XML 125 R14.htm IDEA: XBRL DOCUMENT v3.24.4
Leases
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Leases    
Leases

8. Leases

 

Financing leases as lessee

 

As of December 31, 2023 and June 30, 2024, 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:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Liabilities               
Financing lease liabilities current   16,680    16,680    12,343 
                
Financing lease liabilities non-current   11,120    2,780    2,057 

 

 

FBS GLOBAL LIMITED

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

As of December 31, 2023 and June 30, 2024, leased assets which are included in the “Property, plant and equipment” of the unaudited condensed consolidated balance sheet of following:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Motor vehicles at cost   128,000    128,000    94,720 
Less: Accumulated depreciation   (87,467)   (100,267)   (74,197)
Motor vehicles, net   40,533    27,733    20,523 

 

Information relating to financing lease activities during the six months ended June 30, 2023 and 2024 are as follows:

 

             
   For the six months ended 
   June 30, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Financing lease expenses               
Depreciation   12,800    12,800    9,472 
Interest of lease liabilities   960    960    710 
Total financing lease expenses   13,760    13,760    10,182 

 

Maturities of lease liabilities were as follows:

 

   SGD   USD 
For the year ending June 30,          
2025   21,608    15,990 
Total lease payments   21,608    15,990 
Less: imputed interest   (2,148)   (1,590)
Total   19,460    14,400 

 

Operating leases as lessee 

 

The Company enter a 24 months lease agreement with the related party on January 1, 2024 to rent the warehouse for storage purpose with a monthly rental fee at SGD 60,000.00 (USD 44,400). As of June 30, 2024, the Company has operating leases on its consolidated balance sheets rentals of leasehold buildings.

 

The following table shows operating lease liabilities and the associated financial statement line items:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Liabilities               
Operating lease liabilities – current – related party   -    703,518    520,604 
Operating lease liabilities – non current – related party   -    357,673    264,678 
Total   -    1,061,191    785,282 

 

As of December 31, 2023 and June 30, 2024, “Right-of-use assets, net” consisted of the following:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Right of use assets – related party   -    1,407,124    1,041,272 
Less: Accumulated amortization   -    345,933    255,990 
Right of use assets, net – related party   -    1,061,191    785,282 

 

 

FBS GLOBAL LIMITED

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

Information related to operating lease activities during the periods are as follows:

 

             
   For the six months ended 
   June 30, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Operating lease expenses               
Amortization   -    345,933    255,990 
Interest of lease liabilities   -    14,067    10,410 
Total operating lease expenses   -    360,000    266,400 

 

Future operating lease payments as of June 30, 2024 are detailed as follows:

 

   SGD   USD 
For the year ending June 30,          
2025   720,000    532,800 
2026   360,000    266,400 
Total lease payments   1,080,000    799,200 
Less: imputed interest   (18,809)   (13,918)
Present value of operating lease liabilities   1,061,191    785,282 
Less: Current portion   703,518    520,604 
Long-term potion of operating lease liabilities   357,673    264,678 

  

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:

 

   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:

 

   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:

 

   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