Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 114 The United Laboratories International Holdings Limited Annual Report 2023 27. CONTRACT LIABILITIES 2023 2022 RMB’000 RMB’000 Receipts in advances from customers 115,584 132,484 At 1 January 2022, contract liabilities amounted to RMB107,955,000. The following table shows how much of the revenue recognised for the years relates to the contract liabilities at the beginning of the year: 2023 2022 RMB’000 RMB’000 Revenue recognised during of the year 132,484 107,955 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. 28. LEASE LIABILITIES 2023 2022 RMB’000 RMB’000 Lease liabilities payable: Within one year 2,509 3,744 Within a period of more than one year but not more than two years 1,668 1,757 Within a period of more than two years but not exceeding five years 2,654 2,139 6,831 7,640 Less: Amount due for settlement with 12 months shown under current liabilities (2,509) (3,744) Amount due for settlement after 12 months shown under non-current liabilities 4,322 3,896 The weighted average incremental borrowing rates applied to lease liabilities at 5.4% (2022: 6.33%).