Company: MAGH
Filing Date: 2025-01-02
Form Type: DRS
Source: 0001493152-25-000010
Chunk: 203

Company: Magnitude International Ltd
Filing Date: 2025-01-02
Form: DRS
Chunk 203
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 |
| Amount due to a director       |     |    14,308 |     |    55,899 |     |    40,994 |
| Other payables                 |     |     9,872 |     |    10,002 |     |     7,335 |
| GST payables, net              |     |         - |     |    49,360 |     |    36,198 |
| Accrued expenses               |     | 3,267,712 |     | 1,114,498 |     |   817,320 |
|                                |     | 3,291,892 |     | 1,229,759 |     |   901,847 |
| Total trade and other payables |     | 6,139,682 |     | 3,843,996 |     | 2,819,005 |

Trade payables are non-interest bearing and are normally settled within 45 days (2023: 45 days).

The amount due to a director is non-trade in nature, unsecured, non-interest bearing and repayable on demand.

Accrued expenses mainly consist of accrued professional fees and subcontractors’ costs.

| 14. | Provision |

|                   |     |    April 
 30, 2023 |     | April    
 30, 2024 |     | April    
 30, 2024 |
|:------------------|:----|---------:|:----|:---------|:----|:---------|
|                   |     |      SGD |     | SGD      |     | USD      |
| Onerous contracts |     |  130,343 |     | -        |     | -        |

Movements in provision were as follows:

|                           |     | Onerous contracts |   |     | Onerous contracts |   |
|                           |     |               SGD |   |     |               USD |   |
| Balance at May 1, 2022    |     |         1,967,826 |   |     |         1,443,111 |   |
| Addition                  |     |            18,861 |   |     |            13,831 |   |
| Utilization               |     |        (1,856,344 | ) |     |        (1,361,355 | ) |
| Balance at April 30, 2023 |     |           130