Interfront 2023 Annual Report

International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2023 115 FINANCIAL INFORMATION PART Notes to the Financial Statements  Changes in accounting policy The annual financial statements have been prepared in accordance with Standards of Generally Recognised Accounting Practice on a basis consistent with the prior year. The entity has not adopted any new policies in the current financial year.  New standards and interpretations 3.1 Standards and interpretations issued, but not yet effective The entity has not applied the following standards and interpretations, which have been published and are mandatory for the entity’s accounting periods beginning on or after 01 April 2023 or later periods: Standard/ Interpretation: Effective date: Years beginning on or after Expected impact: iGRAP 21: The Effect of Past Decisions on Materiality 01 April 2023 Unlikely there will be a material impact Figures in Rand 2023 2022  Income tax paid Balance at the beginning of the year (1 115) 366 590 Current tax for the year recognised in surplus or deficit (680 271) (576 510) Balance at the end of the year (739 279) 1 115 (1 420 665) (208 805)  Receivables from exchange transactions Trade debtors 5 135 091 1 199 060 Prepayments and other sundry receivables 6 144 185 2 973 584 Deposits 15 359 15 359 11 294 635 4 188 003 Fair value of trade and other receivables Receivables from exchange transactions 11 294 635 4 188 003 Trade and other receivables past due but not impaired Trade and other receivables which are less than 3 months past due are not considered to be impaired. There were no amounts past due at 31 March 2023 or 31 March 2022.