| Right-of-use assets and lease liabilities |
8 Right-of-use assets and lease liabilities
As
of June 30, 2026, the Company subsisted of the following non-cancellable lease contracts.
Schedule of non-cancellable lease contracts
| Description
of lease |
|
Lease
term |
| Motor
vehicles |
|
7
to 8 years |
| Corporate
office premises |
|
3
years |
| (a) |
Amount recognized in the condensed consolidated balance sheet: |
Schedule of lease cost recognized of balance sheet
| | |
As of
December 31, 2025 | | |
As of June 30, 2026 | | |
As of June 30, 2026 | |
| | |
| S$ | | |
| S$ | | |
| US$ | |
| | |
| | | |
| | | |
| | |
| Right-of-use assets | |
| 716,507 | | |
| 580,142 | | |
| 448,298 | |
| Lease liabilities | |
| | | |
| | | |
| | |
| Current | |
| 260,331 | | |
| 269,691 | | |
| 208,400 | |
| Non-current | |
| 427,418 | | |
| 289,581 | | |
| 223,770 | |
| Total lease liabilities | |
| 687,749 | | |
| 559,272 | | |
| 432,170 | |
| (b) | A
summary of lease cost recognized in the Company’s condensed consolidated statements
of income is as follows: |
Schedule of lease cost recognized of consolidated statements of income
| | |
| 2025 | | |
| 2026 | | |
| 2026 | |
| | |
For the six months ended June 30, | |
| | |
| 2025 | | |
| 2026 | | |
| 2026 | |
| | |
| S$ | | |
| S$ | | |
| US$ | |
| | |
| | | |
| | | |
| | |
| Operating lease cost | |
| 45,740 | | |
| 160,121 | | |
| 123,731 | |
| Interest of lease liabilities | |
| 2,919 | | |
| - | | |
| - | |
| (c) |
The
remaining undiscounted lease payments for corporate office premises and motor vehicles as of June 30, 2026 were as follows:: |
Schedule
of undiscounted lease payments
| | |
lease payments | |
| | |
S$ | |
| Six months ending December 31, 2026 | |
| 149,488 | |
| Year ending December 31, 2027 | |
| 288,000 | |
| Year ending December 31, 2028 | |
| 168,000 | |
| Total undiscounted lease payments | |
| 605,488 | |
| Less: imputed interest | |
| (46,216 | ) |
| Total lease liabilities | |
| 559,272 | |
The
total lease liabilities comprised S$553,876 relating to corporate office premises and S$5,396 relating to motor vehicles. The corporate
office lease had a remaining lease term of 2.08 years and a discount rate of 7.5% as of June 30, 2026. The remaining lease term for motor
vehicles was approximately 0.33 years as of June 30, 2026.
|