158 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 29. CONTRACT LIABILITIES Group Company 2021 2020 2021 2020 RM RM RM RM Non-current liabilities Deferred income - 328,409 - - Current liabilities Deferred income 5,001,202 4,542,955 575,819 752,779 5,001,202 4,871,364 575,819 752,779 (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 Balance as at 1 January 2020 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 - Balance as at 31 December 2020 4,871,364 752,779 Advance receipts during the financial year 13,065,532 1,572,079 Recognised in profit or loss (12,885,360) (1,749,039) Exchange differences (50,334) - Balance as at 31 December 2021 5,001,202 575,819 (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 2021 2020 2021 2020 RM RM RM RM Within one (1) year 5,001,202 4,542,955 575,819 752,779 More than one (1) year - 328,409 - - 5,001,202 4,871,364 575,819 752,779
RkJQdWJsaXNoZXIy NDgzMzc=