| RELATED PARTY BALANCES AND TRANSACTIONS |
Note 10 — Related
party balances and transactions
The Company’s relationships with related
parties who had transactions with the Company are summarized as follows:
| Related Party Name | | Relationship to the Company | | Mr. Ching Tim Hoi (“Mr. Ching”) | | Controlling shareholder, CEO and Chairman of the Company and Director of Pure Beauty, Director of Raytech Holdings Company Limited, and Executive Director of Zhongshan Raytech | | Zhongshan Raytech Electric Appliances Manufacturing Company Limited (“Zhongshan Raytech”) | | An entity controlled by Mr. Ching |
| | a. | Amount due from a director |
| | | | | | | As of March 31, | | | Name of related party | | Relationship | | Nature of transactions | | 2023 | | | 2024 | | | 2024 | | | | | | | | | HKD | | | HKD | | | US$ | | | Mr. Ching | | Mr. Ching is a director of Pure Beauty | | The receivable represented payments made on behalf of the director and shareholder by Pure Beauty. The loan agreement provides that borrowings are interest-free and are payable on demand.
The amount was wholly settled in cash subsequently on June 28, 2024. | | | 992,026 | | | | 145,166 | | | | 18,550 | | | | | | | Total | | | 992,026 | | | | 145,166 | | | | 18,550 | |
| |
b. |
Accounts payable - related party |
Due to a related party consisted of the following:
| | |
As of March 31, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
HKD | | |
HKD | | |
US$ | |
| Name of related party | |
| | |
| | |
| |
| Zhongshan Raytech | |
| 8,768,420 | | |
| 24,278,340 | | |
| 3,102,306 | |
| Total | |
| 8,768,420 | | |
| 24,278,340 | | |
| 3,102,306 | |
These accounts payable to a related party was
related to products we purchased from this related party. See “—Purchase from a Related Party” for more information.
Related party transactions
| | c. | Purchase products from a related party |
| | |
For the years ended March 31, | |
| | |
2022 | | |
2023 | | |
2024 | | |
2024 | |
| | |
HKD | | |
HKD | | |
HKD | | |
US$ | |
| Name of a related party | |
| | |
| | |
| | |
| |
| Zhongshan Raytech | |
| 24,221,784 | | |
| 28,301,082 | | |
| 47,704,656 | | |
| 6,095,741 | |
| Total | |
| 24,221,784 | | |
| 28,301,082 | | |
| 47,704,656 | | |
| 6,095,741 | |
|