| TRADE RECEIVABLES, CONTRACT ASSETS, OTHER RECEIVABLES, DEPOSITS AND PREPAYMENT |
13
TRADE RECEIVABLES, CONTRACT ASSETS, OTHER RECEIVABLES, DEPOSITS AND PREPAYMENT
13.1
Trade receivables, net
SCHEDULE
OF TRADE RECEIVABLES
| | |
At | | |
At | |
| | |
31 March 2025 | | |
31 March 2024 | |
| | |
USD | | |
USD | |
| Trade receivables | |
| 1,394,545 | | |
| 186,966 | |
| Less: loss allowance | |
| - | | |
| (4,632 | ) |
| Total | |
| 1,394,545 | | |
| 182,334 | |
Trade
receivables are non-interest bearing and generally have credit terms of 30 days.
An
aging analysis of the trade receivables at the end of the reporting period, based on the invoice date and net of loss provision, is as
follows:
SCHEDULE
OF ANALYSIS OF TRADE RECEIVABLES
| | |
At | | |
At | |
| | |
31 March 2025 | | |
31 March 2024 | |
| | |
USD | | |
USD | |
| Less than 1 month | |
| 1,219,953 | | |
| 85,740 | |
| Between 1 month and 3 months | |
| 158,350 | | |
| 59,905 | |
| Over 3 months | |
| 16,242 | | |
| 36,689 | |
| Trade
receivables, net | |
| 1,394,545 | | |
| 182,334 | |
The
movements in the loss allowance for impairment of trade receivables are as follows:
SCHEDULE
OF LOSS ALLOWANCE FOR IMPAIRMENT OF TRADE RECEIVABLES
| | |
At | | |
At | |
| | |
31 March 2025 | | |
31 March 2024 | |
| | |
USD | | |
USD | |
| At the beginning of the year | |
| 4,632 | | |
| 5,032 | |
| Provision for the year | |
| - | | |
| 2,200 | |
| Written off for the year | |
| (1,788 | ) | |
| - | |
| Reversal for the year | |
| (2,844 | ) | |
| (2,600 | ) |
| At the end of the year | |
| - | | |
| 4,632 | |
During
the year ended 31 March 2025, trade receivables of $12,064 (2024: $21,522) were written off due to uncollectible as assessed by management.
The carrying amounts of trade receivables are approximate their fair values.
13.2
Contract Assets
SCHEDULE OF CONTRACT ASSETS
| | |
At | | |
At | |
| | |
31 March 2025 | | |
31 March 2024 | |
| | |
USD | | |
USD | |
| Contract Assets | |
| 750 | | |
| 69,354 | |
Contract
assts relates to client contracts that have been complete, revenue recognized but yet to be invoiced.
13.3
Other receivables, deposits and prepayment
SCHEDULE
OF PREPAYMENT, DEPOSITS AND OTHER RECEIVABLES
| | |
| |
At | | |
At | |
| | |
Notes | |
31 March 2025 | | |
31 March 2024 | |
| | |
| |
USD | | |
USD | |
| Current: | |
| |
| | | |
| | |
| Deposits | |
(a) | |
| 63,914 | | |
| 35,261 | |
| Prepayments | |
(b) | |
| 351,791 | | |
| 34,197 | |
| Other receivables | |
(c) | |
| 650,486 | | |
| 184,018 | |
| Prepayment,
deposits and other receivables | |
| |
| 1,066,191 | | |
| 253,476 | |
| Non-current: | |
| |
| | | |
| | |
| Deposit | |
(a) | |
| 45,463 | | |
| 35,431 | |
| (a) |
Current
deposits represent amounts paid to an employment agency in Germany and deposit for investor
relation services.
Non-current
deposit of $45,463 (2024: $35,431) represents a deposit for a long-term lease of office space in Monaco. Deposit of $34,579 was originally
paid by a related party and is shown as an amount due to related party.
|
| |
|
| (b) |
The
increase in prepayments as of 31 March 2025 primarily relates to the advance payment of the
Directors and Officers (D&O) liability insurance premium, covering the period from January
2025 to December 2026. This insurance was procured subsequent to the successful completion
of the IPO.
|
| |
|
| (c) |
As
of 31 March 2024, other receivables mainly comprised $142,633 of deferred transaction costs
in connection with the IPO of the Company (the “Deferred IPO Expenses”) and an
outstanding balance $41,385 with payment channel, Stripe. The Deferred IPO Expenses with
an aggregate amount of $1,432,343 were deducted against share premium upon the successful
closing of the IPO. Other Receivables also includes fund raising costs of $400,000 and $250,000 paid under the Nomas MOU and the Al
Noor MOU, respectively.
|
|