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Related Party Transactions and Balances
 12 Months Ended
Dec. 31, 2025
Related Party Transactions and Balances [Abstract]  
Related Party Transactions and Balances

18. Related Party Transactions and Balances

 

The table below sets forth the major related parties and their relationship with the Company as of December 31, 2025:

 

Name of related parties

   Relationship with the Company
Chee Hoong Lew (“Mr. Lew”)   CEO, Director and one of the controlling shareholders
Yew Chean Lim (“Ms. Lim”)   Director of Win-Fung
Wai Boon Law (“Ms. Law”)   Director of Win-Fung
Chung Kin Loo (“Mr. Loo”)   Director of GKI
Flakeshield Sdn Bhd (“Flakeshield”)   Mr. Lew owns 50%
Acmos (M) Sdn Bhd (“Acmos”)   Mr. Lew owns 90%
Win Fung Prop Sdn Bhd (“WFP”)   Mr. Lew owns 90%
Eco Consult (M) Sdn Bhd (“ECO”)   Mr. Lew owns 50%
Kirby Swim Equip Pty Ltd (“Kirby Australia”)   Ms. Law ultimately owns 35%
Kirby Swim Equipment Pte Ltd (“Kirby Singapore”)   Ms. Law owns 35%
One Fatboyz Limited (“OFL”)   Shareholder of the Company
Snow Bear Capital Limited (“SBCL”)   Shareholder of the Company
Carlico*   An investee of GKI, owns 35%
RGSB*   An investee of WF Venture, owns 35%

 

*Carlico and RGSB became investees of the Company on May 15, 2025 and July 8, 2025, respectively (See Note 4).

 

During the years ended December 31, 2025, 2024 and 2023, related party transactions consist of the following:

 

    Years Ended December 31,  
    2025     2024     2023  
Sales to Flakeshield   $ 19,429     $ 30,024     $ 25,450  
Sales to Acmos    
-
       2,689       5,944  
Sales to ECO     140      
-
      
-
  
Sales to Kirby Singapore    
-
       197      
-
  
Purchase from Flakeshield     4,368       2,320       8,761  
Purchase from Acmos     8,158       8,571       185,989  
Rental income from Flakeshield    
-
       6,558       6,582  
Rental expenses to WFP    
-
       5,902       7,899  
Rental expenses to Mr. Lew     33,638       31,477       2,633  
Consultancy expenses to OFL     264,186      
-
      
-
  
Consultancy expenses to SBCL     423,000      
-
      
-
  
Advances from OFL    
-
      
-
       231,190  
Advances from SBCL    
-
       273,204       121,867  
Advances from Kirby Australia    
-
       2,638      
-
  
Purchase consideration to Ms. Lim for acquisition of GKI     3,000,000      
-
      
-
  
Purchase consideration to Mr. Lew for acquisition of RBSB     40,500      
-
      
-
  
Purchase consideration to Mr. Lew for acquisition of RGSB     350,000      
-
      
-
  

As of December 31, 2025 and 2024, accounts receivable consisted of the following amount due from related parties:

 

   At December 31, 
   2025   2024 
Flakeshield  $5,282   $18,695 
ECO   148    
-
 
Kirby Singapore   
-
    1,077 
Total  $5,430   $19,772 

 

As of December 31, 2025 and 2024, other receivable consisted of the following amount due from related parties:

 

   At December 31, 
   2025   2024 
Flakeshield  $364   $890 
SBCL   
-
    13,732 
Total  $364   $14,622 

 

As of December 31, 2025 and 2024, accounts payable consisted of the following amount due to related parties:

 

   At December 31, 
   2025   2024 
Flakeshield  $480   $
   -
 
Acmos   4,327    
-
 
Total  $4,807   $
-
 

 

As of December 31, 2025 and 2024, other payable consisted of the following amount due to related parties:

 

   At December 31, 
   2025   2024 
Acmos  $333   $
-
 
Kirby Australia   
-
    2,638 
Total  $333   $2,638 

As of December 31, 2025 and 2024, due to related parties consists of the following:

 

   At December 31, 
   2025   2024 
Mr. Lew  $19,295   $15,636 
Ms. Lim   740    
-
 
Ms. Law   27,475    55,037 
Mr. Loo   18,554    
-
 
Carlico   4,275,561    
-
 
OFL   
-
    231,190 
SBCL   
-
    395,071 
Total  $4,341,625   $696,934 

 

The transactions amount due to related parties are as of the following:

 

   At December 31, 
   2025   2024 
Beginning of the years January 1,  $696,934   $469,682 
Advances   4,297,627    280,154 
Repayment   (652,936)   (52,902)
Years ended December 31,  $4,341,625   $696,934 

 

The balances mainly represent operating expenses and corporate expenses paid on behalf of the Company. The amount due to related parties is non-trade, unsecured, non-interest bearing and is repayable on demand.