Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 153

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 153
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 on the cash value at the date of withdrawal. The initial cash value of the policy is recognized as a
financial assets at fair value through profit or loss. The difference between the premium paid and initial cash surrender value of
SGD 64,412,
which represents the prepayments is not significant to the financial statements. The amount is charged to profit or loss during the
financial year ended April 30, 2024.

The
keyman life insurance policy is pledged to bank to secure banking facilities granted to the Group (Note 12).

This
policy is recorded in the financial statements at fair value, represented by the total cash surrender value of the contract stated in
the annual statement of this policy (level 3), as disclosed in Note 26.

The
currency profile of the Group’s financial assets at FVPL at the end of the reporting date are denominated in United States Dollar.

6. Deferred initial public offering (“ IPO”) costs

IPO costs directly attributable
to an offering of equity securities are deferred and would be charged against the gross proceeds of the offering. These costs include
professional fees that are directly attributable to the preparation of the Group’s proposed SEC filing such as legal fees, counsel
fees, consulting fees, and related costs. As of April 30, 2025, the accumulated deferred IPO cost was SGD1,049,720(USD804,139).

7. Trade and other receivables

Schedule
of trade and other receivables

                                                  April 30, 2024                     April 30, 2025                     April 30, 2025                 
                                                  SGD                                SGD                                USD                            
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Trade receivables                                                                                                                                    
  - third parties                                                     1,484,757                            996,732                            763,544  
  Less: Allowance for expected credit losses                           ( 59,582                           ( 49,855                           ( 38,191  
  Trade receivables                                                   1,425,175                            946,877                            725,353  
  Other receivables                                                                                                                                    
  - shareholders                                                         85,443                             81,796                             62,660  
  - third parties                                                       418,862                            448,261                            343,390  
  Less: Allowance for expected credit losses                          ( 398,607                          ( 398,607                          ( 305,