| LEASES |
NOTE
– 9 LEASES
As
of March 31, 2024, 2025 and 2026, the Group, as lessee, subsisted of the following lease contracts for office premises and finance lease
for motor vehicles. Except for the variable lease payment of HK$344,208 included in
selling, general and administrative expenses by month to month on demand, there is no low value/short term leases exception.
| |
(a) |
Right-of-use
assets |
| |
|
|
| |
|
The
carrying amounts of the Group’s right-of-use assets and the movements during the year are as follows: |
SCHEDULE
OF RIGHT OF USE ASSETS
| | |
Office
Premises | | |
Motor
vehicles | | |
Shops | | |
Total | |
| | |
| HKD | | |
| HKD | | |
| HKD | | |
| HKD | |
| As at April 1, 2023 | |
| 391,918 | | |
| 79,445 | | |
| - | | |
| 471,363 | |
| Additions | |
| 818,605 | | |
| - | | |
| - | | |
| 818,605 | |
| Disposal | |
| - | | |
| (7,945 | ) | |
| - | | |
| (7,945 | ) |
| Early termination of operating lease | |
| (204,479 | ) | |
| - | | |
| - | | |
| (204,479 | ) |
| Depreciation charge | |
| (216,675 | ) | |
| (71,500 | ) | |
| - | | |
| (288,175 | ) |
| As at March 31, 2024 | |
| 789,369 | | |
| - | | |
| - | | |
| 789,369 | |
| Additions | |
| - | | |
| - | | |
| 138,919 | | |
| 138,919 | |
| Depreciation | |
| (350,830 | ) | |
| - | | |
| (27,783 | ) | |
| (378,613 | ) |
| Impairment | |
| - | | |
| - | | |
| (111,136 | ) | |
| (111,136 | ) |
| As at March 31, 2025 | |
| 438,539 | | |
| - | | |
| - | | |
| 438,539 | |
| Right-of-use
assets, beginning balance | |
| 438,539 | | |
| - | | |
| - | | |
| 438,539 | |
| Depreciation | |
| (350,832 | ) | |
| - | | |
| - | | |
| (350,832 | ) |
| As at March 31, 2026 | |
| 87,707 | | |
| - | | |
| - | | |
| 87,707 | |
| Right-of-use
assets, ending balance | |
| 87,707 | | |
| - | | |
| - | | |
| 87,707 | |
| |
(b) |
Lease
liabilities |
| |
|
|
| |
|
The
carrying amount of lease liabilities and the movements during the year are as follows: |
SCHEDULE
OF LEASE LIABILITIES
| | |
2024 | | |
2025 | | |
2026 | |
| | |
HKD | | |
HKD | | |
HKD | |
| Carrying amount at April 1 | |
| 398,431 | | |
| 779,854 | | |
| 656,794 | |
| Carrying amount, beginning balance | |
| 398,431 | | |
| 779,854 | | |
| 656,794 | |
| New leases | |
| 818,605 | | |
| 138,919 | | |
| - | |
| Accretion of interest recognized during the year | |
| 24,370 | | |
| 30,305 | | |
| 14,454 | |
| Early termination of operating lease during the year | |
| (207,018 | ) | |
| - | | |
| - | |
| Payments | |
| (254,534 | ) | |
| (292,284 | ) | |
| (548,690 | ) |
| | |
| | | |
| | | |
| | |
| Carrying amount at March 31 | |
| 779,854 | | |
| 656,794 | | |
| 122,558 | |
| Analyzed into: | |
| | | |
| | | |
| | |
| Current portion | |
| 178,001 | | |
| 534,235 | | |
| 122,558 | |
| Non-current portion | |
| 601,853 | | |
| 122,559 | | |
| - | |
| Total | |
| 779,854 | | |
| 656,794 | | |
| 122,558 | |
| Carrying amount, ending balance | |
| 779,854 | | |
| 656,794 | | |
| 122,558 | |
The
following tables summarize the maturity of lease liabilities as at March 31, 2024, 2025 and 2026:
SCHEDULE
OF MATURITY LEASE LIABILITIES
| | |
2024 | | |
2025 | | |
2026 | |
| | |
HKD | | |
HKD | | |
HKD | |
| With one year | |
| 178,001 | | |
| 534,235 | | |
| 122,558 | |
| One to two years | |
| 479,294 | | |
| 122,559 | | |
| - | |
| Two to three years | |
| 122,559 | | |
| - | | |
| - | |
| Total | |
| 779,854 | | |
| 656,794 | | |
| 122,558 | |
| Lease liabilities | |
| 779,854 | | |
| 656,794 | | |
| 122,558 | |
| |
(c) |
The
amounts recognized in profit or loss in relation to leases are as follows: |
SCHEDULE
OF RECOGNIZED IN PROFIT OR LOSS
| | |
2024 | | |
2025 | | |
2026 | |
| | |
HKD | | |
HKD | | |
HKD | |
| Loss/(Gain) on early termination | |
| (2,539 | ) | |
| - | | |
| - | |
| Interest on lease liabilities | |
| 24,370 | | |
| 30,305 | | |
| 14,454 | |
| Impairment | |
| - | | |
| 111,136 | | |
| - | |
| Depreciation: | |
| | | |
| | | |
| | |
| Depreciation charge of right-of-use assets | |
| 288,175 | | |
| 378,613 | | |
| 350,832 | |
|