Annual Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 115 The United Laboratories International Holdings Limited Annual Report 2020 26. TRADE AND BILLS PAYABLES, OTHER PAYABLES AND ACCRUED CHARGES (Continued) Included in the trade payables, other payables and payables in respect of the acquisition of property, plant and equipment above are RMB57,673,000, RMB107,539,000 and RMB175,846,000 (2019: RMB155,229,000, RMB38,597,000 and RMB28,872,000), respectively which had been settled by endorsed bills for which the maturity dates of the bills receivables have not yet fallen due at the end of the reporting period (see Note 24). 27. CONTRACT LIABILITIES 2020 2019 RMB’000 RMB’000 Receipts in advances from customers – finished goods 78,125 59,733 At 1 January 2019, contract liabilities amounted to RMB68,439,000. The following table shows how much of the revenue recognised for the years relates to the contract liabilities at the beginning of the year: 2020 2019 RMB’000 RMB’000 Revenue recognised during of the year 59,733 68,439 When the Group receives an amount from certain new customers before products are delivered to and received by the customer, this will give rise to a contract liability at the beginning of a contract, until the revenue recognised on the relevant contract exceeds the amount received. The balance is mainly contributed from new customers.