MobilityOne

Company Information 
 
2
Chairman’s Statement 
 
3
Report of the Directors  
8
Board of Directors 
 
14
Corporate Governance Report 
15
Report of the Independent Auditor 
20
Consolidated Income Statement 
28
Consolidated Statement of Comprehensive Income 
29
Consolidated Statement of Changes in Equity 
30
Company Statement of Changes in Equity 
32
Consolidated Statement of Financial Position 
33
Company Statement of Financial Position 
35
Consolidated Statement of Cash Flows 
36
Company Statement of Cash Flows 
37
Notes to the Financial Statements 
38
Notice of Annual General Meeting 
93
Form of Proxy
CONTENTS

I  2  I
DIRECTORS 
Abu Bakar bin Mohd Taib (Non-Executive Chairman)
 
Dato’ Hussian @ Rizal bin A. Rahman (Chief Executive Officer)
 
Derrick Chia Kah Wai (Deputy Chief Executive Officer)
 
Seah Boon Chin (Non-Executive Director)
 
Azlinda Ezrina binti Ariffin (Non-Executive Director)
SECRETARY 
Computershare Company Secretarial Services (Jersey) Limited
 
13 Castle Street
 
St Helier
 
Jersey JE1 1ES
 
Channel Islands 
 
REGISTERED 
13 Castle Street
OFFICE 
St Helier
 
Jersey JE1 1ES
 
Channel Islands
 
BUSINESS 
2-3, Incubator 2
ADDRESS 
Technology Park Malaysia
 
Bukit Jalil
 
57000 Kuala Lumpur
 
Malaysia
 
Tel: +603 8996 3600 
 
AUDITOR 
Gravita Audit Limited
 
Aldgate Tower
 
2 Leman Street
 
London E1 8FA
 
United Kingdom
NOMINATED 
Allenby Capital Limited
ADVISER 
5 St. Helen’s Place
AND BROKER  
London EC3A 6AB
 
United Kingdom
 
COMPANY INFORMATION 
For the year ended 31 December 2023

I  3  I
CHAIRMAN’S STATEMENT
For the year ended 31 December 2023
INTRODUCTION
MobilityOne Limited's current organisation structure is depicted below:
The Directors are pleased to present the audited consolidated financial statements for MobilityOne Limited for the financial 
year ended 31 December 2023.
The Group’s revenue increased by £7.91 million to £241.67 million in the financial year ended 31 December 2023, (year ended 
31 December 2022: revenue of £233.76 million) as a result of increased demand from the Group’s main products and services, 
namely the mobile phone prepaid airtime reload and bill payment business through the Group's banking channels (i.e. mobile 
banking and internet banking) and electronic data capture terminals as well as third parties' e-wallet applications. The Malaysian 
market continued to account for the majority of the Group’s revenue.
As a result of an increase in cost of sales, administrative expenses, finance costs as well as the Group’s share of its 49%-owned 
associated company’s loss, namely Sincere Acres Sdn Bhd which was acquired on 4 October 2023, the Group registered a loss 
after tax of £1.41 million in the financial year ended 31 December 2023 (year ended 31 December 2022: profit after tax of £16,628). 
The Group’s international remittance services and e-money business in Malaysia and payment solution business in Brunei and 
the Philippines continued to remain small and did not make a significant contribution to the Group in the financial year ended 31 
December 2023. As announced previously by the Group, the Group has discontinued to explore new business in the Philippines. 
However, if there is any new business opportunity in the future, the Group may consider exploring.
As at 31 December 2023, the Group had cash and cash equivalents (excluding other financial assets which are fixed deposits 
with maturities over 3 months) of £3.54 million (31 December 2022: cash and cash equivalents (excluding other financial assets 
which are fixed deposits with maturities over 3 months) of £4.36 million) while the secured loans and borrowings from financial 
institutions increased to £4.22 million (31 December 2022: £3.87 million) mainly due to payments for higher cost of sales and 
higher administrative expenses. 
Note (1):  The disposal of 60% shareholding in One Shop Retail Sdn Bhd was completed on 29 February 2024. In the event the merger excersice 
 
between Super Apps Holdings Sdn Bhd and Technology & Telecommunications Acquisition Corporation is not completed, the 60% 
 
shareholding will return to MobilityOne Sdn Bhd.
Note (2):  Qube Nexus Sdn Bhd was incorporated on 14 September 2023.
Note (3):  The 100% shareholding of M1 Health Tech Sdn Bhd (formerly known as M1 AP Sdn Bhd) was transferred from MobilityOne Limited to 
 
MobilityOne Sdn Bhd on 18 March 2024.
Note (3):  The 100% shareholding of M1 Health Tech Sdn Bhd (formerly known as M1 AP Sdn Bhd) was transferred from MobilityOne Limited to 
 
MobilityOne Sdn Bhd on 18 March 2024.
Note (4):  The acquisition of 49% shareholding in Sincere Acres Sdn Bhd as an associated company was completed on 4 October 2023. There are 3 dormant subsidiaries which will be disposed or struck off in 2024.
Note (5):  The acquisition of 100% shareholding in Jejak Semangat Sdn Bhd was completed on 2 July 2024.

I  4  I
CHAIRMAN’S STATEMENT (CONTINUED)
For the year ended 31 December 2023
REVIEW OF ACTIVITIES AND OUTLOOK
The Group’s business activities are predominately concentrated in Malaysia. According to the Central Bank of Malaysia in 
March 2024, it was reported that the Malaysian economy is projected to grow between 4.0% and 5.0% in 2024, underpinned 
by continued expansion in domestic demand and improvement in external demand,
In May 2024, the Central Bank of Malaysia reported that the Malaysian economy grew at a higher rate of 4.2% in the first quarter of 
2024 (fourth quarter 2023: 2.9%), driven by stronger private expenditure and positive turnaround in exports. Household spending 
was higher amid continued growth in employment and wages. Growth in 2024 is anticipated to be driven by resilient domestic 
expenditure with additional support from the recovery in external demand. On the domestic front, continued employment and 
wage growth is also anticipated to support household spending. Increased tourism and associated tourist spending is expected 
to continue. This growth outlook remains subject to downside risks stemming from weaker-than-expected external demand, 
further escalation in geopolitical conflicts and larger declines in domestic commodity production. Nonetheless, there are upside 
risks from greater spillover from the tech upcycle, more robust tourism activities and faster implementation of existing and new 
investment projects.
Mobile phone prepaid airtime reloads and bill payments continued to be the main business activities for the Group in the year 
ended 31 December 2023. The Group’s international remittance and e-money businesses in Malaysia as well as the payment 
solution business in Brunei and Philippines are expected to remain insignificant.
On 1 June 2022 the Company announced, amongst other things, that MobilityOne Sdn Bhd (“M1 Malaysia"), the Group’s 
wholly-owned operating subsidiary in Malaysia, which received a licence from MasterCard Asia/Pacific Pte Ltd ("MasterCard")
to issue MasterCard prepaid cards, had obtained approval from the Central Bank of Malaysia to introduce international scheme 
prepaid cards under the MasterCard’s brand in Malaysia. The Group has commenced the issuance of MasterCard prepaid cards 
in Malaysia on a small scale to complement the Group's existing e-wallet and this part of the Group's end-to-end payment 
ecosystem. 
On 11 May 2023, the Company announced that M1 Tech Limited (“M1 Tech”), the Group’s wholly-owned subsidiary in the 
UK, had withdrawn its application to the Financial Conduct Authority (the "FCA"), the financial regulatory body in the UK, for 
authorisation as an electronic money institution to provide e-money services in the UK. This follows receipt of further feedback 
from the FCA requesting further information in relation to certain disclosures relating to M1 Tech's proposed business plan. On 
29 September 2023, the Group announced that it was reviewing its proposed business plan to expand its business in the UK 
and its options in relation to submitting a further revised FCA application. Following an extensive review process, the Group 
has decided not to submit a revised application to the FCA and instead will continue to focus on its businesses in Malaysia as 
well as other new business opportunities. 
On 26 June 2023 M1 Malaysia entered into a joint venture cum shareholders agreement with Syed Faisal Algadrie Bin Syed 
Hassan (“Syed Faisal”) to incorporate "Qube Nexus Sdn Bhd" (“Qube”) to explore any suitable business opportunities from 
the Kingdom of Saudi Arabia. M1 Malaysia and Syed Faizal had incorporated Qube on 14 September 2023 and own 80% and 
20% of the equity interest in Qube, respectively. There has not been any material development in relation to this joint venture. 
As part of the Group’s business plans for long-term growth, the Group has the following initiatives: 
(1) Money transfer business via SWIFT
 
As previously disclosed, the Group intends to expand its money transfer business via the Society for Worldwide Interbank 
 
Financial Telecommunication (“SWIFT”) network. The Group is still working with a bank in Malaysia on the integration process 
 
while waiting for the Central Bank of Malaysia’s approval, the timings of which continue to remain uncertain. The Company 
 
will make any  relevant announcements on the arrangement with SWIFT as and when is appropriate.

I  5  I
CHAIRMAN’S STATEMENT (CONTINUED)
For the year ended 31 December 2023
(2) Disposal of OneShop Retail Sdn Bhd (“1Shop”) and proposed joint venture with Super Apps Holdings Sdn Bhd 
 
(“Super Apps”)
 
On 19 October 2022, M1 Malaysia entered into a share sale agreement (the “Share Sale Agreement”) with Super Apps for 
 
the disposal by M1 Malaysia of a 60% shareholding in the Group’s wholly-owned non-core subsidiary 1Shop to Super Apps 
 
(together the “Disposal”).  Concurrently, M1 Malaysia entered into a joint-venture cum shareholders agreement with Super 
 
Apps and 1Shop (together the “Proposed Joint Venture”). The intention of the Disposal and Proposed Joint Venture is to 
 
establish a new joint venture to expand the Group’s e-products and services business initially in Malaysia.
 
The Disposal was initially subject to the completion of a merger exercise between Technology & Telecommunication 
 
Acquisition Corporation (“TETE”) and Super Apps which includes certain approvals by the United States Securities and 
 
Exchange Commission (“SEC”) (together the “Merger Exercise”). Subsequently it was announced on 1 March 2024 that 
 
M1 Malaysia had entered into a supplementary agreement with Super Apps to amend the terms and conditions of the Share 
 
Sale Agreement in preparation for the Merger Exercise (the “Supplementary Agreement”). Under the new terms and conditions 
 
of the Supplementary Agreement, completion of the Disposal is no longer conditional on the Merger Exercise completing. 
 
In this regard, it was instead agreed that the Disposal completes upon entry of the Supplementary Agreement.  Notwithstanding 
 
completion, if the Merger Exercise does not complete, M1 Malaysia is entitled to purchase back the 60% interest in 1Shop 
 
from Super Apps for a nominal consideration of RM1.00. 
 
It was further agreed that irrespective of the completion of the Disposal and subject to the completion of the Merger Exercise, 
 
Super Apps shall pay M1 Malaysia the following consideration: 
 
(a) RM40.0 million (c. £6.84 million) in cash within 14 days upon completion of the Merger Exercise; and 
 
(b) RM20.0 million (c. £3.42 million) in cash within 180 days upon completion of the Merger Exercise.
 
In addition, pursuant to the terms of the Proposed Joint Venture, M1 Malaysia undertook to provide the necessary technical 
 
and business support to 1Shop and guaranteed that 1Shop will achieve revenues of at least RM560.0 million (equivalent to 
 
c. £95.8 million) in the financial year ending 31 December 2023 or any other period as mutually agreed (the “Revenue Target”). 
 
As the Merger Exercise has been delayed, the period to achieve the Revenue Target shall be re-assessed and agreed with 
 
Super Apps in due course.  In order to achieve the Revenue Target, Super Apps undertakes to provide all the necessary 
 
working capital requirements of 1Shop. This will be supplemented through Super Apps, in conjunction with 1Shop, 
 
collaborating with other organisations. Moreover, Super Apps shall procure TETE to issue shares in TETE (the “TETE Shares”) 
 
to a stakeholder to be mutually agreed by M1 Malaysia and Super Apps with aggregate value of RM20.0 million (equivalent to 
 
c. £3.42 million) within 14 days upon completion of the Merger Exercise. The issue price for the TETE Shares to the stakeholder 
 
will be determined at a later date.  M1 Malaysia will only be entitled to receive the TETE Shares from the stakeholder 
 
following 1Shop achieving the Revenue Target.  
 
Tete Technologies Inc, a wholly-owned subsidiary of TETE, has since filed a draft proxy statement ("TETE Proxy Filing") with 
 
the SEC and the TETE Proxy Filing is subject to the approval by the SEC. The Company will release further announcements 
 
as and when appropriate.
 
It was announced by the Group on 18 June 2024 that the deadline to complete the Merger Exercise was extended from 
 
20 July 2024 to 20 January 2025. There can be no guarantee that the payment for the consideration of the Disposal and 
 
the Proposed Joint Venture can be completed as they are conditional on the completion of the Merger Exercise, which is 
 
out of the Group’s control. The payment for the consideration of the Disposal and the completion of the Proposed Joint 
 
Venture are expected to contribute positively to the financial position and future growth prospects of the Group. 

I  6  I
(3) Acquisition of Hati International Sdn Bhd (“Hati”) via Sincere Acres Sdn Bhd (“Sincere”)
 
On 29 September 2023, M1 Malaysia entered into a share sale agreement with United Flagship Development Sdn Bhd 
 
(“Vendor”) to acquire a 49% equity interest in Sincere for a total cash consideration of RM30.0 million (c. £5.217 million) 
 
to be paid to the Vendor in two tranches (the “Acquisition”). On 4 October 2023, the acquisition of Hati via Sincere completed 
 
and the first tranche, representing RM2.0 million (c. £0.348 million), has since been paid to the Vendor. The second tranche, 
 
representing the balance of RM28.0 million (c. £4.869 million) (the “Second Tranche”), was originally required to be paid by 
 
M1 Malaysia by 8 March 2024 (the “Second Tranche Payment Date”). 
 
On 8 March 2024, the Second Tranche Payment Date was extended until 8 September 2024 (“Extended Second Tranche 
 
Payment Date”). However, any payment in relation to the Second Tranche made after the Second Tranche Payment Date 
 
will be subject to an interest charge of 10% per annum. The balance amount payable for the Second Tranche (including 
 
any interest charge) shall be reduced by RM1.0 million (c. £0.174 million) when the payment is made by the Extended 
 
Second Tranche Payment Date. 
 
Sincere is an investment holding company with its sole business activity comprising of owning a 100% equity interest in 
 
Hati, an operating company in Malaysia. Hati is a healthcare information systems provider in Malaysia focused on healthcare 
 
software development and information technology. Through the use of cloud service platforms and software system 
 
solutions, Hati has developed a product suite comprising of hospital information systems, clinical information systems, 
 
business intelligence platforms and Internet of Things (IoT)/Artificial Intelligence (AI) enabled platforms. 
 
The Acquisition has a number of synergistic benefits for both the Group and Hati. The Acquisition is anticipated to enable 
 
the Group to vertically integrate its existing electronic payment systems and services with Hati’s suite of existing products to 
 
support payment methods such as credit cards, debit cards and eWallets via online payments and over the counter 
 
payments. In addition, the Acquisition will result in Hati being able to utilise the Group’s infrastructure and engineering 
 
know-how to automate electronic billing and invoicing.  
 
As part of the Group’s long-term growth strategy, the Group intends to develop a payment system that integrates the Group’s 
 
e-claims and e-payments services with insurance companies thereby resolving cash flow issues typically faced by hospitals 
 
and clinics. The Group also intends to explore potential collaborations with the Group’s telecommunication partners in order 
 
to enable Hati’s real-time IoT/AI enabled healthcare devices to operate over 5G cellular networks.  With the above, the 
 
Group can also expand its customers base for its existing electronic payment systems and services. In addition, the 
 
Acquisition will enable the Group to amongst other benefits, diversify its existing business activities into the growing 
 
healthcare information systems industry.  
CHAIRMAN’S STATEMENT (CONTINUED)
For the year ended 31 December 2023

I  7  I
CHAIRMAN’S STATEMENT (CONTINUED)
For the year ended 31 December 2023
(4) Acquisition of Jejak Semangat Sdn. Bhd. (“Jejak”)
 
On 7 March 2024, the Group announced that M1 Malaysia entered into a Share Sale Agreement with MBP Solutions Sdn. 
 
Bhd., LMS Technology Distributions Sdn. Bhd., Dato' Hussian A Rahman and Derrick Chia Kah Wai to acquire 100% of the 
 
issued share capital of Jejak for a nominal cash consideration of RM4.00 (c. £0.70). The acquisition completed on 2 July 
 
2024.  
 
 
Jejak holds a license issued by the Malaysian Ministry of Communications and Multimedia to provide network services 
 
in Malaysia for a period until 23 April 2031. The license will complement M1 Malaysia’s current business of providing mobile 
 
prepaid reload services. 
 
The Group anticipates a challenging business environment and remains cautious about the outlook for the remainder of 
 
2024, despite the reported expectations that the Malaysian economy will grow between 4.0% and 5.0%. This caution is 
 
due to rising inflation and increased expenses, including higher administrative, infrastructure, and marketing costs, among 
 
other related expenses. Consequently, the Group's gross profit margins for its products and services will continue to be 
 
affected as it strives to maintain or grow its business. 
 
The expected completion of the Proposed Joint Venture with Super Apps and the Merger Exercise as disclosed above will 
 
significantly enhance the Group's financial position and future growth. Additionally, the implementation of Hati’s potential 
 
projects in the foreseeable future is expected to benefit the Group through the share of any profit from this associated 
 
company. The Group will continue to invest in and enhance its research and development to support business and 
 
technological advancements and to form partnerships for future growth.
.............................................
Abu Bakar bin Mohd Taib
Chairman
Date: 19 August 2024
 

I  8  I
The Directors are pleased to submit their report together with the financial statements of the Group and the Company for the 
year ended 31 December 2023. 
PRINCIPAL ACTIVITY
The principal activity of the Group in the year under review was mainly in the business of providing e-commerce infrastructure 
payment solutions and platforms.
KEY PERFORMANCE INDICATORS
 
 
Revenue 
Operating (loss)/profit
(Loss)/Profit before tax
Net (loss)/profit for the year
KEYS RISKS AND UNCERTAINTIES
Operational risks
The Group is not insulated from general business risk as well as certain risks inherent in the industry in which the Group operates. 
In particular, this includes technological changes, unfavourable changes in government and international policies (including 
licensing requirements), the introduction of new and superior technology or products and services by competitors and changes 
in the general economic, business and credit conditions.
Dependency on Distributorship Agreements
The Group relies on various telecommunication companies to provide the telecommunication products. As a result, the Group’s 
business may be materially and adversely affected if one or more of these telecommunication companies cut or reduce drastically 
the supply of their products. The Group has distributorship agreements with telecommunication companies such as CelcomDigi 
Berhad and Maxis Communication Berhad, which are subject to periodic renewal. 
Dependency on business partners
As the revenue of the Group is substantially through the business partners’ various channels, such as banking (i.e. mobile banking 
and internet banking) and e-wallet applications, the Group is dependent on its business partners which include several major 
banks in Malaysia.  The Group is exposed to the risks that any of the business partners may cease the business relationship 
with the Group in the future and the Group’s ability to grow may be materially and adversely affected.
REPORT OF THE DIRECTORS 
For the year ended 31 December 2023
Year ended 
31.12.2022
£
 233,761,671
378,369
278,978
16,628
Year ended 
31.12.2023
£
 241,673,952
(1,050,815)
(1,369,614)
(1,408,132)

I  9  I
KEYS RISKS AND UNCERTAINTIES (Continued)
Rapid technological changes/product changes in the e-commerce industry
If the Group is unable to keep pace with rapid technological development in the e-commerce industry it may adversely affect 
the Group’s revenues and profits. The e-commerce industry is characterised by rapid technological changes due to changing 
market trends, evolving industry standards, new technologies and emerging competition. Future success will be dependent 
upon the Group’s ability to enhance its existing technology solutions and introduce new products and services to respond to 
the constantly changing technological environment. The timely development of new and enhanced services or products is a 
complex and uncertain process.
Demand of products and services
The Group’s future results depend on the overall demand for its products and services. Uncertainty in the economic environment 
may cause some business to curtail or eliminate spending on payment technology. In addition, the Group may experience 
hesitancy on the part of existing and potential customers to commit to continuing with its new services.
Financial risks
The Group is exposed to liquidity risk and interest rate risk arising principally from its borrowings. If the Group is unable to 
generate sufficient cashflow from its operations, it may affect the Group’s ability to meet its financial obligations. In addition, 
any significant increase in interest rates may result in higher interest expense and this may affect the Group’s cashflow for its 
operational working capital. 
Please refer to Note 3 for further information.
REVIEW OF BUSINESS
The results for the year and financial position of the Group are as shown in the Chairman’s statement. 
 
 
RESULTS AND DIVIDENDS
The consolidated total comprehensive loss for the year ended 31 December 2023 was £1,950,236 (2022: total comprehensive 
profit of £370,950) which has been transferred to reserves. No dividends will be distributed for the year ended 31 December 2023. 
DIRECTORS
The Directors are:
Abu Bakar bin Mohd Taib (Non-Executive Chairman)
Dato’ Hussian @ Rizal bin A. Rahman (Chief Executive Officer) 
Derrick Chia Kah Wai (Deputy Chief Executive Officer)
Seah Boon Chin (Non-Executive Director)
Azlinda Ezrina binti Ariffin (Non-Executive Director)
REPORT OF THE DIRECTORS (CONTINUED)
For the year ended 31 December 2023

I  10  I
Ordinary shares of 2.5p each
 
Abu Bakar bin Mohd Taib
Dato’ Hussian @ Rizal bin A. Rahman
Derrick Chia Kah Wai
Seah Boon Chin
Azlinda Ezrina binti Ariffin
The options were granted on 5 December 2014 at an exercise price of 2.5p.  The period of the options is ten years.
The Directors’ remuneration of the Group is disclosed in Note 4. 
SUBSTANTIAL SHAREHOLDERS
Based on the register of shareholders as of 2 August 2024, the Company had the following shareholders with interests in 3% 
or more of the issued share capital of the Company pursuant to Part VI of Article 110 of the Companies (Jersey) Law 1991: 
Ordinary shares of 2.5p each
 
 
Dato’ Hussian @ Rizal bin A. Rahman
Estate of Dato’ Shamsir bin Omar
Vidacos Nominees Limited 
Pershing Nominees Limited 
Lawshare Nominees Limited 
HSDL Nominees Limited 
* Including 1,8000,000 ordinary shares and 1,943,000 ordinary shares in the company for Derrick Chia Kah Wai and his wife, 
 respectively
PUBLICATION OF ACCOUNTS ON COMPANY WEBSITE
Financial statements are published on the Company’s website, which can be found at www.mobilityone.com.my. The maintenance 
and integrity of the website is the responsibility of the Directors. The Directors’ responsibility also extends to the financial 
statements contained therein.
Number of 
ordinary shares
53,465,724
9,131,677
6,656,540
5,216,958*
4,439,011
3,226,569
% of issued 
capital
   50.30
      8.59
      6.26
4.91
4.18
3.04
REPORT OF THE DIRECTORS (CONTINUED)
For the year ended 31 December 2023
The beneficial interests of the Directors holding office at 31 December 2023 in the ordinary shares of the Company, were as 
follows:
Ordinary shares of 2.5p each
Abu Bakar bin Mohd Taib
Dato’ Hussian @ Rizal bin A. Rahman
Derrick Chia Kah Wai *
Seah Boon Chin
Azlinda Ezrina binti Ariffin
* The wife of Derrick Chia Kah Wai holds 1,943,000 ordinary shares in the Company, which is equivalent to 1.83% of the 
 Company’s issued capital. 
The Directors also held the following ordinary shares under options:
Interest at 31.12.23
Nil
53,465,724
1,800,000
Nil
Nil
% of issued capital
Nil
50.30
1.69
Nil
Nil
Interest at 
31.12.23
500,000
800,000
2,000,000 
2,000,000 
Nil

I  11  I
INDEMNITY OF OFFICERS
The Group does not have insurance cover against legal action brought against its Directors and officers.
GROUP'S POLICY ON PAYMENT OF CREDITORS
It is the Group’s normal practice to make payments to suppliers in accordance with agreed terms provided that the supplier 
has performed in accordance with the relevant terms and conditions.
EMPLOYEE INVOLVEMENT
The Group places considerable value on the involvement of the employees and has continued to keep them informed on matters 
affecting the Group. This is achieved through formal and informal meetings.
GOING CONCERN
These financial statements have been prepared on the assumption that the Group is a going concern. Further information is 
given in Note 2 of the financial statements. 
SIGNIFICANT EVENTS
(1) On 19 October 2022, MobilityOne Sdn Bhd (“M1 Malaysia”) entered into a share sale agreement (the “Share Sale Agreement”) 
 
with Super Apps Holdings Sdn Bhd (“Super Apps”) for the disposal by M1 Malaysia of a 60% shareholding in the Gorup’s 
 
wholly-owned non-core subsidiary OneShop Retail Sdn Bhd (“1Shop”) to Super Apps (together the “Disposal”). Concurrently, 
 
M1 Malaysia entered into a joint venture cum shareholders agreement with Super Apps and 1Shop (together the “Proposed 
 
Joint Venture”). The intention of the Disposal and Proposed Joint Venture is to establish a new joint venture to expand the 
 
Group’s e-products and services business initially in Malaysia.
 
The Disposal was initially subject to the completion of a merger exercise between Technology & Telecommunication 
 
Acquisition Corporation (“TETE”) and Super Apps which includes certain approvals by the United States Securities and 
 
Exchange Commission (“SEC”) (together the “Merger Exercise”). Subsequently it was announced on 1 March 2024 that 
 
M1 Malaysia entered into a supplementary agreement with Super Apps to amend the terms and conditions of the Share 
 
Sale Agreement in preparation for the Merger Exercise (the “Supplementary Agreement”). Under the new terms and conditions 
 
of the Supplementary Agreement, completion of the Disposal is no longer conditional on the Merger Exercise completing. 
 
In this regard, it was instead agreed that the Disposal completes upon entry of the Supplementary Agreement.  Notwithstanding 
 
completion, if the Merger Exercise does not complete, M1 Malaysia is entitled to purchase back the 60% interest in 1Shop 
 
from Super Apps for a nominal consideration of RM1.00.
 
It was further agreed that irrespective of the completion of the Disposal and subject to the completion of the Merger Exercise, 
 
Super Apps shall pay M1 Malaysia the following consideration: 
 
(a) RM40.0 million (c. £7.53 million) in cash within 14 days upon completion of the Merger Exercise; and 
 
(b) RM20.0 million (c. £3.76 million) in cash within 180 days upon completion of the Merger Exercise.
 
In addition, pursuant to the terms of the Proposed Joint Venture, M1 Malaysia undertook to provide the necessary technical 
 
and business support to 1Shop and guaranteed that 1Shop will achieve revenues of at least RM560.0 million in the financial 
 
year ending 31 December 2023 or any other period as mutually agreed (“Revenue Target”).  In consideration of M1 Malaysia 
 
guaranteeing the Revenue Target, M1 Malaysia will be receiving the shares of TETE with aggregate value of RM20.0 million 
 
following 1Shop achieving the Revenue Target.  In the event the Revenue Target is not met, M1 Malaysia will not receive 
 
the shares of TETE and will not subject to any penalty.
REPORT OF THE DIRECTORS (CONTINUED)
For the year ended 31 December 2023

I  12  I
Tete Technologies Inc, a wholly-owned subsidiary of TETE, has since filed a draft proxy statement ("TETE Proxy Filing") with 
the SEC and the TETE Proxy Filing is subject to the approval by the SEC. The Company will release further announcements 
as and when appropriate.
It was announced by the Group on 18 June 2024 that the deadline to complete the Merger Exercise was extended from 20 July 
2024 to 20 January 2025. There can be no guarantee that the payment for the consideration of the Disposal and the Proposed 
Joint Venture can be completed as they are conditional on the completion of the Merger Exercise, which is out of the Group’s 
control. The payment for the consideration of the Disposal and the completion of the Proposed Joint Venture are expected to 
contribute positively to the financial position and future growth of the Group. 
(2) On 29 September 2023, M1 Malaysia entered into a share sale agreement with United Flagship Development Sdn Bhd 
 
(“Vendor”) to acquire a 49% equity interest in Sincere Acres Sdn Bhd (“Sincere”) for a total cash consideration of RM30.0 
 
million (c. £5.217 million) to be paid to the Vendor in two tranches (the “Acquisition”). On 4 October 2023, the acquisition 
 
of Hati International Sdn Bhd via Sincere completed and the first tranche, representing RM2.0 million (c. £0.348 million), has 
 
since been paid to the Vendor. The second tranche, representing the balance of RM28.0 million (c. £4.869 million) (the 
 
“Second Tranche”), was originally required to be paid by M1 Malaysia by 8 March 2024 (the “Second Tranche Payment 
 
Date”).  
 
On 8 March 2024, the Second Tranche Payment Date was extended until 8 September 2024 (“Extended Second Tranche 
 
Payment Date”). However, any payment in relation to the Second Tranche made after the Second Tranche Payment Date 
 
will be subject to an interest charge of 10% per annum. The balance amount payable for the Second Tranche (including 
 
any interest charge) shall be reduced by RM1.0 million (c. £0.174 million) when the payment is made by the Extended 
 
Second Tranche Payment Date. 
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Directors’ Report and financial statements in accordance with applicable law 
and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have 
elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted 
for use in the European Union. Under Company law the Directors must not approve the financial statements unless they are 
satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the 
Group for that period. In preparing these financial statements, the Directors are required to:
- 
select suitable accounting policies and then apply them consistently;
- 
make judgments and estimates that are reasonable and prudent;
- 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will 
 
continue in business for the foreseeable future; and
- 
state that the financial statements comply with International Financial Reporting Standards (IFRS) as adopted by the 
 
European Union.
REPORT OF THE DIRECTORS (CONTINUED)
For the year ended 31 December 2023

I  13  I
REPORT OF THE DIRECTORS (CONTINUED)
For the year ended 31 December 2023
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the 
financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the 
requirements of the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Company and 
the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 
The Directors are responsible for the maintenance and the integrity of the corporate and financial information included on 
the Group’s website. Information published on the website is accessible in many countries, and legislation in Jersey and the 
relevant provisions of the AIM Rules for Companies governing the preparation and dissemination of financial statements may 
differ from legislation and the rules in other jurisdictions. The Directors’ responsibility also extends to the continued integrity of 
the financial statements contained therein.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the Directors are aware, there is no relevant audit information of which the Company and Group's auditors are unaware, 
and each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant 
audit information and to establish that the Company and Group's auditors are aware of that information. 
AUDITORS
Gravita Audit Limited has indicated that it will seek re-appointment as the Company's auditor at the forthcoming Annual General 
Meeting. A resolution to re-appoint Gravita Audit Limited as the Company's auditor will be proposed at the Annual General 
Meeting.
ON BEHALF OF THE BOARD:
................................................................
Dato’ Hussian @ Rizal bin A. Rahman
Chief Executive Officer
Date: 19 August 2024 

I  14  I
Abu Bakar bin Mohd Taib  
(Non-Executive Chairman)
Abu Bakar bin Mohd Taib, a Malaysian aged 71, has been the Non-Executive Chairman of the Company since 27 June 2014 
and had previously worked for several listed companies and financial institutions in Malaysia including Nestle (Malaysia) Berhad, 
Bank Bumiputera Malaysia Berhad (now part of CIMB Bank Berhad) and United Malayan Banking Berhad (now part of RHB 
Bank Berhad). He was mainly involved in corporate communications and corporate affairs until 2004. Since 2005 he has been 
the director of several companies that are principally involved in timber related activities in Malaysia. He obtained a Master of 
Business Administration in Marketing and Finance from West Coast University (USA) and a Bachelor of Science in Business 
Administration from California State University (USA).
Dato’ Hussian @ Rizal bin A. Rahman 
(Chief Executive Officer)
Dato’ Hussian @ Rizal bin A. Rahman, a Malaysian aged 62, is the Chief Executive Officer of the Group.  He has extensive 
experience in the IT and telecommunications industries in Malaysia and is responsible for the development of the Group’s overall 
management, particularly in setting the Group’s business direction and strategies. He is currently also a Non-Executive Director 
of TFP Solutions Berhad, which is listed on the ACE Market of Bursa Malaysia Securities Berhad (Malaysia Stock Exchange). 
He obtained a certified Master of Business Administration from the Oxford Association of Management, England.
Derrick Chia Kah Wai
(Deputy Chief Executive Officer)
Derrick Chia Kah Wai, a Malaysian aged 53, is the Deputy Chief Executive Officer of the Group.  He began his career as a 
programmer in 1994, he then joined GHL Systems Berhad in January 1998 as a Software Engineer and was promoted to 
Software Development Manager in December 1999. He obtained his Bachelor Degree in Commerce, majoring in Management 
Information System from University of British Columbia, Canada. He joined the Group in May 2005 and is responsible for the 
Group’s business operations.
Seah Boon Chin 
(Non-Executive Director)
Seah Boon Chin, a Malaysian aged 52, began his career in 1995 with a financial institution in Malaysia and worked in the 
Corporate Finance Department of several established financial institutions in Malaysia and Singapore. He joined the Group in 
January 2007 and stepped down as the Corporate Finance Director on 15 November 2011 and remains as a Non-Executive 
Director of the Company. He is currently the Head of Corporate Finance with TA Securities Holdings Berhad in Malaysia. He 
obtained his Bachelor Degree in Commerce (Honours) with Distinction from McMaster University, Canada. 
Azlinda Ezrina binti Ariffin
(Non-Executive Director)
Azlinda Ezrina binti Ariffin, British by background and aged 55, is an experienced UK-based corporate lawyer with over 25 years 
legal experience. She is currently a consulting partner in the corporate team at Withersworldwide and was previously a partner 
in the capital markets teams at both Olswang LLP and Fasken Martineau LLP, prior to joining Withersworldwide in 2016. Azlinda 
specialises in mergers and acquisitions and equity capital markets transactions. Azlinda is a member of both the Law Society 
of England & Wales and the Malaysian Bar. She is also a barrister and member of Gray's Inn.
BOARD OF DIRECTORS

I  15  I
The Directors recognise the importance of good corporate governance and have adopted the Quoted Companies Alliance 
(“QCA”) Corporate Governance Code, 2018 (“QCA Code”) in line with the AIM Rules for Companies (“AIM Rules”) requirements 
that all AIM quoted companies adopt and comply with a recognised corporate governance code. The Directors consider that 
the Company complies with the QCA Code so far as is practicable.  The QCA has launched an updated version of its corporate 
governance code, 2023 (“2023 QCA Code”) which applies to the financial year after 1 April 2024.  While the Directors have not 
adopted the 2023 QCA Code, they will do so for the financial year after 1 April 2024. 
The QCA Code identifies 10 principles that focus on the pursuit of medium to long term value for shareholders.  The following 
report sets out in broad terms how the Company currently complies with the QCA Code.  
1. Establish a strategy and business model which promote long-term value for shareholders
The Group’s strategy and business model are developed by the Chief Executive Officer (“CEO”) and approved by the Board, 
whenever required. The management team, led by the CEO, is responsible for implementing the strategy. 
Over the years, the Group has developed its core competencies in providing a bridge between the service providers to 
their end consumers using the Group’s technology to accept transactions via multiple channels either via mobile phones, 
Internet, electronic data capture terminals and even via banking channels like Internet banking portal, automated teller 
machines (ATM) and mobile banking. 
Even though the e-payment business in Malaysia, particularly prepaid airtime reload and bill payment business, is contributing 
substantially to the Group’s revenue, the Group continues to explore other business opportunities in Malaysia and other 
countries to enhance its product offering for future growth.
The key risks and uncertainties to the business model and strategy are detailed in the Report of the Directors of the 
Company’s Accounts for the year ended 31 December 2023.
2. Seek to understand and meet shareholder needs and expectations
The Company encourages two-way communication with its shareholders to understand their needs and expectations. 
 
The Board recognises the annual general meeting (“AGM”) as an important opportunity to meet shareholders. The AGM is 
the main forum for dialogue with shareholders and all members of the Board attend the AGM and are available to answer 
questions raised by shareholders and to listen to views of shareholders.
It should be noted that the CEO holds 50.3% of the Company’s share capital and talks to some of the Company’s non-
board shareholders to understand their needs and expectations. 
In the future should voting decisions not be in line with the Company’s expectations, the Board would endeavour to engage 
with those shareholders to understand and address any issues. 
Contact details are provided on the contacts page of the Company’s website and within public documents should 
shareholders wish to communicate with the Company.
CORPORATE GOVERNANCE REPORT

I  16  I
CORPORATE GOVERNANCE REPORT (CONTINUED)
3. Take into account wider stakeholder and social responsibilities and their implications for long-term success
The Group is aware of its corporate social responsibilities and the need to maintain good relationships across a range of 
stakeholder groups, including employees, business partners, suppliers, customers and regulatory authorities. 
The Group’s operations and working environment take into account the needs of all stakeholder groups while maintaining 
focus on the responsibility to promote the success of the Group. The Group encourages feedback from all stakeholder 
groups as the Group’s long term strategy is to create shareholder value. 
The Group places considerable value on the involvement of employees and continues to keep them informed on matters 
affecting the Group through formal and informal meetings which provide opportunities to received feedback on issues 
affecting the Group.
The Group’s activities are reliant on maintaining good relationships with a number of banking partners in Malaysia. In addition 
the Group’s remittance business requires certain licences from the Central Bank of Malaysia and the CEO maintains a 
good flow of communication with the Central Bank of Malaysia to ensure the Group’s activities continue to operate under 
the correct regulatory framework.
4. Embed effective risk management, considering both opportunities and threats, throughout the organisation
The principal risks and uncertainties affecting the business are set in the Report of the Directors of the Company’s Accounts 
for the year ended 31 December 2023.
The Board monitors these risks, which include technological, regulatory and commercial risks, on a regular basis and the 
risks are considered by the Group during Board meetings. The Executive Directors and senior management team meet 
regularly during the year to review and evaluate risks and opportunities. The senior management meets regularly to review 
ongoing trading performance and any new risks associated with ongoing trading.
Risk identification can come from several sources: employees or other stakeholder feedback; executive meetings; and 
decisions taken at Audit Committee and Board meetings. 
5. Maintain the board as a well- functioning, balanced team led by the chair
The Board comprises two Executive Directors and three Non-Executive Directors. All of the Non-Executive Directors are 
members of the audit, remuneration and nomination committees and have the necessary skills and knowledge to discharge 
their duties and responsibilities. 
The Non-executive Chairman is responsible for the running of the Board and the CEO has main executive responsibility for 
running the Group’s business and implementing the Group’s strategy.
 
Both the Chairman and Azlinda Ezrina binti Ariffin are considered by the Board to be independent. Seah Boon Chin is 
not deemed to be independent due to having previously been an executive board member and his length of tenure. 
Notwithstanding this, the Board considers that Seah Boon Chin brings an independent judgement to bear notwithstanding 
the aforementioned considerations.
The Directors receive regular updates on the Group’s operational and financial performance during Board meetings and 
they have committed sufficient time to fulfill their responsibilities. 

I  17  I
5. Maintain the board as a well- functioning, balanced team led by the chair (continued)
The Company believes it has effective procedures in place to monitor and deal with conflicts of interest. In particular the 
Board is aware of the other time commitments and interests of the CEO. Significant changes to these commitments and 
interests are reported to and, where appropriate, agreed with the rest of the Board.
In addition to the numerous written Board resolutions approved by the Board which have the same force and effect as if 
adopted at duly convened meetings of all the Directors, the Company had six Board meetings in 2023 which were attended 
by all the Directors in office at the time of each board meeting.  
6. Ensure that between them the directors have the necessary up-to-date experience, skills and capabilities
The Directors’ biographies are set out in the section “Board of Directors” of the Company’s Accounts for the year ended 
31 December 2023.
The Board is satisfied that between the Directors, they have sufficient skills, experience and capabilities to enable the 
strategy of the Company to be delivered.
The Nomination Committee will make recommendations to the Board on all new Board appointments. Where new Board 
appointments are considered the search for candidates is conducted, and appointments are made, on merit, against 
objective criteria. 
The Board, if required, will review the composition of the Board to ensure that it has the necessary diversity of skills to 
support the ongoing development of the Group. Gender diversity is not in the Company’s immediate plans.
 
All Directors retire by rotation at regular intervals (every 3 years) in accordance with the Company’s Articles of Association. 
The Directors attend courses and seminars to keep their skill set up to date. 
7. Evaluate board performance based on clear and relevant objectives, seeking continuous improvement
The Directors undergo a performance evaluation before being proposed for re-election to ensure that they continue to be 
effective and committed to the role. All Directors meet to discuss the performance evaluation together. 
 
Appraisals are carried out each year with all Executive Directors.
The Board considers that the size of the Company does not justify the use of third parties to evaluate the performance of 
the Board on an annual basis.
All Directors retire by rotation at regular intervals (every 3 years) and stand for re-election at the AGM. During the year the 
Non-executive Directors are responsible for informally reviewing Directors’ performance and highlighting any issues identified.
At the present time, succession planning is not in the Company’s immediate plans, however the Board will monitor the 
need to implement an informal or formal succession plan going forward.
CORPORATE GOVERNANCE REPORT (CONTINUED)

I  18  I
CORPORATE GOVERNANCE REPORT (CONTINUED)
8. Promote a corporate culture that is based on ethical values and behaviours
The Group maintains a high standard of integrity in the conduct of its operations and is committed to providing a safe and 
healthy working environment for its employees. The Group operates a corporate culture that is based on ethical values 
and behaviours.
In addition, the Group encourages an open culture, with regular discussions with employees regarding their performance 
and skills development to achieve the objectives and strategy of the Group.
Any recommendations from staff to improve the working environment or in respect of health and safety matters will be 
assessed by the Human Resources and Administration Manager and, as appropriate, proposed to the Board for necessary 
actions to be taken. 
Given the size of the Group, all practices undertaken by the Group are reviewed by the Executive Directors to ensure that 
the ethical values and behaviours are being adhered to.
9. Maintain governance structures and processes that are fit for purpose and support good decision- making by 
 
the board
The Board has overall responsibility for promoting the success of the Group. The Executive Directors have day-to-day 
responsibility for the operational management of the Group’s activities. The Non-executive Directors are responsible for 
bringing independent and objective judgement to Board decisions.
There is a clear separation of the roles of CEO and Non-executive Chairman. The Chairman is responsible for overseeing 
the running of the Board, ensuring that no individual or group dominates the Board’s decision-making and ensuring the 
Non-executive Directors are properly briefed on matters. The Chairman has overall responsibility for corporate governance 
matters in the Group. The CEO has the responsibility for implementing the strategy of the Board and managing the day-
to-day business activities of the Group. 
The Board has established the following committees: Audit Committee, Remuneration Committee and Nomination Committee. 
The members of the three committees are all the three Non-executive Directors. Abu Bakar bin Mohd Taib chairs the Audit 
Committee, Remuneration Committee and Nomination Committee.
The Audit Committee normally meets at least once a year and has responsibility for, amongst other things, planning and 
reviewing the annual report and accounts and interim statements. It is also responsible for ensuring that an effective system 
of internal control is maintained. The ultimate responsibility for reviewing and approving the annual financial statements 
and interim statements remains with the Board.
The Remuneration Committee meets at least once a year and has responsibility for making recommendations to the Board 
on matter such as the remuneration packages for each of the Directors. 
The Nomination Committee, which meets as required, has responsibility for reviewing the size and composition of the 
Board, the appointment of replacement or additional Directors and making appropriate recommendations to the Board. 
The Nominations Committee did not meet in the year.
The Directors consider that the Group has an appropriate governance framework for its size now and as it grows but they 
will consider the evolution of this framework on an annual basis.

I  19  I
9. Maintain governance structures and processes that are fit for purpose and support good decision- making by 
 
the board (continued)
The Board does not maintain a formal schedule of matters reserved for Board decision but matters such as financial results, 
Board appointments and acquisitions require approval at Company’s Board meetings or written Board resolutions approved 
by the Board which have the same force and effect as if adopted at duly convened meetings of all the Directors. In 2023, 
the Company held six Board meetings.
Board and committee meetings
Attendances of Directors at Board and committee meetings convened in 2023 are set out below:
Director
Number of meetings in year
Abu Bakar bin Mohd Taib
Dato’ Hussian @ Rizal bin A. Rahman
Derrick Chia Kah Wai
Seah Boon Chin
Azlinda Ezrina Binti Ariffin
10. Communicate how the company is governed and is performing by maintaining a dialogue with shareholders 
 
and other relevant stakeholders.
The Company encourages two-way communication with various stakeholder groups, including shareholders and responds 
quickly to their relevant queries.
 
The Directors recognise the AGM as an important opportunity to meet shareholders and the Directors are available to 
answer questions raised by the shareholders.
The Company’s website is regularly updated to include business progress, financial performance and corporate actions 
reflecting information that has already been announced by the Company through regulatory announcements.
The Company will announce and post on its website the results of voting on all resolutions in the general meetings (including 
annual general meetings) including any actions to be taken as a result of resolutions for which votes against have been 
received from at least 20 per cent. of independent shareholders.
Under AIM Rule 26, the Company already publishes historical annual reports, notices of meetings and other publications 
over the last five years which can be found here: http://www.mobilityone.com.my/v4/annual-reports.html 
The Company has not published an audit committee or remuneration committee report in its annual report and accounts. 
The Board feels that this is appropriate given the size and stage of development of the Group. The Board will consider 
annually whether it considers it appropriate for these reports to be included in future annual report and accounts.
CORPORATE GOVERNANCE REPORT (CONTINUED)
Board Meetings 
Attended
6
                           6
6
6
6
6
Audit Committee 
Meeting Attended
2
2 
N/A
N/A
2
2
Remuneration 
Committee Meeting 
Attended
2
2
N/A
N/A
2
2

I  20  I
OPINION
We have audited the financial statements of MobilityOne Limited (‘the Company’) and its subsidiaries (together ‘the Group’), 
which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated 
Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Financial Position, 
the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Company Statement of Cash 
Flows and the Notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law 
and International Financial Reporting Standards (IFRSs) as adopted by the European Union. The financial reporting framework 
that has been applied in the preparation of the Company financial statements is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European Union.
In our opinion: 
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2023 and of the Group’s loss for the year then ended; 
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(IFRSs) as adopted by the European Union; 
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Union and as applied in accordance with the requirements and provisions of Companies (Jersey) Law 1991; and 
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BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our 
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial 
statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board 
for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and ethical requirements that are relevant to our 
audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities. We believe that 
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
OUR APPROACH TO THE AUDIT
We tailored the scope of our audit work to ensure we obtained sufficient evidence to support our opinion on the financial 
statements as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls 
and the industry in which the Group operates.
As Group auditor we carried out the audit of the Company financial statements and, in accordance with ISA (UK) 600, obtained 
sufficient appropriate evidence regarding the audit of the Group’s significant components.
The Group financial statements consolidate the Company and eleven subsidiaries.  The subsidiaries are legal entities incorporated 
in Malaysia, Brunei and the Philippines.  The Group financial statements also equity account for an associate, Sincere Acres 
Sdn Bhd, a company registered in Malaysia.  The associate represents a subgroup of the associate and its four subsidiaries.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF  
MOBILITYONE LIMITED

I  21  I
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)
OUR APPROACH TO THE AUDIT (Continued)
We determined MobilityOne Sdn Bhd, One Tranzact Sdn Bhd, OneTransfer Remittance Sdn Bhd and Sincere Acres Sdn Bhd 
to be significant components due to their relative contribution to the results and balances reported in the Group financial 
statements.  The Group engagement team directed, supervised and reviewed the work of the component auditors in Malaysia 
who performed a full scope audit of the significant components. This involved issuing detailed instructions, holding video calls 
and performing a review of audit working papers.  The scope of audit work in respect of Sincere Acres Bhd Sdn, the Group’s 
associate, included testing of that component’s statement of financial position as at the date that the Group gained significant 
influence.
Collectively, the significant components represent over 99% of Group revenue and over 99% of Group assets.
Audit work on the significant components was performed at component materiality levels ranging from £22,000 to £90,000, 
lower than Group materiality (2022: £5,000 to £130,000).  Certain components were audited to a local statutory audit materiality 
that was lower than component materiality.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial 
statements.  In particular, we looked at where the Directors made subjective judgements, for example in respect of significant 
accounting estimates that involved making assumptions and considering future events that are inherently uncertain.  We also 
addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by 
the directors that represented a risk of material misstatement.

I  22  I
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated 
financial statements of the current period and include the most significant assessed risks of material misstatement (whether 
or not due to fraud) we identified, including those which had the greatest effect on the overall audit strategy, the allocation of 
resources in the audit and directing the efforts of the engagement team. 
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)
How our audit addressed the key audit matter
Our audit work included:
- 
Gaining an understanding of the control environment 
 
in which revenue accounting is undertaken;
- 
Performing a walkthrough of key controls associated 
 
with revenue accounting;
- 
Obtaining and reviewing management’s revenue 
 
recognition policy by reference to IFRS 15;
- 
Challenging management on their determination of 
 
whether the Group acts as principal or agent in the 
 
sale of prepaid mobile credit;
- 
Reviewing the work of an auditor’s expert in respect 
 
of the General IT Control environment;
- 
Performing a significant sample of substantive tests 
 
of revenue;
- 
Reviewing revenue recognition by reference to 
 
the performance obligations in the underlying 
 
revenue contracts.
We concluded that revenue recognition is satisfactory 
and in line with the Group’s accounting policy.
Key audit matter
Revenue recognition
The Group recorded significant revenue from the sale 
of prepaid mobile credit, representing over 99% of 
consolidated revenue.  Total revenue recognised in the 
year was £241.7m (2022: £233.8m).
In light of the significance of revenue to the Group 
financial statements, we considered revenue recognition 
to be a Key Audit Matter.

I  23  I
KEY AUDIT MATTERS (Continued)
How our audit addressed the key audit matter
Our audit work included:
- 
Obtaining and reviewing the underlying share 
 
purchase agreement to understand the effective date 
 
of the acquisition and the key terms and conditions;
- 
Challenging management on their assessment of 
 
factors which might indicate that the Group has 
 
control over the investee;
- 
Checking the appropriateness of the accounting 
 
treatment of deferred consideration by reference to 
 
the acquisition agreement;
- 
Discussion with the management of MobilityOne and 
 
Sincere Acres to understand the commercial rationale 
 
for the investment and the future plans of the Sincere 
 
Acres group;
- 
Challenging management on their interpretation of 
 
the nature of the excess consideration over net assets 
 
at purchase date;
- 
Reviewing the basis on which management 
 
determined that no impairment of its net investment 
 
in the associate was required;
- 
Examining the suitability of disclosures associated 
 
with the investment in associate.
We determined that the investment in associate is fairly 
stated in line with the Group’s accounting policy.
Key audit matter
Investment in associate
On 4 October 2023, the Group acquired a 49% interest 
in Sincere Acres Sdn Bhd, the parent company of a 
Malaysian group of companies involved in medical 
technologies including HATI International Sdn Bhd, for 
total consideration of £5.1m.
Management determined that the facts and circumstances 
of the resulting relationship represented significant 
influence and not control.  The investment is therefore 
equity accounted as an associate in line with IAS 28.
As a result, the Group recognised a share of loss of 
associate of £0.1m in the year in respect of the period 
from 4 October 2023 to 31 December 2023.  In light of 
the reported loss, management performed an impairment 
assessment and determined that no impairment was 
required in light of the projected cash flows within the 
Sincere Acres group.
Given the significance of both the investment in the 
consolidated statement of financial position and the 
potential impact of various judgements associated with 
the investment, we determined the Group’s investment 
in Sincere Acres to be a Key Audit Matter.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)

I  24  I
OUR APPLICATION OF MATERIALITY
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. 
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and 
extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of 
misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgment, we determined materiality for the financial statements as a whole as follows:
We set performance materiality at an amount less than materiality for the financial statements as a whole to reduce to an 
appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceed materiality 
for the financial statement as a whole.  Performance materiality was set at £91,000 and £28,000 for the Group and Company 
respectively (2022: £143,250 and £6,750).
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £6,500 
(2022: £10,000) as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the 
preparation of the financial statement is appropriate. 
Our evaluation of the Directors’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting 
included, as part of our risk assessment, review of the nature of the business of the Group and Company, its business model, 
the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the Directors’ 
assessment of the Group’s and the Company’s ability to continue as a going concern, including challenging the underlying data 
and key assumptions used to make the assessment, and evaluated the directors’ plans for future actions in relation to their 
going concern assessment.  We challenged management on the potential cash flow forecasts in scenarios in which the TETE 
Merger occurs during the review period and also where it does not.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)
Overall materiality
How we determined it
Rationale for
benchmark applied
GROUP
£130,000 (2022: £191,000)
1.2% of gross profit
(2022: 1.5% of gross profit)
We believe that gross profit is a principal 
measure used by the members in 
assessing the trading performance 
of the Group and is therefore the 
appropriate benchmark.
COMPANY
£40,000 (2022: £9,000)
2% of gross assets 
(2022: 5% of profit before tax)
As a holding company with no trade and 
one material asset, being an investment 
in subsidiary, we determined that gross 
assets were the most appropriate 
benchmark against which to determine 
materiality.  This is a change from the 
prior period when 5% of profit before tax 
was used.  We consider the change in 
approach better represents the financial 
reporting risks of the entity.

I  25  I
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)
CONCLUSIONS RELATING TO GOING CONCERN (Continued)
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 
individually or collectively, may cast significant doubt on the Group’s and Company’s ability to continue as a going concern for 
a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future 
events or conditions can be predicted this statement is not a guarantee as to the Group’s or Company’s ability to continue as 
a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections 
of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our 
auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion 
on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our 
report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, 
in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge 
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent 
material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a 
material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material 
misstatement of this other information, we are required to report that fact. 
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION BY THE COMPANIES (JERSEY) LAW 1991
In the light of the knowledge and understanding of the Group and Company and its environment obtained in the course of the 
audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies (Jersey) Law 1991 Article 113B 
(3) requires us to report to you if, in our opinion:
v
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from branches not visited by us; or
v
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v
WKH*URXSDQG&RPSDQ\oQDQFLDOVWDWHPHQWVDUHQRWLQDJUHHPHQWZLWKWKHDFFRXQWLQJUHFRUGVDQGUHWXUQV
RESPONSIBILITIES OF DIRECTORS FOR THE GROUP FINANCIAL STATEMENTS
As explained more fully in the directors’ responsibilities statement, the Directors are responsible for the preparation and fair 
presentation of the Group financial statements in accordance with IFRS, and for such internal control as the directors determine 
is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud 
or error.

I  26  I
RESPONSIBILITIES OF DIRECTORS FOR THE GROUP FINANCIAL STATEMENTS (Continued)
In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s and the Company’s 
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 
basis of accounting unless the Directors either intend to liquidate the Group or the Company or to cease operations, or have 
no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable 
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always 
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the 
basis of these financial statements.
THE EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES INCLUDING FRAUD
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and 
non-compliance with laws and regulations, was as follows:
v
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skills to identify or recognise non-compliance with applicable laws and regulations.
v
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v
ZHIRFXVHGRQVSHFLoFODZVDQGUHJXODWLRQVZKLFKZHFRQVLGHUHGPD\KDYHDGLUHFWPDWHULDOHIIHFWRQWKHoQDQFLDO 
 
statements or the operations of the Group and Company, including company law and taxation legislation in Malaysia. 
v
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and inspecting legal correspondence.
v
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of non-compliance throughout the audit; and
v
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understanding of how fraud might occur, by:
 
o 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, 
 
 
suspected and alleged fraud; and
 
o 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)

I  27  I
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF 
MOBILITYONE LIMITED (CONTINUED)
TO ADDRESS THE RISK OF FRAUD THROUGH MANAGEMENT BIAS AND OVERRIDE OF CONTROLS, WE:
v
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v
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v
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statements were indicative of potential bias;
v
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v
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included, but were not limited to:
 
o 
agreeing financial statement disclosures to underlying supporting documentation;
 
o 
reading the minutes of meetings of those charged with governance;
 
o 
enquiring of management as to actual and potential litigation and claims; and
 
o 
reviewing correspondence with local tax authorities and the Group’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed laws and regulations are from 
financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit 
procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management 
and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve 
deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s 
website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
USE OF THIS REPORT
This report is made solely to the company’s members, as a body, in accordance with Article 113A of the Companies (Jersey) 
Law 1991. Our audit work has been undertaken so that we might state to the company’s members those matters we are required 
to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this 
report, or for the opinions we have formed.
Joseph Brewer
For and on behalf of Gravita Audit Limited (Statutory Auditor)
Aldgate Tower
2 Leman Street
London
EC1 8FA
Date: 19 August 2024

I  28  I
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2023
Revenue
Cost of sales
GROSS PROFIT
Other operating income
Administration expenses
Other operating expenses
Net loss on financial instruments
OPERATING (LOSS)/PROFIT
Finance income
Finance costs
Share of post-tax loss of equity accounted associates
(LOSS)/PROFIT BEFORE TAX
Tax
(LOSS)/PROFIT FROM CONTINUING OPERATIONS
(LOSS)/PROFIT
Attributable to:
Owners of the parent
Non-controlling interests
(LOSS)/PROFIT PER SHARE  
Basic earnings per share (pence) 
Diluted earnings per share (pence) 
2022
£
    233,761,671
(221,010,827)
 
12,750,844 
145,674 
(11,940,311)
(304,196)
(273,642)
378,369 
37,752
(137,143)
-
278,978 
(262,350)
16,628
16,628
23,857 
(7,229) 
16,628 
 
 
 
0.022 
0.021
2023
£
241,673,952
(229,742,340)
11,931,612
136,872
(12,547,017)
(220,895)
(351,387)
(1,050,815)
41,033
(236,058)
(123,774)
(1,369,614)
(38,518)
(1,408,132)
(1,408,132)
(1,408,482)
350
(1,408,132)
(1.325)
(1.325)
Note
5
15
6
16
7
8
10
10
The notes form part of these financial statements

I  29  I
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2023
(LOSS)/PROFIT FOR THE YEAR 
OTHER COMPREHENSIVE (LOSS)/PROFIT 
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation 
TOTAL COMPREHENSIVE (LOSS)/PROFIT 
Total comprehensive (loss)/profit attributable to:  
Owners of the parent
Non-controlling interests
2022
£
16,628
354,322
370,950
378,832
(7,882)
370,950
2023
£
(1,408,132)
(542,104)
(1,950,236)
(1,952,013)
1,777
(1,950,236)
The notes form part of these financial statements

I  30  I
The notes form part of these financial statements
As at 1 January 2023
Comprehensive profit
Profit for the year
Foreign currency 
   translation
Total comprehensive profit
   for the year
At 31 December 2023
Share 
Premium
£
909,472 
 
 
                -  
              
  -  
 
            
    -  
  
909,472 
Total
£
5,229,809 
 
 
(1,408,482)
(543,531)
(1,952,013)
3,277,796
 
Total
Equity
£
5,214,698 
 
 
(1,408,132)
(542,104)
(1,950,236)
3,264,462
Foreign 
Currency 
Translation 
Reserve
£
1,047,682 
 
 
-
(543,531)
(543,531)
504,151
 
Share 
Capital
£
2,657,470 
 
 
-  
-  
 
-  
  
2,657,470
 
Accum. 
Losses
£
 (93,766)
 
 
(1,408,482)
-
(1,408,482)
(1,502,248)
Non-
Controlling
 Interests
£
 (15,111)
 
 
350
1,427
1,777
(13,334)
Reverse
Acquisition
Reserve
£
708,951 
 
 
-  
-  
 
-  
  
708,951 
Non-Distributable
 Attributable to Owners of the Parent 
Distributable
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023

I  31  I
 Attributable to Owners of the Parent 
The notes form part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
For the year ended 31 December 2023
At 1 January 2022
Comprehensive profit
Profit for the year
Foreign currency 
   translation
Total comprehensive 
   profit for the year
At 31 December 2022
Share 
Premium
£
909,472
-
-
-
909,472
Total
£
4,850,977 
 
 
23,857 
354,975
378,832
5,229,809 
Total
Equity
£
4,843,748 
 
 
16,628 
354,322
370,950
5,214,698 
Foreign 
Currency 
Translation 
Reserve
£
692,707 
 
 
-
354,975
354,975
1,047,682 
Share 
Capital
£
2,657,470
-
-
-
2,657,470
Accum. 
Losses
£
 (117,623)
 
 
23,857 
-
23,857
(93,766)
Non-
Controlling
 Interests
£
 (7,229)
 
 
(7,229)
(653)
(7,882)
(15,111)
Reverse
Acquisition
Reserve
£
708,951
-
-
-
708,951
Non-Distributable
Distributable
Share capital is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital over the nominal value of the respective shares net 
of share issue expenses.
The reverse acquisition reserve relates to the adjustment required by accounting for the reverse acquisition in accordance with IFRS 3.
The Company’s assets and liabilities stated in the Statement of Financial Position were translated into Pound Sterling (£) using the closing 
rate as at the Statement of Financial Position date and the Income Statements were translated into £ using the average rate for that 
period. All resulting exchange differences are taken to the foreign currency translation reserve within equity.
Accumulated losses represent the cumulative earnings of the Group attributable to equity shareholders.
Non-controlling interests represent the share of ownership of subsidiary companies held outside the Group.

I  32  I
The notes form part of these financial statements
COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
As at 1 January 2023
Loss for the year
At 31 December 2023
As at 1 January 2022
Loss for the year
At 31 December 2022
Total
£
1,355,697 
-
1,081,023
 
 
1,533,822 
(178,125)
1,355,697 
 
Share
Premium
£
909,472 
-
909,472 
 
 
909,472 
 
-  
 
909,472 
 
Accumulated 
Losses
£
(2,211,245)
(274,674)
(2,485,919)
 
 
(2,033,120)
(178,125)
(2,211,245)
Share
Capital
£
2,657,470
-
2,657,470
 
 
2,657,470 
 
-  
 
2,657,470 
Non-Distributable

I  33  I
The notes form part of these financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the year ended 31 December 2023
ASSETS
Non-current assets
Intangible assets
Property, plant and equipment 
Investment property
Right-of-use assets
Trade and other receivables
Investment in associate
Other investment
Current assets
Inventories
Trade and other receivables
Other financial assets
Tax recoverable
Cash and cash equivalents
TOTAL ASSETS
SHAREHOLDERS’ EQUITY
Equity attributable to owners of the parent:
Called up share capital
Share premium
Reverse acquisition reserve
Foreign currency translation reserve
Accumulated losses
Shareholders’ equity
Non-controlling interests
TOTAL EQUITY
Restated
2022
£
214,180
839,069 
283,125
182,935 
228,050
-
12,281
1,759,640 
3,189,901 
2,179,785 
652,206
183,321 
4,362,966 
10,568,179 
12,327,819 
 
 
 
2,657,470 
909,472 
708,951 
1,047,682 
(93,766)
5,229,809 
(15,111)
5,214,698 
2023
£
567,823
544,033
250,102
154,755
258,428
5,010,284
11,116
6,796,541
1,912,675
2,688,902
600,694
163,452
3,536,135
8,901,858
15,698,399
2,657,470
909,472
708,951
504,151
(1,502,248)
3,277,796
(13,334)
3,264,462
Note
11
12
13
14
15
16
 
 
17
15
18
 
19
 
 
 
 
 
20
21
22
23
24

I  34  I
The notes form part of these financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
For the year ended 31 December 2023
LIABILITIES
Non-current liability
Loans and borrowings – secured
Lease liabilities
Deferred tax liabilities
Current liabilities
Trade and other payables
Deferred consideration due
Amount due to Directors
Loans and borrowings - secured
Lease liabilities
Tax payables
Total liabilities
TOTAL EQUITY AND LIABILITIES
2022
£
 221,697 
98,450 
15,484 
335,631 
2,947,056
-
66,855 
3,647,482 
105,316
10,781 
6,777,490 
7,113,121 
12,327,819 
 
2023
£
189,428
101,465
46,066
336,959
3,169,711
4,788,453
35,300
4,036,396
65,372
1,746
12,096,978
12,433,937
15,698,399
Note
25
14
 
 
 
26
16
27
25
14
The financial statements were approved and authorised by the Board of Directors on 19 August 2024 and were signed on its behalf by: 
...........................................................................
Dato’ Hussian @ Rizal bin A. Rahman
Chief Executive Officer

I  35  I
The notes form part of these financial statements
2022
£
1,976,339 
55,638
11,264 
66,902 
2,043,241 
2,657,470 
909,472 
(2,211,245)
1,355,697 
10,658
612,703 
64,183
687,544 
2,043,241
COMPANY STATEMENT OF FINANCIAL POSITION
For the year ended 31 December 2023
ASSETS
Non-current asset
Investment in subsidiary companies
Current assets
Amount owing from subsidiary companies
Cash and cash equivalents
TOTAL ASSETS
SHAREHOLDERS’ EQUITY
Equity attributable to owners of the parent:
Called up share capital
Share premium
Accumulated losses
TOTAL EQUITY
Current liabilities
Trade and other payables
Amount due to subsidiary companies
Amount due to Directors
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES
2023
£
1,976,339
1,735
9,930
11,665
1,988,004
2,657,470
909,472
(2,485,919)
1,081,023
995
870,686
35,300
906,981
1,988,004
Note
28
 
19
 
 
 
 
 
 
 
20
21
24
 
 
 
 
26
26
27
The financial statements were approved and authorised by the Board of Directors on 19 August 2024 and were signed on its behalf by: 
...........................................................................
Dato’ Hussian @ Rizal bin A. Rahman
Chief Executive Officer

I  36  I
The notes form part of these financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
Cash flow from operating activities
Cash flow from operations
Interest received
Tax paid
Tax refund
Net cash from/(used in) operating activities
Cash flow from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Addition in other investment
Addition to investments in associate
Proceeds from disposal of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities
Interest paid
Net change of banker acceptance
Net change in other financial assts pledged
Repayment of lease liabilities
Repayment of term loan
Net cash from financing activities
(Decrease) in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Restated
2022
£
(614,763) 
 35,933 
(421,991)
5,532
(995,289)
(390,056)
-
(12,281)
-
8,465
(393,872)
(137,143)
1,562,937
(652,206)
(111,144)
(9,615)
652,829
(736,332) 
433,774 
4,665,524 
4,362,966 
2023
£
213,934
39,435
(168,251)
157,324
242,442
(47,092)
(373,965)
-
(342,032)
2,018
(761,071)
(236,058)
389,297
51,512
(96,503)
(11,617)
96,631
(421,998)
(404,833)
4,362,966
3,536,135
Note
29
 
 
 
 
 
 
 
12
 
 
 
 
 
25
14
 
 
 
 
 
 
 
 
 
 
19

I  37  I
The notes form part of these financial statements
COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
Cash flow from operating activities
Cash depleted in operations
Cash flow from investing activities
Advances to a subsidiary company, representing net cash
   from investing activities
Cash flow from financing activity
Advances from a subsidiary company, representing net cash
   from financing activity
Increase in cash and cash equivalents
 
Cash and cash equivalents at beginning of year
 
Cash and cash equivalents at end of year
2022
£
16
-
-
16 
11,248 
11,264 
2023
£
(1,334)
-
-
(1,334)
11,264
9,930
Note
29
 
 
 
 
 
 
 
19

I  38  I
1.  GENERAL INFORMATION
The principal activity of the Company is investment holding. The principal activities of the subsidiary companies are set out 
in Note 28 to the financial statements. There were no significant changes in the nature of these activities during the year. 
The Company is incorporated in Jersey, the Channel Islands under the Companies (Jersey) Law 1991. The registered office 
is located at 13 Castle Street, St Helier, Jersey JE1 1ES, Channel Islands. The consolidated financial statements for the year 
ended 31 December 2023 comprise the results of the Company and its subsidiary companies. The Company’s ordinary 
shares are traded on AIM of the London Stock Exchange.
MobilityOne Limited is the holding company of an established group of companies (“Group”) based in Malaysia which is in 
the business of providing e-commerce infrastructure payment solutions and platforms through their proprietary technology 
solutions.
The Group has developed an end-to-end e-commerce solution which connects various service providers across several 
industries such as banking, telecommunication and transportation through multiple distribution devices such as EDC 
terminals, short messaging services, Automated Teller Machine and Internet banking.
The Group’s technology platform is flexible, scalable and has been designed to facilitate cash, debit card and credit card 
transactions (according to the device) from multiple devices while controlling and monitoring the distribution of different 
products and services.
2. ACCOUNTING POLICIES
Basis of preparation
 
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs and 
IFRIC interpretations) issued by the International Accounting Standards Board (IASB), as adopted by the European Union, 
and with those parts of the Companies (Jersey) Law 1991 applicable to companies preparing their financial statements 
under IFRS. The financial statements have been prepared under the historical cost convention.
Going Concern
The Group’s business activities, together with the factors likely to affect its future development, performance and position, 
are set out in Chairman’s statement on page 2. The financial position of the Group, its cash flows, liquidity position and 
borrowing facilities are described in the financial statements and associated notes. In addition, Note 3 to the financial 
statements includes the Group’s objectives, policies and processes for managing its capital; its financial risk management 
objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk.
In order to assess the going concern of the Group, the Directors have prepared cashflow forecasts for companies within 
the Group. These cashflow forecasts show the Group expect an increase in revenue and will have sufficient headroom over 
available banking facilities. The Group has obtained banking facilities sufficient to facilitate the growth forecast in future 
periods. No matters have been drawn to the Directors’ attention to suggest that future renewals may not be forthcoming 
on acceptable terms.  
In addition, the controlling shareholder has also undertaken to provide support to enable the Group to meet its debts as 
and when they fall due.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023

I  39  I
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
2. ACCOUNTING POLICIES (Continued)
Going Concern (continued)
The Group reported a loss after tax for the year of £1,408,132 (2022: profit after tax of £16,628). Additionally, the Group's 
current liabilities of £12,096,879 exceed current assets of £8,901,858 by £3,195,021. Therefore, the Directors have carefully 
considered the impact of these metrics on the ability of the Group and Company to continue as a going concern and hence 
whether it remains appropriate for the financial statements to be prepared on a going concern basis.
Whilst the Group reported a loss after tax, the Board notes that this loss reflects a number of significant non-cash items. 
The Board notes that the consolidated cash flow statement illustrates that the Group's operating activities generated net 
cash of £242,442 in the year and that the cash depletion seen during the year arose from investing activities, specifically the 
Group's initial investment in Sincere Acres and its investment in new technology represented by the development assets 
held at year end. The Board carefully reviewed cash balances and projected cash requirements before undertaking these 
investing activities since the return from investment activities is likely to arise over a period of years. The Board is satisfied 
that appropriate monitoring was applied to liquidity rise where performing an assessment of the economic and financial 
viability of a potential investment project.
In assessing the impact of the net current liability position, the Board notes that this arises solely from the contractual 
arrangements entered into as part of the acquisition of the Group's 49% interest in Sincere Acres.  Under that agreement, 
RM28 million (£4.8 million) remained payable as at 31 December 2023 in line with the terms of the acquisition. In the event 
the outstanding consideration is not settled in cash, the Group intends to surrender its 49% equity interest in Sincere Acres 
back to the vendor. As such, the Board considers that in the event that insufficient funds are available to settle the deferred 
consideration, the consideration will not be settled. The Group’s investment in Sincere Acres is not yet cash generative and 
so the relinquishment of this asset would not impact the Group wider prospects of conducting cash generative activity.
The Board has considered alternative going concern scenarios in order to ensure a robust assessment is made.  In the 
base case scenario, which the Board considers is the most likely scenario, the TETE Merger described in detail in Note 
34, will proceed in the near term.  Under the terms of the Merger Exercise, the Group would receive RM40 million (£6.8 
million) within 14 days of the completion date and a further RM20 million (£3.4 million) within 180 days. Therefore, in the 
base case scenario, the Group will generate free cash to settle the Sincere Acres consideration plus additional cash to 
utilise in new projects and investment.
The Directors have also had regard to an alternative scenario in which the TETE Merger exercise is delayed or does not 
complete in line with the Board's expectation.  Cash flow projections have been prepared in this downside scenario to model 
the ability of the Group to continue to meet its obligations as they fall due, including in a case whereby sales of prepay 
mobile credit fall below expectations and other revenues generated by the Group do not grow as expected.  The Board has 
modelled a prudent scenario in which the achievable gross margin is assumed to fall.  It is noted that the Group incurs a 
material proportion of costs which are directly related to the levels of revenue generated such as the purchase of inventory 
and commissions associated with the level of activity on the Group's or its partners' platforms.  Further, the Group has 
limited committed spend, unutilised headroom in the facilities provided by its banking partners and a continuing undertaking 
of support from its CEO. The Board further notes that whilst the Group has been supported by short term debt products 
in recent years, the option of an issue of shares on AIM is available, albeit the Board has no current plan to seek a placing.
As noted in this Annual Report, a review has also been performed in respect of the wider prospects of the Group in light of 
developments in the wider Malaysian economy and note encouraging trends in economic growth, the digitisation of economic 
activity and continuing growth in the value of economic activity in the payments space in Malaysia and the wider region.

I  40  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2. ACCOUNTING POLICIES (Continued)
Going Concern (continued)
In light of the review performed and consideration of all factors, the Board has concluded that it is appropriate to continue to 
present the financial statements on a going concern basis and, that whilst the future is inherently uncertain, the uncertainties 
associated with this assessment are sufficiently mitigated through the initiatives and options available to the Board.
Estimation uncertainty and critical judgements
The significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most 
significant effect on the amount amortisation in the financial statements are as follows:
(i) 
Significant influence over Sincere Acres Sdn. Bhd.
 
Note 16 describes Sincere Acres Sdn. Bhd. which is an associate of the Group. The Group has significant influence 
 
over Sincere Acres Sdn. Bhd. by virtue of its 49% ownership interest in Sincere Acres Sdn. Bhd. Management considers 
 
that there are no commercial, practical or legal factors which would be indicative of the ability to control Sincere Acres. 
 
The Group’s 49% equity interest confers no enhanced rights above other shareholders and the Group has no ability 
 
to direct the day to day operations of Sincere Acres.
(ii) Impairment of investment in associate
 
The Group and the Company review its investment in associate when there are indicators of impairment. Impairment 
 
is measured by comparing the carrying amount of an investment with its recoverable amount. Significant judgement is 
 
required in determining the recoverable amount. Estimating the recoverable amount requires the Group and the Company 
 
to make an estimate of the expected future cash flows from the cash-generating units and also to determine a suitable 
 
discount rate in order to calculate the present value of those cash flows.
 
The associate reported a loss in the reporting period which was considered an impairment indicator and so an impairment 
 
review was performed.  This involved an assessment of the associate's proven ability to win contracts in the past, the 
 
extent and position of potential projects, a review of the potential market for Hati's medtech products and the commercial 
 
prospects of the business.  In light of these factors it was determined that no impairment was required.
(iii) Depreciation of property, plant and equipment
 
The costs of property, plant and equipment of the Group are depreciated on a straight-line basis over the useful lives of 
 
the assets. Management estimates the useful lives of the property, plant and equipment to be within 3 to 50 years. 
 
These are common life expectancies applied in the industry. Changes in the expected level of usage and technological 
 
developments could impact the economic useful lives and the residual values of these assets, therefore future 
 
depreciation charges could be revised. The carrying amounts of the Group’s property, plant and equipment as at 31 
 
December 2023 are disclosed in Note 12 to the financial statements.

I  41  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2. ACCOUNTING POLICIES (Continued)
Estimation uncertainty and critical judgements (continued)
(iv) Amortisation of intangible assets
 
Software is amortised over its estimated useful life. Management estimated the useful life of this asset to be 10 years. 
 
Changes in the expected level of usage and technological development could impact the economic useful life therefore 
 
future amortisation could be revised.
 
The research and development costs are amortised on a straight-line basis over the life span of the developed assets. 
 
Management estimated the useful life of these assets to be within 5 years. Changes in the technological developments 
 
could impact the economic useful life and the residual values of these assets, therefore future amortisation charges 
 
could be revised.
 
The carrying amounts of the Group’s intangible assets as at 31 December 2023 are disclosed in Note 11 to the financial 
 
statements.
 
However, if the projected sales do not materialise there is a risk that the value of the intangible assets shown above 
 
would be impaired.
(v) Impairment of goodwill on consolidation
 
The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the 
 
value-in-use of the cash generating units (“CGU”) to which goodwill is allocated. Estimating a value-in-use amount 
 
requires management to make an estimation of the expected future cash flows from the CGU and also to choose a 
 
suitable discount rate in order to calculate the present value of those cash flows.
 
The relevant cash generating unit’s cash flow projections include estimates of future sales. However, if the projected 
 
sales do not materialise there is a risk that the value of goodwill would be impaired.
 
The Directors have carried out a detailed impairment review in respect of goodwill. The Group assesses at each reporting 
 
date whether there is an indication that an asset may be impaired, by considering the cash flows forecasts. The cash 
 
flow projections are based on the assumption that the Group can realise projected sales. A prudent approach has 
 
been applied with no terminal value being factored. At the period end, based on these assumptions, there was indication 
 
of impairment of the value of goodwill.
 
The carrying amount of the Group’s goodwill on consolidation as at 31 December 2023 is disclosed in the Note 11 to 
 
the financial statements.
(vi) Going concern
 
The Group determines whether it has sufficient resources in order to continue its activities by reference to budget 
 
together with current and forecast liquidity. This requires an estimate of the availability of such funding which is critically 
 
dependent on external borrowings support from the majority shareholders of the Group and, to an extent, macroeconomic 
 
factors. 

I  42  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2. ACCOUNTING POLICIES (Continued)
Estimation uncertainty and critical judgements (continued)
(vii) Revenue Recognition – Principal versus Agent considerations
 
The Company recognises revenue from contracts with customers when control of the promised goods or services is 
 
transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled 
 
in exchange for those goods or services. The Company acts as a principal in transactions where it is primarily responsible 
 
for fulfilling the promise to provide goods or services to the customer. This determination is primarily based on the 
 
inventory risk borne by the Group, as it holds and manages the inventory before the transfer of control to the customer.
 
Revenue is recognized at the gross amount of consideration received or receivable from customers for whom we are 
 
acting as a principal, net of any sales taxes, duties, and rebates. The Company evaluates its role as principal or agent 
 
in each transaction and applies judgment based on the specific facts and circumstances of each contract.
(viii) Inventories valuation
 
Inventories are measured at the lower of cost and net realisable value. The Company estimates the net realisable value 
 
of inventories based on an assessment of expected sales prices. Demand levels and pricing competition could change 
 
from time to time. If such factors result in an adverse effect on the Group’s products, the Group might be required to 
 
reduce the value of its inventories. Details of inventories are disclosed in Note 17 to the financial statements.
(ix) Income taxes
 
Judgement is involved in determining the provision for income taxes. There are certain transactions and computations 
 
for which the ultimate tax determination is uncertain during the ordinary course of business.
 
The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. 
 
Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences 
 
will impact the income tax and deferred tax provisions in the period in which such determination is made. As at 31 
 
December 2023, the Group has tax recoverable of £163,452 (2022: £183,321).

I  43  I
2. ACCOUNTING POLICIES (Continued)
 
IFRS AND IAS UPDATE FOR 31 DECEMBER 2023 ACCOUNTS 
 
The impact of new IFRSs adopted during the year
 
During the current year, the Group adopted all new and revised standards and interpretations issued by the International 
 
Accounting Standards Board and the International Financial Reporting Interpretations Committee and that are endorsed 
 
by the EU that are effective for annual accounting periods beginning on 1 January 2023. None of them had a material impact 
 
on the group financial statements.
 
- 
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
 
 
The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their 
 
 
significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the 
 
 
concept of materiality to accounting policy disclosures. 
 
- 
Definition of Accounting Estimates (Amendments to IAS 8)
 
 
The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting 
 
 
estimates. That distinction is important because changes in accounting estimates are applied prospectively only to 
 
 
future transactions and other future events, but changes in accounting policies are generally also applied retrospectively 
 
 
to past transactions and other past events. 
 
- 
Deferred Tax Relating to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
 
 
IAS 12 specifies how a company accounts for income tax, including deferred tax, which represents tax payable or 
 
 
recoverable in the future. In specified circumstances, companies are exempt from recognising deferred tax when they 
 
 
recognise assets or liabilities for the first time. The amendments clarify that the exemption does not apply and that 
 
 
companies are required to recognise deferred tax on such transactions.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  44  I
2. ACCOUNTING POLICIES (Continued)
 
IFRS AND IAS UPDATE FOR 31 DECEMBER 2023 ACCOUNTS 
 
Standards, interpretations and amendments to published standards that are not yet effective
 
The following standards, amendments and interpretations applicable to the Group are in issue but are not yet effective 
 
and have not been early adopted in these financial statements. They may result in consequential changes to the accounting 
 
policies and other note disclosures. We do not expect the impact of such changes on the financial statements to be material. 
 
These are outlined in the table below: 
 
Amendments to IFRS 16 
Lease Liability in a Sale and Leaseback 
 
 
 
 
Amendments to IAS 1 
Non-current Liabilities with Covenants 
 
 
 
 
Amendments to IAS 7  
Supplier Finance Arrangements
 
 
and IFRS 17 
 
 
 
 
 
Amendments to IAS 12 
The Effects of Changes in Foreign Exchange Rates 
 
 
 
– Lack of Exchangeability 
 
 
 
Amendments to IFRS 9  
Amendments to the Classification and Measurement
 
 
and IFRS 7 
of Financial Instruments 
 
IFRS 18 
Presentation and Disclosure in Financial Statements 
 
IFRS 19 
Subsidiaries without Public Accountability Disclosures 
 
Amendments to IFRS 10  
Sale or Contribution of Assets between an Investor and
 
 
and IAS 28 
its Associate or Joint Venture 
 
 
 
The Directors anticipate that the adoption of these standards and the interpretations in future periods will have no material 
 
impact on the financial statements of the Group.
 
Basis of consolidation
 
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the 
 
Company (its subsidiary companies) made up to 31 December each year. Control is achieved where the Company has the 
 
power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
 
Transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are 
 
also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of its subsidiary 
 
companies have been changed (where necessary) to ensure consistency with the policies adopted by the Group. 
Effective dates for 
financial periods 
beginning on or after
1 January 2024
1 January 2024
1 January 2024
1 January 2025
1 January 2026
1 January 2027
1 January 2027
Deferred until further 
notice
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  45  I
2. ACCOUNTING POLICIES (Continued)
 
Basis of consolidation (Continued)
 
(i) 
Subsidiary companies
 
 
Subsidiary companies are entities over which the Group has the ability to control the financial and operating policies 
 
 
so as to obtain benefits from their activities. The existence and effect of potential voting rights that are currently 
 
 
exercisable or convertible are considered when assessing whether the Group has such power over another entity.
 
 
In the Company’s separate financial statements, investments in subsidiary companies are stated at cost less impairment 
 
 
losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is 
 
 
included in profit or loss.
 
(ii) Basis of consolidation
 
 
On 22 June 2007 MobilityOne Limited acquired the entire issued share capital of MobilityOne Sdn. Bhd. By way of a 
 
 
share for share exchange, under IFRS this transaction meets the criteria of a Reverse Acquisition. The consolidated 
 
 
accounts have therefore been presented under the Reverse Acquisition Accounting principles of IFRS 3 and show 
 
 
comparatives for MobilityOne Sdn. Bhd. For financial reporting purposes, MobilityOne Sdn. Bhd. (the legal subsidiary 
 
 
company) is the acquirer and MobilityOne Limited (the legal parent company) is the acquiree.
 
 
No goodwill has been recorded and the difference between the parent Company’s cost of investment and MobilityOne 
 
 
Sdn. Bhd.’s share capital and share premium is presented as a reverse acquisition reserve within equity on consolidation. 
 
 
The consolidated financial statements incorporate the financial statements of the Company and all entities controlled by 
 
 
it after eliminating internal transactions. Control is achieved where the Group has the power to govern the financial 
 
 
and operating policies of a Group undertaking so as to obtain economic benefits from its activities. Undertakings’ 
 
 
results are adjusted, where appropriate, to conform to Group accounting policies.
 
Subsidiary companies are consolidated from the date of acquisition, being the date on which the Group obtains control, 
 
and continue to be consolidated until the date that such control ceases. In preparing the consolidated financial statements, 
 
intra-group balances, transactions and unrealised gains or losses are eliminated in full. Uniform accounting policies are 
 
adopted in the consolidated financial statements for like transactions and events in similar circumstances. 
 
The share capital in the consolidated statement of changes in equity for both the current and comparative period uses a 
 
historic exchange rate to determine the equity value.
 
As permitted by and in accordance with Article 105 of the Companies (Jersey) Law 1991, a separate income statement of 
 
MobilityOne Limited, is not presented.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  46  I
2. ACCOUNTING POLICIES (Continued)
 
Revenue recognition
 
(i) 
Revenue from trading activities
 
 
Revenue in respect of using the Group’s e-Channel platform arises from the sales of prepaid credit, sales commissions 
 
 
received and fees per transaction charged to customers. Revenue for sales of prepaid credit is deferred until such 
 
 
time as the products and services are delivered to end users. The delivery of products is typically immediately upon 
 
 
purchase and therefore revenue is recorded at point in time, being the date of the underlying customer’s purchase of 
 
 
prepaid credit or the transaction giving rise to a commission. Sales commissions and transaction fees are received from 
 
 
various product and services providers and are recognised when the services are rendered and transactions are 
 
 
completed. 
 
 
Revenue from solution sales and consultancy comprise sales of software solutions, hardware equipment, consultancy 
 
 
fees and maintenance and support services.  For sales of hardware equipment, revenue is recognised when the 
 
 
significant risks associated with the equipment are transferred to customers or the expiry of the right of return. For all 
 
 
other related sales, revenue is recognised upon delivery to customers and over the period in which services are expected 
 
 
to be provided to customers.
 
 
Revenue from remittance comprises transaction service fees charged to customers/senders. Transaction fees are 
 
 
received from senders and are recognised when the services are rendered and transactions are completed.
 
 
More than 95% of the Group’s revenue for the financial ended 31 December 2023 was generated in Malaysia and none 
 
 
of the revenue was derived in the United Kingdom or Channel Islands.
 
(ii) Interest income
 
 
Interest income on lending activities is recorded by reference to the effective interest method. Where there has been 
 
 
a significant increase in credit risk, interest is only recorded by reference to the net carrying value of the receivable.
 
(iii) Rental income
 
 
Rental income is recognised on an accrual basis.
 
Employee benefits
 
(i) 
Short term employee benefits
 
 
Wages, salaries, bonuses and social security contributions are recognised as an expense in the period in which the 
 
 
associated services are rendered by employees of the Group. Short term accumulating compensated absences 
 
 
such as paid annual leave are recognised when services are rendered by employees that increase their entitlement 
 
 
to future compensation absences. Short term non-accumulating compensated absences such as sick and medical 
 
 
leave are recognised when the absences occur. 
 
 
The expected cost of accumulating compensated absences is measured as the additional amount expected to be paid 
 
 
as a result of the unused entitlement that has accumulated at the Statement of Financial Position date.
 
(ii) Defined contribution plans
 
 
As required by law, companies in Malaysia make contributions to the state pension scheme, the Employees Provident 
 
 
Fund (“EPF”). Such contributions are recognised as an expense in the income statement in the period to which they 
 
 
relate. The other subsidiary companies also make contribution to their respective countries’ statutory pension schemes.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  47  I
2. ACCOUNTING POLICIES (Continued)
 
Functional currency translation
 
(i) 
Functional and presentation currency
 
 
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
 
 
economic environment in which the entity operates (the functional currency). The functional currency of the Group 
 
 
is Ringgit Malaysia (RM). The consolidated financial statements are presented in Pound Sterling (£), which is the 
 
 
Company’s presentational currency as this is the currency used in the country in which the entity is listed.
 
 
Assets and liabilities are translated into Pound Sterling (£) at foreign exchange rates ruling at the Statement of Financial 
 
 
Position date. Results and cash flows are translated into Pound Sterling (£) using average rates of exchange for the 
 
 
period.
 
(ii) Transactions and balances
 
 
Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of 
 
 
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the 
 
 
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised 
 
 
in the income statement.
 
 
The financial information set out below has been translated at the following rates:
 
 
 
Year ended 31 December 2023
 
 
Year ended 31 December 2022
 
Taxation
 
Taxation on the income statement for the financial period comprises current and deferred tax. Current tax is the expected 
 
amount of taxes payable in respect of the taxable profit for the financial period and is measured using the tax rates that 
 
have been enacted at the Statement of Financial Position date.
 
Deferred tax is recognised on the liability method for all temporary differences between the carrying amount of an asset 
 
or liability in the Statement of Financial Position and its tax base at the Statement of Financial Position date. Deferred tax 
 
liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible 
 
temporary differences, unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will 
 
be available against which the deductible temporary differences, unused tax losses and unused tax credits can be recognised. 
 
Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial 
 
recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, 
 
affects neither accounting profit nor taxable profit.
 
Exchange rate (RM: £)
Average for 
year
5.68
5.43
At Statement 
of Financial 
Position date
5.85
5.29
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  48  I
2. ACCOUNTING POLICIES (Continued)
 
Taxation (Continued)
 
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is 
 
recognised or the liability is settled, based on the tax rates that have been enacted or substantively enacted by the Statement 
 
of Financial Position date. The carrying amount of a deferred tax asset is reviewed at each Statement of Financial Position 
 
date and is reduced to the extent that it becomes probable that sufficient future taxable profit will be available.
 
Deferred tax is recognised in the income statement, except when it arises from a transaction which is recognised directly in 
 
equity, in which case the deferred tax is also charged or credited directly in equity, or when it arises from a business 
 
combination that is an acquisition, in which case the deferred tax is included in the resulting goodwill or negative goodwill.
 
Intangible assets 
 
(i) 
Research and development costs
 
 
All research costs are recognized in the income statement as incurred.
 
 
Expenditure incurred on projects to develop new products is recognised and capitalised only when the Group can 
 
 
demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its 
 
 
intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the 
 
 
availability of resources to complete the project and the ability to measure reliably the expenditure during the development. 
 
 
Product development expenditures which do not meet these criteria are expensed when incurred. 
 
 
Development costs, considered to have finite useful lives, are stated at cost less any impairment losses and are 
 
 
amortised through other operating expenses in the income statement using the straight-line basis over the commercial 
 
 
lives of the underlying products not exceeding five years. Impairment is assessed whenever there is an indication of 
 
 
impairment and the amortisation period and method are also reviewed at least at each Statement of Financial Position 
 
 
date.
 
(ii) Goodwill on consolidation
 
 
Goodwill acquired in a business combination is initially measured at cost, representing the excess of the purchase 
 
 
price over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. 
 
 
Following the initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is not 
 
 
amortised but instead, it is reviewed for impairment annually or more frequent when there is objective evidence that 
 
 
the carrying value may be impaired, in accordance with the accounting policy disclosed in impairment of assets. 
 
 
Gains or losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
 
(iii) Software
 
 
Software which forms an integral part of the related hardware is capitalised with that hardware and included within 
 
 
property, plant and equipment. Software which are not an integral part of the related hardware are capitalised as 
 
 
intangible assets.
 
 
Acquired computer software licenses are capitalised on the basis of the costs incurred to acquired and bring to use 
 
 
the specific software. These costs are amortised over their estimated useful life of 10 years.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  49  I
2. ACCOUNTING POLICIES (Continued)
 
Impairment of assets
 
The carrying amounts of assets are reviewed at each reporting date to determine whether there is any indication of impairment.
 
If any such indication exists then the asset’s recoverable amount is estimated.
 
An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable 
 
amount A cash-generating unit is the smallest identifiable asset group that generates cash flows that are largely independent 
 
from other assets and groups. Impairment losses are recognized in the income statement in the period in which it arises. 
 
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any 
 
goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a 
 
pro rata basis.
 
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to 
 
sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount 
 
rate that reflects current market assessments of the time value of money and the risks specific to the asset.
 
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other than goodwill is 
 
reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the 
 
last impairment loss was recognised. The carrying amount of an asset other than goodwill is increased to its revised 
 
recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net 
 
of amortisation or depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of impairment 
 
loss for an asset other than goodwill is recognized in the income statement.
 
Property, plant and equipment
 
(a) Recognition and measurement
 
 
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. 
 
 
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed 
 
 
assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to 
 
 
working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on 
 
 
which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised 
 
 
as part of that equipment.
 
 
When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for 
 
 
as separate items (major components) of property, plant and equipment.
 
(b) Subsequent costs
 
 
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item 
 
 
if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be 
 
 
measured reliably. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income 
 
 
statement as incurred. 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  50  I
2. ACCOUNTING POLICIES (Continued)
 
Property, plant and equipment (Continued)
 
(c) Depreciation
 
 
Depreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of property, 
 
 
plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful lives. Property, 
 
 
plant and equipment under construction are not depreciated until the assets are ready for their intended use.
 
 
The estimated useful lives for the current and comparative periods are as follows:
 
 
Motor vehicles 
 
 
 
5 years
 
 
Leasehold improvement 
 
 
10 years
 
 
Electronic Data Capture equipment  
10 years
 
 
Computer equipment 
 
 
3 to 5 years
 
 
Computer software 
 
 
10 years
 
 
Furniture and fittings 
 
 
10 years
 
 
Office equipment  
 
 
10 years
 
 
Renovation 
 
 
 
10 years
 
 
The depreciable amount is determined after deducting the residual value. 
 
 
Depreciation methods, useful lives and residual values are reassessed at each financial period end.
 
 
Upon disposal of an asset, the difference between the net disposal proceeds and the carrying amount of the assets 
 
 
is charged or credited to the income statement. On disposal of a revalued asset, the attributable revaluation surplus 
 
 
remaining in the revaluation reserve is transferred to the distribution reserve.
 
Investments
 
Investments in subsidiary companies are stated at cost less any provision for impairment.
 
Inventories
 
Inventories are valued at the lower of cost and net realisable value and are determined on the first-in-first-out method, 
 
after making due allowance for obsolete and slow moving items. Net realisable value is based on estimated selling price 
 
in the ordinary course of business less the costs of completion and selling expenses.
 
Investment in associate 
 
On acquisition of an investment in an associate, any excess of the cost of investment over the Group’s share of the net 
 
fair value of the identifiable assets and liabilities of the investee is recognised as goodwill and included in the carrying 
 
amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities of the 
 
investee over the cost of investment is excluded from the carrying amount of the investment and is instead included as 
 
income in the determination of the Group’s share of associate’s or joint venture’s profit or loss for the period in which the 
 
investment is acquired.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  51  I
2. ACCOUNTING POLICIES (Continued)
 
Investment in associate (Continued)
 
An associate is accounted for using the equity method as described in IAS 28 from the date on which the investee becomes 
 
an associate. Under the equity method, on initial recognition the investment in an associate is recognised at cost, and the 
 
carrying amount is increased or decreased to recognise the Group’s share of profit or loss and other comprehensive income 
 
of the associate after the date of acquisition. When the Group’s share of losses in an associate equals or exceeds its interest 
 
in the associate, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or 
 
made payments on behalf of the associate.
 
Profits or losses resulting from upstream and downstream transactions between the Group and its associate are recognised 
 
in the Group’s consolidated financial statements only to the extent of unrelated investors’ interests in the associate or joint 
 
venture. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the assets transferred.
 
The financial statements of the associates are prepared as of the same reporting date as the Company. Where necessary, 
 
adjustments are made to bring the accounting policies in line with those of the Group.
 
The requirements of IAS 36 Impairment of Assets are applied to determine whether it is necessary to recognise any 
 
additional impairment loss with respect to its net investment in the associate. When necessary, the entire carrying amount 
 
of the investment is tested for impairment in accordance with IAS 36 as a single asset, by comparing its recoverable amount 
 
(higher of value-in-use and fair value less costs to sell) with its carrying amount. Any impairment loss is recognised in profit 
 
or loss. Reversal of an impairment loss is recognised to the extent that the recoverable amount of the investment subsequently 
 
increases.
 
Financial assets
 
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost when the 
 
contractual right to receive cash or other financial assets from another entity is established.
 
A provision for doubtful debts is made when there is objective evidence that the Group will not be able to collect all amounts 
 
due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the 
 
debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments are considered indicators 
 
that a trade and other receivables are impaired.
 
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments 
 
with original maturities of three months or less which have an insignificant risk of changes in value and bank overdrafts. 
 
For the purpose of the Statement of Financial Position, bank overdrafts are presented in borrowings.
 
Bank deposits with maturities over 3 months are separately recognised as other financial assets.
 
Financial liabilities
 
Trade and other payables and loans and borrowings are subsequently measured using amortised cost accounting using 
 
the effective interest rate method.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  52  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2. ACCOUNTING POLICIES (Continued)
 
Equity instruments
 
Instruments that evidence a residual interest in the assets of the Group after deducting all of its liabilities are classified as 
 
equity instruments.  Issued equity instruments are recorded at proceeds received net of direct issue costs.
 
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options  
 
 
are shown in equity as a deduction, net of value added tax, from the proceeds.
 
Financial instruments
 
Financial instruments carried on the Statement of Financial Position include cash and bank balances, deposits, investments, 
 
receivables, payables and borrowings. Financial instruments are recognised in the Statement of Financial Position when 
 
the Group has become a party to the contractual provisions of the instrument.
 
Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. 
 
Interest, dividends and gains and losses relating to a financial instrument classified as a liability, are reported as an expense 
 
or income. Distributions to holders of financial instruments classified as equity are charged directly to equity. Financial 
 
instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis 
 
or to realise the asset and settle the liability simultaneously.
 
The particular recognition method adopted for financial instruments recognised on the Statement of Financial Position is 
 
disclosed in the individual accounting policy statements associated with each item.
 
Segment reporting
 
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
 
decision-maker. The chief operating decision makers are responsible for allocating resources and assessing performance 
 
of the operating segments and make overall strategic decisions. The Group’s operating segments are organised and 
 
managed separately according to the nature of the products and services provided, with each segment representing a 
 
strategic business unit that offers different products and serves different markets.
 
Investment property
 
Investment property is held at cost over the expected useful life of the property.  As required by IAS 40, fair value of the 
 
property is disclosed and where the fair value exercise determines that the fair value is lower than the carrying amount, 
 
an impairment is recorded.  Rental income is recognised in 'Other operating income'. The investment property is depreciated 
 
on a straight line basis over 50 years, which represents the Directors' assessment of the expected useful life of the property. 
 
Where there is a change in use of the property, an assessment is made if the asset should be transferred into a different 
 
asset category according to it intended use.

I  53  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
3. FINANCIAL INSTRUMENTS 
 
(a) Financial risk management objectives and policies
 
 
The Group and the Company’s financial risk management policy is to ensure that adequate financial resources are 
 
 
available for the development of the Group and of the Company’s operations whilst managing its financial risks, including 
 
 
interest rate risk, credit risk, foreign currency exchange risk, liquidity and cash flow risk and capital risk. The Group 
 
 
and the Company operates within clearly defined guidelines that are approved by the Board and the Group’s policy is 
 
 
not to engage in speculative transactions.
 
(b) Interest rate risk
 
 
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of 
 
 
changes in market interest rates.  Fair value interest rate risk is the risk that the value of a financial instrument will 
 
 
fluctuate due to changes in market interest rates. As the Group has no significant interest-bearing financial assets, the 
 
 
Group’s income and operating cash flows are substantially independent of changes in market interest rates. 
 
 
The Group’s interest rate risk arises primarily from interest-bearing borrowings. Borrowings at floating rates expose 
 
 
the Group to cash flow interest rate risk. Borrowings obtained at fixed rates expose the Group to fair value interest rate 
 
 
risk.

I  54  I
3. FINANCIAL INSTRUMENTS (Continued)
(b) Interest rate risk (Continued)
 
The following tables set out the carrying amounts, the effective interest rates as at the Statement of Financial Position date and the remaining 
 
maturities of the Group’s financial instruments that are exposed to interest rate risk:
At 31 December 2023
Fixed rate:
Fixed deposits
Floating rate:
Bankers’ acceptance
Term loan
At 31 December 2022
Fixed rate:
Fixed deposits
Floating rate:
Bankers’ acceptance
Term loan
Total
£
1,636,242
(4,028,799)
(279,376)
 
 
 
1,768,584
(3,638,665) 
(230,514) 
2-5 years
£
-
-
(35,290)
 
 
 
-
-
(20,713) 
Within
1 year
£
1,636,242
(4,028,799)
(17,645)
 
 
 
1,768,584
(3,638,665) 
(8,817)
More than
5 years
£
-
-
(208,796)
 
 
 
-
-
(191,551) 
1-2 years
£
-
-
(17,645)
 
 
 
-
-
(9,433) 
Effective
Interest 
Rate %
  2.50-3.00
4.80-5.08
4.34
 
 
 
 1.40-2.60 
3.80-5.13 
4.15
Note
18
 
 
25
25
 
 
 
18
 
25
25
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  55  I
3. FINANCIAL INSTRUMENTS (Continued)
(b) Interest rate risk (continued)
Sensitivity analysis for interest rate risk
The interest rate profile of the Group’s significant interest-bearing financial instruments, based on carrying amounts as 
at the end of the reporting period was:
 
Floating rate instruments
 
Financial liabilities (Note 25)
 
Interest rate risk sensitivity analysis
 
(i) 
Fair value sensitivity analysis for fixed rate instruments
 
 
The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss. 
 
 
Therefore, a change in interest rates at the end of the reporting period would not affect profit or loss.
  
(ii) Cash flow sensitivity analysis for variable rate instruments
 
 
 
A change of 100 basis points (bp) in interest rates at the end of the reporting period would have increased/(decreased) 
post-tax profit by the amounts shown below. This analysis assumes that all other variables, in particular foreign 
currency rates, remained constant.
 
 
2023
 
Floating rate instruments
 
 
2022 
 
Floating rate instruments
100 bp
Decrease
£
42,258
 
 
38,692 
100 bp
Increase
£
(42,258)
 
 
 (38,692)
Group
Profit or Loss
Group
2022
£
3,869,179
2023
£
4,225,824
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  56  I
3. FINANCIAL INSTRUMENTS (Continued)
(c) Credit risk
 
The Group’s and the Company’s exposure to credit risk arises mainly from receivables. Receivables are monitored on 
 
an ongoing basis via management reporting procedure and action is taken to recover debts when due. At each Statement 
 
of Financial Position date, there was no significant concentration of credit risk. The maximum exposure to credit risk for 
 
the Group and the Company is the carrying amount of the financial assets shown in the Statement of Financial Position.
(d) Foreign currency exchange risk
 
The Group is exposed to foreign currency risk on transaction that are denominated in foreign currency of Ringgit 
 
Malaysia (RM).
 
The Group has not entered into any derivative instruments for hedging or trading purposes as the net exposure to 
 
foreign currency risk is not significant. Where possible, the Group will apply natural hedging by selling and purchasing 
 
in the same currency. However, the exposure to foreign currency risk is monitored from time to time by management.
 
The carrying amounts of the Group’s foreign currency denominated financial assets and financial liabilities at the end 
 
of the reporting period are as follows:
 
2023
 
Group
 
Deposits, cash and bank balances
 
Trade and other receivables
 
Trade and other payables
 
Lease liabilities
 
Loans and borrowings
 
Net currency exposure
 
2022
 
Group
 
Deposits, cash and bank balances
 
Trade and other receivables
 
Trade and other payables
 
Lease liabilities
 
Loans and borrowings
 
Net currency exposure
Denominated in
£
4,126,899 
2,688,902
(7,955,005)
(166,837)
(4,225,824)
(5,531,865)
5,015,172
2,367,645
(2,916,524)
(203,766)
(3,869,179)
393,348
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  57  I
3. FINANCIAL INSTRUMENTS (Continued)
(d) Foreign currency exchange risk (continued)
Sensitivity analysis for foreign currency exchange risk
The following table demonstrates the sensitivity of the Group’s profit before tax to a reasonably possible change in RM
exchange rates against £, with other variables held constant.
 
Group  
Change in currency rate  
RM  
  
 
 
Strengthen 10%
 
 
  
 
 
Weakened 10%
Effect on profit 
before tax
2022
£
(39,335)
39,335
2023
£
553,187
(553,187)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  58  I
3. FINANCIAL INSTRUMENTS (Continued)
(e) Liquidity and cash flow risks
The Group and the Company seeks to achieve a flexible and cost effective borrowing structure to ensure that the 
projected net borrowing needs are covered by available committed facilities. Debt maturities are structured in such 
a way to ensure that the amount of debt maturing in any one year is within the Group’s and the Company’s ability to 
repay and/or refinance. 
The Board notes that current liabilities exceed current assets at year end.  However, as explained in the going concern 
disclosure, deferred consideration in respect of Sincere Acres is expected to be paid after the completion of the TETE 
Merger.  In the event that the Group does not have sufficient funds to settle the deferred consideration, for example in 
a scenario where the TETE Merger is delayed or unsuccessful, the Board intends to surrender the interest in Sincere 
Acres back to the vendor.  Therefore the liquidity risk associated with the deferred consideration is limited.  When 
excluding the deferred consideration, current assets exceed current liabilities and therefore the Board considers that 
liquidity risk is appropriately managed.
The Group and the Company also maintains a certain level of cash and cash convertible investments to meet its 
working capital requirements.
The table below summarises the maturity profile of the Group’s liabilities at the reporting date based on contractual 
undiscounted repayment obligations:
2023
Group Financial liabilities
Trade and other payables
Deferred consideration due
Amount due to Directors
Lease liabilities
Loans and borrowings
Total undiscounted financial liabilities
2022
Group Financial liabilities
Trade and otherpayables
Amount due to Directors
Lease liabilities
Loans and borrowings
Total undiscounted financial liabilities
Total
£
3,169,711
4,788,453
35,300
178,158
4,225,824
12,397,446
 
 
2,947,056
66,855
203,766
3,869,179
7,086,856
On demand
over five 
year
£
-
-
-
53,960
162,717
216,677
 
 
-
-
-
191,551
191,551
On demand
one to five 
year
£
-
-
-
53,470
26,711
80,181
 
-
-
89,906
30,146
120,052
On demand 
or within one 
year
£
3,169,711
4,788,453
35,300
70,728
4,036,396
12,100,588
2,947,056
66,855
113,860
3,647,482
6,775,253
 
 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  59  I
3. FINANCIAL INSTRUMENTS (Continued)
(e) Liquidity and cash flow risks (continued)
 
 
The table below summarises the maturity profile of the Group’s and the Company’s liabilities at the reporting date 
 
 
based on contractual undiscounted repayment obligations: (Cont’d)
2023
Company Financial liabilities
Trade and other payables 
Amount due to subsidiary company
Amount due to directors
Total undiscounted financial liabilities
2022
Company Financial liabilities
Trade and other payables 
Amount due to subsidiary company
Amount due to directors
Total undiscounted financial liabilities
(f) Fair Values
The carrying amounts of financial assets and financial liabilities are reasonable approximation of fair value due to their 
short term nature.
The carrying amounts of the current portion of borrowing is reasonable approximation of fair value due to the insignificant 
impact of discounting.
(g) Capital risk
The Group’s and the Company’s objectives when managing capital are to safeguard the Group’s and the Company’s 
ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders 
and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital 
structure, the Group and the Company may adjust the amount of dividends paid to shareholders, return capital to 
shareholders, issue new shares or sell assets to reduce debt.
Total
£
995
870,686
35,300
906,981
 
 
 
 
10,658
612,703
64,183
687,544
 
 
On demand
over five 
year
£
                
  -  
                  -  
                  -  
 
                  -  
 
 
 
 
                
 -  
                  -  
              -  
                  -  
 
On demand
one to five 
year
£
-  
-  
 -  
 
-  
 
 
 
 
-  
-  
 -  
 
-  
On demand 
or within one 
year
£
995
870,686
35,300
906,981
 
 
 
 
10,658
612,703
64,183
687,544
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  60  I
4. EMPLOYEES AND DIRECTORS
EMPLOYEES
Wages, salaries and bonuses
Social security contribution
Contribution to defined contribution plan
Other staff related expenses
DIRECTORS
Fees
Wages, salaries and bonuses
Social security contribution
Contribution to defined contribution plan
Group
2022
£
1,788,138
15,910
165,287
17,119
1,986,454
128,230
150,207
524
17,837
296,798
2023
£
1,671,192
18,434
172,232
21,429
1,883,287
70,990
170,347
335
19,722
261,394
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  61  I
4. EMPLOYEES AND DIRECTORS (Continued)
 
The number of employees (excluding Directors) of the Group and of the Company at the end of the financial year were 127 
 
(2022: 110) and Nil (2022: Nil) respectively.
 
The details of remuneration received and receivables by the Directors of the Group during the financial year are as follows:
 
Group
 
2023
 
Company’s Directors:
 
Abu Bakar bin Mohd Taib
 
Dato’ Hussian @ Rizal
 
 
bin A. Rahman
 
Derrick Chia Kah Wai
 
Seah Boon Chin 
 
Azlinda Ezrina Binti Ariffin
 
Group
 
2022
 
Company’s Directors:
 
Abu Bakar bin Mohd Taib
 
Dato’ Hussian @ Rizal
 
 
bin A. Rahman
 
Derrick Chia Kah Wai
 
Seah Boon Chin 
 
Azlinda Ezrina Binti Ariffin
 
No employees of the Group were considered as key management personnel other than the members of the Company 
 
Board.
Total
£
6,340
123,702
98,702
14,650
18,000
261,394
6,627
127,689
101,682
43,800
17,000
296,798
Social 
security 
contribution
£
-
131
204
-
-
335
-
340
184
-
-
524
Salaries
and
allowances
£
-
78,188
86,159
-
6,000
170,347
-
81,730 
68,477
-
-
150,207
Defined 
contribution 
plan
£
-
9,383
10,339
-
-
19,722
-
9,619
8,218
-
-
17,837
Bonuses
£
-
-
-
-
-
-
-
-
-
-
-
-
Fees
£
6,340
36,000
2,000
14,650
12,000
70,990
6,627
36,000
24,803
43,800
17,000
128,230
 
* Re-assignment of Derrick Chia Kah Wai’s fees payable by the Company to salaries payable by MobilityOne Sdn Bhd.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  62  I
5. OPERATING SEGMENTS
 
The information reported to the Group’s chief operating decision maker to make decisions about resources to be allocated 
and for assessing their performance is based on the nature of the products and services, and has two reportable operating 
segments as follows:
 
Telecommunication services and electronic  
 
Technology managed services and solution provider and
 
commerce solutions  
 
 
 
consultancy
 
 
Hardware and services 
 
 
 
Providing e-Channel products and services solutions
 
 
  
 
 
 
 
 
including selling of hardware, remittance services
 
 
  
 
 
 
 
 
and money lending income.
 
Except as above, no other operating segment has been aggregated to form the above reportable operating segments.
 
 
Measurement of Reportable Segments
 
Segment information is prepared in conformity with the accounting policies adopted for preparing and presenting the 
consolidated financial statements.
 
No segment assets and capital expenditure are presented as they are mostly unallocated items which comprise corporate 
assets and liabilities. The Board considers that an apportionment of assets, liabilities or expenses to the identified segments 
would not be meaningful or material information as segmental information is only prepared and reviewed at revenue level
 
No geographical segment information is presented as more than 95% of the Group’s revenue for the financial ended 31 
December 2023 was generated in Malaysia.
 
Major Customer
 
During the year, Customer A contributed 58% to Group revenue and Customer B contributed 13% (2022: Customer A 
contributed 64%). All revenues from these two customers (2022: one customer) are attributable to the “Telecommunication 
services and electronic commerce solution" operating segment.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  63  I
5. OPERATING SEGMENTS (Continued)
 
 
Group 2023 
 
Segment revenue:
 
External customers
 
Inter-segment
 
Loss before tax
 
Tax 
 
Loss for the year
 
Group 2022
 
Segment revenue:
 
External customers
 
Inter-segment
 
Profit before tax
 
Tax 
 
Profit for the year
 
Total
£
241,673,952
-
241,673,952
1,369,614
(38,518)
(1,408,132)
233,761,671 
-
233,761,671 
278,978 
(262,350)
16,628
Telecommunication 
services and electronic 
commerce 
solutions
£
239,532,015
-
239,532,015
230,754,843
-
230,754,843
Inter-
segment
trading
£
-
(167,282)
(167.282)
 
-  
(289,703)
(289,703)
Hardware
and services
£
2,141,937
167,282
2,309,219
3,006,828
289,703 
3,296,531
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  64  I
6. FINANCE COSTS
 
Bankers’ acceptance interest
 
Bank guarantee interest
 
Bank overdraft
 
Lease liabilities
 
Term loan
7. PROFIT BEFORE TAX
 
(Loss)/Profit before tax is stated after charging/(crediting):
Auditors’ remuneration 
 - Statutory audit
 - Current year
 - Under provided in prior year
Amortisation of intangible assets 
Amortisation of right-of-use assets
Bad debt written off
Depreciation of property, plant and equipment
Depreciation of investment property
Deposit written-off
Directors’ remuneration
(Gain)/Loss on foreign exchange
 - realised
 - unrealised 
Gain on disposal of property, plant and equipment
Gain on disposal of right-of-use assets
Impairment loss on goodwill
Impairment loss on other receivable
Inventories written off
Interest income
Net impairment loss on trade receivable
Operating lease payment of premises and equipment
  
Group
2022
£
106,465 
6,631 
4,692
10,286 
9,069 
137,143 
2023
£
           199,798
10,898
11,218
8,163
5,981
236,058
2023
£
          33,000
-
-
96,320
12,131
248,032
6,344
-
261,394
-
-
(1,437)
(3,234)
-
-
808
(39,435)
315,009
60,242
Note
11
14
 
12
13
4
 
 
 
12
 
 11
 
Group
Restated
2022
£
37,148 
(2,761) 
68,051 
132,580 
5,622  
275,916
6,631
9,112
296,798
7 
(22,279) 
(8,464)
-
177,546 
3,403
- 
(35,933)
277,474
51,128
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  65  I
8. TAX
Current tax expense:
Jersey corporation tax for the year
Foreign tax
(Over) provision in prior year
 
Deferred tax expense:
Relating to origination and reversal
  of temporary difference
A reconciliation of income tax expense applicable to profit before tax at the statutory income tax rate to income tax expense 
at the effective income tax rate of the Group is as follows:
(Loss)/Profit before taxation 
 
Taxation at Malaysian statutory tax rate of 24% 
   (2022 24%)
Effect of different tax rates in other countries
Effect of expenses not deductible for tax
Income not taxable for tax purpose
Deferred tax assets not recognised
Under/(over) provision of tax expense in prior year
 
Tax expense for the year
Group
Group
2022
£
-  
   299,354 
     (7,966)
   291,388 
   (29,038)
   262,350
 
2023
£
          -
5,570
(55)
5,515
33,003
38,518
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2022
£
278,978
66,955
10,060  
178,737
(20,583)
215,735
(7,966)
262,350
2023
£
(1,369,614)
(328,707)
(7,347)
231,721
(37,682)
180,588
(55)
38,518
 

I  66  I
8. TAX (Continued)
As at 31 December 2023, the unrecognised deferred tax assets of the Group are as follows:
Unabsorbed tax losses
Unabsorbed capital allowances
The potential deferred tax assets amounting to £2,068,878 (2022: £1,460,339) have not been recognised in the financial 
statements because it is not probable that future taxable profit will be available against which the subsidiary company can 
utilise the benefits.
The availability of the unused tax losses and unabsorbed capital allowances for offsetting against future taxable profits of 
the subsidiary company is subject to no substantial changes in shareholdings of the subsidiary company under Section 
44(5A) and (5B) of Income Tax Act, 1967, in Malaysia.
Under the Malaysia Finance Act 2018 which was gazetted on 27 December 2018, the unutilised tax losses of the Group 
and of the Company will be imposed with a time limit of utilisation. Any accumulated unutilised tax losses brought forward 
can be carried forward for a maximum period of 7 consecutive years of assessment. With effect from year of assessment 
2022, unutilised tax losses that were allowed to be carried forward up to seven consecutive years was extended to a 
maximum of ten consecutive years of assessment under the current tax legislation. The unabsorbed capital allowances do 
not expire under current tax legislation.
Pursuant to Section 44(5F) of the Income Tax Act 1967, the unutilised tax losses can only be carried forward until the 
following years of assessment.
Unitilised tax losses to be carried forward until:
-2028
-2029
-2030
-2031
-2032
-2033
9. LOSS OF COMPANY
The profit or loss of the Company is not presented as part of these financial statements. The Company’s loss for the financial 
year was £274,674 (2022: £178,125). 
2022
£
   1,267,534
    304,057
 1,571,591
2023
£
   1,593,792
475,086
2,068,878
Group
2022
£
   
1,154,640
20,054
1,914
826
90,100
-
1,267,534
2023
£
   1,045,088
18,151
1,733
748
81,550
446,522
1,593,792
Group
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  67  I
10. (LOSS)/PROFIT PER SHARE
(Loss)/Profit attributable to owners of the Parent for
the computation of basic earnings per share
(Loss)/Profit from continuing operations 
 
Weighted average number of shares at 31 December
 
Diluted weighted average number of shares at 31 December
(Loss)/Profit Per Share
Basic earnings per share (pence)
Diluted earnings per share (pence)
(Loss)/Profit Per Share from continuing operations
Basic earnings per share (pence)
Diluted earnings per share (pence)
* As the Group reported a loss for the year, there is no dilutive effect of share options.
The basic earnings per share is calculated by dividing the loss of £1,408,482 (2022: profit of £23,857) attributable to ordinary 
shareholders by the weighted average number of ordinary shares outstanding during the year, which is 106,298,780 (2022: 
106,298,780).
The diluted earnings per share is calculated using the weighted average number of shares adjusted to assume the exercise 
of outstanding dilutive share options.  
2022
£
23,857
106,298,780 
112,623,648
0.022
0.021
0.022
0.021
2023
£
(1,408,482)
106,298,780
106,209,780
(1,325)
(1,325)
(1,325)
(1,325)
Group
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  68  I
11. INTANGIBLE ASSETS
 
GROUP
31 December 2023
 
At cost
 
At 1 January 2023
 
Addition
 
Foreign exchange differences
 
At 31 December 2023
 
Accumulated amortisation and impairment loss
 
At 1 January 2023
 
Foreign exchange differences
 
At 31 December 2023
 
Net Carrying Amount
 
At 31 December 2023
GROUP
31 December 2022
 
At cost
 
At 1 January 2022
 
Foreign exchange differences
 
At 31 December 2022
 
Accumulated amortisation and impairment loss
 
At 1 January 2022
 
Amortisation charge for the year
 
Impairment loss recognise
 
Foreign exchange differences
 
At 31 December 2022
 
Net Carrying Amount
 
At 31 December 2022
Total
£
3,858,860
373,965
(366,128)
3,866,697
3,644,680
(345,806)
3,298,874
567,823
3,627,023
231,873
3,858,860
3,193,179
68,051
177,546
205,904
3,644,680
214,180
Development 
Costs
£
990,082 
373,965
(93,939)
1,270,108
990,082
(93,938)
896,144
373,964
930,598
59,484
990,082 
930,598
-
-
59,484
990,082
-
Goodwill on 
consolidation
£
1,797,697 
-
(179,565)
1,627,132
1,583,531 
(150,245)
1,433,286
193,846
1,689,693
108,004
1,797,697 
1,321,515
-
177,546
84,470
1,583,531 
214,166 
Software
£
1,071,081 
-
(101,624)
969,457
1,071,067 
(101,623)
969,444
13
1,006,732
64,349
1,071,081 
941,066
68,051 
-
61,950
1,071,067 
14 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  69  I
11. INTANGIBLE ASSETS (Continued)
 
The Group assesses at each reporting date whether there is an indication that an asset may be impaired, by considering 
the net present value of discounted cash flows forecasts. If an indication exists an impairment review is carried out. In the 
case of goodwill, an automatic annual impairment test is performed.
 
Goodwill on consolidation
 
(a) Impairment testing for goodwill on consolidation
 
 
Goodwill on consolidation has been allocated for impairment testing purposes to the individual entity which is also the 
 
cash-generating units (“CGU”) identified. The Group's goodwill arose in relation to the acquisition OneTransfer 
 
Remittance which operates the Group's remittance business.  Management considers that the goodwill represents the 
 
growth opportunity in the sector and potential synergistic benefits with the wider business.
 
(b) Key assumptions used to determine recoverable amount
 
 
The recoverable amount of a CGU is determined based on value in use calculations using cash flow projections based 
 
on financial budgets approved by the Directors covering a 5 years period. The projections are based on the assumption 
 
that the Group can recognise projected sales which grow at 20% to 30% per annum which is based on expected 
 
clientele growth over time. A prudent approach has been applied with no residual value being factored into these 
 
calculations. If the projected sales do not materialise there is a risk that the total value of the intangible assets shown 
 
above would be impaired. A pre-tax discount rate of 7.2% (2022: 8.0%) per annum was applied to the cash flow 
 
projections, after taking into consideration the Group’s cost of borrowings, the expected rate of return and various 
 
risks relating to the CGU. The directors have relied on past experience and all external evidence available in determining 
 
the assumptions.
 
During the financial year, the Group recognized an impairment loss amounting to £Nil (2022: £177,546) in respect of the 
goodwill on consolidation. The entirety of goodwill on consolidation relates to the acquisition of OneTransfer Remittance 
Sdn Bhd which is a CGU and has a carrying amount of £193,846 (2022: £214,166). Its recoverable amount has been 
determined based on value-in-use by using discounting future cash flow to be generated by the CGU and key assumptions 
as described in (b) above. The impairment test showed that goodwill would not be impaired if the discount rate were 5% 
higher or if sales grew at a rate 10% less than projected.
 
Development costs
 
Development costs represent two distinct internally generated assets, both of which are expected to create benefits to 
the Group for a period of five years.  Amortisation will commence when the asset is ready for use, which in the case of the 
internal generation of technological capabilities is when the build phase is completed and testing has demonstrated that 
the product can be commercially deployed.  Amortisation of development assets is included within Administrative expenses 
in profit of loss.  The development assets relate to new payment technology capabilities which are expected to enhance 
the earnings capability within the Group's existing principal activities.
 
The Company held no intangible assets or goodwill.
 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  70  I
12. PROPERTY, PLANT AND EQUIPMENT
Group
31 December 2023
At Cost
At 1 January 2023
Additions
Disposals
Written off
Foreign exchange 
 
differences
At 31 December 2023
Accumulated 
 
Depreciation
At 1 January 2023 
Depreciation charge for 
 
the year 
Disposals 
Foreign exchange 
differences 
At 31 December 2023 
NET CARRYING
   AMOUNT
At 31 December 2021
Total
£
  
3,157,424
47,092
(1,982)
(20,353)
(300,106)
2,882,075
2,318,355
248,320
(1,302)
(227,331)
2,338,042
544,033
 
Office 
equipment
£
   140,357
333
-
-
(13,143)
127,547
78,492
14,531
-
(8,066)
84,957
42,590
Computer 
software
£
161,418
11,583
-
-
(15,649)
157,352
73,802
12,955
-
(7,375)
79,382
77,970
Electronic 
Data 
Capture 
equipment
£
1,052,756
24,654
(1,982)
-
(100,540)
974,888
892,373
96,028
(1,302)
(87,440)
899,659
75,229
Renovation
£
200,622
-
-
-
(19,035)
181,587
150,558
18,151
-
(14,809)
153,900
27,687
Furniture 
and 
fittings
£
134,968
99
-
(581)
(12,792)
121,694
106,700
5,820
-
(10,292)
102,228
19,466
Computer 
equipment
£
1,177,813
10,423
-
(19,772)
(111,481)
1,056,983
726,941
100,835
-
(71,883)
755,893
301,090
Motor
Vehicles
£
289,490 
-
-
-
(27,466)
262,024
289,489
-
-
(27,466)
262,023
1
 
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  71  I
12. PROPERTY, PLANT AND EQUIPMENT
Group Restated
31 December 2022
At Cost
At 1 January 2022
Additions
Disposals
Foreign exchange 
 
differences
At 31 December 2022
Accumulated 
 
Depreciation
At 1 January 2022 
Depreciation charge for 
 
the year 
Disposals 
Foreign exchange 
differences 
At 31 December 2022 
NET CARRYING
   AMOUNT
At 31 December 2022
Total
£
  
2,608,147
390,056
(17,986)
177,207
3,157,424
1,929,995 
275,629
(17,986)
130,717
2,318,355
839,069
 
Office 
equipment
£
   83,638 
49,867
-
6,852
140,357
59,207 
15,036
-
4,249
78,492
61,865
Computer 
software
£
134,244 
18,115
-
9,059
161,418
57,112 
12,704
-
3,986
73,802
87,616
Electronic 
Data 
Capture 
equipment
£
982,244 
7,529
-
62,983
1,052,756
714,633 
128,660
-
49,080
892,373
160,383
Renovation
£
188,569 
-
-
12,053
200,622
123,086 
19,099
-
8,373
150,558
50,064
Furniture 
and 
fittings
£
123,627 
3,351
-
7,990
134,968
94,399 
6,105
-
6,196
106,700
28,268
 
Computer 
equipment
£
806,822 
311,194
-
59,797
1,177,813
592,556 
94,025
-
40,360
726,941
450,872
Motor
Vehicles
£
289,003 
-
(17,986)
18,473
289,490 
289,002 
-
(17,986)
18,473
289,489
1
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  72  I
12. PROPERTY, PLANT AND EQUIPMENT (Continued)
(a) Cash payments of £47,092 (2022: £390,056) were made by the Group to purchase property, plant and equipment.
(b) The Company held no property, plant and equipment.
 
13. INVESTMENT PROPERTY
AT COST
At 1 January
Less: Disposal of subsidiary company
At 31 December
Accumulated Depreciation
At 1 January
Depreciation charge for the year
Foreign exchange differences
At 31 December
Net Carrying Amount
At 31 December
At Cost
Included in the above are:
Freehold building
Fair value of investment property
(a) Asset pledged as securities to licensed bank
 
The carrying amount of investment property of the Group pledged as securities for bank borrowings as disclosed in Note 
25.
 
The Group owns a freehold property in Kuala Lumpur which is let to an external party.  The Group therefore accounts for 
the property as an investment property.  The Directors have elected to hold the investment property under the cost model. 
The fair value of the property disclosed above was determined by the Directors, using a desktop review of achievable price 
per square foot of similar properties in a similar location. No independent valuer was appointed for this purpose. Rental 
income of £14,792 (2022: £15,462) was recognised in other income in respect of the property.  The property is depreciated 
straight line over a period of 50 years which is the assessed useful life of the asset.
Restated
2022
£
319,869
20,446
340,315
 
47,357
6,631
3,202
57,190
283,125
283,125
365,978
2023
£
340,315
(32,289)
308,026
 
57,190
6,344
(5,610)
57,924
250,102
250,102
331,254
Company
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  73  I
14. RIGHT-OF-USE ASSETS
 
 
Group 2023
  
At Cost 
  
At 1 January 2023
 
Additions 
 
Written off
 
Expiration of lease contract
 
Foreign exchange differences
 
At 31 December 2023
 
Accumulated Amortisation 
  
At 1 January 2023
 
Charge for the financial year
 
Written off
 
Expiration of lease contract
 
Foreign exchange differences
 
At 31 December 2023
  
Net Carrying Amount
 
At 31 December 2023
Total
£
           602,341
102,625
(49,257)
(33,825)
(58,237)
563,647
419,406
96,319
(31,119)
(33,825)
(41,889)
408,892
154,755
Leasehold 
improvement
£
    9,879
-
-
-
(484)
9,395
9,590
957
-
-
(1,152)
9,395
-
Office 
Equipment
£
             13,117
-
-
-
(1,245)
11,872
6,230
2,139
-
-
(651)
7,718
4,154
Building
£
          254,658
24,500
(49,257)
(33,825)
(23,448)
172,628
133,580
65,689
(31,119)
(33,825)
(13,673)
120,652
51,976
Motor 
vehicles
£
   324,687
-
-
-
(30,805)
293,882
270,006
19,722
-
-
(26,188)
263,540
30,342
Machine
£
-
78,125
-
-
(2,255)
75,870
-
7,812
-
-
(225)
7,587
68,283
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  74  I
14. RIGHT-OF-USE ASSETS (Continued)
 
 
Group 2022
 
At Cost
 
At 1 January 2022
 
Additions 
 
Written off
 
Expiration of lease contract
 
Foreign exchange differences
 
At 31 December 2022
 
Accumulated Amortization
 
At 1 January 2022
 
Charge for the financial year
 
Written off
 
Expiration of lease contract
 
Foreign exchange differences
 
At 31 December 2022
 
Carrying Amount 
 
At 31 December 2022
Total
£
 488,487
152,494
(5,019)
(68,380)
34,759
602,341
332,827
132,580
(2,008)
 (68,380)
24,387
419,406
182,935
Leasehold 
improvement
£
    9,627 
-
-
-
252
9,879
8,382
986
-
-
222
9,590
289
Office
Equipment
£
   12,329
 
-
 
-
 
-
788
13,117
3,699
2,236
-
-
295
6,230
6,887
Building
£
      161,351
152,494
(5,019)
(68,380)
14,212
254,658
97,009
98,214
(2,008)
(68,380)
8,745
133,580
121,078
Motor 
vehicles
£
   305,180 
-
-
-
19,507
324,687
223,737
31,144
-
-
15,125
270,006
54,681
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  75  I
14. RIGHT-OF-USE ASSETS (Continued)
 
Lease liabilities
 
 
At 1 January
 
Addition
 
Payments
 
Written off
 
Foreign currency translation differences
 
At 31 December
 
 
Presented as:
 
Non-current 
 
Current
 
Minimum lease payments:
 
Not later than 1 year
 
Later than 1 year but not later than 2 years
 
Later than 2 years but not later than 5 years
 
Less: Future finance charges
 
 
Present value of lease liabilities
 
The Company held no leases or right of use assets.
Group
2022
Total
£
155,489 
156,525 
(116,670)
(1,477)
9,899
203,766 
98,450 
105,316 
203,766 
113,860 
51,693 
50,102 
215,655 
(11,889)
203,766 
Group
2023
Total
£
203,766 
99,663
(96,503)
(21,372)
(18,717)
166,837
101,465
65,372
166,837
70,728
53,470
53,960
178,158
(11,321)
166,837
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  76  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2021
15. TRADE AND OTHER RECEIVABLES
 
Trade receivables
 
Non-current
 
Trade receivables
 
- Third parties
 
- An associate
 
Less: Accumulated      
 
impairment loss
 
Current
 
Trade receivables
 
- Third parties
 
- A related party
 
- An associate
 
Less: Accumulated impairment loss
 
 
Other receivables
 
- Third parties
 
- An associate
 
Less: Accumulated      
 
impairment loss
 
- Deposits
 
- Prepayments
 
-  Staff advances
 
 
 
Total trade and other receivables
 
The Group’s and the Company’s normal trade credit terms range from 30 to 60 days (2022: 30 to 60 days). Other credit 
terms are assessed and approved on a case to case basis.
 
 
2022
£
 -
-
-
-
 
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2022
£
234,566
-
(6,516)
228,050
 
1,813,129
1,021
-
(284,706)
1,529,444
1,757,494
368,653
-
(3,403)
365,250
258,827
23,856
2,408
650,341
2,407,835
2023
£
            -
-
-
-
 
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2023
£
    17,105
262,614
(21,291)
258,428
1,940,845
18,049
598,965
(548,216)
2,009,643
2,268,071
378,436
51,971
-
430,407
237,377
9,816
1,659
679,259
2,947,330
Company
Group

I  77  I
15. TRADE AND OTHER RECEIVABLES (Continued)
Movements in the allowance for impairment losses on trade receivables are as follows:
Lifetime allowance
At 1 January
Impairment losses recognised
Reversal
Foreign exchange differences
At 31 December 
Credit impairment
At 1 January
Impairment losses recognised
Reversal
Foreign exchange differences
At 31 December 
Loss allowance
At 1 January
Impairment losses recognised
Reversal
Foreign exchange differences
At 31 December 
Lifetime allowances reflects the expected credit loss provision on trade and other receivables which are not considered 
to be subject to a significant increase in credit risk and therefore are subject to credit loss provisions by reference to the 
class of borrower and ageing of the receivable.
Credit impairment represents receivables which exhibit a significant increase in credit risk and under the Group's provisioning 
policy are provided at 100%.  Interest income is no longer recognised on these balances. The Group determines that a 
significant increase in credit risk arises when specific information is determine to indicate such a change in credit exposure or 
because more than 90 days have passed without payment or indication that payments will resume in the foreseeable future.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
Group
2022
Total
£
13,750
2,175
(5,061)
-
10,864
-
280,358
-
-
280,358
13,750
282,533
(5,061)
-
291,222
Group
2023
Total
£
10,864
128,842
-
(4,750)
134,956
280,358
248,569
(62,402)
(31,974)
434,551
291,222
377,411
(62,402)
(36,724)
569,507

I  78  I
15. TRADE AND OTHER RECEIVABLES (Continued)
(a)  Ageing analysis
 
An ageing analysis of trade receivables that are neither individually nor collectively considered to be impaired is as 
 
follows:
 
Neither past due nor impaired
 
 
1 to 2 months past due 
 
3 to 12 months past due 
(a) The Group’s and the Company’s normal trade credit terms range from 30 to 60 days (2022: 30 to 60 days). Other credit 
 
terms are assessed and approved on a case to case basis.
 
Receivables that were neither past due nor impaired relate to a wide range of customers for whom there was no recent 
 
history of default.
 
Receivables that were past due but not impaired relate to a number of independent customers that have a good track 
 
record with the Group. Based on past experience, management believes that no impairment allowance is necessary in 
 
respect of these balances as there has not been a significant change in credit quality and the balances are still considered 
 
fully recoverable.
(b) The Group recognise an allowance for expected credit losses (“ECLs”) for all debt instruments not held at FVTPL, ECLs 
 
are based on the difference between the contractual cash flows due in accordance with the contract and all the cash 
 
flows that the Group expect to receive, discounted at an approximation of the original effective interest rate. The 
 
expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are 
 
integral to the contract terms.
 
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit 
 
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within 
 
the next 12-months (“a 12-month ECL”). For those credit exposures for which there has been a significant increase 
 
in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of 
 
the exposure, irrespective of the timing of the default (“a lifetime ECL”).
 
For trade receivables, the Group apply a simplified approach in calculating ECLs. Therefore, the Group do not track 
 
changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The 
 
Group have established a provision matrix that is based on its historical credit loss experience, adjusted for forward- 
 
looking factors specific to the debtors and the economic environment.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
Group
2022
£
583,537
408,392
1,056,787
1,465,179
2,048,716
Group
2023
£
784,788
734,090
1,318,700
2,852,790
2,837,578

I  79  I
15. TRADE AND OTHER RECEIVABLES (Continued)
(a)  Ageing analysis (Continued)
 
Credit loss provisions are assessed by reference to historic cash collection rates and macroeconomic factors.  Within 
 
the Group's telecomms operating segment, ECL rates range between 0.2% and 2.7% given the long term relationships 
 
the Group has with its core customer base.  Within the hardware and services operating segment, ECL rates range from 
 
1.1% to 66%, with an average rate of 13%, given the varied risk characteristics of debtors in the Group's lending business.
16. INVESTMENT IN ASSOCIATE
At cost:
At acquisition
Share of post-acquisition result
Balance at end of the financial year
Details of the associate are as follows:
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
Group
2022
£
- 
-  
-  
Group
2023
£
5,130,485 
(120,201) 
5,010,284  
Name of Subsidiary 
Companies
Sincere Acres Sdn. Bhd.*
Held through 
   Sincere Acres Sdn. Bhd.
Hati International Sdn. Bhd.*
Hati Malaysia Solutions Sdn. Bhd.*
Held through 
   Hati International Sdn. Bhd.
SD Global IT Solutions Sdn. Bhd.*
Country of 
incorporation
Malaysia
Malaysia
Malaysia
Malaysia
Effective Ownership 
of Ordinary Shares
Interest
 
2023 
2022
 
(%) 
(%)
 
 
49 
-
 
 
 
100 
100
 
100 
100
 
100 
100
 
Principal Activities
Holding company
Information technology related services, 
investment holding and general trading
Information technology related services
Technology solution and business 
development
 
* 
Audited by firm of auditors other than Gravita Audit Limited.

I  80  I
16. INVESTMENT IN ASSOCIATE (Continued)
 
On 29 September 2023, MobilityOne Sdn Bhd (“M1 Malaysia”) entered into a Share Sale Agreement with United Flagship 
Development Sdn. Bhd. (the “Vendor”) to acquire a 49% equity interest in Sincere Acres Sdn. Bhd. for a total cash 
consideration of RM 30,000,000.
 
The principal place of business of Sincere Acres Sdn. Bhd. and Hati International Sdn Bhd is located at Unit-03A, Level 
11, Tower B, The Vertical Business Suite, 8, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Malaysia.
 
Completion of the acquisition of 49% equity interest in Sincere 
 
Pursuant to the terms of the Acquisition, the RM30,000,000 cash consideration is required to be paid to the Vendor in two 
tranches. While the first tranche, representing RM2.0 million, has been paid by M1 Malaysia to the Vendor, the second 
tranche, representing the balance of RM28 million (£4.8 million) (the "Second Tranche"), was required be paid by M1 Malaysia 
by 8 March 2024 (the "Second Tranche Payment Date"). 
 
While the Second Tranche Payment Date has been extended to 8 September 2024 (the "Extended Second Tranche Payment 
Date"), any payment in relation to the Second Tranche made after the Second Tranche Payment Date will be subject to an 
interest charge of 10% per annum. The balance amount payable for the Second Tranche (including any interest charge if 
the payment is made after the Second Tranche Payment Date) shall be reduced by RM1 million when the payment is made 
by the Extended Second Tranche Payment Date.
 
Summarised financial information of the Group’s material associated company, Sincere is set out below:
 
(a) Summarised consolidated statement of financial position of Sincere
 
 
Cash and cash equivalent
 
 
Other current asset
 
 
Non-current assets
 
 
Current financial liabilities (excluding trade and other payables and provisions)
 
 
Other current liabilities
 
 
Net assets
 
 
Interest in associate
 
 
Group’s share of net assets
 
 
Goodwill
 
 
Carrying value of Group’s interest in associate
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2023
£
3,016
87,875
3,839,622
(3,442,839)
(441,861)
45,813
49%
22,448
4,987,836
5,010,284

I  81  I
16. INVESTMENT IN ASSOCIATE (Continued)
 
(b) Summarised consolidated statement of profit or loss and other comprehensive income of Sincere 
 
 
 Total comprehensive loss for the period 4 October 2023 to 31 December 2023
 
 
Group’s share of loss 
 
 
Included in total comprehensive loss are:
 
 
Revenue
 
 
Amortisation of intangible assets
 
 
Depreciation of property, plant and equipment
 
 
Interest expense
17. INVENTORIES
 
At lower of cost and net realisable value:
 
Airtime
 
Electronic date capture equipment
 
Card
 
Trading goods
 
 
 
Recognised in profit or loss:
 
Cost of sales
 
Written off
18. OTHER FINANCIAL ASSETS (As Restated)
 
Fixed deposits with licensed bank
 
Other financial assets represents cash deposited at banks with maturities of over 3 months at the time of the deposit.
 
(a) The above fixed deposits have been pledged to licensed banks as securities for credit facilities granted to the Group as 
 
disclosed in Note 25 to the financial statements.
 
(b) The Group’s effective interest rates and maturities of deposits are range from 2.5% – 3.0% 
 
 
(2022: 1.4% - 2.6%) and from 12 months (2022: 12 months) respectively.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
2023
£
(252,600)
(120,201)
9,839
(47,347)
(9,772)
(34,694)
Group
2022
£
3,101,871 
79,356
8,548 
126 
3,189,901
224,905,178 
- 
Group
2022
£
652,206
Group
2023
£
1,834,804
71,587
6,170
114
1,912,675
229,742,340
784
   
Group
2023
£
600,694

I  82  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
19. CASH AND CASH EQUIVALENTS (As Restated)
Cash in hand
Bank balances
Fixed deposits with licensed bank
 
Cash and cash equivalents
(a) The above fixed deposits have been pledged to licensed banks as securities for credit facilities granted to the Group 
 
as disclosed in Note 25 to the financial statements.
(b) The Group’s effective interest rates and maturities of deposits are range from 1.4% – 1.75% (2020: 1.4% - 2.6%) and 
 
from 1 month to 12 months (2020: 1 month to 12 months) respectively.
20. CALLED UP SHARE CAPITAL
Authorised in MobilityOne
   Limited
At 1 January/31 December
 
Issued and fully paid in
  MobilityOne Limited
At 1 January/31 December
21. COMPANY RESERVES
2023
At 1 January 2023
Loss for the year
At 31 December 2023
 
2022
At 1 January 2022
Loss for the year
At 31 December 2022
2022
£
-
11,264 
-
11,264
2023
£
-
9,930
-
9,930
Company
2022
£
107,476
3,139,112 
1,116,378 
4,362,966
2023
£
273,631
2,226,956
1,035,548
3,536,135
Group
2022
£
10,000,000
2,657,470
2023
£
10,000,000
2,657,470
2022
£
400,000,000
106,298,780
2023
£
400,000,000
106,298,780
Number of ordinary 
shares of £0.025 each
Amount
Total
£
1,355,697 
(274,674)
1,081,023
 
 
1,533,822
(178,125)
1,355,697 
Retained 
earnings
£
(2,211,245)
(274,674)
(2,485,919)
 
 
(2,033,120)
(178,125)
(2,211,245)
Share 
premium
£
909,472 
-
909,472
 
 
909,472 
-  
909,472 
 
Share 
capital
£
2,657,470 
-
2,657,470
 
 
2,657,470 
-  
2,657,470 

I  83  I
22.  REVERSE ACQUISITION RESERVE
 
The acquisition of MobilityOne Sdn. Bhd. by MobilityOne Limited, which was affected through a share exchange, was 
completed on 5 July 2007 and resulted in MobilityOne Sdn. Bhd. becoming a wholly owned subsidiary of MobilityOne 
Limited. Pursuant to a share swap agreement dated 22 June 2007 the entire issued and paid-up share capital of MobilityOne 
Sdn. Bhd. was transferred to MobilityOne Limited by its owners. The consideration to the owners was the transfer of 
178,800,024 existing ordinary shares and the allotment and issuance by MobilityOne Limited to the owners of 81,637,200 
ordinary shares of 2.5p each. The acquisition was completed on 5 July 2007. Total cost of investment by MobilityOne Limited 
is £2,040,930, the difference between cost of investment and MobilityOne Sdn. Bhd. share capital of £708,951 has been 
treated as a reverse acquisition reserve.
23.  FOREIGN CURRENCY TRANSLATION RESERVE
 
The subsidiary companies’ assets and liabilities stated in the Statement of Financial Position were translated into Sterling 
Pound (£) using the closing rate as at the Statement of Financial Position date and the Income Statements were translated 
into £ using the average rate for that period. All resulting exchange differences are taken to the foreign currency translation 
reserve within equity.
 
At 1 January
 
Currency translation differences during the year
 
At 31 December
 
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial 
statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. It 
is also used to record the exchange differences arising from monetary items which form part of the Group’s net investment 
in foreign operations, where the monetary item is denominated in either the functional currency of the reporting entity or 
the foreign operation.
24. RETAINED EARNINGS
 
Retained earnings represents the cumulative earnings of the Group attributable to equity shareholders.
 
At 1 January
 
(Loss)/Profit for the year
 
 
At 31 December
2022
£
692,707
354,975
1,047,682 
 
2023
£
1,047,682
(543,531)
504,151
2022
£
(2,033,120)
 
(178,125)
(2,211,245)
2022
£
  (117,623)
23,857
(93,766)
2023
£
(2,211,245)
(274,674)
(2,485,919)
2023
£
 (93,766)
(1,408,482)
(1,502,248)
Company
Group
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  84  I
25. FINANCIAL LIABILITIES – LOANS AND BORROWINGS 
Non-Current
Secured:
Term loan
Current
Secured:
Bankers’ acceptance
Term loan
Total Borrowings
Secured:
Bankers’ acceptance
Term loan
The bankers’ acceptance and bank overdraft secured by the following:
(a) pledged of fixed deposits of M1 Malaysia (Notes 18);
(b) Corporate Guarantee given by the Company; and
(c) Debenture over M1 Malaysia’s fixed and floating assets, both present and future.
The Company held no external borrowings.
The term loan is secured by the following:
(a) Charge over the Company’s building (Note 12); and
(b) joint and several guaranteed by Dato’ Hussian @ Rizal bin A. Rahman and Derrick Chia Kah Wai, the Directors of the 
 
Company.
The effective interest rates of the Group for the above facilities other than finance leases are as follows:
Bankers’ acceptance
Term loan
Group
2022
£
 221,697
   221,697
3,638,665 
       8,817 
3,647,482 
3,638,665 
230,514 
3,869,179
2023
£
189,428
189,428
4,028,799
7,597
4,036,396
4,028,799
197,025
4,225,824
Group
2022
%
3.8-5.13
4.15
2023
%
4.8%-5.08%
4.34%
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  85  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
25. FINANCIAL LIABILITIES – LOANS AND BORROWINGS (Continued)
The maturity of borrowings (excluding leases) is as follows:
 
Within one year
 
Between one to two years
 
Between two to five years
 
More than five years
Other information on financial risks of borrowings are disclosed in Note 3.
26. TRADE AND OTHER PAYABLES
Trade payables
- Third parties
 
Other payables
- Deposits
- Accruals 
- Sundry payables
- Services tax output
Amount due to subsidiary companies
Total trade and other payables
(a) The Group’s normal trade credit terms range from 30 to 90 days (2022: 30 to 90 days).
(b) Other payables are non-interest bearing. Other payables are normally settled on an average terms of 60 days 
 
(2022: 60 days).
(c) The carrying values of trade and other payables approximates to their fair value.
2022
£
 3,647,482 
 9,433 
 20,713 
 191,551 
3,869,179 
2023
£
 4.036,396
8,250
18,461
162,717
4,225,824
Group
2022
£
-
-
8,033
2,625
-
612,703
623,361
623,361
2022
£
1,165,572
197,638
601,267
971,739
10,840
-
1,781,484
2,947,056
2023
£
-
-
-
995
-
870,686
871,681
871,681
2023
£
1,896,183
109,378
125,210
1,034,159
4,781
-
1,273,528
3,169,711
Company
Group

I  86  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
27.  AMOUNT DUE TO DIRECTORS
 
Current
Dato’ Hussian @ Rizal bin A. Rahman
Derrick Chia Kah Wai
Seah Boon Chin
Azlinda Ezrina binti Ariffin
Total amount due to Directors
These are unsecured, interest free and repayable on demand.
28.   INVESTMENT IN SUBSIDIARY COMPANIES
 
At Cost
At 1 January
Less: Disposal of subsidiary company
At 31 December
2022
£
121
24,000
37,062
3,000
64,183
 
 
2022
£
2,793
24,000
37,062
3,000
66,855
 
2023
£
-
26,000
6,300
3,000
35,300
2023
£
-
26,000
6,300
3,000
35,300
Company
Group
2022
£
1,976,339
-
1,976,339
 
2023
£
1,976,339
-
1,976,339
Company

I  87  I
28.   INVESTMENT IN SUBSIDIARY COMPANIES (Continued)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
Name of Subsidiary 
Companies
MobilityOne Sdn. Bhd.*
M1 AP Sdn. Bhd.*
M-One Tech Ltd.
Direct subsidiary companies of 
MobilityOne Sdn. Bhd.
M1 Pay Sdn. Bhd.*
MobilityOne Philippines, Inc*
One Tranzact Sdn. Bhd.*
MobilityOne (B) Sdn. Bhd.*
OneShop Retail Sdn. Bhd.*
M1 Merchant Sdn. Bhd.*
Onetransfer Remittance 
 
Sdn. Bhd.*
Qube Nexus Sdn. Bhd.*
Country of 
incorporation
Malaysia
Malaysia
United Kingdom
Malaysia
Philippines
Malaysia
Brunei
Malaysia
Malaysia
Malaysia
Malaysia
Effective Ownership 
of Ordinary Shares
Interest **
 
2021 
2020
 
(%) 
(%)
 
 
100 
100
 
 
 
100 
100
 
100 
100
 
100 
100
 
95 
95
 
 
100 
100
 
 
99 
99
 
100 
100
 
60 
60
 
100 
100
 
80 
-
Principal Activities
Provision of e-Channel products and 
services, technology managed services 
and solution sales and consultancy
Investment holding company
Inactive
Provision of solution sales and services
Provision of IT systems and solutions and 
to establish a multi-channel electronic 
service bureau
Provision of electronic payment and 
product fulfillment
Financial services
General merchant retail sales in all type 
of goods, materials and commodities
Provision of solutions and services 
in relation to electronic payments via 
terminals, mobile devices or any its 
related business
Provider for International remittance 
services
Dormant
 
* 
Audited by firm of auditors other than Gravita Audit Limited
 
** 
All the above subsidiary undertakings are included in the consolidated financial statements.
 
On 14 September 2023, MobilityOne Sdn Bhd subscribed for 80 ordinary shares in Qube Nexus Sdn. Bhd.(“QNSB”), for a 
 
total cash consideration of RM80 only. Consequently, QNSB become a 80% owned subsidiary company of MobilityOne 
 
Sdn Bhd.

I  88  I
29. RECONCILIATION OF PROFIT BEFORE TAX TO CASH GENERATED FROM OPERATIONS
Cash flow from operating activities
(Loss)/Profit before tax
 
Adjustments for:
Amortisation of intangible assets
Amortisation of right-of-use assets
Bad debt written off
Depreciation of property, plant and equipment
Depreciation of investment property
Gain on disposal of property, plant and equipment
Gain on disposal of right-of-use assets
Impairment loss on trade receivables
Impairment loss on others receivables
Impairment loss on goodwill
Interest expenses
Inventories written off
Interest income
Property, plant and equipment written off
Reversal on impairment loss on trade receivable
Share of post-tax loss of equity accounted associates
Unrealised gain on forex
Operating cash flows before working capital changes
2022
£
      278,978 
68,051 
132,580 
5,622 
275,629 
6,631
(8,464)
-
282,535   
3,403
177,546 
137,143 
- 
(35,933)
-
(5,061)
-
(22,279)
1,296,381 
2023
£
(1,369,614)
-
96,319
12,131
248,320
6,344
(1,437)
(3,234)
377,411
-
-
236,058
808
(39,435)
20,354
(62,402)
123,774
(10,707)
(365,310)
 
Group
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  89  I
29. RECONCILIATION OF PROFIT BEFORE TAX TO CASH GENERATED FROM OPERATIONS (Continued)
Decrease/(Increase) in inventories
(Increase)/Decrease in receivables
Increase in amount due to Directors & Shareholder
Increase/(Decrease) in payables
Cash from/(used in) operations
Cash flow from operating activities
Loss before tax
 
Increase in trade and other receivable 
(Decrease)/Increase in payables
Amount owing to/by subsidiaries company
(Decrease)/Increase in amount due to Directors
Cash depleted in operations
30. RELATED PARTY TRANSACTIONS
 
At the Statement of Financial Position date, the Group owed the Directors £35,300 (2022: £66,855), the Company owed the 
 
Directors £35,300 (2022: £64,183), the Company owed MobilityOne Sdn. Bhd. (“M1 Malaysia”) £870,686 (2022: £612,703), 
 
the subsidiary companies of M1 Malaysia owed M1 Malaysia £2,483,177 (2022: £399,227) and M1 Malaysia owed the 
 
subsidiary companies £1,815,364 (2022: £469,413). The amounts owing to or from the subsidiary companies and related 
 
parties are repayable on demand and are interest free.
 
At the Statement of Financial Position date, Hati International Sdn. Bhd. (an associate of M1 Malaysia) owed the Group 
 
£913,550 (2022: Nil). The amount owing from the associate are subject to 18% interest, and repayable ranging from one 
 
to three years (2022: Nil). During the financial year, the Group recognised allowance for expected credit losses amounting 
 
to £88,268 (2022: Nil) in respect of the amount owing by associate.
 
2022
£
           (71,330)
     474,252
(57,571)
(2,256,495) 
(614,763)
2023
£
        1,276,418
(888,275)
(31,555)
222,656 
213,934
Group
2022
£
         
(178,125)
18
73,940 
226,098
(121,915)
16
2023
£
        
(274,674)
-
(9,663)
311,886
(28,883)
(1,334)
Company
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  90  I
30. RELATED PARTY TRANSACTIONS (Continued)
 
In 2023, M1 continued to rent an office in Sabah, Malaysia from LMS Digital Sdn Bhd (“LMS”) for RM2,500 (c. £460) a 
 
month. 
 
On 10 February 2022, M1 Malaysia entered into a tenancy agreement with LMS to occupy approximately 4,500 square feet 
 
of office space at Wisma LMS, Kuala Lumpur, Malaysia for RM11,250 (c. £2,000) a month. In additional, M1 Malaysia 
 
entered into several ordinary course commercial agreements with TFP Solutions Berhad (“TFP”) for the following products 
 
and services:
 
(i) 
to integrate eWallet/eMoney into TFP’s services and white labelling the eWallet/eMoney;
 
(ii) to provide various value added services (including prepaid top-up and bill payment);
 
(iii) to provide online payment gateway;
 
(iv) to provide SMS blasting services;
 
(v) to provide payment terminals and online payment to accept payment via credit/debit cards and eWallets; and;
 
(vi) to use SAP Business One software licenses and services from TFP.
 
During the financial year, M1 Malaysia paid total lease payment of £29,056 (2022: £22,089) in respect to the tenancy 
 
agreement with LMS.
 
In 2023, M1 Malaysia receiving commission from TFP amounting to RM354 (c. £61).
 
Dato’ Hussian @ Rizal bin A. Rahman is a director and shareholder of LMS and TFP.
31. ULTIMATE CONTROLLING PARTY
In the opinion of the Directors, as at 31 December 2021, the ultimate controlling party in the Company is Dato’s Hussain 
@ Rizal bin A. Rahman by virtue of his shareholding.
32. CONTINGENT LIABILITIES
The Group has the following contingent liabilities:
Company
Corporate guarantee given to a licensed bank by the Company
 
for credit facilities granted to a subsidiary company
Group
 
Banker’s guarantees in favour of third parties
The Directors consider that no material exposure arises from the guarantee given.
2022
£
5,498,243 
 
 
456,001 
2023
£
4,976,571
619,665
Group
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023

I  91  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
33. SHARE BASED PAYMENTS
 
During the year ended 31 December 2023, the Company did not grant any new share option to directors and employees 
of the Group. A total number of share options of 10,600,000 shares were granted in 2014.
 
The details of the share options granted in 2014 are shown below:
Grant date 
 
5 December 2014
Share price at grant date 
 
1.5p
Exercise price 
 
2.5p
Option life 
 
10 years
Expiry date 
 
4 December 2024
 
Up to 31 December 2023, share options of 2,000,000 shares had lapsed due to resignation of employees and no options 
had been exercised and therefore the number of options in issue and exercisable at the reporting date was 8,600,000.
34. SUBSEQUENT EVENTS
 
On 19 October 2022, MobilityOne Sdn Bhd (“M1 Malaysia”) entered into a share sale agreement (the “Share Sale 
Agreement”) with Super Apps Holdings Sdn Bhd (“Super Apps”) for the disposal by M1 Malaysia of a 60% shareholding in 
the Gorup’s wholly-owned non-core subsidiary OneShop Retail Sdn Bhd (“1Shop”) to Super Apps (together the “Disposal”). 
Concurrently, M1 Malaysia entered into a joint venture cum shareholders agreement with Super Apps and 1Shop (together 
the “Proposed Joint Venture”). The intention of the Disposal and Proposed Joint Venture is to establish a new joint venture 
to expand the Group’s e-products and services business initially in Malaysia.
 
The Disposal was initially subject to the completion of a merger exercise between Technology & Telecommunication 
Acquisition Corporation (“TETE”) and Super Apps which includes certain approvals by the United States Securities and 
Exchange Commission (“SEC”) (together the “Merger Exercise”). Subsequently it was announced on 1 March 2024 that 
M1 Malaysia entered into a supplementary agreement with Super Apps to amend the terms and conditions of the Share 
Sale Agreement in preparation for the Merger Exercise (the “Supplementary Agreement”). Under the new terms and 
conditions of the Supplementary Agreement, completion of the Disposal is no longer conditional on the Merger Exercise 
completing. In this regard, it was instead agreed that the Disposal completes upon entry of the Supplementary Agreement. 
Notwithstanding completion, if the Merger Exercise does not complete, M1 Malaysia is entitled to purchase back the 60% 
interest in 1Shop from Super Apps for a nominal consideration of RM1.00.
 
It was further agreed that irrespective of the completion of the Disposal and subject to the completion of the Merger Exercise, 
Super Apps shall pay M1 Malaysia the following consideration: 
 
(a) RM40.0 million (c. £6.84 million) in cash within 14 days upon completion of the Merger Exercise; and 
 
(b) RM20.0 million (c. £3.42 million) in cash within 180 days upon completion of the Merger Exercise.
 
In addition, pursuant to the terms of the Proposed Joint Venture, M1 Malaysia undertook to provide the necessary technical 
and business support to 1Shop and guaranteed that 1Shop will achieve revenues of at least RM560.0 million in the financial 
year ending 31 December 2023 or any other period as mutually agreed (“Revenue Target”).  In consideration of M1 Malaysia 
guaranteeing the Revenue Target, M1 Malaysia will be receiving the shares of TETE with aggregate value of RM20.0 million 
following 1Shop achieving the Revenue Target.  In the event the Revenue Target is not met, M1 Malaysia will not receive 
the shares of TETE and will not subject to any penalty.

I  92  I
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
34. SUBSEQUENT EVENTS (Continued)
 
Tete Technologies Inc, a wholly-owned subsidiary of TETE, has since filed a draft proxy statement ("TETE Proxy Filing") with 
the SEC and the TETE Proxy Filing is subject to the approval by the SEC. The Company will release further announcements 
as and when appropriate.
 
It was announced by the Group on 18 June 2024 that the deadline to complete the Merger Exercise was extended from 
20 July 2024 to 20 January 2025. There can be no guarantee that the payment for the consideration of the Disposal and 
the Proposed Joint Venture can be completed as they are conditional on the completion of the Merger Exercise, which is 
out of the Group’s control. The payment for the consideration of the Disposal and the completion of the Proposed Joint 
Venture are expected to contribute positively to the financial position and future growth of the Group. 
35. RECLASSIFICATION ADJUSTMENTS
 
Certain comparative figures have been restated to better present the nature of certain balances.
 
1. It was identified that the Group's investment property was incorrectly categorised as property, plant and equipment. 
 
A restatement was made to recategorise the asset between these line items.  The effect of the restatement was to 
 
move the carrying value of £283,125 from property, plant and equipment into investment property.
 
2. It was identified that certain cash deposits with maturity at origination of more than three months had been included 
 
within cash and cash equivalents.  These deposits were represented as 'Other financial assets'.  The effect of the 
 
restatement was the move £652,206 from cash and cash equivalents into 'Other financial assets'.  An associated 
 
adjustment was made to the cash flow statement such that only movements in cash and cash equivalents were 
 
presented.  
 
Neither of the adjustments impacted the reported profit for the year, the reported Earnings Per Share, or the Company 
balance sheet.

I  93  I
NOTICE IS HEREBY GIVEN THAT an Annual General Meeting of MOBILITYONE LIMITED (“Company”) will be held at 4.00 
p.m. Malaysia time on 11 September 2024 at Level 2, Wisma LMS, No. 6, Jalan Abd. Rahman Idris, Off Jalan Raja Muda Abdul 
Aziz, 50300 Kuala Lumpur, Malaysia, and for the purpose of considering and, if thought fit, adopting the following resolutions, 
at the meeting, or of any adjournment thereof:
ORDINARY RESOLUTIONS
1. THAT the Company's accounts and reports of the Directors and Auditors for the year ended 31 December 2023 be adopted.
 
2. THAT Derrick Chia Kah Wai is re-elected as a Director.
3. THAT Seah Boon Chin is re-elected as a Director.
4. THAT Azlinda Ezrina Binti Ariffin is re-elected as a Director.
5. THAT Gravita Audit Limited be appointed as Auditors of the Company (in accordance with Article 33 of the Articles of 
 
Association of the Company) to hold office until the conclusion of the next annual general meeting.
6. THAT the Directors of the Company be authorised to fix the remuneration of Gravita Audit Limited as the Auditors of the 
 
Company.
Abu Bakar bin Mohd Taib 
Chairman
Dated: 20 August 2024
Notes:
1 
A member of the Company entitled to attend and vote at the above-mentioned meeting is entitled to appoint a proxy to attend and, on 
a poll, to vote in his/her place.  A proxy may demand, or join in demanding, a poll.  A proxy need not be a member of the Company.  A 
member may appoint more than one proxy to attend on the same occasion.
2 
The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed, or a notarially certified 
copy of such power or authority, shall be deposited with the Company’s registrars, Computershare Investor Services (Jersey) Limited c/o 
The Pavilions, Bridgwater Road, Bristol BS99 6ZY, the United Kingdom or at such other place as is specified for that purpose in the notice 
of the meeting or in the instrument of proxy issued by the Company at least 24 hours before the time appointed for holding the meeting 
or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll, at least 24 hours before the 
time appointed for taking the poll and, in default, the instrument of proxy shall not be treated as valid.
3 
Completion of the instrument appointing a proxy does not preclude a member from subsequently attending and voting at the meeting in 
person if he/she so wishes.
4 
In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of 
the votes of the other joint holders, and seniority shall be determined by the order in which the names of the Holders stand in the register 
of members of the Company.
5 
As permitted by Regulation 40(1) of the Companies (Uncertificated Securities) (Jersey) Order 1999, only persons entered on the register 
of members of the Company not later than 48 hours before the time appointed for the meeting are entitled to attend and/or vote at the 
meeting in respect of the number of shares registered in their name at that time.  Changes to entries on the register of members after that 
time will be disregarded in determining the rights of any person to attend and/or vote at the meeting.
NOTICE OF ANNUAL GENERAL MEETING

I  95  I
Notes:
1. 
A member of the Company entitled to attend and vote at the above-mentioned meeting is entitled to appoint a proxy to attend and, on a poll, to vote in his/
her place.  A proxy may demand, or join in demanding, a poll.  A proxy need not be a member of the Company.  A member may appoint more than one proxy 
to attend on the same occasion.
2. 
The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power 
or authority, shall be deposited with the Company’s registrars, Computershare Investor Services (Jersey) Limited c/o The Pavilions, Bridgwater Road, Bristol 
BS99 6ZY, the United Kingdom or at such other place as is specified for that purpose in the notice of the meeting or in the instrument of proxy issued by the 
Company at least 24 hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes 
to vote or, in the case of a poll, at least 24 hours before the time appointed for taking the poll and, in default, the instrument of proxy shall not be treated as 
valid.
3. 
Completion of the instrument appointing a proxy does not preclude a member from subsequently attending and voting at the meeting in person if he/she so 
wishes.
4. 
In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the 
other joint holders, and seniority shall be determined by the order in which the names of the Holders stand in the register of members of the Company.
5. 
As permitted by Regulation 40(1) of the Companies (Uncertificated Securities) (Jersey) Order 1999, only persons entered on the register of members of the 
Company not later than 48 hours before the time appointed for the meeting are entitled to attend and/or vote at the meeting in respect of the number of 
shares registered in their name at that time.  Changes to entries on the register of members after that time will be disregarded in determining the rights of any 
person to attend and/or vote at the meeting.
If by an individual:
Signed: ....................................................................................
Dated: ............................................................................. 2024
If for and on behalf of a corporation:
Signed by: ................................................................................. 
for and on behalf of: ...................................................................
Position: .................................................................................... 
Dated: .............................................................................2024
I / We: (full name) ……………………………………………………………………………………………...............................................
of: (address) …………………………………………………………………………………………………................................................
being a member of MobilityOne Limited, do hereby appoint: (full name) …………………………………........................................... 
or failing him: (full name) ……………………………………………………………………………………................................................
or failing him the Chairman of the Meeting as my / our proxy to attend the Annual General Meeting of MobilityOne Limited to be 
held at Level 2, Wisma LMS, No. 6, Jalan Abd. Rahman Idris, Off Jalan Raja Muda Abdul Aziz, 50300 Kuala Lumpur, Malaysia 
on 11 September 2024 at 4.00 p.m. Malaysia time or any adjournment thereof. 
 
FOR 
AGAINST 
WITHHOLD
ORDINARY RESOLUTIONS
1. 
THAT the Company's accounts and reports of the Directors and Auditors for the 
year ended 31 December 2023 be adopted.
2. 
THAT Derrick Chia Kah Wai is re-elected as a Director.
3. 
THAT Seah Boon Chin re-elected as a Director.
4. 
THAT Azlinda Ezrina Binti Ariffin is re-elected as a Director.
5. 
THAT Gravita Audit Limited be appointed as Auditors of the Company (in accordance 
with Article 33 of the Articles of Association of the Company) to hold office until the 
conclusion of the next annual general meeting.
6. 
THAT the Directors be authorised to fix the remuneration of Gravita Audit Limited 
as the Auditors of the Company.
Please indicate by marking “X” in the respective box.  If no indication is given, your proxy will have discretion to vote or to abstain (including on any other matter 
which may properly come before the meeting as he/she thinks fit).
I/We request such proxy to vote as indicted below:
No. of Shares:

THEN FOLD HERE
FIRST FOLD HERE
AFFIX
STAMP
COMPANY'S REGISTRARS
MOBILTYONE LIMITED / 
COMPUTERSHARE INVESTOR SERVICES (JERSEY) LIMITED
C/O THE PAVILLIONS
BRIDGWATER ROAD
BRISTOL BS99 6ZY
UNITED KINGDOM
FOLD THIS FLAP FOR SEALING

REGISTERED OFFICE
MobilityOne Limited
13 Castle Street
St Helier
Jersey JE1 1ES
Channels Islands
BUSINESS ADDRESS
MobilityOne Sdn Bhd
2-3, Incubator 2
Technology Park Malaysia
Bukit Jalil
57000 Kuala Lumpur
Malaysia
Tel:  +6(03) 8996 3600
Fax: +6(03) 8996 3601