| LEASES |
Note 9 — LEASES
Finance leases as lessee
As of December 31, 2024 and 2025, 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, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Liabilities | |
| | |
| | |
| |
| Finance lease liabilities – current | |
| 45,032 | | |
| 42,062 | | |
| 32,710 | |
| Finance lease liabilities – non-current | |
| 80,476 | | |
| 38,415 | | |
| 29,874 | |
| Total | |
| 125,508 | | |
| 80,477 | | |
| 62,584 | |
As of December 31, 2024 and 2025, “Right-of-use
assets, net” consisted of the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Motor vehicles under hire purchase | |
| 183,073 | | |
| 183,073 | | |
| 142,370 | |
| Leased office equipment | |
| 71,434 | | |
| 71,434 | | |
| 55,551 | |
| Less: Accumulated amortization | |
| (135,482 | ) | |
| (179,116 | ) | |
| (139,292 | ) |
| Right-of-use assets (finance lease), net | |
| 119,025 | | |
| 75,391 | | |
| 58,629 | |
Information related to finance lease activities
during the periods are as follows:
| | |
For the Years Ended December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Finance lease expenses | |
| | |
| | |
| |
| Amortization | |
| 52,031 | | |
| 43,633 | | |
| 33,932 | |
| Interest of financing lease liabilities | |
| 8,267 | | |
| 5,140 | | |
| 3,997 | |
Future finance lease payments as of December 31,
2025 are detailed as follows:
| Finance leases | |
S$ | | |
$ | |
| 2026 | |
| 44,846 | | |
| 34,875 | |
| 2027 | |
| 29,388 | | |
| 22,854 | |
| 2028 and hereafter | |
| 10,249 | | |
| 7,970 | |
| Total future lease payment | |
| 84,483 | | |
| 65,699 | |
| Less: Imputed interest | |
| (4,006 | ) | |
| (3,115 | ) |
| Present value of finance lease liabilities | |
| 80,477 | | |
| 62,584 | |
| Less: Current portion | |
| (42,062 | ) | |
| (32,710 | ) |
| Long-term potion of finance lease liabilities | |
| 38,415 | | |
| 29,874 | |
The following table shows the weighted-average
lease terms and discount rates for finance leases:
| | | As of December 31, | | | | | 2024 | | | 2025 | | | Weighted average remaining lease term (Years) | | | | | | | | Finance leases | | | 2.91 | | | | 2.07 | | | | | | | | | | | | | Weighted average discount rate (%) | | | | | | | | | | Finance leases | | | 5.21 | | | | 5.13 | |
Operating leases as lessee
As of December 31, 2024 and 2025, 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, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Liabilities | |
| | |
| | |
| |
| Operating lease liabilities – current | |
| 170,776 | | |
| 328,848 | | |
| 255,734 | |
| Operating lease liabilities – non-current | |
| 96,921 | | |
| 69,156 | | |
| 53,780 | |
| Total | |
| 267,697 | | |
| 398,004 | | |
| 309,514 | |
As of December 31, 2024 and 2025, “Right-of-use
assets, net” consisted of the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
$ | |
| Leasehold buildings | |
| 717,262 | | |
| 1,181,216 | | |
| 918,591 | |
| Less: Accumulated amortization | |
| (445,607 | ) | |
| (773,472 | ) | |
| (601,503 | ) |
| Right-of-use assets (operating lease), net | |
| 271,655 | | |
| 407,744 | | |
| 317,088 | |
Information related to operating lease activities
during the periods are as follows:
| | |
For the Years Ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
S$ | | |
S$ | | |
S$ | | |
$ | |
| Operating lease expenses | |
| | |
| | |
| | |
| |
| Amortization | |
| 129,675 | | |
| 173,256 | | |
| 327,866 | | |
| 254,970 | |
| Interest of operating lease liabilities | |
| 7,157 | | |
| 6,576 | | |
| 18,366 | | |
| 14,282 | |
Future operating lease payments as of December
31, 2025 are detailed as follows:
| Operating leases | |
S$ | | |
$ | |
| 2026 | |
| 338,891 | | |
| 263,544 | |
| 2027 and hereafter | |
| 69,640 | | |
| 54,157 | |
| Total future lease payment | |
| 408,531 | | |
| 317,700 | |
| Less: Imputed interest | |
| (10,527 | ) | |
| (8,186 | ) |
| Present value of operating lease liabilities | |
| 398,004 | | |
| 309,514 | |
| Less: Current portion | |
| (328,848 | ) | |
| (255,734 | ) |
| Long-term potion of operating lease liabilities | |
| 69,156 | | |
| 53,780 | |
The following table shows the weighted-average
lease terms and discount rates for operating leases:
| | | As of December 31, | | | | | 2024 | | | 2025 | | | Weighted average remaining lease term (Years) | | | | | | | | Operating leases | | | 1.56 | | | | 1.17 | | | | | | | | | | | | | Weighted average discount rate (%) | | | | | | | | | | Operating leases | | | 3.42 | | | | 4.59 | |
|