84 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 1. CORPORATE INFORMATION GHL Systems Berhad (“the Company”) is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur. The principal place of business of the Company is located at C-G-15, Block C, Jalan Dataran SD 1, Dataran SD PJU 9, Bandar Sri Damansara, 52200 Kuala Lumpur. The consolidated financial statements for the financial year ended 31 December 2021 comprise the Company and its subsidiaries. These financial statements are presented in Ringgit Malaysia (“RM”), which is also the functional currency of the Company. The financial statements were authorised for issue in accordance with a resolution by the Board of Directors on 28 March 2022. 2. PRINCIPAL ACTIVITIES The principal activities of the Company are those of investment holding, developing and selling in-house software programmes, sale and rental of Electronic Data Capture (“EDC”) equipment and its related software and services, inclusive of installation, training and maintenance. The principal activities of the subsidiaries are disclosed in Note 16 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 3. BASIS OF PREPARATION The financial statements of the Group and of the Company set out on pages 74 to 165 have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”) and the provisions of the Companies Act 2016 in Malaysia. The accounting policies adopted are consistent with those of the previous financial year except for the effects of adoption of new MFRSs during the financial year. The new MFRSs and Amendments to MFRSs adopted during the financial year are disclosed in Note 35 to the financial statements. The Group has also early adopted Amendment to MFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to MFRS 16 Leases) during the financial year and elected to apply the practical expedient to all rent concessions relating to leases with similar characteristics and similar circumstances. The financial statements of the Group and of the Company have been prepared under the historical cost convention except as otherwise stated in the financial statements. NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021
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