Annual Report 2024
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueS$ | 3,045,625 | 2,883,592 | PDF p. 81 |
| Other incomeS$ | 1,578,434 | 205,960 | PDF p. 81 |
| Raw materials and consumables usedS$ | (944,555) | (597,481) | PDF p. 81 |
| Changes in inventoriesS$ | (41,150) | (77,714) | PDF p. 81 |
| Employee benefits expenseS$ | (2,130,101) | (1,825,449) | PDF p. 81 |
| Rental expensesS$ | (53,778) | (60,594) | PDF p. 81 |
| Depreciation and amortisation expensesS$ | (23,477) | (450,092) | PDF p. 81 |
| Impairment of plant and equipmentS$ | – | (82,087) | PDF p. 81 |
| Impairment of right-of-use assetsS$ | – | (55,755) | PDF p. 81 |
| Impairment of goodwillS$ | (500,000) | – | PDF p. 81 |
| Other operating expensesS$ | (1,801,289) | (1,630,134) | PDF p. 81 |
| Finance costsS$ | (32,294) | (100,675) | PDF p. 81 |
| Loss before income taxS$ | (902,585) | (1,790,429) | PDF p. 81 |
| Income tax expenseS$ | – | – | PDF p. 81 |
| Loss for the yearS$ | (902,585) | (1,790,429) | PDF p. 81 |
| Other comprehensive income | |||
| Exchange differences on translation of foreign operationsS$ | (4,608) | 66,774 | PDF p. 81 |
| Total comprehensive loss for the yearS$ | (907,193) | (1,723,655) | PDF p. 81 |
| (Loss)/profit attributable to | |||
| Owners of the CompanyS$ | (998,045) | (1,790,429) | PDF p. 81 |
| Non-controlling interestsS$ | 95,460 | – | PDF p. 81 |
| SubtotalS$ | (902,585) | (1,790,429) | PDF p. 81 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the CompanyS$ | (1,002,653) | (1,723,655) | PDF p. 81 |
| Non-controlling interestsS$ | 95,460 | – | PDF p. 81 |
| SubtotalS$ | (907,193) | (1,723,655) | PDF p. 81 |
| Loss per share (S$) | |||
| BasicS$ per share | (0.003) | (0.004) | PDF p. 81 |
| DilutedS$ per share | (0.003) | (0.004) | PDF p. 81 |
Original report: PDF p. 81 ↗
For the financial year ended 30 September 2024. Amounts in $ (Singapore dollars). Only a consolidated Group statement is presented; no separate Company income statement was found on this page.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | 2024Company | 2023Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and bank balancesS$ | 297,240 | 2,927,140 | 221,020 | 2,820,119 | PDF p. 80 |
| Trade and other receivablesS$ | 765,503 | 202,140 | 217,100 | 104,919 | PDF p. 80 |
| Amount due from related partiesS$ | 101,600 | – | – | – | PDF p. 80 |
| InventoriesS$ | 7,423 | 48,552 | – | – | PDF p. 80 |
| Total current assetsS$ | 1,171,766 | 3,177,832 | 438,120 | 2,925,038 | PDF p. 80 |
| Non-current assets | |||||
| Trade and other receivablesS$ | 54,000 | 354,556 | – | 120,000 | PDF p. 80 |
| Intangible assetsS$ | 671,587 | – | – | – | PDF p. 80 |
| Plant and equipmentS$ | 79,597 | – | 1,394 | – | PDF p. 80 |
| Right-of-use assetsS$ | 21,155 | – | – | – | PDF p. 80 |
| Amount due from subsidiariesS$ | – | – | 294 | – | PDF p. 80 |
| Investment in subsidiariesS$ | – | – | 600,105 | 105 | PDF p. 80 |
| Total non-current assetsS$ | 826,339 | 354,556 | 601,793 | 120,105 | PDF p. 80 |
| Current liabilities | |||||
| Loans and borrowingsS$ | 500,000 | 7,125,000 | 500,000 | 7,125,000 | PDF p. 80 |
| Trade and other payablesS$ | 2,579,537 | 3,857,058 | 1,851,944 | 2,860,247 | PDF p. 80 |
| Lease liabilitiesS$ | 18,734 | 953,376 | – | – | PDF p. 80 |
| Amount due to holding companyS$ | – | 145,517 | – | 145,517 | PDF p. 80 |
| ProvisionsS$ | 36,312 | 33,912 | 29,141 | 29,141 | PDF p. 80 |
| Income tax payableS$ | 28,340 | – | – | – | PDF p. 80 |
| Total current liabilitiesS$ | 3,162,923 | 12,114,863 | 2,381,085 | 10,159,905 | PDF p. 80 |
| Non-current liabilities | |||||
| Loans and borrowingsS$ | 3,500,000 | – | 3,500,000 | – | PDF p. 80 |
| ProvisionsS$ | – | 98,915 | – | – | PDF p. 80 |
| Lease liabilitiesS$ | 2,820 | 97,997 | – | – | PDF p. 80 |
| Total non-current liabilitiesS$ | 3,502,820 | 196,912 | 3,500,000 | – | PDF p. 80 |
| Equity | |||||
| Share capitalS$ | 25,681,005 | 25,181,005 | 25,681,005 | 25,181,005 | PDF p. 80 |
| Capital reserveS$ | – | – | 2,063,751 | 2,063,751 | PDF p. 80 |
| Convertible redeemable preference sharesS$ | 4,500,000 | – | 4,500,000 | – | PDF p. 80 |
| Accumulated lossesS$ | (34,978,047) | (33,980,002) | (37,085,928) | (34,359,518) | PDF p. 80 |
| Translation reserveS$ | 15,002 | 19,610 | – | – | PDF p. 80 |
| Equity attributable to owner of the companyS$ | (4,782,040) | (8,779,387) | (4,841,172) | (7,114,762) | PDF p. 80 |
| Non-controlling interestsS$ | 114,402 | – | – | – | PDF p. 80 |
| Total deficitS$ | (4,667,638) | (8,779,387) | (4,841,172) | (7,114,762) | PDF p. 80 |
| Total liabilities and equityS$ | 1,998,105 | 3,532,388 | 1,039,913 | 3,045,143 | PDF p. 80 |
Original report: PDF p. 80 ↗
As at 30 September 2024. Amounts in $ (Singapore dollars).
Company 2024 Total assets is printed as '1.039,913' (with a period) in the source; preserved as printed. Total liabilities and equity shows 1,039,913.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 3,045,625 | 2,883,592 | PDF p. 81 |
| Other income$ | 1,578,434 | 205,960 | PDF p. 81 |
| Raw materials and consumables used$ | (944,555) | (597,481) | PDF p. 81 |
| Changes in inventories$ | (41,150) | (77,714) | PDF p. 81 |
| Employee benefits expense$ | (2,130,101) | (1,825,449) | PDF p. 81 |
| Rental expenses$ | (53,778) | (60,594) | PDF p. 81 |
| Depreciation and amortisation expenses$ | (23,477) | (450,092) | PDF p. 81 |
| Impairment of plant and equipment$ | – | (82,087) | PDF p. 81 |
| Impairment of right-of-use assets$ | – | (55,755) | PDF p. 81 |
| Impairment of goodwill$ | (500,000) | – | PDF p. 81 |
| Other operating expenses$ | (1,801,289) | (1,630,134) | PDF p. 81 |
| Finance costs$ | (32,294) | (100,675) | PDF p. 81 |
| Loss before income tax$ | (902,585) | (1,790,429) | PDF p. 81 |
| Income tax expense$ | – | – | PDF p. 81 |
| Loss for the year$ | (902,585) | (1,790,429) | PDF p. 81 |
| Other comprehensive income | |||
| Exchange differences on translation of foreign operations$ | (4,608) | 66,774 | PDF p. 81 |
| Total comprehensive loss for the year$ | (907,193) | (1,723,655) | PDF p. 81 |
| (Loss)/profit attributable to | |||
| Owners of the Company$ | (998,045) | (1,790,429) | PDF p. 81 |
| Non-controlling interests$ | 95,460 | – | PDF p. 81 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$ | (1,002,653) | (1,723,655) | PDF p. 81 |
| Non-controlling interests$ | 95,460 | – | PDF p. 81 |
| Loss per share (S$) | |||
| BasicS$ | (0.003) | (0.004) | PDF p. 81 |
| DilutedS$ | (0.003) | (0.004) | PDF p. 81 |
Original report: PDF p. 81 ↗
Amounts in $ (Singapore dollars). No Company-level comprehensive income statement is presented; Company loss is shown in the Company statement of changes in equity.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group – Share capital | 2024Group – Convertible redeemable preference shares (CRPS) | 2024Group – Translation reserve | 2024Group – Accumulated losses | 2024Group – Equity attributable to owners of the company | 2024Group – Non-controlling interest | 2024Group – Total | Source |
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| Balance at 1 October 2023$ | 25,181,005 | – | 19,610 | (33,980,002) | (8,779,387) | – | (8,779,387) | PDF p. 82 |
| Issue of new shares$ | 500,000 | – | – | – | 500,000 | – | 500,000 | PDF p. 82 |
| Issue of CRPS$ | – | 4,500,000 | – | – | 4,500,000 | – | 4,500,000 | PDF p. 82 |
| Acquisition of subsidiary$ | – | – | – | – | – | 18,942 | 18,942 | PDF p. 82 |
| Group – Total comprehensive loss for the year | ||||||||
| Loss for the year$ | – | – | – | (998,045) | (998,045) | 95,460 | (902,585) | PDF p. 82 |
| Other comprehensive loss$ | – | – | (4,608) | – | (4,608) | – | (4,608) | PDF p. 82 |
| Total comprehensive loss for the year (subtotal)$ | – | – | (4,608) | (998,045) | (1,002,653) | 95,460 | (907,193) | PDF p. 82 |
| Group | ||||||||
| Balance at 30 September 2024$ | 25,681,005 | 4,500,000 | 15,002 | (34,978,047) | (4,782,040) | 114,402 | (4,667,638) | PDF p. 82 |
Original report: PDF p. 82 ↗
Amounts in $. Translation reserve refers to Note 17.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2023Group – Share capital | 2023Group – Convertible redeemable preference shares (CRPS) | 2023Group – Translation reserve | 2023Group – Accumulated losses | 2023Group – Equity attributable to owners of the company | 2023Group – Non-controlling interest | 2023Group – Total | Source |
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| Balance at 1 October 2022$ | 25,181,005 | – | (47,164) | (32,189,573) | (7,055,732) | – | (7,055,732) | PDF p. 82 |
| Group – Total comprehensive loss for the year | ||||||||
| Loss for the year$ | – | – | – | (1,790,429) | (1,790,429) | – | (1,790,429) | PDF p. 82 |
| Other comprehensive income$ | – | – | 66,774 | – | 66,774 | – | 66,774 | PDF p. 82 |
| Total comprehensive loss for the year (subtotal)$ | – | – | 66,774 | (1,790,429) | (1,723,655) | – | (1,723,655) | PDF p. 82 |
| Group | ||||||||
| Balance at 30 September 2023$ | 25,181,005 | – | 19,610 | (33,980,002) | (8,779,387) | – | (8,779,387) | PDF p. 82 |
Original report: PDF p. 82 ↗
Comparative period movements printed on the same page; amounts in $.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Company – Share capital (FY2024 movements) | 2024Company – Capital reserve | 2024Company – CRPS | 2024Company – Accumulated losses | 2024Company – Total | Source |
|---|---|---|---|---|---|---|
| Company FY2024 | ||||||
| Balance at 1 October 2023$ | 25,181,005 | 2,063,751 | – | (34,359,518) | (7,114,762) | PDF p. 83 |
| Issue of new shares$ | 500,000 | – | – | – | 500,000 | PDF p. 83 |
| Issue of CRPS$ | – | – | 4,500,000 | – | 4,500,000 | PDF p. 83 |
| Loss for the year, representing total comprehensive loss for the year$ | – | – | – | (2,726,410) | (2,726,410) | PDF p. 83 |
| Balance at 30 September 2024$ | 25,681,005 | 2,063,751 | 4,500,000 | (37,085,928) | (4,841,172) | PDF p. 83 |
| Company FY2023 | ||||||
| Balance at 1 October 2022$ | 25,181,005 | 2,063,751 | – | (32,048,393) | (4,803,637) | PDF p. 83 |
| Loss for the year, representing total comprehensive loss for the year$ | – | – | – | (2,311,125) | (2,311,125) | PDF p. 83 |
| Balance at 30 September 2023$ | 25,181,005 | 2,063,751 | – | (34,359,518) | (7,114,762) | PDF p. 83 |
Original report: PDF p. 83 ↗
Amounts in $. Rows for 1 Oct 2022 to 30 Sep 2023 are the FY2023 comparative movements, with column order Share capital, Capital reserve, CRPS, Accumulated losses, Total.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Operating activities | |||
| Loss before income tax$ | (902,585) | (1,790,429) | PDF p. 84 |
| Operating activities – Adjustments for | |||
| Depreciation and amortisation expenses$ | 23,477 | 450,092 | PDF p. 84 |
| Gain on lease modification$ | (73,129) | – | PDF p. 84 |
| Write-off of inventories$ | 19,181 | 36,132 | PDF p. 84 |
| Write-off of trade and other payables$ | (1,489,133) | – | PDF p. 84 |
| Impairment loss on goodwill$ | 500,000 | – | PDF p. 84 |
| Impairment loss on plant and equipment$ | – | 82,087 | PDF p. 84 |
| Impairment loss on right-of-use assets$ | – | 55,755 | PDF p. 84 |
| Gain on liquidation of subsidiaries$ | – | (130,622) | PDF p. 84 |
| Foreign exchange differences$ | (4,608) | 66,774 | PDF p. 84 |
| Interest income$ | (14,578) | (8,651) | PDF p. 84 |
| Interest expense$ | 32,294 | 100,675 | PDF p. 84 |
| Operating activities | |||
| Operating cash flows before movements in working capital$ | (1,909,081) | (1,138,187) | PDF p. 84 |
| Decrease/(Increase) in trade and other receivables$ | 256,628 | (290,591) | PDF p. 84 |
| Decrease in inventories$ | 21,946 | 22,906 | PDF p. 84 |
| (Decrease)/Increase in trade and other payables$ | (408,715) | 499,281 | PDF p. 84 |
| (Decrease)/Increase in amount due to holding company$ | (145,517) | 41,574 | PDF p. 84 |
| (Decrease)/Increase in provisions$ | (96,515) | 5,766 | PDF p. 84 |
| Cash used in operations$ | (2,281,254) | (859,251) | PDF p. 84 |
| Income tax paid$ | – | – | PDF p. 84 |
| Net cash used in operating activities$ | (2,281,254) | (859,251) | PDF p. 84 |
| Investing activities | |||
| Purchase of plant and equipment$ | (68,892) | (14,312) | PDF p. 84 |
| Interest received$ | 14,578 | 8,651 | PDF p. 84 |
| Acquisition of subsidiary, net cash outflow$ | (1,196,357) | – | PDF p. 84 |
| Liquidation of subsidiaries, net cash outflow$ | – | (2,493) | PDF p. 84 |
| Net cash used in investing activities$ | (1,250,671) | (8,154) | PDF p. 84 |
Original report: PDF p. 84 ↗
Amounts in $. No Company cash flow statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group | 2023Group | Source |
|---|---|---|---|
| Financing activities | |||
| Proceeds from borrowings$ | 3,500,000 | 4,550,000 | PDF p. 85 |
| Repayment of borrowings$ | (1,625,000) | – | PDF p. 85 |
| Repayment of lease liabilities$ | (940,681) | (939,743) | PDF p. 85 |
| Interest paid in relation to lease liabilities$ | (23,006) | (58,175) | PDF p. 85 |
| Interest paid in relation to borrowings$ | (9,288) | (42,500) | PDF p. 85 |
| Net cash generated from financing activities$ | 902,025 | 3,509,582 | PDF p. 85 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$ | (2,629,900) | 2,642,177 | PDF p. 85 |
| Cash and cash equivalents at beginning of the year$ | 2,927,140 | 284,963 | PDF p. 85 |
| Cash and cash equivalents at end of the year$ | 297,240 | 2,927,140 | PDF p. 85 |
Original report: PDF p. 85 ↗
Amounts in $. Note A (cash and bank balances of subsidiaries as of liquidation date, 2023, $) lists Danish Breweries Pte. Ltd. –, Hawker QSR Pte. Ltd. –, Draff Beer Pte Ltd 14, NSB Crab Factory (China) Pte Ltd 386, NSB Mom’s Touch Pte Ltd 210, Food Terminal Trading Pte Ltd 1,883, total 2,493.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, S$ | 2023Group, S$ | Source |
|---|---|---|---|
| Loss per share (S$) | |||
| BasicS$ | (0.003) | (0.004) | PDF p. 81 |
| DilutedS$ | (0.003) | (0.004) | PDF p. 81 |
Original report: PDF p. 81 ↗
Note 25: The diluted loss per share is the same as the basic loss per share as the Group incurred a loss for the financial year. Accordingly, all potential ordinary shares are anti‑dilutive and have been excluded from the calculation of diluted loss per share.
Where the money comes from
| Item / unit | 2024Group Revenue ($) | 2023Group Revenue ($) | 2024Group Net Profit/(loss) ($) | 2023Group Net Profit/(loss) ($) | Source |
|---|---|---|---|---|---|
| Revenue / Net profit | |||||
| Seafood Restaurant business$ | – | – | 1,076,201 | (223,424) | PDF p. 125 |
| Other Restaurant business$ | 1,919,964 | 2,883,592 | 432,993 | 81,968 | PDF p. 125 |
| Beer business$ | – | – | – | (1,359) | PDF p. 125 |
| Catering Management$ | 1,125,661 | – | 238,857 | – | PDF p. 125 |
| Total segments$ | 3,045,625 | 2,883,592 | 1,748,051 | (142,815) | PDF p. 125 |
Reconciling items follow the segment total; their two columns are 2024 and 2023 net profit/(loss) only.
| Item / unit | 2024Group ($) | 2023Group ($) | Source |
|---|---|---|---|
| Segment assets | |||
| Seafood Restaurant business*$ | 440,724 | 3,046,299 | PDF p. 125 |
| Other Restaurant business$ | 467,180 | 486,089 | PDF p. 125 |
| Catering Management$ | 1,090,201 | – | PDF p. 125 |
| Total segment assets$ | 1,998,105 | 3,532,388 | PDF p. 125 |
| Segment liabilities | |||
| Seafood Restaurant business$ | 5,930,984 | 10,210,981 | PDF p. 125 |
| Other Restaurant business$ | 603,876 | 2,100,794 | PDF p. 125 |
| Catering Management$ | 102,543 | – | PDF p. 125 |
| Total segment liabilities$ | 6,637,403 | 12,311,775 | PDF p. 125 |
| Unallocated liabilities$ | 28,340 | – | PDF p. 125 |
| Total liabilities$ | 6,665,743 | 12,311,775 | PDF p. 125 |
* Included cash and bank balances in the Company
| Item / unit | 2024Group Depreciation and amortisation expense ($) | 2023Group Depreciation and amortisation expense ($) | 2024Group Capital expenditure ($) | 2023Group Capital expenditure ($) | Source |
|---|---|---|---|---|---|
| Segment | |||||
| Seafood restaurant business$ | 205 | 367 | 2,200 | 6,600 | PDF p. 126 |
| Other restaurant business$ | 461 | 449,614 | 53,350 | 7,712 | PDF p. 126 |
| Beer business$ | – | 111 | – | – | PDF p. 126 |
| Catering Management$ | 22,811 | – | 13,342 | – | PDF p. 126 |
| Total$ | 23,477 | 450,092 | 68,892 | 14,312 | PDF p. 126 |
Geographical information: The Group only operates in Singapore. No geographic table is printed.
No single major customer contributed more than 5% of the Group's total revenue.
Debt
| Item / unit | 2024$ | 2023$ | Source |
|---|---|---|---|
| Loans by loan | |||
| Loan A$ | 500,000 | 2,125,000 | PDF p. 119 |
| Loan B$ | – | 450,000 | PDF p. 119 |
| Loan C$ | – | 4,550,000 | PDF p. 119 |
| Loan D$ | 3,500,000 | – | PDF p. 119 |
| Current/non-current | |||
| Current portion$ | 500,000 | 7,125,000 | PDF p. 119 |
| Non-current portion$ | 3,500,000 | – | PDF p. 119 |
Loan A: $3 million drawn May 2020 from a financial institution; unsecured; repayable in 48 equal monthly instalments from June 2021; fixed rate 2% per annum; fully repaid May 2025.
Loan B: S$450,000 interest free, repayable on demand if Implementation Agreement not completed by long stop date; converted to equity in FY2024.
Loan C: S$4.55 million interest free, repayable on demand if Implementation Agreement not completed; converted to equity in FY2024.
Loan D: S$3.5 million escrow fund from Valiant Investments Limited; utilisation fee upon maturity at annual rate of 12.5% on amounts utilised.
Total row printed: 4,000,000 (2024) and 7,125,000 (2023). All loans denominated in $ (Singapore dollars as printed); security status disclosed only for Loan A (unsecured).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company currently does not have a fixed dividend policy. | Company, FY2024 | PDF p. 38 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend is declared for FY2024 | No dividend is declared for FY2024 | Group, FY2024 | PDF p. 38 |
Extracted from Annual Report 2024 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PKF-CAP LLP | Group and Company, year ended 30 September 2024 | PDF p. 79 |
| Engagement partner | Ang Kok Keong | Group and Company, year ended 30 September 2024 | PDF p. 79 |
| Opinion | Unmodified | Group and Company, year ended 30 September 2024 | PDF p. 75 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material Uncertainty Related to Going Concern | these conditions, along with other matters as set forth in Note 31, indicate the existence of a material uncertainty that may cast significant doubt on the Group and Company’s ability to continue as going concerns. | Group and Company, year ended 30 September 2024 | PDF p. 75 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of goodwill and cost of investment in subsidiaries | Impairment assessment of goodwill and cost of investment in subsidiaries | Group goodwill and Company cost of investment in subsidiaries, 30 September 2024 | PDF p. 76 |
Extracted from Annual Report 2024 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2024, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.