Cover
Cover - shares | 12 Months Ended | |
Mar. 31, 2023 | Jun. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-235700 | |
Entity Registrant Name | SYNERGY EMPIRE LIMITED | |
Entity Central Index Key | 0001766267 | |
Entity Tax Identification Number | 38-4096727 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | No.19 Jalan 12/118B | |
Entity Address, Address Line Two | Desa Tun Razak | |
Entity Address, City or Town | Kuala Lumpur | |
Entity Address, Country | MY | |
Entity Address, Postal Zip Code | 56100 | |
City Area Code | +(60) | |
Local Phone Number | 3 - 9171 2828 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,000,000 | |
Documents Incorporated By Reference | No documents are incorporated by reference | |
Auditor Name | JP CENTURION & PARTNERS PLT | |
Auditor Location | Kuala Lumpur, Malaysia | |
Auditor Firm ID | 6723 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 9,868 | $ 18,561 |
Trade receivables, net | 271 | |
Prepaid expenses, deposits and other receivables | 15,681 | 35,773 |
Inventories | 11,198 | |
TOTAL CURRENT ASSETS | 25,549 | 65,803 |
NON-CURRENT ASSETS | ||
Operating lease right of use asset, net | 296,760 | |
Plant and equipment, net | 66,184 | 295,023 |
Intangible assets | 1,199 | 1,418 |
TOTAL ASSETS | 92,932 | 659,004 |
CURRENT LIABILITIES | ||
Accounts payable | 5,928 | 11,811 |
Accrued expenses and other payables | 70,885 | 93,901 |
Operating lease liability | 65,552 | |
Bank borrowing | 7,954 | 16,936 |
Amount due to a director | $ 1,325,308 | $ 1,066,422 |
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
TOTAL CURRENT LIABILITIES | $ 1,410,075 | $ 1,254,622 |
NON-CURRENT LIABILITIES | ||
Operating lease liability | 231,556 | |
Bank borrowing | 8,445 | |
TOTAL LIABILITIES | 1,410,075 | 1,494,623 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock – Par value $0.0001; Authorized: 500,000 None issued and outstanding as of March 31, 2023 Authorized: 500,000 None issued and outstanding as of March 31, 2022 | ||
Common stock – Par value $0.0001; Authorized: 5,000,000 Issued and outstanding: 1,000,000 shares as of March 31, 2023 Authorized: 5,000,000 Issued and outstanding: 1,000,000 shares as of March 31, 2022 | 100 | 100 |
Additional paid-in capital | 784,083 | 784,083 |
Accumulated other comprehensive income/(loss) | 32,881 | (20,271) |
Accumulated deficit | (2,134,207) | (1,599,531) |
TOTAL STOCKHOLDERS’ DEFICIT | (1,317,143) | (835,619) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 92,932 | $ 659,004 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 5,000,000 | 5,000,000 | 450,000,000 |
Common stock, shares issued | 1,000,000 | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 1,000,000 | 1,000,000 | 1,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
REVENUE | $ 122,381 | $ 127,095 |
COST AND EXPENSES: | ||
Cost of revenue | (69,417) | (73,529) |
General and administrative expenses | (587,642) | (531,993) |
Total operating costs and expenses | (657,059) | (605,522) |
Loss from operations | (534,678) | (478,427) |
Other income, net | 2 | 35,159 |
Loss before income tax | (534,676) | (443,268) |
Income tax expense | ||
Net loss | (534,676) | (443,268) |
Foreign currency translation income | 53,152 | 14,533 |
Total comprehensive loss | $ (481,524) | $ (428,735) |
Net loss per share, basic and diluted | $ (0.53) | $ (0.44) |
Weighted average number of common shares outstanding, basic and diluted | 1,000,000 | 1,000,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock [Member] | ||
Statement [Line Items] | ||
Balance, value | $ 100 | $ 100 |
Balance, shares | 1,000,000 | 1,000,000 |
Net loss for the year | ||
Foreign currency translation | ||
Balance, value | $ 100 | $ 100 |
Balance, shares | 1,000,000 | 1,000,000 |
Additional Paid-in Capital [Member] | ||
Statement [Line Items] | ||
Balance, value | $ 784,083 | $ 784,083 |
Net loss for the year | ||
Foreign currency translation | ||
Balance, value | 784,083 | 784,083 |
AOCI Attributable to Parent [Member] | ||
Statement [Line Items] | ||
Balance, value | (20,271) | (34,804) |
Net loss for the year | ||
Foreign currency translation | 53,152 | 14,533 |
Balance, value | 32,881 | (20,271) |
Retained Earnings [Member] | ||
Statement [Line Items] | ||
Balance, value | (1,599,531) | (1,156,263) |
Net loss for the year | (534,676) | (443,268) |
Foreign currency translation | ||
Balance, value | (2,134,207) | (1,599,531) |
Balance, value | (835,619) | (406,884) |
Net loss for the year | (534,676) | (443,268) |
Foreign currency translation | 53,152 | 14,533 |
Balance, value | $ (1,317,143) | $ (835,619) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (534,676) | $ (443,268) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expenses | 76,968 | 199,818 |
Write off of other receivables | 687 | 734 |
Write off of inventory | 11,169 | |
Write off of plant and equipment | 183,606 | |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | (431) | (274) |
(Increase)/Decrease in inventories | (620) | 113 |
Decrease/(Increase) in prepaid expenses, deposits and other receivables | 18,718 | (9,761) |
(Decrease)/Increase in accounts payable | (5,259) | 3,111 |
Decrease in accrued expenses and other payables | (19,625) | (74,996) |
Repayment of lease liability | (36,625) | (125,298) |
Net cash flows used in operating activities | (306,088) | (449,821) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of plant and equipment | (11,491) | (49,083) |
Application of trademark | (1,574) | |
Net cash flows used in investing activities | (11,491) | (50,657) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Advance from directors | 297,166 | 183,834 |
Principal repayments of bank loan | (16,050) | (15,535) |
Net cash flows provided by financing activities | 281,116 | 168,299 |
Effect of exchange rate changes in cash and cash equivalents | 27,770 | 5,579 |
Net changes in cash and cash equivalents | (8,693) | (326,600) |
Cash and cash equivalents, beginning of year | 18,561 | 345,161 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 9,868 | 18,561 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid | $ 1,452 | $ 3,171 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND Synergy Empire Limited (“the Company”) was incorporated under the laws of the State of Nevada on October 17, 2018. We have historically conducted our business through Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd., both are private limited liability company, incorporated in Malaysia. On January 16, 2019, the Company acquired 100 On December 31, 2018, Synergy Empire Marshall acquired 100 On February 21, 2019, Synergy Empire HK acquired 100 Lucky Star acquired 100 On February 26, 2021, Synergy Empire Marshall acquired 100 100 Mr. Leong Will Liam is the common director and major shareholder of the Company, Synergy Empire Marshall and Synergy Empire HK. On July 29, 2022, the Company approved the resignation of Mr. Leong Will Liam concurrently with the appointment of Mr. Vicknesya Naayaker A/L Punosamy as the director of Lucky Star F&B Sdn. Bhd. On July 29, 2022, the Company approved the resignation of Mr. Leong Will Liam concurrently with the appointment of Mr. Praveen A/L Ravichandran as the director of SH Dessert Sdn. Bhd. The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries: SCHEDULE OF COMPANY'S SUBSIDIARIES No. Company Name Domicile and Date of Incorporation Particulars of Issued Capital Principal Activities 1 Synergy Empire Holding Limited Marshall Islands, October 22, 2018 1 1 Investment Holding 2 Lucky Star F&B Sdn. Bhd Malaysia, February 9, 2010 100,000 1 Food and Beverage Assets Leasing 3 SH Dessert Sdn. Bhd Malaysia, February 19, 2016 100 1 Food and Beverage Assets Leasing On October 31, 2022, the Company terminated all the tenancy agreements before the due date of the agreements. On November 30, 2022, the Company has entered into a lease agreement with a third party, Sweet Bakery & Dessert Cafe Sdn Bhd to lease their assets to the third party. The leasing period is commencing from January 1, 2023 to December 31, 2023. The Company did not cease its business operation nor sell the operating assets. The Company is looking for a new strategic location to continue their business while leasing out their assets to the third party. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. Below is the organization chart of the Group. Use of Estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates. Cash and Cash Equivalents The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents. Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 56,524 Plant and Equipment Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT Asset Categories Depreciation Periods Renovation over the remaining lease period Office and kitchen equipment 10 Motor vehicle 5 Intangible Asset Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET Asset Categories Amortization Periods Trademark 10 Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, 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. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss). Revenue recognition Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt. Cost of revenue Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue. Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss). The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysian Ringgits (“MYR”) and United States Dollars (“US$”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY For the year ended March 31 2023 2022 Period-end MYR : US$1 exchange rate 4.42 4.20 Period-average MYR : US$1 exchange rate 4.46 4.17 Period-end/Period-average HK$ : US$1 exchange rate 7.75 7.75 Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties, trade payables and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of March 31, 2023, and 2022, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. Net Income/(Loss) per Share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. Lease The Company adopted the ASU No. 2016-02, on April 1, 2019 (date of inception). The Company leases central kitchen and restaurants for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term. As of March 31, 2023, the Company have no operating lease of which lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. Recently Issued Accounting Standards In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, of which is effective for the Company on April 1, 2023. An analysis of receivables, including credit losses, was conducted during the first quarter of fiscal 2023. The Company does not anticipate that the adoption of the new guidance will have a material impact on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
GOING CONCERN UNCERTAINTIES
GOING CONCERN UNCERTAINTIES | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN UNCERTAINTIES | 3. GOING CONCERN UNCERTAINTIES The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company having accumulated deficit of $ 2,134,207 1,599,531 534,676 443,268 306,088 449,821 1,384,526 1,188,819 The Company’s cash position is not sufficient to support the Company’s daily operations. While the Company believes in the viability of its strategy and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to improve profitability and the ability to acquire financial support from its major shareholder. These and other factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that financial statements are issued. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | 4. OTHER INCOME SCHEDULE OF OTHER INCOME For the year ended March 31, 2023 For the year ended March 31, 2022 Realized foreign exchange gain from Initial Public Offering proceed $ - $ 799 Government transfer payment pertaining to COVID-19 subsidy - 37,511 Gratuity from customers 2 - Interest income - 20 Interest expenses - (3,171 ) Total $ 2 $ 35,159 |
PREPAID EXPENSES, DEPOSITS & OT
PREPAID EXPENSES, DEPOSITS & OTHER RECEIVABLES | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses Deposits Other Receivables | |
PREPAID EXPENSES, DEPOSITS & OTHER RECEIVABLES | 5. PREPAID EXPENSES, DEPOSITS & OTHER RECEIVABLES SCHEDULE OF PREPAID EXPENSES AND DEPOSITS 2023 2022 As of March 31 2023 2022 Rental deposits $ - $ 22,048 Prepaid expenses 12,500 12,050 Other receivables 3,181 1,675 Total $ 15,681 $ 35,773 The rental deposits represent the deposit of the tenancy agreements. As of March 31, 2023, the rental deposits have been forfeited as the Company has terminated all the tenancy agreements before the agreements due. Prepaid expenses represent the payments of subscription fee, deposit payments of public utilities, such as electricity, telephone, water supplies and OTCQB annual fee. Other receivables represent payment made on behalf of customers such as lorry rental and outstanding payment due from delivery platform. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 6. INVENTORIES SCHEDULE OF INVENTORIES 2023 2022 As of March 31 2023 2022 Raw material, at cost $ - $ 11,198 On October 31, 2022, the Company has terminated all the tenancy agreements. As of March 31, 2023, the Company has no inventory because all the inventories become obsolete to be used in the business operation. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PLANT AND EQUIPMENT | 7. PLANT AND EQUIPMENT SCHEDULE OF PLANT AND EQUIPMENT 2023 2022 As of March 31 2023 2022 Renovation $ - $ 360,458 Office equipment 39,285 41,187 Kitchen equipment 43,222 33,427 Motor vehicle 11,078 11,654 Total plant and equipment $ 93,585 $ 446,726 Less: Accumulated depreciation (27,401 ) (151,703 ) Total plant and equipment $ 66,184 $ 295,023 For the year ended March 31, 2023, the Company has invested $ 11,360 131 183,606 For the year ended March 31, 2022, the Company has invested $ 18,350 10,802 19,931 Depreciation expenses for the years ended March 31, 2023 and 2022 amounted to $ 40,524 77,717 |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 12 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | 8. ACCRUED EXPENSES AND OTHER PAYABLES SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES 2023 2022 As of March 31 2023 2022 Accrued expenses $ 31,322 $ 50,388 Other payables 39,111 43,513 Deposit received 452 - Total $ 70,885 $ 93,901 Accrued expenses for the years ended March 31, 2023 and 2022 consist of accrued salary, rental, utilities bills, audit fee, taxation fee and professional fee. Other payable for the years ended March 31, 2023 and 2022 consist of outstanding marketing expenses, sales and service tax payable, renovation payment and loan from third party. Deposit received for the year ended March 31, 2023 consist of deposit from lease agreement. |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE TO A DIRECTOR | 9. AMOUNT DUE TO A DIRECTOR As of March 31, 2022, the Company has an outstanding loan payable to Mr. Leong Will Liam amounted $ 1,066,422 which including an amount due to Synergy Empire HK amounted $ 24,822 . For the year ended March 31, 2023, Mr. Leong Will Liam has further advanced $ 297,166 to the Company for working capital purpose. Both aforementioned loans are unsecured, non-interest bearing and payable on demand. SCHEDULE OF AMOUNT DUE TO A DIRECTOR Amount due to director, Mr. Leong Will Liam Balance as of March 31, 2018 $ - Advancement from Director 22,778 Loan from Director 451,489 Foreign currency translation 172 Balance as of March 31, 2019 $ 474,439 Loan from Director 173,862 Foreign currency translation (29,051 ) Balance as of March 31, 2020 $ 619,250 Loan from Director 221,988 Foreign currency translation 28,420 Balance as of March 31, 2021 $ 869,658 Loan from Director 183,834 Foreign currency translation (11,892 ) Balance as of March 31, 2022 $ 1,041,600 Loan from Director 297,166 Foreign currency translation (38,280 ) Balance as of March 31, 2023 $ 1,300,486 Balance as of March 31, 2023 – Amount due to Synergy Empire HK 24,822 Balance as of March 31, 2023 – Total amount due to director $ 1,325,308 As of March 31, 2023, the Company has an outstanding loan payable to Mr. Leong Will Liam amount $ 1,300,486 24,822 1,325,308 |
BANK BORROWING
BANK BORROWING | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
BANK BORROWING | 10. BANK BORROWING On January 25, 2017, Lucky Star F&B Sdn. Bhd., a wholly owned subsidiary of the Company has acquired a business loan from Standard Chartered Saadiq Berhad, a bank incorporated in Malaysia, amounted to MYR 342,834 83,972 6.00 repayment period of 72 months with interest 6,473 1,585 The outstanding balance of business loan as of March 31, 2023 and 2022 can be summarized as follow: SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS 2023 2022 As of March 31 2023 2022 Bank borrowing (Current portion) $ 7,954 $ 16,936 Bank borrowing (Non-current portion) - 8,445 Total $ 7,954 $ 25,381 On April 1, 2020, Standard Chartered Saadiq Berhad announced to provide loan deferment to borrower for a period 6 months in supporting of Malaysia National Bank to ease financial pressure as a result of movement control order promulgated by Malaysia Government to contain the outbreak of COVID- 19. Pursuant to the announcement, no instalment is required, and no penalty will be imposed during the 6 months period however additional non-compounding interest will continue to accrue. As such, the Company has incurred additional interest of $ 2,141 For the year ended March 31, 2022, the Company repaid $ 15,535 For the year ended March 31, 2023, the Company repaid $ 16,050 Maturities of the loan for the remaining one year are as follows: SCHEDULE OF MATURITIES OF LOAN Year ending March 31 2023 $ 7,954 Total $ 7,954 |
LEASE RIGHT-OF-USE ASSET AND LE
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES | 11. LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES The Company officially adopted ASC 842 for the period on and after April 1, 2019 as permitted by ASU 2016-02. ASC 842 originally required all entities to use a “modified retrospective” transition approach that is intended to maximize comparability and be less complex than a full retrospective approach. On July 30, 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU 2016-02 of which permits entities may elect not to recast the comparative periods presented when transitioning to ASC 842. As permitted by ASU 2018-11, the Company elect not to recast comparative periods, thusly. As of April 1, 2019, the Company recognized approximately US$ 183,742 31,301 6.65 A single lease cost is recognized over the lease term on a generally straight-line basis. All cash payments of operating lease cost are classified within operating activities in the statement of cash flows. As of March 31, 2023, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT-OF-USE ASSET Right-Of-Use Assets Balance as of March 31, 2021 $ 308,918 New lease recognizes for the year ended March 31, 2021 108,270 Amortization for the year ended March 31, 2021 (63,412 ) Adjustment for discontinuation of tenancy (57,532 ) Adjustment for discount rate 5,057 Foreign exchange translation (4,541 ) Balance as of March 31, 2022 $ 296,760 Amortization for the year ended March 31, 2022 (36,574 ) Adjustment for discontinuation of tenancy (245,526 ) Adjustment for discount rate - Foreign exchange translation (14,660 ) Balance as of March 31, 2023 $ - For the year ended March 31, 2023 and 2022, the amortization of the operating lease right of use asset amounted $ 36,574 63,412 As of March 31, 2023, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY Lease Liability Balance as of March 31, 2021 $ 312,635 New lease recognizes for the year ended March 31, 2022 108,270 Imputed interest for the year ended March 31, 2022 15,630 Gross repayment for the year ended March 31, 2022 (77,989 ) Adjustment for discontinuation of tenancy (61,898 ) Foreign exchange translation 461 Balance as of March 31, 2022 297,108 Imputed interest for the year ended March 31, 2023 8,215 Gross repayment for the year ended March 31, 2023 (44,157 ) Adjustment for discontinuation of tenancy (246,489 ) Foreign exchange translation (14,677 ) Balance as of March 31, 2023 - Lease liability current portion - Lease liability non-current portion $ - Other information: SCHEDULE OF LEASE OTHER INFORMATION For the years ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease $ 43,494 $ 74,939 Right-of-use assets obtained in exchange for operating lease liabilities - 108,270 Remaining lease term for operating lease (years) - 4.42 Weighted average discount rate for operating lease - % 5.40 % As at March 31, 2023, the Company has terminated all the tenancy agreement. |
CONCENTRATION OF RISK
CONCENTRATION OF RISK | 12 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF RISK | 12. CONCENTRATION OF RISK (a) Major Customers For the year ended March 31, 2023 and 2022, there was no customer who accounted for 10 (b) Major Suppliers For the year ended March 31, 2023 and 2022, there was no supplier who accounted for 10 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES The loss before income taxes of the Company for the years ended March 31, 2023 and 2022 were comprised of the following: SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES For the years ended March 31 2023 2022 Tax jurisdictions from: – Local $ (96,883 ) $ (54,489 ) – Foreign, representing: Marshall Islands (non-taxable jurisdiction) (1,800 ) - Hong Kong - - Malaysia (435,993 ) (388,779 ) Loss before income taxes $ (534,676 ) $ (443,268 ) Provision for income taxes consisted of the following: SUMMARY OF PROVISION FOR INCOME TAX For the years ended March 31 2023 2022 Current: – Local $ - $ - – Foreign: Marshall Islands (non-taxable jurisdiction) - - Hong Kong - - Malaysia - - Deferred: – Local - - – Foreign - - $ - $ - The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. During the periods presented, the Company has a number of subsidiaries that operates in different countries and is subject to tax in the jurisdictions in which its subsidiaries operate, as follows: United States of America The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018 287,804 expire in 2043 60,439 Malaysia Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital. The 2023 tax rate for company with paid-up capital of MYR 2,500,000 565,240 For the year ended March 31, 2023, Lucky Star F&B Sdn. Bhd. and SH Desserts Sdn, Bhd. incurred a loss of $ 214,545 221,448 As of March 31, 2023, the operations in Malaysia generated $ 1,841,359 carried forward for seven years 313,031 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of March 31, 2023 and March 31, 2022: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES As of March 31 2023 2022 Deferred tax assets: Net operating loss carryforwards $ $ – United States of America 60,439 40,093 – Marshall Islands - - – Hong Kong - - – Malaysia 313,031 238,867 373,470 278,960 Less: valuation allowance (373,470 ) (278,960 ) Deferred tax assets $ - $ - Management believes that it is more likely than not that the deferred tax assets will not be fully realizable in the future. Accordingly, the Company provided for a full valuation allowance against its deferred tax assets of $ 373,470 94,510 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 14. STOCKHOLDERS’ EQUITY On October 17, 2018, the founder of the Company, Mr. Leong Will Liam purchased 900,000 0.03 0.0001 On January 21, 2019, CBA Capital Holdings Sdn. Bhd. waived an interest-free loan of $ 257,183 On December 30, 2020, the Company resolved to close the offering from the registration statement on Form S-1/A, dated February 25, 2020, that had been declared effective by the Securities and Exchange Commission on March 10, 2020. The Offering resulting in 100,000 5.00 500,000 500,000 As of March 31, 2021, the Company have an issued and outstanding share of common stock of 1,000,000 450,000,000 0.0001 50,000,000 0.0001 no During the year ended March 31, 2022, the Company reduce authorized share capital for both common stock of 450,000,000 5,000,000 50,000,000 500,000 1,000,000 no |
FOREIGN CURRENCY EXCHANGE RATE
FOREIGN CURRENCY EXCHANGE RATE | 12 Months Ended |
Mar. 31, 2023 | |
Foreign Currency [Abstract] | |
FOREIGN CURRENCY EXCHANGE RATE | 15. FOREIGN CURRENCY EXCHANGE RATE The Company cannot guarantee that the current exchange rate will remain stable, therefore there is a possibility that the Company could post the same amount of income for two comparable periods and because of the fluctuating exchange rate post higher or lower income depending on exchange rate converted into US$ at the end of the financial year. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 16. SEGMENT REPORTING ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about services categories, business segments and major customers in financial statements. The Company has two reportable segments based on business unit, food and beverage business and asset leasing business and three reportable segments based on country, United States, Marshall and Malaysia. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. SCHEDULE OF SEGMENT REPORTING INFORMATION BY BUSINESS UNIT For the Year Ended and As of March 31, 2023 By Business Unit Assets Leasing Business Food & Beverage Business Total Revenue $ 8,078 $ 114,303 $ 122,381 Cost of revenue - (69,417 ) (69,417 ) General and administrative expenses - (587,642 ) (587,642 ) Loss from operations 8,078 (542,756 ) (534,678 ) Total assets $ 92,932 $ - $ 92,932 Capital expenditure $ 11,491 $ - $ 11,491 For the Year Ended and As of March 31, 2022 By Business Unit Assets Leasing Business Food & Beverage Business Total Revenue $ - $ 127,095 $ 127,095 Cost of revenue - (73,529 ) (73,529 ) General and administrative expenses - (531,993 ) (531,993 ) Loss from operations - (478,427 ) (478,427 ) Total assets $ - $ 659,004 $ 659,004 Capital expenditure $ - $ 49,083 $ 49,083 SCHEDULE OF SEGMENT REPORTING INFORMATION BY COUNTRY For the Year Ended and As of March 31, 2023 By Country United States Marshall Malaysia Total Revenue $ - $ - $ 122,381 $ 122,381 Cost of revenue - - (69,417 ) (69,417 ) General and administrative expenses (96,883 ) (1,800 ) (488,959 ) (587,642 ) Loss from operations (96,883 ) (1,800 ) (435,995 ) (534,678 ) Total assets $ 12,595 $ - $ 80,337 $ 92,932 Capital expenditure $ - $ - $ 11,491 $ 11,491 For the Year Ended and As of March 31, 2022 By Country United States Marshall Malaysia Total Revenue $ - $ - $ 127,095 $ 127,095 Cost of revenue - - (73,529 ) (73,529 ) General and administrative expenses (55,306 ) - (476,687 ) (531,993 ) Loss from operations (55,306 ) - (423,121 ) (478,427 ) Total assets $ 23,069 $ - $ 635,935 $ 659,004 Capital expenditure $ - $ - $ 49,083 $ 49,083 |
SIGNIFICANT EVENTS
SIGNIFICANT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
Significant Events | |
SIGNIFICANT EVENTS | 17. SIGNIFICANT EVENTS On October 31, 2022, the Company has terminated all the tenancy agreements before the due date of the agreements and therefore do not generate any revenue for November and December 2022. On November 30, 2022, the Company has entered into a lease agreement with a third party, Sweet Bakery & Dessert Cafe Sdn Bhd to lease their assets to the third party. The leasing period is commencing from January 1, 2023 to December 31, 2023. The Company did not cease its business operation nor sell the operating assets. The Company is looking for a new strategic location to continue their business while leasing out their assets to the third party. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2023 up through the date the Company presented these audited financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances were eliminated in consolidation. Below is the organization chart of the Group. |
Use of Estimates | Use of Estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers short-term, highly liquid investments with an original maturity of 90 days or less to be cash equivalents. Our deposit in Malaysia is currently deposit in Public Bank Berhad and Standard Chartered Bank (Malaysia) Berhad, and there is a Perbadanan Insurans Deposit Malaysia protects our eligible deposits held with bank in Malaysia which is members of the Scheme. The scheme will pay a compensation up to a limit of Malaysia Ringgit (“MYR”) 250,000 56,524 |
Plant and Equipment | Plant and Equipment Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT Asset Categories Depreciation Periods Renovation over the remaining lease period Office and kitchen equipment 10 Motor vehicle 5 |
Intangible Asset | Intangible Asset Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET Asset Categories Amortization Periods Trademark 10 |
Inventories | Inventories Inventories consisting of products available for sell, are stated at the lower of cost or market value. Cost of inventory is determined using the first-in, first-out (FIFO) method. Inventory reserve is recorded to write down the cost of inventory to the estimated market value due to slow-moving merchandise and damaged goods, 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. Write downs are recorded in cost of revenue in the consolidated statements of operations and comprehensive income (loss). |
Revenue recognition | Revenue recognition Revenue is generated through sale of goods and delivery services. Revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods and services in the contract; (ii) determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company records revenue from the sale of product upon shipment or delivery of the products to the customer. The Company doesn’t allow return of the products purchased or refund unless the food delivered is spoilt. |
Cost of revenue | Cost of revenue Cost of revenue includes the purchase cost of raw material for manufacturing and distribute to customers and packing materials. It includes purchasing and receiving costs, internal transfer costs, other costs of distribution network, opening and closing inventory net off discount received and return outwards in cost of revenue. |
Income tax expense | Income tax expense Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclosed in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts The Company conducts major businesses in Malaysia and is subject to tax in their own jurisdictions. As a result of its business activities, the Company will file separate tax returns that are subject to examination by the foreign tax authorities. |
Foreign currencies translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations and comprehensive income (loss). The functional currency of the Company is the United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$. In addition, the Company’s subsidiary maintains its books and record in Malaysian Ringgits (“MYR”) and United States Dollars (“US$”), which is the respective functional currency as being the primary currency of the economic environment in which the entity operates. In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiary are recorded as a separate component of accumulated other comprehensive income. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY For the year ended March 31 2023 2022 Period-end MYR : US$1 exchange rate 4.42 4.20 Period-average MYR : US$1 exchange rate 4.46 4.17 Period-end/Period-average HK$ : US$1 exchange rate 7.75 7.75 |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments: cash and cash equivalents, trade receivable, deposits and other receivables, amount due to related parties, trade payables and other payables approximate at their fair values because of the short-term nature of these financial instruments. The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of March 31, 2023, and 2022, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured at fair value on a non-recurring basis. |
Net Income/(Loss) per Share | Net Income/(Loss) per Share The Company calculates net income/(loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Basic income/(loss) per share is computed by dividing the net income/(loss) by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income/(loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. |
Lease | Lease The Company adopted the ASU No. 2016-02, on April 1, 2019 (date of inception). The Company leases central kitchen and restaurants for fixed periods pre-emptive extension options. The Company recognizes lease payments for its short-term lease on a straight-line basis over the lease term. As of March 31, 2023, the Company have no operating lease of which lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses over the term of the lease. In determining the present value of the unpaid lease payments, ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company leases do not provide an implicit rate, the Company uses its incremental borrowing rate as the discount rate for the lease. The Company incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which introduced the expected credit losses methodology for the measurement of credit losses on financial assets measured at amortized cost basis, replacing the previous incurred loss methodology. In November 2019, the FASB issued ASU 2019-10 highlighted the adoption timeline. For smaller reporting entities, Topic 326 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years, of which is effective for the Company on April 1, 2023. An analysis of receivables, including credit losses, was conducted during the first quarter of fiscal 2023. The Company does not anticipate that the adoption of the new guidance will have a material impact on our consolidated financial statements. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
ORGANIZATION AND BUSINESS BAC_2
ORGANIZATION AND BUSINESS BACKGROUND (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF COMPANY'S SUBSIDIARIES | The Company, through its wholly owned subsidiaries, produce and distribute high quality dessert through Lucky Star and operate two restaurants through SH Dessert. Details of the Company’s subsidiaries: SCHEDULE OF COMPANY'S SUBSIDIARIES No. Company Name Domicile and Date of Incorporation Particulars of Issued Capital Principal Activities 1 Synergy Empire Holding Limited Marshall Islands, October 22, 2018 1 1 Investment Holding 2 Lucky Star F&B Sdn. Bhd Malaysia, February 9, 2010 100,000 1 Food and Beverage Assets Leasing 3 SH Dessert Sdn. Bhd Malaysia, February 19, 2016 100 1 Food and Beverage Assets Leasing |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT | Plant and equipment are stated at cost, with depreciation and amortization provided using the straight-line method over the following periods: SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT Asset Categories Depreciation Periods Renovation over the remaining lease period Office and kitchen equipment 10 Motor vehicle 5 |
SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET | Intangible assets are stated at cost, with amortization provided using the straight-line method over the following periods: SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET Asset Categories Amortization Periods Trademark 10 |
SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY | Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates for the respective years: SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY For the year ended March 31 2023 2022 Period-end MYR : US$1 exchange rate 4.42 4.20 Period-average MYR : US$1 exchange rate 4.46 4.17 Period-end/Period-average HK$ : US$1 exchange rate 7.75 7.75 |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
SCHEDULE OF OTHER INCOME | SCHEDULE OF OTHER INCOME For the year ended March 31, 2023 For the year ended March 31, 2022 Realized foreign exchange gain from Initial Public Offering proceed $ - $ 799 Government transfer payment pertaining to COVID-19 subsidy - 37,511 Gratuity from customers 2 - Interest income - 20 Interest expenses - (3,171 ) Total $ 2 $ 35,159 |
PREPAID EXPENSES, DEPOSITS & _2
PREPAID EXPENSES, DEPOSITS & OTHER RECEIVABLES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses Deposits Other Receivables | |
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS | SCHEDULE OF PREPAID EXPENSES AND DEPOSITS 2023 2022 As of March 31 2023 2022 Rental deposits $ - $ 22,048 Prepaid expenses 12,500 12,050 Other receivables 3,181 1,675 Total $ 15,681 $ 35,773 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES 2023 2022 As of March 31 2023 2022 Raw material, at cost $ - $ 11,198 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PLANT AND EQUIPMENT | SCHEDULE OF PLANT AND EQUIPMENT 2023 2022 As of March 31 2023 2022 Renovation $ - $ 360,458 Office equipment 39,285 41,187 Kitchen equipment 43,222 33,427 Motor vehicle 11,078 11,654 Total plant and equipment $ 93,585 $ 446,726 Less: Accumulated depreciation (27,401 ) (151,703 ) Total plant and equipment $ 66,184 $ 295,023 |
ACCRUED EXPENSES AND OTHER PA_2
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES | SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES 2023 2022 As of March 31 2023 2022 Accrued expenses $ 31,322 $ 50,388 Other payables 39,111 43,513 Deposit received 452 - Total $ 70,885 $ 93,901 |
AMOUNT DUE TO A DIRECTOR (Table
AMOUNT DUE TO A DIRECTOR (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF AMOUNT DUE TO A DIRECTOR | Both aforementioned loans are unsecured, non-interest bearing and payable on demand. SCHEDULE OF AMOUNT DUE TO A DIRECTOR Amount due to director, Mr. Leong Will Liam Balance as of March 31, 2018 $ - Advancement from Director 22,778 Loan from Director 451,489 Foreign currency translation 172 Balance as of March 31, 2019 $ 474,439 Loan from Director 173,862 Foreign currency translation (29,051 ) Balance as of March 31, 2020 $ 619,250 Loan from Director 221,988 Foreign currency translation 28,420 Balance as of March 31, 2021 $ 869,658 Loan from Director 183,834 Foreign currency translation (11,892 ) Balance as of March 31, 2022 $ 1,041,600 Loan from Director 297,166 Foreign currency translation (38,280 ) Balance as of March 31, 2023 $ 1,300,486 Balance as of March 31, 2023 – Amount due to Synergy Empire HK 24,822 Balance as of March 31, 2023 – Total amount due to director $ 1,325,308 |
BANK BORROWING (Tables)
BANK BORROWING (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS | The outstanding balance of business loan as of March 31, 2023 and 2022 can be summarized as follow: SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS 2023 2022 As of March 31 2023 2022 Bank borrowing (Current portion) $ 7,954 $ 16,936 Bank borrowing (Non-current portion) - 8,445 Total $ 7,954 $ 25,381 |
SCHEDULE OF MATURITIES OF LOAN | Maturities of the loan for the remaining one year are as follows: SCHEDULE OF MATURITIES OF LOAN Year ending March 31 2023 $ 7,954 Total $ 7,954 |
LEASE RIGHT-OF-USE ASSET AND _2
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Lease Right-of-use Asset And Lease Liabilities | |
SCHEDULE OF OPERATING LEASE RIGHT-OF-USE ASSET | As of March 31, 2023, operating lease right of use asset as follow: SCHEDULE OF OPERATING LEASE RIGHT-OF-USE ASSET Right-Of-Use Assets Balance as of March 31, 2021 $ 308,918 New lease recognizes for the year ended March 31, 2021 108,270 Amortization for the year ended March 31, 2021 (63,412 ) Adjustment for discontinuation of tenancy (57,532 ) Adjustment for discount rate 5,057 Foreign exchange translation (4,541 ) Balance as of March 31, 2022 $ 296,760 Amortization for the year ended March 31, 2022 (36,574 ) Adjustment for discontinuation of tenancy (245,526 ) Adjustment for discount rate - Foreign exchange translation (14,660 ) Balance as of March 31, 2023 $ - |
SCHEDULE OF OPERATING LEASE LIABILITY | As of March 31, 2023, operating lease liability as follow: SCHEDULE OF OPERATING LEASE LIABILITY Lease Liability Balance as of March 31, 2021 $ 312,635 New lease recognizes for the year ended March 31, 2022 108,270 Imputed interest for the year ended March 31, 2022 15,630 Gross repayment for the year ended March 31, 2022 (77,989 ) Adjustment for discontinuation of tenancy (61,898 ) Foreign exchange translation 461 Balance as of March 31, 2022 297,108 Imputed interest for the year ended March 31, 2023 8,215 Gross repayment for the year ended March 31, 2023 (44,157 ) Adjustment for discontinuation of tenancy (246,489 ) Foreign exchange translation (14,677 ) Balance as of March 31, 2023 - Lease liability current portion - Lease liability non-current portion $ - |
SCHEDULE OF LEASE OTHER INFORMATION | Other information: SCHEDULE OF LEASE OTHER INFORMATION For the years ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow to operating lease $ 43,494 $ 74,939 Right-of-use assets obtained in exchange for operating lease liabilities - 108,270 Remaining lease term for operating lease (years) - 4.42 Weighted average discount rate for operating lease - % 5.40 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES | The loss before income taxes of the Company for the years ended March 31, 2023 and 2022 were comprised of the following: SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES For the years ended March 31 2023 2022 Tax jurisdictions from: – Local $ (96,883 ) $ (54,489 ) – Foreign, representing: Marshall Islands (non-taxable jurisdiction) (1,800 ) - Hong Kong - - Malaysia (435,993 ) (388,779 ) Loss before income taxes $ (534,676 ) $ (443,268 ) |
SUMMARY OF PROVISION FOR INCOME TAX | Provision for income taxes consisted of the following: SUMMARY OF PROVISION FOR INCOME TAX For the years ended March 31 2023 2022 Current: – Local $ - $ - – Foreign: Marshall Islands (non-taxable jurisdiction) - - Hong Kong - - Malaysia - - Deferred: – Local - - – Foreign - - $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of March 31, 2023 and March 31, 2022: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES As of March 31 2023 2022 Deferred tax assets: Net operating loss carryforwards $ $ – United States of America 60,439 40,093 – Marshall Islands - - – Hong Kong - - – Malaysia 313,031 238,867 373,470 278,960 Less: valuation allowance (373,470 ) (278,960 ) Deferred tax assets $ - $ - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING INFORMATION BY BUSINESS UNIT | SCHEDULE OF SEGMENT REPORTING INFORMATION BY BUSINESS UNIT For the Year Ended and As of March 31, 2023 By Business Unit Assets Leasing Business Food & Beverage Business Total Revenue $ 8,078 $ 114,303 $ 122,381 Cost of revenue - (69,417 ) (69,417 ) General and administrative expenses - (587,642 ) (587,642 ) Loss from operations 8,078 (542,756 ) (534,678 ) Total assets $ 92,932 $ - $ 92,932 Capital expenditure $ 11,491 $ - $ 11,491 For the Year Ended and As of March 31, 2022 By Business Unit Assets Leasing Business Food & Beverage Business Total Revenue $ - $ 127,095 $ 127,095 Cost of revenue - (73,529 ) (73,529 ) General and administrative expenses - (531,993 ) (531,993 ) Loss from operations - (478,427 ) (478,427 ) Total assets $ - $ 659,004 $ 659,004 Capital expenditure $ - $ 49,083 $ 49,083 |
SCHEDULE OF SEGMENT REPORTING INFORMATION BY COUNTRY | SCHEDULE OF SEGMENT REPORTING INFORMATION BY COUNTRY For the Year Ended and As of March 31, 2023 By Country United States Marshall Malaysia Total Revenue $ - $ - $ 122,381 $ 122,381 Cost of revenue - - (69,417 ) (69,417 ) General and administrative expenses (96,883 ) (1,800 ) (488,959 ) (587,642 ) Loss from operations (96,883 ) (1,800 ) (435,995 ) (534,678 ) Total assets $ 12,595 $ - $ 80,337 $ 92,932 Capital expenditure $ - $ - $ 11,491 $ 11,491 For the Year Ended and As of March 31, 2022 By Country United States Marshall Malaysia Total Revenue $ - $ - $ 127,095 $ 127,095 Cost of revenue - - (73,529 ) (73,529 ) General and administrative expenses (55,306 ) - (476,687 ) (531,993 ) Loss from operations (55,306 ) - (423,121 ) (478,427 ) Total assets $ 23,069 $ - $ 635,935 $ 659,004 Capital expenditure $ - $ - $ 49,083 $ 49,083 |
SCHEDULE OF COMPANY'S SUBSIDIAR
SCHEDULE OF COMPANY'S SUBSIDIARIES (Details) - 12 months ended Mar. 31, 2023 | USD ($) shares | MYR (RM) shares |
Subsidiary Company One [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Company Name | Synergy Empire Holding Limited | Synergy Empire Holding Limited |
Domicile and Date of Incorporation | Marshall Islands, October 22, 2018 | Marshall Islands, October 22, 2018 |
Particulars of Issued Capital | 1 Share of Ordinary Share, US$1 each | 1 Share of Ordinary Share, US$1 each |
Number of shares issued, shares | 1 | 1 |
Number of shares issued, value | $ | $ 1 | |
Principal Activities | Investment Holding | Investment Holding |
Subsidiary Company Two [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Company Name | Lucky Star F&B Sdn. Bhd | Lucky Star F&B Sdn. Bhd |
Domicile and Date of Incorporation | Malaysia, February 9, 2010 | Malaysia, February 9, 2010 |
Particulars of Issued Capital | 100,000 Share of Ordinary Share, MYR1 each | 100,000 Share of Ordinary Share, MYR1 each |
Number of shares issued, shares | 100,000 | 100,000 |
Number of shares issued, value | RM | RM 1 | |
Principal Activities | Food and Beverage Assets Leasing | Food and Beverage Assets Leasing |
Subsidiary Company Three [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Company Name | SH Dessert Sdn. Bhd | SH Dessert Sdn. Bhd |
Domicile and Date of Incorporation | Malaysia, February 19, 2016 | Malaysia, February 19, 2016 |
Particulars of Issued Capital | 100 Share of Ordinary Share, MYR1 each | 100 Share of Ordinary Share, MYR1 each |
Number of shares issued, shares | 100 | 100 |
Number of shares issued, value | RM | RM 1 | |
Principal Activities | Food and Beverage Assets Leasing | Food and Beverage Assets Leasing |
ORGANIZATION AND BUSINESS BAC_3
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) | Mar. 31, 2021 | Feb. 26, 2021 | Feb. 21, 2019 | Jan. 16, 2019 | Dec. 31, 2018 | Feb. 19, 2016 |
Lucky Star [Member] | Mr. Leong Will Liam [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100% | |||||
Synergy Empire Holding Limited [Member] | Synergy Empire Marshall [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100% | |||||
Synergy Empire HK [Member] | Synergy Empire Marshall [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100% | |||||
Synergy Empire HK [Member] | Lucky Star [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100% | |||||
Lucky Star [Member] | SH Dessert [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100% | |||||
Synergy Empire Marshall [Member] | Lucky Star [Member] | ||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||
Equity ownership interest rate percentage | 100% |
SCHEDULE OF DEPRECIATION AND AM
SCHEDULE OF DEPRECIATION AND AMORTIZATION PERIODS OF PLANT AND EQUIPMENT (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Renovation [Member] | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment depreciation useful lives, description | over the remaining lease period |
Office and Kitchen Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment depreciation useful lives | 10 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment depreciation useful lives | 5 years |
SCHEDULE OF AMORTIZATION PERIOD
SCHEDULE OF AMORTIZATION PERIOD OF INTANGIBLE ASSET (Details) | Mar. 31, 2023 |
Trademarks [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset estimated useful life | 10 years |
SCHEDULE OF EXCHANGE RATE TRANS
SCHEDULE OF EXCHANGE RATE TRANSLATION OF AMOUNTS FROM LOCAL CURRENCY (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Period-End MYR [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.42 | 4.20 |
Period-Average MYR [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 4.46 | 4.17 |
Period-End/ Period-Average HK [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Foreign currency exchange rate, translation | 7.75 | 7.75 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - 12 months ended Mar. 31, 2023 | USD ($) | MYR (RM) |
Accounting Policies [Abstract] | ||
Cash insurance deposit | $ 56,524 | RM 250,000 |
Income tax description | tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts |
GOING CONCERN UNCERTAINTIES (De
GOING CONCERN UNCERTAINTIES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 2,134,207 | $ 1,599,531 |
Net loss | 534,676 | 443,268 |
Operating cash outflows | 306,088 | 449,821 |
Working capital | $ 1,384,526 | $ 1,188,819 |
SCHEDULE OF OTHER INCOME (Detai
SCHEDULE OF OTHER INCOME (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Realized foreign exchange gain from Initial Public Offering proceed | $ 799 | |
Government transfer payment pertaining to COVID-19 subsidy | 37,511 | |
Gratuity from customers | 2 | |
Interest income | 20 | |
Interest expenses | (3,171) | |
Total | $ 2 | $ 35,159 |
SCHEDULE OF PREPAID EXPENSES AN
SCHEDULE OF PREPAID EXPENSES AND DEPOSITS (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Prepaid Expenses Deposits Other Receivables | ||
Rental deposits | $ 22,048 | |
Prepaid expenses | 12,500 | 12,050 |
Other receivables | 3,181 | 1,675 |
Total | $ 15,681 | $ 35,773 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw material, at cost | $ 11,198 |
SCHEDULE OF PLANT AND EQUIPMENT
SCHEDULE OF PLANT AND EQUIPMENT (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | $ 93,585 | $ 446,726 |
Less: Accumulated depreciation | (27,401) | (151,703) |
Total plant and equipment | 66,184 | 295,023 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 360,458 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 39,285 | 41,187 |
Kitchen Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | 43,222 | 33,427 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total plant and equipment | $ 11,078 | $ 11,654 |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Purchase of plant and equipment | $ 11,491 | $ 49,083 |
Purchase of plant and equipment | 183,606 | |
Depreciation expenses | 40,524 | 77,717 |
Kitchen Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of plant and equipment | 11,360 | 18,350 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of plant and equipment | $ 131 | 19,931 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Purchase of plant and equipment | $ 10,802 |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 31,322 | $ 50,388 |
Other payables | 39,111 | 43,513 |
Deposit received | 452 | |
Total | $ 70,885 | $ 93,901 |
SCHEDULE OF AMOUNT DUE TO A DIR
SCHEDULE OF AMOUNT DUE TO A DIRECTOR (Details) - USD ($) | 12 Months Ended | |||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 01, 2022 | Apr. 01, 2021 | Apr. 01, 2020 | Apr. 01, 2019 | Apr. 01, 2018 | |
Related Party Transaction [Line Items] | ||||||||||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | Related Party [Member] | |||||
Amount due to director, ending balance | $ 1,066,422 | |||||||||
Foreign currency translation | $ (14,677) | $ 461 | ||||||||
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | ||||||||
Total amount due to director | $ 1,325,308 | $ 1,066,422 | ||||||||
Mr. Leong Will Liam [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount due to director, ending balance | 1,066,422 | |||||||||
Total amount due to director | 1,066,422 | |||||||||
Synergy Empire HK [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total amount due to director | 24,822 | |||||||||
Director [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount due to director, ending balance | $ 474,439 | |||||||||
Total amount due to director | 474,439 | |||||||||
Director [Member] | Mr. Leong Will Liam [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount due to director, ending balance | 1,041,600 | 869,658 | $ 619,250 | |||||||
Advancement from Director | 22,778 | |||||||||
Loan from director | 297,166 | 183,834 | 221,988 | 173,862 | 451,489 | |||||
Foreign currency translation | (38,280) | (11,892) | 28,420 | (29,051) | $ 172 | |||||
Total amount due to director | $ 1,300,486 | $ 1,041,600 | $ 869,658 | $ 619,250 |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Outstanding loan payable | $ 1,325,308 | $ 1,066,422 |
Proceeds from related party debt | 297,166 | 183,834 |
Mr. Leong Will Liam [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding loan payable | 1,300,486 | |
Synergy Empire HK [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding loan payable | 24,822 | |
Synergy Empire HK [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding loan payable | 24,822 | |
Mr. Leong Will Liam [Member] | ||
Related Party Transaction [Line Items] | ||
Outstanding loan payable | $ 1,066,422 | |
Proceeds from related party debt | $ 297,166 |
SUMMARY OF OUTSTANDING BALANCE
SUMMARY OF OUTSTANDING BALANCE OF BUSINESS LOANS (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Disclosure [Abstract] | ||
Bank borrowing (Current portion) | $ 7,954 | $ 16,936 |
Bank borrowing (Non-current portion) | 8,445 | |
Total | $ 7,954 | $ 25,381 |
SCHEDULE OF MATURITIES OF LOAN
SCHEDULE OF MATURITIES OF LOAN (Details) | Mar. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 7,954 |
Total | $ 7,954 |
BANK BORROWING (Details Narrati
BANK BORROWING (Details Narrative) | 12 Months Ended | |||||
Apr. 01, 2020 USD ($) | Jan. 25, 2017 USD ($) | Jan. 25, 2017 MYR (RM) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Jan. 25, 2017 MYR (RM) | |
Line of Credit Facility [Line Items] | ||||||
Repayments of bank debt | $ 16,050 | $ 15,535 | ||||
Lucky Star F&B Sdn. Bhd [Member] | Standard Chartered Saadiq Berhad [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt instrument principal amount | $ 83,972 | RM 342,834 | ||||
Debt instrument interest rate percentage | 6% | 6% | ||||
Debt instrument repayment period | repayment period of 72 months with interest | repayment period of 72 months with interest | ||||
Debt instrument monthly installment | $ 1,585 | RM 6,473 | ||||
Interest expense | $ 2,141 |
SCHEDULE OF OPERATING LEASE RIG
SCHEDULE OF OPERATING LEASE RIGHT-OF-USE ASSET (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Right-of-use assets, beginning balance | $ 296,760 | $ 308,918 |
New lease recognizes | 108,270 | |
Amortization | (36,574) | (63,412) |
Adjustment for discontinuation of tenancy | (245,526) | (57,532) |
Adjustment for discount rate | 5,057 | |
Foreign exchange translation | (14,660) | (4,541) |
Right-of-use assets, beginning balance | $ 296,760 |
SCHEDULE OF OPERATING LEASE LIA
SCHEDULE OF OPERATING LEASE LIABILITY (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Lease Right-of-use Asset And Lease Liabilities | |||
Balance, beginning balance | $ 297,108 | $ 312,635 | |
New lease recognizes for the year ended March 31, 2021 | $ 108,270 | ||
Imputed interest | 8,215 | 15,630 | |
Gross repayment | (44,157) | (77,989) | |
Adjustment for discontinuation of tenancy | (246,489) | (61,898) | |
Foreign exchange translation | (14,677) | 461 | |
Balance, ending balance | 297,108 | ||
Less: lease liability current portion | (65,552) | ||
Lease liability non-current portion | $ 231,556 |
SCHEDULE OF LEASE OTHER INFORMA
SCHEDULE OF LEASE OTHER INFORMATION (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease Right-of-use Asset And Lease Liabilities | ||
Operating cash flow to operating lease | $ 43,494 | $ 74,939 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 108,270 | |
Remaining lease term for operating lease (years) | 4 years 5 months 1 day | |
Weighted average discount rate for operating lease | 5.40% |
LEASE RIGHT-OF-USE ASSET AND _3
LEASE RIGHT-OF-USE ASSET AND LEASE LIABILITIES (Details Narrative) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2020 | Mar. 31, 2021 | Apr. 02, 2019 | |
Line of Credit Facility [Line Items] | |||||
Lease liability | $ 297,108 | $ 312,635 | $ 183,742 | ||
Right-of-use of asset | $ 296,760 | $ 308,918 | $ 183,742 | ||
Additional lease amount | $ 31,301 | ||||
Discount rate | 5.40% | ||||
Amortization | $ 36,574 | $ 63,412 | |||
Malayan Banking [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Discount rate | 6.65% |
CONCENTRATION OF RISK (Details
CONCENTRATION OF RISK (Details Narrative) - Revenue Benchmark [Member] | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Customer Concentration Risk [Member] | No Customer [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Supplier Concentration Risk [Member] | No Supplier [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
SCHEDULE OF INCOME (LOSS) BEFOR
SCHEDULE OF INCOME (LOSS) BEFORE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Tax jurisdictions from Local | $ (96,883) | $ (54,489) |
Loss before income taxes | (534,676) | (443,268) |
MARSHALL ISLANDS | ||
Statement [Line Items] | ||
Tax jurisdictions from Foreign | (1,800) | |
HONG KONG | ||
Statement [Line Items] | ||
Tax jurisdictions from Foreign | ||
MALAYSIA | ||
Statement [Line Items] | ||
Tax jurisdictions from Foreign | $ (435,993) | $ (388,779) |
SUMMARY OF PROVISION FOR INCOME
SUMMARY OF PROVISION FOR INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | ||
Current: Local | ||
Deferred: Local | ||
Deferred: Foreign | ||
Provision for income taxes | ||
MARSHALL ISLANDS | ||
Statement [Line Items] | ||
Current: Foreign | ||
HONG KONG | ||
Statement [Line Items] | ||
Current: Foreign | ||
MALAYSIA | ||
Statement [Line Items] | ||
Current: Foreign |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | $ 373,470 | $ 278,960 |
Less: valuation allowance | (373,470) | (278,960) |
Deferred tax assets | ||
UNITED STATES | ||
Statement [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | 60,439 | 40,093 |
MARSHALL ISLANDS | ||
Statement [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | ||
HONG KONG | ||
Statement [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | ||
MALAYSIA | ||
Statement [Line Items] | ||
Deferred tax assets: Net operating loss carryforwards | $ 313,031 | $ 238,867 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 MYR (RM) | Mar. 31, 2022 USD ($) | |
Statement [Line Items] | |||
Income tax description | tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts | tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts | |
Deferred tax assets | $ 373,470 | $ 278,960 | |
Valuation allowance | 373,470 | 278,960 | |
Lucky Star F&B Sdn. Bhd [Member] | |||
Statement [Line Items] | |||
Net operating loss carry forwards | $ 214,545 | ||
Operating loss carry forwards expiration | carried forward for seven years | carried forward for seven years | |
SH Desserts Sdn Bhd [Member] | |||
Statement [Line Items] | |||
Net operating loss carry forwards | $ 221,448 | ||
Lucky Star F&B Sdn. Bhd and SH Desserts Shd. Bhd [Member] | |||
Statement [Line Items] | |||
Valuation allowance | 373,470 | ||
Increase in valuation allowance | $ 94,510 | ||
UNITED STATES | |||
Statement [Line Items] | |||
Income tax description | The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018 | The Tax Act reduces the U.S. statutory corporate tax rate from 35% to 21% for our tax years beginning in 2018 | |
Net operating loss carry forwards | $ 287,804 | ||
Operating loss carry forwards expiration | expire in 2043 | expire in 2043 | |
Deferred tax assets | $ 60,439 | 40,093 | |
MALAYSIA | |||
Statement [Line Items] | |||
Income tax description | Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital. The 2023 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $565,240) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 500,000 (approximately $113,048) taxable profit with the remaining balance being taxed at 24%. | Lucky Star F&B Sdn. Bhd. and SH Dessert Sdn. Bhd. are subject to the Malaysia Corporate Tax Laws at a two-tier corporate income tax rate based on amount of paid-up capital. The 2023 tax rate for company with paid-up capital of MYR 2,500,000 (approximately $565,240) or less and that are not part of a group containing a company exceeding this capitalization threshold is 17% on the first MYR 500,000 (approximately $113,048) taxable profit with the remaining balance being taxed at 24%. | |
Net operating loss carry forwards | $ 1,841,359 | ||
Deferred tax assets | 313,031 | $ 238,867 | |
Paid up capital tax amount | $ 565,240 | RM 2,500,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Dec. 30, 2020 | Jan. 21, 2019 | Oct. 17, 2018 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsidiary or Equity Method Investee [Line Items] | ||||||
Common stock, shares issued | 1,000,000 | 1,000,000 | 1,000,000 | |||
Common stock, shares outstanding | 1,000,000 | 1,000,000 | 1,000,000 | |||
Common stock, shares authorized | 5,000,000 | 5,000,000 | 450,000,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized | 500,000 | 500,000 | 50,000,000 | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares issued | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||
Offering [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Share price | $ 5 | |||||
Number of sale of stock | 100,000 | |||||
Sale of stock value | $ 500,000 | |||||
Lucky Star F&B Sdn. Bhd [Member] | CBA Capital Holdings Sdn. Bhd [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Interest-free loan waived | $ 257,183 | |||||
Mr. Leong Will Liam [Member] | ||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||
Number of restricted common stock shares purchased | 900,000 | |||||
Share price | $ 0.03 | |||||
Par value of restricted shares | $ 0.0001 |
SCHEDULE OF SEGMENT REPORTING I
SCHEDULE OF SEGMENT REPORTING INFORMATION BY BUSINESS UNIT (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 122,381 | $ 127,095 |
Cost of revenue | (69,417) | (73,529) |
General and administrative expenses | (587,642) | (531,993) |
Loss from operations | (534,678) | (478,427) |
Total assets | 92,932 | 659,004 |
Capital expenditure | 11,491 | 49,083 |
Assets Leasing Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 8,078 | |
Cost of revenue | ||
General and administrative expenses | ||
Loss from operations | 8,078 | |
Total assets | 92,932 | |
Capital expenditure | 11,491 | |
Food & Beverage Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 114,303 | 127,095 |
Cost of revenue | (69,417) | (73,529) |
General and administrative expenses | (587,642) | (531,993) |
Loss from operations | (542,756) | (478,427) |
Total assets | 659,004 | |
Capital expenditure | $ 49,083 |
SCHEDULE OF SEGMENT REPORTING_2
SCHEDULE OF SEGMENT REPORTING INFORMATION BY COUNTRY (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 122,381 | $ 127,095 |
Cost of revenue | (69,417) | (73,529) |
General and administrative expenses | (587,642) | (531,993) |
Loss from operations | (534,678) | (478,427) |
Total assets | 92,932 | 659,004 |
Capital expenditure | 11,491 | 49,083 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | ||
Cost of revenue | ||
General and administrative expenses | (96,883) | (55,306) |
Loss from operations | (96,883) | (55,306) |
Total assets | 12,595 | 23,069 |
Capital expenditure | ||
MARSHALL ISLANDS | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | ||
Cost of revenue | ||
General and administrative expenses | (1,800) | |
Loss from operations | (1,800) | |
Total assets | ||
Capital expenditure | ||
MALAYSIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 122,381 | 127,095 |
Cost of revenue | (69,417) | (73,529) |
General and administrative expenses | (488,959) | (476,687) |
Loss from operations | (435,995) | (423,121) |
Total assets | 80,337 | 635,935 |
Capital expenditure | $ 11,491 | $ 49,083 |