GHL System Berhad Annual Report 2017

GHL SYSTEMS BERHAD 120 NOTES TO THE FINANCIAL STATEMENTS 31 December 2017 CONT’D 24. HIRE PURCHASE CREDITORS Group Company 2017 2016 2017 2016 RM RM RM RM Minimum hire purchase payments - not later than one (1) year 1,075,621 3,667,052 77,280 100,774 - later than one (1) year but not later than five (5) years 1,836,440 1,038,984 244,720 3,730 - later than five (5) years - 7,150 - - Total minimum hire purchase payments 2,912,061 4,713,186 322,000 104,504 Less: Future interest charges (264,506) (302,235) (25,361) (2,135) Present value of hire purchase payments 2,647,555 4,410,951 296,639 102,369 Repayable as follows: Current liabilities: - not later than one (1) year 928,025 3,444,946 66,658 98,652 Non-current liabilities - later than one (1) year but not later than five (5) years 1,719,530 958,946 229,981 3,717 - later than five (5) years - 7,059 - - 2,647,555 4,410,951 296,639 102,369 The hire purchase of the Group attract interest at rates ranging from 4.29% to 6.80% (2016: 4.76% to 6.76%) per annum. 25. DEFERRED INCOME Group Company 2017 2016 2017 2016 RM RM RM RM Non-current portion - - - - Current portion 833,005 619,469 833,005 239,680 833,005 619,469 833,005 239,680 (a) Deferred income represents advance receipts from NetAccess maintenance arrangements. These arrangements ranged from one (1) month to two (2) years (2016: 1 month to 2 years) for the Group and the Company. Deferred income is recognised in profit or loss upon the commencement of the arrangement and is amortised on a straight line basis over the arrangement period.