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Leases

12 Months Ended

Dec. 31, 2023

8. Leases

Financing leases as lessee

As of December 31, 2022 and 2023, the Company has financing leases with the financial institutions on its consolidated balance sheets for hire purchase of motor vehicle.

The following table shows financing lease liabilities from the financial institutions, and the associated financial statement line items as follows at December 31:

Schedule of Finance Lease

	2022		2023		2023
	SGD		SGD		USD
Liabilities
Financing lease liabilities current		16,680		16,680		12,343

Financing lease liabilities non-current		27,800		11,120		8,229

As of December 31, 2022 and 2023, leased assets which are included in the “Property, plant and equipment” of the consolidated balance sheet of following at December 31:

Schedule of Finance Lease Asset

	2022			2023			2023
	SGD			SGD			USD
Motor vehicles at cost		132,508			128,000			94,720
Less: Accumulated depreciation		(64,421	)		(87,467	)		(64,725	)
Motor vehicles, net		68,087			40,533			29,995

Information relating to financing lease activities during the years ended December 31, 2022 and 2023 are as follows:

Schedule of Financing Lease Expenses

	2022		2023		2023
	SGD		SGD		USD
Financing lease expenses
Depreciation		26,502		25,600		18,944
Interest of lease liabilities		1,942		1,920		1,421
Total financing lease expenses		28,444		27,520		20,365

Maturities of lease liabilities were as follows:

	SGD			USD
For the year ending December 31,
2024		18,600			13,764
2025		12,308			9,108
Total lease payments		30,908			22,872
Less: imputed interest		(3,108	)		(2,300	)
Total		27,800			20,572

FBS GLOBAL LIMITED

Notes to Consolidated Financial Statements