v3.26.1
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

NOTE – 6 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

 

 SCHEDULE OF DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

   As of
Dec 31, 2024		   As of
Dec 31, 2025		 
    S$’000    S$’000 
           
Deposits   155    96 
Prepayments   89    1,386 
Advance to suppliers*   871    70 
Lease receivables – Current   568    967 
Goods and services tax receivable   -    444 
Others   125    33 
Deposits, prepayments and other receivables   1,808    2,996 
           
Lease receivables – Non-current   343    304 

 

*Advance to suppliers was related to purchase orders.

 

Lessor activities

 

The Company’s leasing activities consist primarily of leasing of equipment under direct financing leases expiring over the next two to three years. The Company’s lease customers are primarily small to midsize businesses located generally in Singapore.

 

The determination of whether an arrangement is a lease is made at the lease’s inception. Under ASC Topic 842, a contract is a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses the determination of whether an arrangement is a lease if the terms and conditions of the contract are changed. At the lease’s inception, the Company also estimates the residual value expected from the leased asset at the end of the lease term based on expected useful lives of equipment and expected market conditions for the customer base.

 

 

Details of the Company’s lease income from direct financing leases for the years ended December 31, 2023, 2024 and 2025 as follows:

   As of
Dec 31, 2023		   As of
Dec 31, 2024		   As of
Dec 31, 2025		 
   S$’000   S$’000   S$’000 
             
Profit at lease commencement   34    152    286 
Interest income on lease receivables   34    616    266 
Total lease income   68    768    552 

 

Net investment in leases as of December 31, 2024 and 2025 were:

   As of
Dec 31, 2024		   As of
Dec 31, 2025		 
   S$’000   S$’000 
         
Lease receivable   911    1,271 
Unguaranteed residual assets   90    445 
Early settlement   -    (156)
Net investment – direct financing leases   1,001    1,560 

 

The maturity of lease receivables as of December 31, 2025 is as follows:

   As of
Dec 31, 2025		 
   S$’000 
     
Not later than one year   1,428 
Later than one year but not later than five years   325 
Gross investment in lease   1,753 
Less: Unearned finance income   (1,271)
Present value of minimum lease payment receivables   482 
Non-current finance lease receivables   304 
Current finance lease receivables   967