. 111
ANNUAL
REPORT
20 1 7
THE BE ST
I N US
NOTESTOTHE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017
11.
INTANGIBLEASSETS
Group
Goodwill
Vessel
design
Total
$’000
$’000
$’000
Cost:
At 1 January 2016
7,551
2,440
9,991
Additionduring the year
–
105
105
At 31December 2016 and1 January 2017
7,551
2,545
10,096
Additionduring the year
–
16
16
At 31December 2017
7,551
2,561
10,112
Accumulatedamortisationand impairment:
At 1 January 2016
–
244
244
Amortisationcharge for the year
–
251
251
Impairment loss
7,551
–
7,551
At 31December 2016 and1 January 2017
7,551
495
8,046
Amortisationcharge for the year
–
256
256
At 31December 2017
7,551
751
8,302
Net carryingamount:
31December 2016
–
2,050
2,050
31December 2017
–
1,810
1,810
Impairment loss recognised
In2016, a full impairment losswhich amounted to$7,551,000was recognised towrite-down thecarrying
amount of goodwill. The impairment loss of had been recognised in profit or loss under the line item
“other expenses”.
Vessel design
In2014, theGroupacquiredavessel designandcommenced theconstructionof a liftboat. Theconstruction
of the liftboat was completed in 2017. The vessel design impairment assessment under FRS 36 Impairment
of Assets is dependent on the recoverable amount of the liftboat (Note10).
Amortisation charge of $22,000 (2016: Nil) and $234,000 (2016: $251,000) has been included in the
Group’s consolidated statement of comprehensive income andwork-in-progress respectively.
