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. 266 30. PROVISIONS (CONT’D) (b) Retirement gratuity T he Company established a retirement gratuity scheme in 2005 for certain Executive Directors of the Company. The amount of retirement gratuity payable is determined by the Board of Directors in relation to the past services rendered and it does not account for the director’s services to be rendered in later years up to retirement. The provision for retirement gratuity is calculated based on the last drawn monthly salaries of the eligible directors and contribution to Employees Provident Fund for three years. The retirement gratuity payable is vested upon the directors reaching retirement age and is classified as current liabilities. 31. PAYABLES AND ACCRUALS The Group The Company 2024 2023 2024 2023 Note RM RM RM RM Non-current Landowners’ entitlement (a) 255,037,124 250,564,022 - - Retention sum payable to subcontractors after one year 22,698,075 25,776,676 - - 277,735,199 276,340,698 - - Current Trade Trade payables (b) 252,247,593 298,059,780 - - Landowners’ entitlement (a) 65,585,140 126,142,377 - - Retention sum payable to subcontractors within one year 38,109,132 34,207,012 - - Non-trade Amount due to subsidiaries (c) - - 300,000 10,594,000 Amount due to former non-controlling interests (d) 19,692,791 19,692,791 - - Other payables (e) 60,779,696 72,486,381 1,026 1,351 Deposits received (f) 11,311,030 11,456,414 - - Advances from customers (g) 9,550,094 5,157,918 - - Accruals (h) 17,241,460 26,434,726 825,173 628,961 474,516,936 593,637,399 1,126,199 11,224,312
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