17. TRADE AND OTHER RECEIVABLES (CONTINUED) Movements in the loss allowance for non-trade receivables due from associates are as follows: Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Balance at beginning of financial year 815 1,564 – 722 Reversal of loss allowance made in prior year – non-credit impaired – (722) – (722) Currency realignment 4 (27) – – Balance at end of financial year 819 815 – – During the financial year ended 30 September 2025, there is a reversal of loss allowance of $Nil (2024: $722,000) was recognised in profit or loss. Movements in the loss allowance for non-trade receivables due from joint ventures are as follows: Group 2025 2024 $’000 $’000 Balance at beginning and end of financial year 1,254 1,254 Movements in the loss allowance for non-trade receivables due from joint operations are as follows: Group 2025 2024 $’000 $’000 Balance at beginning and end of financial year 1,324 1,324 Trade and other receivables are denominated in the following currencies: Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Singapore dollar 32,827 27,443 30,916 29,998 United States dollar 37,790 32,950 – – Maldives rufiyaa 41 41 – – 70,658 60,434 30,916 29,998 18. CONTRACT ASSETS AND CONTRACT LIABILITIES Group 2025 2024 1 October 2023 $’000 $’000 $’000 Contract assets 33,167 28,754 22,347 Contract liabilities 16,195 16,244 3,155 During the financial year, the Group has recognised a reversal on loss allowance on contract assets arising from contracts with customers amounting to $647,000 (2024: $283,000). Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date for building construction contracts. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to the Group’s obligation to transfer goods or services to customers for which the Group has received advances from customers for building construction contracts. Contract liabilities are recognised as revenue as the Group fulfils its performance obligations under the contract. ANNUAL REPORT 2025 KEONG HONG HOLDINGS LIMITED 104 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2025
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