Annual Report 2024

249 2024 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 26 Accounts payable and accruals (continued) Included in accounts payable and accruals are trade payables with the following ageing analysis, based on the due date, as of the end of the reporting period: 2024 2023 $’000 $’000 Due within 1 month or on demand 125,622 142,379 Due after 1 month but within 3 months 1,206 1,537 Due after more than 3 months 761 895 127,589 144,811 The credit period granted to the Group is generally between 30 days and 90 days. 27 Contingency provision – insurance 2024 2023 $’000 $’000 At 1 January 234,278 237,045 Provision charged to profit or loss 78,304 66,148 Payments made during the year (74,512) (68,915) At 31 December 238,070 234,278 Representing: Current portion 91,919 91,823 Non-current portion 146,151 142,455 238,070 234,278 The Group is involved from time to time in litigation and claims in connection with its transport operations. Contingency provision – insurance represents amounts set aside annually by the Group to meet liabilities which are expected to arise from third party claims for incidents which have occurred prior to the end of the reporting period in connection with the Group’s transport operations. 28 Lease liabilities At 31 December 2024, the lease liabilities were repayable as follows: 2024 2023 $’000 $’000 Within 1 year 3,542 3,589 After 1 year but within 2 years 2,448 1,560 After 2 years but within 5 years 1,312 394 3,760 1,954 7,302 5,543