v3.25.4
INCOME TAX (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
North Water Investment Group Holdings Limited [Member]    
Restructuring Cost and Reserve [Line Items]    
SCHEDULE OF INCOME TAX EXPENSE  

The following table sets forth current and deferred portion of income tax expenses:

 

SCHEDULE OF INCOME TAX EXPENSE

   2023   2024 
  

For the years ended

December 31,

 
   2023   2024 
   HK$   HK$ 
         
Current tax expense   -    - 
Deferred tax expense   -    - 
Income tax expenses   -    - 
SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES  

The following table provides the reconciliation of the differences between the statutory and effective tax expenses:

 SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES

   2023   2024 
  

For the years ended

December 31,

 
   2023   2024 
   HK$   HK$ 
         
(Loss) Income before income tax expense   (1,074,799)   3,347,275 
           
Tax at Hong Kong statutory tax rate of 16.5%   (177,341)   552,300 
Tax effect of tax-exempt entity   -    3,743 
Tax effect of non-deductible expenses   222    2,526 
Tax effect of non-taxable income   (120,507)   (62,993)
Tax effect of unrecognized temporary differences   (802)   17,712 

Changes in valuation allowance

   298,428    (513,288)
Statutory and effective tax expenses   -    - 
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS  

The following table sets forth the significant components of the deferred tax assets of the Group:

 

SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS

   2023   2024 
   As of December 31, 
   2023   2024 
   HK$   HK$ 
         
Net operating loss carryforwards   6,616,606    6,103,318 
Less: valuation allowance   (6,616,606)   (6,103,318)
Deferred tax assets   -    - 
SCHEDULE OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS  

The following table sets forth the movements of valuation allowance of deferred tax assets:

 SCHEDULE OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS

   2023   2024 
  

For the years ended

December 31,

 
   2023   2024 
   HK$   HK$ 
         
Balance at beginning of the year   6,318,178    6,616,606 
Additions   298,428    - 
Reversals   -    (513,288)
Balance at end of the year   6,616,606    6,103,318 
SCHEDULE OF RELATED PARTIES  

Nature of relationships with related party

 

SCHEDULE OF RELATED PARTIES

Name   Relationship with the Company
             
Cheung Kam Fai (“Mr. Cheung”)   Shareholder and director of the Company

 

Related party transactions

 

Name  Nature 

For the years ended

December 31,

 
      2023   2024 
      HK$   HK$ 
            
Mr. Cheung  Reinstatement costs (1)   -    63,000 
Mr. Cheung  Handling fee income   -    53 

 

(1)The tenancy agreement between the Group and its director, which was rent-free during the years ended December 31, 2023 and 2024, was terminated during the year, and the related rental deposit paid was applied to reinstate the leased property as contractually required.

 

Balance with related party

 

Name  Nature  As of December 31, 
      2023   2024 
      HK$   HK$ 
            
Mr. Cheung  Loan to a shareholder (1)   -    - 
Mr. Cheung  Amount due to a director (2)   -    9,783 
Mr. Cheung  Payables to customers (3)   -    98,605 

 

(1)On 3 April 2024, a loan of HK$3,000,000 was advanced to Mr. Cheung. The loan was unsecured, interest-free, and was fully repaid on 21 May 2024.

 

(2)The amount was unsecured, interest-free and repayable on demand.

 

(3)The amount was repayable on demand except where certain balance represents trades pending settlement or margin deposits and cash collateral received for trading activities under the normal course of business.
Mango Financial Group Limited [Member]    
Restructuring Cost and Reserve [Line Items]    
SCHEDULE OF INCOME TAX EXPENSE

The following table sets forth current and deferred portion of income tax expenses:

 

    2024    2025 
    For the six months ended June 30, 
    2024    2025 
    HK$    HK$ 
    (Unaudited)    (Unaudited) 
           
Current tax expense   -    - 
Deferred tax expense   -    - 
Income tax expenses   -    - 
 
SCHEDULE OF STATUTORY AND EFFECTIVE TAX EXPENSES

The following table provides the reconciliation of the differences between the statutory and effective tax expenses:

 

   2024   2025 
   For the six months ended June 30, 
   2024   2025 
   HK$   HK$ 
   (Unaudited)   (Unaudited) 
         
Income before income tax expense   4,507,888    3,892,810 
           
Tax at Hong Kong statutory tax rate of 16.5%   743,802    642,314 
Tax effect of tax-exempt entity   -    19,022 
Tax effect of non-deductible expenses   42    - 
Tax effect of non-taxable income   (34,634)   (14,246)
Tax effect of unrecognized temporary differences   (350)   (7,216)
Changes in valuation allowance   (708,860)   (639,874)
Statutory and effective tax expenses   -    - 
 
SCHEDULE OF COMPONENTS OF DEFERRED TAX ASSETS

The following table sets forth the significant components of the deferred tax assets of the Group:

 

   2024   2025 
   As of 
   December 31,   June 30, 
   2024   2025 
   HK$   HK$ 
       (Unaudited) 
         
Net operating loss carryforwards   6,103,318    5,463,444 
Less: valuation allowance   (6,103,318)   (5,463,444)
Deferred tax assets   -    - 
 
SCHEDULE OF VALUATION ALLOWANCE OF DEFERRED TAX ASSETS

The following table sets forth the movements of valuation allowance of deferred tax assets:

 

   2024   2025 
   For the six months ended June 30, 
   2024   2025 
   HK$   HK$ 
   (Unaudited)   (Unaudited) 
         
Balance at beginning of the year   6,616,606    6,103,318 
Reversals   (708,860)   (639,874)
Balance at end of the year   5,907,746    5,463,444 
 
SCHEDULE OF RELATED PARTIES

Nature of relationships with related parties

 

Name  Relationship with the Company
    
Cheung Kam Fai (“Mr. Cheung”)  Shareholder and director of the Company

 

Related parties transactions

 

      For the six months ended June 30, 
      2024   2025 
Name  Nature  HK$   HK$ 
      (Unaudited)   (Unaudited) 
              
Mr. Cheung  Handling fee income   3    - 

 

Balance with related parties

 

      As of 
      December 31,   June 30, 
      2024   2025 
Name  Nature  HK$   HK$ 
          (Unaudited) 
            
Mr. Cheung  Loan to a shareholder (1)   -    - 
Mr. Cheung  Amount due to a director (2)   9,783    19,783 
Mr. Cheung  Payables to customers (3)   98,605    40,008,605 

 

(1)On 3 April 2024, a loan of HK$3,000,000 was advanced to Mr. Cheung. The loan was unsecured, interest-free, and was fully repaid on 21 May 2024.

 

(2)The amount was unsecured, interest-free and repayable on demand.

 

(3)The amount was repayable on demand except where certain balance represents trades pending settlement or margin deposits and cash collateral received for trading activities under the normal course of business.