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Related Party Transaction and Balance
 12 Months Ended
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).