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Notes to the
financial statements
For the financial year ended 31 December 2018
107
A N N U A L R E P O R T
2 0 1 8
11.
Intangible assets
Group
Goodwill
Vessel
design
Total
$’000 $’000 $’000
Cost:
At 1 January 2017
7,551
2,545 10,096
Addition during the year
–
16
16
At 31 December 2017, 1 January 2018 and
31 December 2018
7,551
2,561
10,112
Accumulated amortisation and impairment:
At 1 January 2017
7,551
495
8,046
Amortisation charge for the year
–
256
256
At 31 December 2017 and 1 January 2018
7,551
751
8,302
Amortisation charge for the year
–
259
259
At 31 December 2018
7,551
1,010
8,561
Net carrying amount:
At 1 January 2017
–
2,050
2,050
At 31 December 2017
–
1,810
1,810
At 31 December 2018
–
1,551
1,551
Vessel design
In 2014, the Group acquired a vessel design and commenced the construction of a vessel. The
construction of the vessel was completed in 2017. The vessel design impairment assessment under
FRS 36
Impairment of Assets
is dependent on the recoverable amount of the vessel (Note 10).
Amortisation charge of $259,000 (2017: $22,000) and $Nil (2017: $234,000) has been included
in the Group’s consolidated statement of comprehensive income and vessel construction
cost respectively.