NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 7. PROPERTY, PLANT AND EQUIPMENT (CONT’D) The Group AT COST RM’000 ACCUMULATED DEPRECIATION RM’000 ACCUMULATED IMPAIRMENT RM’000 CARRYING AMOUNT RM’000 2023 Freehold land 1,257 - - 1,257 Buildings 240,745 (40,733) (3,221) 196,791 Leasehold land and buildings 173 (173) - - Office equipment, furniture and fittings 33,916 (24,457) - 9,459 Plant and machinery 1,720 (1,585) - 135 Motor vehicles 17,003 (13,952) - 3,051 Total 294,814 (80,900) (3,221) 210,693 The Group AT COST RM’000 ACCUMULATED DEPRECIATION RM’000 ACCUMULATED IMPAIRMENT RM’000 CARRYING AMOUNT RM’000 2022 (RESTATED) Freehold land 1,257 - - 1,257 Buildings 241,004 (35,774) (3,221) 202,009 Leasehold land and buildings 173 (42) - 131 Office equipment, furniture and fittings 34,036 (21,843) - 12,193 Plant and machinery 7,702 (3,373) (4,132) 197 Motor vehicles 17,152 (13,758) - 3,394 Moulds 8,674 (1,186) (7,488) - Total 309,998 (75,976) (14,841) 219,181 Certain freehold land and buildings of the Group amounted to RM128,584,000 (2022 – RM134,544,000) have been pledged to licensed banks as security for banking facilities granted to the Group as disclosed in Notes 24, 25 and 28 to the financial statements. In the previous financial year, the Group has carried out a review of the recoverable amount of its building, plant and machinery and moulds due to continuous losses experienced by a subsidiary. An impairment loss of RM11,963,000, representing the write-down to the recoverable amount was recognised in “Administrative Expenses” line item of the consolidated statement of profit or loss and other comprehensive income as disclosed in Note 33 to the financial statements. The recoverable amount of the building was based on its fair value less costs to sell. The main valuation input used was current replacement costs of the building less depreciation estimated by valuer using the replacement cost method. Since the estimated costs of replacement are a significant unobservable input, the fair value of the building is categorised as a level 3 fair value. The recoverable amount of plant and machinery were expected to be nil since the affected subsidiary is not expected to turn around in the near future. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 182 FINANCIAL STATEMENTS
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