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Loans and Borrowings | 12 Months Ended
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Dec. 31, 2024
Loans and Borrowings [Abstract] |
LOANS AND BORROWINGS | Note 10 — LOANS AND BORROWINGS Long-term and short-term loans and borrowings are as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | S$ |  |  | S$ |  |  | $ |
Total loans and borrowings |  |  | 1,266,265 |  |  |  | 835,800 |  |  |  | 611,770 |
Less: loans and borrowings – current |  |  | 429,603 |  |  |  | 256,729 |  |  |  | 187,915 |
Loans and borrowings – non-current |  |  | 836,662 |  |  |  | 579,071 |  |  |  | 423,855 |
Bank borrowings comprised of the following:
|  |  |  |  |  |  |  |  |  |  | As of December 31, |
Loans and |  | Principal |  |  | Maturity |  | Interest |  | Repayment |  |  |  |  |  |  |  |  |
borrowings |  | amount |  |  | Date |  | Rate |  | Method |  | 2023 |  |  | 2024 |  |  | 2024 |
|  | S$ |  |  |  |  |  |  |  |  | S$ |  |  | S$ |  |  | $ |
DBS SME Working Capital Loan |  |  | 50,000 |  |  | August 5, 2024 |  | Fixed at 7.00% |  | Monthly Repayment |  |  | 7,663 |  |  |  | - |  |  |  | - |
Standard Chartered Bank Enterprise Financing Temporary Bridging Loan I |  |  | 452,000 |  |  | March 31, 2024 |  | 6.25% below prevailing Business Instalment Loan Board Rate, subject to a cap of 5% |  | Monthly Repayment |  |  | 39,149 |  |  |  | - |  |  |  | - |
Standard Chartered Bank Enterprise Financing Temporary Bridging Loan II |  |  | 275,000 |  |  | July 31, 2025 |  | 4.12% below prevailing Business Instalment Loan Board Rate, subject to a cap of 5% |  | Monthly Repayment |  |  | 150,339 |  |  |  | 56,322 |  |  |  | 41,225 |
ETHOZ Capital Ltd Temporary Bridging Loan |  |  | 300,000 |  |  | November 29, 2024 |  | Fixed at 5.00% |  | Monthly Repayment |  |  | 105,010 |  |  |  | - |  |  |  |  |
ANEXT Bank Loan |  |  | 300,000 |  |  | January 26, 2028 |  | Fixed at 8.80% |  | Monthly Repayment |  |  | 254,370 |  |  |  | 200,223 |  |  |  | 146,555 |
Standard Chartered Bank Business Installment Loan |  |  | 300,000 |  |  | August 31, 2028 |  | 0.72% below prevailing Business Instalment Loan Board Rate |  | Monthly Repayment |  |  | 282,664 |  |  |  | 230,670 |  |  |  | 168,841 |
OCBC Business Term Loan |  |  | 300,000 |  |  | August 31, 2028 |  | 4.25% below prevailing Business Term Rate |  | Monthly Repayment |  |  | 285,360 |  |  |  | 233,111 |  |  |  | 170,627 |
DBS SME Working Capital Loan II |  |  | 150,000 |  |  | August 9, 2028 |  | Fixed at 7.75% |  | Monthly Repayment |  |  | 141,710 |  |  |  | 115,474 |  |  |  | 84,522 |
Total loans and borrowings |  |  |  |  |  |  |  |  |  |  |  |  | 1,266,265 |  |  |  | 835,800 |  |  |  | 611,770 |
For the years ended December 31, 2022, 2023 and 2024 the effective interest rate of the Company’s loans and borrowings ranges from 2.75% to 9.50%, 2.75% to 8.80% and 2.75% to 8.80%, respectively. Interest expenses arising from the Company’s loans and borrowings for the years ended December 31, 2022, 2023 and 2024 amounted to S$31,104, S$65,085 and S$ 80,176 ($58,686), respectively. All loans and borrowings are secured over the joint and several personal guarantees from Ms. Siew Yian Lee and Mr. Heng Kong Chuan, the director and shareholders of the Company. The maturity dates for the Company’s outstanding loans and borrowings as of December 31, 2024 are as follows:
|  | S$ |  |  | $ |
2025 |  |  | 313,950 |  |  |  | 229,798 |
2026 |  |  | 256,713 |  |  |  | 187,903 |
2027 |  |  | 256,712 |  |  |  | 187,902 |
2028 |  |  | 129,200 |  |  |  | 94,569 |
Thereafter |  |  | — |  |  |  | — |
Total loans and borrowings |  |  | 956,575 |  |  |  | 700,172 |
Less: Imputed interest |  |  | (120,775 | ) |  |  | (88,402 | )
Present value of loans and borrowings |  |  | 835,800 |  |  |  | 611,770 |

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