XML 37 R27.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Contract Assets/(Liabilities) (Tables)
 12 Months Ended
Dec. 31, 2023
Contract Assetsliabilities  
Schedule of Contract Assets

Contract assets consisted of the following at December 31:

 

  

2022

SGD

  

2023

SGD

  

2023

USD

 
Progress billings to date   21,137,410    26,612,224    19,693,046 
Less: Revenue recognized to date   (14,113,469)   (21,105,331)   (15,617,945)
Less: Credit losses   -    (396,528)   (293,431)
Contract assets   7,023,941    5,110,365    3,781,670 
Contract assets, current   7,023,941    5,110,365    3,781,670 
Schedule of Allowance for Contract Assets

Movement of the allowance for contract assets were as follows:

 

   December 31, 2022   December 31, 2023   December 31, 2023 
   SGD   SGD   USD 
Beginning balance      -    -    - 
Addition   -    396,528    293,431 
Write-off        (396,528)   (293,431)
Ending balance   -    -    - 
Schedule of Contract Liabilities

Contract liabilities consisted of the following at December 31:

 

   2022   2023   2023 
   SGD   SGD   USD 
Billings in advance of performance obligation under contracts   425,332    1,482,957    1,097,388 
Schedule of Movement in Contract Liabilities

The movement in contract liabilities is as follows at December 31:

 

   2022   2023   2023 
   SGD   SGD   USD 
Balance at beginning of the period   804,103    425,332    314,746 
Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the year   (570,951)   (418,432)   (309,639)
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts   192,180    1,476,057    1,092,281 
Balance at end of the period   425,332    1,482,957    1,097,388