Company: MAGH
Filing Date: 2025-06-10
Form Type: F-1/A
Source: 0001641172-25-014489
Chunk: 215

Company: Magnitude International Ltd
Filing Date: 2025-06-10
Form: F-1/A
Chunk 215
---
 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 movement in allowance for expected credit losses of contract assets computed based on lifetime ECL was as follows:

|                                |     |    April 
 30, 2023 |     |    April 
 30, 2024 |     |    April 
 30, 2024 |
|:-------------------------------|:----|---------:|:----|---------:|:----|---------:|
|                                |     |      SGD |     |      SGD |     |      USD |
| Contract assets                |     |          |     |          |     |          |
| At beginning of financial year |     |        - |     |    2,491 |     |    1,827 |
| Addition                       |     |    2,491 |     |      812 |     |      595 |
| At end of financial year       |     |    2,491 |     |    3,303 |     |    2,422 |

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.

In the previous financial year 2023, construction productivity was significantly lower due to the slow resumption of construction activities following the Circuit Breaker. With the progressive resumption of productivity in construction activities and the Group’s efforts in increasing productivities at site, the Group recorded a significant increase in contract assets and decrease in contract liabilities in financial year ended 2024 as compared to the previous financial year.

Set out below is the amount of revenue recognized from:

|                                                                       |     |     April 
  30, 2023 |     |     April 
  30, 2024 |     |    April 
 30, 2024 |
|:----------------------------------------------------------------------|:----|----------:|:----|----------:|:----|---------:|
|                                                                       |     |       SGD |     |       SGD |     |      USD |
| Amounts included in contract liabilities at the beginning of the year |     | 3,646,769 |     | 1,079,387 |     |  791,572 |
| Performance obligations satisfied in previous years                   |     |       877 |     |