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UNBILLED RECEIVABLES (CONTRACT ASSETS) AND DEFERRED REVENUE (CONTRACT LIABILITIES) | 12 Months Ended
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Dec. 31, 2025
Unbilled Receivables Contract Assets And Deferred Revenue |
UNBILLED RECEIVABLES (CONTRACT ASSETS) AND DEFERRED REVENUE (CONTRACT LIABILITIES) | 5. UNBILLED RECEIVABLES (CONTRACT ASSETS) AND DEFERRED REVENUE (CONTRACT LIABILITIES) The following table summarizes the balances of contract assets and the movement during the periods presented: SCHEDULE OF BALANCES OF CONTRACT ASSETS
|  | HK$ |  |  | HK$ |  |  | US$ (Note 2(e)) |
|  | As of December 31, |
|  | 2024 |  |  | 2025 |
|  | HK$ |  |  | HK$ |  |  | US$ (Note 2(e)) |
Unbilled receivables (Contract assets): |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 1,964,662 |  |  |  | 2,609,173 |  |  |  | 334,509 |
Additions |  |  | 2,609,173 |  |  |  | 1,577,855 |  |  |  | 202,289 |
Less: progress billings recognised as revenue |  |  | (1,964,662 | ) |  |  | (2,609,173 | ) |  |  | (334,509 | )
Balance at end of year |  |  | 2,609,173 |  |  |  | 1,577,855 |  |  |  | 202,289 |
Contract assets represent the Company’s right to consideration for work performed but not yet billed as of the reporting date. Contract assets arise when the Company performs services or delivers goods in advance of billing the customer and are transferred to receivables when the right to consideration becomes unconditional, typically upon reaching specified milestones or the billing phase stipulated in the contract. As of December 31, 2024, the Company’s contract assets totaled HK$2,609,173, all of which were transferred to accounts receivable during the year ended December 31, 2025. As of December 31, 2025, contract assets totaled HK$1,577,855 (US$202,289). The Company expects that this balance will be transferred to accounts receivable in the next financial year, once the associated performance obligations are completed and billing milestones are reached. SCHEDULE OF DEFERRED REVENUE CONTRACT LIABILITIES
|  | HK$ |  |  | HK$ |  |  | US$ (Note 2(e)) |
|  | As of December 31, |
|  | 2024 |  |  | 2025 |
|  | HK$ |  |  | HK$ |  |  | US$ (Note 2(e)) |
Deferred revenue (Contract liabilities): |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of the year |  |  | 18,585,792 |  |  |  | 17,401,218 |  |  |  | 2,230,925 |
Additions |  |  | 178,036,379 |  |  |  | 3,840,948 |  |  |  | 492,429 |
Revenue recognized during the year |  |  | (179,220,953 | ) |  |  | (17,401,218 | ) |  |  | (2,230,925 | )
Balance at end of year |  |  | 17,401,218 |  |  |  | 3,840,948 |  |  |  | 492,429 |
SCHEDULE OF DEFERRED REVENUE
|  | HK$ |  |  | HK$ |  |  | US$ (Note 2(e)) |
|  | As of December 31, |
|  | 2024 |  |  | 2025 |
|  | HK$ |  |  | HK$ |  |  | US$ (Note 2(e)) |
Deferred revenue (Contract liabilities), current portion |  |  | 17,401,218 |  |  |  | 3,581,864 |  |  |  | 459,213 |
Deferred revenue (Contract liabilities), non-current portion |  |  | - |  |  |  | 259,084 |  |  |  | 33,216 |
Deferred revenue |  |  | 17,401,218 |  |  |  | 3,840,948 |  |  |  | 492,429 |
Contract liabilities consist of deferred revenue, which represents billings or cash received in advance of revenue recognition for services that have yet to be performed or for performance obligations that have yet to be satisfied. Deferred revenue is recognized as revenue once the Company satisfies the performance obligations under the contract, which typically involves the delivery of services, or the achievement of specific milestones outlined in the contract. As of December 31, 2024, the contract liabilities balance was HK$17,401,218, which was fully recognized as revenue during the year ended December 31, 2025. As of December 31, 2025, contract liabilities totaled HK$3,840,948 (US$492,429). HK$3,581,864 out of the HK$3,840,948 is expected to be recognized as revenue in the next financial year, upon the satisfaction of the associated performance obligations. The Company’s contract liabilities primarily relate to advance billings for ongoing service contracts, including managed IT services, support and maintenance, and IT infrastructure solutions, where payment is received before services are rendered. For these contracts, the Company recognizes revenue over time as performance obligations are satisfied, typically based on either the passage of time or milestones achieved. Deferred revenue is recognized as revenue when the following criteria are met:
| 1. | Performance obligations are satisfied over time or upon the achievement of defined milestones.
| 2. | Revenue is recognized over the contract term for service contracts, or at a point in time when a significant milestone is reached.
The timing of revenue recognition depends on the specific contract terms and may vary based on the type of service provided and the method of measuring progress, such as output methods (e.g., deliverables completed). Revenue to be Recognized in Future Periods As of December 31, 2025, the Company expects to recognize most of its contract liabilities as revenue in the next financial year, as performance obligations are fulfilled. However, the actual timing of revenue recognition may be impacted by factors such as changes in customer requirements, delays in project execution, or other uncertainties. The Company regularly assesses its contract liabilities and adjusts revenue recognition estimates as necessary.

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