Company: MAGH
Filing Date: 2025-05-28
Form Type: F-1
Source: 0001641172-25-012644
Chunk: 267

Company: Magnitude International Ltd
Filing Date: 2025-05-28
Form: F-1
Chunk 267
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 Group’s contract assets include retention receivables to be settled, based on the expiry of the defect liability period of the relevant contracts or in accordance with the terms specified in the relevant contracts, at the end of the reporting period. The balances are classified as current as they are expected to be received within the Group’s normal operating cycle.

The contract assets as of April
30, 2024 decreased as several electrical contracts progressed toward completion during the six months ended October 31, 2024. As of October
31, 2024, no significant contract assets were recorded for the newly secured electrical contracts, as electrical activities remained
low during the early stage of these contracts.

The movement in allowance for expected credit losses of contract assets computed based on lifetime ECL was as follows:

|                                 |     |     April 
 30,  2024 |     |   October 
 31,  2024 |   |     |   October 
 31,  2024 |   |
|:--------------------------------|:----|----------:|:----|----------:|:--|:----|----------:|:--|
|                                 |     |       SGD |     |       SGD |   |     |       USD |   |
| Contract assets                 |     |           |     |           |   |     |           |   |
| At beginning of financial year  |     |         - |     |     3,303 |   |     |     2,497 |   |
| Addition                        |     |     3,303 |     |      (721 | ) |     |      (545 | ) |
| At end of financial year/period |     |     3,303 |     |     2,582 |   |     |     1,952 |   |

Contract liabilities

The contract liabilities represent the Company’s obligation to transfer services to customers for which the Company has received consideration (or an amount of consideration is due) from the customers.

| F-69 |

<div align='center'>MAGNITUDE INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

| 8. | Contract                       
 assets/liabilities (Continued) |

Contract liabilities(Continued)

Set out below is the amount of revenue recognized from:

|                                               |     |   October 
 31,  2023 |     |   October 
 31,