153 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 26. TRADE AND OTHER PAYABLES Group Company 2021 2020 2021 2020 RM RM RM RM Trade payables Third parties 60,481,037 32,299,106 - - Associate 8,546 1,609 - - 60,489,583 32,300,715 - - Other payables Third parties 99,206,283 90,287,027 556,985 831,086 Amounts owing to subsidiaries - - 219,349 1,407,681 Deposits 10,079,764 11,103,802 601,879 601,879 Accruals 13,745,143 25,844,337 1,228,044 485,078 123,031,190 127,235,166 2,606,257 3,325,724 Total trade and other payables 183,520,773 159,535,881 2,606,257 3,325,724 (a) Trade and other payables are classified as financial liabilities and measured at amortised cost. (b) Trade payables are non-interest bearing and the normal trade credit terms granted to the Group and the Company range from 1 to 90 days and 30 to 60 days (2020: 1 to 90 days and 30 to 60 days) respectively. (c) Other payables of the Group consist prepayments received from retailers, merchants payables and general administrative expenses payable which are non-interest bearing. (d) Non-trade amounts owing to subsidiaries represent payments on behalf which are unsecured, interest-free and payable in cash and cash equivalents within next twelve (12) months. (e) In the previous financial year, contingent consideration of the Group arose from the Group’s acquisition of subsidiary in Paysys (M) Sdn. Bhd. (“PMSB”) in 2018. Based on the term of the SSA, the Group agreed to issue the Sellers 10,061,206 ordinary shares of the Company in each year over 2 years for a total additional consideration of 20,122,412 ordinary shares of the Company if PMSB achieves the stipulated profit tax targets for 2018 and 2019 each. In the previous financial year, the Company had issued the final tranche of 10,061,020 new ordinary shares of RM1.19 per ordinary share to the Sellers as disclosed in Note 23(a)(i) to the financial statements as PMSB had achieved its stipulated profit targets for each financial year of 2019 and 2018.
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