85 www.excelforce.com.my Notes to the Financial Statements (cont’d) 8. Investment in an Associate (cont’d) Details of the associate is as follows: Name of company Place of business/ Country of incorporation Effective interest Principal activities 2024 2023 % % Direct holding: Millapp Sdn. Bhd.*# (“Millapp”) Malaysia - 28.57 Development and maintenance of stock trading application Indirect holding: Millapp Sdn. Bhd.*# (“Millapp”) Malaysia 28.57 - Development and maintenance of stock trading application * Associates not audited by TGS TW PLT # Financial year end 31 March For the purpose of applying the equity method for associate with financial year end of 31 March, the management financial statements up to 30 June of the associate has been used. Summarised financial information of the Group’s associate are set out below. (a) Summarised statement of financial position 2024 2023 Millapp Sdn. Bhd. RM RM Non-current assets 1,596,581 1,750,223 Current assets 939,411 620,935 Current liabilities (97,578) (75,084) Net assets 2,438,414 2,296,074 Interest in associate 28.57% 28.57% Group’s shares of net assets 696,655 656,021 Goodwill (337,973) (337,973) Carrying value of Group’s interest in associate 358,682 318,048 (b) Summarised statement of profit or loss and other comprehensive income 2024 2023 Millapp Sdn. Bhd. RM RM Profit for the financial year/total comprehensive income for the financial year 450,219 63,168 Included in total comprehensive income is: Revenue 2,125,344 294,434 Other information: Dividend received 88,000 -
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