145 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 CONT’D 29. CONTRACT LIABILITIES Group Company 2022 2021 2022 2021 RM RM RM RM Non-current liabilities Deferred income 14,047 - - - Current liabilities Deferred income 5,135,829 5,001,202 513,719 575,819 5,149,876 5,001,202 513,719 575,819 (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 2021 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 2021/1 January 2022 5,001,202 575,819 Advance receipts during the financial year 16,924,865 1,565,104 Recognised in profit or loss (16,730,500) (1,627,204) Exchange differences (45,691) - Balance as at 31 December 2022 5,149,876 513,719 (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 2022 2021 2022 2021 RM RM RM RM Within one (1) year 5,135,829 5,001,202 513,719 575,819 More than one (1) year 14,047 - - - 5,149,876 5,001,202 513,719 575,819
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