| PROPERTY AND EQUIPMENT |
NOTE 8 — PROPERTY AND EQUIPMENT
Property and equipment consist of the following as of December 31, 2021 and 2020:
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2021 |
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2020 |
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Accumulated |
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Carrying |
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Accumulated |
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Carrying |
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Cost |
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Depreciation |
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Value |
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Cost |
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Depreciation |
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Value |
Land |
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$ |
1,486,718 |
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$ |
— |
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$ |
1,486,718 |
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$ |
1,486,718 |
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$ |
— |
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$ |
1,486,718 |
Buildings |
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4,401,241 |
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(989,085) |
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3,412,156 |
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4,625,408 |
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(674,781) |
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3,950,627 |
Leasehold property |
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4,261,623 |
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(2,770,810) |
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1,490,813 |
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4,251,845 |
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(2,596,718) |
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1,655,127 |
Plant and machinery |
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136,692 |
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(87,050) |
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49,642 |
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164,137 |
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(79,453) |
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84,684 |
Furniture and fixtures |
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537,964 |
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(330,476) |
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207,488 |
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466,277 |
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(276,904) |
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189,373 |
Motor vehicles |
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320,103 |
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(281,587) |
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38,516 |
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341,906 |
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(248,580) |
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93,326 |
Office equipment |
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26,287 |
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(19,528) |
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6,759 |
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23,599 |
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(13,164) |
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10,435 |
IT equipment |
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113,790 |
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(88,274) |
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25,516 |
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113,790 |
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(80,800) |
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32,990 |
Computer Software |
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4,456 |
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(4,456) |
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— |
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4,456 |
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(4,456) |
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— |
Spa equipment, curtains, crockery, glassware and linen |
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255,434 |
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(196,926) |
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58,508 |
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255,434 |
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(161,724) |
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93,710 |
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$ |
11,554,308 |
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$ |
(4,768,192) |
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$ |
6,776,116 |
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$ |
11,733,570 |
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$ |
(4,136,580) |
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$ |
7,596,990 |
Reconciliation of property and equipment — 2021
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Opening |
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Closing |
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Balance |
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Additions |
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Disposals |
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Translation |
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Reclass |
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Depreciation |
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Balance |
Land |
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1,486,718 |
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— |
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— |
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— |
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1,486,718 |
Buildings |
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3,950,627 |
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— |
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(215,291) |
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(323,180) |
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3,412,156 |
Leasehold Property |
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1,655,129 |
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— |
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9,777 |
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— |
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(174,093) |
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1,490,813 |
Plant & Machinery |
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84,685 |
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9,981 |
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— |
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(37,427) |
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(7,597) |
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49,642 |
Furniture and Fixtures |
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189,372 |
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65,128 |
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— |
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6,558 |
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(53,570) |
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207,488 |
Motor Vehicles |
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93,325 |
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— |
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— |
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(21,803) |
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(33,006) |
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38,516 |
Office Equipment |
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10,435 |
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2,688 |
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— |
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— |
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(6,364) |
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6,759 |
IT Equipment |
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32,989 |
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— |
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— |
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— |
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(7,473) |
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25,516 |
Spa Equipment, curtains, crockery, glassware and linen |
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93,710 |
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— |
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— |
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(35,202) |
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58,508 |
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$ |
7,596,990 |
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$ |
77,797 |
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$ |
— |
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$ |
(258,186) |
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$ |
— |
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$ |
(640,485) |
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$ |
6,776,116 |
Reconciliation of property and equipment — 2020
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Opening |
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Closing |
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Balance |
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Additions |
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Disposals |
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Translation |
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Reclass |
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Depreciation |
|
Balance |
Land |
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1,486,718 |
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— |
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— |
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— |
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1,486,718 |
Buildings |
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3,430,545 |
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490,961 |
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— |
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359,867 |
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(330,746) |
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3,950,627 |
Leasehold Property |
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1,018,894 |
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54,250 |
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— |
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(1,579) |
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825,307 |
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(241,743) |
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1,655,129 |
Plant & Machinery |
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95,919 |
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— |
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— |
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(3,291) |
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(7,944) |
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84,684 |
Furniture and Fixtures |
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231,452 |
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39,739 |
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(24,033) |
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(57,785) |
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189,373 |
Motor Vehicles |
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135,850 |
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— |
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— |
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(13,734) |
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(28,336) |
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93,780 |
Office Equipment |
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12,791 |
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3,893 |
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(1,203) |
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(2,751) |
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(2,295) |
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10,435 |
IT Equipment |
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42,440 |
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— |
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— |
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(341) |
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(9,564) |
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32,535 |
Construction in progress |
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825,307 |
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— |
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— |
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(825,307) |
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— |
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— |
Spa Equipment, curtains, crockery, glassware and linen |
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119,496 |
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— |
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— |
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(1,661) |
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(24,126) |
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93,709 |
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$ |
7,399,412 |
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$ |
588,843 |
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$ |
(25,236) |
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$ |
336,510 |
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$ |
— |
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$ |
(702,539) |
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$ |
7,596,990 |
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