operating activities | |||
| Operating cash outflows before movement in working capital$ | (2,157,356) | (3,400,665) | PDF p. 51 |
| Changes in working capital | |||
| Inventories$ | 5,142,889 | (5,224,842) | PDF p. 51 |
| Trade and other receivables$ | 3,558,157 | (5,305,354) | PDF p. 51 |
| Trade and other payables$ | (953,127) | 1,432,667 | PDF p. 51 |
| Contract liabilities$ | (53,936) | 53,936 | PDF p. 51 |
| Currency translation adjustments$ | 281,802 | (208,175) | PDF p. 51 |
| Cash flows from operating activities | |||
| Cash generated/(used) in operations$ | 5,818,429 | (12,652,433) | PDF p. 51 |
| Interest expense paid$ | – | (77) | PDF p. 51 |
| Income tax credit$ | 38,106 | – | PDF p. 51 |
| Net cash generated/(used) in operating activities$ | 5,856,535 | (12,652,510) | PDF p. 51 |
Original report: PDF p. 51 ↗
Group only; no Company cash flow statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Cash flows from investing activities | |||
| Purchase of plant and equipment$ | (148,458) | (249,997) | PDF p. 52 |
| Purchase of intangible asset (Note A)$ | (405,186) | (195,000) | PDF p. 52 |
| Proceeds from disposal of plant and equipment$ | 100 | 11,268 | PDF p. 52 |
| Cash inflow/(outflow) from acquisition of a subsidiary$ | 3,602 | (452,993) | PDF p. 52 |
| Prepayment for intangible assets - development of website$ | – | (125,000) | PDF p. 52 |
| Repayments from an associated company$ | – | 1,230,702 | PDF p. 52 |
| Interest income received$ | – | 66 | PDF p. 52 |
| Net cash (used in)/generated from investing activities$ | (549,942) | 219,046 | PDF p. 52 |
| Cash flows from financing activities | |||
| Advances from a director$ | 5,150,640 | 2,163,463 | PDF p. 52 |
| Repayments to a director$ | (3,688,629) | (2,170,339) | PDF p. 52 |
| Interest paid$ | (337,591) | (37,130) | PDF p. 52 |
| Repayments of lease liabilities$ | (218,954) | (144,918) | PDF p. 52 |
| Loans from shareholders$ | – | 7,195,983 | PDF p. 52 |
| Issuance of shares (Note B)$ | – | 5,673,800 | PDF p. 52 |
| Share issue expenses$ | – | (271,809) | PDF p. 52 |
| Repayment of loan$ | (531,879) | – | PDF p. 52 |
| Advances from an associate$ | 2,270,369 | – | PDF p. 52 |
| Repayment of promissory note$ | (8,195,993) | – | PDF p. 52 |
| Net cash (used in)/generated from financing activities$ | (5,552,037) | 12,409,050 | PDF p. 52 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalents$ | (245,444) | (24,414) | PDF p. 52 |
| Cash and cash equivalents at beginning of financial year$ | 815,209 | 839,963 | PDF p. 52 |
| Effect of exchange rate changes on cash and cash equivalents$ | (435) | (340) | PDF p. 52 |
| Cash and cash equivalents at end of financial year$ | 569,330 | 815,209 | PDF p. 52 |
| Note A: Purchase of intangible asset | |||
| Aggregate cost of intangible asset (Note 13)$ | 403,490 | 326,250 | PDF p. 52 |
| Add: Movement in prepayments at 31 December$ | – | (131,250) | PDF p. 52 |
| Net cash outflow for cost of intangible assets$ | 403,490 | 195,000 | PDF p. 52 |
| Note B: Issuance of shares | |||
| Issue of new ordinary shares$ | – | 15,084,815 | PDF p. 52 |
| Capitalisation of amount due to shareholders$ | – | (9,411,015) | PDF p. 52 |
| Net cash inflow from issuance of shares$ | – | 5,673,800 | PDF p. 52 |
Original report: PDF p. 52 ↗
Continuation page of the Group cash flow statement, including Notes A and B.
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| Metric / unit | 2018Group, as of 31 Dec 18 | 2019Group, as of 31 Dec 19 | 2020Group, as of 31 Dec 20 | 2021Group, as of 31 Dec 21 | 2022Group, as of 31 Dec 22 | Source |
|---|---|---|---|---|---|---|
| Five Years' Financial Highlights | ||||||
| NET ASSET VALUE PER SHARE (Singapore cents)Singapore cents | 0.31 | 1.31 | 0.28 | 0.3 | 0.18 | PDF p. 8 |
| Total number of issued shares (excluding treasury shares)number of shares | 991,035,662 | 299,843,943 | 299,843,943 | 2,993,532,545 | 2,993,532,545 | PDF p. 8 |
Original report: PDF p. 8 ↗
Chart-based page; values are read in column order as printed. Share counts are as printed, with no restatement for later share adjustments.
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| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Loss per share for the year attributable to owners of the Company | |||
| Basic (cents)cents | (0.14) | (0.23) | PDF p. 47 |
| Diluted (cents)cents | (0.14) | (0.23) | PDF p. 47 |
Original report: PDF p. 47 ↗
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| Metric / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Note 11 Loss per share | |||
| Net loss attributable to equity holders of the Company ($)$ | (4,177,500) | (6,322,567) | PDF p. 73 |
| Weighted average number of ordinary shares outstanding for basic and diluted loss per sharenumber of shares | 2,993,532,545 | 2,764,751,652 | PDF p. 73 |
| Basic and diluted loss per share (cents per share)cents per share | (0.14) | (0.23) | PDF p. 73 |
Original report: PDF p. 73 ↗
Basic and diluted loss per share are calculated by dividing loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the financial year.
Basic and diluted loss per share are the same for 2022 and 2021 as the Group incurred a loss for both years. Warrants and bonus element arising from the issuance of rights shares during the year and after year end are anti-dilutive.
Where the money comes from
| Item / unit | 2022Luxury Goods | 2022Distribution | 2022Loan financing | 2022Other | 2022Elimination | 2022Total | Source |
|---|---|---|---|---|---|---|---|
| Segment information 2022 | |||||||
| Segment revenue$ | 9,407,017 | 404,099 | 14,592 | – | – | 9,825,708 | PDF p. 106 |
| Segment (loss)/profit$ | (3,635,043) | (215,917) | (730,774) | 5,206,396 | (4,764,056) | (4,139,394) | PDF p. 106 |
| JSS grant income$ | – | – | – | 51,194 | – | 51,194 | PDF p. 106 |
| Depreciation$ | (252,201) | (430) | – | (18,868) | – | (271,499) | PDF p. 106 |
| Segment assets$ | 2,780,257 | 790,952 | 1,442,324 | 19,469,866 | 457,705 | 24,941,104 | PDF p. 106 |
| Segment assets includes | |||||||
| Investment in associated companies$ | – | – | – | 14,613,337 | – | 14,613,337 | PDF p. 106 |
| Investment in financial assets$ | – | – | – | 3,152,348 | – | 3,152,348 | PDF p. 106 |
| Segment information 2022 | |||||||
| Segment liabilities$ | 20,802,106 | 128,885 | 2,617,836 | 15,520,074 | (19,432,166) | 19,636,735 | PDF p. 106 |
Impairment rows (amount due from subsidiary, website development costs, plant and equipment) have wrapped labels with misaligned dashes and are not extracted. Printed totals: impairment of website development costs (405,186); plant and equipment (1,140,085).
Performance is evaluated on segment profit or loss, which is measured differently from loss before tax; finance costs are not allocated to segments.
| Item / unit | 2021Luxury Goods | 2021Distribution | 2021Other | 2021Elimination | 2021Group | Source |
|---|---|---|---|---|---|---|
| Segment information 2021 | ||||||
| Segment revenue$ | 22,790,394 | 548,201 | – | – | 23,338,595 | PDF p. 107 |
| Segment (loss)/profit$ | (1,767,433) | (240,886) | (15,772,877) | 11,495,836 | (6,285,360) | PDF p. 107 |
| JSS grant income$ | – | 16,050 | – | – | 16,050 | PDF p. 107 |
| Depreciation$ | (107,286) | (27,350) | (18,658) | – | (153,294) | PDF p. 107 |
| Reversal of inventory write down$ | – | 90,469 | – | – | 90,469 | PDF p. 107 |
| Inventories written off$ | – | (645) | – | – | (645) | PDF p. 107 |
| Write down of inventories$ | 182,815 | – | – | – | 182,815 | PDF p. 107 |
| Impairment losses of prepayments$ | – | – | (181,000) | – | (181,000) | PDF p. 107 |
| Impairment losses of goodwill$ | (1,062,109) | – | – | – | (1,062,109) | PDF p. 107 |
| Segment assets$ | 12,272,861 | 1,553,114 | 1,736,731 | (1,615,451) | 13,947,255 | PDF p. 107 |
| Segment assets includes | ||||||
| Investment in associated companies$ | – | – | 817 | (817) | – | PDF p. 107 |
| Additions to non-current assets$ | 1,638,432 | 499 | 366,636 | – | 2,005,567 | PDF p. 107 |
| Segment information 2021 | ||||||
| Segment liabilities$ | 26,831,397 | 177,975 | 3,002,053 | (25,193,367) | 4,818,058 | PDF p. 107 |
2021 table has no Loan financing column. Wrapped-label rows (impairment of amount due from subsidiary, investment in subsidiary, website development costs, plant and equipment, reversal of impairment on associated company) are not extracted.
| Item / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Segment results | |||
| Segment loss$ | (3,801,803) | (6,285,360) | PDF p. 108 |
| Finance costs$ | (337,591) | (37,207) | PDF p. 108 |
| Loss for the year$ | (4,139,394) | (6,322,567) | PDF p. 108 |
Printed text introduces this as a reconciliation to consolidated loss before tax; the final line is labelled Loss for the year.
| Item / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Information about major customers | |||
| Customer 1$ | 4,518,983 | 15,656,981 | PDF p. 109 |
| Customer 2$ | 2,128,938 | 3,333,875 | PDF p. 109 |
| Customer 3$ | 1,376,061 | 3,306,206 | PDF p. 109 |
| Customer 4$ | 919,750 | 24,919 | PDF p. 109 |
| Total$ | 8,943,732 | 22,321,981 | PDF p. 109 |
Revenue derived from two external customers in 2022 (2021: three) contributing more than 10% of Group revenue. Total row has no printed label.
| Item / unit | 2022Revenue | 2021Revenue | 2022Non-current assets | 2021Non-current assets | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| Singapore$ | 440,792 | 583,616 | 18,862,120 | 1,254,977 | PDF p. 109 |
| PRC$ | 6,857,819 | 22,740,421 | 519,615 | 137,771 | PDF p. 109 |
| Korea$ | 181,203 | 14,558 | 2,735 | 1,308 | PDF p. 109 |
| Denmark$ | 2,345,894 | – | 29,692 | – | PDF p. 109 |
| Total$ | 9,825,708 | 23,338,595 | 19,414,162 | 1,394,056 | PDF p. 109 |
Total row has no printed label.
Debt
| Item / unit | 2022Within 1 year, $ | 2022Within 2 to 5 years, $ | 2022More than 5 years, $ | 2022Total, $ | 2021Within 1 year, $ | 2021Within 2 to 5 years, $ | 2021More than 5 years, $ | 2021Total, $ | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| Lease liabilities$ | 227,619 | 646,125 | – | 873,744 | 280,378 | 995,371 | 1,852 | 1,277,601 | PDF p. 104 |
Group scope. Based on contractual undiscounted repayment obligations. Trade and other payables rows omitted (not debt). Loan payables are not included in the printed maturity table.
Group scope. Contractual undiscounted basis.
| Item / unit | 2022Group, $ | 2021Group, $ | 2022Company, $ | 2021Company, $ | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Lease liabilities$ | 646,125 | 874,143 | – | – | PDF p. 48 |
| Loan payables$ | 559,711 | – | – | – | PDF p. 48 |
| Current liabilities | |||||
| Lease liabilities$ | 227,619 | 218,555 | – | – | PDF p. 48 |
| Loan payables$ | 1,746,180 | – | – | – | PDF p. 48 |
Note references 24 (Lease liabilities) and 26 (Loan payables).
| Item / unit | 2022$ | 2021$ | Source |
|---|---|---|---|
| Loan Payables | |||
| Loan payables – Current$ | 1,746,180 | – | PDF p. 91 |
| Loan payables – Non-current$ | 559,711 | – | PDF p. 91 |
| Balance at end of financial year$ | 2,305,891 | – | PDF p. 91 |
Loan payables consists of 5 loans with a principal of USD655,134, HKD3,600,000, HK$6,700,000, HK$2,640,000, HK$1,150,000 is repayable over 60 fixed monthly principal repayments. The loan bears interest rate of 12% per annum. These loans are for working capital purposes.
No secured/unsecured classification printed. Note 32 states the Group and Company do not have any external borrowings (capital management).
| Item / unit | 2022Group, $ | 2021Group, $ | 2022Company, $ | 2021Company, $ | Source |
|---|---|---|---|---|---|
| Carrying amount of lease liabilities | |||||
| Current$ | 227,619 | 218,555 | – | – | PDF p. 89 |
| Non-current$ | 646,125 | 874,143 | – | – | PDF p. 89 |
| Carrying amount of lease liabilities (total)$ | 873,744 | 1,092,698 | – | – | PDF p. 89 |
Average lease tenure of between 1 to 3 years. Total row is unlabelled in source.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a policy on payment of dividends. The issue of payment of dividends is deliberated by the Board annually, having regards to various factors including its cash flow, general business conditions and strategies, current and future operations, statutory, contractual and regulatory restrictions as the Board deems appropriate. | Company, FY2022 | PDF p. 30 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend declared for FY2022 | The Company did not declare dividend for the financial year ended 31 December 2022 due to the losses incurred during the financial year. | Company, FY ended 31 December 2022 | PDF p. 30 |
Extracted from INCREDIBLE HOLDINGS LTD. ANNUAL REPORT 2022 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | RT LLP | Group and Company, FY2022 | PDF p. 46 |
| Engagement partner | Mr. Kenneth Ng Boon Chong | Group and Company, FY2022 | PDF p. 46 |
| Disclaimer of Opinion | We do not express an opinion on the accompanying financial statements of the Group and the statement of financial position and statement of changes in equity of the Company. | Group and Company, FY2022 | PDF p. 43 |
| Notice of Compliance (“NOC”) issued by Singapore Exchange Regulation | At the date of our report, the Independent Review remains ongoing. | Group, FY2022 | PDF p. 44 |
| Opening balance of inventories | We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 December 2021. | Group, FY2022 | PDF p. 44 |
| Impairment of website development costs | Accordingly, we were unable to conclude whether the net carrying amount of the website development costs as at 31 December 2022 and 31 December 2021, and the impairment loss recognised for these financial years were fairly stated. | Group, FY2022 | PDF p. 44 |
| Company level - Loan to a subsidiary and amount due from subsidiaries | Because of the significance of the uncertainties and potential misstatements arising from the matters described above, we are unable to express an opinion on the accompanying financial statements. | Company, FY2022 | PDF p. 45 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 3.1 Going Concern Assumption | Based on the above factors, the financial statements have been prepared on a going concern basis. | Group, FY2022 | PDF p. 66 |
Extracted from INCREDIBLE HOLDINGS LTD. ANNUAL REPORT 2022 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow INCREDIBLE HOLDINGS LTD. ANNUAL REPORT 2022, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.