| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Preparation The
accompanying financial statements have been prepared in accordance with generally accepted accounting principles used in the United States
of America. The financial statements are presented in US dollar, which is the Company’s functional currency. Use
of Estimates The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported
amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. Significant areas requiring
the use of estimates are assessing the allowance of doubtful account, inventory write-down, impairment of long-lived assets and recoverability
of deferred tax assets. These estimates and assumptions are based on the Company’s historical results as well as management’s
future expectations. The Company’s actual results may vary from those estimates and assumptions. Fair
Value Hierarchy The
Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair
value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3). Financial
assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level
1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active
market that management has the ability to access. Level
2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are
observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest
rate swaps). Level
3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable
and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions
a market participant would use in pricing the asset or liability. When
the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement
is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying amounts
of cash, accounts receivable, other tax payable and loans payable approximate fair value because of the short-term nature of these items. Cash Cash
and cash equivalents include cash on hand, cash in banks and highly liquid investments with maturities of three months or less at the
date of origination. The Company maintains its cash balance at a financial institution located in New York. Cash account at the New York
financial institution is insured by the Federal Deposit Insurance Corporation up to $ 250,000 Inventories,
net Inventory
is stated at the lower of cost and net realizable value. Cost of inventory is determined using the weighted average cost method. Adjustments
are recorded to write down the cost of inventory to the estimated net realizable value due to slow-moving and obsolete inventory, which
is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. The Company takes ownership,
risks and rewards of the products purchased. As of March 31, 2023 and 2022, the Company’s inventory consisted of furnitures in
the amount of $ 7,494 nil Property
and equipment Property
and equipment are carried at cost. Equipment is depreciated on a straight-line basis (after taking into account their respective estimated
residual value) over 5 During
the years ended March 31, 2023 and 2022, the depreciation expenses were $ nil 984 Income
taxes The
Company accounts for income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”)
codified within Accounting Standards Codification (“ASC”) Topic No. 740-10, Income Taxes. Deferred income taxes are recognized
for the temporary differences between the tax basis of assets and liabilities and their financial reporting amounts. The Company assesses,
on an annual basis, the realizability of its deferred tax assets. A valuation allowance for deferred tax assets is established if, based
upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. Impairment
of long-lived assets Long-lived
assets are tested for impairment in accordance with ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. The Company
periodically evaluates potential impairment whenever events or changes in circumstances indicate that the carrying amount of the assets
may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first
compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of
the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent
that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash
flow models, quoted market values and third-party independent appraisals, as considered necessary. No Basic
earnings (loss) per share The
Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share The
Company does not have any potentially dilutive instruments as of March 31, 2023 and 2022, thus, anti-dilution issues are not applicable. Revenue
Recognition The
Company accounts for revenue arising from contracts with customers in accordance with Revenue from Contracts with Customers (“ASC
606”) While
customers generally have a right to return defective or non-conforming products, past experience has demonstrated that product returns
have been immaterial. Customer remedies for defective or non-conforming products may include a refund or exchange. As a result, the right
of return is estimated and recorded as a reduction in revenue at the time of sale, if necessary. The
Company’s customer contracts identify product quantity, price and payment terms. Payment terms are granted consistent with industry
standards at individual customer level. Although the payment terms of some customers may be extended up to 60 days, the majority of the
Company’s customer have no payment terms, who needs pay when the products are delivered. As a result, revenue is not adjusted for
the effects of a significant financing component. Amounts billed and due from customers are classified as accounts receivable on the
Balance Sheet. Cost
of Goods Sold Cost
of goods sold consists primarily of inventory cost. Write-down of inventories to lower of cost or net realizable value and write-down
of potentially obsolete or slow-moving inventories are also recorded in cost of goods sold, if any. Recent
Accounting Pronouncements Not Adopted In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses”. The standard, including subsequently
issued amendments (ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10 and ASU 2019-11), requires a financial asset measured at amortized
cost basis, such as accounts receivable and certain other financial assets, to be presented at the net amount expected to be collected
based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable
forecasts that affect the collectability of the reported amount. In November 2019, the FASB issued ASU No. 2019-10 to postpone the effective
date of ASU No. 2016-13 for public business entities eligible to be smaller reporting companies defined by the SEC to fiscal years beginning
after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU No. 2016-13 on April 1, 2023 and
believes the adoption did not have a material impact on its financial position and results of operations. The
management does not believe that other than disclosed above, accounting pronouncements the recently issued but not yet adopted will have
a material impact on its financial position, results of operations or cash flows. |
