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Contract Assets/(Liabilities) (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Contract Assetsliabilities    
Schedule of Contract Assets

Contract assets consisted of the following:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Revenue recognized to date   26,612,224    30,223,079    22,365,079 
Less: Progress billings to date   (21,105,331)   (24,917,000)   (18,438,580)
Less: credit losses   (396,528)   -    - 
Contract assets   5,110,365    5,306,079    3,926,499 
Contract assets, net   5,110,365    5,306,079    3,926,499 

Contract assets consisted of the following at December 31:

 

  

2022

SGD

  

2023

SGD

  

2023

USD

 
Revenue recognized to date   21,137,410    26,612,224    19,693,046 
Less: Progress billings 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, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Beginning balance   -    -    - 
Addition   396,528    -    - 
Write-off   (396,528)   -    - 
Ending balance   -    -    - 

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:

 

   December 31, 2023   June 30, 2024   June 30, 2024 
   SGD   SGD   USD 
Billings in advance of performance obligation under contracts   1,482,957    1,393,890    1,031,479 

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:

 

   For the year ended
December 31, 2023		   For the six months
ended June 30, 2024		   For the six months
ended June 30, 2024		 
   SGD   SGD   USD 
Balance at beginning of the period   425,332    1,482,957    1,097,388 
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   (418,432)   (1,223,140)   (905,123)
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts   1,476,057    1,134,073    839,214 
Balance at end of the period   1,482,957    1,393,890    1,031,479 

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