Company: MAGH
Filing Date: 2025-03-20
Form Type: DRS/A
Source: 0001641172-25-000048
Chunk: 256

Company: Magnitude International Ltd
Filing Date: 2025-03-20
Form: DRS/A
Chunk 256
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580 |   |
| Less: loss allowance |     |    (3,303 | ) |     |    (2,582 | ) |     |    (1,952 | ) |
|                      |     | 3,418,818 |   |     | 2,632,278 |   |     | 1,989,628 |   |
| Contract liabilities |     |   581,767 |   |     |    75,218 |   |     |    56,854 |   |

Contract assets

Amounts of contract assets represent the Group’s rights to considerations from customers for the provision of construction services, which arise when: (i) the Group completed the relevant services under such contracts; and (ii) the customers withhold certain amounts payable to the Group as retention money to secure the due performance of the contracts for a period of generally 12 months (defect liability period) after completion of the relevant works. Any amount previously recognized as a contract asset is reclassified to trade receivables at the point at which it becomes unconditional and is invoiced to the customer.

The Group’s contract assets are analyzed as follows:

|                       |     |     April 
 30,  2024 |     |   October 
 31,  2024 |     |   October 
 31,  2024 |
|:----------------------|:----|----------:|:----|----------:|:----|----------:|
|                       |     |       SGD |     |       SGD |     |       USD |
| Retention receivables |     | 1,839,910 |     | 1,216,644 |     |   919,610 |
| Others*               |     | 1,578,908 |     | 1,415,634 |     | 1,070,018 |
|                       |     | 3,418,818 |     | 2,632,278 |     | 1,989,628 |

* It represents the revenue not yet billed to the customers which the Group has completed the relevant services under such contracts but yet certified by representatives appointed by the customers.

The 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