NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT’D) 4. MATERIAL ACCOUNTING POLICY INFORMATION (CONT’D) 4.9 REVENUE FROM CONTRACTS WITH CUSTOMERS (CONT’D) (a) Property Development Activities (Cont’d) A receivable is recognised when the development activities are carried out as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. When the services rendered exceed the billings to customers, a contract asset is recognised. If the billings exceed the services rendered, a contract liability is recognised. (b) Sale of Goods R evenue is recognised upon delivery of goods and customers’ acceptance, and the Group has a present right to payment for goods sold. Revenue is measured based on the consideration specified in a contract with customer and where applicable, net of goods and services tax, expected returns, cash and trade discounts. (c) Rendering of Services R evenue is recognised in the accounting period in which the services are rendered and the customer receives and consumes the benefits provided by the Group, and the Group has a present right to payment for, the services. 5. INVESTMENT IN SUBSIDIARIES THE COMPANY 2024 2023 RM’000 RM’000 Unquoted shares, at cost 408,680 408,680 Accumulated impairment losses (51,914) (51,914) 356,766 356,766 Unquoted shares, at cost: At 1 April 408,680 362,680 Addition during the year – 46,000 At 31 March 408,680 408,680 Accumulated impairment losses: At 1 April 51,914 38,784 Addition during the year – 13,130 At 31 March 51,914 51,914 FINANCIAL STATEMENTS MATRIX CONCEPTS HOLDINGS BERHAD 164
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