GHL System Berhad Annual Report 2018

G H L S y s t e m S B e r h a d ( 2 9 3 0 4 0 - D ) 134 NOT ES TO THE F I NANC I A L STAT EMENTS 3 1 D e c e m b e r 2 0 1 8 C O N T ’ D 26. HIRE PURCHASE CREDITORS Group Company 2018 2017 2018 2017 RM RM RM RM Minimum hire purchase payments - not later than one (1) year 5,034,711 1,075,621 77,280 77,280 - later than one (1) year but not later than five (5) years 5,914,640 1,836,440 167,440 244,720 Total minimum hire purchase payments 10,949,351 2,912,061 244,720 322,000 Less: Future interest charges (884,006) (264,506) (14,739) (25,361) Present value of hire purchase payments 10,065,345 2,647,555 229,981 296,639 Repayable as follows: Current liabilities - not later than one (1) year 4,436,172 928,025 69,523 66,658 Non-current liabilities - later than one (1) year but not later than five (5) years 5,629,173 1,719,530 160,458 229,981 10,065,345 2,647,555 229,981 296,639 The hire purchase of the Group and of the Company attract interest at rates ranging from 2.32% to 7.58% (2017: 4.29% to 6.80%) and 3.96% (2017: 4.29%) per annum. 27. DEFERRED INCOME Group Company 2018 2017 2018 2017 RM RM RM RM Current portion 1,536,233 833,005 422,773 833,005 (a) Deferred income represents advance receipts from NetAccess maintenance arrangements. These arrangements ranged from one (1) month to two (2) years (2017: 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. (b) Movements of deferred income during the financial year are as follows: Group Company RM RM At 1 January 2017 619,469 239,680 Advance receipts during the financial year 2,068,818 1,511,817 Recognised in profit or loss (1,855,282) (918,492) At 31 December 2017 833,005 833,005 Advance receipts during the financial year 4,587,036 2,736,276 Recognised in profit or loss (3,883,808) (3,146,508) At 31 December 2018 1,536,233 422,773