Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 110 The United Laboratories International Holdings Limited Annual Report 2023 24. TRADE AND BILLS RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (Continued) At 31 December 2023, out of the total bills receivables of RMB3,496,731,000 (2022: RMB2,360,224,000), bills of RMB23,853,000 (2022: RMB251,378,000) and RMB1,465,401,000 (2022: RMB854,862,000) were further discounted to banks and endorsed to suppliers respectively with full recourse. The Group continues to recognise their full carrying amounts at the end of the reporting period and details are disclosed below. All bills received by the Group are with a maturity period of less than one year. At 31 December 2023, included in the Group’s trade receivables balance, net are debtors with aggregate carrying amount of RMB778,531,000 (2022: RMB447,466,000) which are past due but not impaired at the reporting date. Out of the past due balances, RMB31,012,000 (2022: RMB46,733,000) has been past due 90 days or more. The directors of the Company are in the view that there have been no significant increase in credit risk nor default because based on historical settlement records, past experience, and also quantitative and qualitative information that is reasonable and supportive forward-looking information. The Group does not hold any collateral over these balances. Details of impairment assessment of trade receivables, banker’s acceptance bills receivables and commercial bills receivables, consideration receivables and other receivables are set out in Note 39.