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Contract Assets (Liabilities)

12 Months Ended

Dec. 31, 2024

Contract Assets/(Liabilities) [Abstract]

Note 5 — CONTRACT ASSETS (LIABILITIES)

Contract assets consisted of the following:

	As of December 31,
	2023		2024		2024
	S$		S$		$
Revenue recognized to date		12,903,448		21,715,095		15,894,521
Less: Progress billings to date		8,090,135		16,763,104		12,269,876
Contract assets		4,813,313		4,951,991		3,624,646
Contract assets – current		4,813,313		4,618,205		3,380,329
Contract assets – non-current		—		333,786		244,317

Contract assets are classified as current and non-current based on whether they have exceeded the maintenance period.

While the project has been completed, the Company continues to provide maintenance services and is progressively recovering the associated Contract asset. Based on the Company’s assessment, there is a high likelihood of full recovery for this contract asset. Consequently, no impairment provision is deemed necessary for this project at this time.

The movement in contract liabilities is as follows:

	As of December 31,
	2023			2024		2024
	S$			S$		$
Balance at beginning of the year		136,464			—		—
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		(136,464	)		—		—
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts		—			—		—
Balance at end of the year		—			—		—