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v3.24.2

Related Party Transaction and Balance | 12 Months Ended
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Mar. 31, 2024
Related Party Transaction and Balance [Abstract] |
Related Party Transaction and Balance | 13. Related Party Transaction and Balance a. Nature of relationships with related parties
Name |  | Relationship with the Company
Chan Sze Ho |  | Director of the Company
Cheung Yuk Shan |  | Spouse of Shum Ngan, Sammy, the director of the Company
Fong Wai Lok, Raymond |  | Former director of the Company, resigned as a director and appointed as a consultant of the Company effective April 1, 2024
Fung Yee Lin |  | Shareholder of Smark Holding Limited as of March 31, 2023 and 2022
I Win Growth SPC - Fund 1 SP |  | Fund managed by IWAML
Lau Kam Yan, Karen |  | Controlling party of Courageous Wealth Limited
Lobster Financial Holdings Limited |  | 10% shareholder of Oriental Moon Tree Limited as of March 31, 2024, 2023 and 2022
Oriental Moon Tree Limited |  | Shareholder of the Company
Smark Holding Limited |  | Shareholder of Oriental Moon Tree Limited as of March 31, 2023 and 2022, and ceases to be a shareholder of Oriental Moon Tree Limited from April 17, 2023
Tse Tim |  | Spouse of Lau Kam Yan, Karen, the controlling party of Courageous Wealth Limited
Wu Hin Lun |  | Controlling party of Capital Hero Global Limited
Zhu Jian Guo |  | Father of Zhu Yun, the controlling party of Lobster Financial Holdings Limited
Zhu Yun |  | Controlling party of Lobster Financial Holdings Limited as of March 31, 2024, 2023 and 2022 and spouse of former director Fong Wai Lok, Raymond
b. Transactions with related parties
|  |  |  |  |  | For the Years Ended March 31, |
Name |  |  |  | Nature |  | 2024 |  |  | 2023 |  |  | 2022 |
Chan Sze Ho |  | (1) |  | Brokerage commission |  | $ | 50 |  |  | $ | - |  |  | $ | - |
Cheung Yuk Shan |  | (1) |  | Brokerage commission |  |  | 96 |  |  |  | 1,665 |  |  |  | 226 |
Fong Wai Lok, Raymond |  | (1) |  | Brokerage commission |  |  | - |  |  |  | - |  |  |  | 45 |
I Win Growth SPC - Fund 1 SP |  | (1) |  | Brokerage commission |  |  | - |  |  |  | 9,685 |  |  |  | 6,089 |
Lau Kam Yan, Karen |  | (1) |  | Brokerage commission |  |  | 50 |  |  |  | 3,820 |  |  |  | 10,145 |
Lobster Financial Holdings Limited |  | (1) |  | Brokerage commission |  |  | - |  |  |  | 1,212 |  |  |  | 11,947 |
Tse Tim |  | (1) |  | Brokerage commission |  |  | 5,528 |  |  |  | 71,605 |  |  |  | 688,205 |
Wu Hin Lun |  | (1) |  | Brokerage commission |  |  | 1,395 |  |  |  | 312 |  |  |  | 4,362 |
Zhu Jian Guo |  | (1) |  | Brokerage commission |  |  | - |  |  |  | 265 |  |  |  | 865 |
Zhu Yun |  | (1) |  | Brokerage commission |  |  | - |  |  |  | 1,179 |  |  |  | 13,517 |
Total |  |  |  |  |  | $ | 7,119 |  |  | $ | 89,743 |  |  | $ | 735,401 |
Cheung Yuk Shan |  | (2) |  | Handling income on custodian service |  |  | 2,058 |  |  |  | 2,262 |  |  |  | - |
Zhu Jian Guo |  | (2) |  | Handling income on custodian service |  |  | 20 |  |  |  | - |  |  |  | - |
Chan Sze Ho |  | (3) |  | Handling income on dividend collection |  |  | 10 |  |  |  | - |  |  |  | - |
Cheung Yuk Shan |  | (3) |  | Handling income on dividend collection |  |  | - |  |  |  | - |  |  |  | 13 |
Fong Wai Lok, Raymond |  | (3) |  | Handling income on dividend collection |  |  | - |  |  |  | - |  |  |  | 13 |
Fung Yee Lin |  | (3) |  | Handling income on dividend collection |  |  | - |  |  |  | - |  |  |  | 10 |
Tse Tim |  | (3) |  | Handling income on dividend collection |  |  | 1 |  |  |  | 13 |  |  |  | 392 |
Wu Hin Lun |  | (3) |  | Handling income on dividend collection |  |  | 41 |  |  |  | - |  |  |  | 13 |
Zhu Yun |  | (3) |  | Handling income on dividend collection |  |  | - |  |  |  | - |  |  |  | 57 |
Total |  |  |  |  |  | $ | 2,130 |  |  | $ | 2,275 |  |  | $ | 498 |
I Win Growth SPC - Fund 1 SP |  | (4) |  | Investment management fee income |  | $ | - |  |  | $ | 2,840 |  |  | $ | 1,793 |
Cheung Yuk Shan |  | (5) |  | Interest income and other |  | $ | - |  |  | $ | 57 |  |  | $ | 76 |
Fong Wai Lok, Raymond |  | (5) |  | Interest income and other |  |  | - |  |  |  | - |  |  |  | 1,321 |
I Win Growth SPC - Fund 1 SP |  | (5) |  | Interest income and other |  |  | - |  |  |  | 4,117 |  |  |  | 191 |
Lau Kam Yan, Karen |  | (5) |  | Interest income and other |  |  | - |  |  |  | 1 |  |  |  | 1 |
Lobster Financial Holdings Limited |  | (5) |  | Interest income and other |  |  | - |  |  |  | 271 |  |  |  | 90 |
Tse Tim |  | (5) |  | Interest income and other |  |  | 1,422 |  |  |  | 4,897 |  |  |  | 3,361 |
Wu Hin Lun |  | (5) |  | Interest income and other |  |  | 16 |  |  |  | 9 |  |  |  | 431 |
Zhu Jian Guo |  | (5) |  | Interest income and other |  |  | - |  |  |  | 782 |  |  |  | 93 |
Zhu Yun |  | (5) |  | Interest income and other |  |  | - |  |  |  | 28 |  |  |  | 29 |
Total |  |  |  |  |  | $ | 1,438 |  |  | $ | 10,162 |  |  | $ | 5,593 |
Smark Holding Limited |  | (6) |  | Other administrative expenses |  | $ | - |  |  | $ | - |  |  | $ | 3,854 |
| (1) | The amounts for the years ended March 31, 2024, 2023 and 2022 represented fees and commissions from securities brokerage services based on a fixed rate for each transaction.
| (2) | The amounts for the years ended March 31, 2024 and 2023 represented handling income from custodian services rendered.
| (3) | The amounts for the years ended March 31, 2024, 2023 and 2022 represented handling income from dividend collection services rendered.
| (4) | The amounts for the years ended March 31, 2023 and 2022 represented income from investment management services rendered.
| (5) | The amounts for the years ended March 31, 2024, 2023 and 2022 represented interests charged on overdue receivables from related parties arising from brokerage transactions.
| (6) | The amount for the year ended March 31, 2022 represented other administrative expenses paid for management services.
c. Balance with related parties
|  |  |  |  | As of March 31, |
Name |  | Nature |  | 2024 |  |  | 2023 |
Tse Tim |  | (1) |  | Receivables from customers |  | $ | 3,740 |  |  | $ | - |
Wu Hin Lun |  | (1) |  | Receivables from customers |  |  | - |  |  |  | 1,219 |
Total |  |  |  |  |  | $ | 3,740 |  |  | $ | 1,219 |
Oriental Moon Tree Limited |  | (2) |  | Amounts due from related party |  | $ | 3,895 |  |  | $ | - |
Chan Sze Ho |  | (3) |  | Payables to customers |  | $ | - |  |  | $ | 10 |
Cheung Yuk Shan |  | (3) |  | Payables to customers |  |  | 63,845 |  |  |  | 1,649 |
Fung Yee Lin |  | (3) |  | Payables to customers |  |  | - |  |  |  | 411 |
Lau Kam Yan, Karen |  | (3) |  | Payables to customers |  |  | 41,727 |  |  |  | 8,735 |
Tse Tim |  | (3) |  | Payables to customers |  |  | 390,382 |  |  |  | 31,798 |
Wu Hin Lun |  | (3) |  | Payables to customers |  |  | 57,748 |  |  |  | - |
Zhu Jian Guo |  | (3) |  | Payables to customers |  |  | 2,872 |  |  |  | 60,208 |
Zhu Yun |  | (3) |  | Payables to customers |  |  | 78,675 |  |  |  | 20,333 |
Total |  |  |  |  |  | $ | 635,249 |  |  | $ | 123,144 |
Smark Holding Limited |  | (4) |  | Amounts due to related parties |  | $ | - |  |  | $ | 7,097 |
(1) | The balances as of March 31, 2024 and 2023 represented amounts overdue on brokerage transactions which passed the settlement dates, before allowance for expected credit losses. The balances were fully settled subsequently.
(2) | The balance as of March 31, 2024 represented advance to shareholders for operational purpose, before allowance for expected credit losses. The balance was unsecured, non-interest bearing and repayable on demand. As of the date of these consolidated financial statements, the balance has not been settled.
(3) | The balances as of March 31, 2024 and 2023 represented cash deposits received from the related parties and payables arising from unsettled trades on trade-date basis.
(4) | The balances as of March 31, 2024 and 2023 represented the advances from shareholders for operational purposes and consideration payable to the shareholders upon our group reorganization. The balances were unsecured, non-interest bearing and repayable on demand. On November 25, 2022, the shareholders agreed to waive most of these balances due to them by the Company, totaling $2,025,475, in form of capital contributions (further details are set out in note 10 to these consolidated financial statements).

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