$RAY
Raytech Holding Ltd

2024 Q1 Form 20-F Financial Statement

#000101376224002233 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2024 2023 Q1
Revenue $66.97M $8.558M $45.52M
YoY Change 47.13% -81.2%
Cost Of Revenue $52.07M $52.07M $34.05M
YoY Change 52.93% 52.93%
Gross Profit $14.90M $14.90M $11.47M
YoY Change 29.92% 29.92%
Gross Profit Margin 22.26% 174.17% 25.2%
Selling, General & Admin $3.545M $453.0K $4.278M
YoY Change -17.12% -89.41%
% of Gross Profit 23.79% 3.04% 37.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.940K $4.870K $5.620K
YoY Change -65.48% -65.01%
% of Gross Profit 0.01% 0.03% 0.05%
Operating Expenses $3.545M $7.106M $4.278M
YoY Change -17.12% 66.12%
Operating Profit $11.36M $1.452M $7.194M
YoY Change 57.9% -79.82%
Interest Expense $1.393M $1.393M $279.7K
YoY Change 398.29% 398.29%
% of Operating Profit 12.27% 96.0% 3.89%
Other Income/Expense, Net $820.00 $178.2K $0.00
YoY Change
Pretax Income $12.75M $1.630M $7.474M
YoY Change 70.64% -78.19%
Income Tax $2.817M $360.0K $1.181M
% Of Pretax Income 22.09% 22.09% 15.8%
Net Earnings $9.937M $1.270M $6.293M
YoY Change 57.91% -79.82%
Net Earnings / Revenue 14.84% 14.84% 13.82%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share $0.62 $0.62 $0.36
COMMON SHARES
Basic Shares Outstanding 17.61M shares 16.00M shares
Diluted Shares Outstanding 16.00M shares

Balance Sheet

Concept 2024 Q1 2024 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.89M $35.89M $21.36M
YoY Change 67.98% 67.98%
Cash & Equivalents 35.89M hkds 21.36M hkds
Short-Term Investments
Other Short-Term Assets $5.000K $5.000K $95.00K
YoY Change -94.74% -94.74%
Inventory $237.1K $1.856M
Prepaid Expenses $639.00 95.00K hkds
Receivables $1.860M $14.56M $6.787M
Other Receivables $540.2K $540.2K $1.506M
Total Short-Term Assets $6.752M $52.84M $29.75M
YoY Change -77.3% 77.62%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $90.35K
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.269M $5.269M $3.211M
YoY Change 64.09% 64.09%
Total Long-Term Assets $673.3K $5.269M $3.301M
YoY Change -79.61% 59.6%
TOTAL ASSETS
Total Short-Term Assets $6.752M $52.84M $29.75M
Total Long-Term Assets $673.3K $5.269M $3.301M
Total Assets $7.426M $58.11M $33.05M
YoY Change -77.53% 75.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.58K $25.01M $9.504M
YoY Change -99.02% 163.16%
Accrued Expenses $130.2K $1.019M $704.1K
YoY Change -81.51% 44.68%
Deferred Revenue 1.008M hkds 1.706M hkds
YoY Change -40.89%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.455M $27.04M $11.91M
YoY Change -71.0% 126.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.455M $27.04M $11.91M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.455M $27.04M $11.91M
YoY Change -71.0% 126.94%
SHAREHOLDERS EQUITY
Retained Earnings $3.958M 21.04M hkds
YoY Change -81.19%
Common Stock $100.00 783.0 hkds
YoY Change -87.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.971M $31.08M $21.14M
YoY Change
Total Liabilities & Shareholders Equity $7.426M $58.11M $33.05M
YoY Change -77.53% 75.82%

Cashflow Statement

Concept 2024 Q1 2024 2023 Q1
OPERATING ACTIVITIES
Net Income $9.937M $1.270M $6.293M
YoY Change 57.91% -79.82%
Depreciation, Depletion And Amortization $1.940K $4.870K $5.620K
YoY Change -65.48% -65.01%
Cash From Operating Activities $2.033M $2.012M $1.656M
YoY Change 22.78% -81.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $636.2K $846.9K -$14.65K
YoY Change -4442.39% -41.39%
Cash From Investing Activities $636.2K $108.2K -$14.65K
YoY Change -4442.39% -92.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.818M -$265.3K -2.418M
YoY Change -24.81% -91.65%
NET CHANGE
Cash From Operating Activities 2.033M $2.012M 1.656M
Cash From Investing Activities 636.2K $108.2K -14.65K
Cash From Financing Activities -1.818M -$265.3K -2.418M
Net Change In Cash 851.3K $1.855M -776.8K
YoY Change -209.59% -79.9%
FREE CASH FLOW
Cash From Operating Activities $2.033M $2.012M $1.656M
Capital Expenditures $0.00 $0.00
Free Cash Flow $2.033M $2.012M $1.656M
YoY Change 22.78% -81.64%

Facts In Submission

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RAYTECH HOLDING LIMITED
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IncreaseDecreaseInPrepaidExpense
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CY2023 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2024 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2024 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
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CY2022 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
17200 hkd
CY2023 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
5200 hkd
CY2024 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-18000 hkd
CY2024 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
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CY2022 us-gaap Increase Decrease In Accounts Payable
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130100 hkd
CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2024 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2024 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022 ray Accounts Payable Related Party Amount
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CY2023 ray Accounts Payable Related Party Amount
AccountsPayableRelatedPartyAmount
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CY2024 ray Accounts Payable Related Party Amount
AccountsPayableRelatedPartyAmount
15554384 hkd
CY2024 ray Accounts Payable Related Party Amount
AccountsPayableRelatedPartyAmount
1987552 usd
CY2023 ray Increase Decrease In Accruals
IncreaseDecreaseInAccruals
566078 hkd
CY2024 ray Increase Decrease In Accruals
IncreaseDecreaseInAccruals
402540 hkd
CY2024 ray Increase Decrease In Accruals
IncreaseDecreaseInAccruals
51437 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1705854 hkd
CY2024 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-697439 hkd
CY2024 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-16324 hkd
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-100849 hkd
CY2024 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-87972 hkd
CY2024 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-11241 usd
CY2022 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-177423 hkd
CY2023 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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CY2024 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
119002 hkd
CY2024 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
15206 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8228944 hkd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10961832 hkd
CY2024 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15748279 hkd
CY2024 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2012329 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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11700 hkd
CY2022 ray Repayment Of Amount Due From A Director
RepaymentOfAmountDueFromADirector
-2215728 hkd
CY2023 ray Repayment Of Amount Due From A Director
RepaymentOfAmountDueFromADirector
-1444872 hkd
CY2024 ray Repayment Of Amount Due From A Director
RepaymentOfAmountDueFromADirector
-846860 hkd
CY2024 ray Repayment Of Amount Due From A Director
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-108212 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2204028 hkd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1444872 hkd
CY2024 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
846860 hkd
CY2024 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
108212 usd
CY2023 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
3176871 hkd
CY2024 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
2075897 hkd
CY2024 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
265260 usd
CY2022 us-gaap Payments Of Dividends
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1558000 hkd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1558000 hkd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3176871 hkd
CY2024 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2075897 hkd
CY2024 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-265260 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
8874972 hkd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
9229833 hkd
CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
14519242 hkd
CY2024 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1855281 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-157725 hkd
CY2024 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3844 hkd
CY2024 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
491 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3415500 hkd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12290472 hkd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21362580 hkd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2729728 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12290472 hkd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21362580 hkd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35885666 hkd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4585500 usd
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2144284 hkd
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2619407 hkd
CY2024 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2697998 hkd
CY2024 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
344752 usd
CY2024 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 — NATURE OF BUSINESS AND ORGANIZATION</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Raytech Holding Limited (the “Company” or “Raytech”) is a holding company incorporated on June 24, 2022 under the British Virgin Islands (“BVI”) law. The Company has no substantial operations other than holding all of the outstanding share capital of Pure Beauty Manufacturing Company Limited (“Pure Beauty”), a Hong Kong Company incorporated on April 15, 2013. The Company, through Pure Beauty, is engaged in the sourcing and wholesaling of personal care and lifestyle electrical appliances for international brand owners as our customers. The Company’s headquarter is located in Hong Kong, China. All of the Company’s business activities are carried out by Pure Beauty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In August 2022 completed a reorganization of Pure Beauty under common control of its then existing shareholders, who collectively owned all of the equity interests of Raytech prior to the reorganization. Raytech and Pure Beauty are under common control which results in the consolidation of Pure Beauty at carrying value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the accompanying consolidated financial statements of Raytech.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial statements reflect the activities of each of the following entities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 21%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Background</b></span></td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership</b></span></td> <td style="width: 1%"> </td> <td style="border-bottom: black 1.5pt solid; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal activities</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raytech Holding Limited (“Raytech”)</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● A BVI company<br/> ● Incorporated on June 24, 2022 </span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-49">-</span></span></td> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment holding</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pure Beauty Manufacturing Company Limited (“Pure Beauty”)</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● A Hong Kong company<br/> ● Incorporated on April 15, 2013</span></td> <td> </td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% owned by Raytech</span></td> <td> </td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engaged in the sourcing and wholesaling of personal care electrical appliances</span></td></tr> </table>
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of estimates and assumptions</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the periods presented. Significant estimates required to be made by management include, but are not limited to, the valuation of accounts receivable, useful lives of property and equipment, the recoverability of long-lived assets and implicit interest rate of operating leases. Actual results could differ from those estimates.</p>
CY2024 us-gaap Foreign Currency Transaction Gain Before Tax
ForeignCurrencyTransactionGainBeforeTax
1 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4585500 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
128856 usd
CY2024 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.05 pure
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.50 pure
CY2024 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="text-decoration:underline">Concentration of Risks</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Concentration of credit risk</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company places its cash with financial institutions with high credit ratings and quality.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accounts receivable primarily comprise of amounts receivable from the service customers. To reduce credit risk, the Company performs ongoing credit evaluations of the financial condition of these service customers. The Company establishes a provision for doubtful accounts based upon estimates, factors surrounding the credit risk of specific service customers and other information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Concentration of customers</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022 and 2023, one major customer, who is a distributor represent and sell brands of well-known manufactures from Japan and abroad, accounted for 96.8% and 99.6% of the Company’s total accounts receivable respectively. As of March 31, 2024, two customers, who are distributors represent and sell brands of well-known manufactures from Japan, the U.S., UK, Europe and Australia accounted for 72.1% and 27.9% of the Company’s total accounts receivable respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended March 31, 2022 and 2023, one major customer, who is a distributor represent and sell brands of well-known manufactures from Japan and abroad, accounted for 97.8% and 91.3% of the Company’s total revenues respectively. For the year ended March 31, 2024, two major customers, who are distributors represent and sell brands of well-known manufactures from Japan, the U.S. and Europe, accounted for 74.1% and 16.5% of the Company’s total revenues respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentration of manufacturers</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2022, two manufacturers accounted for 82.6% and 15.2% of the total balance of accounts payable respectively. As of March 31, 2023, one manufacturer accounted for 92.3% of the total balance of accounts payable. As of March 31, 2024, one manufacturer accounted for 97.1% of the total balance of accounts payable. The manufacturer is a related party, which was disclosed in the Note 10.</p>For the year ended March 31, 2022, two manufacturers accounted for 77.3% and 22.3% of our total purchases, respectively. For the year ended March 31, 2023, two manufacturers accounted for 83.1% and 10.4% of our total purchases respectively. For the year ended March 31, 2024, one manufacturer accounted for 88.5 % of our total purchases.
CY2024 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022 us-gaap Revenues
Revenues
45105917 hkd
CY2023 us-gaap Revenues
Revenues
45518239 hkd
CY2024 us-gaap Revenues
Revenues
66972301 hkd
CY2024 us-gaap Revenues
Revenues
8557776 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
6787330 hkd
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
14557523 hkd
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1860172 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
6787330 hkd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
14557523 hkd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1860172 usd
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
6787330 hkd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
14557523 hkd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
1860172 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
1855686 hkd
CY2024Q1 us-gaap Inventory Net
InventoryNet
237121 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64296 hkd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64296 hkd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8216 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
59428 hkd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
64296 hkd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8216 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4868 hkd
CY2024 us-gaap Depreciation And Amortization
DepreciationAndAmortization
622 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
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34000 hkd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
35000 hkd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4472 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
397789 hkd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
377056 hkd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
48181 usd
CY2023Q1 us-gaap Accrued Sales Commission Current
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184289 hkd
CY2024Q1 us-gaap Accrued Sales Commission Current
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606562 hkd
CY2024Q1 us-gaap Accrued Sales Commission Current
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77507 usd
CY2023Q1 us-gaap Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1018618 hkd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
130160 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
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1705854 hkd
CY2023Q1 us-gaap Contract With Customer Liability Current
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217975 usd
CY2023 ray Receipt From The Clients
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3281374 hkd
CY2024 ray Receipt From The Clients
ReceiptFromTheClients
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CY2024 ray Receipt From The Clients
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164691 usd
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CY2024 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2024 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1705854 hkd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
128856 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1739988 hkd
CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1181056 hkd
CY2024 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
2817000 hkd
CY2024 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
359959 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1739988 hkd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1181056 hkd
CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2817000 hkd
CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
359959 usd
CY2022 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
11180378 hkd
CY2023 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
7473926 hkd
CY2024 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
12753794 hkd
CY2024 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
1629691 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.165 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.165 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.165 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.165 pure
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1844763 hkd
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
1233198 hkd
CY2024 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
2104376 hkd
CY2024 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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