| RELATED PARTY BALANCES AND TRANSACTIONS |
NOTE 17 — RELATED PARTY BALANCES AND TRANSACTIONS
The summary of amount due from and due to related
parties as the following:
| | | | | December 31, | | | | | Relationship | | 2024 | | | 2023 | | | Due from shareholders consist of the following: | | | | | | | | | | Mr. Siu Wing Fung, Alfred (“Mr. Siu”) | | Shareholders and directors | | $ | 404,549 | | | $ | 354,285 | | | | | | | | | | | | | | | Due to a related party consist of the following: | | | | | | | | | | | | Ms. Fong Hei Yue, Tina (“Ms. Fong”) | | Shareholders and directors (note 1) | | | (497,200 | ) | | | | | | Harcourt Limited | | A related party (note 2) | | $ | (61,802 | ) | | $ | — | |
Note:
| (1) | Ms. Fong is the spouse of Mr. Siu. The due to shareholders balance as of December 31, 2024 was $92,651 while the due from shareholders balance as of December 31, 2023 was $354,285. |
| (2) | The directors and shareholders of Harcourt Limited are Mr. Siu and Ms. Fong, Harcourt Limited therefore has the common ultimate beneficial owners with the Company. | The balance due from shareholders consist of the
following:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Due from/ (to)shareholders/ related party | |
$ | (154,453 | ) | |
$ | 372,103 | |
| Less: allowance for expected credit loss | |
| — | | |
| (17,818 | ) |
| | |
$ | (154,453 | ) | |
$ | 354,285 | |
The movement of allowances for expected credit
loss is as follow:
| | |
December 31, | |
| | |
2024 | | |
2023 | |
| Balance at beginning of the year | |
$ | (17,818 | ) | |
$ | (17,059 | ) |
| Reversal of Provision / (Provision) | |
| 17,818 | | |
| (759 | ) |
| Ending balance | |
$ | — | | |
$ | (17,818 | ) |
In addition to the transactions
and balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:
| | |
December 31, | |
| | |
2024 | | |
2023 | | |
2022 | |
| Directors’ remuneration to Mr. Siu Wing Fung, Alfred | |
$ | 190,000 | | |
$ | 125,000 | | |
$ | 120,000 | |
| Directors’ remuneration to Ms. Fong Hei Yue, Tina | |
| 190,000 | | |
| 125,000 | | |
| 120,000 | |
| Waiver of related party balance of Mr. Siu Wing Fung, Alfred | |
| — | | |
| (88,151 | ) | |
| — | |
|