Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information Line Items | |
Entity Registrant Name | YY Group Holding Limited |
Trading Symbol | YYGH |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 33,300,000 |
Amendment Flag | false |
Entity Central Index Key | 0001985337 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-42026 |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | 60 Paya Lebar Road |
Entity Address, City or Town | Paya Lebar Square |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 409051 |
Title of 12(b) Security | Class A Ordinary shares, no par value |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 5395 |
Auditor Name | Marcum Asia CPAs LLP |
Auditor Location | New York, New York |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 60 Paya Lebar Road |
Entity Address, City or Town | Paya Lebar Square |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 409051 |
Contact Personnel Name | Jason Phua |
Contact Personnel Email Address | jason.phua@yygroupholding.com |
City Area Code | +65 |
Local Phone Number | 9842 0085 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets: | |||
Cash | $ 467,235 | $ 161,022 | |
Trade receivables | 7,037,942 | 4,155,737 | |
Prepayment and other current assets | 2,667,166 | 425,649 | |
Amount due from related parties | 31,298 | 457,312 | |
Total Current Assets | 10,203,641 | 5,199,720 | |
Non-current assets: | |||
Right-of-use assets | 78,434 | 210,651 | |
Property and equipment, net | 368,621 | 278,866 | |
Prepayment, non-current | 18,656 | ||
Deferred tax assets | 738 | 78,545 | |
Total Non-current assets | 466,449 | 568,062 | |
Total Assets | 10,670,090 | 5,767,782 | |
Currents Liabilities: | |||
Trade and other payables | 2,996,636 | 2,013,743 | |
Amount due to related parties | 67,521 | 74,292 | |
Lease liabilities, current | 69,135 | 147,474 | |
Loans and borrowings, current | 2,856,491 | 1,279,314 | |
Total Current Liabilities | 5,989,783 | 3,514,823 | |
Non-current Liabilities: | |||
Loans and borrowings, non-current | 523,607 | 503,286 | |
Convertible notes – liability component | 736,129 | ||
Lease liabilities, non-current | 15,187 | 71,895 | |
Total Non-current Liabilities | 538,794 | 1,311,310 | |
Total Liabilities | 6,528,577 | 4,826,133 | |
Equity | |||
Share Capital | [1] | 3,564,150 | 1,228,037 |
Reserves | 20,667 | 20,825 | |
Retained earnings (accumulated deficit) | 545,797 | (306,537) | |
Equity attributable to owners of the Company | 4,130,614 | 942,325 | |
Non-controlling interests | 10,899 | (676) | |
Total equity | 4,141,513 | 941,649 | |
Total liabilities and equity | $ 10,670,090 | $ 5,767,782 | |
[1] The shares and per share information are presented on a retroactive basis to reflect the reorganization. |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Profit or loss [abstract] | ||||
Revenue | $ 31,772,286 | $ 20,022,529 | $ 17,460,773 | |
Cost of revenue | (28,120,506) | (17,450,131) | (15,162,385) | |
Gross profit | 3,651,780 | 2,572,398 | 2,298,388 | |
Other income | 1,830,899 | 1,952,420 | 996,093 | |
Selling and marketing expenses | (191,582) | (325,678) | (189,142) | |
General and administrative expenses | (3,846,367) | (2,909,167) | (2,577,199) | |
Other expenses | (27,781) | (57,113) | (10,380) | |
Operating profit | 1,416,949 | 1,232,860 | 517,760 | |
Finance cost | (328,610) | (329,370) | (169,608) | |
Profit before tax | 1,088,339 | 903,490 | 348,152 | |
Income tax (expenses) benefit | (224,302) | (142,150) | 14,708 | |
Profit for the year | 864,037 | 761,340 | 362,860 | |
Other comprehensive income | ||||
Foreign currency translation differences - foreign operations | 7,301 | 26,931 | (9,939) | |
Total comprehensive income for the year | 871,338 | 788,271 | 352,921 | |
Profit (loss) attributable to: | ||||
Equity owners of the Company | 852,334 | 761,628 | 362,860 | |
Non-controlling interests | 11,703 | (288) | ||
Profit for the year | 864,037 | 761,340 | 362,860 | |
Total comprehensive income (loss) attributable to: | ||||
Equity owners of the Company | 859,763 | 788,947 | 352,921 | |
Non-controlling interests | 11,575 | (676) | ||
Total comprehensive income for the year | $ 871,338 | $ 788,271 | $ 352,921 | |
Basic earnings per share (in Dollars per share) | [1] | $ 0.02 | $ 0.02 | $ 0.01 |
Diluted earnings per share (in Dollars per share) | [1] | $ 0.02 | $ 0.02 | $ 0.01 |
[1] The shares and per share information are presented on a retroactive basis to reflect the reorganization. |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity - USD ($) | Share Capital | Foreign Currency Translation reserve | Equity Component of Convertible loan | (Accumulated deficit) retained earnings | Total | Non- controlling interest | Total |
Balance at Dec. 31, 2020 | $ 1,015,587 | $ (4,142) | $ (708,280) | $ 303,165 | $ 303,165 | ||
Comprehensive income (loss) for the year | |||||||
Profit (loss) for the year | 362,860 | 362,860 | 362,860 | ||||
Other comprehensive loss | |||||||
Exchange differences on translation of foreign operations | (9,939) | (9,939) | (9,939) | ||||
Total comprehensive income (loss) for the year | (9,939) | 362,860 | 352,921 | 352,921 | |||
Transactions with owners of the Company | |||||||
Dividend declared | (722,745) | (722,745) | (722,745) | ||||
Transactions with owners of the Company | (722,745) | (722,745) | (722,745) | ||||
Balance at Dec. 31, 2021 | 1,015,587 | (14,081) | (1,068,165) | (66,659) | (66,659) | ||
Comprehensive income (loss) for the year | |||||||
Profit (loss) for the year | 761,628 | 761,628 | (288) | 761,340 | |||
Other comprehensive loss | |||||||
Exchange differences on translation of foreign operations | 27,319 | 27,319 | (388) | 26,931 | |||
Total comprehensive income (loss) for the year | 27,319 | 761,628 | 788,947 | (676) | 788,271 | ||
Transactions with owners of the Company | |||||||
Contribution by owners | |||||||
Issuance of shares | 212,450 | 212,450 | 212,450 | ||||
Issuance of convertible notes | 7,587 | 7,587 | 7,587 | ||||
Transactions with owners of the Company | 212,450 | 7,587 | 220,037 | 220,037 | |||
Balance at Dec. 31, 2022 | 1,228,037 | 13,238 | 7,587 | (306,537) | 942,325 | (676) | 941,649 |
Comprehensive income (loss) for the year | |||||||
Profit (loss) for the year | 852,334 | 852,334 | 11,703 | 864,037 | |||
Other comprehensive loss | |||||||
Exchange differences on translation of foreign operations | 7,429 | 7,429 | (128) | 7,301 | |||
Total comprehensive income (loss) for the year | 7,429 | 852,334 | 859,763 | 11,575 | 871,338 | ||
Transactions with owners of the Company | |||||||
Conversion of convertible notes | 736,113 | (7,587) | 728,526 | 728,526 | |||
Issuance of convertible notes | 1,600,000 | 1,600,000 | 1,600,000 | ||||
Transactions with owners of the Company | 2,336,113 | (7,587) | 2,328,526 | 2,328,526 | |||
Balance at Dec. 31, 2023 | $ 3,564,150 | $ 20,667 | $ 545,797 | $ 4,130,614 | $ 10,899 | $ 4,141,513 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Profit for the year | $ 864,037 | $ 761,340 | $ 362,860 |
Adjustments for: | |||
Depreciation of property and equipment (Note 9) | 122,695 | 213,206 | 265,799 |
Depreciation of right-of-use assets (Note 8) | 165,862 | 127,352 | 133,005 |
Finance Cost (Note 16) | 328,610 | 329,370 | 169,608 |
Loss on disposal of property and equipment | 48,395 | ||
Gain on lease termination | (860) | ||
Income tax expenses (benefit) (Note 17) | 224,302 | 142,150 | (14,708) |
Total adjustments | 1,704,646 | 1,621,813 | 916,564 |
Changes in operating assets and liabilities: | |||
Trade receivables | (1,636,577) | (192,652) | (1,475,163) |
Trade and other payables | 879,705 | (89,769) | 1,124,570 |
Amount due to related parties | (285,927) | (22,083) | 29,525 |
Prepayment and other assets | (182,850) | (121,436) | (3,776) |
Cash provided by operations | 478,997 | 1,195,873 | 591,720 |
Interest paid | (308,651) | (225,193) | (160,400) |
Income tax paid | (118,638) | (75,736) | (24,614) |
Income tax refund | 40,329 | 17,373 | |
Net cash provided by operating activities | 51,708 | 935,273 | 424,079 |
Investing activities | |||
Purchase of property and equipment (Note 9) | (224,185) | (112,113) | (241,167) |
Net cash used in investing activities | (224,185) | (112,113) | (241,167) |
Financing activities | |||
Issuance of Class A shares | 212,450 | ||
Issuance of a convertible loan | 743,273 | ||
Proceeds from guaranteed bank loans | 931,862 | 1,603,768 | 719,868 |
Repayment from a shareholder’s loan | 1,852,945 | 142,113 | |
Loan to a shareholder | (1,146,464) | (1,035,306) | |
Loan to a related party | (25,167) | (744) | |
Payment of lease liabilities | (178,040) | (133,382) | (143,549) |
Payment of deferred IPO costs | (439,513) | ||
Repayment of guaranteed bank loans | (550,426) | (2,091,971) | (897,813) |
Net cash provided by (used in) financing activities | 470,364 | (726,335) | (180,125) |
Effect of foreign exchange of cash | 8,326 | (1,796) | 29,960 |
Net increase in cash | 306,213 | 95,029 | 32,747 |
Cash balances at beginning of year | 161,022 | 65,993 | 33,246 |
Cash balances at end of year (Note 5) | $ 467,235 | $ 161,022 | $ 65,993 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Principal Activities [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1 ORGANIZATION AND PRINCIPAL ACTIVITIES YY Group Holdings Limited (the “Company” or the “Group”) is a limited company incorporated and domiciled in British Virgin Islands and whose shares are publicly traded. The registered office is located at 60 Paya Lebar Road #05-43 Paya Lebar Square Singapore 409051. In order to better serve the Company’s clients and accommodate the growing team, the Company have moved to a new office with effective on March 1, 2024. It is located at 60 Paya Lebar Road #09-13/14/15/16/17 Paya Lebar Square Singapore 409051. The Company is principally a data and technology driven company focused on developing enterprise intelligent labor matching services and smart cleaning services based in Singapore. Through the Company and its subsidiaries (collectively referred to as the “Group”), the Group provide enterprise manpower outsourcing and smart cleaning services in Singapore and Malaysia. As of December 31, 2023, the Company’s subsidiaries were as follows: Subsidiaries Date of Jurisdiction of Percentage of Principal YY Circle (SG) Pte Ltd June 13, 2019 Singapore 100% Manpower Contracting Services Hong Ye Group Pte Ltd December 28, 2010 Singapore 100% 1. Employment Agencies 2. General Cleaning Services YY Circle Sdn Bhd July 22, 2022 Malaysia 90% Manpower outsourcing with information technology solution, as well as, general cleaning services Hong Ye Maintenance (MY) Sdn Bhd November 8, 2022 Malaysia 100% General cleaning services As described above, the Company, through a series of transactions which is accounted for as a reorganization of entities under a common control (the “Reorganization”), will become the ultimate parent of its subsidiaries. Through the reorganization, the Company will be the holding company of its subsidiaries. Accordingly, the consolidated financial statements will be prepared on a consolidated basis by applying the principle of common control as if the reorganization has been completed at the beginning of the first reporting period. Based on the above, the Group concluded that the Company and its subsidiaries are effectively controlled by the shareholder before and after the Reorganization and the Reorganization is considered under common control. The transactions above were accounted for as a recapitalization. The consolidation of the Company and its subsidiaries has been accounted for at carrying value and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements. |
Revision of Prior Period Financ
Revision of Prior Period Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Revision of Prior Period Financial Statements [Abstract] | |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 2 REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of our unaudited interim condensed consolidated financial statements, we identified two immaterial errors with regard to cost of revenues for the annual periods ended December 31, 2022 and 2021 and the finance cost for the annual period ended December 31, 2022. These two errors were related to the recognition of cost of revenue and finance cost in incorrect period. We evaluated the errors and determined that the related impact was not material to our consolidated financial statements for any prior periods in accordance with Staff Accounting Bulletin (“SAB”) No. 99, “Materiality,” and SAB No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, but that correction of the impact of the errors would be significant to our results of operations for the six months ended June 30, 2023. Accordingly, we have revised previously reported financial information for such immaterial errors, as previously disclosed in our Audited Consolidated Financial Statements for the years ended December 31, 2022 and 2021. A summary of revisions to our previously reported financial statements presented herein for comparative purposes is included below. Revised Consolidated Statements of Financial Position As of December 31, 2022 As of December 31, 2021 As reported Adjustment As revised As reported Adjustment As revised Deferred tax assets 71,065 7,480 78,545 105,712 7,954 113,666 Total Non-current assets 560,582 7,480 568,062 656,422 7,954 664,376 Total assets 5,760,302 7,480 5,767,782 5,114,677 7,954 5,122,631 Trade and other payables 1,969,741 44,002 2,013,743 1,723,030 46,784 1,769,814 Total Current Liabilities 3,470,821 44,002 3,514,823 4,218,480 46,784 4,265,264 Total Liabilities 4,782,131 44,002 4,826,133 5,142,506 46,784 5,189,290 Accumulated deficit (270,015 ) (36,522 ) (306,537 ) (1,029,335 ) (38,830 ) (1,068,165 ) Equity (deficit) attributable to owners of the Company 978,847 (36,522 ) 942,325 (27,829 ) (38,830 ) (66,659 ) Total equity (deficit) 978,171 (36,522 ) 941,649 (27,829 ) (38,830 ) (66,659 ) Revised consolidated Statements of Profit or Loss and Other Comprehensive Income For the year ended December 31, 2022 For the year ended December 31, 2021 As reported Adjustment As revised As reported Adjustment As revised Cost of revenue (17,496,915 ) 46,784 (17,450,131 ) (15,115,601 ) (46,784 ) (15,162,385 ) Gross profit 2,525,614 46,784 2,572,398 2,345,172 (46,784 ) 2,298,388 Operating profit 1,186,076 46,784 1,232,860 564,544 (46,784 ) 517,760 Finance cost (285,368 ) (44,002 ) (329,370 ) (169,608 ) - (169,608 ) Profit before tax 900,708 2,782 903,490 394,936 (46,784 ) 348,152 Income tax (expenses)/benefit (141,676 ) (474 ) (142,150 ) 6,754 7,954 14,708 Profit for the year 759,032 2,308 761,340 401,690 (38,830 ) 362,860 Total comprehensive income for the year 785,963 2,308 788,271 391,751 (38,830 ) 352,921 Revised Consolidated Statement of Changes in Equity Accumulated Total Total Equity USD USD USD As Reported Balance at January 1, 2021 (708,280 ) 303,165 303,165 Profit for the year 401,690 401,690 401,690 Total comprehensive income for the year 401,690 391,751 391,751 Balance at December 31, 2021 (1,029,335 ) (27,829 ) (27,829 ) Profit for the year 759,320 759,320 759,032 Total comprehensive income for the year 759,320 786,639 785,963 Balance at December 31, 2022 (270,015 ) 978,847 978,171 Adjustment Balance at January 1, 2021 – – – Loss for the year (38,830 ) (38,830 ) (38,830 ) Total comprehensive loss for the year (38,830 ) (38,830 ) (38,830 ) Balance at December 31, 2021 (38,830 ) (38,830 ) (38,830 ) Profit for the year 2,308 2,308 2,308 Total comprehensive income for the year 2,308 2,308 2,308 Balance at December 31, 2022 (36,522 ) (36,522 ) (36,522 ) As Revised Balance at January 1, 2021 (708,280 ) 303,165 303,165 Profit for the year 362,860 362,860 362,860 Total comprehensive income for the year 362,860 352,921 352,921 Balance at December 31, 2021 (1,068,165 ) (66,659 ) (66,659 ) Profit for the year 761,628 761,628 761,340 Total comprehensive income for the year 761,628 788,947 788,271 Balance at December 31, 2022 (306,537 ) 942,325 941,649 Revised Consolidated Statements of Cash Flows For the year ended December 31, 2022 For the year ended December 31, 2021 As reported Adjustment As revised As reported Adjustment As revised Profit for the year 759,032 2,308 761,340 401,690 (38,830 ) 362,860 Finance Cost 285,368 44,002 329,370 169,608 - 169,608 Income tax expenses (benefit) 141,676 474 142,150 (6,754 ) (7,954 ) (14,708 ) Trade and other payables (42,985 ) (46,784 ) (89,769 ) 1,077,786 46,784 1,124,570 Net cash provided by operating activities 935,273 - 935,273 424,079 - 424,079 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION 3.1 Statement of compliance These consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All IFRSs issued by the IASB, effective at the time of preparing these consolidated financial statements have been applied. As the Group neither prepared nor reported a complete set of financial statements in the past, the reconciliations from previous GAAP to IFRS were not disclosed. The Group prepared the consolidated financial statements that comply with IFRS applicable as at December 31, 2023 together with the comparative period data for the years ended December 31, 2022 and 2021, as described in the summary of significant accounting policies. 3.2 Basis of measurement These consolidated financial statements have been prepared on a historical cost basis except as otherwise indicated in the accounting policies. 3.3 Functional and presentation currency These consolidated financial statements are presented in U.S. dollars (“USD” or “US$” or “$”), which is the Company’s functional currency. 3.4 Use of estimates and judgments The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes: ● Note 4.10 – Revenue recognition: Principal vs. agent considerations; and ● Note 4.4 – Compound financial instruments. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes: ● Note 4.6 – Measurement of expected credit losses (“ECL”) for non-derivative financial assets; and ● Note 4.15– Income tax. Measurement of fair value A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. As part of an established control framework, significant unobservable inputs and valuation adjustments are regularly reviewed. If third party information, such as broker quotes or pricing services, is used to measure fair values, such information is assessed to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2 inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly ( i.e. as prices i.e. derived from prices ● Level 3 inputs for the asset or liability that are not based on observable market data ( unobservable inputs If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement (with Level 3 being the lowest). The Group recognizes transfers between levels of the fair value hierarchy as of the end of the reporting year during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes: ● Note 4.4 – Compound financial instruments ● Note 4.5 – Share-based payment to non-employees |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 4 SIGNIFICANT ACCOUNTING POLICIES The Group has consistently applied the following accounting policies to all years presented in these consolidated financial statements. 4.1 Basis of consolidation (a) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. (b) Non-controlling interests (“NCI”) Non-controlling interest in a subsidiary is accounted for separately from the parent’s ownership interests in a subsidiary. Profit or loss and each component of other comprehensive income are attributed to the shareholders of the parent and non-controlling interest, even if this result in the non-controlling interest having a deficit balance. A change in the ownership interest of a subsidiary without a loss of control, is accounted for as an equity transaction. (c) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 4.2 Changes in accounting policies The IASB has issued the following amendments to IFRSs that are first effective for the year ended December 31, 2023 of the Group: ● Amendments to IAS 16, Property, plant and equipment: Proceeds before intended use ● Amendments to IAS 37: Onerous contracts – Cost of fulfilling a contract ● Annual improvements to IFRS standards 2018-2020 ● Amendments to IFRS 3: Reference to the conceptual framework None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period as set out in Note 4.18. 4.3 Foreign currency i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are recognized in profit or loss and presented within finance costs. Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods: As of As of As of Period-end SGD: US$1 exchange rate 1.3186 1.3446 1.3517 Period-end MYR: US$1 exchange rate* 4.5912 4.4129 - Period-average SGD: US$1 exchange rate 1.3414 1.3792 1.3437 Period-average MYR: US$1 exchange rate* 4.5617 4.4061 - * The Company did not have any Malaysia subsidiaries prior to July 22, 2022 ii) Foreign operations The assets and liabilities of foreign operations are translated to United States dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States dollars at average exchange rates. Foreign currency differences are recognized in other comprehensive income (“OCI”) and presented in the foreign currency translation reserve in equity except to the extent that the translation difference is allocated to NCI. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising from such a monetary item that are considered to form part of a net investment in a foreign operation are recognized in OCI and are presented in the translation reserve in equity. 4.4 Financial instruments i) Recognition and initial measurement Trade receivables and debt investments issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. ii) Classification and subsequent measurement a) Financial assets On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (“FVOCI”), which means the gains or losses resulting from assets measured at fair value due to changes in fair value-measured amounts, FVOCI - debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting year following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is to hold assets to collect contractual cash flows; and ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held-for-trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets – Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management. The information considered includes: ● the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; ● how the performance of the portfolio is evaluated and reported to the Group’s management; ● the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; ● how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and ● the frequency, volume and timing of sales of financial assets in prior years, the reasons for such sales and expectations about future sales activity. Transfer of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets. Financial assets that are held-for-trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: ● contingent events that would change the amount or timing of cash flows; ● terms that may adjust the contractual coupon rate, including variable-rate features; ● prepayment and extension features; and ● terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets – Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. b) Financial liabilities – Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. These financial liabilities comprised loans and borrowings and trade and other payables. iii) Derecognition a) Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Where the Group enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized. b) Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. iv) Share capital Shares are classified as equity. Incremental costs directly attributable to the issue of shares are recognized as a deduction from equity, net of any tax effects. v) Compound financial instruments Compound financial instruments issued by the Group included a convertible loan denominated in Singapore dollars that could be converted to share capital at the option of the holder, where the number of shares to be issued was fixed and did not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the liability component is recognized in profit or loss and presented within finance costs. On conversion, the liability component is reclassified to equity and no gain or loss is recognized. 4.5 Share-based payments to non-employees This policy applies to all share-based payments granted to non-employees, including consultants, contractors, and other external parties, in exchange for goods or services. Recognition and Measurement: 1. Fair Value Determination: The fair value of share-based payments issued to non-employees is determined at the grant date using an appropriate valuation model. Factors considered in determining fair value may include the market price of the company’s shares, the expected volatility of the company’s stock price, the expected term of the share-based payment, and other relevant factors. 2. Expense Recognition: Share-based payment expenses are recognized in the income statement over the requisite service period, which is generally the vesting period of the equity instrument. The expense is recognized on a straight-line basis unless another systematic and rational basis is more representative of the grant’s vesting pattern. 3. Subsequent Measurement: Any changes in the fair value of the share-based payment subsequent to the grant date are recognized as a charge or credit to the income statement, with a corresponding adjustment to the share-based payment liability or equity account until the liability is settled or the equity instrument vests. Disclosure: 1. General Disclosure: The company discloses the nature and terms of share- based payment arrangements with non-employees, including the number of shares or options granted, the vesting schedule, and the fair value determination method. 2. Expense Disclosure: The total share-based payment expense recognized during the period, as well as any significant assumptions used in determining fair value, are disclosed in the notes to the financial statements. 4.6 Expected credit losses for the non-derivative financial assets i) Non-derivative financial assets The Group recognizes allowances for expected credit loss on non-derivative financial assets measured at amortized cost. Allowances are measured on either of the following bases: ● 12-month ECLs: these are ECLs that result from default events that are possible within the 12 months after the reporting date (or for a shorter period if the expected life of the instrument is less than 12 months); or ● Lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument or contract asset. Simplified approach The Group applies the simplified approach to provide for ECLs for all non-derivative financial assets. The simplified approach requires the allowances to be measured at an amount equal to lifetime ECLs. Measurement of ECLs ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e., the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the non-derivative financial asset. Credit-impaired non-derivative financial assets At each reporting date, the Group assesses whether non-derivative financial assets carried at amortized cost and debt investments at FVOCI are ‘credit-impaired’. A non-derivative financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the non-derivative financial asset have occurred. Evidence that a non-derivative financial asset is credit-impaired includes the following observable data: ● significant financial difficulty of the borrower or issuer; ● a breach of contract such as a default or being more than 90 days past due; ● the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; ● it is probable that the borrower will enter bankruptcy or another financial reorganization; or ● the disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECLs in the statement of financial position Allowances for non-derivative financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a non-derivative financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, non-derivative financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. ii) Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or Cash generated units (CGUs) first. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (if any), and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 4.7 Property and equipment (i) Recognition and measurement Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes: ● any other costs directly attributable to bringing the assets to a working condition for their intended use; and ● when the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. The gain or loss on disposal of an item of property and equipment is recognized in profit or loss and presented within other income or other expenses. ii) Subsequent costs The cost of replacing a component of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred and presented within cost of revenue and general and administrative expenses. iii) Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognized as an expense in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property and equipment, unless it is included in the carrying amount of another asset. Depreciation is recognized from the date that the property and equipment is installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. The estimated useful lives for the current and comparative years are as follows: Cleaning machinery 3 - 5 years Computers hardware 1 - 3 years Furniture and fittings 3 years Office renovation 3 years Office equipment 3 years Depreciation methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. 4.8 Lease At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Group has the right to obtain and direct substantially all of the economic benefits from the use of the identified asset throughout the period of use, the contract conveys the right to control the use of the identified asset. As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: ● fixed payments, including in-substance fixed payments; ● the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property separately and lease liabilities in ‘loan and borrowings’ in the statement of financial position. Short-term and low-value leases The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 4.9 Employee benefits i) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss in the years during which related services are rendered by employees. ii) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or other plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. iii) Employee leave entitlement Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. 4.10 Revenue The Group recognizes revenue as or when it satisfies its performance obligations. The Group earns revenue predominantly from the following services: i) Revenue by segment a) Cleaning Service The Group provides customizable professional cleaning solution services based on requirements set by clients and/or the authorities, including but not limited to commercial cleaning for offices & schools, hospitality cleaning for hotels, shopping malls and retail, pest control services and etc. The Group also offer cleaning robots and machines for better cleaning performance by deploying the robots at designated premises. The cleaning service promises including providing cleaning personnel, supply of equipment and material, floor treatment service and etc. During the process of providing cleaning services, the customers cannot benefit from the single promise. Therefore, the Group identifies only one performance obligation that is to providing cleaning service to the customer as the promises are not distinct in accordance with IFRS 15.27(a). The consideration of providing cleaning services is either based on the incentive payment model works by pegging the monthly pay-outs to the performance score of the cleaning services as stipulated in the contract or based on attendance payment model works by the combination of the number of cleaners actually attended and the corresponding workday pay rate. The Group has provided cleaning services since 2018 and has long-term cooperation experience with hotels, shopping malls and etc. Thus, the Company has accumulated sufficient experience on monitoring the progress in providing cleaning services and will adjust the estimated consideration on a timely manner. Therefore, there is no significant constraining estimates of variable consideration. The Group recognizes revenue on a gross basis as the Group is acting as a principal in these services and is responsi |
Cash
Cash | 12 Months Ended |
Dec. 31, 2023 | |
Cash [Abstract] | |
CASH | 5 CASH As of December 31, 2023 As of December 31, 2022 USD USD Cash at banks 467,235 161,022 Cash in the consolidated statements of financial position 467,235 161,022 2023 2022 USD USD Cash in the consolidated statements of cash flows 467,235 161,022 The maximum exposure to credit risk at the end of the reporting period is the book carrying value of cash at banks. |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables [Abstract] | |
TRADE RECEIVABLES | 6 TRADE RECEIVABLES As of December 31, 2023 As of December 31, 2022 USD USD Trade receivables Trade Receivables from cleaning service 3,981,025 2,632,481 Trade Receivables from manpower outsourcing services 3,056,917 1,523,256 Subtotal: 7,037,942 4,155,737 Allowance for expected credit losses – – 7,037,942 4,155,737 i) Trade receivable Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. No interest is charged on the outstanding balances. ii) Transfer of trade receivables During 2020, the Group entered a trade receivable financing arrangement (“Arrangement”) with a financial institution (“Factor”). Pursuant to the terms of the arrangement, the Group sells amounts of its trade receivable balances to the Factor as absolute owner with full recourse against the Group. In accordance with IFRS 9, Financial Instruments (“IFRS 9”), the Group concluded that the transaction with the Factor represents a transfer of financial assets in which the Group retains effective control over the transferred trade receivables. As such it was determined that the transfer of financial assets should be recorded as a recourse liability. Furthermore, the Group shall continue to report the transferred financial asset in its consolidated statements of financial position with no change in the assets’ measurement. Accordingly, the Group records the trade receivables on its Consolidated Statement of Financial Position and records a recourse liability for the amount received from the Factor towards factored trade receivables. For non-notified customers, the arrangement with the Factor is such that the customers remit cash directly to the Group and the Group transfers the collected amounts to the Factor. For notified customers, the arrangement with the Factor is such that the customers remit cash directly to the Factor. For non-notified customers, the Factor remits 75% of the trade receivable balance to the Group and the rate increased to 85% based on the terms of variation with effect from November 22, 2022. The funding limit was S$1,200,000 at the inception of the arrangement and increased to S$1,750,000 based on the terms of variation with effect from November 22, 2022. The funding limit was further increased by S$500,000 with the addition of the facility under YY Circle (SG) Pte Ltd based on the offer letter on February 22, 2023 and then further decreased by S$250,000 under Hong Ye Group Pte Ltd. based on the terms of variation with effect from July 5, 2023. Pursuant to the terms of variation dated on March 21, 2023, the discount charge fee and service fee will change to a charge rate of 7.0% and 0.35%, respectively with effect from April 1, 2023 under Hong Ye Group Pte Ltd. The discount charge fee and service fee will be a charge rate of 7.0% and 0.35%, respectively with effect from February 22, 2023 for the additional facility under YY Circle (SG) Pte Ltd. For notified customers, the Factor remits 80% of the trade receivable balance to the Group and the rate increased to 90% based on the terms of variation with effect from November 22, 2022. The funding limit was S$1,300,000 at the inception of the arrangement and increased to S$1,750,000 based on the terms of variation with effect from November 22, 2022. The funding limit was further increased by S$500,000 with the addition of the facility under YY Circle (SG) Pte Ltd based on the offer letter on February 22, 2023 and then further increased by S$500,000 and decreased by S$250,000 under YY Circle (SG) Pte Ltd and Hong Ye Group Pte Ltd, respectively, based on the terms of variation with effective from July 5, 2023. Pursuant to the terms of variation dated on March 21, 2023, the discount charge fee and service fee will change to a charge rate of 7.0% and 0.35%, respectively with effect from April 1, 2023 under Hong Ye Group Pte Ltd. The discount charge fee and service fee will be a charge rate of 7.0% and 0.35%, respectively with effect from February 22, 2023 for the additional facility under YY Circle (SG) Pte Ltd. As of December 31, 2023 and 2022, the Group recorded a recourse liability of $2,139,575 and $946,592, respectively, towards the factor which is included in current loans and borrowings on the consolidated statements of financial position. The cost of factoring is included as a component of finance cost in the accompanying consolidated statements of profit or loss and other comprehensive income. During the years ended December 31, 2023 and 2022 and 2021, the Group incurred $218,749 and $212,302 and $104,590 in factoring fee, respectively. The following information shows the carrying amount of trade receivables at the reporting date that have been transferred but have not been derecognized and the associated liabilities. As of 2023 As of 2022 USD USD Carrying amount of trade receivables transferred to an agent 3,552,836 2,317,102 Carrying amount of associated liabilities 2,139,575 946,592 iii) Financial risk management The exposure of trade receivables to credit risk is disclosed in Note 19. |
Prepayment and Other Current As
Prepayment and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepayment and Other Current Assets [Abstract] | |
PREPAYMENT AND OTHER CURRENT ASSETS | 7 PREPAYMENT AND OTHER CURRENT ASSETS As of As of US$ US$ Current: Deposits & Prepayment 370,370 394,078 Deferred IPO Cost* 2,039,513 - Other Receivables 257,283 31,562 2,667,166 425,649 Non-current: Prepayment, non-current 18,656 - Total prepayment and other assets 2,685,822 425,649 * the balance of deferred IPO cost includes legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filling and print related costs, exchange listing costs, and road show related costs and other offering costs directly attributable to the Company’s initial public offering. It was subsequently charged against the gross proceeds from the Company’s initial public offering completed on April 22, 2024 as a reduction of share capital. i) Financial risk management The exposure of prepayments and other current assets to credit risk is disclosed in Note 19. |
Right-of-Use Assets
Right-of-Use Assets | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-Use Assets [Abstract] | |
RIGHT-OF-USE ASSETS | 8 RIGHT-OF-USE ASSETS i) Right-of-use assets Property Office Motor Total USD USD USD USD Balance as at January 1, 2022 – 6,105 117,261 123,366 Addition 118,881 – 95,105 213,986 Depreciation (59,440 ) (1,390 ) (66,522 ) (127,352 ) Effect of movement in exchange rates – 32 619 651 As at December 31, 2022 59,441 4,747 146,463 210,651 Addition - - 52,664 52,664 Gain of lease early termination - - (20,854 ) (20,854 ) Depreciation (59,582 ) (1,393 ) (104,887 ) (165,862 ) Effect of movement in exchange rates 141 71 1,623 1,835 As at December 31, 2023 - 3,425 75,009 78,434 ii) Amounts recognized in consolidated statements of profit or loss and other comprehensive income: 2023 2022 2021 USD USD USD Interest on lease liabilities 10,088 12,280 9,208 Expenses relating to short-term lease and low value assets 292,897 224,731 195,910 Depreciation charge for right-of-use assets 165,862 127,352 133,005 iii) Amounts recognized in statements of cash flows 2023 2022 2021 USD USD USD Payment of lease liabilities (178,040 ) (133,382 ) (143,549 ) |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 9 PROPERTY AND EQUIPMENT i) Reconciliation of carrying amount Cleaning Computers Furniture Office Office Total USD USD USD USD USD USD Cost: Balance as at January 1, 2022 784,494 379,113 46,318 76,553 12,382 1,298,860 Addition 103,341 8,772 – – – 112,113 Disposal – (102,707 ) – – – (102,707 ) Effect of movement in exchange rates 4,142 2,002 245 404 65 6,858 Balance as at December 31, 2022 891,977 287,180 46,563 76,957 12,447 1,315,124 Addition 174,874 30,972 – – – 205,846 Disposal – – – – – – Effect of movement in exchange rates 20,612 6,080 918 1,518 246 29,374 At December 31, 2023 1,087,463 324,232 47,481 78,475 12,693 1,550,344 Accumulated depreciation: Balance as at January 1, 2022 436,761 299,669 46,225 76,553 12,308 871,516 Addition 186,092 26,946 93 – 75 213,206 Disposal – (53,065 ) – – – (53,065 ) Effect of movement in exchange rates 2,306 1,582 245 404 64 4,601 Balance as at December 31, 2022 625,159 275,132 46,563 76,957 12,447 1,036,258 Addition 114,339 8,356 – – – 122,695 Disposal – – – – – – Effect of movement in exchange rates 14,305 5,783 918 1,518 246 22,770 At December 31, 2023 753,803 289,271 47,481 78,475 12,693 1,181,723 Carrying amount: At December 31, 2022 266,818 12,048 – – – 278,866 At December 31, 2023 333,660 34,961 – – – 368,621 ii) Depreciation of property and equipment Property and equipment is depreciated on a straight-line basis over the estimated useful lives, after taking into account the estimated residual value. Management reviews the estimated useful lives and residual value of the assets annually in order to determine the amount of depreciation expense to be recorded during any reporting year. The depreciation expense recorded for the year is $ 122,695 (2022: $213,206 and 2021: $265,799). The reviews performed in 2023 and 2022 and 2021 did not result in any changes in estimated useful life or residual value. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
TRADE AND OTHER PAYABLES | 10 TRADE AND OTHER PAYABLES As of As of 2022 USD USD Trade payables: Amount due to third parties 891,797 519,958 Other payables: Accrued payroll and pension 1,188,861 917,166 GST payables 633,743 362,120 Provision for taxation 117,835 87,822 Others 164,400 126,677 Total trade and other payables 2,996,636 2,013,743 These amounts are non-interest bearing. Trade payables are normally settled on 90 days’ terms. Other payables relate to non-trade payables to third parties. They are non-interest bearing and have an average term of 3 months. The exposure of trade and other payables to liquidity risk is disclosed in Note 19 |
Loans and Borrowings
Loans and Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Borrowings [Abstract] | |
LOANS AND BORROWINGS | 11 LOANS AND BORROWINGS As of 2023 As of USD USD Current: Guaranteed bank loans, current portion 716,916 332,722 Recourse liability 2,139,575 946,592 Lease liabilities, current 69,135 147,474 Total current loans and borrowings 2,925,626 1,426,788 Non-current: Guaranteed bank loans, non-current portion 523,607 503,286 Convertible notes - liability component - 736,129 Lease liabilities, non-current 15,187 71,895 Total non-current loans and borrowings 538,794 1,311,310 Total loans and borrowings 3,464,420 2,738,098 i) Terms and debt repayment schedule Original Principal Year of origination Year of Interest Repayment 2023 2022 % USD USD Guaranteed bank loan SGD 400,000 2020 2025 2.75 Monthly 116,071 173,958 Guaranteed bank loan SGD 85,000 2019 2023 7 Monthly - 16,059 Guaranteed bank loan SGD 185,000 2019 2024 10.88 Monthly 31,692 61,664 Guaranteed bank loan SGD 1,200,000 2020 2025 2.5 Monthly 300,588 475,025 Guaranteed bank loan SGD 300,000 2020 2025 3.75 Monthly 64,859 109,302 Guaranteed bank loan SGD 450,000 2023 2028 8.00 Monthly 207,045 - Guaranteed bank loan SGD 300,000 2023 2026 7.75 Monthly 187,864 - Guaranteed bank loan SGD 50,000 2023 2028 8.25 Monthly 34,264 - Guaranteed bank loan SGD 100,000 2023 2028 8.28 Monthly 67,450 - Guaranteed bank loan SGD 50,000 2023 2026 10.38 Monthly 31,429 - Guaranteed bank loan SGD 300,000 N/A 2026 8.80 Monthly 199,261 - Recourse liability SGD N/A N/A N/A 4.8 – 5.3 Maturity upon 90-120 days 2,139,575 946,592 Convertible loan SGD 1,000,000 2022 2024 8 Upon maturity date - 736,129 Lease liabilities SGD/MYR N/A 2019-2022 2023-2026 2.99 - 8.21 Monthly Repayment 84,322 219,369 Total interest-bearing liabilities 3,464,420 2,738,098 The guaranteed bank loans are guaranteed by Mr. Fu XiaoWei and Ms. Zhang Fan, the CEO of the Group and his spouse. The weighted average effective interest rates per annum of guaranteed bank loans is 7.12%. Subsequently to the date of issuance of the consolidated financial statements, all the guaranteed bank loans were repaid upon maturity without default. ii) Convertible loan USD Proceeds from issue of convertible loan 743,273 Transaction costs – Net proceeds 743,273 Amounts classified as equity (7,587 ) Accreted interest 1,576 Effect of movement in exchange rates (1,133 ) Carrying amount of liability at December 31, 2022 736,129 Conversion with Class A shares (728,526 ) Effect of movement in exchange rates (7,603 ) Carrying amount of liability at December 31, 2023 – The convertible loan was issued to a third party on February 23, 2022 (“Disbursement Date”) with an amount of $743,273 (SGD 1,000,000). The convertible loan bears an interest rate of 8% per annum and will be mature on February 22, 2024 (“Maturity Date”). ● From disbursement date to maturity date, the third party shall have the right but not the obligation to convert all (and not some) of the convertible loan into the Company’s shares. ● If the convertible loan has not been converted at maturity date, the Company shall repay to the third party the loan principal amount plus the accrued interest. ● The rights and obligations under the convertible loan may only be transferred with the written approval of the Company. On February 28, 2023, the third party elected to convert all the principal amount into 1,911,170 of the Company’s class A shares. iii) Reconciliation of movements of liabilities to cash flows arising from financing activities Guaranteed Lease Total USD USD USD Balance at January 1, 2023 836,008 219,369 1,055,377 Changes from financing cash flows Proceeds from guaranteed bank loans 931,862 – 931,862 Payment of guaranteed bank loans (550,426 ) – (550,426 ) Payment of lease liabilities – (178,040 ) (178,040 ) Interest paid – Note 16 (89,903 ) – (89,903 ) Total changes from financing cash flows 291,533 (178,040 ) 113,493 Effect of changes in foreign exchange rates 23,079 1,955 25,034 Other changes – – – Liability-related Recognition of lease liabilities – 52,664 52,664 Derecognition of lease liabilities – (21,714 ) (21,714 ) Interest expense – Note 16 89,903 10,088 99,991 Total liability-related other changes – 41,038 41,038 Balance at December 31, 2023 1,240,523 84,322 1,324,845 Guaranteed Convertible Lease liabilities Share Equity Total Balance at January 1, 2022 1,329,756 – 128,924 1,015,587 – 2,474,267 Changes from financing cash flows Proceeds from issue of class A shares – – – 212,450 – 212,450 Proceeds from issue of a convertible loan – 735,686 – – 7,587 743,273 Proceeds from guaranteed bank loans 1,603,768 – – – – 1,603,768 Repayment of guaranteed bank loans (2,091,971 ) – – – – (2,091,971 ) Interest paid – Note 15 (60,786 ) – – – – (60,786 ) Payment of lease liabilities – – (133,382 ) – – (133,382 ) Total changes from financing cash flows (548,989 ) 735,686 (133,382 ) 212,450 7,587 273,352 Effect of changes in foreign exchange rates 55,241 (1,133 ) 2,932 – – 57,040 Other changes Liability-related Recognition of lease liabilities – – 208,615 – – 208,615 Interest expense – Note 15 – 1,576 12,280 – – 13,856 Total liability-related other changes – 1,576 220,895 – – 222,471 Balance at December 31, 2022 836,008 736,129 219,369 1,228,037 7,587 3,027,130 Guaranteed Lease Total USD USD USD Balance at January 1, 2021 1,540,375 261,275 1,801,650 Changes from financing cash flows Proceeds from guaranteed bank loans 719,868 – 719,868 Payment of guaranteed bank loans (897,813 ) – (897,813 ) Payment of lease liabilities – (143,549 ) (143,549 ) Interest paid – Note 15 (55,810 ) – (55,810 ) Total changes from financing cash flows (233,755 ) (143,549 ) (377,304 ) Effect of changes in foreign exchange rates 23,136 (4,963 ) 18,173 Other changes Liability-related Recognition of lease liabilities – 6,953 6,953 Interest expense – 9,208 9,208 Total liability-related other changes – 16,161 16,161 Balance at December 31, 2021 1,329,756 128,924 1,458,680 iv) Financial risk management Information about the exposure of loans and borrowings to relevant financial risks (interest rate and liquidity risk) is disclosed in Note 19. |
Capital and Reserves
Capital and Reserves | 12 Months Ended |
Dec. 31, 2023 | |
Capital and Reserves [Abstract] | |
CAPITAL AND RESERVES | 12 CAPITAL AND RESERVES i) Share capital 2023 2022 2021 Number of Number of USD Number of Number of USD Number of Number of USD Issued and fully paid: Shares As at the beginning of year 30,588,830 5,000,000 1,228,037 23,792,943 5,000,000 1,015,587 23,792,943 5,000,000 1,015,587 Issuance of shares 800,000 - 1,600,000 6,795,887 - 212,450 - - - Conversion of a convertible loan 1,911,170 - 736,113 As at end of year 33,300,000 5,000,000 3,564,150 30,588,830 5,000,000 1,228,037 23,792,943 5,000,000 1,015,587 Holders of class A shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. The holder of class B shares is not entitled to dividends as declared from time to time and is entitled to twenty (20) vote per share at general meeting of the Company. In September 2022, the general meeting of shareholders approved the issue of 6,750,881 class A shares at a price of S$1.00 per share (2021: nil Additionally, 22,503 and 22,503 class A shares were issued as a result of the establishment of YY Circle Sdn Bhd and Hong Ye Maintenance (MY) Sdn Bhd on July 22, 2022 and November 8, 2022, respectively. On February 21, 2023, the Group issued 800,000 class A shares to V Capital Quantum Sdn Bhd at a price of $2.00 per shares in exchange for the IPO related consultation service fee received for the year ended December 31, 2023. The Company recognized it as deferred IPO cost over the service period. On February 28, 2023, the Group and Mr. Tan Soo Seng (“Lender”) agreed and signed a Notice to terminate the Convertible Loan Agreement, with effect on February 28, 2023. The Company issued 1,911,170 or 4.99% class A shares under the Company to the Lender. ii) Nature and purpose of reserves a) Foreign currency translation reserve The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 13. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share attributable to shareholders for the years ended December 31, 2023 2022 2 2021 2 USD USD USD Profit for the year 864,037 761,340 362,860 Less: Income (loss) attributable to non-controlling interests 11,703 (288 ) - Profits for the year attributable to shareholders 852,334 761,628 362,860 Basic weighted-average shares outstanding 37,877,099 30,674,250 28,792,943 Basic earnings per share attributable to shareholders 0.02 0.02 0.01 Diluted weighted-average shares outstanding 37,877,099 32,690,039 28,792,943 Diluted earnings per share attributable to shareholders 0.02 0.02 0.01 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 14 SEGMENT REPORTING i) Basis for segmentation The Group has the following strategic divisions which are its operating and also reportable segments. These segments offer different products and services, and are generally managed separately from a commercial, technological, marketing, operational and regulatory perspective. The Group’s chief executive officer (the Chief Operating Decision Maker or CODM) reviews performance of each segment on a monthly basis for purposes of business management, resource allocation, operating decision making and performance evaluation. The following summary describes the operations of each reportable segment: Reportable segments Operations Cleaning service Acting as a contractor to provide long-term cleaning service to the client, the cleaning services are mainly provided to the hotels and shopping mall, including the areas of toilet, common area, bin center, elevator and etc. Manpower outsourcing services Providing casual workers by comprehensively understanding the corporate customers’ requirements and matching their requirements with qualified casual workers from various kinds of work including, but not limited to, Food & Beverage Crews, Kitchen helper, retail assistant and etc. ii) Information about reportable segment The CODM evaluates operating segments based on revenue and Segment profit (loss). Total revenue for reportable segments equals consolidated revenue for the Group. Segment profit is defined as net profit or loss of each operating segment excluding the unallocated overhead cost. Cleaning Manpower Unallocated Total USD USD USD USD 2023 Segment Revenue 18,565,897 13,206,389 – 31,772,286 Cost of revenue (17,156,622 ) (10,963,884 ) – (28,120,506 ) Other income 1,212,231 618,668 – 1,830,899 Selling and marketing expenses (46,188 ) (145,394 ) – (191,582 ) General and administrative expenses (904,227 ) (606,278 ) (2,335,862 ) (3,846,367 ) Other expenses (14,214 ) (13,567 ) - (27,781 ) Finance cost (160,662 ) (58,086 ) (109,862 ) (328,610 ) Income tax expenses (133,672 ) (90,630 ) – (224,302 ) Segment Profit (loss) 1,362,543 1,947,218 (2,445,724 ) 864,037 2022 (As revised 2 Segment Revenue 13,221,770 6,800,759 – 20,022,529 Cost of revenue (11,899,993 ) (5,550,138 ) – (17,450,131 ) Other income 1,899,039 53,381 – 1,952,420 Selling and marketing expenses (62,328 ) (263,350 ) – (325,678 ) General and administrative expenses (746,604 ) (77,997 ) (2,084,566 ) (2,909,167 ) Other expenses (57,111 ) (2 ) – (57,113 ) Finance cost (285,368 ) - (44,002 ) (329,370 ) Income tax expenses (107,220 ) (34,930 ) – (142,150 ) Segment Profit (loss) 1,962,185 927,723 (2,128,568 ) 761,340 2021 (As revised 2 Segment Revenue 12,458,390 5,002,383 – 17,460,773 Cost of revenue (11,396,564 ) (3,765,821 ) – (15,162,385 ) Other income 812,554 183,539 – 996,093 Selling and marketing expenses (73,846 ) (115,296 ) – (189,142 ) General and administrative expenses (576,479 ) (74,872 ) (1,925,848 ) (2,577,199 ) Other expenses (10,362 ) (18 ) – (10,380 ) Finance cost (169,608 ) – – (169,608 ) Income tax (expenses) benefit (7,963 ) 22,671 – 14,708 Segment Profit (loss) 1,036,122 1,252,586 (1,925,848 ) 362,860 Revenue reported above represents revenue generated from external customers. There were inter-segment sales of $281,656 and $253,541 and $222,995 for the years ended December 31, 2023 and 2022 and 2021 respectively. Assets and liabilities are predominantly reviewed by the CODM at a consolidated level and not at a segment level. Within the Group’s non-current assets are property, plant and equipment which are primarily located in Singapore. Other non-current assets such as right-of-use assets are predominantly regional assets that are not attributed to a segment. Segment assets and liabilities Cleaning Manpower Unallocated Total USD USD USD USD 2023 Total Assets 4,746,652 3,627,009 2,296,429 10,670,090 Total Liabilities 4,151,935 1,256,192 1,120,450 6,528,577 2022 (As revised) Total Assets 4,225,542 1,215,619 326,621 5,767,782 Total Liabilities 3,334,951 325,222 1,165,960 4,826,133 Geographic allocation All business units of the Group are operating in Singapore and Malaysia. The Group allocates revenue on the basis of the location of the customer. The geographic revenue generates majority from Singapore, while less than 10% of the Group’ revenue generated from Malaysia. |
Income and Expenses
Income and Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Income and Expenses [Abstract] | |
INCOME AND EXPENSES | 15 INCOME AND EXPENSES i) Other income 2023 2022 2021 USD USD USD Government grant income* 1,207,154 1,952,418 996,026 Other operating income** 455,943 - - Others 167,802 2 67 Total other income 1,830,899 1,952,420 996,093 * Government grant income was provided by the Singapore Government under the Job Support Scheme and Jobs Growth Incentives. ** Other operating income was related to a license grant fee charge to YY Circle (Thailand) Ltd and YY Circle (HK) Pte Ltd, which are unrelated parties with the Company. ii) Other expenses 2023 2022 2021 USD USD USD Late charges & fine (27,781 ) (8,718 ) (10,380 ) Loss on disposal of property and equipment - (48,395 ) - Total other expenses (27,781 ) (57,113 ) (10,380 ) iii) Expenses by nature Total cost of revenue, selling and marketing expenses, general and administrative expenses include expenses of the following nature: 2023 2022 2 2021 2 USD USD USD Advertisement and promotions 191,582 325,678 189,142 Depreciation 288,557 340,558 398,804 Legal and professional fee 584,145 40,727 16,254 Office expenses 216,332 141,870 167,175 Rental of equipment and others 292,897 224,730 195,910 Staff expenses and wages 27,172,767 17,938,407 15,511,366 Transportation 90,737 42,653 22,481 Insurance expenses 237,097 116,607 - Other operating expenses 3,084,341 1,513,746 1,427,594 Total cost of revenue, selling and marketing expenses, general and administrative expenses. 32,158,455 20,684,976 17,928,726 |
Finance Cost
Finance Cost | 12 Months Ended |
Dec. 31, 2023 | |
Finance Cost [Abstract] | |
FINANCE COST | 16 FINANCE COST 2023 2022 2021 USD USD USD Fees from trade receivable factoring 218,749 212,302 104,590 Interest expenses from lease liabilities 10,088 12,280 9,208 Interest expenses from guaranteed bank loans 89,903 60,786 55,810 Interest expenses of convertible loan 9,870 44,002 - Total finance cost 328,610 329,370 169,608 |
Income Tax Expenses _ (Benefit)
Income Tax Expenses / (Benefit) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Expenses / (Benefit) [Abstract] | |
INCOME TAX EXPENSES / (BENEFIT) | 17 INCOME TAX EXPENSES / (BENEFIT) 2023 2022 2 2021 2 USD USD USD Current Tax Expense Current year 115,833 107,355 13,829 Changes in estimates related to prior years 30,607 - - Deferred tax expense/(credit) Origination and reversal of temporary difference 77,862 34,795 (28,537 ) Income tax expenses/(benefit) 224,302 142,150 (14,708 ) The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the Singapore’s standard rate of income tax as follows: 2023 2022 2 2021 2 USD USD USD Reconciliation between tax expenses and accounting profit at applicable tax rate Profit before tax 1,088,339 903,490 348,152 Tax at the domestic rates applicable to profits in the countries where the Group operates 185,018 153,593 59,185 Difference from the effect of tax rates in a foreign jurisdiction 10,583 (292 ) 12,058 Non-deductible expenses 11,084 1,483 (72,982 ) Other Non-taxable Income (12,990 ) (12,634 ) (12,969 ) Changes in estimates related to prior years 30,607 - - Income tax expenses (benefit) 224,302 142,150 (14,708 ) 2023 2022 USD USD Deferred tax assets Tax losses carried forward 11,734 77,063 Lease liability 14,335 37,293 Deferred tax liabilities Right-of-use assets 13,334 35,811 Depreciation 11,997 - Net deferred tax assets 738 78,545 Movement in deferred tax liabilities: Accelerated Right-of-use Total USD USD USD Balance at January 1, 2022 (As revised 2 - (20,972 ) (20,972 ) Recognized in profit or loss - (14,358 ) (14,358 ) Effect of movement in exchange rates - (481 ) (481 ) Balance at December 31, 2022 and January 1, 2023 (As revised 2 - (35,811 ) (35,811 ) Recognized in profit or loss (11,793 ) 22,789 10,996 Effect of movement in exchange rates (204 ) (312 ) (516 ) Balance at December 31, 2023 (11,997 ) (13,334 ) (25,331 ) Movement in deferred tax assets: Accelerated Tax losses Lease Total USD USD USD USD Balance at January 1, 2022 (As revised 2 5,261 107,460 21,917 134,638 Recognized in profit or loss (5,156 ) (30,158 ) 14,877 (20,437 ) Effect of movement in exchange rates (105 ) (239 ) 499 155 Balance at December 31, 2022 and January 1, 2023 (As revised 2 - 77,063 37,293 114,356 Recognized in profit or loss - (65,567 ) (23,291 ) (88,858 ) Effect of movement in exchange rates - 238 333 571 Balance at December 31, 2023 - 11,734 14,335 26,069 The deferred tax assets is mainly recognized in respect of temporary differences effected by net operating losses. As of December 31, 2023 and 2022, the Company had temporary difference of lease liability of $84,322 and $219,369 respectively, mainly from the Company’s Singapore subsidiaries Hong Ye Group Pte Ltd. As of December 31, 2023 and 2022, the Company had net operating losses carry forward of $24,863 and $407,552, respectively, mainly from the Company’s Singapore subsidiaries YY Circle (SG) Pte Ltd. The net operating losses from the Singapore subsidiaries can be carried forward indefinitely. Due to the Singapore subsidiaries’ operating history of turning losses into profits, the Company is certain that these net operating losses can be utilized. As a result, the Company provided a 100% recognition on deferred tax assets of $738 and $78,545 as of December 31, 2023 and 2022, respectively. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties [Abstract] | |
RELATED PARTIES | 18 RELATED PARTIES i) Transactions with key management personnel a) Key management personnel compensation Compensation to Directors and executive officers of the Group comprised the following: 2023 2022 2021 USD USD USD Short-term employee benefits 449,068 503,155 460,475 b) Key management personnel transactions The aggregate value of transactions and outstanding balances related to key management personnel and entities over which they have control or significant influence were as follows. Transaction values for the years Balance outstanding as at 2023 2022 2021 2023 2022 USD USD USD USD USD (Repayment from)/loan to a shareholder, net (458,403 ) 1,035,306 (870,102 ) - 457,312 Interest paid by a shareholder on behalf of the Company* (59,559 ) - - (59,559 ) - Rental expenses to a related party and rental payable to a director** 31,311 25,769 31,258 (2,654 ) (74,292 ) * The CEO paid the interest of convertible note on behalf of the Company on March 1, 2023 with an amount of $59,559. ** Amount due to this related party represents the lease payable to the employee dormitory rented from a director. ii) Other related party transactions Transaction values for the Balance outstanding as at 2023 2022 2021 2023 2022 USD USD USD USD USD Advance to a related party - 25,167 744 - 27,253 Upkeeping and maintenance service provided by a related party and payable to a related party (40,083 ) (26,659 ) - (5,308 ) (27,253 ) Payment on behalf of the Company by a related party - - (60,394 ) - (60,351 ) Landscape crew outsourcing service provided to a related party and receivable from a related party 32,153 - 60,394 31,298 60,351 Outdoor landscape service provided by a related party and payable to a related party (6,143 ) - - - - YY App license grant service provided to a related party and receivable from a related party 111,823 - - - - * Both of the transactions are provided by/to the same related party. The Company and the related party signed an agreement on December 31, 2022 to offset the balances of $27,253. ** Both of the transactions are provided by/to the same related party. The Company and the related party signed an agreement on December 31, 2022 to offset the balances of $60,351. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | 19 FINANCIAL INSTRUMENTS i) Financial risk management The Group has exposure to the following risks from its use of financial instruments: ● credit risk; ● liquidity risk; and ● market risk This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the Group’s management of capital. a) Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. Group management establishes policies and procedures around risk identification, measurement and management; and setting and monitoring risk limits and controls, in accordance with the objectives and underlying principles in the risk management framework approved by the Board of Directors. Risk management policies and procedures are reviewed regularly to reflect changes in market conditions and the Group’s activities. b) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s trade receivables, prepayment other current assets and cash. At the end of each reporting period, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the statements of financial position. In order to minimize credit risk, the Group has delegated its finance team to develop and maintain the Group’s credit risk grading to categorize exposures according to their degree of risk of default. The finance team uses publicly available financial information assesses the financial strength of its customers and the Group’s own historical repayment records to rate its major customers and debtors. as a consequence, the Group believes that its accounts receivable credit risk exposure is limited. In addition, the Company has a sizable customer base which minimizes the concentration of credit risk and the aggregate value of transactions concluded is spread amongst approved counterparties. The Company does not have any customers’ receivable which account for more than 10% of total accounts receivable. No impairment losses on financial assets were recognized in profit or loss for the years ended December 31, 2023 and 2022. The aging of trade receivables and prepayments and other current assets were as follows: Total Current 31-60 days 61-90 days ≥91 days Trade receivables 4,155,737 3,420,967 439,602 104,473 190,695 As at December 31, 2022 4,155,737 3,420,967 439,602 104,473 190,695 Trade receivables 7,037,942 5,767,145 625,375 238,034 407,388 As at December 31, 2023 7,037,942 5,767,145 625,375 238,034 407,388 Trade receivables factoring program A subsidiary of the Company in Singapore has an agreement to factor, on a limited recourse basis, certain of its trade receivables up to a limit of S$4.5 million in exchange for advanced funding up to 90% of the principal value of the invoice as of December 31, 2023. The Company is charged a service fee of 0.35% based on the face value of the invoices assigned and interest rate of 7.00% per annum, based on the number of days between the funds release date and customer payment date. The program is utilized to provide sufficient liquidity to support its international operating cash needs. Upon transfer of the trade receivables, the Company receives cash proceeds and continues to service the trade receivables on behalf of the third-party financial institution. The program does not meet the derecognition requirements in accordance with IFRS 9, Financial Instruments as the Company retained substantially all the risks and rewards of ownership upon the factoring of a trade receivable. These proceeds are classified as cash flows from operating activities in the statement of cash flows. The Group does not have collateral in respect of outstanding trade receivables. The Group does not have trade receivables for which no allowance is recognized because of collateral. The exposure to credit risk for trade receivables at the reporting date by geographic region was as follows: Net carrying amount as at 2023 2022 USD USD Singapore 6,130,586 3,964,711 Malaysia 907,356 191,026 Total 7,037,942 4,155,737 c) Liquidity risk Risk management policy Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Management monitors rolling forecasts of the Group’s cash on the basis of expected cash flows. This is generally carried out by operating companies of the Group in accordance with practice and limits set by the Group. These limits vary by location to take into account the liquidity of the market in which the entity operates. In addition, the Group’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these. The Group monitors its liquidity risk and maintains a level of cash balances deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuation in cash flows As part of their overall liquidity management, the Group maintains sufficient levels of funds to meet its working capital requirements and financed mainly through the trade receivable factoring program and long-term guaranteed bank loans (see Note 10). The following are the contractual maturities of financial liabilities considered in the context of the Group’s liquidity risk management strategy. The amounts are gross and undiscounted and include contractual interest payments. For the years ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Imputed Carrying USD USD USD USD USD USD USD USD USD Financial liabilities Guaranteed bank loans 762,332 398,609 119,429 27,856 10,119 – 1,318,345 77,822 1,240,523 Trade and other payables 2,996,636 – – – – – 2,996,636 - 2,996,636 Lease obligation 74,536 14,014 1,544 – – – 90,094 5,772 84,322 Total contractual obligations 3,833,504 412,623 120,973 27,856 10,119 – 4,405,075 83,594 4,321,481 d) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group’s income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Interest rate risks The Group is exposed to interest rate risk as the Group has bank loans which are interest bearing. The interest rates and terms of repayment of the loans are disclosed in the notes to the financial statements. The Group currently does not have an interest rate hedging policy. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of year end. A 100-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates on guaranteed bank loans had been 100 basis points higher/lower and all other variables were held constant, the Group’s post-tax profit for the year would decrease/increase by approximately $10,792 (2022: $7,273). Foreign exchange risk The Group mainly operates in Singapore with majority of the transactions settled in SGD and USD. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the respective entities’ functional currencies. Since SGD is pegged with USD, there are no significant foreign currency exposure for USD dominated financial assets and liabilities. ii) Capital management The Group’s objectives in managing capital are to ensure that the Group will be able to continue as a going concern and to maintain an optimal capital structure so as to enable it to execute business plans and to maximize shareholder value. The Group defines “capital” as including all components of equity and external borrowings. The capital management strategy translates into the need to ensure that at all times the Group has the liquidity and cash to meet its obligations as they fall due while maintaining a careful balance between equity and debt to finance its assets, day-to-day operations and future growth. Having access to flexible and cost-effective financing allows the Group to respond quickly to opportunities. The Group’s capital structure is reviewed on an ongoing basis with adjustments made in light of changes in economic conditions, regulatory requirements and business strategies affecting the Group. The Group balances its overall capital structure by considering the costs of capital and the risks associated with each class of capital. In order to maintain or achieve an optimal capital structure, the Group may issue new shares from time to time, retire or obtain new borrowings or adjust the asset portfolio. iii) Accounting classification and fair values The fair values of the Group’s financial instruments (other than convertible loan initially measured at fair value) approximate their carrying amounts due to the short-term maturity of these instruments. The liability component of the convertible loan is recognized initially at the fair value of a similar liability that does not have an equity conversion option, which was measured using Level 3 fair value. The following table show the valuation techniques used in measuring Level 3 fair values for the convertible loan in the statement of financial position, as well as the significant unobservable inputs used. Valuation technique Significant Inter-relationship Liability Convertible loan Discounted cash flows The interest rate for the long-term borrowings without conversion right, which is 8.26% assessed by the management. The interest rate will impact the cash flow for the following periods The Group used the interest rate for the long-term borrowings without conversion right to calculate the cash flow, based on which, the Group determined the fair value of the liability component using the present value. During the years ended December 31, 2023, 2022 and 2021, there were no transfers among instruments in level 1, level 2 or level 3. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies [Abstract] | |
CONTINGENCIES | 20. CONTINGENCIES In the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2023 and through the issuance date of these consolidated financial statements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 21 SUBSEQUENT EVENTS The Company has assessed all events from December 31, 2023, up through May 14, 2024, which is the date that these consolidated financial statements are available to be issued, there are not any material subsequent events that require disclosure in these consolidated financial statements. Other than the events disclosed below: On April 24, 2024, the Company closed the initial public offering (the “IPO”) of its 1,125,000 Class A ordinary shares, no par value (the “Shares”). The Company completed the IPO pursuant to its registration statement on Form F-1 (File No. 333-275486), originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 13, 2023 (as amended, the “Registration Statement”). The Registration Statement was declared effective by the SEC on March 29, 2024. The Shares were priced at $4.00 per share, and the IPO was conducted on a firm commitment basis. The Shares were previously approved for listing on The Nasdaq Capital Market and commenced trading under the ticker symbol “YYGH” on April 22, 2024. On May 1, 2024 Mr. Fu Xiaowei transferred all the shares he owned in YY Circle (AU) Pty Ltd (“YY Circle (AU)”) to the Company with a consideration of $95, which was accounted for as a business combination under common control (“Transaction”). After the transaction, YY Circle (AU) became a majority owned subsidiary, with a remaining 5% of the company owned by Andrew Dvash. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of consolidation | 4.1 Basis of consolidation (a) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. (b) Non-controlling interests (“NCI”) Non-controlling interest in a subsidiary is accounted for separately from the parent’s ownership interests in a subsidiary. Profit or loss and each component of other comprehensive income are attributed to the shareholders of the parent and non-controlling interest, even if this result in the non-controlling interest having a deficit balance. A change in the ownership interest of a subsidiary without a loss of control, is accounted for as an equity transaction. (c) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealized income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. |
Changes in accounting policies | 4.2 Changes in accounting policies The IASB has issued the following amendments to IFRSs that are first effective for the year ended December 31, 2023 of the Group: ● Amendments to IAS 16, Property, plant and equipment: Proceeds before intended use ● Amendments to IAS 37: Onerous contracts – Cost of fulfilling a contract ● Annual improvements to IFRS standards 2018-2020 ● Amendments to IFRS 3: Reference to the conceptual framework None of these developments have had a material effect on how the Group’s results and financial position for the current or prior periods have been prepared or presented. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period as set out in Note 4.18. |
Foreign currency | 4.3 Foreign currency i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are recognized in profit or loss and presented within finance costs. Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods: As of As of As of Period-end SGD: US$1 exchange rate 1.3186 1.3446 1.3517 Period-end MYR: US$1 exchange rate* 4.5912 4.4129 - Period-average SGD: US$1 exchange rate 1.3414 1.3792 1.3437 Period-average MYR: US$1 exchange rate* 4.5617 4.4061 - * The Company did not have any Malaysia subsidiaries prior to July 22, 2022 ii) Foreign operations The assets and liabilities of foreign operations are translated to United States dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States dollars at average exchange rates. Foreign currency differences are recognized in other comprehensive income (“OCI”) and presented in the foreign currency translation reserve in equity except to the extent that the translation difference is allocated to NCI. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising from such a monetary item that are considered to form part of a net investment in a foreign operation are recognized in OCI and are presented in the translation reserve in equity. |
Financial instruments | 4.4 Financial instruments i) Recognition and initial measurement Trade receivables and debt investments issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. ii) Classification and subsequent measurement a) Financial assets On initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (“FVOCI”), which means the gains or losses resulting from assets measured at fair value due to changes in fair value-measured amounts, FVOCI - debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting year following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is to hold assets to collect contractual cash flows; and ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held-for-trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets – Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management. The information considered includes: ● the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; ● how the performance of the portfolio is evaluated and reported to the Group’s management; ● the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; ● how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and ● the frequency, volume and timing of sales of financial assets in prior years, the reasons for such sales and expectations about future sales activity. Transfer of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group’s continuing recognition of the assets. Financial assets that are held-for-trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets – Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: ● contingent events that would change the amount or timing of cash flows; ● terms that may adjust the contractual coupon rate, including variable-rate features; ● prepayment and extension features; and ● terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets – Subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. b) Financial liabilities – Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. These financial liabilities comprised loans and borrowings and trade and other payables. iii) Derecognition a) Financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Where the Group enters into transactions whereby it transfers assets recognized in its statement of financial position but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized. b) Financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. iv) Share capital Shares are classified as equity. Incremental costs directly attributable to the issue of shares are recognized as a deduction from equity, net of any tax effects. v) Compound financial instruments Compound financial instruments issued by the Group included a convertible loan denominated in Singapore dollars that could be converted to share capital at the option of the holder, where the number of shares to be issued was fixed and did not vary with changes in fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured. Interest related to the liability component is recognized in profit or loss and presented within finance costs. On conversion, the liability component is reclassified to equity and no gain or loss is recognized. |
Share-based payments to non-employees | 4.5 Share-based payments to non-employees This policy applies to all share-based payments granted to non-employees, including consultants, contractors, and other external parties, in exchange for goods or services. Recognition and Measurement: 1. Fair Value Determination: The fair value of share-based payments issued to non-employees is determined at the grant date using an appropriate valuation model. Factors considered in determining fair value may include the market price of the company’s shares, the expected volatility of the company’s stock price, the expected term of the share-based payment, and other relevant factors. 2. Expense Recognition: Share-based payment expenses are recognized in the income statement over the requisite service period, which is generally the vesting period of the equity instrument. The expense is recognized on a straight-line basis unless another systematic and rational basis is more representative of the grant’s vesting pattern. 3. Subsequent Measurement: Any changes in the fair value of the share-based payment subsequent to the grant date are recognized as a charge or credit to the income statement, with a corresponding adjustment to the share-based payment liability or equity account until the liability is settled or the equity instrument vests. Disclosure: 1. General Disclosure: The company discloses the nature and terms of share- based payment arrangements with non-employees, including the number of shares or options granted, the vesting schedule, and the fair value determination method. 2. Expense Disclosure: The total share-based payment expense recognized during the period, as well as any significant assumptions used in determining fair value, are disclosed in the notes to the financial statements. |
Expected credit losses for the non-derivative financial assets | 4.6 Expected credit losses for the non-derivative financial assets i) Non-derivative financial assets The Group recognizes allowances for expected credit loss on non-derivative financial assets measured at amortized cost. Allowances are measured on either of the following bases: ● 12-month ECLs: these are ECLs that result from default events that are possible within the 12 months after the reporting date (or for a shorter period if the expected life of the instrument is less than 12 months); or ● Lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument or contract asset. Simplified approach The Group applies the simplified approach to provide for ECLs for all non-derivative financial assets. The simplified approach requires the allowances to be measured at an amount equal to lifetime ECLs. Measurement of ECLs ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e., the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of the non-derivative financial asset. Credit-impaired non-derivative financial assets At each reporting date, the Group assesses whether non-derivative financial assets carried at amortized cost and debt investments at FVOCI are ‘credit-impaired’. A non-derivative financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the non-derivative financial asset have occurred. Evidence that a non-derivative financial asset is credit-impaired includes the following observable data: ● significant financial difficulty of the borrower or issuer; ● a breach of contract such as a default or being more than 90 days past due; ● the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise; ● it is probable that the borrower will enter bankruptcy or another financial reorganization; or ● the disappearance of an active market for a security because of financial difficulties. Presentation of allowance for ECLs in the statement of financial position Allowances for non-derivative financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. Write-off The gross carrying amount of a non-derivative financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, non-derivative financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. ii) Non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or Cash generated units (CGUs) first. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (if any), and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Property and equipment | 4.7 Property and equipment (i) Recognition and measurement Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes: ● any other costs directly attributable to bringing the assets to a working condition for their intended use; and ● when the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. The gain or loss on disposal of an item of property and equipment is recognized in profit or loss and presented within other income or other expenses. ii) Subsequent costs The cost of replacing a component of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred and presented within cost of revenue and general and administrative expenses. iii) Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognized as an expense in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property and equipment, unless it is included in the carrying amount of another asset. Depreciation is recognized from the date that the property and equipment is installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. The estimated useful lives for the current and comparative years are as follows: Cleaning machinery 3 - 5 years Computers hardware 1 - 3 years Furniture and fittings 3 years Office renovation 3 years Office equipment 3 years Depreciation methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. |
Lease | 4.8 Lease At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Group has the right to obtain and direct substantially all of the economic benefits from the use of the identified asset throughout the period of use, the contract conveys the right to control the use of the identified asset. As a lessee At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: ● fixed payments, including in-substance fixed payments; ● the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group presents right-of-use assets that do not meet the definition of investment property separately and lease liabilities in ‘loan and borrowings’ in the statement of financial position. Short-term and low-value leases The Group has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. |
Employee benefits | 4.9 Employee benefits i) Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss in the years during which related services are rendered by employees. ii) Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or other plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. iii) Employee leave entitlement Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. |
Revenue | 4.10 Revenue The Group recognizes revenue as or when it satisfies its performance obligations. The Group earns revenue predominantly from the following services: i) Revenue by segment a) Cleaning Service The Group provides customizable professional cleaning solution services based on requirements set by clients and/or the authorities, including but not limited to commercial cleaning for offices & schools, hospitality cleaning for hotels, shopping malls and retail, pest control services and etc. The Group also offer cleaning robots and machines for better cleaning performance by deploying the robots at designated premises. The cleaning service promises including providing cleaning personnel, supply of equipment and material, floor treatment service and etc. During the process of providing cleaning services, the customers cannot benefit from the single promise. Therefore, the Group identifies only one performance obligation that is to providing cleaning service to the customer as the promises are not distinct in accordance with IFRS 15.27(a). The consideration of providing cleaning services is either based on the incentive payment model works by pegging the monthly pay-outs to the performance score of the cleaning services as stipulated in the contract or based on attendance payment model works by the combination of the number of cleaners actually attended and the corresponding workday pay rate. The Group has provided cleaning services since 2018 and has long-term cooperation experience with hotels, shopping malls and etc. Thus, the Company has accumulated sufficient experience on monitoring the progress in providing cleaning services and will adjust the estimated consideration on a timely manner. Therefore, there is no significant constraining estimates of variable consideration. The Group recognizes revenue on a gross basis as the Group is acting as a principal in these services and is responsible for fulfilling the promises to provide the specified cleaning services. The Group provides cleaning services, customers simultaneously receive and consume the benefits and it is determined that the performance obligation is satisfied over time. In addition, since it is determined that customers receive equal benefits over the service periods from the cleaning services, revenue from cleaning services is recognized on a straight-line method over the service period. ii) Manpower outsourcing service The Group enters into contracts with corporate customers to provide manpower outsourcing services, arranging casual workers with corresponding abilities and qualifications on demand to fulfil corporate customers’ various operation needs. The Group identifies only one performance obligation in manpower outsourcing services as the contract comprises of a series of distinct services that are substantially the same and have the same pattern of transfer to the corporate customers, which is to provide casual workers in accordance with the demand of corporate customers. The contract consideration is determined by the hours casual workers have worked times their workday pay rate. Revenue from manpower outsourcing services is recognized over time as the Group has an enforceable right to payment for performance completed to date. The contract payment is not subject to any variable consideration, refund, cancellation or termination provision. Customers generally make the payment within one or two months after monthly reconciliation of service considerations with the Group. Principal versus agent considerations For the manpower outsourcing services provided, the Group considers itself the principal and recognizes revenue on a gross basis as it controls the services through the following key considerations: ● The Group reserves the right to accept or reject the contracts or orders with the customers without involvement of the casual workers and directs the selected casual workers to provide services to the customers on the Group’s behalf. There is no direct cooperation relationship between the casual workers and the customers. The Group assumes responsibility for receiving and resolving the complaints over the quality of the services. If the casual workers fail to deliver their work and thus affect the Group’s performance obligation to the corporate customers, the Group should bear the loss of the corporate customers for breach of contract on its own, and then independently claim for compensation from casual workers for its loss. ● The Group has discretion in setting up the price. The involved casual workers are entitled to a fixed services fee agreed upon in advance irrespective of the consideration the Group collects from the customers. ● The Group bears the credit risk as the Group pays the consideration due to casual workers irrespective of whether the customers have paid the services consideration to the Group. |
Government grants | 4.11 Government grants Grants that compensate the Group for expenses incurred are recognized in profit or loss as other income on a systematic basis in the periods in which the expenses are recognized, unless the conditions for receiving the grant are met after the related expenses have been recognized. In this case, the grant is recognized when it becomes receivable. |
Expenses | 4.12 Expenses The main components of the Group’s expenses by functions are as follows: i) Cost of revenue comprises expenses directly or indirectly attributable to the Group’s cleaning service and manpower outsourcing services and primarily consists of carrying amount of daily necessities used directly to perform cleaning and related tasks, cleaning staff cost and associated benefits, payments to casual workers where the Group is responsible for manpower services to corporate customers, and payment processing fees. ii) Sales and marketing primarily consist of advertising costs, meal and entertainment fee, recruitment expenses and transportation expenses. iii) General and administrative expenses primarily consist of compensation costs for executive management and administrative personnel, occupancy and facility costs, administrative fees, professional service fees, depreciation on certain administration assets, fine and allocation of associated corporate costs such as depreciation of right-of-use assets. |
Finance costs | 4.13 Finance costs The Group’s finance costs include: ● interest expenses Interest expense is recognized using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: ● the gross carrying amount of the financial asset; or ● the amortized cost of the financial liability. In calculating interest expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. |
Related parties | 4.14 Related parties For the purpose of these consolidated financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. |
Income taxes | 4.15 Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that they relate to a business combination, or items recognized directly in equity or in OCI. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. ● temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; ● temporary differences related to investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future; and ● taxable temporary differences arising on the initial recognition of goodwill. The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for income tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Group to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact income tax expense in the period that such a determination is made. |
Earnings per share | 4.16 Earnings per share The Group presents basic and diluted earnings per share data for its shares. Basic earnings per share is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted-average number of shares outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable to shareholders and the weighted-average number of shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential shares. |
Segment reporting | 4.17 Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. The operating results are reviewed regularly by the Group’s chief executive officer (the Chief Operating Decision Maker or “CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available. The Group has two operating segments, which is cleaning services segment and manpower outsourcing services, respectively. Segment results that are reported to the Group’s CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets and head office expenses. |
Standards issued but not yet effective | 4.18 Standards issued but not yet effective A number of new standards are effective for annual periods beginning after January 1, 2024 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements. Based on an initial assessment, the following new and amended standards are not expected to have a significant impact on the Group’s consolidated financial statements. ● Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) ● Lease Liability in a Sales and Leaseback (Amendments to IFRS 16) ● Lack of Exchangeability (Amendments to IAS 21) ● Classification of Liabilities as Current or Non-current (Amendments to IAS 1) ● Sale or contribution of assets between an investor and its associate or joint venture (Amendments to IFRS 10 and IAS 28) - Will be determined at a future date ● Classification of Liabilities as Current or Non-current (Amendments to IAS 1) |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Principal Activities [Abstract] | |
Schedule of Company’s Subsidiaries | As of December 31, 2023, the Company’s subsidiaries were as follows: Subsidiaries Date of Jurisdiction of Percentage of Principal YY Circle (SG) Pte Ltd June 13, 2019 Singapore 100% Manpower Contracting Services Hong Ye Group Pte Ltd December 28, 2010 Singapore 100% 1. Employment Agencies 2. General Cleaning Services YY Circle Sdn Bhd July 22, 2022 Malaysia 90% Manpower outsourcing with information technology solution, as well as, general cleaning services Hong Ye Maintenance (MY) Sdn Bhd November 8, 2022 Malaysia 100% General cleaning services |
Revision of Prior Period Fina_2
Revision of Prior Period Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revision of Prior Period Financial Statements [Abstract] | |
Schedule of Statements of Financial Position | Revised Consolidated Statements of Financial Position As of December 31, 2022 As of December 31, 2021 As reported Adjustment As revised As reported Adjustment As revised Deferred tax assets 71,065 7,480 78,545 105,712 7,954 113,666 Total Non-current assets 560,582 7,480 568,062 656,422 7,954 664,376 Total assets 5,760,302 7,480 5,767,782 5,114,677 7,954 5,122,631 Trade and other payables 1,969,741 44,002 2,013,743 1,723,030 46,784 1,769,814 Total Current Liabilities 3,470,821 44,002 3,514,823 4,218,480 46,784 4,265,264 Total Liabilities 4,782,131 44,002 4,826,133 5,142,506 46,784 5,189,290 Accumulated deficit (270,015 ) (36,522 ) (306,537 ) (1,029,335 ) (38,830 ) (1,068,165 ) Equity (deficit) attributable to owners of the Company 978,847 (36,522 ) 942,325 (27,829 ) (38,830 ) (66,659 ) Total equity (deficit) 978,171 (36,522 ) 941,649 (27,829 ) (38,830 ) (66,659 ) |
Schedule of Statements of Profit or Loss and Other Comprehensive Income | Revised consolidated Statements of Profit or Loss and Other Comprehensive Income For the year ended December 31, 2022 For the year ended December 31, 2021 As reported Adjustment As revised As reported Adjustment As revised Cost of revenue (17,496,915 ) 46,784 (17,450,131 ) (15,115,601 ) (46,784 ) (15,162,385 ) Gross profit 2,525,614 46,784 2,572,398 2,345,172 (46,784 ) 2,298,388 Operating profit 1,186,076 46,784 1,232,860 564,544 (46,784 ) 517,760 Finance cost (285,368 ) (44,002 ) (329,370 ) (169,608 ) - (169,608 ) Profit before tax 900,708 2,782 903,490 394,936 (46,784 ) 348,152 Income tax (expenses)/benefit (141,676 ) (474 ) (142,150 ) 6,754 7,954 14,708 Profit for the year 759,032 2,308 761,340 401,690 (38,830 ) 362,860 Total comprehensive income for the year 785,963 2,308 788,271 391,751 (38,830 ) 352,921 |
Schedule of Statement of Changes in Equity | Revised Consolidated Statement of Changes in Equity Accumulated Total Total Equity USD USD USD As Reported Balance at January 1, 2021 (708,280 ) 303,165 303,165 Profit for the year 401,690 401,690 401,690 Total comprehensive income for the year 401,690 391,751 391,751 Balance at December 31, 2021 (1,029,335 ) (27,829 ) (27,829 ) Profit for the year 759,320 759,320 759,032 Total comprehensive income for the year 759,320 786,639 785,963 Balance at December 31, 2022 (270,015 ) 978,847 978,171 Adjustment Balance at January 1, 2021 – – – Loss for the year (38,830 ) (38,830 ) (38,830 ) Total comprehensive loss for the year (38,830 ) (38,830 ) (38,830 ) Balance at December 31, 2021 (38,830 ) (38,830 ) (38,830 ) Profit for the year 2,308 2,308 2,308 Total comprehensive income for the year 2,308 2,308 2,308 Balance at December 31, 2022 (36,522 ) (36,522 ) (36,522 ) As Revised Balance at January 1, 2021 (708,280 ) 303,165 303,165 Profit for the year 362,860 362,860 362,860 Total comprehensive income for the year 362,860 352,921 352,921 Balance at December 31, 2021 (1,068,165 ) (66,659 ) (66,659 ) Profit for the year 761,628 761,628 761,340 Total comprehensive income for the year 761,628 788,947 788,271 Balance at December 31, 2022 (306,537 ) 942,325 941,649 |
Schedule of Statements of Cash Flows | Revised Consolidated Statements of Cash Flows For the year ended December 31, 2022 For the year ended December 31, 2021 As reported Adjustment As revised As reported Adjustment As revised Profit for the year 759,032 2,308 761,340 401,690 (38,830 ) 362,860 Finance Cost 285,368 44,002 329,370 169,608 - 169,608 Income tax expenses (benefit) 141,676 474 142,150 (6,754 ) (7,954 ) (14,708 ) Trade and other payables (42,985 ) (46,784 ) (89,769 ) 1,077,786 46,784 1,124,570 Net cash provided by operating activities 935,273 - 935,273 424,079 - 424,079 |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Schedule of Translation of Foreign Currencies | Translation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods: As of As of As of Period-end SGD: US$1 exchange rate 1.3186 1.3446 1.3517 Period-end MYR: US$1 exchange rate* 4.5912 4.4129 - Period-average SGD: US$1 exchange rate 1.3414 1.3792 1.3437 Period-average MYR: US$1 exchange rate* 4.5617 4.4061 - * The Company did not have any Malaysia subsidiaries prior to July 22, 2022 |
Schedule of Estimated Useful Lives for the Current and Comparative Years | The estimated useful lives for the current and comparative years are as follows: Cleaning machinery 3 - 5 years Computers hardware 1 - 3 years Furniture and fittings 3 years Office renovation 3 years Office equipment 3 years |
Cash (Tables)
Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash [Abstract] | |
Schedule of Cash In the Consolidated Statements of Financial Position | As of December 31, 2023 As of December 31, 2022 USD USD Cash at banks 467,235 161,022 Cash in the consolidated statements of financial position 467,235 161,022 |
Schedule of Cash In the Consolidated Statements of Cash Flows | 2023 2022 USD USD Cash in the consolidated statements of cash flows 467,235 161,022 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables [Abstract] | |
Schedule of Trade Receivables | As of December 31, 2023 As of December 31, 2022 USD USD Trade receivables Trade Receivables from cleaning service 3,981,025 2,632,481 Trade Receivables from manpower outsourcing services 3,056,917 1,523,256 Subtotal: 7,037,942 4,155,737 Allowance for expected credit losses – – 7,037,942 4,155,737 |
Schedule of the Carrying Amount of Trade Receivables | The following information shows the carrying amount of trade receivables at the reporting date that have been transferred but have not been derecognized and the associated liabilities. As of 2023 As of 2022 USD USD Carrying amount of trade receivables transferred to an agent 3,552,836 2,317,102 Carrying amount of associated liabilities 2,139,575 946,592 |
Prepayment and Other Current _2
Prepayment and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepayment and Other Current Assets [Abstract] | |
Schedule of Prepayment and Other Current Assets | As of As of US$ US$ Current: Deposits & Prepayment 370,370 394,078 Deferred IPO Cost* 2,039,513 - Other Receivables 257,283 31,562 2,667,166 425,649 Non-current: Prepayment, non-current 18,656 - Total prepayment and other assets 2,685,822 425,649 * the balance of deferred IPO cost includes legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filling and print related costs, exchange listing costs, and road show related costs and other offering costs directly attributable to the Company’s initial public offering. It was subsequently charged against the gross proceeds from the Company’s initial public offering completed on April 22, 2024 as a reduction of share capital. |
Right-of-Use Assets (Tables)
Right-of-Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Right-of-Use Assets [Abstract] | |
Schedule of Right-of-Use Assets | Right-of-use assets Property Office Motor Total USD USD USD USD Balance as at January 1, 2022 – 6,105 117,261 123,366 Addition 118,881 – 95,105 213,986 Depreciation (59,440 ) (1,390 ) (66,522 ) (127,352 ) Effect of movement in exchange rates – 32 619 651 As at December 31, 2022 59,441 4,747 146,463 210,651 Addition - - 52,664 52,664 Gain of lease early termination - - (20,854 ) (20,854 ) Depreciation (59,582 ) (1,393 ) (104,887 ) (165,862 ) Effect of movement in exchange rates 141 71 1,623 1,835 As at December 31, 2023 - 3,425 75,009 78,434 |
Schedule of Consolidated Statements of Profit or Loss and Other Comprehensive Income | Amounts recognized in consolidated statements of profit or loss and other comprehensive income: 2023 2022 2021 USD USD USD Interest on lease liabilities 10,088 12,280 9,208 Expenses relating to short-term lease and low value assets 292,897 224,731 195,910 Depreciation charge for right-of-use assets 165,862 127,352 133,005 |
Schedule of Amounts Recognized in Statements of Cash Flows | Amounts recognized in statements of cash flows 2023 2022 2021 USD USD USD Payment of lease liabilities (178,040 ) (133,382 ) (143,549 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment [Abstract] | |
Schedule of Reconciliation of Carrying Amount | Reconciliation of carrying amount Cleaning Computers Furniture Office Office Total USD USD USD USD USD USD Cost: Balance as at January 1, 2022 784,494 379,113 46,318 76,553 12,382 1,298,860 Addition 103,341 8,772 – – – 112,113 Disposal – (102,707 ) – – – (102,707 ) Effect of movement in exchange rates 4,142 2,002 245 404 65 6,858 Balance as at December 31, 2022 891,977 287,180 46,563 76,957 12,447 1,315,124 Addition 174,874 30,972 – – – 205,846 Disposal – – – – – – Effect of movement in exchange rates 20,612 6,080 918 1,518 246 29,374 At December 31, 2023 1,087,463 324,232 47,481 78,475 12,693 1,550,344 Accumulated depreciation: Balance as at January 1, 2022 436,761 299,669 46,225 76,553 12,308 871,516 Addition 186,092 26,946 93 – 75 213,206 Disposal – (53,065 ) – – – (53,065 ) Effect of movement in exchange rates 2,306 1,582 245 404 64 4,601 Balance as at December 31, 2022 625,159 275,132 46,563 76,957 12,447 1,036,258 Addition 114,339 8,356 – – – 122,695 Disposal – – – – – – Effect of movement in exchange rates 14,305 5,783 918 1,518 246 22,770 At December 31, 2023 753,803 289,271 47,481 78,475 12,693 1,181,723 Carrying amount: At December 31, 2022 266,818 12,048 – – – 278,866 At December 31, 2023 333,660 34,961 – – – 368,621 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
Schedule of Trade and Other Payables | As of As of 2022 USD USD Trade payables: Amount due to third parties 891,797 519,958 Other payables: Accrued payroll and pension 1,188,861 917,166 GST payables 633,743 362,120 Provision for taxation 117,835 87,822 Others 164,400 126,677 Total trade and other payables 2,996,636 2,013,743 |
Loans and Borrowings (Tables)
Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans and Borrowings [Abstract] | |
Schedule of Loans and Borrowings | As of 2023 As of USD USD Current: Guaranteed bank loans, current portion 716,916 332,722 Recourse liability 2,139,575 946,592 Lease liabilities, current 69,135 147,474 Total current loans and borrowings 2,925,626 1,426,788 Non-current: Guaranteed bank loans, non-current portion 523,607 503,286 Convertible notes - liability component - 736,129 Lease liabilities, non-current 15,187 71,895 Total non-current loans and borrowings 538,794 1,311,310 Total loans and borrowings 3,464,420 2,738,098 |
Schedule of Terms and Debt Repayment Schedule | i) Terms and debt repayment schedule Original Principal Year of origination Year of Interest Repayment 2023 2022 % USD USD Guaranteed bank loan SGD 400,000 2020 2025 2.75 Monthly 116,071 173,958 Guaranteed bank loan SGD 85,000 2019 2023 7 Monthly - 16,059 Guaranteed bank loan SGD 185,000 2019 2024 10.88 Monthly 31,692 61,664 Guaranteed bank loan SGD 1,200,000 2020 2025 2.5 Monthly 300,588 475,025 Guaranteed bank loan SGD 300,000 2020 2025 3.75 Monthly 64,859 109,302 Guaranteed bank loan SGD 450,000 2023 2028 8.00 Monthly 207,045 - Guaranteed bank loan SGD 300,000 2023 2026 7.75 Monthly 187,864 - Guaranteed bank loan SGD 50,000 2023 2028 8.25 Monthly 34,264 - Guaranteed bank loan SGD 100,000 2023 2028 8.28 Monthly 67,450 - Guaranteed bank loan SGD 50,000 2023 2026 10.38 Monthly 31,429 - Guaranteed bank loan SGD 300,000 N/A 2026 8.80 Monthly 199,261 - Recourse liability SGD N/A N/A N/A 4.8 – 5.3 Maturity upon 90-120 days 2,139,575 946,592 Convertible loan SGD 1,000,000 2022 2024 8 Upon maturity date - 736,129 Lease liabilities SGD/MYR N/A 2019-2022 2023-2026 2.99 - 8.21 Monthly Repayment 84,322 219,369 Total interest-bearing liabilities 3,464,420 2,738,098 |
Schedule of Convertible Loan | ii) Convertible loan USD Proceeds from issue of convertible loan 743,273 Transaction costs – Net proceeds 743,273 Amounts classified as equity (7,587 ) Accreted interest 1,576 Effect of movement in exchange rates (1,133 ) Carrying amount of liability at December 31, 2022 736,129 Conversion with Class A shares (728,526 ) Effect of movement in exchange rates (7,603 ) Carrying amount of liability at December 31, 2023 – |
Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities | iii) Reconciliation of movements of liabilities to cash flows arising from financing activities Guaranteed Lease Total USD USD USD Balance at January 1, 2023 836,008 219,369 1,055,377 Changes from financing cash flows Proceeds from guaranteed bank loans 931,862 – 931,862 Payment of guaranteed bank loans (550,426 ) – (550,426 ) Payment of lease liabilities – (178,040 ) (178,040 ) Interest paid – Note 16 (89,903 ) – (89,903 ) Total changes from financing cash flows 291,533 (178,040 ) 113,493 Effect of changes in foreign exchange rates 23,079 1,955 25,034 Other changes – – – Liability-related Recognition of lease liabilities – 52,664 52,664 Derecognition of lease liabilities – (21,714 ) (21,714 ) Interest expense – Note 16 89,903 10,088 99,991 Total liability-related other changes – 41,038 41,038 Balance at December 31, 2023 1,240,523 84,322 1,324,845 Guaranteed Convertible Lease liabilities Share Equity Total Balance at January 1, 2022 1,329,756 – 128,924 1,015,587 – 2,474,267 Changes from financing cash flows Proceeds from issue of class A shares – – – 212,450 – 212,450 Proceeds from issue of a convertible loan – 735,686 – – 7,587 743,273 Proceeds from guaranteed bank loans 1,603,768 – – – – 1,603,768 Repayment of guaranteed bank loans (2,091,971 ) – – – – (2,091,971 ) Interest paid – Note 15 (60,786 ) – – – – (60,786 ) Payment of lease liabilities – – (133,382 ) – – (133,382 ) Total changes from financing cash flows (548,989 ) 735,686 (133,382 ) 212,450 7,587 273,352 Effect of changes in foreign exchange rates 55,241 (1,133 ) 2,932 – – 57,040 Other changes Liability-related Recognition of lease liabilities – – 208,615 – – 208,615 Interest expense – Note 15 – 1,576 12,280 – – 13,856 Total liability-related other changes – 1,576 220,895 – – 222,471 Balance at December 31, 2022 836,008 736,129 219,369 1,228,037 7,587 3,027,130 Guaranteed Lease Total USD USD USD Balance at January 1, 2021 1,540,375 261,275 1,801,650 Changes from financing cash flows Proceeds from guaranteed bank loans 719,868 – 719,868 Payment of guaranteed bank loans (897,813 ) – (897,813 ) Payment of lease liabilities – (143,549 ) (143,549 ) Interest paid – Note 15 (55,810 ) – (55,810 ) Total changes from financing cash flows (233,755 ) (143,549 ) (377,304 ) Effect of changes in foreign exchange rates 23,136 (4,963 ) 18,173 Other changes Liability-related Recognition of lease liabilities – 6,953 6,953 Interest expense – 9,208 9,208 Total liability-related other changes – 16,161 16,161 Balance at December 31, 2021 1,329,756 128,924 1,458,680 |
Capital and Reserves (Tables)
Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital and Reserves [Abstract] | |
Schedule of Share Capital | Share capital 2023 2022 2021 Number of Number of USD Number of Number of USD Number of Number of USD Issued and fully paid: Shares As at the beginning of year 30,588,830 5,000,000 1,228,037 23,792,943 5,000,000 1,015,587 23,792,943 5,000,000 1,015,587 Issuance of shares 800,000 - 1,600,000 6,795,887 - 212,450 - - - Conversion of a convertible loan 1,911,170 - 736,113 As at end of year 33,300,000 5,000,000 3,564,150 30,588,830 5,000,000 1,228,037 23,792,943 5,000,000 1,015,587 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share Attributable to Shareholders | The following table sets forth the computation of basic and diluted earnings per share attributable to shareholders for the years ended December 31, 2023 2022 2 2021 2 USD USD USD Profit for the year 864,037 761,340 362,860 Less: Income (loss) attributable to non-controlling interests 11,703 (288 ) - Profits for the year attributable to shareholders 852,334 761,628 362,860 Basic weighted-average shares outstanding 37,877,099 30,674,250 28,792,943 Basic earnings per share attributable to shareholders 0.02 0.02 0.01 Diluted weighted-average shares outstanding 37,877,099 32,690,039 28,792,943 Diluted earnings per share attributable to shareholders 0.02 0.02 0.01 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment | The following summary describes the operations of each reportable segment: Reportable segments Operations Cleaning service Acting as a contractor to provide long-term cleaning service to the client, the cleaning services are mainly provided to the hotels and shopping mall, including the areas of toilet, common area, bin center, elevator and etc. Manpower outsourcing services Providing casual workers by comprehensively understanding the corporate customers’ requirements and matching their requirements with qualified casual workers from various kinds of work including, but not limited to, Food & Beverage Crews, Kitchen helper, retail assistant and etc. |
Schedule of Net Profit or Loss | Total revenue for reportable segments equals consolidated revenue for the Group. Segment profit is defined as net profit or loss of each operating segment excluding the unallocated overhead cost. Cleaning Manpower Unallocated Total USD USD USD USD 2023 Segment Revenue 18,565,897 13,206,389 – 31,772,286 Cost of revenue (17,156,622 ) (10,963,884 ) – (28,120,506 ) Other income 1,212,231 618,668 – 1,830,899 Selling and marketing expenses (46,188 ) (145,394 ) – (191,582 ) General and administrative expenses (904,227 ) (606,278 ) (2,335,862 ) (3,846,367 ) Other expenses (14,214 ) (13,567 ) - (27,781 ) Finance cost (160,662 ) (58,086 ) (109,862 ) (328,610 ) Income tax expenses (133,672 ) (90,630 ) – (224,302 ) Segment Profit (loss) 1,362,543 1,947,218 (2,445,724 ) 864,037 2022 (As revised 2 Segment Revenue 13,221,770 6,800,759 – 20,022,529 Cost of revenue (11,899,993 ) (5,550,138 ) – (17,450,131 ) Other income 1,899,039 53,381 – 1,952,420 Selling and marketing expenses (62,328 ) (263,350 ) – (325,678 ) General and administrative expenses (746,604 ) (77,997 ) (2,084,566 ) (2,909,167 ) Other expenses (57,111 ) (2 ) – (57,113 ) Finance cost (285,368 ) - (44,002 ) (329,370 ) Income tax expenses (107,220 ) (34,930 ) – (142,150 ) Segment Profit (loss) 1,962,185 927,723 (2,128,568 ) 761,340 2021 (As revised 2 Segment Revenue 12,458,390 5,002,383 – 17,460,773 Cost of revenue (11,396,564 ) (3,765,821 ) – (15,162,385 ) Other income 812,554 183,539 – 996,093 Selling and marketing expenses (73,846 ) (115,296 ) – (189,142 ) General and administrative expenses (576,479 ) (74,872 ) (1,925,848 ) (2,577,199 ) Other expenses (10,362 ) (18 ) – (10,380 ) Finance cost (169,608 ) – – (169,608 ) Income tax (expenses) benefit (7,963 ) 22,671 – 14,708 Segment Profit (loss) 1,036,122 1,252,586 (1,925,848 ) 362,860 |
Schedule of Segment Assets and Liabilities | Segment assets and liabilities Cleaning Manpower Unallocated Total USD USD USD USD 2023 Total Assets 4,746,652 3,627,009 2,296,429 10,670,090 Total Liabilities 4,151,935 1,256,192 1,120,450 6,528,577 2022 (As revised) Total Assets 4,225,542 1,215,619 326,621 5,767,782 Total Liabilities 3,334,951 325,222 1,165,960 4,826,133 |
Income and Expenses (Tables)
Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income and Expenses [Abstract] | |
Schedule of Other Income | Other income 2023 2022 2021 USD USD USD Government grant income* 1,207,154 1,952,418 996,026 Other operating income** 455,943 - - Others 167,802 2 67 Total other income 1,830,899 1,952,420 996,093 * Government grant income was provided by the Singapore Government under the Job Support Scheme and Jobs Growth Incentives. ** Other operating income was related to a license grant fee charge to YY Circle (Thailand) Ltd and YY Circle (HK) Pte Ltd, which are unrelated parties with the Company. |
Schedule of Other Expenses | Other expenses 2023 2022 2021 USD USD USD Late charges & fine (27,781 ) (8,718 ) (10,380 ) Loss on disposal of property and equipment - (48,395 ) - Total other expenses (27,781 ) (57,113 ) (10,380 ) |
Schedule of Total Cost of Revenue, Selling and Marketing Expenses, General and Administrative Expenses | Total cost of revenue, selling and marketing expenses, general and administrative expenses include expenses of the following nature: 2023 2022 2 2021 2 USD USD USD Advertisement and promotions 191,582 325,678 189,142 Depreciation 288,557 340,558 398,804 Legal and professional fee 584,145 40,727 16,254 Office expenses 216,332 141,870 167,175 Rental of equipment and others 292,897 224,730 195,910 Staff expenses and wages 27,172,767 17,938,407 15,511,366 Transportation 90,737 42,653 22,481 Insurance expenses 237,097 116,607 - Other operating expenses 3,084,341 1,513,746 1,427,594 Total cost of revenue, selling and marketing expenses, general and administrative expenses. 32,158,455 20,684,976 17,928,726 |
Finance Cost (Tables)
Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance Cost [Abstract] | |
Schedule of Finance Cost | 2023 2022 2021 USD USD USD Fees from trade receivable factoring 218,749 212,302 104,590 Interest expenses from lease liabilities 10,088 12,280 9,208 Interest expenses from guaranteed bank loans 89,903 60,786 55,810 Interest expenses of convertible loan 9,870 44,002 - Total finance cost 328,610 329,370 169,608 |
Income Tax Expenses _ (Benefi_2
Income Tax Expenses / (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Expenses / (Benefit) [Abstract] | |
Schedule of Income Tax Expense Benefit | 2023 2022 2 2021 2 USD USD USD Current Tax Expense Current year 115,833 107,355 13,829 Changes in estimates related to prior years 30,607 - - Deferred tax expense/(credit) Origination and reversal of temporary difference 77,862 34,795 (28,537 ) Income tax expenses/(benefit) 224,302 142,150 (14,708 ) |
Schedule of Profit Before Income Tax Differs from the Theoretical Amount | The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the Singapore’s standard rate of income tax as follows: 2023 2022 2 2021 2 USD USD USD Reconciliation between tax expenses and accounting profit at applicable tax rate Profit before tax 1,088,339 903,490 348,152 Tax at the domestic rates applicable to profits in the countries where the Group operates 185,018 153,593 59,185 Difference from the effect of tax rates in a foreign jurisdiction 10,583 (292 ) 12,058 Non-deductible expenses 11,084 1,483 (72,982 ) Other Non-taxable Income (12,990 ) (12,634 ) (12,969 ) Changes in estimates related to prior years 30,607 - - Income tax expenses (benefit) 224,302 142,150 (14,708 ) |
Schedule of Deferred Tax Assets and Liabilities | 2023 2022 USD USD Deferred tax assets Tax losses carried forward 11,734 77,063 Lease liability 14,335 37,293 Deferred tax liabilities Right-of-use assets 13,334 35,811 Depreciation 11,997 - Net deferred tax assets 738 78,545 |
Schedule of Movement in Deferred Tax Balances | Movement in deferred tax liabilities: Accelerated Right-of-use Total USD USD USD Balance at January 1, 2022 (As revised 2 - (20,972 ) (20,972 ) Recognized in profit or loss - (14,358 ) (14,358 ) Effect of movement in exchange rates - (481 ) (481 ) Balance at December 31, 2022 and January 1, 2023 (As revised 2 - (35,811 ) (35,811 ) Recognized in profit or loss (11,793 ) 22,789 10,996 Effect of movement in exchange rates (204 ) (312 ) (516 ) Balance at December 31, 2023 (11,997 ) (13,334 ) (25,331 ) Accelerated Tax losses Lease Total USD USD USD USD Balance at January 1, 2022 (As revised 2 5,261 107,460 21,917 134,638 Recognized in profit or loss (5,156 ) (30,158 ) 14,877 (20,437 ) Effect of movement in exchange rates (105 ) (239 ) 499 155 Balance at December 31, 2022 and January 1, 2023 (As revised 2 - 77,063 37,293 114,356 Recognized in profit or loss - (65,567 ) (23,291 ) (88,858 ) Effect of movement in exchange rates - 238 333 571 Balance at December 31, 2023 - 11,734 14,335 26,069 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Parties [Abstract] | |
Schedule of Compensation to Directors and Executive Officers | Compensation to Directors and executive officers of the Group comprised the following: 2023 2022 2021 USD USD USD Short-term employee benefits 449,068 503,155 460,475 |
Schedule of Aggregate Value of Transactions and Outstanding Balances Related to Key Management Personnel | The aggregate value of transactions and outstanding balances related to key management personnel and entities over which they have control or significant influence were as follows. Transaction values for the years Balance outstanding as at 2023 2022 2021 2023 2022 USD USD USD USD USD (Repayment from)/loan to a shareholder, net (458,403 ) 1,035,306 (870,102 ) - 457,312 Interest paid by a shareholder on behalf of the Company* (59,559 ) - - (59,559 ) - Rental expenses to a related party and rental payable to a director** 31,311 25,769 31,258 (2,654 ) (74,292 ) * The CEO paid the interest of convertible note on behalf of the Company on March 1, 2023 with an amount of $59,559. ** Amount due to this related party represents the lease payable to the employee dormitory rented from a director. |
Schedule of Other Related Party Transactions | Other related party transactions Transaction values for the Balance outstanding as at 2023 2022 2021 2023 2022 USD USD USD USD USD Advance to a related party - 25,167 744 - 27,253 Upkeeping and maintenance service provided by a related party and payable to a related party (40,083 ) (26,659 ) - (5,308 ) (27,253 ) Payment on behalf of the Company by a related party - - (60,394 ) - (60,351 ) Landscape crew outsourcing service provided to a related party and receivable from a related party 32,153 - 60,394 31,298 60,351 Outdoor landscape service provided by a related party and payable to a related party (6,143 ) - - - - YY App license grant service provided to a related party and receivable from a related party 111,823 - - - - |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Trade Receivables and Prepayments and Other Current Assets | The aging of trade receivables and prepayments and other current assets were as follows: Total Current 31-60 days 61-90 days ≥91 days Trade receivables 4,155,737 3,420,967 439,602 104,473 190,695 As at December 31, 2022 4,155,737 3,420,967 439,602 104,473 190,695 Trade receivables 7,037,942 5,767,145 625,375 238,034 407,388 As at December 31, 2023 7,037,942 5,767,145 625,375 238,034 407,388 |
Schedule of Credit Risk for Trade Receivables | The exposure to credit risk for trade receivables at the reporting date by geographic region was as follows: Net carrying amount as at 2023 2022 USD USD Singapore 6,130,586 3,964,711 Malaysia 907,356 191,026 Total 7,037,942 4,155,737 |
Schedule of Contractual Maturities of Financial Liabilities | The following are the contractual maturities of financial liabilities considered in the context of the Group’s liquidity risk management strategy. The amounts are gross and undiscounted and include contractual interest payments. For the years ending December 31, 2024 2025 2026 2027 2028 Thereafter Total Imputed Carrying USD USD USD USD USD USD USD USD USD Financial liabilities Guaranteed bank loans 762,332 398,609 119,429 27,856 10,119 – 1,318,345 77,822 1,240,523 Trade and other payables 2,996,636 – – – – – 2,996,636 - 2,996,636 Lease obligation 74,536 14,014 1,544 – – – 90,094 5,772 84,322 Total contractual obligations 3,833,504 412,623 120,973 27,856 10,119 – 4,405,075 83,594 4,321,481 |
Schedule of Level 3 Fair Values for the Convertible Loan | The following table show the valuation techniques used in measuring Level 3 fair values for the convertible loan in the statement of financial position, as well as the significant unobservable inputs used. Valuation technique Significant Inter-relationship Liability Convertible loan Discounted cash flows The interest rate for the long-term borrowings without conversion right, which is 8.26% assessed by the management. The interest rate will impact the cash flow for the following periods |
Organization and Principal Ac_3
Organization and Principal Activities (Details) - Schedule of Company’s Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
YY Circle (SG) Pte Ltd [Member] | |
Organization and Principal Activities (Details) - Schedule of Company’s Subsidiaries [Line Items] | |
Date of Incorporation | June 13, 2019 |
Jurisdiction of Formation | Singapore |
Percentage of direct/indirect Economic Ownership | 100% |
Principal Activities | Manpower Contracting Services |
Hong Ye Group Pte Ltd [Member] | |
Organization and Principal Activities (Details) - Schedule of Company’s Subsidiaries [Line Items] | |
Date of Incorporation | December 28, 2010 |
Jurisdiction of Formation | Singapore |
Percentage of direct/indirect Economic Ownership | 100% |
Principal Activities | 1. Employment Agencies 2. General Cleaning Services |
YY Circle Sdn Bhd [Member] | |
Organization and Principal Activities (Details) - Schedule of Company’s Subsidiaries [Line Items] | |
Date of Incorporation | July 22, 2022 |
Jurisdiction of Formation | Malaysia |
Percentage of direct/indirect Economic Ownership | 90% |
Principal Activities | Manpower outsourcing with information technology solution, as well as, general cleaning services |
Hong Ye Maintenance (MY) Sdn Bhd [Member] | |
Organization and Principal Activities (Details) - Schedule of Company’s Subsidiaries [Line Items] | |
Date of Incorporation | November 8, 2022 |
Jurisdiction of Formation | Malaysia |
Percentage of direct/indirect Economic Ownership | 100% |
Principal Activities | General cleaning services |
Revision of Prior Period Fina_3
Revision of Prior Period Financial Statements (Details) - Schedule of Statements of Financial Position - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
As Reported [Member] | ||
Schedule of Statements of Financial Position [Line Items] | ||
Deferred tax assets | $ 71,065 | $ 105,712 |
Total Non-current assets | 560,582 | 656,422 |
Total assets | 5,760,302 | 5,114,677 |
Trade and other payables | 1,969,741 | 1,723,030 |
Total Current Liabilities | 3,470,821 | 4,218,480 |
Total Liabilities | 4,782,131 | 5,142,506 |
Accumulated deficit | (270,015) | (1,029,335) |
Equity (deficit) attributable to owners of the Company | 978,847 | (27,829) |
Total equity (deficit) | 978,171 | (27,829) |
Adjustment [Member] | ||
Schedule of Statements of Financial Position [Line Items] | ||
Deferred tax assets | 7,480 | 7,954 |
Total Non-current assets | 7,480 | 7,954 |
Total assets | 7,480 | 7,954 |
Trade and other payables | 44,002 | 46,784 |
Total Current Liabilities | 44,002 | 46,784 |
Total Liabilities | 44,002 | 46,784 |
Accumulated deficit | (36,522) | (38,830) |
Equity (deficit) attributable to owners of the Company | (36,522) | (38,830) |
Total equity (deficit) | (36,522) | (38,830) |
As Revised [Member] | ||
Schedule of Statements of Financial Position [Line Items] | ||
Deferred tax assets | 78,545 | 113,666 |
Total Non-current assets | 568,062 | 664,376 |
Total assets | 5,767,782 | 5,122,631 |
Trade and other payables | 2,013,743 | 1,769,814 |
Total Current Liabilities | 3,514,823 | 4,265,264 |
Total Liabilities | 4,826,133 | 5,189,290 |
Accumulated deficit | (306,537) | (1,068,165) |
Equity (deficit) attributable to owners of the Company | 942,325 | (66,659) |
Total equity (deficit) | $ 941,649 | $ (66,659) |
Revision of Prior Period Fina_4
Revision of Prior Period Financial Statements (Details) - Schedule of Statements of Profit or Loss and Other Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
As Reported [Member] | ||
Schedule of Statements of Profit or Loss and Other Comprehensive Income [Line Items] | ||
Cost of revenue | $ (17,496,915) | $ (15,115,601) |
Gross profit | 2,525,614 | 2,345,172 |
Operating profit | 1,186,076 | 564,544 |
Finance cost | (285,368) | (169,608) |
Profit before tax | 900,708 | 394,936 |
Income tax (expenses)/benefit | (141,676) | 6,754 |
Profit for the year | 759,032 | 401,690 |
Total comprehensive income for the year | 785,963 | 391,751 |
Adjustment [Member] | ||
Schedule of Statements of Profit or Loss and Other Comprehensive Income [Line Items] | ||
Cost of revenue | 46,784 | (46,784) |
Gross profit | 46,784 | (46,784) |
Operating profit | 46,784 | (46,784) |
Finance cost | (44,002) | |
Profit before tax | 2,782 | (46,784) |
Income tax (expenses)/benefit | (474) | 7,954 |
Profit for the year | 2,308 | (38,830) |
Total comprehensive income for the year | 2,308 | (38,830) |
As Revised [Member] | ||
Schedule of Statements of Profit or Loss and Other Comprehensive Income [Line Items] | ||
Cost of revenue | (17,450,131) | (15,162,385) |
Gross profit | 2,572,398 | 2,298,388 |
Operating profit | 1,232,860 | 517,760 |
Finance cost | (329,370) | (169,608) |
Profit before tax | 903,490 | 348,152 |
Income tax (expenses)/benefit | (142,150) | 14,708 |
Profit for the year | 761,340 | 362,860 |
Total comprehensive income for the year | $ 788,271 | $ 352,921 |
Revision of Prior Period Fina_5
Revision of Prior Period Financial Statements (Details) - Schedule of Statement of Changes in Equity - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
As Reported [Member] | ||
As Reported | ||
Balance at beginning | $ (27,829) | $ 303,165 |
Profit/Loss for the year | 759,320 | 401,690 |
Total comprehensive income for the year | 786,639 | 391,751 |
Balance at Ending | 978,847 | (27,829) |
Adjustment [Member] | ||
As Reported | ||
Balance at beginning | (38,830) | |
Profit/Loss for the year | 2,308 | (38,830) |
Total comprehensive income for the year | 2,308 | (38,830) |
Balance at Ending | (36,522) | (38,830) |
As Revised [Member] | ||
As Reported | ||
Balance at beginning | (66,659) | 303,165 |
Profit/Loss for the year | 761,628 | 362,860 |
Total comprehensive income for the year | 788,947 | 352,921 |
Balance at Ending | 942,325 | (66,659) |
Accumulated deficit [Member] | As Reported [Member] | ||
As Reported | ||
Balance at beginning | (1,029,335) | (708,280) |
Profit/Loss for the year | 759,320 | 401,690 |
Total comprehensive income for the year | 759,320 | 401,690 |
Balance at Ending | (270,015) | (1,029,335) |
Accumulated deficit [Member] | Adjustment [Member] | ||
As Reported | ||
Balance at beginning | (38,830) | |
Profit/Loss for the year | 2,308 | (38,830) |
Total comprehensive income for the year | 2,308 | (38,830) |
Balance at Ending | (36,522) | (38,830) |
Accumulated deficit [Member] | As Revised [Member] | ||
As Reported | ||
Balance at beginning | (1,068,165) | (708,280) |
Profit/Loss for the year | 761,628 | 362,860 |
Total comprehensive income for the year | 761,628 | 362,860 |
Balance at Ending | (306,537) | (1,068,165) |
Equity (Deficit) [Member] | As Reported [Member] | ||
As Reported | ||
Balance at beginning | (27,829) | 303,165 |
Profit/Loss for the year | 759,032 | 401,690 |
Total comprehensive income for the year | 785,963 | 391,751 |
Balance at Ending | 978,171 | (27,829) |
Equity (Deficit) [Member] | Adjustment [Member] | ||
As Reported | ||
Balance at beginning | (38,830) | |
Profit/Loss for the year | 2,308 | (38,830) |
Total comprehensive income for the year | 2,308 | (38,830) |
Balance at Ending | (36,522) | (38,830) |
Equity (Deficit) [Member] | As Revised [Member] | ||
As Reported | ||
Balance at beginning | (66,659) | 303,165 |
Profit/Loss for the year | 761,340 | 362,860 |
Total comprehensive income for the year | 788,271 | 352,921 |
Balance at Ending | $ 941,649 | $ (66,659) |
Revision of Prior Period Fina_6
Revision of Prior Period Financial Statements (Details) - Schedule of Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
As Reported [Member] | ||
Schedule of Statements of Cash Flows [Line Items] | ||
Profit for the year | $ 401,690 | |
Finance Cost | 169,608 | |
Income tax expenses (benefit) | (6,754) | |
Trade and other payables | 1,077,786 | |
Net cash provided by operating activities | 424,079 | |
Adjustment [Member] | ||
Schedule of Statements of Cash Flows [Line Items] | ||
Profit for the year | (38,830) | |
Finance Cost | ||
Income tax expenses (benefit) | (7,954) | |
Trade and other payables | 46,784 | |
Net cash provided by operating activities | ||
As Revised [Member] | ||
Schedule of Statements of Cash Flows [Line Items] | ||
Profit for the year | 362,860 | |
Finance Cost | 169,608 | |
Income tax expenses (benefit) | (14,708) | |
Trade and other payables | 1,124,570 | |
Net cash provided by operating activities | $ 424,079 | |
Revised [Member] | As Reported [Member] | ||
Schedule of Statements of Cash Flows [Line Items] | ||
Profit for the year | $ 759,032 | |
Finance Cost | 285,368 | |
Income tax expenses (benefit) | 141,676 | |
Trade and other payables | (42,985) | |
Net cash provided by operating activities | 935,273 | |
Revised [Member] | Adjustment [Member] | ||
Schedule of Statements of Cash Flows [Line Items] | ||
Profit for the year | 2,308 | |
Finance Cost | 44,002 | |
Income tax expenses (benefit) | 474 | |
Trade and other payables | (46,784) | |
Net cash provided by operating activities | ||
Revised [Member] | As Revised [Member] | ||
Schedule of Statements of Cash Flows [Line Items] | ||
Profit for the year | 761,340 | |
Finance Cost | 329,370 | |
Income tax expenses (benefit) | 142,150 | |
Trade and other payables | (89,769) | |
Net cash provided by operating activities | $ 935,273 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of Translation of Foreign Currencies | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SGD [Member] | |||
Schedule of Translation of Foreign Currencies [Line Items] | |||
Period-end exchange rates | 1.3186 | 1.3446 | 1.3517 |
Period-average exchange rates | 1.3414 | 1.3792 | 1.3437 |
MYR [Member] | |||
Schedule of Translation of Foreign Currencies [Line Items] | |||
Period-end exchange rates | 4.5912 | 4.4129 | |
Period-average exchange rates | 4.5617 | 4.4061 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Translation of Foreign Currencies (Parentheticals) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
US [Member] | |||
Schedule of Translation of Foreign Currencies [Line Items] | |||
Exchange rates | $ 1 | $ 1 | $ 1 |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives for the Current and Comparative Years | 12 Months Ended |
Dec. 31, 2023 | |
Cleaning machinery [Member] | Top of range [member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 3 years |
Cleaning machinery [Member] | Bottom of range [member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 5 years |
Computers hardware [Member] | Top of range [member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 1 year |
Computers hardware [Member] | Bottom of range [member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 3 years |
Furniture and fittings [Member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 3 years |
Office Renovation [Member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 3 years |
Office equipment [member] | |
Schedule of Estimated Useful Lives for the Current and Comparative Years [Line Items] | |
Estimated useful lives | 3 years |
Cash (Details) - Schedule of Ca
Cash (Details) - Schedule of Cash In the Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Cash In the Consolidated Statements of Financial Position [Abstract] | ||
Cash at banks | $ 467,235 | $ 161,022 |
Cash in the consolidated statements of financial position | $ 467,235 | $ 161,022 |
Cash (Details) - Schedule of _2
Cash (Details) - Schedule of Cash In the Consolidated Statements of Cash Flows - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Cash In the Consolidated Statements of Cash Flows [Abstract] | ||
Cash in the consolidated statements of cash flows | $ 467,235 | $ 161,022 |
Trade Receivables (Details)
Trade Receivables (Details) - USD ($) | 12 Months Ended | ||||||
Nov. 22, 2023 | Jul. 05, 2023 | Apr. 01, 2023 | Nov. 22, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade Receivables (Details) [Line Items] | |||||||
Percentage of trade receivable | 90% | 80% | |||||
Limited funds | $ 250,000 | ||||||
Percentage of discount charge fee | 7% | 7% | |||||
Percentage of service fee | 0.35% | 0.35% | |||||
Liability amount | $ 2,139,575 | $ 946,592 | |||||
Fee amount | $ 218,749 | $ 212,302 | $ 104,590 | ||||
Bottom of range [member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Limited funds | $ 1,300,000 | ||||||
Top of range [member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Limited funds | $ 1,750,000 | ||||||
YY Circle (SG) Pte Ltd [Member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Limited funds | $ 500,000 | $ 500,000 | |||||
Percentage of discount charge fee | 7% | ||||||
Percentage of service fee | 0.35% | ||||||
YY Circle (SG) Pte Ltd [Member] | Bottom of range [member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Limited funds | 250,000 | ||||||
YY Circle (SG) Pte Ltd [Member] | Top of range [member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Limited funds | $ 500,000 | ||||||
Hong Ye Group Pte Ltd [Member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Percentage of discount charge fee | 7% | ||||||
Percentage of service fee | 0.35% | ||||||
Trade receivables [member] | Bottom of range [member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Percentage of trade receivable | 75% | ||||||
Limited funds | $ 1,200,000 | ||||||
Trade receivables [member] | Top of range [member] | |||||||
Trade Receivables (Details) [Line Items] | |||||||
Percentage of trade receivable | 85% | ||||||
Limited funds | $ 1,750,000 |
Trade Receivables (Details) - S
Trade Receivables (Details) - Schedule of Trade Receivables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Trade receivables | ||
Trade Receivables from cleaning service | $ 3,981,025 | $ 2,632,481 |
Trade Receivables from manpower outsourcing services | 3,056,917 | 1,523,256 |
Subtotal | 7,037,942 | 4,155,737 |
Allowance for expected credit losses | ||
Trade receivables | $ 7,037,942 | $ 4,155,737 |
Trade Receivables (Details) -_2
Trade Receivables (Details) - Schedule of the Carrying Amount of Trade Receivables - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of The Carrying Amount Of Trade Receivables Abstract | ||
Carrying amount of trade receivables transferred to an agent | $ 3,552,836 | $ 2,317,102 |
Carrying amount of associated liabilities | $ 2,139,575 | $ 946,592 |
Prepayment and Other Current _3
Prepayment and Other Current Assets (Details) - Schedule of Prepayment and Other Current Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | |||
Deposits & Prepayment | $ 370,370 | $ 394,078 | |
Deferred IPO Cost | [1] | 2,039,513 | |
Other Receivables | 257,283 | 31,562 | |
Total current prepayment and other assets | 2,667,166 | 425,649 | |
Non-current: | |||
Prepayment, non-current | 18,656 | ||
Total prepayment and other assets | $ 2,685,822 | $ 425,649 | |
[1]the balance of deferred IPO cost includes legal fees related to the registration drafting and counsel, consulting fees related to the registration preparation, SEC filling and print related costs, exchange listing costs, and road show related costs and other offering costs directly attributable to the Company’s initial public offering. It was subsequently charged against the gross proceeds from the Company’s initial public offering completed on April 22, 2024 as a reduction of share capital. |
Right-of-Use Assets (Details) -
Right-of-Use Assets (Details) - Schedule of Right-of-Use Assets - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property [Member] | ||
Schedule of Right-of-Use Assets [Line items] | ||
Balance | $ 59,441 | |
Addition | 118,881 | |
Gain of lease early termination | ||
Depreciation | (59,582) | (59,440) |
Effect of movement in exchange rates | 141 | |
Balance | 59,441 | |
Office equipment [member] | ||
Schedule of Right-of-Use Assets [Line items] | ||
Balance | 4,747 | 6,105 |
Addition | ||
Gain of lease early termination | ||
Depreciation | (1,393) | (1,390) |
Effect of movement in exchange rates | 71 | 32 |
Balance | 3,425 | 4,747 |
Motor Vehicle [Member] | ||
Schedule of Right-of-Use Assets [Line items] | ||
Balance | 146,463 | 117,261 |
Addition | 52,664 | 95,105 |
Gain of lease early termination | (20,854) | |
Depreciation | (104,887) | (66,522) |
Effect of movement in exchange rates | 1,623 | 619 |
Balance | 75,009 | 146,463 |
Total [Member] | ||
Schedule of Right-of-Use Assets [Line items] | ||
Balance | 210,651 | 123,366 |
Addition | 52,664 | 213,986 |
Gain of lease early termination | (20,854) | |
Depreciation | (165,862) | (127,352) |
Effect of movement in exchange rates | 1,835 | 651 |
Balance | $ 78,434 | $ 210,651 |
Right-of-Use Assets (Details)_2
Right-of-Use Assets (Details) - Schedule of Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Consolidated Statements of Profit or Loss and Other Comprehensive Income [Abstract] | |||
Interest on lease liabilities | $ 10,088 | $ 12,280 | $ 9,208 |
Expenses relating to short-term lease and low value assets | 292,897 | 224,731 | 195,910 |
Depreciation charge for right-of-use assets | $ 165,862 | $ 127,352 | $ 133,005 |
Right-of-Use Assets (Details)_3
Right-of-Use Assets (Details) - Schedule of Amounts Recognized in Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Amounts Recognized in Statements of Cash Flows [Abstract] | |||
Payment of lease liabilities | $ (178,040) | $ (133,382) | $ (143,549) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment [Abstract] | |||
Depreciation expense | $ 122,695 | $ 213,206 | $ 265,799 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of Reconciliation of Carrying Amount - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Carrying amount: | ||
Carrying amount | $ 368,621 | $ 278,866 |
Cleaning Machinery [Member] | ||
Carrying amount: | ||
Carrying amount | 333,660 | 266,818 |
Computers Hardware [Member] | ||
Carrying amount: | ||
Carrying amount | 34,961 | 12,048 |
Furniture and Fittings [Member] | ||
Carrying amount: | ||
Carrying amount | ||
Office Renovation [Member] | ||
Carrying amount: | ||
Carrying amount | ||
Office Equipment [Member] | ||
Carrying amount: | ||
Carrying amount | ||
Cost [Member] | ||
Cost: | ||
Balance | 1,315,124 | 1,298,860 |
Addition | 205,846 | 112,113 |
Disposal | (102,707) | |
Effect of movement in exchange rates | 29,374 | 6,858 |
Balance | 1,550,344 | 1,315,124 |
Cost [Member] | Cleaning Machinery [Member] | ||
Cost: | ||
Balance | 891,977 | 784,494 |
Addition | 174,874 | 103,341 |
Disposal | ||
Effect of movement in exchange rates | 20,612 | 4,142 |
Balance | 1,087,463 | 891,977 |
Cost [Member] | Computers Hardware [Member] | ||
Cost: | ||
Balance | 287,180 | 379,113 |
Addition | 30,972 | 8,772 |
Disposal | (102,707) | |
Effect of movement in exchange rates | 6,080 | 2,002 |
Balance | 324,232 | 287,180 |
Cost [Member] | Furniture and Fittings [Member] | ||
Cost: | ||
Balance | 46,563 | 46,318 |
Addition | ||
Disposal | ||
Effect of movement in exchange rates | 918 | 245 |
Balance | 47,481 | 46,563 |
Cost [Member] | Office Renovation [Member] | ||
Cost: | ||
Balance | 76,957 | 76,553 |
Addition | ||
Disposal | ||
Effect of movement in exchange rates | 1,518 | 404 |
Balance | 78,475 | 76,957 |
Cost [Member] | Office Equipment [Member] | ||
Cost: | ||
Balance | 12,447 | 12,382 |
Addition | ||
Disposal | ||
Effect of movement in exchange rates | 246 | 65 |
Balance | 12,693 | 12,447 |
Accumulated Depreciation [Member] | ||
Accumulated depreciation: | ||
Balance | 1,036,258 | 871,516 |
Addition | 122,695 | 213,206 |
Disposal | (53,065) | |
Effect of movement in exchange rates | 22,770 | 4,601 |
Balance | 1,181,723 | 1,036,258 |
Accumulated Depreciation [Member] | Cleaning Machinery [Member] | ||
Accumulated depreciation: | ||
Balance | 625,159 | 436,761 |
Addition | 114,339 | 186,092 |
Disposal | ||
Effect of movement in exchange rates | 14,305 | 2,306 |
Balance | 753,803 | 625,159 |
Accumulated Depreciation [Member] | Computers Hardware [Member] | ||
Accumulated depreciation: | ||
Balance | 275,132 | 299,669 |
Addition | 8,356 | 26,946 |
Disposal | (53,065) | |
Effect of movement in exchange rates | 5,783 | 1,582 |
Balance | 289,271 | 275,132 |
Accumulated Depreciation [Member] | Furniture and Fittings [Member] | ||
Accumulated depreciation: | ||
Balance | 46,563 | 46,225 |
Addition | 93 | |
Disposal | ||
Effect of movement in exchange rates | 918 | 245 |
Balance | 47,481 | 46,563 |
Accumulated Depreciation [Member] | Office Renovation [Member] | ||
Accumulated depreciation: | ||
Balance | 76,957 | 76,553 |
Addition | ||
Disposal | ||
Effect of movement in exchange rates | 1,518 | 404 |
Balance | 78,475 | 76,957 |
Accumulated Depreciation [Member] | Office Equipment [Member] | ||
Accumulated depreciation: | ||
Balance | 12,447 | 12,308 |
Addition | 75 | |
Disposal | ||
Effect of movement in exchange rates | 246 | 64 |
Balance | $ 12,693 | $ 12,447 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and Other Payables [Abstract] | |
Weighted average term | 3 months |
Trade and Other Payables (Det_2
Trade and Other Payables (Details) - Schedule of Trade and Other Payables - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade payables: | ||
Amount due to third parties | $ 891,797 | $ 519,958 |
Other payables: | ||
Accrued payroll and pension | 1,188,861 | 917,166 |
GST payables | 633,743 | 362,120 |
Provision for taxation | 117,835 | 87,822 |
Others | 164,400 | 126,677 |
Total trade and other payables | $ 2,996,636 | $ 2,013,743 |
Loans and Borrowings (Details)
Loans and Borrowings (Details) | Feb. 23, 2022 USD ($) | Dec. 31, 2023 | Feb. 28, 2023 shares | Feb. 23, 2022 SGD ($) |
Loans and Borrowings [Line Items] | ||||
Convertible loan | $ 743,273 | |||
Principal amount shares (in Shares) | shares | 1,911,170 | |||
Convertible Loan [Member] | ||||
Loans and Borrowings [Line Items] | ||||
Interest rates | 8% | 8% | ||
Convertible loan | $ 1,000,000 | |||
Maturity date | February 22, 2024 | |||
CEO [Member] | ||||
Loans and Borrowings [Line Items] | ||||
Interest rates | 7.12% |
Loans and Borrowings (Details)
Loans and Borrowings (Details) - Schedule of Loans and Borrowings - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current: | ||
Guaranteed bank loans, current portion | $ 716,916 | $ 332,722 |
Recourse liability | 2,139,575 | 946,592 |
Lease liabilities, current | 69,135 | 147,474 |
Total current loans and borrowings | 2,925,626 | 1,426,788 |
Non-current: | ||
Guaranteed bank loans, non-current portion | 523,607 | 503,286 |
Convertible notes - liability component | 736,129 | |
Lease liabilities, non-current | 15,187 | 71,895 |
Total non-current loans and borrowings | 538,794 | 1,311,310 |
Total loans and borrowings | $ 3,464,420 | $ 2,738,098 |
Loans and Borrowings (Details_2
Loans and Borrowings (Details) - Schedule of Terms and Debt Repayment Schedule - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Total interest-bearing liabilities | $ 3,464,420 | $ 2,738,098 |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 400,000 | |
Year of origination | 2020 | |
Year of Maturity | 2025 | |
Interest rate | 2.75% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 116,071 | 173,958 |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 85,000 | |
Year of origination | 2019 | |
Year of Maturity | 2023 | |
Interest rate | 7% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | 16,059 | |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 185,000 | |
Year of origination | 2019 | |
Year of Maturity | 2024 | |
Interest rate | 10.88% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 31,692 | 61,664 |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 1,200,000 | |
Year of origination | 2020 | |
Year of Maturity | 2025 | |
Interest rate | 2.50% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 300,588 | 475,025 |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 300,000 | |
Year of origination | 2020 | |
Year of Maturity | 2025 | |
Interest rate | 3.75% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 64,859 | 109,302 |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 450,000 | |
Year of origination | 2023 | |
Year of Maturity | 2028 | |
Interest rate | 8% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 207,045 | |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 300,000 | |
Year of origination | 2023 | |
Year of Maturity | 2026 | |
Interest rate | 7.75% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 187,864 | |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 50,000 | |
Year of origination | 2023 | |
Year of Maturity | 2028 | |
Interest rate | 8.25% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 34,264 | |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 100,000 | |
Year of origination | 2023 | |
Year of Maturity | 2028 | |
Interest rate | 8.28% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 67,450 | |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 50,000 | |
Year of origination | 2023 | |
Year of Maturity | 2026 | |
Interest rate | 10.38% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 31,429 | |
Guaranteed bank loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 300,000 | |
Year of origination | ||
Year of Maturity | 2026 | |
Interest rate | 8.80% | |
Repayment method | Monthly repayment | |
Total interest-bearing liabilities | $ 199,261 | |
Recourse liability [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | ||
Year of origination | ||
Year of Maturity | ||
Repayment method | Maturity upon 90-120 days | |
Total interest-bearing liabilities | $ 2,139,575 | 946,592 |
Recourse liability [Member] | Bottom of Range [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Interest rate | 4.80% | |
Recourse liability [Member] | Top of Range [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Interest rate | 5.30% | |
Convertible loan [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD | |
Principal amount | $ 1,000,000 | |
Year of origination | 2022 | |
Year of Maturity | 2024 | |
Interest rate | 8% | |
Repayment method | Upon maturity date | |
Total interest-bearing liabilities | 736,129 | |
Lease liabilities [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Original Currency | SGD/MYR | |
Principal amount | ||
Repayment method | Monthly Repayment | |
Total interest-bearing liabilities | $ 84,322 | $ 219,369 |
Lease liabilities [Member] | Bottom of Range [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Year of origination | 2019 | |
Year of Maturity | 2023 | |
Interest rate | 2.99% | |
Lease liabilities [Member] | Top of Range [Member] | ||
Schedule of Terms and Debt Repayment Schedule [Line Items] | ||
Year of origination | 2022 | |
Year of Maturity | 2026 | |
Interest rate | 8.21% |
Loans and Borrowings (Details_3
Loans and Borrowings (Details) - Schedule of Convertible Loan - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Convertible Loan [Abstract] | |||
Proceeds from issue of convertible loan | $ 743,273 | ||
Transaction costs | |||
Net proceeds | 743,273 | ||
Amounts classified as equity | (7,587) | ||
Accreted interest | 1,576 | ||
Conversion with Class A shares | (728,526) | ||
Effect of movement in exchange rates | (7,603) | (1,133) | |
Carrying amount of liability | $ 736,129 |
Loans and Borrowings (Details_4
Loans and Borrowings (Details) - Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Guaranteed bank loans and Lease liabilities at beginning | $ 1,055,377 | $ 1,458,680 | $ 1,801,650 |
Changes from financing cash flows | |||
Proceeds from issue of class A shares | 212,450 | ||
Proceeds from issue of a convertible loan | 743,273 | ||
Proceeds from guaranteed bank loans | 931,862 | 1,603,768 | 719,868 |
Payment of guaranteed bank loans | (550,426) | (2,091,971) | (897,813) |
Payment of lease liabilities | (178,040) | (133,382) | (143,549) |
Interest paid | (89,903) | (60,786) | (55,810) |
Total changes from financing cash flows | 113,493 | 273,352 | (377,304) |
Effect of changes in foreign exchange rates | 25,034 | 57,040 | 18,173 |
Other changes | |||
Liability-related | |||
Recognition of lease liabilities | 52,664 | 208,615 | 6,953 |
Derecognition of lease liabilities | (21,714) | ||
Interest expense | 99,991 | 13,856 | 9,208 |
Total liability-related other changes | 41,038 | 222,471 | 16,161 |
Guaranteed bank loans and Lease liabilities at ending | 1,324,845 | 1,055,377 | 1,458,680 |
Financing activities at ending | 3,027,130 | 2,474,267 | |
Financing activities at beginning | 3,027,130 | 2,474,267 | |
Guaranteed bank loans [Member] | |||
Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Guaranteed bank loans and Lease liabilities at beginning | 836,008 | 1,329,756 | 1,540,375 |
Changes from financing cash flows | |||
Proceeds from issue of class A shares | |||
Proceeds from issue of a convertible loan | |||
Proceeds from guaranteed bank loans | 931,862 | 1,603,768 | 719,868 |
Payment of guaranteed bank loans | (550,426) | (2,091,971) | (897,813) |
Payment of lease liabilities | |||
Interest paid | (89,903) | (60,786) | (55,810) |
Total changes from financing cash flows | 291,533 | (548,989) | (233,755) |
Effect of changes in foreign exchange rates | 23,079 | 55,241 | 23,136 |
Other changes | |||
Liability-related | |||
Recognition of lease liabilities | |||
Derecognition of lease liabilities | |||
Interest expense | 89,903 | ||
Total liability-related other changes | |||
Guaranteed bank loans and Lease liabilities at ending | 1,240,523 | 836,008 | 1,329,756 |
Financing activities at ending | 836,008 | 1,329,756 | |
Financing activities at beginning | 836,008 | 1,329,756 | |
Lease liabilities [Member] | |||
Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities [Line Items] | |||
Guaranteed bank loans and Lease liabilities at beginning | 219,369 | 128,924 | 261,275 |
Changes from financing cash flows | |||
Proceeds from issue of class A shares | |||
Proceeds from issue of a convertible loan | |||
Proceeds from guaranteed bank loans | |||
Payment of guaranteed bank loans | |||
Payment of lease liabilities | (178,040) | (133,382) | (143,549) |
Interest paid | |||
Total changes from financing cash flows | (178,040) | (133,382) | (143,549) |
Effect of changes in foreign exchange rates | 1,955 | 2,932 | (4,963) |
Other changes | |||
Liability-related | |||
Recognition of lease liabilities | 52,664 | 208,615 | 6,953 |
Derecognition of lease liabilities | (21,714) | ||
Interest expense | 10,088 | 12,280 | 9,208 |
Total liability-related other changes | 41,038 | 220,895 | 16,161 |
Guaranteed bank loans and Lease liabilities at ending | 84,322 | 219,369 | 128,924 |
Financing activities at ending | 219,369 | 128,924 | |
Financing activities at beginning | 219,369 | 128,924 | |
Convertible Loan [Member] | |||
Changes from financing cash flows | |||
Proceeds from issue of class A shares | |||
Proceeds from issue of a convertible loan | 735,686 | ||
Proceeds from guaranteed bank loans | |||
Payment of guaranteed bank loans | |||
Payment of lease liabilities | |||
Interest paid | |||
Total changes from financing cash flows | 735,686 | ||
Effect of changes in foreign exchange rates | (1,133) | ||
Liability-related | |||
Recognition of lease liabilities | |||
Interest expense | 1,576 | ||
Total liability-related other changes | 1,576 | ||
Financing activities at ending | 736,129 | ||
Financing activities at beginning | 736,129 | ||
Share capital/ premium [Member] | |||
Changes from financing cash flows | |||
Proceeds from issue of class A shares | 212,450 | ||
Proceeds from issue of a convertible loan | |||
Proceeds from guaranteed bank loans | |||
Payment of guaranteed bank loans | |||
Payment of lease liabilities | |||
Interest paid | |||
Total changes from financing cash flows | 212,450 | ||
Effect of changes in foreign exchange rates | |||
Liability-related | |||
Recognition of lease liabilities | |||
Interest expense | |||
Total liability-related other changes | |||
Financing activities at ending | 1,228,037 | 1,015,587 | |
Financing activities at beginning | 1,228,037 | 1,015,587 | |
Equity component of convertible loan [Member] | |||
Changes from financing cash flows | |||
Proceeds from issue of class A shares | |||
Proceeds from issue of a convertible loan | 7,587 | ||
Proceeds from guaranteed bank loans | |||
Payment of guaranteed bank loans | |||
Payment of lease liabilities | |||
Interest paid | |||
Total changes from financing cash flows | 7,587 | ||
Effect of changes in foreign exchange rates | |||
Liability-related | |||
Recognition of lease liabilities | |||
Interest expense | |||
Total liability-related other changes | |||
Financing activities at ending | 7,587 | ||
Financing activities at beginning | $ 7,587 |
Capital and Reserves (Details)
Capital and Reserves (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2023 | Feb. 28, 2023 | Feb. 21, 2023 | Nov. 08, 2022 | Sep. 30, 2022 | Jul. 22, 2022 | Sep. 30, 2021 | |
Capital and Reserves [Line Items] | |||||||
Shares issued (in Shares) | 1,911,170 | ||||||
Issued price per share | |||||||
Class A Shares [Member] | |||||||
Capital and Reserves [Line Items] | |||||||
Dvidends vote per share | $ 1 | ||||||
Shares issued (in Shares) | 1,911,170 | 800,000 | 22,503 | 6,750,881 | 22,503 | ||
Issued price per share | $ 4.99 | $ 2 | $ 1 | ||||
Class B Shares [Member] | |||||||
Capital and Reserves [Line Items] | |||||||
Dvidends vote per share | $ 20 |
Capital and Reserves (Details)
Capital and Reserves (Details) - Schedule of Share Capital - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Issued and fully paid: | |||||
Balance | $ 1,228,037 | [1] | $ 1,015,587 | $ 1,015,587 | |
Issuance of shares | 1,600,000 | 212,450 | |||
Conversion of a convertible loan | 736,113 | ||||
Balance | 3,564,150 | [1] | 1,228,037 | [1] | 1,015,587 |
Number of Class A Shares [Member] | |||||
Issued and fully paid: | |||||
Balance | 30,588,830 | 23,792,943 | 23,792,943 | ||
Issuance of shares | 800,000 | 6,795,887 | |||
Conversion of a convertible loan | 1,911,170 | ||||
Balance | 33,300,000 | 30,588,830 | 23,792,943 | ||
Number of Class B Shares [Member] | |||||
Issued and fully paid: | |||||
Balance | 5,000,000 | 5,000,000 | 5,000,000 | ||
Issuance of shares | |||||
Conversion of a convertible loan | |||||
Balance | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
[1] The shares and per share information are presented on a retroactive basis to reflect the reorganization. |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Computation of Basic and Diluted Earnings Per Share Attributable to Shareholders - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Computation of Basic and Diluted Earnings Per Share Attributable to Shareholders [Abstract] | ||||
Profit for the year | $ 864,037 | $ 761,340 | $ 362,860 | |
Less: Income (loss) attributable to non-controlling interests | 11,703 | (288) | ||
Profits for the year attributable to shareholders | $ 852,334 | $ 761,628 | $ 362,860 | |
Basic weighted-average shares outstanding (in Shares) | 37,877,099 | 30,674,250 | 28,792,943 | |
Basic earnings per share attributable to shareholders (in Dollars per share) | [1] | $ 0.02 | $ 0.02 | $ 0.01 |
Diluted weighted-average shares outstanding (in Shares) | 37,877,099 | 32,690,039 | 28,792,943 | |
Diluted earnings per share attributable to shareholders (in Dollars per share) | [1] | $ 0.02 | $ 0.02 | $ 0.01 |
[1] The shares and per share information are presented on a retroactive basis to reflect the reorganization. |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Other revenue | $ 281,656 | $ 253,541 | $ 222,995 |
Company revenues accounted | 10% |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Reportable Segment | 12 Months Ended |
Dec. 31, 2023 | |
Cleaning service [Member] | |
Schedule of Reportable Segment [Line Items] | |
Reportable segments | Acting as a contractor to provide long-term cleaning service to the client, the cleaning services are mainly provided to the hotels and shopping mall, including the areas of toilet, common area, bin center, elevator and etc. |
Manpower outsourcing services [Member] | |
Schedule of Reportable Segment [Line Items] | |
Reportable segments | Providing casual workers by comprehensively understanding the corporate customers’ requirements and matching their requirements with qualified casual workers from various kinds of work including, but not limited to, Food & Beverage Crews, Kitchen helper, retail assistant and etc. |
Segment Reporting (Details) -_2
Segment Reporting (Details) - Schedule of Net Profit or Loss - Reportable segments [member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Net Profit or Loss [Member] | |||
Segment Revenue | $ 31,772,286 | $ 20,022,529 | $ 17,460,773 |
Cost of revenue | (28,120,506) | (17,450,131) | (15,162,385) |
Other income | 1,830,899 | 1,952,420 | 996,093 |
Selling and marketing expenses | (191,582) | (325,678) | (189,142) |
General and administrative expenses | (3,846,367) | (2,909,167) | (2,577,199) |
Other expenses | (27,781) | (57,113) | (10,380) |
Finance cost | (328,610) | (329,370) | (169,608) |
Income tax expenses | (224,302) | (142,150) | 14,708 |
Segment Profit (loss) | 864,037 | 761,340 | 362,860 |
Cleaning [Member] | |||
Schedule of Net Profit or Loss [Member] | |||
Segment Revenue | 18,565,897 | 13,221,770 | 12,458,390 |
Cost of revenue | (17,156,622) | (11,899,993) | (11,396,564) |
Other income | 1,212,231 | 1,899,039 | 812,554 |
Selling and marketing expenses | (46,188) | (62,328) | (73,846) |
General and administrative expenses | (904,227) | (746,604) | (576,479) |
Other expenses | (14,214) | (57,111) | (10,362) |
Finance cost | (160,662) | (285,368) | (169,608) |
Income tax expenses | (133,672) | (107,220) | (7,963) |
Segment Profit (loss) | 1,362,543 | 1,962,185 | 1,036,122 |
Manpower [Member] | |||
Schedule of Net Profit or Loss [Member] | |||
Segment Revenue | 13,206,389 | 6,800,759 | 5,002,383 |
Cost of revenue | (10,963,884) | (5,550,138) | (3,765,821) |
Other income | 618,668 | 53,381 | 183,539 |
Selling and marketing expenses | (145,394) | (263,350) | (115,296) |
General and administrative expenses | (606,278) | (77,997) | (74,872) |
Other expenses | (13,567) | (2) | (18) |
Finance cost | (58,086) | ||
Income tax expenses | (90,630) | (34,930) | 22,671 |
Segment Profit (loss) | 1,947,218 | 927,723 | 1,252,586 |
Unallocated [Member] | |||
Schedule of Net Profit or Loss [Member] | |||
Segment Revenue | |||
Cost of revenue | |||
Other income | |||
Selling and marketing expenses | |||
General and administrative expenses | (2,335,862) | (2,084,566) | (1,925,848) |
Other expenses | |||
Finance cost | (109,862) | (44,002) | |
Income tax expenses | |||
Segment Profit (loss) | $ (2,445,724) | $ (2,128,568) | $ (1,925,848) |
Segment Reporting (Details) -_3
Segment Reporting (Details) - Schedule of Segment Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2023 | ||
Total Assets | $ 10,670,090 | $ 5,767,782 |
Total Liabilities | 6,528,577 | 4,826,133 |
Cleaning [Member] | ||
2023 | ||
Total Assets | 4,746,652 | 4,225,542 |
Total Liabilities | 4,151,935 | 3,334,951 |
Manpower [Member] | ||
2023 | ||
Total Assets | 3,627,009 | 1,215,619 |
Total Liabilities | 1,256,192 | 325,222 |
Unallocated [Member] | ||
2023 | ||
Total Assets | 2,296,429 | 326,621 |
Total Liabilities | $ 1,120,450 | $ 1,165,960 |
Income and Expenses (Details) -
Income and Expenses (Details) - Schedule of Other Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of Other Income [Abstract] | ||||
Government grant income | [1] | $ 1,207,154 | $ 1,952,418 | $ 996,026 |
Other operating income | [2] | 455,943 | ||
Others | 167,802 | 2 | 67 | |
Total other income | $ 1,830,899 | $ 1,952,420 | $ 996,093 | |
[1] Government grant income was provided by the Singapore Government under the Job Support Scheme and Jobs Growth Incentives. |
Income and Expenses (Details)_2
Income and Expenses (Details) - Schedule of Other Expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Expenses [Abstract] | |||
Late charges & fine | $ (27,781) | $ (8,718) | $ (10,380) |
Loss on disposal of property and equipment | (48,395) | ||
Total other expenses | $ (27,781) | $ (57,113) | $ (10,380) |
Income and Expenses (Details)_3
Income and Expenses (Details) - Schedule of Total Cost of Revenue, Selling and Marketing Expenses, General and Administrative Expenses - Expenses by Nature [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Total Cost of Revenue, Selling and Marketing Expenses, General and Administrative Expenses [Line Items] | |||
Advertisement and promotions | $ 191,582 | $ 325,678 | $ 189,142 |
Depreciation | 288,557 | 340,558 | 398,804 |
Legal and professional fee | 584,145 | 40,727 | 16,254 |
Office expenses | 216,332 | 141,870 | 167,175 |
Rental of equipment and others | 292,897 | 224,730 | 195,910 |
Staff expenses and wages | 27,172,767 | 17,938,407 | 15,511,366 |
Transportation | 90,737 | 42,653 | 22,481 |
Insurance expenses | 237,097 | 116,607 | |
Other operating expenses | 3,084,341 | 1,513,746 | 1,427,594 |
Total cost of revenue, selling and marketing expenses, general and administrative expenses. | $ 32,158,455 | $ 20,684,976 | $ 17,928,726 |
Finance Cost (Details) - Schedu
Finance Cost (Details) - Schedule of Finance Cost - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Finance Cost [Abstract] | |||
Fees from trade receivable factoring | $ 218,749 | $ 212,302 | $ 104,590 |
Interest expenses from lease liabilities | 10,088 | 12,280 | 9,208 |
Interest expenses from guaranteed bank loans | 89,903 | 60,786 | 55,810 |
Interest expenses of convertible loan | 9,870 | 44,002 | |
Total finance cost | $ 328,610 | $ 329,370 | $ 169,608 |
Income Tax Expenses _ (Benefi_3
Income Tax Expenses / (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expenses / (Benefit) (Details) [Line Items] | |||
Lease liability | $ 84,322 | $ 219,369 | |
Net operating losses carry forward | $ 1,416,949 | 1,232,860 | $ 517,760 |
Recognition on deferred tax assets | 100% | ||
Deferred tax assets | $ 738 | 78,545 | |
Hong Ye Group Pte Ltd [Member] | |||
Income Tax Expenses / (Benefit) (Details) [Line Items] | |||
Net operating losses carry forward | $ 24,863 | $ 407,552 |
Income Tax Expenses _ (Benefi_4
Income Tax Expenses / (Benefit) (Details) - Schedule of Income Tax Expense Benefit - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current Tax Expense | |||
Current year | $ 115,833 | $ 107,355 | $ 13,829 |
Changes in estimates related to prior years | 30,607 | ||
Deferred tax expense/(credit) | |||
Origination and reversal of temporary difference | 77,862 | 34,795 | (28,537) |
Income tax expenses/(benefit) | $ 224,302 | $ 142,150 | $ (14,708) |
Income Tax Expenses _ (Benefi_5
Income Tax Expenses / (Benefit) (Details) - Schedule of Profit Before Income Tax Differs from the Theoretical Amount - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation between tax expenses and accounting profit at applicable tax rate | |||
Profit before tax | $ 1,088,339 | $ 903,490 | $ 348,152 |
Tax at the domestic rates applicable to profits in the countries where the Group operates | 185,018 | 153,593 | 59,185 |
Difference from the effect of tax rates in a foreign jurisdiction | 10,583 | (292) | 12,058 |
Non-deductible expenses | 11,084 | 1,483 | (72,982) |
Other Non-taxable Income | (12,990) | (12,634) | (12,969) |
Changes in estimates related to prior years | 30,607 | ||
Income tax expenses (benefit) | $ 224,302 | $ 142,150 | $ (14,708) |
Income Tax Expenses _ (Benefi_6
Income Tax Expenses / (Benefit) (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Tax losses carried forward | $ 11,734 | $ 77,063 |
Lease liability | 14,335 | 37,293 |
Deferred tax liabilities | ||
Right-of-use assets | 13,334 | 35,811 |
Depreciation | 11,997 | |
Net deferred tax assets | $ 738 | $ 78,545 |
Income Tax Expenses _ (Benefi_7
Income Tax Expenses / (Benefit) (Details) - Schedule of Movement in Deferred Tax Balances - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | $ 114,356 | $ 134,638 |
Recognized in profit or loss | (88,858) | (20,437) |
Effect of movement in exchange rates | 571 | 155 |
Balance ending | 26,069 | 114,356 |
Deferred Tax Liabilities [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | (35,811) | (20,972) |
Recognized in profit or loss | 10,996 | (14,358) |
Effect of movement in exchange rates | (516) | (481) |
Balance ending | (25,331) | (35,811) |
Lease Liability [Member] | Deferred Tax Assets [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | 37,293 | 21,917 |
Recognized in profit or loss | (23,291) | 14,877 |
Effect of movement in exchange rates | 333 | 499 |
Balance ending | 14,335 | 37,293 |
Tax Losses Carried Forward [Member] | Deferred Tax Assets [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | 77,063 | 107,460 |
Recognized in profit or loss | (65,567) | (30,158) |
Effect of movement in exchange rates | 238 | (239) |
Balance ending | 11,734 | 77,063 |
Tax Losses Carried Forward [Member] | Deferred Tax Liabilities [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | (35,811) | (20,972) |
Recognized in profit or loss | 22,789 | (14,358) |
Effect of movement in exchange rates | (312) | (481) |
Balance ending | (13,334) | (35,811) |
Accelerated Tax Depreciation [Member] | Deferred Tax Assets [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | 5,261 | |
Recognized in profit or loss | (5,156) | |
Effect of movement in exchange rates | (105) | |
Balance ending | ||
Accelerated Tax Depreciation [Member] | Deferred Tax Liabilities [Member] | ||
Schedule of Movement in Deferred Tax Balances [Line Items] | ||
Balance beginning | ||
Recognized in profit or loss | (11,793) | |
Effect of movement in exchange rates | (204) | |
Balance ending | $ (11,997) |
Related Parties (Details)
Related Parties (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Mar. 01, 2023 | |
Related Parties (Details) [Line Items] | ||
Interest of convertible notes payable | $ 59,559 | |
Related party offset balance | $ 60,351 | |
Related Party [Member] | ||
Related Parties (Details) [Line Items] | ||
Related party offset balance | $ 27,253 |
Related Parties (Details) - Sch
Related Parties (Details) - Schedule of Compensation to Directors and Executive Officers - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Compensation to Directors and Executive Officers [Abstract] | |||
Short-term employee benefits | $ 449,068 | $ 503,155 | $ 460,475 |
Related Parties (Details) - S_2
Related Parties (Details) - Schedule of Aggregate Value of Transactions and Outstanding Balances Related to Key Management Personnel - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Parties (Details) - Schedule of Aggregate Value of Transactions and Outstanding Balances Related to Key Management Personnel [Line Items] | ||||
(Repayment from)/loan to a shareholder, net | $ (458,403) | $ 1,035,306 | $ (870,102) | |
Interest paid by a shareholder on behalf of the Company and amount due to a shareholder | [1] | (59,559) | ||
Rental expenses to a related party and rental payable to a director | [2] | 31,311 | 25,769 | $ 31,258 |
Related Parties [Member] | ||||
Related Parties (Details) - Schedule of Aggregate Value of Transactions and Outstanding Balances Related to Key Management Personnel [Line Items] | ||||
(Repayment from)/loan to a shareholder, net | 457,312 | |||
Interest paid by a shareholder on behalf of the Company and amount due to a shareholder | [1] | (59,559) | ||
Rental expenses to a related party and rental payable to a director | [2] | $ (2,654) | $ (74,292) | |
[1] The CEO paid the interest of convertible note on behalf of the Company on March 1, 2023 with an amount of $59,559. Amount due to this related party represents the lease payable to the employee dormitory rented from a director. |
Related Parties (Details) - S_3
Related Parties (Details) - Schedule of Other Related Party Transactions - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Parties (Details) - Schedule of Other Related Party Transactions [Line Items] | |||
Advance to a related party | $ 27,253 | $ 744 | |
Upkeeping and maintenance service provided by a related party and payable to a related party | (5,308) | (27,253) | |
Payment on behalf of the Company by a related party | (60,351) | (60,394) | |
Landscape crew outsourcing service provided to a related party and receivable from a related party | 31,298 | 60,351 | 60,394 |
Outdoor landscape service provided by a related party and payable to a related party | |||
YY App license grant service provided to a related party and receivable from a related party | |||
Related Parties [Member] | |||
Related Parties (Details) - Schedule of Other Related Party Transactions [Line Items] | |||
Advance to a related party | 25,167 | ||
Upkeeping and maintenance service provided by a related party and payable to a related party | (40,083) | (26,659) | |
Payment on behalf of the Company by a related party | |||
Landscape crew outsourcing service provided to a related party and receivable from a related party | 32,153 | ||
Outdoor landscape service provided by a related party and payable to a related party | (6,143) | ||
YY App license grant service provided to a related party and receivable from a related party | $ 111,823 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financial Instruments [Abstract] | ||
Accounts receivable, rate | 10% | |
Trade receivables | $ 4,500,000 | |
Principal value rate | 90% | |
Service fee, rate | 0.35% | |
Interest rate | 7% | |
Profit | $ 10,792 | $ 7,273 |
Impairment losses on financial assets | $ 0 | $ 0 |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of Trade Receivables and Prepayments and Other Current Assets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | $ 7,037,942 | $ 4,155,737 |
Current (≤ 30 days) [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 5,767,145 | 3,420,967 |
31-60 days [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 625,375 | 439,602 |
61-90 days [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 238,034 | 104,473 |
≥91 days [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 407,388 | 190,695 |
Trade receivables [member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 7,037,942 | 4,155,737 |
Trade receivables [member] | Current (≤ 30 days) [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 5,767,145 | 3,420,967 |
Trade receivables [member] | 31-60 days [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 625,375 | 439,602 |
Trade receivables [member] | 61-90 days [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | 238,034 | 104,473 |
Trade receivables [member] | ≥91 days [Member] | ||
Schedule of Trade Receivables and Prepayments and Other Current Assets [Line items] | ||
Trade receivables | $ 407,388 | $ 190,695 |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of Credit Risk for Trade Receivables - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Credit Risk for Trade Receivables [Line Items] | ||
Trade receivables, Total | $ 7,037,942 | $ 4,155,737 |
Singapore [Member] | ||
Schedule of Credit Risk for Trade Receivables [Line Items] | ||
Trade receivables, Total | 6,130,586 | 3,964,711 |
Malaysia [Member] | ||
Schedule of Credit Risk for Trade Receivables [Line Items] | ||
Trade receivables, Total | $ 907,356 | $ 191,026 |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of Contractual Maturities of Financial Liabilities | Dec. 31, 2023 USD ($) |
Financial liabilities | |
Total contractual obligations | $ 4,405,075 |
Imputed interests | 83,594 |
Carrying amount | 4,321,481 |
2024 [Member] | |
Financial liabilities | |
Total contractual obligations | 3,833,504 |
2025 [Member] | |
Financial liabilities | |
Total contractual obligations | 412,623 |
2026 [Member] | |
Financial liabilities | |
Total contractual obligations | 120,973 |
2027 [Member] | |
Financial liabilities | |
Total contractual obligations | 27,856 |
2028 [Member] | |
Financial liabilities | |
Total contractual obligations | 10,119 |
Thereafter [Member] | |
Financial liabilities | |
Total contractual obligations | |
Guaranteed bank loans [Member] | |
Financial liabilities | |
Total contractual obligations | 1,318,345 |
Imputed interests | 77,822 |
Carrying amount | 1,240,523 |
Guaranteed bank loans [Member] | 2024 [Member] | |
Financial liabilities | |
Total contractual obligations | 762,332 |
Guaranteed bank loans [Member] | 2025 [Member] | |
Financial liabilities | |
Total contractual obligations | 398,609 |
Guaranteed bank loans [Member] | 2026 [Member] | |
Financial liabilities | |
Total contractual obligations | 119,429 |
Guaranteed bank loans [Member] | 2027 [Member] | |
Financial liabilities | |
Total contractual obligations | 27,856 |
Guaranteed bank loans [Member] | 2028 [Member] | |
Financial liabilities | |
Total contractual obligations | 10,119 |
Guaranteed bank loans [Member] | Thereafter [Member] | |
Financial liabilities | |
Total contractual obligations | |
Trade and other payables [Member] | |
Financial liabilities | |
Total contractual obligations | 2,996,636 |
Imputed interests | |
Carrying amount | 2,996,636 |
Trade and other payables [Member] | 2024 [Member] | |
Financial liabilities | |
Total contractual obligations | 2,996,636 |
Trade and other payables [Member] | 2025 [Member] | |
Financial liabilities | |
Total contractual obligations | |
Trade and other payables [Member] | 2026 [Member] | |
Financial liabilities | |
Total contractual obligations | |
Trade and other payables [Member] | 2027 [Member] | |
Financial liabilities | |
Total contractual obligations | |
Trade and other payables [Member] | 2028 [Member] | |
Financial liabilities | |
Total contractual obligations | |
Trade and other payables [Member] | Thereafter [Member] | |
Financial liabilities | |
Total contractual obligations | |
Lease obligation [Member] | |
Financial liabilities | |
Total contractual obligations | 90,094 |
Imputed interests | 5,772 |
Carrying amount | 84,322 |
Lease obligation [Member] | 2024 [Member] | |
Financial liabilities | |
Total contractual obligations | 74,536 |
Lease obligation [Member] | 2025 [Member] | |
Financial liabilities | |
Total contractual obligations | 14,014 |
Lease obligation [Member] | 2026 [Member] | |
Financial liabilities | |
Total contractual obligations | 1,544 |
Lease obligation [Member] | 2027 [Member] | |
Financial liabilities | |
Total contractual obligations | |
Lease obligation [Member] | 2028 [Member] | |
Financial liabilities | |
Total contractual obligations | |
Lease obligation [Member] | Thereafter [Member] | |
Financial liabilities | |
Total contractual obligations |
Financial Instruments (Detail_5
Financial Instruments (Details) - Schedule of Level 3 Fair Values for the Convertible Loan - Convertible Loan [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Liability | |
Convertible loan, Valuation technique | Discounted cash flows: The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate. |
Convertible loan, Significant unobservable inputs | The interest rate for the long-term borrowings without conversion right, which is 8.26% assessed by the management. |
Convertible loan, Inter-relationship between significant unobservable inputs | The interest rate will impact the cash flow for the following periods |
Financial Instruments (Detail_6
Financial Instruments (Details) - Schedule of Level 3 Fair Values for the Convertible Loan (Parentheticals) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule Of Level3 Fair Values For The Convertible Loan Abstract | |
Assessed by the management percentage | 8.26% |
Subsequent Events (Details)
Subsequent Events (Details) - Forecast [Member] - USD ($) | May 01, 2024 | Apr. 24, 2024 |
Subsequent Events [Line Items] | ||
Ordinary shares | 1,125,000 | |
Shares priced per share | $ 4 | |
Mr. Fu Xiaowei [Member] | ||
Subsequent Events [Line Items] | ||
Consideration amount | $ 95 | |
Andrew Dvash [Member] | ||
Subsequent Events [Line Items] | ||
Percentage of subsidiary owned | 5% |