Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 156

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 156
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 in contract assets is primarily attributable to new electrical
projects secured at the end of April 30, 2024 or at the beginning of the financial year ended April 30, 2025, for which the Group has
performed preliminary electrical works that have not yet been certified by the main contractor.

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

Schedule
of allowance for expected credit losses of contract assets

                                      April 30, 2024                 April 30, 2025                  April 30, 2025              
                                      SGD                            SGD                             USD                         
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Contract assets                                                                                                                
  At beginning of financial year                          2,491                           3,303                           2,530  
  Addition                                                  812                          14,814                          11,348  
  At end of financial year                                3,303                          18,117                          13,878  

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.

The decrease in contract liabilities is primarily attributable to the completion
of certain electrical projects carried forward from April 30, 2024, which were completed during the financial year ended April 30, 2025.

Set
out below is the amount of revenue recognized from:

Schedule
of amount of revenue contract liabilities

                                                                             April 30, 2024                     April 30, 2025                   April 30, 2025               
                                                                             SGD                                SGD                              USD                          
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Amounts included in contract liabilities at the beginning of the year                          1,079,387                          581,767                          445,662  
  Performance obligations satisfied in previous years                                               47,081                          -                                -        

Transaction
price allocated to remaining performance obligations

Management
expects that the transaction price allocated to remaining unsatisfied (or partially unsatisfied) performance obligations as at April
30, 2024 and 2025 may be recognized as revenue in the next reporting periods as follows:

Schedule
of transaction price allocated to remaining performance obligations

                                                                            April 30, 2025      April 30, 2026                      April 30, 2027