Interfront 2024 Annual Report

A B C D FINANCIAL INFORMATION International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 NOTES TO THE FINANCIAL STATEMENTS Figures in rand 2024 2023 Deferred tax Deferred tax asset Deferred tax 3 575 323 3 557 120 Reconciliation of deferred tax asset At the beginning of the year 3 557 120 81 579 Temporary difference on prepayments (115 621) (12 933) Temporary difference on tangible fixed assets (27 891) 223 097 Movement in provision and accruals (57 562) 1 893 593 Reversing temporary difference on finance lease – – Originating temporary difference on operating lease (81 757) (18 095) Reversing temporary difference on Intellectual property 301 034 1 389 879 3 575 323 3 557 120 Operating lease liability Non‑current liabilities 276 578 528 604 Current liabilities 252 026 302 805 528 604 831 409 Operating leases represent rentals payable by the entity for its office premises. The office leases were for an initial period of 5 years with an annual rental escalation of 7% and an expiry date of 31 August 2024. Subsequently, an addendum was signed to extend the initial period of the lease over the St Andrews offices by a further 2 years with a more favourable 5% rental escalation. The office lease contains an option to extend the leases after the initial period by a further 5 years. Payables from exchange transactions Trade payables 1 286 810 1 290 492 Accrued leave pay 6 374 947 6 009 283 PAYE payable 3 595 069 3 052 917 Other accruals 1 140 683 2 017 877 Revenue billed in advance – 4 293 201 12 397 509 16 663 770 Payables are carried at invoice amounts, which approximate fair value due to their short‑term nature. Revenue billed in advance relates to services to be provided to our customers, for which we have already received payment.