Annual report pursuant to Section 13 and 15(d)

Trade and Other Receivables, Prepayments and Contract Assets

v3.22.4
Trade and Other Receivables, Prepayments and Contract Assets
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Trade and Other Receivables, Prepayments and Contract Assets
13.    Trade and Other Receivables, Prepayments and Contract Assets
The components of Trade receivables, Other receivables and Prepayments and contract assets reflected on the Consolidated Balance Sheets are disaggregated, as applicable, in the table below:
As of December 31,
2022 2021
$’000 $’000
Trade receivables, gross 17,635  10,355 
Allowance for doubtful accounts (2,111) (2,077)
Trade receivables, net (Note 6)
 15,524  8,278 
Other receivables
 7,205  9,751 
Security deposit 8,481  3,962 
VAT receivable (payable)
 1,816  2,045 
Other receivables 17,502  15,758 
Prepayments
 12,237  21,576 
Contract assets
 6,112  4,484 
Prepayments and contract assets 18,349  26,060 
The Group has assessed its current expected credit loss estimate, in line with the requirements of ASC 326 by taking into consideration historical credit loss experience and financial factors specific to the debtors and general economic conditions. As part of this assessment, the Group has performed a recoverability assessment of its outstanding trade and other
receivables at the reporting date and concluded that the expected credit loss as of December 31, 2022 and 2021 is immaterial.
The table below shows significant changes in contract assets:
2022 2021
$’000 $’000
Balance at January 1
 4,484  2,378 
Revenues recognized but not billed
 4,478  3,444 
Amounts reclassified to trade receivable
 (1,914) (1,338)
Amounts transferred to assets held for sale (936) — 
Balance at December 31,
 6,112  4,484