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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: Schedule of Accounts Receivable Related Party and Allowance for Credit Loss
|  |  |  | 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: Schedule of Other Receivable Related Party Allowance for Credit Loss
|  |  |  | 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: Schedule of Due to Related Parties and Related Party Transactions
|  | 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: Schedule of Accounts Receivable Related Party and Allowance for Credit Loss
|  |  |  |  | 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.

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