{"url_path":"/sec/fchl/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2023796/0001493152-26-023516-index.html","accession_number":"0001493152-26-023516","cik":"0002023796","ticker":"FCHL","issuer_name":"Fitness Champs Holdings Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2023796/0001493152-26-023516-index.html","primary_entity_key":"0002023796","primary_entity_name":"Fitness Champs Holdings Ltd"},"word_count":13731,"has_tables":true,"body_markdown":"**Item\n19. Exhibits**\n\n** **\n\n****\n\n**EXHIBIT\nINDEX**\n\n \n\n1.1\n \n[Second Amended and Restated Memorandum of Association and Form of Amended and Restated Articles of Association](https://www.sec.gov/Archives/edgar/data/2023796/000149315226012406/ex3-1.htm)\n\n \n \n \n\n2.1\n \n[Description of Securities](ex2-1.htm)\n\n \n \n \n\n3.1\n \n[Subsidiaries](https://www.sec.gov/Archives/edgar/data/2023796/000149315226012406/ex21-1.htm)\n\n \n \n \n\n12.1\n \n[Certification\nof the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended.](ex12-1.htm)\n\n \n \n \n\n12.2\n \n[Certification\nof the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended.](ex12-2.htm)\n\n \n \n \n\n13.1\n \n[Certification\nof the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the\nSarbanes-Oxley Act of 2002.](ex13-1.htm)\n\n \n \n \n\n101.INS\n \nXBRL\nInstance Document\n\n101.SCH\n \nXBRL\nTaxonomy Extension Schema Document\n\n101.CAL\n \nXBRL\nTaxonomy Extension Calculation Linkbase Document\n\n101.DEF\n \nXBRL\nTaxonomy Extension Definition Linkbase Document\n\n101.LAB\n \nXBRL\nTaxonomy Extension Label Linkbase Document\n\n101.PRE\n \nXBRL\nTaxonomy Extension Presentation Linkbase Document\n\n104\n \nCover\nPage Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101\n\n \n\n71\n\n \n\n** **\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID 6732)](#Fin_001)\nF-2\n\n[Consolidated Balance Sheets as of December 31, 2024 and 2025](#Fin_002)\nF-3\n\n[Consolidated Statements of Income and Comprehensive Income for the Years Ended December 31, 2023, 2024 and 2025](#Fin_003)\nF-4\n\n[Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2023, 2024 and 2025](#Fin_004)\nF-5\n\n[Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#Fin_005)\nF-6\n\n[Notes to Consolidated Financial Statements for the Years ended December 31, 2023, 2024 and 2025](#Fin_006)\nF-7\n- F-28\n\n \n\nF-1\n\n \n\n** **\n\n****\n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo\nThe Shareholders and Board of Directors of Fitness Champs Holdings Limited and its Subsidiaries\n\n \n\n**Opinion\non the consolidated financial statements**\n\n \n\nWe\nhave audited the accompanying consolidated balance sheets of Fitness Champs Holdings Limited and its Subsidiaries (collectively\nreferred to as the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations\nand comprehensive income, changes in shareholders equity and cash flows for each of the years in the three-year period ended\nDecember 31, 2025 and the related notes (collectively referred to as the “financial statements”). In our opinion, the\nfinancial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and\n2024 and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in\nconformity with accounting principles generally accepted in the United States of America.\n\n \n\n**Basis\nfor Opinion**\n\n \n\nThese\nconsolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion\non the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public\nCompany Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company\nin accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission\nand the PCAOB.\n\n \n\nWe\nconducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain\nreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company\nis not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,\nwe are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur\naudits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error\nor fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding\nthe amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant\nestimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits\nprovide a reasonable basis for our opinion.\n\n \n\n */s/\nOnestop Assurance PAC*\n\n \n\nWe\nhave served as the Company’s auditor since 2023.\n\nSingapore\n \n\n \n\nMay 15, 2026\n\nPCAOB\nID# 6732\n\n \n\nF-2\n\n \n\n** **\n\n**Fitness\nChamps Holdings Limited**\n\n**Consolidated\nBalance Sheets**\n\n**(Amount\nin thousands, except for share and per share data, or otherwise noted)**\n\n \n\n  \nNote \n2024  \n2025  \n2025 \n\n  \n  \nAs of December 31, \n\n  \nNote \n2024  \n2025  \n2025 \n\n  \n  \nS$’000  \nS$’000  \n\n**US$’000**\n\nNote 2(d)\n \n\nASSETS \n  \n    \n    \n   \n\n  \n  \n    \n    \n   \n\nCurrent assets: \n  \n    \n    \n   \n\nCash and cash equivalents \n  \n 314  \n 1,990  \n 1,549 \n\nAccounts receivable \n4 \n -  \n -  \n - \n\nDeposits, prepayments and other receivables \n5 \n 1,371  \n 67  \n 52 \n\nTotal current assets \n  \n 1,685  \n 2,057  \n 1,601 \n\n  \n  \n    \n    \n   \n\nNon-current assets: \n  \n    \n    \n   \n\nProperty and equipment, net \n6 \n 584  \n 537  \n 418 \n\nIntangible assets \n7 \n 58  \n 73  \n 57 \n\nRight-of-use asset \n8 \n 37  \n -  \n - \n\nTotal non-current assets \n  \n 679  \n 610  \n 475 \n\n  \n  \n    \n    \n   \n\nTOTAL ASSETS \n  \n 2,364  \n 2,667  \n 2,076 \n\n  \n  \n    \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n  \n    \n    \n   \n\n  \n  \n    \n    \n   \n\nCurrent liabilities: \n  \n    \n    \n   \n\nAccounts payable and accrued liabilities \n9 \n 719  \n 1,274  \n 992 \n\nBank borrowings \n10 \n 62  \n 10  \n 8 \n\nLease liabilities \n8 \n 37  \n -  \n - \n\nAmount due to director \n11 \n 1,129  \n 218  \n 170 \n\nIncome tax payable \n  \n 4  \n 8  \n 6 \n\nTotal current liabilities \n  \n 1,951  \n 1,510  \n 1,176 \n\n  \n  \n    \n    \n   \n\nNon-current liabilities: \n  \n    \n    \n   \n\nBank borrowings \n10 \n 398  \n 388  \n 302 \n\nLease liabilities \n8 \n -  \n -  \n - \n\nTotal non-current liabilities \n  \n 398  \n 388  \n 302 \n\n  \n  \n    \n    \n   \n\nTOTAL LIABILITIES \n  \n 2,349  \n 1,898  \n 1,478 \n\n  \n  \n    \n    \n   \n\nCommitments and contingencies \n  \n -  \n -  \n - \n\n  \n  \n    \n    \n   \n\nShareholders’ equity: \n  \n    \n    \n   \n\nOrdinary share, par value US$0.00225,\n222,222,222.22 shares authorized,\n37,777.78 shares issues and outstanding\n* \n12 \n -** \n -** \n -**\n\nAdditional paid-in capital \n  \n 11  \n 2,137  \n 1,664 \n\nRetained earnings/(Accumulated losses) \n  \n 4  \n (1,361) \n (1,060)\n\nTranslation reserve \n  \n -  \n (7) \n (6)\n\nTotal shareholders’ equity \n  \n 15  \n 769  \n 598 \n\n  \n  \n    \n    \n   \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY \n  \n 2,364  \n 2,667  \n 2,076 \n\n \n\n*Retrospectively\npresented for the effect of (i) the issuance of 1 ordinary share on February 15, 2024 in preparation of the Company’s initial public\noffering, (ii) the 1:200 share subdivision and 5,000,000 share surrender approved on October 2, 2024, (iii) the 15 for 1 reverse\nshare split effected on February 12, 2026, and (iv) the 30 for 1 reverse share split\neffected on May 4, 2026.\n\n  \n\n**Below $$1,000/US$1,000\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\n \n\nF-3\n\n \n\n \n\n**Fitness\nChamps Holdings Limited**\n\n**Consolidated\nStatements of Income and Comprehensive Income**\n\n \n\n**(Amount\nin thousands, except for share and per share data, or otherwise noted)**\n\n \n\n  \nNote \n2023  \n2024  \n2025  \n2025 \n\n  \n  \nYears ended December 31, \n\n  \nNote \n2023  \n2024  \n2025  \n2025 \n\n  \n  \nS$’000  \nS$’000  \nS$’000  \n\n**US$’000**\n\nNote 2(d)\n \n\nRevenues \n3,13 \n 4,650  \n 4,216  \n 4,150  \n 3,232 \n\n  \n  \n    \n    \n    \n   \n\nCost of revenue \n  \n (2,660) \n (2,694) \n (3,015) \n (2,348)\n\n  \n  \n    \n    \n    \n   \n\nGross profit \n  \n 1,990  \n 1,522  \n 1,135  \n 884 \n\n  \n  \n    \n    \n    \n   \n\nOperating expenses: \n  \n    \n    \n    \n   \n\nSelling and distribution \n  \n (25) \n (173) \n (333) \n (260)\n\nGeneral and administrative \n  \n (759) \n (1,303) \n (2,274) \n (1,771)\n\nTotal operating expenses \n  \n (784) \n (1,476) \n (2,607) \n (2,031)\n\n  \n  \n    \n    \n    \n   \n\nProfit/(Loss) from operations \n  \n 1,206  \n 46  \n (1,472) \n (1,147)\n\n  \n  \n    \n    \n    \n   \n\nOther income (expense): \n  \n    \n    \n    \n   \n\nInterest income \n  \n 3  \n 6  \n 4  \n 3 \n\nInterest expense \n  \n (22) \n (25) \n (19) \n (15)\n\nGovernment grants \n  \n 48  \n 114  \n 94  \n 74 \n\nRental income \n  \n -  \n 30  \n 32  \n 25 \n\nTotal other income, net \n  \n 29  \n 125  \n 111  \n 87 \n\n  \n  \n    \n    \n    \n   \n\nIncome/(Loss) before income tax \n  \n 1,235  \n 171  \n (1,361) \n (1,060)\n\n  \n  \n    \n    \n    \n   \n\nIncome tax (expense) benefit \n14 \n (117) \n 1  \n (4) \n (3)\n\n  \n  \n    \n    \n    \n   \n\nNET INCOME/(LOSS) \n  \n 1,118  \n 172  \n (1,365) \n (1,063)\n\n  \n  \n    \n    \n    \n   \n\nOther comprehensive income \n  \n    \n    \n    \n   \n\nItems that may be reclassified subsequently to profit or loss: \n  \n    \n    \n    \n   \n\n  \n  \n    \n    \n    \n   \n\nForeign currency translation adjustment \n  \n -  \n -  \n (7) \n (6)\n\nTOTAL COMPREHENSIVE INCOME/(LOSS) \n  \n 1,118  \n 172  \n (1,372) \n (1,069)\n\n  \n  \n    \n    \n    \n   \n\nEarnings/(Loss) per ordinary share \n  \n    \n    \n    \n   \n\nBasic and diluted \n  \n 1,118  \n 20.98  \n (141.69) \n (110.34)\n\n  \n  \n    \n    \n    \n   \n\nWeighted average number of ordinary shares \n  \n    \n    \n    \n   \n\nBasic and diluted* \n  \n -** \n 8,197  \n 9,634  \n 9,634 \n\n \n\n*\nRetrospectively\npresented for the effect of (i) the issuance of 1 ordinary share on February 15, 2024 in preparation of the Company’s initial\npublic offering, (ii) the 1:200 share subdivision and 5,000,000 share surrender approved on October 2, 2024, (iii) the 15 for\n1 reverse share split effected on February 12, 2026, and (iv) the 30 for 1 reverse share split\neffected on May 4, 2026.\n\n \n \n\n**Below S$1,000/US$1,000\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\n \n\nF-4\n\n \n\n \n\n**Fitness\nChamps Holdings Limited**\n\n**Consolidated\nStatements of Changes in Shareholders’ Equity**\n\n \n\n**(Amount\nin thousands, except for share and per share data, or otherwise noted)**\n\n \n\n  \n  \n   \nS$’000  \nS$’000  \nS$’000  \n   \nS$’000 \n\n  \n  \nOrdinary Shares  \n   \n   \n  \n\n  \nNote \nNo. of shares*  \nAmount  \nAdditional Paid-in capital  \n\n**Retained earnings/**\n\n**(Accumulated losses)**\n  \nTranslation reserve  \nTotal\n\nShareholders’\nequity \n\n  \n  \n   \nS$’000  \nS$’000  \nS$’000  \n   \nS$’000 \n\n  \n  \n   \n   \n   \n   \n   \n  \n\nBalance as of January 1, 2023 \n  \n -** \n -** \n 11  \n 250  \n -  \n 261 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nDividends \n15 \n -  \n -  \n -  \n (1,236) \n -  \n (1,236)\n\n  \n  \n    \n    \n    \n    \n    \n   \n\nNet income for the year \n  \n -  \n -  \n -  \n 1,118  \n -  \n 1,118 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nBalance as of January 1, 2024 \n  \n -** \n -** \n 11  \n 132  \n -  \n 143 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nShare issued during the year \n  \n 33,334  \n -  \n -  \n -  \n -  \n - \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nDividends \n15 \n -  \n -  \n -  \n (300) \n -  \n (300)\n\n  \n  \n    \n    \n    \n    \n    \n   \n\nNet income for the year \n  \n -  \n -  \n -  \n 172  \n -  \n 172 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nBalance as of December 31, 2024 \n  \n 33,334  \n -** \n 11  \n 4  \n -  \n 15 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nShare issued during the year \n  \n 4,444  \n -  \n 2,126  \n -  \n -  \n 2,126 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nNet loss for the year \n  \n -  \n -  \n -  \n (1,365) \n -  \n (1,365) \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nForeign currency translation \n  \n -  \n -  \n -  \n -  \n (7) \n (7)\n\n  \n  \n    \n    \n    \n    \n    \n   \n\nBalance as of December 31, 2025 \n  \n 37,778  \n -** \n 2,137  \n (1,361) \n (7) \n 769 \n\n \n\n  \n  \nOrdinary Shares  \n   \n   \n  \n\n  \nNote \n\n**No. of**\n\n**shares***\n  \nAmount  \nAdditional Paid-in capital  \n\n**Retained earnings/**\n\n**(Accumulated losses)**\n  \n\n** **\n\n**Translation reserve**\n  \nTotal\n\nShareholders’\n\nequity \n\n  \n  \n   \n\n**US$’000**\n\nNote 2(d)\n  \n\n**US$’000**\n\nNote 2(d)\n  \n\n**US$’000**\n\nNote 2(d)\n  \n\n****\n\n**US$’000**\n\n \n  \n\n**US$’000**\n\nNote 2(d)\n \n\n  \n  \n   \n   \n   \n   \n   \n  \n\nBalance as of January 1, 2025 \n \n 33,334  \n -** \n 8  \n 3  \n -  \n 11 \n\nBalance \n \n 33,334  \n -** \n 8  \n 3  \n -  \n 11 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nShare issued during the year \n  \n 4,444  \n -  \n 1,656  \n -  \n -  \n 1,656 \n\n  \n  \n    \n    \n    \n    \n    \n   \n\nNet loss for the year \n  \n -  \n -  \n -  \n (1,063) \n -  \n (1,063)\n\nNet income (loss) for the year \n  \n -  \n -  \n -  \n (1,063) \n -  \n (1,063)\n\n  \n  \n    \n    \n    \n    \n    \n   \n\nForeign currency translation \n  \n -  \n -  \n -  \n -  \n (6) \n (6)\n\n  \n  \n    \n    \n    \n    \n    \n   \n\nBalance as of December 31, 2025 \n  \n 37,778  \n -** \n 1,664  \n (1,060) \n (6) \n 598 \n\nBalance \n  \n 37,778  \n -** \n 1,664  \n (1,060) \n (6) \n 598 \n\n \n\n*\nRetrospectively\npresented for the effect of (i) the issuance of 1 ordinary share on February 15, 2024 in preparation of the Company’s initial\npublic offering, (ii) the 1:200 share subdivision and 5,000,000 share surrender approved on October 2, 2024, (iii) the 15 for\n1 reverse share split effected on February 12, 2026, and (iv) the 30 for 1 reverse share split effected on May 4, 2026.\n\n \n \n\n**Below $$1,000/US$1,000\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements\n\n \n\nF-5\n\n \n\n \n\n**Fitness\nChamps Holdings Limited**\n\n**Consolidated\nStatements of Cash Flows**\n\n \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nYears ended December 31, \n\n  \n2023  \n2024  \n2025  \n2025 \n\n  \nS$’000  \nS$’000  \nS$’000  \n\n**US$’000**\n\nNote 2(d)\n \n\nCash flows from operating activities: \n    \n    \n    \n   \n\nNet income/(loss) \n 1,118  \n 172  \n (1,365) \n (1,063)\n\nDepreciation and amortization \n 31  \n 84  \n 101  \n 78 \n\nInterest expense \n 22  \n 22  \n 18  \n 14 \n\nInterest on lease liability \n -  \n 3  \n 1  \n 1 \n\nInterest income \n (3) \n (6) \n (4) \n (3)\n\n  \n    \n    \n    \n   \n\nChange in working capital: \n    \n    \n    \n   \n\nAccounts receivable \n (1) \n 1  \n -  \n - \n\nDeposits, prepayments and other receivables \n (127) \n (85) \n 1,304  \n 951 \n\nAccounts payable and accrued liabilities \n 203  \n 77  \n 555  \n 466 \n\nIncome tax payable \n 53  \n (186) \n 4  \n 3 \n\nNet cash provided by operating activities \n 1,296  \n 82  \n 614  \n 447 \n\n  \n    \n    \n    \n   \n\nCash flows from investing activities: \n    \n    \n    \n   \n\nInterest income \n 3  \n 6  \n 4  \n 3 \n\nPurchase of property and equipment \n (611) \n (33) \n (1) \n (1)\n\nPurchase of intangible asset \n -  \n (59) \n (31) \n (24)\n\nNet cash used in investing activities \n (608) \n (86) \n (28) \n (22)\n\n  \n    \n    \n    \n   \n\nCash flows from financing activities: \n    \n    \n    \n   \n\nProceeds of bank borrowings \n 420  \n -  \n -  \n - \n\nDividends paid \n -  \n (300) \n -  \n - \n\nRepayment of Director’s loan \n (670) \n (125) \n (1,641) \n (1,278)\n\nProceeds from borrowings from director \n -  \n 1,254  \n 730  \n 568 \n\nPayment of transaction cost in connection to the issuance of shares \n -  \n (1,154) \n -  \n - \n\nRepayment of bank borrowings \n (105) \n (112) \n (62) \n (27)\n\nInterest paid \n (22) \n (22) \n (18) \n (14)\n\nPrincipal payment of lease liabilities \n -  \n (35) \n (37) \n (27)\n\nPayment of interest on lease liabilities \n -  \n (3) \n (1) \n (1)\n\nProceeds from issuance of shares \n -  \n -  \n 2,126  \n 1,656 \n\nNet cash (used in)/provided by financing activities \n (377) \n (497) \n 1,097  \n 877 \n\n  \n    \n    \n    \n   \n\nEffect of Exchange Rate Changes on Cash \n -  \n -  \n (7) \n (17)\n\n  \n    \n    \n    \n   \n\nNet change in cash and cash equivalents \n 311  \n (501) \n 1,683  \n 1,302 \n\n  \n    \n    \n    \n   \n\nBEGINNING OF YEAR \n 504  \n 815  \n 314  \n 230 \n\n  \n    \n    \n    \n   \n\nEND OF YEAR \n 815  \n 314  \n 1,990  \n 1,549 \n\n  \n    \n    \n    \n   \n\nSupplemental Cash Flow Information: \n    \n    \n    \n   \n\nCash paid for income tax \n (65) \n (185) \n -  \n - \n\nCash paid for interest \n (22) \n (25) \n (19) \n (15)\n\n  \n    \n    \n    \n   \n\nSupplemental Disclosure of Non-Cash Financing Activities: \n    \n    \n    \n   \n\nPayment of dividends \n (1,236) \n -  \n -  \n - \n\nRepayment of amount due from director \n 1,236  \n -  \n -  \n - \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n****\n\n** **\n\n**FITNESS\nCHAMPS HOLDINGS LIMITED**\n\n \n\n**Notes\nto Consolidated Financial Statements**\n\n \n\n**NOTE\n1 - BUSINESS OVERVIEW AND BASIS OF PRESENTATION**\n\n \n\nFitness\nChamps Holdings Limited (“Fitness Champs” or the “Company”) was incorporated on February 15, 2024 in the Cayman\nIslands, as an investment holding company. Fitness Champs conducts its primary operations through its indirect wholly owned subsidiaries\nthat are incorporated and domiciled in Singapore, namely: (1) Fitness Champs Pte. Ltd. (“Fitness Champs”); and (2) Fitness\nChamps Aquatics Pte. Ltd. (“Fitness Aquatics” and collectively with the Company, the “Group”). The Company’s\nhas an indirectly wholly owned subsidiary, Fitness Champs Excellence Sports Academy LLC (“Fitness Academy”), which is incorporated\nand domiciled in Dubai, United Arab Emirates, and is held through Fitness Aquatics, a wholly owned subsidiary of Northen Star Limited.\nThe Company’s wholly owned subsidiary, Northen Star Limited, holds the entire shareholding interests of Fitness Champs and Fitness\nAquatics.\n\n \n\nThe\nsubsidiaries are a leading sports education provider in Singapore specializing in the provision of swimming programs to students for\nboth the private sector and public schools in Singapore.\n\n \n\n**Reorganization**\n\n \n\nA\nsummary of the formation of the group structure is as follows:\n\n \n\nFitness\nChamps Holdings Limited\n\n \n\nFitness\nChamps Holdings Limited was incorporated in the Cayman Islands on February 15, 2024 under the Companies Act as an exempted company with\nlimited liability. The authorized share capital was US$500,000 divided into 500,000,000 Ordinary shares, par value US$0.001 each at the\ntime of incorporation. The initial one share was transferred to Ms. Lee on the same date for cash at par.\n\n \n\nNorthen\nStar\n\n \n\nOn\nDecember 12, 2023, Northen Star was incorporated in the British Virgin Islands with limited liability. Northen Star is authorized to\nissue a maximum of 50,000 shares of a single class each with a par value of US$1.00 each and the initial 1,000 shares were held by Ms.\nLee.\n\n \n\nFitness\nChamps Pte Ltd\n\n \n\nFitness\nChamps Pte Ltd (“Fitness Champs”) was incorporated in Singapore on December 5, 2012. Fitness Champs is our indirect wholly-owned\nsubsidiary and has an issued share capital of 10,000 shares, all of which are held by Northen Star Limited (“Northen Star”),\nour direct wholly-owned subsidiary following an internal group reorganization on June 19, 2024, whereby Ms. Lee transferred her entire\nshareholding interests in Fitness Champs of 10,000 shares to Northen Star. Fitness Champs carries on the business of sports education\nin the form of swimming lessons provided through government related contracts through Singapore’s national SwimSafer program.\n\n \n\nFitness\nChamps Aquatics Pte Ltd\n\n \n\nFitness\nChamps Aquatics Pte Ltd (“Fitness Aquatics”) was incorporated in Singapore on July 15, 2015. Fitness Aquatics is our indirect\nwholly-owned subsidiary and has an issued share capital of 1,000 shares, all of which is held by Northen Star, our direct wholly-owned\nsubsidiary following an internal reorganization on June 19, 2024, whereby Ms. Lee transferred her entire shareholding interests in Fitness\nAquatics of 1,000 shares to Northen Star. Fitness Aquatics provides sports education in the form of private swimming lessons.\n\n \n\nNorthen\nStar\n\n \n\nOn\nDecember 12, 2023, Northen Star was incorporated in the British Virgin Islands with limited liability. Northen Star is authorized to\nissue a maximum of 50,000 shares of a single class each with a par value of US$1.00 each and the initial 1,000 shares were held by Ms.\nLee.\n\n \n\nF-7\n\n \n\n \n\nFitness\nChamps Excellence Sports Academy LLC\n\n \n\nFitness\nChamps Excellence Sports Academy LLC (“Fitness Academy”) was incorporated in United Arab Emirates on 30 October 2025. Fitness\nAquatics is our wholly-owned subsidiary and has an issued share capital of 100 shares, all of which is held by Fitness Champs Aquatics\nPte Ltd, our direct wholly-owned subsidiary. Fitness Academy provides sports education in the form of private swimming lessons.\n\n \n\n**Restructuring**\n\n \n\nOn\nJune 19, 2024, the initial one share of the Company was transferred by Ms. Lee to Big Treasure Investments Limited (“Big Treasure”)\nand each of Big Treasure, Biostar Developments Limited (“Biostar”), Easy Builder Limited (“Easy Builder”), Creative\nPath Holdings Limited (“Creative Path”), True Height Limited (“True Height”) and Fuji Investment Limited (“Fuji”)\nsubscribed for 64,717; 4,440; 19,090; 4,900; 1,950; and 4,900 shares respectively for cash at par resulting in Big Treasure, Biostar,\nEasy Builder, Creative Path, True Height, and Fuji holding approximately 64.72%; 4.44%; 19.09%, 4.90%, 1.95% and 4.90%, respectively,\nof Fitness Holdings’ entire issued share capital (the “Restructuring”).\n\n \n\nOn\nthe same day, and contemporaneous with the above transaction, Ms. Lee transferred her entire shareholding interests in Northen Star,\nbeing the 951 shares of Northen Star to Fitness Holdings and Fuji transferred its entire shareholding interest in Northen Star (being\n49 shares of Northen Star) to Fitness Holdings. The consideration is settled by Fitness Holdings allotting and issuing one share to Big\nTreasure (as Ms. Lee’s nominee) and one share to Fuji, credited as fully paid. Following such issue, Fitness Holdings issued share\ncapital would be 100,000 shares held as 64,719; 4,440, 19,090; 4,900; 1,950; and 4,901; by Big Treasure, Biostar, Easy Builder, Creative\nPath, True Height and Fuji, respectively.\n\n \n\nThe\nRestructuring is considered as a merger of entities under common control. Under the guidance in ASC 805, for transactions between entities\nunder common control, the assets, liabilities and results of operations, are recognized at their carrying amounts on the date of the\nRestructuring, which requires retrospective combination of the Company, Northen Star, Fitness Champs and Fitness Aquatics for all periods\npresented. The consolidated financial statements have been prepared as if the existing corporate structure had been in existence throughout\nall periods. This includes a retrospective presentation for all equity related disclosures, including issued shares and earnings per\nshare, which have been revised to reflect the effects of the reorganization as of December 31, 2023.\n\n \n\nAfter\nthe Restructuring, the Company wholly owns Northen Star, which is domiciled in the British Virgin Islands. Northen Star in turn wholly\nowns Fitness Champs and Fitness Aquatics, which are all incorporated and domiciled in Singapore. The Company is headquartered in Singapore\nand conducts its operations domestically.\n\n \n\nOn\nFebruary 12, 2026, the board of directors approved a 15:1 reverse share split of our issued and authorized shares, such that the share\ncapital of the Company will be US$500,000 divided into (a) 5,333,333,333.33 Class A Ordinary Shares of a nominal or par value of US$0.000075\neach, (b) 666,666,666.66 Class B Ordinary Shares of a nominal or par value of US$0.000075 each, and (c) 666,666,666.66 preferred shares\nof a nominal or par value of US$0.000075.\n\n \n\nOn March 24, 2026, the board of directors approved a 30:1 reverse share split of our issued and unissued shares, to be effective on a\ndate to be further determined by our board of directors, such that upon the reverse share split becoming effective, the share capital\nof our Company will become US$500,000 divided into (a) 177,777,777.78° class A ordinary shares of a nominal or par value of US$0.00225\neach; (b) 22,222,222.22° class B ordinary shares of a nominal or par value of US$0.00225 each; and (c) 22,222,222.22° preferred\nshares of a nominal or par value of US$0.00225 each. On April 29, 2026, the board of directors have further resolved that the reverse\nshare split will take effect on May 4, 2026.\n\n \n\nDetails\nof the Company and subsidiaries as of December 31, 2025 are set out below:\n\n SCHEDULE OF COMPANY AND SUBSIDIARIES\n\nName \nDate of incorporation \nBackground \nEffective ownership \n\nFitness Champs Holdings Ltd \nFebruary 15, 2024 \nInvestment holding \n - \n\n  \n  \n  \n   \n\nNorthen Star Limited \nDecember 12, 2023 \nInvestment holding \n 100%\n\n  \n  \n  \n   \n\nFitness Champs Pte Ltd \nDecember 5, 2012 \nPrincipally engaged in the providing sport of swimming in public schools in Singapore \n 100%\n\n  \n  \n  \n   \n\nFitness Champs Aquatics Pte Ltd \nJuly 15, 2015 \nPrincipally engaged in the providing sport of swimming for private sector students \n 100%\n\n  \n  \n  \n   \n\nFitness Champs Excellence Sports Academy LLC \nOctober 30, 2025 \nPrincipally engaged in the providing sport of swimming for private sector students \n 100%\n\n \n\nF-8\n\n \n\n \n\nThe\naccompanying consolidated financial statements are presented assuming that the Company was in existence at the beginning of the first\nperiod presented.\n\n \n\n**NOTE\n2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\nThese\naccompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this\nnote and elsewhere in the accompanying consolidated financial statements and notes.\n\n \n\n(a)\nBasis\nof Presentation\n\n \n\nThe\naccompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the\nUnited States of America (“U.S. GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”).\n\n \n\n(b)\nUse\nof Estimates and Assumptions\n\n \n\nThe\npreparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that\naffect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated\nfinancial statements and the reported amounts of revenues and expenses during the years presented. Significant accounting estimates in\nthe period include the allowance for doubtful accounts on accounts and other receivables, useful lives for property, plant and equipment\nand assumptions used in assessing right-of-use assets and impairment of long-lived assets.\n\n \n\nActual\nresults could differ from these estimates.\n\n \n\n(c)\nBasis\nof Consolidation\n\n \n\nThe\nconsolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company\nbalances and transactions within the Company have been eliminated upon consolidation.\n\n \n\nOn\nconsolidation the entities should be combined for all periods that the relationship of common control started and the transaction would\nbe treated as a capital transaction with any gain or loss on acquisition adjusted through equity. The consolidated entity would not recognize\nany goodwill and/or gain/losses from the acquisition and results of operations would be presented for all periods under common control.\n\n \n\nF-9\n\n \n\n \n\nThe\nconsolidated financial statements of the Company were prepared by applying the pooling of interest method. Accordingly, the results of\nthe Company include the results of the subsidiaries for the years ended December 31, 2023, 2024 and 2025. Such manner of presentation\nreflects the economic substance of the companies, which were under common control throughout the relevant period, as a single economic\nenterprise, although the legal parent-subsidiary relationships were not established.\n\n \n\n(d)\nForeign\nCurrency Translation and Transaction\n\n \n\nTransactions\ndenominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing\nat the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated\ninto the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded\nin the statement of operations.\n\n \n\nThe\naccompanying consolidated financial statements are presented in the Singapore Dollar (“S$”), which is the reporting currency\nof the Company. In addition, the Company and subsidiaries are operating in Singapore, maintain their books and record in their local\ncurrency, Singapore Dollars, which is a functional currency as being the primary currency of the economic environment in which their\noperations are conducted.\n\n \n\nTranslation\ngains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency\nare translated, as the case may be, at the rate on the date of the transaction and included in the results of operations as incurred.\n\n \n\nTranslations\nof the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash\nflows from S$ into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the reader and were calculated\nat the rate of US$1.00 = S$1.2841, as set forth in the statistical release of the Federal Reserve System on December 31, 2025. No representation\nis made that the S$ amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025,\nor at any other rate.\n\n \n\n(e)\nCash\nand Cash Equivalents\n\n \n\nCash\nand cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly\nliquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying\namounts approximate fair value due to the short maturities of these instruments. The Company maintains most of its bank accounts in Singapore.\n\n \n\n(f)\nAccounts\nReceivable\n\n \n\nAccounts\nreceivables include trade accounts due from customers in the sale of products and services.\n\n \n\nAccounts\nreceivables are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms. The Company\nseeks to maintain strict control over its outstanding receivables to minimize credit risk. Overdue balances are reviewed regularly by\nsenior management. Management reviews its receivables on a regular basis to determine if the bad debt allowance is adequate and provides\nallowance when necessary.\n\n \n\nF-10\n\n \n\n \n\nThe\nCompany makes estimates of expected credit losses for the allowance for doubtful accounts based upon its assessment of various factors,\nincluding (i) historical experience, (ii) the age of the accounts receivable balances, (iii) credit quality of its customers, (iv) current\neconomic conditions, (v) reasonable and supportable forecasts of future economic conditions, and other factors that may affect its ability\nto collect from customers. Expected credit losses are estimated on a pool basis when similar risk characteristics exist using an age-based\nreserve model. Receivables that do not share risk characteristics are evaluated on an individual basis. Estimates of expected credit\nlosses on trade receivables are recorded at inception and adjusted over the contractual life.\n\n \n\nThe\nCompany do not have any accounts receivables as at December 31, 2024 and 2025.\n\n \n\nThe\nCompany does not hold any collateral or other credit enhancements over its accounts receivable balances.\n\n \n\n(g)\nProperty\nand Equipment, net\n\n \n\nProperty\nand equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated\non the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking\ninto account their estimated residual values:\n\n \n\n SCHEDULE\nOF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES\n\n \n \nExpected\nuseful life\n\nComputer\n& software\n \n3\nyears\n\nFixtures\nand fittings\n \n3\nyears\n\nLeasehold\nindustrial property\n \nOver\nthe remaining lease term\n\nRenovations\n \n5\nyears\n\n \n\nExpenditure\nfor repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation\nare removed from the accounts and any resulting gain or loss is recognized in the results of operations.\n\n \n\n(h)\nIntangible\nAssets\n\n \n\nThe\ncost of intangible assets with determinable useful lives is amortized to reflect the pattern of economic benefits. Software, technology,\nand other intangibles with contractual terms are generally amortized over their respective legal or contractual lives. When certain events\nor changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives\nmay be adjusted.\n\n \n\nIntangible\nassets with finite useful lives are amortized over the estimated economic lives of the intangible assets as follows:\n\n \n\nSCHEDULE\nOF FINITE USEFUL LIVES ARE AMORTIZED INTANGIBLE ASSETS\n\n \n \nExpected\nuseful life\n\nSoftware\n \n5\nyears\n\n \n\n \n\n(i)\nImpairment\nof Long-Lived Assets\n\n \n\nIn\naccordance with the provisions of ASC Topic 360, *Impairment or Disposal of Long-Lived Assets*, all long-lived assets such as property\nand equipment, right of use and intangible assets owned and held by the Company are reviewed for impairment whenever events or changes\nin circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is\nevaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated\nby the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying\namounts of the assets exceed the fair value of the assets.\n\n \n\nF-11\n\n \n\n \n\n(j)\nRevenue\nRecognition\n\n \n\nThe\nCompany receives a certain portion of its non-interest income from contracts with customers, which are accounted for in accordance with\nAccounting Standards Update (“ASU”) No. 2014-09, *Revenue from Contracts with Customers (Topic 606)* (“ASC 606”).\n\n \n\nASC\n606-10 provided the following overview of how revenue is recognized from the Company’s contracts with customers: The Company recognizes\nrevenue on a gross basis to depict the transfer of promised goods or services to customers in an amount that reflects the consideration\nto which the Company expects to be entitled in exchange for those goods or services.\n\n \n\n \nStep\n1:\nIdentify\nthe contract(s) with a customer.\n\n \nStep\n2:\nIdentify\nthe performance obligations in the contract.\n\n \nStep\n3:\nDetermine\nthe transaction price – The transaction price is the amount of consideration in a contract to which an entity expects to be\nentitled in exchange for transferring promised goods or services to a customer.\n\n \nStep\n4:\nAllocate\nthe transaction price to the performance obligations in the contract – Any entity typically allocates the transaction price\nto each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in\nthe contract.\n\n \nStep\n5:\nRecognize\nrevenue when (or as) the entity satisfies a performance obligation – An entity recognizes revenue when (or as) it satisfies\na performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of\nthat good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance\nobligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for\npromises to transfer service to a customer).\n\n \n\nThe\nCompany currently generates its revenue from the following main sources:\n\n \n\n**Revenue\nfrom goods sold and services provided**\n\n \n\nRevenue\nis measured based on the consideration specified in a contract with a customer. The Group recognizes revenue when it satisfies a performance\nobligation by transferring control of promised goods or services to the customer. The amount of revenue recognized is the amount of the\ntransaction price allocated to the satisfied performance obligation. The amount of revenue presented is the amount net of goods and service\ntaxes and discounts and referral rebates.\n\n \n\n(i)\nSchool-based Swimming Lessons\n\n \n\nRevenue\nfrom school-based swimming lessons is recognized over time when the Group satisfies its performance obligation by conducting swimming\nclasses to the student.\n\n \n\n(ii)\nPrivate swimming lessons and aquatic sports\n\n \n\nRevenue\nfrom private swimming lessons and aquatics sports is recognized over time when the Group satisfies its performance obligation by conducting\nswimming classes to the student.\n\n \n\nF-12\n\n \n\n \n\n(iii)\nSales of merchandise\n\n \n\nRevenue\nfrom sales of merchandise is recognized at a point in time when the Group satisfies its performance obligation by transferring the control\nof a promised merchandise to the customer.\n\n \n\n(iv)\nPickleball\n\n \n\nRevenue\nfrom Pickleball is recognized over time when the Group satisfies its performance obligation by conducting pickleball classes to the student.\n\n \n\n(k)\nGovernment\nGrants\n\n \n\nA\ngovernment grant or subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions\nattached to the grant; and (b) the grant will be received. When the Company receives government grant or subsidies but the conditions\nattached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued\nexpenses, and other long-term liability. The classification of short-term or long-term liabilities is dependent on the management’s\nexpectation of when the conditions attached to the grant can be fulfilled. For the years ended December 31, 2023, 2024, and 2025, the\nCompany received government subsidies of approximately S$48,000, S$107,000 and S$94,000 for each respective year, which are recognized\nas government grants in the consolidated statements of operations.\n\n \n\n(l)\nSelling\nand Distribution\n\n \n\nSelling\nand distribution expenses include the costs of advertising, promotions and entertainment expenses.\n\n \n\n(m)\nComprehensive\nIncome\n\n \n\nASC\nTopic 220, *Comprehensive Income*, establishes standards for reporting and display of comprehensive income, its components and accumulated\nbalances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive\nincome, as presented in the accompanying statement of shareholder’s equity, consists of changes in unrealized gains and losses\non foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.\n\n \n\n(n)\nIncome\nTaxes\n\n \n\nIncome\ntaxes are determined in accordance with the provisions of ASC Topic 740, *Income Taxes* (“ASC 740”).\n\n \n\nUnder\nthis method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the\nfinancial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities\nare measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are\nexpected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income\nin the period that includes the enactment date.\n\n \n\nF-13\n\n \n\n \n\nASC\n740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements\nuncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the\nfinancial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax\npositions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of\nbeing realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.\n\n \n\nFor\nthe years ended December 31, 2023, 2024 and 2025, the Company did not have any interest and penalties associated with tax positions.\nAs of December 31, 2024 and 2025, the Company did not have any significant unrecognized uncertain tax positions.\n\n \n\nThe\nCompany is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that\nare subject to examination by the relevant tax authorities.\n\n \n\n(o)\nLeases\n\n \n\nEffective\nfrom January 1, 2020, the Company adopted the guidance of ASC 842, *Leases*, which requires an entity to recognize a right-of-use\nasset and a lease liability for virtually all leases. On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02,\nLeases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities\non the balance sheet and disclosing key information about leasing transactions. ASC 842 requires that lessees recognize right-of-use\nassets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater\nthan twelve months. It requires for leases longer than one year, a lessee to recognize in the statement of financial condition a right-of-use\nasset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make\nlease payments. ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured\nand presented in the statement of operations and statement of cash flows. ASC 842 supersedes nearly all existing lease accounting guidance\nunder GAAP issued by the Financial Accounting Standards Board (“FASB”) including ASC Topic 840, Leases.\n\n \n\nThe\naccounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from\nthe amortization of the right-of-use asset in the statements of earnings, while for operating leases, such amounts should be recognized\nas a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements.\n\n \n\n(p)\nRetirement\nPlan Costs\n\n \n\nContributions\nto retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements\nof operation as the related employee service are provided. The Company is required to make contributions to their employees under a government-mandated\nmulti-employer defined contribution pension scheme for its eligible full-time employees in Singapore. The Company is required to contribute\na specified percentage of the participants’ relevant income based on their ages and wages level. During the years ended December\n31, 2023, 2024 and 2025, contributions of approximately S$118,000, S$125,000 and S$132,000 for each respective year were made accordingly.\n\n \n\nF-14\n\n \n\n \n\n(q)\nSegment\nReporting\n\n \n\nASC\n280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent\nwith the Company’s internal organizational structure as well as information about geographical areas, business segments and major\nclients in financial statements for detailing the Company’s business segments. Based on the criteria established by ASC 280, the\nCompany’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated\nresults when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company\nhas only three reportable segments. As the Company’s long-lived assets are substantially located in Singapore, no geographical\nsegments are presented.\n\n \n\n(r)\nRelated\nParties\n\n \n\nThe\nCompany follows the ASC 850-10, *Related Party* for the identification of related parties and disclosure of related party transactions.\n\n \n\nPursuant\nto section 850-10-20 the related parties include: a) affiliates of the Company; b) entities for which investments in their equity securities\nwould be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15,\nto be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and income-sharing\ntrusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company;\nf) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies\nof the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and\ng) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership\ninterest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting\nparties might be prevented from fully pursuing its own separate interests.\n\n \n\n(s)\nCommitments\nand Contingencies\n\n \n\nIn\nthe normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal\nproceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax\nmatters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable\nestimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including\nhistorical and the specific facts and circumstances of each matter.\n\n \n\n(t)\n\nEarnings/(Loss)per\nshare\n\n \n\nBasic\nearnings per share is computed by dividing net earnings attributable to ordinary shareholders by weighted average number of ordinary\nshares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options,\nwarrants and convertible debts were exercised or converted into ordinary shares. When the Company has a loss, diluted shares are not\nincluded as their effect would be anti-dilutive. The Company has no dilutive securities or debts for each of the years ended December\n31, 2023, 2024 and 2025.\n\n \n\nF-15\n\n \n\n \n\n(u)\nConcentration\nof credit risk\n\n \n\nFinancial\ninstruments consist of cash and cash equivalents and accounts receivable. Cash and cash equivalents are maintained with high credit quality\ninstitutions, the composition and maturities of which are regularly monitored by management. As of December 31, 2024 and 2025, bank and\ncash balances of approximately S$314,000 and S$1,990,000 were maintained at financial institutions in Singapore, of which approximately\nS$314,000 and S$1,990,000 respectively was subject to credit risk. While management believes that these financial institutions are of\nhigh credit quality, it also continually monitors their credit worthiness.\n\n \n\nFor\naccounts receivable, the Company determines, on a continuing basis, the allowance for doubtful accounts based on the estimated realizable\nvalue. The Company identifies credit risk on a customer-by-customer basis. The information is monitored regularly by management. Concentration\nof credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected\nto be affected similarly by changes in economic conditions.\n\n \n\n(v)\nInterest\nrate risk\n\n \n\nThe\nCompany’s interest-rate risk arises from bank borrowings. The Company manages interest rate risk by varying the issuance and maturity\ndates of variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest\nrates. As of December 31, 2024 and 2025, the borrowing interest rates were at the range of 2.5% to 4.82% and at the interest rate of\n3.75% respectively. Interest rate risk is the risk that the fair value of future cash flows of the Company’s financial instruments\nwill fluctuate because of the change in market interest rates. The Company’s exposure to interest rates risk arises mainly from\nits interest-bearing financial liabilities. The Company periodically reviews its liabilities and monitors interest rate fluctuations\nto ensure that the exposure to interest rate risk is within acceptable levels. The interest-bearing financial liabilities are usually\nat fixed interest rates except for the property loan. The Company does not utilize interest rate derivatives to minimize its interest\nrate risk.\n\n \n\n(w)\nLiquidity\nrisk\n\n \n\nLiquidity\nrisk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is\nto ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without\nincurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of\nuncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.\n\n \n\n(x)\nFair\nvalue measurement\n\n \n\nThe\nCompany follows the guidance of the ASC Topic 820-10, *Fair Value Measurement and Disclosure* (“ASC 820-10”), with respect\nto financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes\nthe inputs used in measuring fair value as follows:\n\n \n\n \n●\n*Level\n1*: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;\n\n \n\nF-16\n\n \n\n \n\n \n●\n\n*Level\n2:* Inputs are based upon quoted prices for similar instruments in active markets, quoted\nprices for identical or similar instruments in markets that are not active, and model-based\nvaluation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant\ninputs are observable in the market or can be corroborated by observable market data for\nsubstantially the full term of the assets or liabilities. Where applicable, these models\nproject future cash flows and discount the future amounts to a present value using market-based\nobservable inputs; and\n\n \n \n \n\n \n●\n*Level\n3*: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants\nwould use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option\npricing models and discounted cash flow models.\n\n \n\nThe\ncarrying value of our financial instruments: cash and cash equivalents, accounts receivable, amount due from director, accounts payable\nand accrued liabilities are approximated at their fair values because of the short-term nature of these financial instruments.\n\n \n\nFair\nvalue estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates\nare subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.\nChanges in assumptions could significantly affect the estimates.\n\n \n\nRecently\nIssued Accounting Pronouncements\n\n \n\nIn\nNovember 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures\n(Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU\nNo. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the\nEffective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income\nstatement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement.\nASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods\nwithin annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The\nCompany is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.\n\n \n\nIn\nMay 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer\nin the Acquisition of a Variable Interest Entity. ASU 2025-03 clarifies the guidance to determine the accounting acquirer in a business\ncombination that is effected primarily by exchanging equity interests, when the legal acquiree is a variable interest entity (“VIE”)\nthat meets the definition of a business. ASU 2025-03 requires entities to consider the same factors in ASC 805, Business Combinations,\nrequired for determining which entity is the accounting acquirer in other acquisition transactions. ASU 2025-03 is effective for the\nCompany’s annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting\nperiods, with early adoption permitted. ASU 2025-03 is required to be applied on a prospective basis to any acquisition transaction that\noccurs after the initial application date. The Company is currently assessing the impact this standard will have on the Company’s\nconsolidated financial statements.\n\n \n\nIn\nMay 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic\n606). ASU 2025-04 revises the definition of the term performance condition for share-based consideration payable to a customer to incorporate\nconditions that are based on the volume or monetary amount of a customer’s purchases or potential purchases. ASU 2025-04 also eliminates\nthe policy election to account for forfeitures as they occur for awards with service conditions. ASU 2025-04 also clarifies that ASC\n606 variable consideration guidance does not apply to share-based payments to customers; instead, vesting probability should be assessed\nsolely under ASC 718, Compensation—Stock Compensation. ASU 2025-04 is effective for the Company’s annual reporting periods\nbeginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.\nASU 2025-04 may be applied on either a modified retrospective basis or on a retrospective basis. The Company is currently assessing the\nimpact this standard will have on the Company’s consolidated financial statements.\n\n \n\nF-17\n\n \n\n \n\nIn\nJuly 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05,\nMeasurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 amends ASC 326, Financial Instruments—Credit\nLosses, and introduces a practical expedient available for all entities and an accounting policy election available for all entities,\nother than public business entities, that elect the practical expedient. These changes apply to the estimation of expected credit losses\nfor current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue Recognition.\nUnder the practical expedient, entities may assume that current conditions as of the balance sheet date remain unchanged for the remaining\nlife of the asset when developing reasonable and supportable forecasts. This simplifies the estimation process for short-term financial\nassets. ASU 2025-05 is effective for the Company’s periods beginning after December 15, 2025 and interim reporting periods within\nthose annual reporting periods, with early adoption permitted. ASU 2025-05 should be applied on a prospective basis. The Company is currently\nassessing the impact this standard will have on the Company’s consolidated financial statements.\n\n \n\nASU\n2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use\nSoftware. In September 2025, the FASB issued this ASU to modernize the accounting for internal-use software costs, primarily by simplifying\nthe requirements to capitalize software development costs. This update is effective beginning with the Company’s 2028 fiscal year\nannual reporting period, with early adoption permitted. The Company is currently assessing the impact this standard will have on the\nCompany’s consolidated financial statements.\n\n \n\nASU\n2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. In December 2025, the FASB issued\nthis ASU to establish authoritative guidance on the accounting for government grants received by business entities. This update is effective\nbeginning with the Company’s 2029 fiscal year annual reporting period, with early adoption permitted. The Company is currently\nassessing the impact this standard will have on the Company’s consolidated financial statements.\n\n \n\nExcept\nfor the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the consolidated\nfinancial position, statements of operations and cash flows.\n\n \n\n**NOTE\n3 - DISAGGREGATION OF REVENUE**\n\n** **\n\n SCHEDULE\nOF DISAGGREGATION OF REVENUE\n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nS$’000  \nS$’000  \nS$’000 \n\nGovernment sector \n 1,994  \n 1,700  \n 1,701 \n\nPrivate sector \n 2,656  \n 2,516  \n 2,449 \n\nDisaggregation of revenue\ntotal \n 4,650  \n 4,216  \n 4,150 \n\n \n\nIn\nthe following table, revenue is disaggregated by the timing of revenue recognition.\n\n SCHEDULE\nOF REVENUE RECOGNITION DISAGGREGATED BY TIMING\n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nS$’000  \nS$’000  \nS$’000 \n\nRevenue recognition at a single point in time: \n    \n    \n   \n\nSales of merchandise \n 4  \n 7  \n 7 \n\n  \n    \n    \n   \n\nRevenue recognition over time: \n    \n    \n   \n\nSwim fees \n 4,646  \n 4,209  \n 4,139 \n\nPickleball \n -  \n -  \n 4 \n\nRevenue recognition disaggregated\nby timing total \n 4,650  \n 4,216  \n 4,150 \n\n \n\nF-18\n\n \n\n \n\n**NOTE\n4 - ACCOUNTS RECEIVABLE**\n\n \n\nAs\nof December 31, 2024 and 2025, the Company’s accounts receivable amounted to S$ nil and S$ nil, respectively.\n\n \n\nFor\nthe years ended December 31, 2023, 2024 and 2025, the Company has not made the allowance for doubtful accounts and charged to the consolidated\nstatements of operations. The Company has not experienced any significant bad debt write-offs of accounts receivable in the past.\n\n \n\nThe\nCompany generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable\nlosses and an allowance for doubtful accounts, based on several factors including internal risk ratings, customer credit quality, payment\nhistory, historical bad debt/write-off experience and forecasted economic and market conditions. Accounts receivable is written off after\nexhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an\nongoing basis and its exposure to bad debts is not significant.\n\n \n\n**NOTE\n5 - DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES**\n\n** **\n\n SCHEDULE\nOF DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES\n\n  \n2024  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nS$’000  \nS$’000 \n\n  \n    \n   \n\nDeposits \n 32  \n 10 \n\nPrepayments \n 1,286  \n 20 \n\nOther receivables \n 53  \n 37 \n\nDeposits, prepayments and\nother receivables total \n 1,371  \n 67 \n\n \n\nPrepayments\nprimarily relate to costs incurred directly related to the proposed Public Offering and will be charged against the proceeds received\nupon completion of the offering, should the offering be unsuccessful, these deferred costs will be charged to the statement of operations.\nIn 2025, prepayments decreased significantly following the successful completion of the Company’s initial public offering (“IPO”),\nas deferred IPO costs of S$1,266,000 previously recognized as prepayments were reclassified and charged against additional paid-in capital.\n\n \n\nIn\naggregate, IPO-related costs of approximately S$2.1 million were charged to additional paid-in capital, as presented in the Statement\nof Changes in Equity. The excess over the amount reclassified from prepayments relates to additional IPO costs incurred during the year\nthat were not previously capitalized and were recorded directly against additional paid-in capital.\n\n \n\n**NOTE\n6 - PROPERTY AND EQUIPMENT, NET**\n\n \n\nProperty\nand equipment consisted of the following:\n\n SCHEDULE\nOF PROPERTY AND EQUIPMENT, NET\n\n  \n2024  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nS$’000  \nS$’000 \n\nAt cost: \n    \n   \n\nComputer and software \n 50  \n 50 \n\nFurniture and fittings \n 11  \n 11 \n\nLeasehold industrial property \n 535  \n 535 \n\nRenovations \n 68  \n 68 \n\nProperty and equipment, gross \n 664  \n 664 \n\nLess: Accumulated depreciation \n (80) \n (127)\n\nProperty and equipment, net \n 584  \n 537 \n\n \n\nF-19\n\n \n\n \n\nLeasehold\nIndustrial Property under Operating Lease\n\n \n\nThe\nCompany owns a leasehold industrial property which is classified under property and equipment, as it is not held for sale or for investment\npurposes. Although the property is currently leased to third parties under operating lease arrangements, its classification as property\nand equipment is appropriate under U.S. GAAP because the property is not held for capital appreciation or investment income, and rental\nactivities are not part of the Company’s principal operations. The carrying value of the leased industrial property as of December\n31, 2025 is $500,000.\n\n \n\nRental\nincome recognized for the years ended December 31, 2023, 2024 and 2025 were S$ nil, S$ 30,000 and S$32,000, respectively.\n\n \n\nDepreciation\nexpenses for the years ended December 31, 2023, 2024 and 2025 were S$31,000, S$48,000 and S$48,000, respectively, recognized under general\nand administrative expenses.\n\n \n\n**NOTE\n7 – INTANGIBLE ASSETS**\n\n \n\nIntangible\nassets consisted of the following:\n\n SCHEDULE\nOF INTANGIBLE ASSETS\n\n  \n2024  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nS$’000  \nS$’000 \n\nAt cost: \n    \n   \n\nPurchase software \n 59  \n 90 \n\nLess: Amortization of software \n (1) \n (17)\n\n  \n    \n   \n\nTotal \n 58  \n 73 \n\n \n\nAmortization\nexpense for the years ended December 31, 2023, 2024 and 2025 were S$ nil, S$ 1,000 and S$16,000, respectively, recognized under general\nand administrative expenses.\n\n \n\n**NOTE\n8 - RIGHT-OF-USE ASSET AND OPERATING LEASE LIABILITIES**\n\n \n\nOperating\nlease\n\n \n\nOn\nDecember 8, 2023, the Company entered into a new lease agreement for a lease term of two years for an office in Singapore. The Company\nis committed to pay a total rental fee of approximately S$77,000 for the full lease term.\n\n \n\nOperating\nleases are included in the right-of-use assets, other current liabilities and long-term lease liabilities on the Consolidated Balance\nSheets. Right-of-use assets and lease liabilities are recognized at each lease’s commencement date based on the present values\nof its lease payments over its respective lease term. When a borrowing rate is not explicitly available for a lease, the Company’s\nincremental borrowing rate is used based on information available at the lease’s commencement date to determine the present value\nof its lease payments. Operating lease payments are recognized on a straight-line basis over the lease term.\n\n \n\nThe\nCompany used a weighted average incremental borrowing rate of 5.25% to determine the present value of the lease payments. The weighted\naverage remaining life of the lease was 1 year.\n\n \n\nAs\nof December 31, 2024, right-of-use assets were S$37,000 and lease liabilities were S$37,000.\n\n \n\nAs\nof December 31, 2025, right-of-use assets were S$ Nil and lease liabilities were S$ Nil.\n\n \n\nInformation\npertaining to lease amounts recognized in our consolidated financial statements is summarized as follows:\n\n \n\n SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS\n\n  \n2024  \n2025 \n\n  \nYears ended December 31, \n\n  \n2024  \n2025 \n\nYears Ended December 31, \nS$’000  \nS$’000 \n\n  \n   \n  \n\n2025 \n 38  \n - \n\n2026 \n -  \n - \n\nTotal operating lease payment \n 38  \n - \n\nLess: Imputed interest \n (1) \n - \n\nPresent value of operating lease liabilities \n 37  \n - \n\n  \n    \n   \n\nOperating lease liabilities – current \n 37  \n - \n\nOperating lease liabilities – non-current \n -  \n - \n\n \n\nF-20\n\n \n\n \n\n**NOTE\n9 - ACCOUNTS PAYABLES AND ACCRUED LIABILITIES**\n\n** **\n\n SCHEDULE\nOF ACCOUNTS PAYABLES AND ACCRUED LIABILITIES\n\n  \n2024  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nS$’000  \nS$’000 \n\nAccounts payable \n 79  \n 16 \n\nOther payables \n 21  \n 569 \n\nAccrued expenses \n 168  \n 187 \n\nDeposits received \n 99  \n 92 \n\nDeferred revenue \n 352  \n 389 \n\nAccounts payables and accrued liabilities \n 719  \n 1,253 \n\n \n\nOther\npayables comprise non-trade obligations, including wages payable and goods and services tax (“GST”) payable. These amounts\nare presented as current liabilities as they are expected to be settled within one year of the reporting date.\n\n \n\nDeferred\nrevenue is a contract liability that the Company is obligated to transfer services to customers for which the Company has received advance\nswimming fees from customers in the form of cash. The balance of “deferred revenue” represents unfulfilled performance obligations\nin the sales agreement, i.e. services that have not yet been rendered. Once the service has been rendered, the amount in “deferred\nrevenue” account is shifted to a revenue account.\n\n \n\nDeferred\nrevenue recognized as revenue during the respective years ended December 31, 2024 and 2025 was S$462,000 and S$352,000, respectively.\n\n \n\n**NOTE\n10**- **BANK BORROWINGS**\n\n \n\nBank\nborrowings consisted of the following:\n\nSCHEDULE\nOF BANK BORROWINGS \n\n  \nrepayments \ninterest rate  \n2024  \n2025 \n\n  \nTerm of \nAnnual  \n\nAs of\n\nDecember 31,\n  \n  \n\n  \nrepayments \ninterest rate  \n2024  \n2025 \n\n  \n  \n   \nS$’000  \nS$’000 \n\n  \n  \n   \n   \n  \n\nTerm loans (unsecured)  \nWithin 5 years \n 2.50% \n 53  \n - \n\nProperty loan (secured) \nWithin 27 years \n 3.75% - 4.82% \n 407  \n 398 \n\nTotal: \n  \n    \n 460  \n 398 \n\n  \n  \n    \n    \n   \n\nRepresenting: - \n  \n    \n    \n   \n\nWithin 12 months \n  \n    \n 62  \n 10 \n\nBetween 2 - 3 years \n  \n    \n 20  \n 11 \n\nOver 3 - 5 years \n  \n    \n 22  \n 35 \n\nOver 5 years \n  \n    \n 356  \n 342 \n\nLong term debt \n  \n    \n 460  \n 398 \n\n \n\nTerm\nloan of S$500,000 was an unsecured borrowing from OCBC bank in 2020 with an annual fixed interest rate of 2.5%. The loan is for a period\nof 5 years up to 2025. This amount was used to finance the expansion of the business. The term loan has been fully repaid on June 30,\n2025.\n\n \n\nMortgage\nloan of S$420,000 was a secured borrowing from OCBC bank in 2023. The loan is for a period of 27 years up to 2050 with an annual variable\ninterest rate of 4.82% and 3.75% in December 31, 2024 and December 31, 2025 respectively. This amount was used to finance the acquisition\nof an office property located at 7030 Ang Mo Kio Avenue 5 #09-102 Singapore 569880.\n\n \n\nThe\nCompany’s bank borrowings currently are guaranteed by a personal guarantee from Joyce Lee Jue Hui, director and shareholder of\nthe Company.\n\n \n\nF-21\n\n \n\n \n\n**NOTE\n11 - AMOUNT DUE TO DIRECTOR**\n\n \n\nAmount\ndue from director consisted of the following:\n\n SCHEDULE\nOF AMOUNT DUE FROM DIRECTOR\n\n  \n2024  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \n **S$’000**  \n **S$’000** \n\n  \n    \n   \n\nAmount due to director \n 1,129  \n 218 \n\n \n\nAmount\ndue to the director had a balance of S$1,129,000 and S$218,000 as of December 31, 2024, and 2025, respectively. It pertains to shareholder\nloans provided by Ms. Lee to the company to fund the offering costs. The original loan amount was up to US$800,000 and was increased\nto up to US$1,000,000. The Company intends to repay the loan in full, in accordance with the terms of the loan agreement. The loan is\nrepayable upon the earlier of the listing of the Ordinary Shares on Nasdaq or March 31, 2025, and further extended to March 31, 2026.\nAs of the date of this report, the outstanding balance has been fully repaid.\n\n \n\nDuring\nthe year ended December 31, 2025, the director provided additional advances to the Company amounting to S$730,000. These amounts are\nunsecured, interest-free and repayable on demand.\n\n \n\nThe\namounts are unsecured, interest-free and repayable on demand.\n\n \n\n**NOTE\n12 - SHAREHOLDERS’ EQUITY**\n\n \n\n*Ordinary\nShares*\n\n \n\nThe\nCompany was established under the laws of the Cayman Islands on February 15, 2024, with authorized share capital of US$500,000 divided\ninto 500,000,000 ordinary shares of par value US$0.001 each at the time of incorporation, reflecting the retrospective effect of the\nreorganization on February 15, 2024 (Note 1).\n\n \n\nAs\nof December 31, 2025, prior to the retrospective effect of the subsequent reverse share splits, the Company had authorized share capital\nof US$500,000 divided into 100,000,000,000 ordinary shares with a par\nvalue of US$0.000005 per share.\n\n \n\n**Issued\nand Outstanding Shares**\n\n \n\nOn\nSeptember 4, 2025, the Company completed the issuance of an additional 2,000,000 ordinary shares in connection with its initial public\noffering, resulting in a total of 17,000,000 ordinary shares issued and outstanding as of December 31, 2025.\n\n \n\n**Subsequent\nChanges in Share Capital**\n\n \n\nOn\nJanuary 23, 2026, shareholders approved a re-designation of the Company’s authorized share capital into Class A ordinary shares,\nClass B ordinary shares, and preferred shares. Accordingly, the authorized share capital of US$500,000 was reclassified from 100,000,000,000\nordinary shares of par value US$0.000005 each into:\n\n \n\n-\n80,000,000,000 Class A ordinary shares of par value US$0.000005 each;\n\n-\n10,000,000,000 Class B ordinary shares of par value US$0.000005 each; and\n\n-\n10,000,000,000 preferred shares of par value US$0.000005 each.\n\n \n\nThe\n17,000,000 issued and outstanding ordinary shares as of December 31, 2025 were re-designated on a one-for-one basis into 8,292,150 Class\nA ordinary shares (one vote per share) and 8,707,850 Class B ordinary shares (50 votes per share). No preferred shares were issued or\noutstanding.\n\n \n\nOn\nFebruary 12, 2026, the Company effected a 15-for-1 reverse share split of its issued and authorized shares. As a result, the 17,000,000\nordinary shares outstanding immediately prior to the reverse share split were consolidated into 1,133,334 shares, consisting of 552,810\nClass A ordinary shares and 580,524 Class B ordinary shares. Correspondingly, the Company’s authorized share capital was proportionately\nreduced, with the number of authorized shares adjusted from 100,000,000,000 shares to 6,666,666,667 shares, with no change in the aggregate\nauthorized share capital of US$500,000 or the par value per share.\n\n \n\nIn\naccordance with ASC 260, all share and per share amounts presented in these financial statements have been retrospectively adjusted to\nreflect the 15-for-1 reverse share split.\n\n \n\nOn\nMay 4, 2026, the Company effected a 30-for-1 reverse share split of its issued and authorized shares. As a result, the Company’s\nauthorized share capital was adjusted from 6,666,666,666.67 shares with a par value of US$0.000075 each to 222,222,222.22 shares with\na par value of US$0.00225 each, with no change in the aggregate authorized share capital of US$500,000.\n\n \n\nImmediately\nfollowing the reverse share split, the Company had 18,427 Class A ordinary shares and 19,350.78 Class B ordinary shares issued and outstanding,\nrepresenting an aggregate of 37,777.78 shares outstanding.\n\n \n\nIn\naccordance with ASC 260, all share and per share amounts presented in these financial statements have been retrospectively adjusted to\nreflect the 30-for-1 reverse share split.\n\n \n\n*Dividends*\n\n \n\n1.\nFitness Champs Pte Ltd\n\n \n\nOn\nMay 3, 2024, the Company declared a dividend of S$8.00 per share of common stock. The dividend is payable to its shareholders of record\nas of April 30, 2024. The dividend amount of S$80,000 is distributed and paid on May 8, 2024.\n\n \n\n2.\nFitness Champs Aquatics Pte Ltd\n\n \n\nOn\nMay 3, 2024, the Company declared a dividend of S$220.00 per share of common stock. The dividend is payable to its shareholders of record\nas of April 30, 2024. The dividend amount of S$220,000 is distributed and paid on May 9, 2024.\n\n \n\nNo\ndividend was declared or proposed for the financial year ended December 31, 2025.\n\n \n\nF-22\n\n \n\n \n\nThe\nholders of the Company’s ordinary share are entitled to the following rights:\n\n \n\n**Voting\nRights**: Each share of the Company’s ordinary share entitles its holder to one vote per share on all matters to be voted or\nconsented upon by the stockholders. Holders of the Company’s ordinary shares are not entitled to cumulative voting rights with\nrespect to the election of directors.\n\n \n\n**Dividend\nRight**: Subject to limitations under Cayman law and preferences that may apply to any shares of preferred stock that the Company may\ndecide to issue in the future, holders of the Company’s ordinary share are entitled to receive ratably such dividends or other\ndistributions, if any, as may be declared by the Board of the Company out of funds legally available thereof.\n\n \n\n**Liquidation\nRight**: In the event of the liquidation, dissolution or winding up of our business, the holders of the Company’s ordinary share\nare entitled to share ratably in the assets available for distribution after the payment of all of the debts and other liabilities of\nthe Company.\n\n \n\n**Other\nMatters**: The holders of the Company’s ordinary share have no subscription, redemption or conversion privileges. The Company’s\nordinary share does not entitle its holders to preemptive rights. All of the outstanding shares of the Company’s ordinary share\nare fully paid and non-assessable. The rights, preferences and privileges of the holders of the Company’s ordinary share are subject\nto the rights of the holders of shares of any series of preferred stock which the Company may issue in the future.\n\n \n\n**NOTE\n13 - REVENUES BY SEGMENT**\n\n \n\nIn\naccordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial\ninformation is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group,\nin deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining\nreportable operating segments. The management approach considers the internal organization and reporting used by the Company’s\nchief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s\nreportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different\nservices. Based on management’s assessment, the Company has determined that it has two operating segments as defined by ASC 280\nas follows:\n\n \n\n \n1.\nSwim\nfees\n\n \n2.\n\nSales\nof merchandise\n\n \n3.\nPickleball\n\n \n\nInformation\nregarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit,\nas included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit are\nused to measure performance as management believes that such information is the most relevant in evaluating the level of activities and\nresults of these segments.\n\n \n\nF-23\n\n \n\n \n\nThe\nfollowing tables present summary information by revenue streams for the years ended December 31, 2023, 2024, and 2025, respectively:\n\n SCHEDULE\nOF INFORMATION BY REVENUE STREAMS\n\n  \nSwim fees  \nSales of merchandise  \n\n****\n\n**Pickleball**\n  \nTotal \n\n  \n   \nFor the year ended December 31, 2023 \n\n  \nSwim fees  \nSales of merchandise  \n\n****\n\n**Pickleball**\n  \nTotal \n\n  \nS$’000  \nS$’000  \nS$’000  \nS$’000 \n\nRevenue \n 4,646  \n 4  \n -  \n 4,650 \n\nGross Profit \n 1,990  \n -  \n -  \n 1,990 \n\n \n\n  \nSwim fees  \nSales of merchandise  \n\n****\n\n**Pickleball**\n  \nTotal \n\n  \n   \nFor the year ended December 31, 2024 \n\n  \nSwim fees  \nSales of merchandise  \n\n****\n\n**Pickleball**\n  \nTotal \n\n  \nS$’000  \nS$’000  \nS$’000  \nS$’000 \n\nRevenue \n 4,209  \n 7  \n -  \n 4,216 \n\nGross Profit \n 1,522  \n -  \n -  \n 1,522 \n\n \n\n  \nSwim fees  \nSales of merchandise  \n\n****\n\n**Pickleball**\n  \nTotal \n\n  \n   \nFor the year ended December 31, 2025 \n\n  \nSwim fees  \nSales of merchandise  \n\n** **\n\n**Pickleball**\n  \nTotal \n\n  \nS$’000  \nS$’000  \nS$’000  \nS$’000 \n\nRevenue \n 4,139  \n 7  \n 4  \n 4,150 \n\nGross Profit \n 1,133  \n -  \n 2  \n 1,135 \n\n \n\nIn\naccordance with ASC 280, Segment Reporting (“ASC 280”), we have only one reportable geographic segment. Sales are based on\nthe countries in which the customer is located. For the years ended December 31, 2023, 2024, and 2025, all of our revenue was derived\nfrom customers located in Singapore.\n\n \n\nNo\nsegmental analysis of segment assets is disclosed because there is no asset information provided to the CODM.\n\n \n\n**NOTE\n14 - INCOME TAX EXPENSE**\n\n \n\nThe\nprovision for income taxes consisted of the following:\n\n \n\nSCHEDULE\nOF INCOME TAX EXPENSE\n\n  \n2023  \n2024  \n2025 \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nS$’000  \nS$’000  \nS$’000 \n\nCurrent year income tax expense \n 117  \n 4  \n - \n\n(Over)/Under-provision in prior year \n -  \n (5) \n 4 \n\nIncome tax expense/(benefit) \n 117  \n (1) \n 4 \n\n \n\nF-24\n\n \n\n \n\nThe\neffective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range\nof income tax rate. Our Company’s subsidiaries mainly operate in Singapore that are subject to taxes in the jurisdictions in which\nthey operate, as follows:\n\n \n\n*Cayman\nIslands*\n\n \n\nFitness\nChamps Holdings Limited is an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements\nin the Cayman Islands or the United States.\n\n \n\n*BVI*\n\n \n\nNorthen\nStar Limited is an exempted British Virgin Islands company and is presently not subject to income taxes or income tax filing requirements\nin the British Virgin Islands or the United States.\n\n \n\n*Dubai*\n\n \n\nFitness\nChamps Excellence Sports Academy LLC is operating in Dubai and are subject to the Dubai tax law at the corporate tax rate at 9% on the\nassessable income arising in Dubai during its tax year.\n\n \n\nAs\nof December 31, 2025, the operation in Dubai incurred S$160,000 (2024: S$ Nil) of cumulative net operating losses which can be carried\nforward to offset future taxable income. The net operating loss carryforwards has no expiration. The Company has provided for a full\nvaluation allowance against the deferred tax assets of S$160,000 (2024: S$ Nil) on the expected future tax benefits from the net operating\nloss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.\n\n \n\n*Singapore*\n\n \n\nFitness\nChamps Aquatics Pte Ltd and Fitness Champs Pte Ltd are operating in Singapore and are subject to the Singapore tax law at the corporate\ntax rate at 17% on the assessable income arising in Singapore during its tax year.\n\n \n\nThe\ncomponents of the deferred tax assets are as follows:\n\n SCHEDULE\nOF DEFERRED TAX ASSETS\n\n  \n2024  \n2025 \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nS$’000  \nS$’000 \n\nTax loss carrying forwards \n 138  \n 918 \n\n  \n    \n   \n\nDeferred tax assets \n 23  \n 156 \n\nValuation allowance \n (23) \n (156)\n\nTotal deferred tax assets, net \n -  \n - \n\n \n\nAs\nof December 31, 2025, the operation in Singapore incurred S$918,000 (2024: S$138,000) of cumulative net operating losses which can be\ncarried forward to offset future taxable income. The net operating loss carryforwards has no expiration. The Company has provided for\na full valuation allowance against the deferred tax assets of S$156,000 (2024: S$23,000) on the expected future tax benefits from the\nnet operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the\nfuture.\n\n \n\nBelow is the reconciliation of the statutory tax rate to the effective tax rate after the adoption of ASU 2023-09:\n\n SCHEDULE\nOF RECONCILIATION OF INCOME TAX RATE\n\n  \n2023  \n \n \n \n \n2024  \n \n \n \n \n2025 \n \n \n \n \n\n  \nFor the years ended December 31,\n \n\n** **** **\n**2023**\n** **\n** **\n**2024**\n** **\n** **\n**2025**\n** **\n\n  \nS$’000  \n \n**Effective Tax rate**\n \n \nS$’000  \n \n**Effective Tax rate**\n \n \nS$’000 \n \n \n**Effective Tax rate**\n \n\nIncome tax expense at Cayman statutory rate \n -  \n \n-\n \n \n -  \n \n-\n \n \n - \n \n \n-\n \n\nEffect of foreign tax rates \n 210  \n \n17.00\n%\n \n 29  \n \n17.00\n%\n \n (231)\n \n \n17.00\n%\n\nTax effect on non-deductible expenses \n 7  \n \n0.57\n%\n \n 10  \n \n5.85\n%\n \n 11 \n \n \n-0.81\n%\n\nTax effect on non-taxable income \n (9) \n \n-0.73\n%\n \n -  \n \n-\n \n \n - \n \n \n-\n \n\nCorporate tax exemption \n (17) \n \n-1.38\n%\n \n (22) \n \n-12.87\n%\n \n - \n \n \n-\n \n\nDeferred tax assets not recognized \n -  \n \n-\n \n \n -  \n \n-\n \n \n 165 \n \n \n-12.13\n%\n\nEffect of lower tax rates in foreign jurisdictions \n -  \n \n\n-\n\n \n \n 23  \n \n13.45\n%\n \n 74 \n \n \n-5.44\n%\n\n(Over)/Under-provision in prior year \n -  \n \n \n \n \n (5) \n \n-2.92\n%\n \n 4 \n \n \n\n-0.29\n\n%\n\nCorporate tax rebate \n (40) \n \n-3.24\n%\n \n (16) \n \n-9.36\n%\n \n - \n \n \n-\n%\n\nUtilization of prior year tax losses \n (34) \n \n-2.75\n%\n \n (20) \n \n-11.70\n%\n \n (19)\n \n \n1.40\n%\n\nIncome tax expense/(benefit) \n 117  \n \n9.47\n%\n \n (1) \n \n-0.55\n%\n \n 4 \n \n \n-0.28\n%\n\n \n\nUncertain\ntax positions\n\n \n\nThe\nCompany evaluates the uncertain tax position (including the potential application of interest and penalties) based on the technical merits,\nand measures the unrecognized benefits associated with the tax positions. As of December 31, 2024, and 2025, the Company did not have\nany significant unrecognized uncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid\nincome tax expenses for the financial years ended December 31, 2023, 2024, and 2025 and also did not anticipate any significant increases\nor decreases in unrecognized tax benefits in the next 12 months from December 31, 2025.\n\n \n\nF-25\n\n \n\n \n\n**NOTE\n15 - RELATED PARTY TRANSACTIONS**\n\n \n\nIn\nthe ordinary course of business, during the financial years ended December 31, 2023, 2024, and 2025, the Company was involved in certain\ntransactions, either at cost or current market prices, and on the normal commercial terms with related parties, mainly the collection\nof fees on behalf of the related entities.\n\n \n\nSCHEDULE\nOF RELATED PARTY TRANSACTIONS\n\nNature of transactions \n2023  \n2024  \n2025 \n\n  \nFor the years ended December 31, \n\nNature of transactions \n2023  \n2024  \n2025 \n\n  \nS$’000  \nS$’000  \nS$’000 \n\nDirector/Shareholder \n    \n    \n   \n\n- Reimbursement fund for expenses paid on behalf of the Company* \n 3,898  \n 279  \n 16 \n\n- Coach fee and salary paid on behalf by Joyce Lee Jue Hui* \n (2,518) \n -  \n - \n\n- Other expenses paid on behalf by Joyce Lee Jue Hui \n (709) \n (279) \n (37)\n\n- Dividend payout to Joyce Lee Jue Hui \n (1,236) \n -  \n - \n\n- Director’s loan advance to the Company \n -  \n (1,254) \n (730)\n\n- Repayment of Director’s loan \n -  \n 125  \n 1,641 \n\n \n\n*\n \nHistorically,\nMs. Lee made salary payments, coaches’ fees, independent contractor fees and company expenses directly to minimize bank transaction\nfees. The Company transferred the funds to Ms. Lee and Ms. Lee paid these amounts directly. The Company ceased this practice from\nDecember 2023 for payment of coach fee and salary paid on behalf by Joyce Lee Jui Hui.\n\n \n\nThe\nCompany has an outstanding amount due to the director amounting to S$1,129,000 and S$218,000 as of December 31, 2024 and 2025, respectively,\nwhich pertains to shareholder loans provided by Ms. Lee to the Company to fund the offering costs. The original loan amount was up to\nUS$800,000 and was increased to up to US$1,000,000. The Company intends to repay the loan in full, in accordance with the terms of the\nloan agreement. The loan is initially repayable upon the earlier of the listing of the Ordinary Shares on Nasdaq or March 31, 2025. However,\nthe repayment date has been extended to August 31, 2025 and further extended to March 31, 2026. As of the date of this report, the outstanding\nbalance has been fully repaid.\n\n \n\nDuring\nthe year ended December 31, 2025, the director provided additional advances to the Company amounting to S$730,000. These amounts are\nunsecured, interest-free and repayable on demand.\n\n \n\nThese\nrelated parties are controlled by the common shareholders of the Company.\n\n \n\nApart\nfrom the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other\nsignificant or material related party transactions during the years presented.\n\n \n\n**NOTE\n16 - CONCENTRATIONS OF RISK**\n\n \n\nThe\nCompany is exposed to the following concentrations of risk:\n\n \n\n(a)\nMajor\ncustomers\n\n \n\nThe\nCompany does not have any significant concentrations of risk related to major customers. Given the dynamic nature of the business, the\nnumber of customers fluctuates frequently. Moreover, the individual impact of each customer on the business is minimal. Therefore, we\ndo not anticipate this fluctuation in customer numbers to pose a significant risk to the business.\n\n \n\n(b)\nMajor\nvendors\n\n \n\nDue\nto the nature of the business, we engage in a network of coaches to operate and run our swimming classes. This causes the impact of each\ncoach to be minimal and we do not foresee extreme disruption in the business if some coaches decide to leave the business.\n\n \n\nF-26\n\n \n\n \n\n(c)\nCredit\nrisk\n\n \n\nThe\nCompany has adopted a policy of only dealing with creditworthy counterparties. The Company performs ongoing credit evaluation of its\ncounterparties’ financial condition and generally does not require collateral. The Company also considers the probability of default\nupon initial recognition of assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each\nreporting period.\n\n \n\nThe\nCompany has determined the default event on a financial asset to be when internal and/or external information indicates that the financial\nasset is unlikely to be received, which could include default of contractual payments due for more than 90 days, default of interest\ndue for more than 365 days or there is significant difficulty of the counterparty.\n\n \n\nTo\nminimize credit risk, the Company has developed and maintained its credit risk grading to categorize exposures according to their degree\nof risk of default. The credit rating information is supplied by publicly available financial information and the Company’s own\ntrading records to rate its major customers and other debtors. The Company considers available reasonable and supportive forward-looking\ninformation which includes the following indicators:\n\n \n\n \n●\nActual\nor expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change\nto the debtor’s ability to meet its obligations\n\n \n \n \n\n \n●\nInternal\ncredit rating\n\n \n \n \n\n \n●\nExternal\ncredit rating and when necessary\n\n \n\nRegardless\nof the analysis above, a significant increase in credit risk is presumed if a debtor is more than 30 days past due in making contractual\npayment.\n\n \n\nAs\nof December 31, 2024 and 2025, there were no outstanding trade receivables.\n\n \n\n(c)\nInterest\nrate risk\n\n \n\nAs\nthe Company has no significant interest-bearing assets, the Company’s income and operating cash flows are substantially independent\nof changes in market interest rates.\n\n \n\nThe\nCompany’s interest-rate risk arises from bank borrowings. The Company manages interest rate risk by varying the issuance and maturity\ndates of variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest\nrates. As of December 31, 2024, the Company had variable rate borrowings comprising a term loan and a property loan, with interest rates\nranging from 2.5% to 4.82%. As of December 31, 2025, only the property loan remained outstanding, bearing an interest rate of 3.75%.\n\n \n\nF-27\n\n \n\n \n\n(d)\nExchange\nrate risk\n\n \n\nThe\nCompany cannot guarantee that the current exchange rate will remain steady; therefore, there is a possibility that the Company could\npost the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower\nprofit depending on the exchange rate of S$ converted to US$ on that date. The exchange rate could fluctuate depending on changes in\npolitical and economic environments without notice.\n\n \n\n(e)\nLiquidity\nrisk\n\n \n\nLiquidity\nrisk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is\nto ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without\nincurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of\nuncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.\n\n \n\n**NOTE\n17 - COMMITMENTS AND CONTINGENCIES**\n\n \n\n**Litigation**— From time to time, the Company may be involved in various legal proceedings and claims in the ordinary course of business.\n\n \n\nOn\nApril 21, 2026, a securities class action lawsuit was filed against the Company, certain of its officers, and other parties in the\nUnited States District Court for the Southern District of New York. The lawsuit relates to alleged violations of the Securities\nExchange Act of 1934 and was brought on behalf of investors who acquired the Company’s securities between September 3, 2025\nand September 23, 2025.\n\n \n\nThe\ncomplaint alleges that the defendants made materially false and/or misleading statements and failed to disclose certain adverse information\nrelating to the Company’s business operations and trading activities.\n\n \n\nThe\nCompany intends to defend vigorously against these claims. As of the reporting date, the outcome of the litigation cannot be\nreasonably estimated, and no provision has been recognized in the financial statements.\n\n \n\n**NOTE\n18 - SUBSEQUENT EVENTS**\n\n \n\nIn\naccordance with ASC Topic 855, “*Subsequent Events*”, which establishes general standards of accounting for and disclosure\nof events that occur after the balance sheet date but before consolidated financial statements are issued, the Company has evaluated\nall events or transactions that occurred after December 31, 2025, up through the date the Company issued the consolidated financial statements.\n\n \n\nThe\nfollowing disclosure presents subsequent events occurring after the reporting period ended December 31, 2025:\n\n \n\nOn\nJanuary 23, 2026, the Company held an extraordinary general meeting at which the following resolutions were approved by the Company’s\nshareholders:\n\n \n\n \n**1.****Re-designation\nand Re-classification of Share Capital**\n\n \n\nThe\nCompany’s authorized share capital of US$500,000 was re-classified from 100,000,000,000 ordinary shares of par value US$0.000005\neach into:\n\n \n\n \n●80,000,000,000\nClass A ordinary shares of par value US$0.000005 each;\n\n \n●10,000,000,000\nClass B ordinary shares of par value US$0.000005 each; and\n\n \n●10,000,000,000\npreferred shares of par value US$0.000005 each.\n\n \n\nThe\nCompany’s 17,000,000 issued and outstanding ordinary shares were re-designated on a one-for-one basis into 8,292,150 Class A ordinary\nshares (one vote per share) and 8,707,850 Class B ordinary shares (50 votes per share). No preferred shares were issued or outstanding.\n\n \n\nThe\nCompany also adopted its Second Amended and Restated Memorandum and Articles of Association to reflect the multi-class share structure\nand the rights and privileges of the Class A and Class B ordinary shares.\n\n \n\n \n**2.****Share Consolidation\n(Reverse Share Split)**\n\n \n\nShareholders\nfurther approved a share consolidation of all issued and unissued shares of the Company at a ratio of not less than one (1)-for-two (2)\nand not more than one (1)-for-fifty (50), with the exact ratio to be determined by the Board of Directors within 180 days of the approval\ndate.\n\n \n\nOn\nFebruary 12, 2026, the Company has approved a 15:1 reverse share split of the issued and authorized shares, such that the share capital\nof the Company will be US$500,000 divided into (a) 5,333,333,333.33 Class A Ordinary Shares of a nominal or par value of US$0.000075\neach, (b) 666,666,666.66 Class B Ordinary Shares of a nominal or par value of US$0.000075 each, and (c) 666,666,666.66 preferred shares\nof a nominal or par value of US$0.000075.\n\n \n\nOn\nApril 20, 2026, the Board of Directors ratified the issuance of an aggregate of 12,746 Class A ordinary shares on 26 March 2026 and 31\nMarch 2026 in connection with the implementation of the 15-to-1 Share Consolidation, to account for fractional share entitlements arising\ntherefrom, which resulted in an increase in our Class A ordinary shares from 552,810 to 565,556.\n\n \n\nAccordingly,\nthe Company’s issued and outstanding share capital comprised 565,556 Class A ordinary shares and 580,524 Class B ordinary shares.\n\n \n\nNo\npreferred shares were issued or outstanding.\n\n \n\nOn\nMarch 16, 2026, the Company approved the purchase of a property located at 55 Serangoon North Avenue 4 #01-05, Singapore 555859 for $1,368,000\n(exclusive of GST). The transaction has not been completed as at the date of these financial statements.\n\n \n\nOn\nMarch 20, 2026, the Company held an extraordinary general meeting at which the following resolution was approved by the Company’s\nshareholders: Shareholders further approved a share consolidation of all issued and unissued shares of the Company at a ratio of not\nless than one (1)-for-two (2) and not more than one (1)-for-two-hundred and fifty (250), with the exact ratio to be determined by the\nBoard of Directors within 180 days of the approval date.\n\n \n\nOn\nMarch 24, 2026, the Company has approved a 30:1 reverse share split of the issued and authorized shares, to be effective on a date to\nbe further determined by our board of directors, such that upon the reverse share split becoming effective, the share capital of the\nCompany will be US$500,000 divided into (a) 177,777,777.78 Class A Ordinary Shares of a nominal or par value of US$0.00225 each, (b)\n22,222,222.22 Class B Ordinary Shares of a nominal or par value of US$0.00225 each, and (c) 22,222,222.22 preferred shares of a nominal\nor par value of US$0.00225.\n\n \n\nOn April 29, 2026, the Company further resolved\nthat the reverse share split would take effect on May 4, 2026.\n\n \n\nNo\npreferred shares were issued or outstanding.\n\n \n\nOn\nApril 20, 2026, the Company issued 3,225,000 Class A ordinary shares in connection with the completion of its fund-raising exercise.\n\n \n\nSubsequent\nto the reporting date, the Company issued an aggregate of 808,334 Class A ordinary shares pursuant to the exercise of warrants. The warrants\nwere exercised on a non-cash basis and no cash consideration was received by the Company.\n\n \n\nF-28\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \nFitness\nChamps Holdings Limited\n\n \n \n \n\n \nBy:\n*/s/\nJoyce Lee Jue Hui*\n\n \nName:\nJoyce\nLee Jue Hui\n\n \nTitle:\nChief\nExecutive Officer\n\n \n \n \n\n \nBy:\n*/s/\nChia Nyoke Yee*\n\n \nName:\nChia\nNyoke Yee\n\n \nTitle:\nFinancial\nController\n\n \n \n \n\n \nDated:\n\nMay 15, 2026\n\n \n\n72"}