v3.26.1
Segment Reporting
 12 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting

16. Segment Reporting

 

In February 2026, primarily as a result of increased business activities of its subsidiary, Value Bright International (HK) Limited, the Company had two operating segments: (i) provision of wet trades works, and (ii) trading of wines and spirits.

 

Disaggregation of revenue is as follows:

 

   2026   2025   2024 
   For the years ended March 31, 
   2026   2025   2024 
   USD   USD   USD 
Provision of wet trades works               
Public   3,128,608    11,279,200    11,488,228 
Private   7,889,682    22,571,841    16,084,464 
Total revenue   11,018,290    33,851,041    27,572,692 
Trading of wines and spirits   3,610,000    -    - 
Total revenue   14,628,290    33,851,041    27,572,692 

 

Revenue disaggregated by timing of revenue recognition for the years ended March 31, 2026, 2025 and 2024 is disclosed in the table below:

 

   2026   2025   2024 
   For the years ended March 31, 
   2026   2025   2024 
   USD   USD   USD 
Revenue – Over time   11,018,290    33,851,041    27,572,692 
Revenue – Point in time   3,610,000    -    - 
Total revenue   14,628,290    33,851,041    27,572,692 

 

ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments.

 

The CODM reviews financial information on a consolidated basis and uses the consolidated net (loss) income, as reported on the consolidated statements of operations and comprehensive (loss) income, to assess performance of the Company and to allocate resources as part of the annual reporting process and to assess the performance of the Company’s single1 reportable segment, primarily by monitoring actual results versus the plan.

 

The following table shows total assets by segment and a reconciliation to the consolidated financial statements as of March 31, 2026 and 2025:

 

 Segment Reporting, Reconciliation of Asset by Segment to Consolidated

Segment assets:          
   As of March 31, 
   2026   2025 
   USD   USD 
Segment assets:          
Provision of wet trades works   4,464,742    13,424,283 
Trading of wines and spirits   1,409,967    - 
Total assets   5,874,709    13,424,283 

 

 

A reconciliation of total segment revenue to total consolidated revenue and of total segment gross profit and segment operating income to total consolidated (loss) income before tax expense, for the years ended March 31, 2026, 2025 and 2024, is as follows:

 

  Segment Reporting, Reconciliation of Segment Revenue to Consolidated Revenue and of Segment Gross Profit and Segment Operating Income to Consolidated (loss) Income Before Tax Expense

                
   Year ended March 31, 2026 
   Provision of wet trades works   Trading of wines and spirits   Total 
   USD   USD   USD 
Revenue   11,018,290    3,610,000    14,628,290 
Less: Cost of revenue   (15,118,493)   (2,200,000)   (17,318,493)
Segment gross (loss) profit   (4,100,203)   1,410,000    (2,690,203)
                
Staff costs   (199,243)   (63,526)    (262,769)
Depreciation   (48,791)   -    (48,791)
Lease expenses   (30,577)   (9,038)   (39,615)
Expected credit loss allowance   (1,130,467)   -    (1,130,467)
Interest expense   (346,696)   -    (346,696)
Other income   32,229    -    32,229 
Other segment expenses   (592,599)   (33)   (592,632)
Segment (loss) income   (6,416,347)   1,337,403    (5,078,944)
                
Reconciliation of segment profit or loss               
Less: unallocated amounts               
Other income             37,117 
Professional fees             (708,083)
Loss before tax expense             (5,749,910)

 

                
   Year ended March 31, 2025 
   Provision of wet trades works   Trading of wines and spirits   Total 
   USD   USD   USD 
Revenue   33,851,041    -    33,851,041 
Less: Cost of revenue   (35,157,150)   -    (35,157,150)
Segment gross loss   (1,306,109)   -    (1,306,109)
                
Staff costs   (397,560)   -    (397,560)
Depreciation   (48,791)   -    (48,791)
Lease expenses   (51,538)   -    (51,538)
Expected credit loss allowance   (836,720)   -    (836,720)
Interest expense   (508,810)   -    (508,810)
Other income   981    -    981 
Other segment expenses   (484,982)   -    (484,982)
Segment loss   (3,633,529)   -    (3,633,529)
                
Reconciliation of segment profit or loss               
Less: unallocated amounts               
Other income             51,759 
IPO-related readiness costs             (2,027,176)
Professional fees             (201,959)
Loss before tax expense             (5,810,905)

 

                
   Year ended March 31, 2024 
   Provision of wet trades works   Trading of wines and spirits   Total 
   USD   USD   USD 
Revenue   27,572,692    -    27,572,692 
Less: Cost of revenue   (22,479,613)   -    (22,479,613)
Segment gross profit   5,093,079    -    5,093,079 
                
Staff costs   (515,774)   -    (515,774)
Depreciation   (4,066)   -    (4,066)
Lease expenses   (37,179)   -    (37,179)
Expected credit loss allowance   (30,075)   -    (30,075)
Interest expense   (286,090)   -    (286,090)
Other segment expenses   (709,884)   -    (709,884)
Segment income   3,510,011    -    3,510,011 
                
Reconciliation of segment profit or loss               
Less: unallocated amounts               
Other income             15,297 
IPO-related readiness costs             (545,414)
Professional fees             (4,361)
Income before tax expense             2,975,533