v3.25.2
Related Party Balances and Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Balances and Transactions [Abstract]  
Schedule of Amount Due from and Due to Related Parties

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)  $
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(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.
Schedule of Balance Due from Shareholders

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 
Schedule of Movement of Allowances for Expected Credit Loss

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)
Schedule of Consolidated Financial Statements

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)   
—