Notes to the Financial Statements for the Financial Year Ended 30 September 2024 MKH BERHAD ANNUAL REPORT 2024 Laying The Foundation of Excellence Where People Matter Guided by Leadership, Inspired by People Delivering Value That Matters to People PG. 252 20. RECEIVABLES, DEPOSITS AND PREPAYMENTS (CONT’D) (d) Trade receivables (Cont’d) (ii) The ageing analysis of the Group’s trade receivables is as follows: (Cont’d) Receivables that are impaired The movement of allowance accounts used to record the impairment is as follows: The Group 2024 2023 RM RM At beginning of year 903,051 865,033 Additions (Note 6) 93,090 50,268 No longer required (Note 6) (411,903) (12,250) Written off (400,176) - At end of year 184,062 903,051 Trade receivables that are individually determined to be impaired at the reporting date relate to debtors that are in significant financial difficulties and have defaulted on payment. These receivables are not secured by any collateral or credit enhancements. The Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses (“ECLs”). The ECLs on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. (iii) Included in trade receivables of the Group are: (a) retention sums amounting to RM49,029,585 (2023: RM29,022,815) held by stakeholders; (b) an amount of RM251,833 (2023: RM210,733) due from indirect corporate shareholders of subsidiaries in respect of purchase of development properties from the Group which include retention sum of RM210,733 (2023: RM210,733) held by stakeholders; (c) an amount of RMNil (2023: RM17,960) due from a key management personnel of the Group in respect of purchase of development properties from the Group which include retention sum of RMNil (2023: RM17,960) held by stakeholders; and (d) an amount of RMNil (2023: RM999,000) due from a person connected to a key management personnel of the Group in respect of purchase of development properties of the Group.
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