v3.26.1
Consolidated Statements of Cash Flows
 12 Months Ended
Mar. 31, 2026
HKD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
HKD ($)
Mar. 31, 2024
HKD ($)
Cash flows from operating activities        
Net income (loss) $ (147,498,831) $ (18,813,627) $ 2,440,540 $ 19,627,990
Adjustments to reconcile net income to net cash provided by operating activities        
Interest expenses on promissory note 560,131 71,445
Depreciation of property and equipment 3,197,847 407,889 2,653,382 2,391,477
Amortization of intangible assets 2,198,812 280,461
Amortization of operating lease right-of-use assets 16,484,583 2,102,625 2,859,872 2,455,945
Provision for expected credit losses 79,620,079 10,155,622 16,802,195 7,022,680
Gain on deconsolidation of subsidiaries (12,142,060) (1,548,732)
Impairment loss on goodwill 35,124,140 4,480,120 1,500,000
Fair value loss on promissory note 6,731,190 858,570
Changes in operating assets and liabilities        
Inventories (540,467) (68,937)
Contracts receivable (69,376,515) (8,849,044) (11,509,902) (12,899,645)
Contract assets 25,145,527 3,207,339 (32,110,701) (44,557,145)
Retention receivables 465,172 59,333 (256,448) 333,868
Prepaid expenses and other receivables (60,257,876) (7,685,954) (35,095,677) 184,146
Deferred tax assets (3,127,225) (398,881)
Tax recoverable (124,746) (15,911)
Accounts payable 24,538,513 3,129,912 1,554,999 6,038,104
Accrued expenses and other payables 47,888,279 6,108,200 (4,517,741) (6,520,805)
Contract liabilities (10,689,963) (1,363,516) (5,410,013) 5,499,632
Tax payable 1,038,774 132,497 3,340,957 3,053,978
Operating lease liabilities (14,045,150) (1,791,473) (3,106,080) (2,866,653)
Deferred tax liabilities (362,804) (46,276)
Net cash used in operating activities (75,172,590) (9,588,338) (62,354,617) (18,736,428)
Cash flows from investing activities        
Purchase of property and equipment (2,673,316) (340,984) (3,915,836) (517,697)
Acquisition of a subsidiaries 5,943,222 758,064 (1,057,302) (1,000,000)
Deconsolidation of subsidiaries (277,059) (35,339)
Long-term investment (741,752) (94,611) (1,176,541) (10,508,784)
Loan to third parties (2,600,000) (800,000)
Advance to related parties (4,181,538) (533,359) (12,607,377) (17,406,158)
Net cash used in investing activities (1,930,443) (246,229) (21,357,056) (30,232,639)
Cash flows from financing activities        
Proceeds from bank borrowings 271,102,202 34,579,362 229,012,516 81,636,675
Repayment for bank borrowings (239,591,537) (30,560,146) (191,506,139) (59,191,113)
Proceeds from other loan 1,000,000
Repayment for other loan (778,000) (99,235) (222,000)
Proceeds from promissory note 15,680,000 2,000,000
Deferred offering costs (1,730,666) (1,075,920)
Proceeds from IPO, net 67,406,579
Repayment from related parties 119,883 15,290 524,016 5,436,308
Advance to related parties (19,014) (2,425)
Net cash provided by financing activities 46,513,534 5,932,846 104,484,306 26,805,950
Net (decrease) increase in cash and cash equivalents and restricted cash (30,589,499) (3,901,721) 20,772,633 (22,163,117)
Cash and cash equivalents and restricted cash at the beginning of the year 45,222,756 5,768,208 24,450,123 46,613,240
Cash and cash equivalents and restricted cash at the end of the year 14,633,257 1,866,487 45,222,756 24,450,123
Supplementary cash flow information        
Interest received 268,049 34,190 849,735 195,319
Interest paid (8,730,144) (1,113,539) (2,692,394) (1,486,629)
Income tax paid (4,396,923) (560,832) (3,090,542) (2,752,034)
Supplemental schedule of non-cash investing and financing activities:        
Initial recognition of operating lease liabilities related to right-of-use-assets 164,834,828 $ 21,024,850
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 8,633,257   20,396,353  
Restricted cash 6,000,000   24,826,403  
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 14,633,257   $ 45,222,756 $ 24,450,123