ACCOUNTABILITY | FINANCIAL STATEMENTS 267 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 24. TRADE AND OTHER RECEIVABLES (CONTINUED) (a) Trade receivables Movements in trade receivables allowance for impairment account are as follows: Group Company 2024 RM million 2023 RM million 2024 RM million 2023 RM million At 1 February 1 11 10 - Impairment 1 - 11 10 Written off - (2) - - Disposal of a subsidiary - (8) - - At 31 January 2 1 21 10 Included in the Group’s trade receivables as at 31 January 2023 was an amount of RM197 million related to retention sums due from a customer. Company’s impairment amounts recognised for the financial year ended 31 January 2024 and 31 January 2023 related to amount due from subsidiaries. Trade receivables that are individually determined to be impaired at the reporting date related to debtors that are in significant financial difficulties and/or have defaulted on payments. These receivables are not secured by any collateral or credit enhancements. (b) Other receivables (i) Included in current deposits as at 31 January 2023 is an amount of RM53 million relating to an option agreement with a vendor to secure a vessel for an anticipated FPSO project. It lapsed during the current financial year and was recognised and offset against write-back of deposit received as disclosed in Note 8. (ii) Included in non-current deposits is an amount of RM27 million (2023: RM26 million) relating to fixed deposits with a maturity period of more than 12-month. (iii) Included in sundry receivables is an amount of RM75 million (2023: RM81 million) relating to a contractual settlement arrangement with a customer for receivables relating to an FPSO project, which is unsecured and repayable over a period of 7 years. The amount receivable was adjusted to its fair value upon initial recognition, and is subsequently carried at amortised cost. As at 31 January 2024, the amounts classified as current and noncurrent were RM16 million (2023: RM13 million) and RM59 million (2023: RM68 million) respectively. Include in the current sundry receivables is an amount of RM19 million (2023: RM35 million) held in escrow accounts by third parties for payments to suppliers. (iv) Loan to an associate in prior financial year was unsecured and bore interest of 8% per annum. (v) Amounts due from subsidiaries which are interest bearing bear interest of COF + 0.50% per annum and are denominated in RM. The amounts are unsecured and revolving on daily basis, except for amounts of below RM1 million (2023: RM11 million) as at 31 January 2024 which were not expected to be recovered within the next 12 months.
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