136 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 18. Trade and other receivables (cont’d) Excluding specific provision as at reporting year ended 31 December 2024 of Nil for receivables (i) past due over 6 months, invoice aged less than 1 year; and (ii) past due 4 to 6 months (31 December 2023: $23,647 and $9,519 for receivables (i) past due over 6 months, invoice aged less than 1 year; and (ii) past due 4 to 6 months, respectively), respectively, the ageing of the Group’s trade receivables is as follows: Group Gross amount Expected loss rate Loss allowance 2024 2023 2024 2023 2024 2023 $’000 $’000 % % $’000 $’000 Current 19,632 18,921 – – – – Past due less than 1 month 2,460 3,286 – – – – Past due 1 to 2 months 498 536 – – – – Past due 2 to 3 months 160 125 – – – – Past due 3 to 4 months 51 54 – – – – Past due 4 to 6 months 28 32 – – – – Past due over 6 months, invoice aged less than 1 year 44 25 11.6 9.3 5 2 Past due over 6 months, invoice aged over 1 year 427 381 100.0 100.0 427 381 Total 23,300 23,360 432 383 Excluding trade receivables from subsidiaries and specific provision as at reporting year ended 31 December 2024 of Nil for receivables (i) past due over 6 months, invoice aged less than 1 year; and (ii) past due 4 to 6 months (31 December 2023: $23,647 and $9,519 for receivables (i) past due over 6 months, invoice aged less than 1 year; and (ii) past due 4 to 6 months, respectively), respectively, the ageing of the Company’s trade receivables is as follows: Company Gross amount Expected loss rate Loss allowance 2024 2023 2024 2023 2024 2023 $’000 $’000 % % $’000 $’000 Current 5,743 6,463 – – – – Past due less than 1 month 951 1,650 – – – – Past due 1 to 2 months 41 95 – – – – Past due 2 to 3 months 5 – – – – – Past due 3 to 4 months – – – – – – Past due 4 to 6 months – 14 – – – – Past due over 6 months, invoice aged less than 1 year – – – – – – Past due over 6 months, invoice aged over 1 year 49 17 100.0 100.0 49 17 Total 6,789 8,239 49 17 There are no collateral held as security and other credit enhancements for the trade receivables held by the Group and Company. The amounts are written off when there are indications that there is no reasonable expectation of recovery or the failure of a debtor to make contractual payments over an extended year.
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