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Related Party Balance and Transactions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Related Party Transactions [Abstract]    
Related Party Balance and Transactions

12. Related Party Balance and Transactions

 

The following is a list of related parties which the Company has transactions with:

 

  (a) Fine Build-Ninefold Group Construction Company (Private) Limited

 

A Joint-Venture (JV) incorporated in Sri Lanka in year 2017 to bid a local project, FBS SG holding 30% shares of the JV. The Company started transferring the share to 3rd party in late 2019, however due to Covid-19 pandemic, the share transfer is still pending for the local secretary to execute. Currently, FineBuild only supply material to the JV.

 

  (b) 54 Pandan Road Pte Ltd

 

A related company under common control with FBS SG as Mr. Kelvin Ang (also known as Poh Guan Ang) acts as the sole director in this company.

 

  (c) Fastfix Systems Pte Ltd

 

A related company under common control with FBS SG as Mr. Kelvin Ang acts as the sole director in this company.

 

  (d) Kelvin Ang

 

Present sole director and shareholder of FBS Global Limited.

 

  (e) Ang Poh Hwee

 

Project director of FBS Global Limited.

 

  a. Accounts receivable – related party

 

As of December 31, 2023 and June 30, 2024, the balances of Accounts receivable – related party were as follows:

 

      December 31, 2023   June 30, 2024   June 30, 2024 
      SGD   SGD   USD 
Accounts receivable – related party                  
Fine Build-Ninefold Group Construction Company (Private) Limited  (1)   971,780    1,001,185    740,877 
Provision for credit losses  (1)   (971,780)   (1,001,185)   (740,877)
Total      -    -    - 

 

 

FBS GLOBAL LIMITED

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

Movement of the provision of credit losses were as follows:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Beginning balance   990,941    971,780    719,117 
Exchange rate effect   (19,161)   29,405    21,760 
Ending balance   971,780    1,001,185    740,877 

 

  b. Other receivables – related parties

 

As of December 31, 2023 and June 30, 2024, the balances of other receivables-related parties were as follows:

 

      December 31, 2023   June 30, 2024   June 30, 2024 
      SGD   SGD   USD 
Other receivables – related parties                  
Fine Build-Ninefold Group Construction Company (Private) Limited  (3)   575,200    592,605    438,528 
Provision for credit losses  (3)   (575,200)   (592,605)   (438,528)
54 Pandan Road Pte Ltd  (2)   212,794    -    - 
Ang Poh Hwee  (4)   30,000    27,631    20,447 
Total      242,794    27,631    20,447 

 

Movement of the provision of credit losses were as follows:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Beginning balance   586,542    575,200    425,648 
Exchange rate effect   (11,342)   17,405    12,880 
Ending balance   575,200    592,605    438,528 

 

(1)Supply construction material to the Joint Venture company. The Company may not be able to collect amounts due under COVID-19’s negative impact to the joint venture’s operation and financial condition, and the Company reserved 100% allowance for credit loss.

(2)The Company approved a loan to 54 Pandan Road Pte Ltd on April 10 ,2023, provided the loan of SGD2 million, with no interest. As of the date hereof, the Company has fully collected back.

(3)Management service provided to the Joint Venture company.
(4)The Company paid on behalf the director for a legal case between Newspaper Seng Pte Ltd and Ang Poh Hwee.

 

  c. Due to related parties

 

As of December 31, 2023 and June 30, 2024, the balances of amount due to related parties were as follows:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Due to related parties               
Kelvin Ang   83,388    196,528    145,431 
Total   83,388    196,528    145,431 

 

 

FBS GLOBAL LIMITED

 

Notes to Interim Condensed Consolidated Financial Statements (Unaudited)

 

  d. Operating lease liabilities- related party

 

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). The Company accounts for the leases in accordance with ASC 842. The Company’s underlying warehouse were classified as operating leases, and the related lease liabilities were recorded under operating lease liabilities – related party (see Note 8).

 

  e. Related party transactions

 

  

For the six months
ended

June 30, 2023

  

For the six months
ended

June 30, 2024

  

For the six months
ended

June 30, 2024

 
   SGD   SGD   USD 
Fastfixs Systems Pte Ltd               
Consultation fee   11,000    141,000    104,340 
Supply of labour   -    107,320    79,417 
54 Pandan Road Pte Ltd               
Rental of warehouse   -    360,000    266,400 

 

  f. Commitments

 

On November 25, 2020, the Company guaranteed a 5 year commercial loan SGD 200,000 from UOB Bank to Fastfixs Systems Pte Ltd, a related party. The interest rate is fixed at 2.25% per annum and Fastfixs Systems Pte Ltd shall repay the loan over 60 monthly installments with the interest.

 

The Company also guaranteed a SGD 7,400,000 10 year commercial loan on October 31, 2022, in the form of Letter of Credit from UOB Bank to 54 Pandan Road Pte Ltd, a related party. The Letter of Credit has been fully drawn down as of the date of this report.

 

12. Related Party Balance and Transactions

 

The following is a list of related parties which the Company has transactions with:

 

  (a) Fine Build-Ninefold Group Construction Company (Private) Limited

 

A Joint-Venture (JV) incorporated in Sri Lanka in year 2017 to bid a local project, FBS SG holding 30% shares of the JV. The Company started transferring the share to 3rd party in late 2019, however due to Covid-19 pandemic, the share transfer is still pending for the local secretary to execute. Currently, FineBuild only supply material to the JV.

 

  (b) 54 Pandan Road Pte Ltd

 

A related company under common control with FBS SG as Mr. Kelvin Ang (also known as Poh Guan Ang) acts as the sole director in this company.

 

  (c) Fastfix Systems Pte Ltd

 

A related company under common control with FBS SG as Mr. Kelvin Ang acts as the sole director in this company.

 

  (d) Kelvin Ang

 

Present sole director and shareholder of FBS Global Limited.

 

  (e) Ang Poh Hwee

 

Project director of FBS Global Limited.

 

  a. Accounts receivable – related party

 

As of December 31, 2022 and 2023, the balances of Accounts receivable – related party were as follows:

 

       2022   2023   2023 
       SGD   SGD   USD 
Accounts receivable – related party                    
Fine Build-Ninefold Group Construction Company (Private) Limited   (1)    990,941    971,780    719,117 
Allowance for credit loss   (1)    (990,941)   (971,780)   (719,117)
Total        -    -    - 

 

 

FBS GLOBAL LIMITED

 

Notes to Consolidated Financial Statements

 

Movement of the allowance for credit loss were as follows:

 

   2022   2023   2023 
   SGD   SGD   USD 
Beginning balance   970,573    990,941    733,296 
Addition   20,368    -    - 
Exchange rate effect   -    (19,161)   (14,179)
Ending balance   990,941    971,780    719,117 

 

  b. Other receivables – related parties

 

As of December 31, 2022 and 2023, the balances of other receivables-related parties were as follows:

 

Schedule of Other Receivable Related Party Allowance for Credit Loss

       2022   2023   2023 
       SGD   SGD   USD 
Other receivables – related parties                    
Fine Build-Ninefold Group Construction Company (Private) Limited   (3)    586,542    575,200    425,648 
Allowance for credit loss   (3)    (586,542)   (575,200)   (425,648)
54 Pandan Road Pte Ltd   (2)    -    212,794    157,468 
Ang Poh Hwee   (4)    -    30,000    22,200 
Total        -    242,794    179,668 

 

Movement of the allowance for credit loss were as follows:

 

   2022   2023   2023 
   SGD   SGD   USD 
Beginning balance   589,638    586,542    434,041 
Exchange rate effect   (3,096)   (11,342)   (8,393)
Ending balance   586,542    575,200    425,648 

 

(1) Supply construction material to the Joint Venture company. The Company may not be able to collect amounts due under COVID-19’s negative impact to the joint venture’s operation and financial condition, and the Company reserved 100% allowance for credit loss.
(2) The Company approved a loan to 54 Pandan Road Pte Ltd on April 10 ,2023, provided the loan of SGD2 million, with no interest. As of the date of this report, the Company has collected back all the loan from 54 Pandan Road Pte Ltd.
(3) Management service provided to the Joint Venture company.
(4) The Company paid on behalf the director for a legal case between Newspaper Seng Pte Ltd and Ang Poh Hwee.

 

  c. Due to related parties

 

As of December 31, 2022 and 2023, the balances of amount due to related parties were as follows:

 

Schedule of Due to Related Parties and Related Party Transactions

   2022   2023   2023 
   SGD   SGD   USD 
Due to related parties               
Kelvin Ang   150,426    83,388    61,707 
Total   150,426    83,388    61,707 

 

 

FBS GLOBAL LIMITED

 

Notes to Consolidated Financial Statements

 

  d. Related party transactions

 

   2022   2023   2023 
   SGD   SGD   USD 
Fine Build-Ninefold Group Construction Company (Private) Limited               
Supply construction material   25,633    -    - 
54 Pandan Road Pte Ltd               
Rental of warehouse   30,000    -    - 
Fastfixs Systems Pte Ltd               
Consultation fee   -    138,000    102,120 
Supply of labors        43,004    31,823 

 

  e. Commitments

 

On November 25, 2020, the Company guaranteed a 5 year commercial loan SGD 200,000 from UOB Bank to Fastfixs Systems Pte Ltd, a related party. The interest rate is fixed at 2.25% per annum and Fastfixs Systems Pte Ltd shall repay the loan over 60 monthly installments with the interest.

 

The Company also guaranteed a SGD 7,400,000 10 year commercial loan on October 31, 2022, in the form of Letter of Credit from UOB Bank to 54 Pandan Road Pte Ltd, a related party. The Letter of Credit has been fully drawn down as of the date of this report.