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Bank Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Bank Borrowings | 10. Bank Borrowings Components of bank borrowings are as follows at December 31: Schedule of Bank Borrowings
|  |  |  |  | Interest rate |  |  | 2022 SGD |  |  | 2023 SGD |  |  | 2023 USD |
UOB – Loan 1 (Property) |  |  | (1) |  |  |  | 1.98-4.95% |  |  |  | 457,120 |  |  |  | 351,004 |  |  |  | 259,742 |
UOB – Loan 2 (Bridging Loan) |  |  | (2) |  |  |  | 2.25 | % |  |  | 2,091,258 |  |  |  | 1,408,486 |  |  |  | 1,042,280 |
Trust Receipt |  |  | (3) |  |  |  | 5.98-7.00% |  |  |  | 295,986 |  |  |  | 578,806 |  |  |  | 428,317 |
|  |  |  |  |  |  |  |  |  |  | 2,844,364 |  |  |  | 2,338,296 |  |  |  | 1,730,339 |
Less: current portion of long-term bank borrowings |  |  |  |  |  |  |  |  |  |  | (1,150,176 | ) |  |  | (1,447,966 | ) |  |  | (1,071,495 | )
Non-current portion of long-term bank borrowings |  |  |  |  |  |  |  |  |  |  | 1,694,188 |  |  |  | 890,330 |  |  |  | 658,844 |
| (1) | The property loan with twenty-five years of term from February 2, 2002 to January 31, 2027 will maturity at January 2027 with interest rate at 1.68% for the per period from August 4, 2020 to August 3, 2022, 1.98% for the period from August 4, 2022 to August 3, 2023, and at 6.25% from August 4, 2023 and thereafter. The Company revised the loan on May 3, 2023 and the revised interest rate will be 1.20% plus compounded the Singapore Overnight Rate Average (SORA) reference rate for the period from June 1, 2023 to May 31, 2025, and at 2.00% plus compounded SORA reference rate for the period from June 1, 2025 and thereafter. As of December 31, 2023 the SORA rate is 3.75%
| (2) | The bridging loan with five years of term from September 30, 2020 to September 29, 2025 will maturity at October 2025 with the interest rate at 2.25%
| (3) | Trust receipt is the bank facilities that we use to settle suppliers’ due invoices, it will be mature 120 days after the Company executes it. The interest rate will be 5.15%-6.27% depend on the date of execution. All trust receipts matured no later than March 31,2024. As of May 31, 2024, the Company incurred new trust receipts with amount of S$481,622, and part of the S$268,046 was matured in May 23, 2024. The remaining balance will mature in July 2024.
Interest expenses pertaining to the above bank borrowings for the years ended December 31, 2022 and 2023 amounted to SGD 81,333 and SGD 75,184 (USD 55,636), respectively. Components of bank borrowings interest are as follows as of December 31: Schedule of Bank Borrowings Interest
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | SGD |  |  | SGD |  |  | USD |
UOB – Loan 1 (Property) |  |  | 9,389 |  |  |  | 13,602 |  |  |  | 10,065 |
UOB – Loan 2 (Bridging Loan) |  |  | 55,982 |  |  |  | 36,793 |  |  |  | 27,227 |
Trust Receipt |  |  | 15,962 |  |  |  | 24,789 |  |  |  | 18,344 |
Total |  |  | 81,333 |  |  |  | 75,184 |  |  |  | 55,636 |
Maturities of the bank borrowings were as follows: Schedule of Maturities Bank Borrowings
|  | SGD |  |  | USD |
For the year ending December 31, |  |  |  |  |  |  |  |
2024 |  |  | 1,486,600 |  |  |  | 1,100,084 |
2025 |  |  | 776,816 |  |  |  | 574,844 |
2026 |  |  | 122,760 |  |  |  | 90,842 |
2027 |  |  | 11,743 |  |  |  | 8,690 |
Total bank borrowings repayments |  |  | 2,397,919 |  |  |  | 1,774,460 |
Current portion of long-term bank borrowings |  |  | 1,486,600 |  |  |  | 1,100,084 |
Non-current portion of long-term bank borrowings |  |  | 911,319 |  |  |  | 674,376 |
Less: imputed interest |  |  | (59,623 | ) |  |  | (44,121 | )
Total |  |  | 2,338,296 |  |  |  | 1,730,339 |

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