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Leases

12 Months Ended

Dec. 31, 2024

Note 9 — LEASES

Finance leases as lessee

As of December 31, 2023 and 2024, the Company has finance leases on its consolidated balance sheets for hire purchase of motor vehicle and lease of office equipment.

The following table shows finance lease liabilities and the associated financial statement line items:

	As of December 31,
	2023		2023		2024
	S$		S$		$
Liabilities
Finance lease liabilities – current		62,778		45,032		32,961
Finance lease liabilities – non-current		73,173		80,476		58,905
Total		135,951		125,508		91,866

As of December 31, 2023 and 2024, “Right-of-use assets, net” consisted of the following:

	As of December 31,
	2023			2024			2024
	S$			S$			$
Motor vehicles under hire purchase		230,334			183,073			134,003
Leased office equipment		73,830			71,434			52,286
Less: Accumulated amortization		(186,084	)		(135,482	)		(99,168	)
Right-of-use assets (finance lease), net		118,080			119,025			87,121

Information related to finance lease activities during the periods are as follows:

	For the Years Ended December 31,
	2023		2024		2024
	S$		S$		$
Finance lease expenses
Amortization		62,346		52,031		38,084
Interest of financing lease liabilities		8,877		8,267		6,051

Future finance lease payments as of December 31, 2024 are detailed as follows:

Finance leases	S$			$
2025		50,172			36,724
2026		44,846			32,825
2027		29,388			21,511
2028 and hereafter		10,249			7,502
Total future lease payment		134,655			98,562
Less: Imputed interest		(9,147	)		(6,696	)
Present value of finance lease liabilities		125,508			91,866
Less: Current portion		(45,032	)		(32,961	)
Long-term potion of finance lease liabilities		80,476			58,905

The following table shows the weighted-average lease terms and discount rates for finance leases:

	As of December 31,
	2023		2024
Weighted average remaining lease term (Years)
Finance leases		2.70		2.91

Weighted average discount rate (%)
Finance leases		5.67		5.21

Operating leases as lessee

As of December 31, 2023 and 2024, the Company has presented the operating leases of the leased buildings in its consolidated balance sheet.

The following table shows operating lease liabilities and the associated financial statement line items:

	As of December 31,
	2023		2024		2024
	S$		S$		$
Liabilities
Operating lease liabilities – current		136,566		170,776		125,001
Operating lease liabilities – non-current		42,217		96,921		70,942
Total		178,783		267,697		195,943

As of December 31, 2023 and 2024, “Right-of-use assets, net” consisted of the following:

	As of December 31,
	2023			2024			2024
	S$			S$			$
Leasehold buildings		518,964			717,262			525,005
Less: Accumulated amortization		(341,870	)		(445,607	)		(326,165	)
Right-of-use assets (operating lease), net		177,094			271,655			198,840

Information related to operating lease activities during the periods are as follows:

	For the Years Ended December 31,
	2022		2023		2024		2024
	S$		S$		S$		$
Operating lease expenses
Amortization		117,878		129,675		173,256		126,816
Interest of operating lease liabilities		9,953		7,157		6,576		4,813

Future operating lease payments as of December 31, 2024 are detailed as follows:

Operating leases	S$			$
2025		176,613			129,273
2026		98,171			71,857
2027 and hereafter		—			—
Total future lease payment		274,784			201,130
Less: Imputed interest		(7,087	)		(5,187	)
Present value of operating lease liabilities		267,697			195,943
Less: Current portion		(170,776	)		(125,001	)
Long-term potion of operating lease liabilities		96,921			70,942

The following table shows the weighted-average lease terms and discount rates for operating leases:

	As of December 31,
	2023		2024
Weighted average remaining lease term (Years)
Operating leases		1.35		1.56

Weighted average discount rate (%)
Operating leases		3.75		3.42