GHL System Berhad Annual Report 2020

160 G H L S y s t e m S B e r h a d 1 9 9 4 0 1 0 0 7 3 6 1 ( 2 9 3 0 4 0 - D ) NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 CONT’D 29. CONTRACT LIABILITIES Group Company 2020 2019 2020 2019 RM RM RM RM Non-current liabilities Deferred income 328,409 - - - Current liabilities Deferred income 4,542,955 4,104,741 752,779 374,692 4,871,364 4,104,741 752,779 374,692 (a) Deferred income arose from sales of goods and services which are yet to be recognised as revenue due to unsatisfied performance obligation i.e. delivery and installation of goods and services at the end of the period and advance receipts from maintenance arrangements. (b) Movements of deferred income during the financial year are as follows: Group Company RM RM At 1 January 2019 1,536,233 422,773 Advance receipts during the financial year 5,490,992 1,119,409 Recognised in profit or loss (2,434,772) (1,167,490) Offset with trade receivables (523,050) - Exchange differences 35,338 - At 31 December 2019 4,104,741 374,692 Advance receipts during the financial year 6,416,172 1,483,722 Recognised in profit or loss (5,660,772) (1,105,635) Exchange differences 11,223 - At 31 December 2020 4,871,364 752,779 (c) Contract value yet to be recognised as revenue Revenue expected to be recognised in the future relating to performance obligations that are unsatisfied at the end of the reporting period, are as follows: Group Company 2020 2019 2020 2019 RM RM RM RM Within 1 year 4,542,955 4,104,741 752,779 374,692 More than 1 year 328,409 - - - 4,871,364 4,104,741 752,779 374,692