Annual Report 2023

252 2023 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 23 Accounts receivable (continued) (a) Ageing analysis Included in accounts receivable are trade receivables (net of loss allowance) with the following ageing analysis, based on the due date, as of the end of the reporting period: 2023 2022 $’000 $’000 Current 160,997 59,946 Less than 1 month past due 69,151 96,725 1 to 3 months past due 54,469 51,964 More than 3 months past due 177,269 126,903 461,886 335,538 According to the Group’s credit policy set out in note 33(a) to the financial statements, the credit period granted to customers is generally between 30 days and 90 days. Therefore, all the balances which are not past due as disclosed above are within three months from the invoice date. (b) Loss allowance of trade receivables Loss allowance in respect of trade receivables are recorded using an allowance account unless the Group is satisfied that recovery of the amount is remote, in which case the loss allowance is written off against trade receivables directly (see note 1(n)(i)). No movement in the loss allowance account in respect of trade receivables during the year: 2023 2022 $’000 $’000 Balance at 1 January and 31 December 360 360 Loss allowance of receivables are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive) (see note 1(n)(i)). 24 Bank deposits and cash (a) Bank deposits and cash comprise: 2023 2022 $’000 $’000 Cash at banks and on hand 197,365 69,773 Bank deposits 1,457,929 2,172,710 1,655,294 2,242,483 Less: restricted bank deposits (note 24(b)) (447,551) (442,891) Bank deposits and cash in the consolidated statement of financial position 1,207,743 1,799,592 Less: bank deposits with original maturities of over three months (710,720) (442,796) Cash and cash equivalents in the consolidated cash flow statement 497,023 1,356,796