Constance Hotels, Resorts and Golf | Annual Report 2023

172

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

173

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

Notes to the Financial Statements Year ended December 31, 2023

Notes to the Financial Statements Year ended December 31, 2023

10.

FINANCIAL ASSETS AT AMORTISED COST

THE GROUP

THE COMPANY

Profit compre- Opening for hensive Exchange Closing Ownership Interest in Loan to Carrying net assets the year income differences net assets interest associates associate Goodwill value MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 % MUR’000 MUR’000 MUR’000 MUR’000 and its subsidiary 4,984,922 540,796 - 94,771 5,620,489 32.32 1,816,542 - 19,363 1,835,905 Lagon De Rêve Limitée 226,382 (15,093) - - 211,289 40.00 84,516 54,687 - 139,203 Tekoma Hotel Ltd* - - - - - 40.00 80,800 - 79,200 160,000 2022

and its subsidiary Lagon De Rêve 215,254 11,128 - - 226,382 40.00 90,553 54,687 - 145,240 Limitée

2023

2023

2022

2022

Pêcheur Limited 4,780,473 446,740 - (242,291) 4,984,922 32.32 1,611,127 324,905 18,355 1,954,387

Gross

MUR’000

MUR’000

(a)

MUR’000

MUR’000

-

880,585

Receivables from subsidiary companies

-

838,877

Receivables from associates: - other receivables (Note (b))

79,083

1,372

116,959 11,160 53,778

2,928

-

-

- loan (Note (c))

-

37,377

1,578

Other receivables (Note (b))

1,416

116,460

883,535

181,897

843,221

(b) Other receivables These amounts generally arise from transactions outside the trading activities of the Group and the Company. Where applicable, interest may be charged at commercial rates where the terms of repayment exceed one year. There are no collateral for those receivables. (c) Loans bear interest at commercial rates and are repayable subject to certain conditions. (d) During the year under review, Directors have made an assessment of allowance for expected credit loss on the above balances. As part of their assessment the Directors considered their unencumbered assets of these subsidiaries and associates. The ECL which has been booked and included in the above balances amount to MUR 120.6 million (2022: MUR 67.5 million).

11.

DEFERRED INCOME TAX

(a) Deferred income taxes are calculated on all temporary differences under the liability method at 15%-17% (2022: 15%-17%). There is a legally enforceable right to offset current tax assets against current tax liabilities and deferred income tax assets and liabilities when the deferred income taxes relate to the same fiscal authority on the same entity. The following amounts are shown in the statements of financial position: THE GROUP THE COMPANY 2023 2022 2023 2022 MUR’000 MUR’000 MUR’000 MUR’000 Deferred tax assets 90,050 97,629 4,125 4,540 Deferred tax liabilities (142,981) (92,418) - - Net deferred income tax (liabilities)/assets (52,931) 5,211 4,125 4,540 (b) At the end of the reporting period, the Group and the Company had unused tax losses of MUR 1,715 million (2022: MUR 1,300 million) and MUR 213 million (2022: MUR 119 million) respectively, available for offset against future profits. A deferred tax asset has been recognised in respect of MUR 139 million (2022: MUR 308 million) for the Group of such losses. No deferred tax asset has been recognised in respect of the remaining MUR 1,576 million (2022: MUR 1,382 million) for the Group due to unpredictability of future profit streams. The tax losses expire on a rolling basis over 5 years.

Other

9. INVESTMENTS IN ASSOCIATES (continued) iii. Reconciliation of summarised financial information (continued) Reconciliation of the above summarised financial information to the carrying amount recognised in the financial statements: 2023 Le Refuge du Pêcheur Limited Le Refuge du

The Group has not incurrred any legal or constructive obligation or made any payment on behalf of the associate. *The Group acquired 40% stake in Tekoma Hotel Ltd on the 30 December 2023. The Company is based in Rodrigues and in the hospitality sector. Share of accumulated loss and other comprehensive income not recognised amounted to MUR 2.7 million (2022: Nil) as at December 31, 2023.