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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: Schedule of Finance Lease
|  | 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: Schedule of Finance Lease Asset
|  | 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: Schedule of Financing Lease Expenses
|  | 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: Schedule of Maturities of Lease Liabilities
|  | SGD |  |  | USD |
For the year ending June 30, |  |  |  |  |  |  |  |
2025 |  |  | 21,608 |  |  |  | 15,990 |
Year one |  |  | 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: Schedule of Operating Lease Liabilities
|  | 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: Schedule of Operating Lease Right of use assets, net
|  | 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: Schedule of Operating Lease Expenses
|  | 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: Schedule of Future Operating Lease Payments
|  | 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: Schedule of Finance Lease
|  | 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: Schedule of Finance Lease Asset
|  | 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: Schedule of Financing Lease Expenses
|  | 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: Schedule of Maturities of Lease Liabilities
|  | SGD |  |  | USD |
For the year ending December 31, |  |  |  |  |  |  |  |
2024 |  |  | 18,600 |  |  |  | 13,764 |
Year one |  |  | 18,600 |  |  |  | 13,764 |
2025 |  |  | 12,308 |  |  |  | 9,108 |
Year two |  |  | 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

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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