Company Registration No. 13289422 (England and Wales) RC365 HOLDING PLC ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

1 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 COMPANY INFORMATION Directors Robert Cairns, Chairman and Non Executive Director Chi Ki Law, Executive Director and CEO Timothy Wai Yiu Tang, Executive Director and CFO (appointed 30 August 2022) Ajay Rajpal, Non Executive Director Hon Keung Cheung, Executive Director and CFO (resigned 30 August 2022) Kwai Wah Sunny Ng, Non Executive Director (resigned on 25 July 2023) Company Number 13289422 Company Secretary Timothy Wai Yiu Tang (appointed 30 August 2022 and resigned on 12 December 2022) Hon Keung Cheung (resigned 30 August 2022) MSP Secretaries Limited (appointed on 12 December 2022) 27-28 Eastcatle House London, W1W 8DH Registered address Cannon Place 78 Cannon Street London United Kingdom EC4N 6AF Auditors Shipleys LLP 10 Orange Street Haymarket, London Company Solicitors (UK) Chan Neill Solicitors 36 Upper Brook Street London W1K 7QJ Financial Adviser Guild Financial Advisory Limited 382 Russell Court London WC1H 0NH Registrars Share Registrars Limited 3 The Millennium Centre Crosby Way Surrey GU9 7XX Company Website https://www.rc365plc.com/ DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

2 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 CONTENTS Page Chairman’s Statement 3 – 4 Strategic Report 5 – 7 Board of Directors 8 – 9 Directors’ Report 10 – 14 Risk Management Report 15 – 17 Corporate Governance Statement 18 – 19 Audit Committee Report 20 – 21 Remuneration Committee Report 22 – 23 Independent Auditor’s Report 24 – 31 Consolidated Statement of Comprehensive Income 32 – 33 Consolidated Statement of Financial Position 34 Consolidated Statement of Changes in Equity 35 Consolidated Statement of Cash Flows 36 Notes to the Financial Statements 37 – 75 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

3 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 CHAIRMAN’S STATEMENT I have great pleasure in presenting our audited financial statements to the shareholders of RC365 Holding Plc (“RC365” or the “Group”) for the year ended 31 March 2023. The Group delivered revenues during the year of HK$16,883k (2022: HK$8,069k) . The Group continued to support its clients by providing competitive fintech solutions, helping them to adapt and to stay ahead of competition and provide ERP Solutions to SME clients in Hong Kong and Asian Region. A key focus for the Group continues to develop innovative products and services to attract new customers. Loss before tax was HK$5,378k (2022: HK$3,897k) and cash at 31 March 2023 was HK$9.5m (31 March 2022: HK$23.4m). During Q4 of FY23, the Group launched its “RC ERP” and “RC POS” products that have been co-developed between our in house IT team and outsourced experienced IT total solutions developers. The products are aimed at providing the existing and potential clients to manage their financial reporting, operation management, treasury management, inventory and invoicing management and cash flow in a simple and efficient manner. “RC Wallet” and “RC prepaid card” are one stop solutions aimed at combining the latest measures and practices of Regulatory Technology and Payment Technology gateway solutions to both individual and corporate customers. These 2 solutions are aimed to strengthen the online and offline solutions provided to customers in the open market. These exciting developments taking place next month puts RC365 ahead of the market and the Company is well positioned to expand its products and services in other jurisdictions. In February 2023, the Company signed a Memorandum of Understanding with Hatcher Group Limited to leverage on the combined expertise and resources of the two companies to collaborate on the research and development of smart algorithm technology and to provide intuitive asset recommendations and other potential fintech-based solutions. The Company also announced that its wholly owned subsidiary Regal Crown Technology, has signed a White-Label Application Development Agreement with WCHING Technology Limited for the development of a mobile application product for use on Web, iOS and Android platforms. A key focus for the Group is developing innovative products and services to attract new customers and this allows us to deliver on our commitments. Strategy Our vision remains unchanged - to grow its share of its existing markets, develop new capabilities and expand into new geographies within the fast growing and attractive markets in which it operates. We will remain alert to opportunities and this Annual Report will explain the developments we have made over the course of the year and post year end. The Board believes these advances have positioned the firm well for FY24 and continued future growth. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

4 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Post year end The Company has announced several Agreements that have been signed post year end. On 23 June 2023 the Company entered a collaboration agreement HKD15million to develop and upgrade the existing RC2.0 App, a mobile application providing wealth management solutions, to and advanced version under the name RC3.0. On 3 July 2023, the Group entered into an agreement as the sales agency for the MasterCard Credit Card and the legal and trustee services from famous Hong Kong financial service provider. RC365 has also required 100% of the issued share capital of Mr Meal Production Limited, a media and advertising service in Hong Kong. Outlook The Board continues to be optimistic about the outlook for FY24 given the Group’s growing pipeline of potential opportunities for further growth. Finally, we would like to take this opportunity to thank our shareholders for their continued support and look forward to reporting on our progress as we deliver on our growth strategy. Robert Cairns Non Executive Chairman 25 July 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

5 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 STRATEGIC REPORT The Directors present the Strategic Report of the Company for the year ended 31 March 2023. Review of business and future developments The Company was formed to undertake an acquisition of a controlling interest in a company or business. Given their experience, the Board focused on the provision of IT support and Security Services and Payment Gateway solutions (online and offline basis) to China and Hong Kong customers and looking to expand the payment gateway services into Europe and the UK. Key Performance Indicators During the reporting period, the Company was focused on the evaluation of various opportunities in the Fintech and Payment Gateway sector. The Directors track the following as the Company’s KPIs: 2023 HK$ 2022 HK$ Revenue 16,883,359 8,069,000 Cash and cash equivalents 9,548,364 23,416,761 No. of Customers 31 15 • Revenue Reflects the element of billings generated and recognised during the period from all revenue streams and measures the Group’s overall performance at a sales level. • Cash and cash equivalents The Company’s cash balance provides a measure of the Group’s financial strength and self-sufficiency to support operations while revenue streams continue to be developed. Principal risks and uncertainties The principal risks and uncertainties currently faced by the Company are set out further in the Risk Management Report on page 15. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

6 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Corporate Social Responsibility The Group aims to conduct its business with honesty, integrity and openness, respecting human rights and the interests of shareholders and employees. The Group aims to provide timely, regular and reliable information on the business to all its shareholders and conduct its operations to the highest standards. The Group strives to create a safe and healthy working environment for the wellbeing of its staff and to create a trusting and respectful environment, where all members of staff are encouraged to feel responsible for the reputation and performance of the Group. The Group aims to establish a diverse and dynamic workforce with team players who have the experience and knowledge of the business operations and markets in which we operate. Through maintaining good communications, members of staff are encouraged to realize the objectives of the Group and their own potential. Corporate environmental responsibility The Board contains personnel with a good history of running businesses that have been compliant with all relevant laws and regulations. Section 172(1) The Directors believe they have acted in the way most likely to promote the success of the Company for the benefit of its members as a whole, as required by s172 of the Companies Act 2006. The requirements of s172 are for the Directors to: 1. Consider the likely consequences of any decision in the long term; 2. Act fairly between the members of the Group; 3. Maintain a reputation for high standards of business conduct; 4. Consider the interest of the Group’s employees; 5. Foster the Group’s relationships with suppliers, customers and others; and 6. Consider the Impact of the Group’s operations and the community and the environment. 7. The Directors remain committed to engaging with the Group’s stakeholders and considering their interests when making key strategic decisions. The Board considers its key stakeholders to be its shareholders, its employees, its clients, its suppliers and the communities in which the Group operates. In the following section we identify our key stakeholders, how we engage with them and key activities we have undertaken during the period in question. Our Strategic Partners The Company works closely with its major service provider, a technology limited located in Hong Kong, who is an important strategic partner with the Group. We kept working with this service provider despite DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

7 | Page during the COVID-19 pandemic, and have developed an open and transparent relationship with this partner, which promotes the long-term success for the Group. We also continue to build our reputations and strengthen our relationships with our clients based in Hong Kong and China by providing outstanding services. Furthermore, we are expanding to clients located in Singapore and the UK having seen the recovery of economy from COVID-19 of these countries in the first half of year 2023. Our Shareholders The Company has been well-supported by its shareholders, who have subscribed for our shares in the IPO. The Company endeavours to keep shareholders updated on regulatory matters, and is committed to provide transparent information to them, both through the annual report and ad-hoc communications. Our Customers The Company strives to maintain strong relationships with its customers, which will promote long term growth. The relationships with customers who advertise with the Company are maintained through regular contact and relationship management. Our Employees The Company believes that good staff morale engenders increased efficiency and loyalty, and hence promotes staff welfare and well-being. Staff needs are constantly monitored and improved on an ongoing basis. Robert Cairns Non Executive Chairman 25 July 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

8 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 BOARD OF DIRECTORS Chi Kit Law, Executive Chairman and CEO (appointed on 24 Mar 2021) Mr. Law (Chinese name: 羅志杰), age 42, has almost 20 years' of payment solution and banking leadership experience, having previously held roles as Head of Banking Systems at MoneySwap plc and Assistant Vice President of Group Technology and Operations at DBS Bank where he was awarded the Chairman's Reward for each year he was there. Mr. Law was also awarded the JP Morgan Services Star Award. Mr. Law has managed multi-national banking projects when he was at Standard Chartered Bank, HSBC, JP Morgan Chase and DBS Bank. Mr. Law holds a Masters in Advanced Management from the University of Liege and a Bachelor of Information Technology (Honours) from West Coast Institute of Management & Technology, Perth, Western Australia. Timothy Wai Yiu Tang, Executive Director and CFO and Company Secretary (appointed on 30 August 2022) Mr. Tang (Chinese name: 鄧煒堯), aged 54, has held the role of Vice President, Finance of Regal Crown Hong Kong since October 2020 and was promoted on 30 August 2022. Mr. Tang has about 20 years of audit and accountancy experience, having previously been a Partner at William Lee, Paul Tang & Co. and a former senior Auditor at Ernst and Young. Mr. Tang holds a Bachelor of Commerce in Accounting from the University of New South Wales. Mr. Tang is an associate member of CPA Australia and a member of the Hong Kong Institute of Certified Public Accountants. Robert Cairns, Non Executive Director (appointed on 9 March 2022) Mr. Robert Cairns, age 52, has over 25 years' experience in accounting and finance control and served in senior positions at various private companies in the United Kingdom throughout his career. Robert is currently the Finance Director and a member of the Board of Directors & Executive Committee of Les Ambassadeurs Club. Robert graduated from Lancaster University with a Bachelor of Science Honours degree in Geography and is a member of the Chartered Association of Management Accountants in the United Kingdom. Ajay Rajpal, Non Executive Director (appointed on 9 Mar 2022) Mr. Ajay Rajpal, age 53 is a Chartered Accountant and member of the Institute of Chartered Accountants in England & Wales (ICAEW). During his career, he has gained broad-ranging commercial experience developed in the US, Europe, Middle East and Far East, with a particular focus on M&A, financial management and insolvency/restructuring. Post qualification, Mr. Rajpal held a number of finance-related roles which involved working for periods in the US, Europe, Middle East and Far East. Since 2011, Mr. Rajpal has run his own consultancy business, NAS Corporate Services Ltd, providing companies with various corporate services, such as assistance with their pre-IPO funding, the IPO process and post IPO management. Mr. Rajpal assisted Grand Vision Media Holdings Plc, a special purpose acquisition company listed on the standard segment of the London Stock Exchange, which successfully completed a reverse takeover of an outdoor media business in Hong Kong/China. Mr. Rajpal is currently non-executive director of Grand Vision (which continues to be listed on the standard segment). DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

9 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2022 Mr. Rajpal has also project managed the initial public offering process and assisted with the associated funding of two businesses on AIM, namely New Trend Lifestyle Group Plc, which provides Feng Shui products and services across Asia, and Zibao Metals Recycling Group Plc, a Hong Kong and China based metals recycling company. He currently acts as a non-executive director for Phimedix Plc (formerly named Zibao Metals Recycling Group Plc), and Dozens Savings Plc. Kwai Wah Sunny Ng, Non Executive Director (appointed on 9 March 2022, resigned on 25 July 2023) Mr. Kwai Wah Sunny Ng (Chinese name: 呉季驊), age 44, has over 20 years' experience in corporate restructuring, mergers and acquisitions, project financing, lending and investment management. He is the founder and managing director of Davidsons Group, a business and private equity consultancy service organization based in Hong Kong. He is an Executive Director of Times Universal Group Holdings Limited, a company listed in the Hong Kong stock exchange. Mr. Ng graduated with a Bachelor of Commerce degree in actual studies and accounting from the University of New South Wales. He is a member of both the Certified Practising Accountants in Australia and the Hong Kong Institute of Certified Public Accountants. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

10 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 DIRECTORS’ REPORT The Directors present their annual report together with the financial statements and the Auditor’s Report for the year ended 31 March 2023. Principal activities The principal activity of the Company is to act as a holding company for a group of subsidiaries that are involved in the IT software development sector. The Group is a fintech solutions service provider in Hong Kong and China provided payment gateway services, IT support and security services and ERP Services. The Group are looking to expand the payment gateway services into the UK and Singapore. Results and dividends The results of the Group for the year ended 31 March 2023 are set out in the financial statements. The Directors do not propose to recommend a dividend for the year ended 31 March 2023. Given the losses incurred to date, it is unlikely that the Board will recommend a dividend in the near-term. Business review and future developments Details of the business activities and developments made during the period can be found in the Strategic Report. Directors The Directors of the Company who have served during the period and at the date of this report are: Director Role Date of appointment and resignation Chi Kit LAW Executive Director and CEO 24/03/2021 Timothy Wai Yiu TANG Executive Director and CFO 30/08/2022 Robert CAIRNS Chairman and Non Executive Director 09/03/2022 and appointed as Chairman on 02/06/2023 Ajay RAJPAL Non Executive Director 09/03/2022 Kwai Wah Sunny NG Non Executive Director 09/03/2022 and resigned as Chairman on 02/06/2023 and Non Executive Director on 25/07/2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

11 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Directors’ interest in shares The direct and beneficial shareholdings of the Board in the Company as at 31 March 2023 were as follows: Number of Ordinary Shares Percentage of Issued Share Capital Direct Beneficial Total Chi Kit LAW * - 75,000,000 75,000,000 69.75% * Chi Kit Law holds his shares through LYS Limited. Substantial shareholders As at the date of the Report, the total number of issued Ordinary Shares with voting rights in the Group was 125,534,591. The Group has been notified of the following interests of 3 per cent or more in its issues share capital as at the date of this report: Number of ordinary shares Percent of Issued share capital LYS Limited 64,000,000 50.98% MacKay Preston Glen Kimpton 4,839,057 3.85% Going Concern The Group's assets are comprised almost entirely of cash. The Directors have outlined their strategy for the Group in the Chairman's Statement on page 3. As part of their assessment of going concern, the Directors have prepared cash forecasts that show that the Group has sufficient cash resources in order to complete the acquisition executed after the period end and execute the Group’s strategy. It is proved that the Group has ability to raise debt finance and equity finance for its operation and expansion. The Group has not been significantly affected by the Covid-19 outbreak, nevertheless the business of the Group is still facing uncertainty subject to Covid-19. Based on their enquiries and the information available to them and taking into account the other risks and uncertainties set out herein, the Directors have a reasonable expectation that the Company and the Group has adequate resources to continue operating for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing this financial information. Events after the reporting period The Company announced the intention to enter into strategic partnership agreement with different upstream and downstream fintech service provider including the provision of Mastercard Credit Services, trustees and custodian services, and the development and upgrading of mPOS2.0 provided by a Malaysian vendor. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

12 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Corporate Governance The Group has set out is full Corporate Governance Statement on page 18. The Corporate Governance Statement forms part of this Directors’ report and is incorporated into it by cross reference. Statement of directors’ responsibilities The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group and parent company financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK adopted International Accounting Standards. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the group’s profit or loss for that period. In preparing these financial statements, the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • state whether they have been prepared in accordance UK adopted International Accounting Standards • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Emissions The Group is not an intensive user of fossil fuels or electricity. As a result, it is not practical to determine carbon emission with any degree of accuracy. Supplier payment policy It is the Group’s payment policy to pay suppliers in line with industry norms. These payables are paid on a timely basis within contractual terms which is generally 30 to 60 days from date of receipt of invoice. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

13 | Page Branches outside the UK The Group’s head office is in Hong Kong and the subsidiaries are located in Hong Kong, UK and Singapore. The Directors’ have chosen to produce a Strategic Report that discloses a fair review of the Group’s business, the key performances metrics that the Directors review along with a review of the key risks to the business. Financial instruments and risk management The Company is exposed to a variety of financial risks and the impact on the Company’s financial instruments are summarized in the Risk Management Report. Details of the Company’s financial instruments are disclosed in note 24 to the financial statements. Environmental, social and Governance A review of the Group’s approach to sustainability and societal impact during the year is set out below : Climate Change The Group recognised the increasing important of climate change triggered by Greenhouse Gases (GHG) from burning fossil fuels. We plan to publish targets across 2023/24. We have made progress in reducing emissions in our offices during 2023, although this needs to be seen in the context of impact of the COVID-19 pandemic with the majority of employees spending part of 2023/23 working from home. Total emissions associated with activities under direct control of management (Scope 1 and 2 emissions) remained at the same level in 2023 versus 2022. In terms of Energy efficiency, our energy usage was on the same level in 2023 compared with 2022. Environmental The Group’s operations are conducted in such a manner that compliance is maintained with legal requirements relating to the environment in areas where the Group conducts its business. During the period covered by this report, the Group has not incurred any fines or penalties or been investigated for any breach of environmental regulations. The Directors consider that due to the nature of the Group’s operations. It does not have a significant impact on the environment. However, the Group seeks to minimize its carbon impact and recognizes that its activities should be carried out in an environmentally friendly manner where practicable. The Group’s environment impact is under continual review and the Group considers related initiatives on an ongoing basis. In 2023, these included: continued reduction of waste and, where practicable, re-use and recycling of consumables; conducted reduction of energy, water and other resources; on-going upgrades to LED lighting from Q3 2023 onwards. Office Environments Management engages with its office provider and its facilities management provider to ensure a safe environment for our employees. Environmental management is overseen by the Chief Executive Officer. RC365 Holding Plc complies with the Companies Act 2006 (Strategic Report and Directors Report) Regulation 2013. We are also reporting in compliance with the Companies (Directors’ Report) and Limited Liability Partnership (Energy and DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

14 | Page Carbon Report) Regulations 2018 known as SECR (Streamlined Energy Carbon Reporting). Energy consumption and GHG emissions have been calculated in line with the UK Government’s Environmental Reporting Guidelines; including streamlined energy and carbon reporting guidance (March 2019). There were no prosecutions or compliance notices for breaches of environmental legislation during 2023. Supply Chain We are committed to ensuring that there is no slavery or human trafficking in our supply chain or in any part of our business. We maintain strong working relationship with our suppliers and partners, in order to enhance the efficiency of our business and create value, and make sure we treat suppliers in line with our values and ethical standards. We continually assess our supplier and partner network, and leverage both internal and external expertise to ensure appropriate relationship and fair economics. Governance The Board takes issues of governance seriously and seeks to ensure transparency and streamlined administration. The Directors bring a broad range of technical, commercial, business, accounting, auditor and corporate finance expertise. Culturally, the Board demonstrates a high degree of integrity, fairness and non-discrimination and promotes values through the organization. Disclosures of Information to Auditors The Directors confirm that • So far as each Director is aware, there is no relevant audit information of which the Group’s auditor is unaware; and • The Directors have taken all steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of this information. Independent auditors A resolution proposing the re-appointment of Shipleys LLP as auditor will be put to the shareholders at the Annual General Meeting. The Directors’ Report has been approved by the Board and signed on its behalf by: Robert Cairns Non Executive Chairman 25 July 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

15 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 RISK MANAGEMENT REPORT The Group has undertaken an evaluation of the risks it is exposed to which are summarised as follows: If the Group cannot keep pace with rapid developments and change in its industry and provide new services to its clients, the use of its services could decline, reducing its revenue and profitability The Group faces competitive pressure from new or existing competitors which may have more significant financial resources, consumer awareness and scale and may introduce new products and services. The Group’s ability to remain competitive depends in part on its ability to offer competitive pricing Certain of the Group’s competitors may have greater financial, technological and marketing resources than it does or, in the case of certain markets (in particular any potential new markets), greater local knowledge and presence, greater customer bases, volume, scale and market share. Negative publicity could impact negatively on the Group’s business and reputation The diminution in the perceived quality associated with the Group’s products or services as a result of reputational damage or otherwise could harm the Group’s business, which can adversely affect its ability to attract and retain customers. The Group’s reputation could be damaged by any number of issues, including operational or user experience failures, data breaches, or negative press or social media reports. The Group may fail to successfully execute its strategy, including expanding its share of its existing markets, developing new capabilities and expanding into new geographies The Group’s future growth and profitability depend upon the growth of the markets in which it currently operates, the future expansion of those markets, its ability to develop new products and services (such as RCERP, RCPOS, RC2.0 Wallet) that are commercially successful and its ability to increase its penetration and service offerings within these markets, as well as its ability to penetrate new markets, particularly in Europe. Dependence on key personnel The Group is managed by a number of key personnel, including the Key Executive Directors, some of whom have significant experience within the payments sector and who may be difficult to replace. The loss of the Key Executive Directors and/or key senior personnel could have a material adverse effect on the Group. Demand for the Group’s products and services may be affected by global and regional changes, including economic, social and political changes The Group may be affected by a number of macroeconomic factors, events and conditions, including political and social conditions (such as any policy which might affect the ability of Regal Crown HK to do business with Chinese customers), payment habits and trends including the number of transactions involving the Hong Kong dollar, economic growth rates, and government outlook, spending and regulation, such as protectionist policies and legislation. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

16 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Inability to manage growth The Group intends to grow the business. The Group’s future growth may place increasing and significant demands on its management, operational and financial systems, infrastructure and other resources and will therefore depend on its ability to expand and improve operational, financial and management information and control systems in line with its growth. Failure to do so could have an adverse effect on the Group’s business and its operating results. Further, any acquisitions will carry an element of risk, including the difficulty of integrating the operations and personnel of the acquired business and the inability to obtain the anticipated return from such investment. A decline in the use of credit and debit cards as a payments mechanism or adverse developments with respect to the digital payments industry in general could have a material adverse effect on the Group’s business, financial condition and results of operations If customers do not continue to use credit or debit cards as a payments mechanism for their transactions or if there is a change in the mix of payments between cash, alternative currencies, credit and debit cards or new payments systems which is adverse to the Group, it could have a materially adverse effect on it business, financial condition and results of operations. A potential tightening of credit underwriting criteria by financial institutions may make it more difficult or expensive for customers to gain access to credit facilities such as credit cards. Moreover, if there is an adverse development in the digital payments industry in general, such as new legislation or regulation that makes it more difficult for the Group’s clients to do business or which results in financial institutions seeking to charge their customers additional fees for card usage, cardholders may reduce their reliance on cards, which could have a material adverse effect on the Group’s business, financial condition and results of operations. The Group Is at risk of fraud Combating fraud is a challenge because transactions are conducted between parties who are not physically present, which in turn creates opportunities for misrepresentation and abuse. Online businesses are especially vulnerable because of the convenience, immediacy and anonymity of transferring funds from one account to another and subsequently withdrawing them. The Group does not currently involve the supply of any regulated services which would require a licence or authorisation (such as the processing of transactions) or the direct handling of client money and as such it would not normally expect to be primarily responsible should any fraudulent activity impact a particular transaction. However, it cannot however be excluded that the Group could be party in any litigation or investigation in the future in relation to fraudulent transactions, even where the Group is not directly involved. Examples of fraud could include organised criminal activity or when a person knowingly uses a stolen or counterfeit credit or debit card, card number, or other credentials to record a false sale or credit transaction, or intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting credit and debit cards and fraud. There is also a risk the Group’s employees could engage in or facilitate fraudulent activity on their own behalf or on behalf of others. Moreover, is possible that incidents of fraud could increase in the future. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

17 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 The Group nonetheless takes measures to detect and reduce the risk of fraud, by carrying out checks on the Dow Jones database before the transaction can proceed. Separate checks are also carried out by other parties involved in the value chain. These measures may however not be effective against new and continually evolving forms of fraud or in connection with new product offerings. If these measures do not succeed, the Group’s business, financial condition, results of operations and prospects may be materially and adversely affected. COVID-19 The Group is committed to ensuring the safety and wellbeing of all employees, contractors and stakeholders and accordingly will regularly assess developments and the ability to recommence operations in a safe and appropriate manner. Further escalation of the COVID-19 pandemic, and the implementation of any additional government- regulated restrictions which delays the Group in carrying out its business activities ultimately delays the Group’s ability to reach production and start to generate cash and so could have a material adverse impact on the Group’s operations and financial results. · This Risk Management Report has been approved by the Board and signed on its behalf by Robert Cairns Non Executive Chairman 25 July 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

18 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 CORPORATE GOVERNANCE STATEMENT The Board of the Company is committed to high standards of corporate governance, which it considers are critical to business integrity and to maintaining investors’ trust in the Company. For the year ended 31 March 2023, and up to the date of this report, the Company has applied the main principles of the Quoted Companies Alliance (QCA) Code and complied with its detailed provisions throughout the period under review. Full details of our approach to governance are set out below and, as a Board, we continue to be committed to good standards in governance practices and will continue to review the governance structures in place, to ensure that the current practices are appropriate for our current shareholder base and that, where necessary, changes are made. Composition and independence of the board The Board is comprised of two Executive Directors and three Independent Non-Executive Directors, including the Independent Non-Executive Chairman. Each of the non-executive Directors is “independent” for the purposes of the QCA Governance Code. The Board is of the opinion that its composition continues to represent an appropriate balance between executive and non-executive directors, given the Group’s size and operations. Kwai Wah Sunny Ng has extensive experience in corporate restructuring, merges and acquisitions, project financing, loan and investment management and as an executive and non-executive in other organisations. He is considered independent as he is not involved in the day-to-day running of the business and does not earn any performance-related remuneration. Robert Cairns and Ajay Rajpal both have diverse experience holding senior positions in private and listed companies in the United Kingdom. They are both considered independent as they are not involved in the day-to-day running of the business and do not earn any performance-related remuneration. The Company has a Board it believes is well suited for the purposes of implementing its business strategy. Members have relevant consulting and industry experience. We intend to carry out periodic reviews of the composition of the Board to ensure that its skillset and experience are appropriate for the effective leadership and long-term success of the business as it develops. Division of responsibilities The Directors are responsible for carrying out the Group’s objectives, implementing its business strategy and conducting its overall supervision. The Board meet regularly to review performance. The roles of Chairman and Chief Executive Officer are separate and clearly defined, in line with the recommendations of the QCA Corporate Governance Code. Responsibility for overseeing the Board is the responsibility of the Chairman and the Chief Executive Officer is responsible for overseeing the implementation of the Company’s strategy and its operational performance. The Executive Directors are encouraged to use their independent judgement and strong knowledge of the Group in the discharging of their duties. They are responsible for the day-to-day management of the business, including its financial and operational performance and the Group’s legal undertakings. Issues and progress made are reported to the Board by the Chief Executive Officer. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

19 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 The Board considers the non-Executive Directors to be sufficiently competent and to function effectively as a unit and in their respective Committees. They provide objectivity and substantial input to the activities of the Board, from their various areas of expertise. The Board meets regularly throughout the year (either in person or by video conference call). Additionally, special meetings will take place or other arrangements will be made when Board decisions are required in advance of regular meetings. During the period ended 31 March 2023, FIVE board meeting was held. All Directors were in attendance at the meeting, either in person or by video conference call. Meeting shareholders’ needs and expectations The Board seek to build on a mutual understanding of objectives between the Company and its shareholders by offering meetings to discuss long-term issues and receive feedback and issuing updates to the market as appropriate. The Board also seeks to use the Annual General Meeting to communicate with its shareholders and encourage questions from shareholders at the Annual General Meetings (AGMs). Risk management and internal control Mitigating the risks that a Company faces as it seeks to create long-term value for its shareholders is the positive by-product of applying good corporate governance. At RC365, all employees are responsible for identifying and monitoring risks across their areas. However, the Board sets the overall risk strategy for the business and is ultimately accountable. Performance evaluation The Chairman considers the operation of the Board and performance of the Directors on an ongoing basis as part of his duties and will bring any areas of improvement he considers are needed to the attention of the Board. The effectiveness of the Board, its Committees and Directors will be reviewed on an annual basis. Robert Cairns Non Executive Chairman 25 July 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

20 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 AUDIT COMMITTEE REPORT As Chair of the Audit and Risk Committee (“the Committee”), I am pleased to present our Audit Committee Report for the year ended 31 March 2023. The Board has established an audit committee and a remuneration committee and delegated various responsibilities to these committees, to assist the Board in discharging its duties and overseeing its duties and aspects of the Company and its subsidiaries’ activities. The Audit Committee comprises two Non-Executive Directors: Robert Cairns (Chair) and Ajay Rajpal. The Audit Committee receives, and reviews reports from the Group’s management and external auditors relating to the interim and annual accounts and the accounting and internal control systems in use throughout the Group. The key responsibilities of the Committee are to: • Review the significant issues and judgments of management, and the methodology and assumptions used in relation to the Group’s financial statements and formal announcements on the Group’s financial performance; • Review the Group’s going concern assumptions; • Assess the effectiveness of the Group’s system of internal controls, including financial reporting and financial controls; • Consider and make recommendations to the Board on the appointment, reappointment, dismissal or resignation and remuneration of the external auditor; and • Assess the independence and objectivity of the external auditor and approve and monitor the application of the external auditor business standard. External auditor The Company’s external auditor is Shipleys LLP, who were appointed with effect from the year ended 31 March 2023. Having reviewed the auditor’s independence and performance to date, the Committee recommended to the Board to put them forward at the AGM to stand as auditors for the next financial period. Internal audit The Board considers the internal control system to be adequate for the Company. The Audit Committee reviews the scope and scale of the non-audit services undertaken by the auditors in order to ensure that their independence and objectivity is safeguarded. The Directors recognise the business will increase in complexity as it grows, and they will review the internal control system to ensure it responds to any change. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

21 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Risk management and internal controls The principal risks facing the Group are summarised on page 15 of this Report. The internal controls of the Group are set out in the Financial Reporting Procedures Manual which was reviewed and reported on by the Reporting Accountants in connection with the IPO. The Committee carries out an annual risk assessment and review of mitigating controls. This report was approved by the board on 25 July 2023 Robert Cairns Non Executive Chairman DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

22 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 REMUNERATION COMMITTEE REPORT The items included in this report are unaudited unless otherwise stated. The remuneration committee consists of Kwai Wah Sunny Ng and Ajay Rajpal (Chair). This committee’s primary function is to review the performance of executive directors and senior employees and set their remuneration and other terms of employment. The Company has 2 executive directors and 3 non executive directors The remuneration policy It is the aim of the committee to remunerate executive directors competitively and to reward performance. The remuneration committee determines the Group’s policy for the remuneration of executive directors, having regard to the QCA Corporate Governance Code and its provisions on directors’ remuneration. Although there is no formal Director or senior employee shareholding policy in place, the Board believe that share ownership by Directors and senior employees strengthen the link between the personal interest and those of shareholders. No views were expressed by shareholders during the period on the remuneration policy of the Group. Service agreements and terms of appointment The non executive directors have service contracts with the Group. Directors’ interests The directors’ interests in the share capital of the Company are set out in the Directors’ report. Directors’ emoluments (audited) Group RC365 Holding Plc 2023 HK$ 2022 HK$ 2023 HK$ 2022 HK$ Chi Kit Law 2,591,996 951,633 - - Hon Keung Cheung - 375,500 - - Timothy Wai Yiu Tang 275,500 240,000 - - Kwai Wah Sunny Ng 47,704 - 47,704 - Robert Cairns 47,704 - 47,704 - Ajay Rajpal 238,521 15,914 238,521 15,914 Total 3,201,425 1,583,047 333,929 15,914 The highest paid Director of the Company in the period was Mr. Chi Kit Law, who was paid a total of HK$2,591,996 (2022: HK$951,633). DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

23 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Considerations of shareholder views The Committee considers shareholder feedback received. This feedback, plus any additional feedback received from the time to time, as part of the Group’s annual policy for remuneration. Policy for salary reviews The Committee may from time to time seek to review salary levels of Directors, taking into account performance, time spent in the role and market data for the relevant role. It is intended that there will be a salary review during the next fiscal year. Policy for new appointment It is not intended that there will be any new appointments to the Board in the near term. It is intended that a full review of the Board will take place on an annual basis. Other Matters The Group does not currently have any annual or long term incentive schemes in place for any of the Directors and senior employees. Approval by shareholders At the next annual general meeting of the Group a resolution approving this report is to be proposed as an ordinary resolution. This report was approved by the board on 25 July 2023 Ajay Rajpal Non Executive Director DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

24 | Page RC365 HOLDING PLC ANNUAL REPORT FOR THE PERIOD ENDED 31 MARCH 2023 Independent auditor’s report to the members of RC365 Holdings Plc for the year ended 31 March 2023 Opinion We have audited the financial statements of RC365 Holding PLC (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 31 st March 2023 which comprise the consolidated statement of comprehensive income, the consolidated and company statements of financial position, the consolidated and company statements of cash flows, the consolidated and company statements of changes in equity and notes to the financial statements, including a summary of significant accounting policies and the financial reporting framework that has been applied in the preparation of the company and group financial statements and applicable law. In our opinion: • the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 st March 2023 and of the group’s loss for the year then ended; • the group financial statements have been properly prepared in accordance with UK adopted International Accounting Standards; • the parent company financial statements have been properly prepared in accordance with UK adopted International Accounting Standards and as applied in accordance with the provisions of the Companies Act 2006; and • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group’s ability to continue to adopt the going concern basis of accounting included carrying out a risk assessment which covered the nature of the group, its business model and related risks including where relevant the impact of Coronavirus, the requirements of the applicable financial reporting framework and the system of internal control. We evaluated the directors’ assessment of the group’s ability to continue as a going concern, including challenging the underlying data and key assumptions used to make the assessment, and evaluated the directors’ plans for future actions in relation to their going concern assessment. Additionally, we reviewed and challenged the results of management’s stress testing, to assess the reasonableness of economic assumptions on the Group’s solvency and liquidity position. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

25 | Page Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s or Group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. Key audit matter How our audit addressed the key audit matter Revenue recognition There is a presumed risk of fraud or error in respect of revenue recognition We carried out procedures to test revenue and to consider whether the application of the revenue recognition policy was appropriate. There was no revenue generated within the company financial statements. Audit work on revenue in relation to the rest of the group entities was carried out by the component auditors, whose work we have reviewed as a part of our audit procedures. Management override of controls There is a presumed risk that management is able to override controls. We have reviewed journal adjustments and the rationale behind them and have considered whether these have been subject to potential management bias. From our procedures carried out no adverse issues were identified with regards to management override of controls. Impairment of investment in subsidiaries Investments in and loans to subsidiaries – valuation and potential impairment. The group holds investments in subsidiaries at cost. There is a risk that investments in group companies are impaired and so investment values may be misstated in the parent company. Our audit procedures concluded that the balance in relation to investments in and loans to subsidiaries is fully impaired. We have reviewed the consolidated financials of the subsidiary undertaking and reviewed the performance to date. We reviewed the latest management accounts post year end for the subsidiary; We have reviewed the long term cashflow forecasts prepared and understood and assessed the methodology used by the directors in this analysis and determined it to be reasonable; We tested the assumptions made by management through performing sensitivity analysis through changing the assumptions used and re- running the cash flow forecast. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

26 | Page Going concern assumption The Group is dependent upon its ability to generate sufficient cash flows to meet continued operational costs and hence continue trading. Going concern was addressed as a key audit matter and has been addressed within the ‘conclusions’ relating to going concern’ section of the audit report. Carrying value of ERP development asset We have reviewed the carrying value of the ERP development asset. Our procedures in relation to management’s assessment of the carrying value of ERP included but were not limited to Reviewing management’s assessment of the indicators of impairment. Reviewing the agreement with prospective customers and discounted cashflows. Challenging the key estimates and assumptions applied in the valuation model and carrying out sensitivity analysis. Based on our audit work carried out we can confirm that the ERP development asset is not impaired and the carrying value if therefore appropriate. The Company acquired its 100% interest in Regal Crown Technology Limited (“RCT”) on 31 August 2021 by way of a share for share exchange. This is a business combination involving entities under common control and the consolidated financial statements are issued in the name of the Group, but they are a continuance of those of RCT. Therefore, the assets and liabilities of RCT have been recognised and measured in these consolidated financial statements at their pre combination carrying values. The retained earnings and other equity balances recognised in the comparative figure of the consolidated financial statements are the retained earnings and other equity balances of the Company and RCT. The equity structure appearing in the comparative figure of these consolidated financial statements (the number and the type of equity instruments issued) reflect the equity structure of the Company including equity instruments issued by the Company to effect the consolidation. The difference between consideration given and net assets of RCT at the date of acquisition is included in a group reorganisation reserve. On 28 June 2022 and 7 November 2022, the Group acquired 100% equity interest of RCPay Ltd (Hong Kong) (“RCPay HK”), Regal Crown Technology (Singapore) Pte Ltd (“RC Singapore”) and RCPAY Limited (“RCPAY UK”), respectively from Mr. Law Chi Kit. As RCPay HK, RC We reviewed management’s assessment of whether the acquisitions constituted business combinations under common control. We assessed the Company’s conclusions against the requirements of the relevant accounting standards including interpretation guidance and authoritative support. These conclusions included: • the method used for the accounting for the business combinations in the financial statements • the determination of values and calculations resulting from the transactions. We reviewed the financial statement disclosure, including the inclusion of current and comparative information in the financial statements for compliance with accounting expectations. We: • agreed the principles of disclosure of the accounting information and the adequacy of the accounting policies explaining the accounting for the transaction. Our procedures did not result in any significant findings surrounding the accounting for the transaction based on the audit evidence obtained. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

27 | Page Singapore, RCPAY UK and the Group are under common control of Mr. Law Chi Kit before and after the acquisition, the acquisition and the business combination have been accounted for as a business combination under common control. Valuation of convertible bond As at balance sheet date the group held a bond of HK$1m from unrelated third party. Per the bond agreement terms RC365 had an option to convert the bond into shares of issuer any time between year end and 31 st March 2024. The valuation work was performed by the independent third party, we have reviewed the assumptions per the valuer’s report for reasonableness. Based work performed no issue was noted regarding the valuation of financial assets (bond and option). Our application of materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgment, we determined materiality for the financial statements as a whole as follows: Group financial statements Company financial statements Overall materiality HKD $ 776,418 HKD $ 582,314 How we determined it 2% of gross assets of the group. 2% of the parent company’s gross assets. Rationale for benchmark applied We believe that gross assets are the measure used by group’s shareholders in assessing the performance of the Group whilst revenue are a representation of the size of the Group; all are generally accepted auditing benchmarks. We believe that gross assets are the measure used by company’s shareholders in assessing the performance of the Group whilst revenue are a representation of the size of the parent company; all are generally accepted auditing benchmarks. For each component in the scope of our Group audit, we allocated a materiality that is less than our overall Group materiality. The range of materiality allocated across components was between HK$1,000 and HK$582,314. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

28 | Page We agreed with the Audit Committee that we would report to them misstatements identified during our audit above HK$39,000 as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons. An overview of the scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the directors made subjective judgments, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls, and the industry in which they operate. The Group financial statements are a consolidation of 8 reporting units, comprising the Group’s operating businesses and holding companies. We performed audits of the complete financial information of RC365 Holdings Plc, and its subsidiaries, which were individually financially significant and accounted for 100% of the Group’s revenue and 100% of the Group’s absolute loss before tax (i.e., the sum of the numerical values without regard to whether they were profits or losses for the relevant reporting units). We also performed specified audit procedures over account balances and transaction classes that we regarded as material to the Group. Other information The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the part of the directors’ remuneration report to be audited has been properly prepared in accordance with Companies Act 2006 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

29 | Page • the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. Directors’ remuneration Under the Companies Act 2006, we are also required to report if in our opinion certain disclosures of directors’ remuneration have not been made or the part of the directors remuneration have not been made or the part of the directors’ remuneration report to be audited is not in agreement with the accounting standards and returns. We have nothing to report in respect of these matters. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or • the parent company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit. Responsibilities of directors As explained more fully in the directors’ responsibilities statement [set out on page 11], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group’s and parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

30 | Page The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the digital marketing and advertising sector. • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, health and safety legislation and anti-money laundering regulations. • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. • We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; • assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 of the Group financial statements were indicative of potential bias; • investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; • reviewing correspondence with HMRC and the company’s legal advisor. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

31 | Page Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Other matters which we are required to address The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we remain independent of the group and the parent company in conducting our audit. Our audit opinion is consistent with the additional report to the audit committee. Appointment We were appointed by the board on 14 November April 2022. Our total uninterrupted period of engagement is from the date of appointment. Use of this report This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed BENJAMIN BIDNELL Senior Statutory Auditor For and on behalf of SHIPLEYS LLP Chartered Accountants and Statutory Auditor 10 Orange Street, Haymarket, London, WC2H 7DQ 25 July 2023 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

32 | Page Consolidated statement of comprehensive income for the year ended 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. Notes 31 March 2023 31 March 2022 HK$ HK$ Revenue 4 16,883,359 8,069,000 Cost of sales (898,533) - Gross profit 15,984,826 8,069,000 Other income 5 371,074 11,288 Subcontracting fee paid 7 (8,457,204) (2,646,000) Staff costs 8 (4,928,904) (2,492,068) Depreciation on property, plant and equipment and right- of-use assets 7 (589,356) (781,933) Listing expense - (4,826,285) Other operating expenses (7,592,377) (1,101,915) Finance charges 6 (166,510) (129,503) Loss before income tax 7 (5,378,451) (3,897,416) Income tax expense 9 - - Loss for the year (5,378,451) (3,897,416) Loss per share – basic and diluted (HK$) 10 (4.96 cents) (5.15 cents) DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

33 | Page Consolidated statement of comprehensive income for the year ended 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. 31 March 2023 31 March 2022 HK$ HK$ Loss for the year (5,378,451) (3,897,416) Other comprehensive income/ (expense), net of tax Items that may be reclassified subsequently to profit or loss: 265,012 (536,236) Exchange differences on translation of financial statements of foreign operations 265,012 (536,236) Total comprehensive loss for the year (5,113,439) (4,433,652) DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

34 | Page Consolidated statement of financial position as at 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. Approved by the Board and authorised for issue on Timothy Wai Yiu TANG Director Company Registration number: 13289422 Notes 2023 2022 HK$ HK$ ASSETS Non-current assets Intangible assets 11 6,184,803 - Property, plant and equipment 12 61,057 141,720 Right-of-use assets 13 204,684 507,754 6,450,544 649,474 Current assets Financial assets at FVPL 14 1,041,064 - Deposit and prepayments 15 3,788,412 152,875 Trade and other receivables 15 17,698,025 1,044,492 Loan receivables 16 294,500 700,000 Cash and cash equivalents 17 9,548,364 23,416,761 32,370,365 25,314,128 Current liabilities Trade and other payables 18 2,288,347 643,138 Borrowings 19 5,299,556 5,800,000 Lease liabilities 20 135,711 515,158 7,723,614 6,958,296 Net current assets 24,646,751 18,355,832 Non-current liabilities Lease liabilities 20 65,143 - Net assets 31,032,152 19,005,306 EQUITY Share capital 21 28,801,920 11,500,995 Share premium 16,576,592 16,576,592 Group reorganisation reserve 589,836 750,476 Translation reserve (271,224) (536,236) Accumulated losses (14,664,972) (9,286,521) Total equity 31,032,152 19,005,306 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

35 | Page Consolidated statement of changes in equity for the year ended 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. Share capital Share premium Translation reserves Group reorganisation reserve Accumulated losses Total HK$ HK$ HK$ HK$ HK$ HK$ At 1 April 2021 10,300,001 - - - (5,389,105) 4,910,896 Loss for the year - - - - (3,897,416) (3,897,416) Exchange difference on consolidation - - (536,236) - - (536,236) Total comprehensive expenses - - (536,236) - (3,897,416) (4,433,652) Group reorganisation – Share exchange (2,203,751) - - 750,476 - (1,453,275) Issue of share capital 3,404,745 18,645,000 - - - 22,049,745 Share issue costs - (2,068,408) - - - (2,068,408) At 31 March 2022 and at 1 April 2022 11,500,995 16,576,592 - (536,236) 750,476 (9,286,521) 19,005,306 Loss for the year - - - - (5,378,451) (5,378,451) Exchange difference on consolidation - - 265,012 - - 265,012 Total comprehensive expenses - - 265,012 - (5,378,451) (5,113,439) Acquisition of subsidiaries under common control - - - (160,640) - (160,640) Issue of share capital 17,300,925 - - - - 17,300,925 At 31 March 2023 28,801,920 16,576,592 (271,224) 589,836 (14,664,972) 31,032,152 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

36 | Page Consolidated statement of cash flows for the year ended 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. 31 March 2023 31 March 2022 HK$ HK$ Cash flows from operating activities Loss before income tax (5,378,451) (3,897,416) Adjustments for: Amortisation of intangible assets 475,957 - Depreciation of property, plant and equipment 12,614 761,633 Depreciation of right-of-use-assets 576,742 20,300 Gain on termination of lease agreement (38,132) - Fair value gain on financial assets at FVPL (41,064) - Bank interest income (13,649) - Written-off of property, plant and equipment - 176,234 Listing expense - 4,826,285 Finance charges on lease liabilities 166,510 129,503 Operating cashflow before working capital changes (4,239,473) 2,016,539 Decrease in trade and other receivable 736,523 541,332 Increase in trade deposits and prepayments (3,635,536) (78,586) Decrease/ (Increase) in loan receivables 405,500 (700,000) Increase/ (Decrease) in trade and other payables 754,846 (2,128,207) Net cash (used in) operating activities (5,978,140) (348,922) Cash flow from investing activities Acquisition of intangible assets (6,524,760) - Acquisition of property, plant and equipment (67,951) (72,000) Purchase of financial assets at FVPL (1,000,000) - Net cash inflow for the acquisition of subsidiaries 546,139 - Interest received 13,649 - Net cash (used in) investing activities (7,032,923) (72,000) Cashflow from financing activities Interest paid (149,430) (106,336) Inception of bank borrowings - 5,800,000 Repayment of bank borrowings (500,444) - Proceeds from listing - 22,049,745 Payment for listing costs - (6,894,693) Rental paid for lease liabilities (547,650) (780,000) Net cash (used in) from financing activities (1,197,524) 20,068,716 Net (decrease)/ increase in cash and cash equivalents (14,208,587) 19,647,794 Effect of exchange rate changes 340,190 (536,236) Cash and cash equivalents at beginning of the year 23,416,761 4,305,203 Cash and cash equivalents at the end of the year 9,548,364 23,416,761 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

37 | Page Notes to the consolidated financial statements For the year ended 31 March 2023 1.GENERAL INFORMATION RC365 Holding Plc (the “Company”) was incorporated as a private limited company on 24 March 2021 in the United Kingdom (“UK”) under the Companies Act 2006. The Company acted as a holding company and converted to a public limited company on 22 September 2021. The address of the registered office is Cannon Place, 78 Cannon Street, London, United Kingdom, EC4N 6AF. The Company was listed on the Standard List of the London Stock Exchange (“LSE”) on 23 March 2022. The principal activity of the Company is to act as an investment holding company. The Company together with its subsidiaries (the “Group”) are mainly engaged in provision of IT software development and payment solutions. There were no significant changes in the nature of the Group’s principal activities during the year. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation On 31 December 2020, International Financial Reporting Standards (“IFRS”) as adopted by the European Union at that date was brought into UK law and became UK-adopted International Accounting Standards, with future changes being subject to endorsement by the UK Endorsement Board. RC365 Holding Plc adopted the UK-adopted International Accounting Standards in its Group and parent company financial statements for the current and comparative periods. These Group and parent company financial statements were prepared in accordance with UK- adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements of the Group and parent company have been prepared on accrual basis and under historical cost convention except for financial assets at fair value through profit or loss (“FVPL”) which are measured at fair value as explained in the accounting policies set out below. The financial statements are presented in Hong Kong Dollars (“HK$”), which is the Group’s functional and presentational currency, and rounded to the nearest dollar. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

38 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 New Standards and Interpretations No new standards, amendments or interpretations, effective for the first time for the period beginning on or after 1 April 2022 have had a material impact on the Group and the parent company. Standards, amendments and interpretations that are not yet effective and have not been early adopted are as follows: Standard Impact on initial application Effective date IAS 1 Classification of liabilities as current or non- current Not earlier than 1 January 2024 IAS 1 Disclosure of accounting policies 1 January 2023 IAS 8 Accounting estimates 1 January 2023 IAS 12 Deferred tax related to assets and liabilities arising from a single transaction 1 January 2023 IFRS 16 Leases 1 January 2024 IFRS 17 Insurance contracts 1 January 2023 2.3 Going Concern The Group meets its day to day working capital requirement through use of cash reserves and bank borrowings. The directors (the “Directors”) have considered the applicable of the going concern basis in the preparation of the consolidated financial statements. This included review of forecasts which show that the Group should be able to sustain its operation within the level of its current debt and equity funding arrangements. The Directors have reasonable expectation that the Group has adequate resources to continue operation for the foreseeable future for the reason they have adopted to going concern basis in the preparation of the consolidated financial statement. The Group incurred a loss of HK$5,378,451 for the year ended 31 March 2023. This condition indicates the existence of a material uncertainty which may cast significant doubt on the Company’s ability to continue as a going concern. Therefore, the Company may be unable to realise its assets. The consolidated financial statements do not include any adjustments that would result if the Group was unable to continue as a going concern. The COVID-19 pandemic has not constituted significant effect on the Group’s results for 12 months from signing the accounts. After careful consideration of the matters set out above, the Directors are of the opinion that the Group will be able to undertake its planned activities to maintain the going concern for the 12 months from signing the accounts from debt and/or equity fundings. The Group therefore prepared the consolidated financial statements on a going concern basis. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

39 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.4 Basis of consolidation The Company acquired its 100% interest in Regal Crown Technology Limited (“RCT”) on 31 August 2021 by way of a share for share exchange. This is a business combination involving entities under common control and the consolidated financial statements are issued in the name of the Group but they are a continuance of those of RCT. Therefore the assets and liabilities of RCT have been recognised and measured in these consolidated financial statements at their pre combination carrying values. The retained earnings and other equity balances recognised in the comparative figure of the consolidated financial statements are the retained earnings and other equity balances of the Company and RCT. The equity structure appearing in the comparative figure of these consolidated financial statements (the number and the type of equity instruments issued) reflect the equity structure of the Company including equity instruments issued by the Company to effect the consolidation. The difference between consideration given and net assets of RCT at the date of acquisition is included in a group reorganisation reserve. On 28 June 2022 and 7 November 2022, the Group acquired 100% equity interest of RCPay Ltd (Hong Kong) (“RCPay HK”), Regal Crown Technology (Singapore) Pte Ltd (“RC Singapore”) and RCPAY Limited (“RCPAY UK”), respectively from Mr. Law Chi Kit. As RCPay HK, RC Singapore, RCPAY UK and the Group are under common control of Mr. Law Chi Kit before and after the acquisition, the acquisition and the business combination have been accounted for as a business combination under common control. In the consolidated financial statements, the results of subsidiaries acquired or disposed of during the period are included in the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies are eliminated in preparing the consolidated financial statements. Profits and losses resulting from the inter-group transactions that are recognised in assets are also eliminated. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

40 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.5 Foreign currency translation In the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognised in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non- monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. In the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency different from the Group’s presentation currency, have been converted into Hong Kong dollars. Assets and liabilities have been translated into Hong Kong dollars at the closing rates at the reporting date. Income and expenses have been converted into the Hong Kong dollars at the exchange rates ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate significantly. Any differences arising from this procedure have been recognised in other comprehensive income and accumulated separately in the translation reserve in equity. On the disposal of a foreign operation (i.e., a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, loss of joint control over a joint venture that includes a foreign operation, or loss of significant influence over an associate that includes a foreign operation), all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognised, but they are not reclassified to profit or loss. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

41 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.6Property, plant and equipment Property, plant and equipment (other than cost of right-of-use assets as described in 2.10) are stated at acquisition cost less accumulated depreciation and impairment losses. The acquisition cost of an asset comprises of its purchase price and any direct attributable costs of bringing the assets to the working condition and location for its intended use. Depreciation of assets commences when the assets are ready for intended use. Depreciation on property, plant and equipment, is provided to write off the cost over their estimated useful life, using the straight-line method, at the following rates per annum: Furniture & Fixtures 20% per annum Office Equipment 20% per annum The assets’ depreciation methods and useful lives are reviewed, and adjusted if appropriate, at each reporting date. In the case of right-of-use assets, expected useful lives are determined by reference to comparable owned assets or the lease term, if shorter. Material residual value estimates and estimates of useful life are updated as required, but at least annually. The gain or loss arising on the retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they are incurred. 2.7 Intangible assets Intangible assets acquired separately Intangible assets with finite useful lives that are acquired separately are carried at costs less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful lives and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

42 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.7 Intangible assets (continued) Research and development expenditure Expenditure on research activities is recognised as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible asset is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised to profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Derecognition of intangible assets An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

43 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.8 Financial instruments IFRS 9 requires an entity to address the classification, measurement and recognition of financial assets and liabilities. i) Classification The Company classifies its financial assets in the following measurement categories: • those to be measured at amortised cost. The classification depends on the Company’s business model for managing the financial assets and the contractual terms of the cash flows. The Company classifies financial assets at amortised cost only if both of the following criteria are met: • the asset is held within a business model whose objective is to collect contractual cash flows; and • the contractual terms give rise to cash flows that are solely payment of principal and interest ii) Recognition Purchases and sales of financial assets are recognised on trade date (that is, the date on which the Company commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. iii) Measurement At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt Instruments Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

44 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.8 Financial instruments (continued) (iv) Impairment The Company assesses, on a forward looking basis, the expected credit losses associated with any debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses (“ECL”) to be recognised from initial recognition of the receivables. The Group measures the loss allowance for other receivables equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increase in the likelihood or risk of default occurring since initial recognition. Financial liabilities The Group’s financial liabilities include lease liabilities, trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognised in profit or loss (other than derivative financial instruments that are designated and effective as hedging instruments). All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amount is recognised in profit or loss. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

45 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.9 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. 2.10 Lease Definition of a lease and the Group as a lessee At inception of a contract, the Group considers whether a contract is, or contains a lease. A lease is defined as “a contract, or part of a contract, that conveys the right to use an identified asset (the underlying asset) for a period of time in exchange for consideration”. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether: - the contracts contain an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; - the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and - the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct “how and for what purpose” the asset is used throughout the period of use. For contracts that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. Measurement and recognition of leases as a lessee At lease commencement date, the Group recognises a right-of-use asset and a lease liability on the consolidated statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the underlying asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any lease incentives received). DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

46 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.10 Lease (continued) Measurement and recognition of leases as a lessee (continued) The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term unless the Group is reasonably certain to obtain ownership at the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicator exists. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable payments based on an index or rate, and amounts expected to be payable under a residual value guarantee. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Subsequent to initial measurement, the liability will be reduced for lease payments made and increased for interest cost on the lease liability. It is remeasured to reflect any reassessment or lease modification, or if there are changes in in-substance fixed payments. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. When the lease is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is already reduced to zero. The Group has elected to account for short-term leases using the practical expedients. Instead of recognising a right-of-use asset and lease liability, the payments in relation to these leases are recognised as an expense in profit or loss on a straight-line basis over the lease term. Short- term leases are leases with a lease term of 12 month or less. On the consolidated statement of financial position, right-of-use assets and lease liabilities have been presented separately. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

47 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.11 Equity • “Share capital” represents the nominal value of equity shares. • “Share premium” represents the amount paid for equity shares over the nominal value. • “Translation reserve” comprises foreign currency translation differences arising from the translation of financial statements of the Group’s foreign entities to HK$. • “Group reorganisation reserve” arose on the group reorganisation. • “Accumulated losses” include all current period results as disclosed in the income statements. No dividends are proposed for the year. 2.12 Revenue recognition Revenue arises mainly from contracts for IT software development. To determine whether to recognise revenue, the Group follows a 5-step process: Step 1: Identifying the contract with a customer Step 2: Identifying the performance obligations Step 3: Determining the transaction price Step 4: Allocating the transaction price to the performance obligations Step 5: Recognising revenue when/as performance obligation(s) are satisfied In all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties. Revenue is recognised either at a point in time or over time, when (or as) the Group satisfies performance obligations by transferring the promised goods or services to its customers. Where the contract contains a financing component which provides a significant financing benefit to the customer for more than 12 months, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction with the customer, and interest income is accrued separately under the effective interest method. Where the contract contains a financing component which provides a significant financing benefit to the Group, revenue recognised under that contract includes the interest expense accreted on the contract liability under the effective interest method. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

48 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.12 Revenue recognition (continued) Further details of the Group’s revenue and other income recognition policies are as follows: Services income Revenue from IT software development is recognised over time as the Group’s performance creates and enhances an asset that the customer controls. The progress towards complete satisfaction of a performance obligation is measured based on input method, i.e. the costs incurred up to date compared with the total budgeted costs, which depict the Group’s performance towards satisfying the performance obligation. When the outcome of the contract cannot be reasonably measured, revenue is recognised only to the extent of contract costs incurred that are expected to be recovered. Interest income Interest income is recognised on a time-proportion basis using the effective interest method. 2.13 Government grants Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants are deferred and recognised in profit or loss over the period necessary to match them with the costs that the grants are intended to compensate. Government grants relating to income is presented in gross under other income in the consolidated statement of profit or loss and other comprehensive income. 2.14 Impairment of non-financial assets Property, plant and equipment (including right-of-use assets) and the Company’s interests in subsidiaries are subject to impairment testing. An impairment loss is recognised as an expense immediately for the amount by which the asset’s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions less costs of disposal, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre- tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

49 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.14 Impairment of non-financial assets (continued) For the purposes of assessing impairment, where an asset does not generate cash inflows largely independent from those from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash-generating unit). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Goodwill in particular is allocated to those cash-generating units that are expected to benefit from synergies of the related business combination and represent the lowest level within the Group at which the goodwill is monitored for internal management purpose and not be larger than an operating segment. Impairment loss is charged pro rata to the other assets in the cash generating unit, except that the carrying value of an asset will not be reduced below its individual fair value less cost of disposal, or value in use, if determinable. Impairment loss is reversed if there has been a favourable change in the estimates used to determine the assets’ recoverable amount and only to the extent that the assets’ carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 2.15 Employee benefits Retirement benefits Retirement benefits to employees are provided through defined contribution plans. The Group operates a defined contribution Mandatory Provident Fund retirement benefit plan (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance, for those employees who are eligible to participate in the MPF Scheme. Contributions are made based on a percentage of the employees’ basic salaries. Contributions are recognised as an expense in profit or loss as employees render services during the year. The Group’s obligations under the MPF Scheme are limited to the fixed percentage contributions payable. Short-term employee benefits Liability for wages and salaries, including non-monetary benefits, annual leave, long service leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

50 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.16 Related parties For the purposes of these consolidated financial statements, a party is considered to be related to the Company if: (a) the party is a person or a close member of that person’s family and if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group. (b) the party is an entity and if any of the following conditions applies: (i) the entity and the Group are members of the same group. (ii) one entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) the entity and the Group are joint ventures of the same third party. (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) the entity is controlled or jointly controlled by a person identified in (a). (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. Close family members of an individual are those family members who may expected to influence, or be influenced by, that individual in their dealings with the entity. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

51 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.17 Accounting for income taxes Taxation comprises current tax and deferred tax. Current tax is based on taxable profit or loss for the period. Taxable profit or loss differs from profit or loss as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The asset or liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial information and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset realised, provided they are enacted or substantively enacted at the reporting date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised. Deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when there is a legally enforceable right set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

52 | Page 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.18 Earnings per ordinary share The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per ordinary share is calculated by dividing the profit or loss attributable to Shareholders by the weighted average number of ordinary shares outstanding during the reporting period. Diluted earnings per ordinary share is calculated by adjusting the earnings and number of ordinary shares for the effects of dilutive potential ordinary shares. 2.19 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive board of Directors. All operations and information are reviewed together so that at present there is only one reportable operating segment. In the opinion of the Directors, during the year the Group operated in a single business segment of IT software development in Hong Kong. During the year, there is one customer (2022: one) contributing over 10% of the total revenue of the Group. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

53 | Page 3. KEY SOURCES OF ESTIMATION UNCERTAINTY In the process of applying the Group’s accounting policies which are described in note 2, Directors have made the following judgement that might have significant effect on the amounts recognised in the consolidated financial statements. The key assumptions concerning the future, and other key sources of estimation uncertainty at the statement of financial position date, that might have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are also discussed below. Depreciation and amortisation The Group calculates the depreciation of property, plant and equipment and amortisation of intangible assets on the straight-line basis over their estimated useful lives and after taking into account their estimated residual value, estimated useful lives, commencing from the date the items of property, plant and equipment and intangible assets are placed into use. The estimated useful lives reflect the Director’s estimate of the period that the Group intends to derive future economic benefits from the use of the Group’s property, plant and equipment and intangible assets. Discount rate of lease liabilities and right-of-use assets determination In determining the discount rate, the Group is required to exercise considerable judgement in relation to determining the discount rate taking into account the nature of the underlying assets, the terms and conditions of the leases, at the commencement date and the effective date of the modification. The Group’s rate is referenced to the related party bank borrowing in Hong Kong. Fair value measurements and valuation processes Some of the Group’s financial assets are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available. Where Level 1 and Level 2 inputs are not available, the Group engages an independent firm of professional valuers to perform the valuation. In relying on the valuation report, the Directors have exercised their judgement and are satisfied to establish the appropriate valuation techniques and inputs to the model. The fluctuation in the fair value of the assets and liabilities is reported and analysed periodically. The Group uses valuation techniques that include inputs that are not based on observable market data to estimate the fair value of certain types of financial instruments. Judgement and estimation are required in establishing the relevant valuation techniques and the relevant inputs thereof. Whilst the Group considers these valuations are the best estimates, the ongoing changes in market conditions that may result in greater market volatility and may cause further disruptions to the investees’/issuers’ businesses, which have led to higher degree of uncertainties in respect of the valuations in the current year. Changes in assumptions relating to these factors could result in material adjustments to the fair value of these consolidated financial instruments. Detailed information about the valuation techniques, inputs and key assumptions used in the determination of the fair value of various assets and liabilities are set out in note 14. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

54 | Page 4.REVENUE The Group is engaged in provision of IT software development and payment solutions. 5.OTHER INCOME 2023 2022 HK$ HK$ Government subsidy (note) 263,200 - Fair value gain on financial assets at FVPL 41,064 - Gain on termination of lease agreement 38,132 - Sundry income 15,029 11,288 Bank interest income 13,649 - 371,074 11,288 Note: During the year ended 31 March 2023, the Group received funding support amount HK$263,200 from the Employment Support Scheme under the Anti-epidemic Fund, set up by the Government of the Hong Kong Special Administrative Region. The purpose of the funding is to provide financial support to enterprises to retain their employees who would otherwise be made redundant. Under the terms of the grant, the Group is required not to make redundancies during the subsidy period and to spend all the funding on paying wages to the employees. 6. FINANCE CHARGES 2023 2022 HK$ HK$ Finance charges on lease liabilities 17,080 23,167 Interest on bank loan 149,430 106,336 166,510 129,503 7. LOSS BEFORE INCOME TAX Loss before income tax is arrived at after charging: 2023 2022 HK$ HK$ Subcontractors’ fee 8,457,204 2,646,000 Amortisation of intangible assets 475,957 - Depreciation - Property, plant and equipment 12,614 20,300 - Right-of-use assets 576,742 761,633 During the year the Group obtained following services from its auditor: 2023 2022 HK$ HK$ Audit services: Statutory audit – Group and Company 190,000 120,000 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

55 | Page 8. STAFF COSTS AND DIRECTOR’S EMOLUMENTS The aggregate payroll costs (including Directors’ remuneration) were as follows: 2023 2022 HK$ HK$ Wages and salaries 4,804,428 2,374,868 Contributions to defined contribution plans 124,476 117,200 Housing allowances 97,500 761,633 The average number of persons employed by the Group (including Directors) was 11 during the year (2022: 11). The Directors’ remuneration for the year was as follows: 2023 2022 HK$ HK$ Remuneration 3,103,925 821,414 Housing allowances 97,500 761,633 9. INCOME TAX EXPENSE 2023 2022 HK$ HK$ Tax expense for the year - - No provision for UK corporation tax has been made as the Company and the subsidiaries in UK have no assessable profits for taxation purpose during the year (2022: Nil). No provision for Hong Kong Profits Tax has been made as the subsidiaries in Hong Kong have no assessable profits for taxation purpose during the year (2022: subsidiaries in Hong Kong have available tax losses brought forward from prior years to offset the assessable profits generated). At 31 March 2023, the subsidiaries had estimated unused tax losses arising in Hong Kong of approximately HK$4,379,612 (2022: HK$4,266,779), subject to the agreement by the Hong Kong Inland Revenue Department, that are available indefinitely for offsetting against future taxable profits of the subsidiaries. Deferred tax assets have not been recognised in respect of these losses due to the unpredictability of future taxable profits streams of the subsidiaries in Hong Kong. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

56 | Page 9. INCOME TAX EXPENSE (CONTINUED) Reconciliation between tax expense and accounting profit at applicable tax rates: 2023 2022 HK$ HK$ Loss before taxation (5,378,451) (3,897,416) Tax at applicable income tax rate (959,244) (763,731) Tax effect of non-deductible expense 870,841 991,772 Tax effect of non-taxable income (55,096) - Tax effect on temporary differences 65,880 (37,790) Tax effect of tax losses not recognised 77,619 - Utilisation of tax losses brought forward - (190,251) Income tax expense - - 10. EARNINGS PER SHARE 2023 2022 HK$ HK$ Loss attributable to equity shareholders (5,378,451) (3,897,416) Weighted average number of ordinary shares 108,500,249 75,715,046 Loss per share in HK$: Basic (4.96 cents) (5.15 cents) Diluted (4.96 cents) (5.15 cents) There were no potential dilutive ordinary shares in existence during the years ended 31 March 2023 and 2022, and hence diluted earnings per share is the same as the basic earnings per share. 11. INTANGIBLE ASSETS Development cost HK$ Cost At 31 March 2022 and 1 April 2022 - Additions 6,524,760 Transfer from property, plant and equipment 136,000 At 31 March 2023 6,660,760 Accumulated amortisation At 31 March 2022 and 1 April 2022 - Charge for the year 475,957 At 31 March 2023 475,957 Net Book Value At 31 March 2023 6,184,803 At 31 March 2022 - The above intangible assets have definite useful lives. Such intangible assets are amortised on a straight-line basis over 5 years. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

57 | Page 12. PROPERTY, PLANT AND EQUIPMENT Office equipment Furniture & fixtures Total HK$ HK$ HK$ Cost At 31 March 2022 and 1 April 2022 372,053 - 372,053 Additions 36,951 31,000 67,951 Transfer to intangible assets (136,000) - (136,000) At 31 March 2023 273,004 31,000 304,004 Accumulated Depreciation At 31 March 2022 and 1 April 2022 230,333 - 230,333 Charge for the year 9,724 2,890 12,614 At 31 March 2023 240,057 2,890 242,947 Net Book Value At 31 March 2023 32,947 28,110 61,057 At 31 March 2022 141,720 - 141,720 13. RIGHT-OF-USE ASSETS Lease assets HK$ Cost At 31 March 2022 and 1 April 2022 1,523,265 Additions 129,627 Additions from acquisition of subsidiaries under common control 851,798 Termination of lease agreement (1,523,265) At 31 March 2023 981,425 Accumulated Depreciation At 31 March 2022 and 1 April 2022 1,015,511 Charge for the year 576,742 Additions from acquisition of subsidiaries under common control 390,407 Termination of lease agreement (1,205,919) At 31 March 2023 776,741 Net Book Value At 31 March 2023 204,684 At 31 March 2022 507,754 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

58 | Page 14. FINANCIAL ASSETS AT FVPL 2023 2022 HK$ HK$ Convertible bonds with put option 1,041,064 - The Group invested in convertible bonds in a principal amount of HK$1,000,000 with the maturity date on 2 January 2024. The convertible bonds carry interest at 10% per annum. The convertible bonds will be convertible into shares of the bond issuer at the option of the Group upon the bond issuer being listed on the Hong Kong Stock Exchange on or before 13 March 2024. Exact number of shares to be issued upon conversion will depend on the total number of shares of the bond issuer at the time of conversion and the amount of shares of the bond issuer at the time of conversion and the amount of the convertible bonds to be converted into shares. The put option may be exercised by the Group if and only if the exercise event occurs to require the issuer to purchase all but not part of the convertible bonds. As at 31 March 2023, the fair values of the convertible bonds and put option are determined and arrived at a valuation conducted by an independent professional valuer not connected with the Group, using discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are equity value of the bond issuer, risk-free rate of 3.05%, remaining time to maturity of 0.76 years and discount rate of 7.26%. During the year ended 31 March 2023, an increase in fair value of the convertible bonds of HK$41,064 was recognised in profit or loss. Details of the fair value measurements are set out in note 24 to the consolidated financial statements. 15. TRADE AND OTHER RECEIVABLES AND DEPOSIT AND PREPAYMENT 2023 2022 HK$ HK$ Trade receivables (note) - 680,000 Other receivables 17,698,025 364,492 Deposit and prepayment 3,788,412 152,875 21,486,437 1,197,367 Note: The Group allows an average credit period of 14 days to its trade customers. Before accepting any new customer, the Group assesses the potential customer’s credit quality and defines its credit limits. Credit sales are made to customers with a satisfactory trustworthy credit history. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

59 | Page 15. TRADE AND OTHER RECEIVABLES AND DEPOSIT AND PREPAYMENT (CONTINUED) Age of trade receivables that are past due but not impaired are as follows: 2023 2022 HK$ HK$ Overdue by: 0 – 30 days - 680,000 Trade receivables that were past due but not impaired relate to a number of customers that have a good track record with the Group. Based on past experience, the Directors believe that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered fully recoverable. As at 31 March 2023 and 2022, no ECL has been provided for trade and other receivables and deposit and prepayment. The Group does not hold any collateral over these balances. The Directors consider that the fair values of trade and other receivables and deposit and prepayment are not materially different from their carrying amounts because these balances have short maturity periods on their inception. 16. LOAN RECEIVABLES 2023 2022 HK$ HK$ Receivables within one year 294,500 700,000 The loans to independent third parties are unsecured, bearing interest at 0.1% (2022: 0.1%) per annum and with fixed terms of repayment. The Directors consider that the fair values of loan receivables are not materially different from their carrying amounts. 17. CASH AND CASH EQUIVALENTS 2023 2022 HK$ HK$ Cash and bank balance 9,548,364 23,416,761 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

60 | Page 18. TRADE AND OTHER PAYABLES 2023 2022 HK$ HK$ Trade payables 235,726 408,000 Accrued charges and other payables 354,038 151,567 Receipt in advance 750,035 19,000 Amount due to a director 948,548 64,571 2,288,347 643,138 The amount due to a director is unsecured, interest free and has no fixed term of repayment. All amounts are short-term and hence the carrying values of trade and other payables are considered not materially different from their fair value. 19. BORROWINGS 2023 2022 HK$ HK$ Bank loans - secured 5,299,556 5,800,000 Presented by: - Carrying amount repayable on demand or within one year 763,429 505,588 - Carrying amount repayable after one year with repayment on demand clause 4,536,127 5,294,412 5,299,556 5,800,000 Less: Amount shown under current liabilities (5,299,556) (5,800,000) Non-current liabilities - - Bank borrowings are variable interest bearing borrowings which carry interest at 2.5% below Prime Rate per annum. At 31 March 2023, the banking facilities were secured by the guarantees given by Mr. Law Chi Kit, the ultimate controlling party of the Company. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

61 | Page 20. LEASE LIABILITIES The following table illustrates the remaining contractual maturities of the lease liabilities: 2023 2022 HK$ HK$ Total minimum lease payments: Due within one year 142,100 520,000 Due in the second to fifth years 67,050 - 209,150 520,000 Future finance charges on lease liabilities (8,296) (4,842) Present value of lease liabilities 200,854 515,158 Present value of liabilities: Due within one year 135,711 515,158 Due in the second to fifth years 65,143 - 200,854 515,158 Less: Portion due within one year included under current liabilities (135,711) (515,158) Portion due after one year included under non-current liabilities 65,143 - The Group entered into lease arrangements for staff quarter, car parking space and office with contract period of two years. The Group makes fixed payments during the contract periods. At the end of the lease terms, the Group does not have the option to purchase the properties and the leases do not include contingent rentals. During the year ended 31 March 2023, the lease arrangement for staff quarter has been terminated. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

62 | Page 21. SHARE CAPITAL 2023 2022 HK$ HK$ Issued shares: At the beginning of the reporting period 11,500,995 10,300,001 Issue of shares 17,300,925 3,404,745 Group reorganisation – share exchange - (2,203,751) At the end of the reporting period 28,801,920 11,500,995 On 31 August 2021, in addition to the 100 ordinary shares of £0.01 issued in RC365 Holding Plc, 74,999,900 ordinary shares of £0.01 each were allotted and issued as consideration for the entire issued share capital of Regal Crown Technology Limited via a share-for-share exchange. Such exercise resulted in a transfer of share capital of HK$2,203,751 to the group reorganisation reserve. On admission to the Standard List of the LSE on 23 March 2022, 32,534,590 shares with nominal value of £0.01 were issued. On 22 February 2023, the Company as issuer entered into a share subscription agreement with Hatcher Group Limited (a company listed on the Growth Enterprise Market of the Hong Kong Stock Exchange, stock code: 8365) (the “Subscriber”), pursuant to which the Subscriber has conditionally agreed to subscribe for , and the Company has conditionally agreed to issue and allot, an aggregate of 18,000,000 shares at the subscription price of £0.19 per subscription share for a total consideration of £3,420,000 (the “Subscription”). The consideration for the Subscription shall be settled by the Subscriber by way of the issue and allotment of an aggregate of 38,640,000 shares of the Subscriber at the issue price of HK$0.90 per share to the Company upon completion of the Subscription. As at 31 March 2023, 9,500,000 shares had been issued and allotted by the Company to the Subscriber. Completion of the Subscription took place on 17 April 2023. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

63 | Page 22. BUSINESS COMBINATION UNDER COMMON CONTROL a) Acquisition of RCPay HK On 28 June 2022, the Group acquired 100% equity interest in RCPay HK at a cash consideration of £1 from the ultimate controlling party. As the Group and RCPay HK are under the common control of Mr. Law Chi Kit before and after the acquisition, the business combination has been accounted as a business combination under common control. The Group elects to account for the common control combination using the pooling-of-interest method and the results of RCPay HK are consolidated by the Group from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The difference between the cash consideration and the carrying amount of the net assets of RCPay HK at the completion date is recognised in group reorganisation reserve amounting to HK$24,792. Details of the carrying amounts of the assets and liabilities of RCPay HK at the date of acquisition are as follows: At 28 June 2022 HK$ Right-of-use assets 461,391 Trade and other receivables 73,600 Cash and cash equivalents 63,362 Trade and other payables (107,335) Lease liabilities (466,216) Net assets 24,802 Merger reserve recognised (24,792) 10 Net cash inflow arising on the acquisition: Consideration (10) Cash and cash equivalents acquired 63,362 63,352 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

64 | Page 22. BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) b) Acquisition of RC Singapore On 28 June 2022, the Group acquired 100% equity interest in RC Singapore at a cash consideration of £1 from the ultimate controlling party. As the Group and RC Singapore are under the common control of Mr. Law Chi Kit before and after the acquisition, the business combination has been accounted as a business combination under common control. The Group elects to account for the common control combination using the pooling-of-interest method and the results of RC Singapore are consolidated by the Group from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The difference between the cash consideration and the carrying amount of the net liabilities of RC Singapore at the completion date is recognised in group reorganisation reserve amounting to HK$112,395. Details of the carrying amounts of the assets and liabilities of RC Singapore at the date of acquisition are as follows: At 28 June 2022 HK$ Trade and other receivables 14,879 Cash and cash equivalents 276,116 Trade and other payables (403,380) Net liabilities (112,385) Merger reserve recognised 112,395 10 Net cash inflow arising on the acquisition: Consideration (10) Cash and cash equivalents acquired 276,116 276,106 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

65 | Page 22. BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) c) Acquisition of RCPAY UK On 7 November 2022, the Group acquired 100% equity interest in RCPAY UK at a cash consideration of £1 from the ultimate controlling party. As the Group and RCPAY UK are under the common control of Mr. Law Chi Kit before and after the acquisition, the business combination has been accounted as a business combination under common control. The Group elects to account for the common control combination using the pooling-of-interest method and the results of RCPAY UK are consolidated by the Group from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The difference between the cash consideration and the carrying amount of the net liabilities of RCPAY UK at the completion date is recognised in group reorganisation reserve amounting to HK$73,037. Details of the carrying amounts of the assets and liabilities of RCPAY UK at the date of acquisition are as follows: At 7 November 2022 HK$ Cash and cash equivalents 206,691 Trade and other payables (279,718) Net liabilities (73,027) Merger reserve recognised 73,037 10 Net cash inflow arising on the acquisition: Consideration (10) Cash and cash equivalents acquired 206,691 206,681 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

66 | Page 23. MAJOR NON-CASH TRANSACTIONS On 22 February 2023, 9,500,000 shares at £0.19 each had been issued and allotted by the Company to the Subscriber, resulted in an increase in the other receivables and share capital of HK$17,300,925. Such consideration was subsequently settled by the Subscriber to the Company by way of issue and allotment of the Subscriber’s share on 17 April 2023. 24. FINANCIAL RISK MANAGEMENT AND FAIR VALUE MEASUREMENTS The Group is exposed to financial risks through its use of financial instruments in its ordinary course of operations and in its investment activities. The financial risks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. There has been no change to the types of the Group’s exposure in respect of financial instruments or the manner in which it manages and measures the risks. 24.1 Categories of financial assets and liabilities The carrying amounts presented in the consolidated statement of financial position relate to the following categories of financial assets and financial liabilities: 2023 2022 HK$ HK$ Financial assets Financial assets at fair value - Financial assets at FVPL 1,041,064 - Financial assets at amortised costs - Trade receivables - 680,000 - Other receivables 17,698,025 364,492 - Deposit and prepayment 3,788,412 152,875 - Loan receivables 294,500 700,000 - Cash and cash equivalents 9,548,364 23,416,761 32,370,365 25,314,128 Financial liabilities Financial liabilities at amortised cost - Trade payables 235,726 408,000 - Accrued charges and other payables 354,038 151,567 - Receipt in advance 750,035 19,000 - Amount due to a director 948,548 64,571 - Lease liabilities 200,854 515,158 - Borrowings 5,299,556 5,800,000 7,788,757 6,958,296 24.2 Foreign currency risk Foreign currency risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group has no significant exposure to foreign currency risk as substantially all of the Group’s transactions are denominated in the functional currency of respective subsidiaries. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

67 | Page 24. FINANCIAL RISK MANAGEMENT AND FAIR VALUE MEASUREMENTS (CONTINUED) 24.3 Interest rate risk The Group has no significant interest-bearing assets. Cash at bank earns interest at floating rates based on daily bank deposits rates. The Group is exposed to cash flow interest rate risk in relation to variable-rate bank borrowings. It is the Group’s policy to keep its borrowings at floating rate of interest to minimize the fair value interest rate risk. The Group currently does not have hedging policy. However, the Directors monitor interest rate exposure and will consider necessary action when significant interest rate exposure is anticipated. Sensitivity analysis The sensitivity analyses below have been determined based on the exposure to interest rates for variable-rate borrowings. The analysis is prepared assuming the borrowings outstanding at the end of the reporting period were outstanding for the whole year. A 100 basis point increase or decrease is used when reporting interest rate risk internally to Directors and represents Directors’ assessment of the reasonably possible change in interest rates. If interest rates had been 100 basis point higher/lower and all other variables were held constant, the Group’s pre- tax loss for the year would increase/decrease by HK$52,996 (2022: HK$58,000). This is mainly attributable to the Group’s exposure to interest rates on its variable-rate bank borrowings. 24.4 Credit risk The Group’s exposure to credit risk mainly arises from granting credit to customers and other counterparties in the ordinary course of its operations. The Group’s maximum exposure to credit risk for the components of the consolidated statement of financial position at 31 March 2023 refers to the carrying amount of financial assets as disclosed in note 24.1. The exposures to credit risk are monitored by the Directors such that any outstanding debtors are reviewed and followed up on an ongoing basis. The Group’s policy is to deal only with creditworthy counterparties. Payment record of customers is closely monitored. Normally, the Group does not obtain collateral from debtors. Trade receivables The Group has applied the simplified approach to assess the ECL as prescribed by IFRS 9. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the past due days. In calculating the ECL rates, the Group considers historical elements and forward looking elements. Lifetime ECL rate of trade receivables is assessed minimal for all ageing bands as there was no recent history of default and continuous payments were received. The Group determined that the ECL allowance in respect of trade receivables for the years ended 31 March 2023 and 2022 is minimal as there has not been a significant change in credit quality of the customers. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

68 | Page 24. FINANCIAL RISK MANAGEMENT AND FAIR VALUE MEASUREMENTS (CONTINUED) 24.4 Credit risk (continued) Other financial assets at amortised cost Other financial assets at amortised cost include deposits, other receivables, loan receivables and cash and cash equivalents. The Directors are of opinion that there is no significant increase in credit risk on deposits, other receivables, loan receivables and cash and cash equivalents since initial recognition as the risk of default is low after considering the factors as following: - any changes in business, financial or economic conditions that affects the debtor’s ability to meet its debt obligations; - any changes in the operating results of the debtor; - any changes in the regulatory, economic, or technological environment of the debtor that affects the debtor’s ability to meet its debt obligations. The Group has assessed that the ECL for deposits, other receivables and loan receivables are minimal under the 12-months ECL method as there is no significant increase in credit risk since initial recognition. The credit risk with related parties is limited because the counterparties are fellow subsidiaries. The Directors have assessed the financial position of these related parties and there is no indication of default. The credit risk for cash and cash equivalents are considered negligible as the counterparties are reputable banks with high quality external credit ratings. 24.5 Liquidity risk Liquidity risk relates to the risk that the Group will not be able to meet its obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group’s prudent policy is to regularly monitor its current and expected liquidity requirements, to ensure that it maintains sufficient reserves of cash and cash equivalents to meet its liquidity requirements in the short term and longer term. Analysed below are the Group’s remaining contractual maturities for its non-derivative financial liabilities as at the reporting date. When the creditor has a choice of when the liability is settled, the liability is included on the basis of the earliest date when the Group is required to pay. Where settlement of the liability is in instalments, each instalment is allocated to the earliest period in which the Group is committed to pay. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

69 | Page 24. FINANCIAL RISK MANAGEMENT AND FAIR VALUE MEASUREMENTS (CONTINUED) 24.5 Liquidity risk (continued) Carrying amount Within 1 year or on demand Over 1 year but within 5 years Over 5 years Total contractual undiscounted cash flow HK$ HK$ HK$ HK$ HK$ 2023 - Trade and other payables 1,339,799 1,339,799 - - 1,339,799 - Amount due to a director 948,548 948,548 - - 948,548 - Lease liabilities 200,854 142,100 67,050 - 209,150 - Bank borrowings 5,299,556 930,552 3,722,208 1,240,736 5,893,496 7,788,757 3,360,999 3,789,258 1,240,736 8,390,993 2022 - Trade and other payables 559,567 559,567 - - 559,567 - Amount due to a director 64,571 64,571 - - 64,571 - Lease liabilities 515,158 520,000 - - 520,000 - Bank borrowings 5,800,000 661,048 3,647,280 2,127,616 6,435,944 6,939,296 1,805,186 3,647,280 2,127,616 7,580,082 24.6 Fair values measurement The following presents the assets and liabilities measured at fair value or required to disclose their fair value in the consolidated financial statements on a recurring basis across the three levels of the fair value hierarchy defined in IFRS 13 “Fair Value Measurement” with the fair value measurement categorised in its entirety based on the lowest level input that is significant to the entire measurement. The levels of inputs are defined as follows: • Level 1 (highest level): quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date; • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; • Level 3 (lowest level): unobservable inputs for the asset or liability. (a) Assets measured at fair value Convertible bonds with put option classified as financial assets at FVPL of HK$1,041,064 were categorised under Level 2 fair value measurement. During the year, there were no transfer between Level 1 and Level 2, nor transfer into and out of Level 3 fair value measurements. (b) Assets and liabilities with fair value disclosure, but not measured at fair value The carrying amounts of financial assets and liabilities that are carried at amortised costs are not materially different from their fair values at the end of each reporting period. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

70 | Page 25. CAPITAL MANAGEMENT The Group’s capital management objectives are to ensure its ability to continue as a going concern and to provide an adequate return for shareholders by pricing services commensurately with the level of risks. The Group actively and regularly reviews and manages its capital structure and makes adjustments in light of changes in economic conditions. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or raises new debt financing. 26. CAPITAL COMMITMENTS There were no capital commitments at 31 March 2023. 27. CONTINGENT LIABILITIES There were no contingent liabilities at 31 March 2023. 28. ULTIMATE CONTROLLING PARTY The Directors are of the opinion that the ultimate controlling party was Mr. Law Chi Kit as at 31 March 2023. 29. EVENTS AFTER THE REPORTING DATE On 3 April 2023, pursuant to the share subscription agreement, further 8,500,000 shares of the Company were issued and allotted at £0.19 each in which an aggregate of 18,000,000 shares were subscribed by the Subscriber. On 17 April 2023, the Subscriber settled the consideration by way of issue and allotment of an aggregate of 38,640,000 shares at HK$0.90 each to the Company and the Subscription is considered completed accordingly. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

71 | Page Company statement of financial position as at 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. Approved by the Board and authorised for issue on 25 July 2023 Timothy Wai Yiu TANG Director Company Registration number: 13289422 Notes 2023 2022 HK$ HK$ ASSETS Non-current assets Investment in subsidiaries 33 8,096,269 8,096,239 8,096,269 8,096,239 Current assets Amount due from a subsidiary 34 10,346,053 13,675,597 Other receivables 17,698,035 10 28,044,088 13,675,607 Current liabilities Other payables 125,786 - Amount due to a subsidiary 34 10 - 125,796 - Net current assets 27,918,292 13,675,607 Net assets 36,014,561 21,771,846 EQUITY Share capital 21 28,801,920 11,500,995 Share premium 16,576,592 16,576,592 Accumulated losses (9,363,951) (6,305,741) Total equity/(capital deficiency) 36,014,561 21,771,846 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

72 | Page Company statement of changes in equity for the year ended 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. Share capital Share premium Accumulated losses Total HK$ HK$ HK$ HK$ At 1 April 2021 10 - (1,453,275) (1,453,265) Loss for the year - - (4,852,466) (4,852,466) Total comprehensive expenses - - (4,852,466) (4,852,466) Share allotment 8,096,240 - - 8,096,240 Issue of share capital 3,404,745 18,645,000 - 22,049,745 Share issue costs - (2,068,408) - (2,068,408) At 31 March 2022 and at 1 April 2022 11,500,995 16,576,592 (6,305,741) 21,771,846 Loss for the year - - (3,058,210) (3,058,210) Total comprehensive expenses - - (3,058,210) (3,058,210) Issue of share capital 17,300,925 - - 17,300,925 At 31 March 2023 28,801,920 16,576,592 (9,363,951) 36,014,561 DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

73 | Page Company statement of cash flows for the year ended 31 March 2023 The accompanying notes to the consolidated financial statements on pages 37 to 75 form an integral part of these consolidated financial statements. 2023 2022 HK$ HK$ Cash flows from operating activities Loss before income tax (3,058,210) (4,852,466) Adjustments for: Listing expense - 4,826,285 Operating cashflow before working capital changes (3,058,210) (26,181) Decrease in amount due from a subsidiary 3,329,524 - Increase in other payables 125,786 - Net cash from operating activities 397,100 - Cashflow from financing activities Proceeds from listing - 6,920,874 Payment for listing costs - (6,894,693) Net cash from financing activities - 26,181 Net change in cash and cash equivalents - - Effect of exchange rate changes (397,100) - Cash and cash equivalents at beginning of the year - - Cash and cash equivalents at the end of the year - - DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

74 | Page 30. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation: The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are the same as those set out in note 2 to the consolidated financial statements. In addition, investments in subsidiaries are stated at cost less, where appropriate, provision for impairment. 31. LOSS ATTRIBUTABLE TO SHAREHOLDERS Under section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income statement. The loss attributable to the Company for the year ended 31 March 2023 was HK$3,058,210 (2022: loss of HK$4,852,466) 32. STAFF COSTS During the years ended 31 March 2023 and 2022, all Directors and staff are employed by wholly owned subsidiaries of the Company, and therefore there were no Directors’ remuneration and staff costs. 33. INVESTMENT IN SUBSIDIARIES Particulars of the Company’s subsidiaries as at 31 March 2023 are as follows: Name of subsidiary Place / country of incorporation and operations Particulars of issued and paid- up share / registered capital Percentage of interest held by the Company directly Principal activities Regal Crown Technology Limited Hong Kong HK$10,300,001 100% IT software development RCPay Ltd (Hong Kong) Hong Kong HK$10,000 100% Prepaid card consultancy services and licensed money service operation Regal Crown Technology (Singapore) Pte Ltd Singapore SGD100,000 100% IT consultancy and consultancy management services RCPAY Limited England and Wales GBP 1 100% IT consultancy and consultancy management services 34. AMOUNT DUE FROM A SUBSIDIARY/DUE TO A SUBSIDIARY The amounts due are unsecured, interest-free and repayable on demand. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110

75 | Page 35. FINANCIAL INSTRUMENTS 35.1 Credit risk The main credit risk relates to the other receivables and amount due from a subsidiary. The Directors are of the opinion that these is no significant increase in credit risk on other receivables since payment record is closely monitored. The Directors have assessed the financial position of the subsidiary and there is no indication of default. 35.2 Liquidity risk The main liquidity risk relates to the other payables and amount due to a subsidiary. The Company’s prudent policy is to regularly monitor its current and expected liquidity requirements, to ensure that it maintains sufficient reserves to meet its liquidity requirements in the short term and longer term. 35.2 Capital risk management The Company’s capital management objectives are to ensure its ability to continue as a going concern and to provide an adequate return for shareholders. The Company actively and regularly reviews and manages its capital structure and makes adjustments in light of changes in economic conditions. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, issue new shares or raises new debt financing. DocuSign Envelope ID: 1B8EEA34-44E2-4DDF-831F-174FAD5C33B3 DocuSign Envelope ID: 664F2EDB-6B39-4093-BDA9-658EB5771110