14. CONTRACT WITH CUSTOMERS (continued) (b) Contract liabilities Group 2023 2022 RM’000 RM’000 Contract liabilities 347 830 The contract liabilities primarily relate to the advance consideration received from customers for sale of online/digital materials, which revenue is recognised over time throughout the agreed period. The contract liabilities are expected to be recognised as revenue over a period of 180 days or 365 days (2022: 180 days or 365 days). Significant changes to contract liabilities balances during the financial year are as follows: Group 2023 2022 RM’000 RM’000 Contract liabilities at the beginning of the period recognised as revenue 830 1,841 15. TRADE AND OTHER RECEIVABLES Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Current Trade Trade receivables 38,937 37,645 - - Less: Impairment loss (2,669) (3,815) - - 36,268 33,830 - - Non-trade Amounts due from subsidiaries - - 32,178 34,316 Less: Impairment loss - - (3,081) (3,103) Other receivables and deposits 1,161 1,706 2 2 1,161 1,706 29,099 31,215 37,429 35,536 29,099 31,215 (a) Trade and other receivables are classified as financial assets and are measured at amortised cost. (b) These are non-interest bearing and the normal credit terms granted by the Group and the Company ranges from cash term to 90 days (2022: cash term to 90 days). Trade and other receivables are recognised at their original invoices amounts, which represent their fair values on initial recognition. (c) Trade and other receivables are denominated in Ringgit Malaysia. (d) Amounts due from subsidiaries are non-trade advances in nature, unsecured, bear interest ranging from 2.73% to 3.00% per annum and is repayable in cash and cash equivalents within the next twelve (12) months. ANNUAL REPORT 2023 SASBADI HOLDINGS BERHAD 113 Financial Statements (continued)
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