Cover
Cover - shares | 3 Months Ended | |
Oct. 31, 2023 | Dec. 13, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Oct. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --07-31 | |
Entity File Number | 333-267967 | |
Entity Registrant Name | KEEMO FASHION GROUP LIMITED | |
Entity Central Index Key | 0001935033 | |
Entity Tax Identification Number | 32-0686375 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 69 Wanke Boyu | |
Entity Address, Address Line Two | Xili Liuxin 1st Rd | |
Entity Address, Address Line Three | Nanshan District | |
Entity Address, City or Town | Shenzhen | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 518052 | |
City Area Code | +86 | |
Local Phone Number | 176-1282-2030 | |
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 | 5,500,000 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,054 | $ 28,743 |
Accounts receivable | 6,516 | 6,954 |
Inventories | 5,000 | 3,405 |
Prepayment | 2,809 | 3,933 |
TOTAL CURRENT ASSETS | 18,379 | 43,035 |
TOTAL ASSETS | 18,379 | 43,035 |
CURRENT LIABILITIES | ||
Other accruals | 3,200 | 9,300 |
TOTAL CURRENT LIABILITIES | 50,916 | 49,705 |
TOTAL LIABILITIES | 50,916 | 49,705 |
SHAREHOLDERS’ EQUITY | ||
Common stock – Par value $ 0.001; Authorized: 75,000,000 shares; Issued and outstanding: 5,500,000 as of October 31, 2023 and July 31, 2023 | 5,500 | 5,500 |
Additional paid in capital | 26,600 | 26,600 |
Accumulated deficit | (64,637) | (38,770) |
TOTAL SHAREHOLDERS’ EQUITY | (32,537) | (6,670) |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 18,379 | 43,035 |
Director [Member] | ||
CURRENT LIABILITIES | ||
Amount due to a director | $ 47,716 | $ 40,405 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2023 | Jul. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 5,500,000 | 5,500,000 |
Common stock, shares outstanding | 5,500,000 | 5,500,000 |
Condensed Statement of Operatio
Condensed Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Statement [Abstract] | ||
REVENUE | $ 6,516 | |
COST OF REVENUE | (3,405) | |
GROSS PROFIT | 3,111 | |
GENERAL AND ADMINISTRATIVE EXPENSES | (28,978) | (4,945) |
LOSS FROM OPERATION BEFORE INCOME TAX | (25,867) | (4,945) |
OTHER INCOME | ||
LOSS BEFORE INCOME TAX | (25,867) | (4,945) |
INCOME TAX EXPENSES | ||
NET LOSS | (25,867) | (4,945) |
OTHER COMPREHENSIVE INCOME | ||
TOTAL COMPREHENSIVE LOSS | $ (25,867) | $ (4,945) |
NET LOSS PER SHARE - BASIC | $ 0 | $ 0 |
NET LOSS PER SHARE - DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC | 5,500,000 | 3,600,000 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, DILUTED | 5,500,000 | 3,600,000 |
Condensed Statement of Sharehol
Condensed Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jul. 31, 2022 | $ 3,600 | $ (16,574) | $ (12,974) | |
Balance, shares at Jul. 31, 2022 | 3,600,000 | |||
Net loss | (4,945) | (4,945) | ||
Balance at Oct. 31, 2022 | $ 3,600 | (21,519) | (17,919) | |
Balance, shares at Oct. 31, 2022 | 3,600,000 | |||
Balance at Jul. 31, 2023 | $ 5,500 | 26,600 | (38,770) | (6,670) |
Balance, shares at Jul. 31, 2023 | 5,500,000 | |||
Net loss | (25,867) | (25,867) | ||
Balance at Oct. 31, 2023 | $ 5,500 | $ 26,600 | $ (64,637) | $ (32,537) |
Balance, shares at Oct. 31, 2023 | 5,500,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (25,867) | $ (4,945) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 438 | |
Inventories | (1,595) | 212 |
Prepayment | 1,124 | |
Amount due to a director | 7,311 | 1,200 |
Other accruals | (6,100) | (550) |
Net cash used in operating activities | (24,689) | (4,083) |
Effect of exchange rate changes on cash and cash equivalent | ||
Net increase in cash and cash equivalents | (24,689) | (4,083) |
Cash and cash equivalents, beginning of period | 28,743 | 18,080 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,054 | 13,997 |
SUPPLEMENTAL CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | 1. ORGANIZATION AND BUSINESS BACKGROUND KEEMO Fashion Group Limited, a Nevada corporation, (herein referred as “the Company”) was incorporated under the laws of the State of Nevada on April 22, 2022. KEEMO Fashion Group Limited is headquartered in Shenzhen, People Republic of China (herein referred as (“China”). We primarily operate in men and women apparel and garment trading business, focusing on wholesaling to distributors mainly based in China, sourcing directly from manufacturers in China. We do not maintain and operate any production and manufacturing of apparel facility or machine and equipment. The Company’s executive office is located at 69, Wanke Boyu, Xili Liuxin 1 st |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements for KEEMO Fashion Group Limited for the period ended October 31, 2023 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted July 31 as its fiscal year end. Going Concern For the three months ended October 31, 2023, the Company incurred a net loss of $ 25,867 32,537 32,537 Use of Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. 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 statement of operations and comprehensive income (loss). Revenue Recognition Revenue is generated through wholesale business of men and women apparel and garment to customer. 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 wholesale of goods upon the delivery of men and women apparel and garment to the customer. Cost of Revenue Cost of revenue includes the purchase cost of inventories 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. Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35 21 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 Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). Recently issued and adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | 3. INVENTORIES As of October 31, 2023 and July 31, 2023, the Company inventories consist of following: SCHEDULE OF INVENTORIES As of As of Finished goods $ 5,000 $ 3,405 Total inventories $ 5,000 $ 3,405 |
PREPAYMENT
PREPAYMENT | 3 Months Ended |
Oct. 31, 2023 | |
Schedule Of Prepayment | |
PREPAYMENT | 4. PREPAYMENT As of October 31, 2023 and July 31, 2023, the Company prepayment consist of following: SCHEDULE OF PREPAYMENT As of As of Other professional fee $ 2,809 $ 3,933 Total prepayment $ 2,809 $ 3,933 |
AMOUNT DUE TO A DIRECTOR
AMOUNT DUE TO A DIRECTOR | 3 Months Ended |
Oct. 31, 2023 | |
Related Party Transactions [Abstract] | |
AMOUNT DUE TO A DIRECTOR | 5. AMOUNT DUE TO A DIRECTOR As of October 31, 2023 and July 31, 2023 the sole director of the Company advanced $ 47,716 40,405 SCHEDULE OF AMOUNT DUE TO A DIRECTOR As of As of Amount due to a director $ 47,716 $ 40,405 Our director, Ms. Liu Lu, has not been compensated for the services. |
OTHER ACCRUALS
OTHER ACCRUALS | 3 Months Ended |
Oct. 31, 2023 | |
Payables and Accruals [Abstract] | |
OTHER ACCRUALS | 6. OTHER ACCRUALS As of October 31, 2023 and July 31, 2023, accrued liabilities consist of following: SCHEDULE OF OTHER ACCRUALS As of As of Accrued expenses $ 3,200 9,300 Total other accruals $ 3,200 $ 9,300 Accrued expenses as of October 31, 2023 and 2022 consist of accrued audit fees and other professional fee. |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 3 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | 7. SHAREHOLDERS’ EQUITY As of October 31, 2023 and July 31, 2023 the Company has 5,500,000 During the three months ended October 31, 2023, the Company has not issued any shares. The Company has 75,000,000 |
INCOME TAX
INCOME TAX | 3 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 8. INCOME TAX The loss from operation before income taxes of the Company for the three months ended October 31, 2023 and 2022 were comprised of the following: SCHEDULE OF LOSS FROM OPERATION BEFORE INCOME TAX 2023 2022 For the three months ended October 31 2023 2022 Tax jurisdictions from: – Local $ (25,867 ) $ (4,945 ) Loss before income taxes $ (25,867 ) $ (4,945 ) United States of America The Tax Act reduces the U.S. statutory corporate tax rate from 35 21 35 21 64,637 The NOL carryforwards begin to expire in 2043 17,195 The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of October 31, 2023 and July 31, 2023: SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS As of As of October 31, 2023 July 31, 2023 Deferred tax assets: Net operating loss carryforwards – United States of America $ 17,195 $ 8,142 Less: valuation allowance (17,195 ) (8,142 ) 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 $ 17,195 |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 3 Months Ended |
Oct. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS OF RISK | 9 CONCENTRATIONS OF RISK Customer Concentration For the three months ended October 31, 2023, there was one customer who accounted for 100 6,516 For the three months ended October 31, 2022, there was no customer who accounted for 100 SCHEDULE OF CONCENTRATION OF RISK For the three months ended October 31 2023 2022 2023 2022 2023 2022 Revenue Percentage of Revenue Accounts Customer A $ 6,516 $ - 100 % - % $ 6,516 $ - Total $ 6,516 $ - 100 % - % $ 6,516 $ - Supplier Concentration For the three months ended October 31, 2023, there was one supplier who accounted for 100 no For the three months ended October 31, 2022, there was no supplier who accounted for 100 For the three months ended October 31 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts Vendor A $ 3,405 $ - 100 % - % $ - $ - Total $ 3,405 $ - 100 % - % $ - $ - |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 10. 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 single single 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 By Business Unit Apparel & Garment Trading Business Total For the Three Months Ended and By Business Unit Apparel & Garment Trading Business Total Revenue $ 6,516 $ 6,516 Cost of revenue (3,405 ) (3,405 ) General and administrative expenses (28,978 ) (28,978 ) Loss from operations (25,867 ) (25,867 ) Total assets $ 18,379 $ 18,379 Capital expenditure $ - $ - By Business Unit Apparel & Garment Trading Business Total For the Three Months Ended and By Business Unit Apparel & Garment Trading Business Total Revenue $ - $ - Cost of revenue - - General and administrative expenses (4,945 ) (4,945 ) Loss from operations (4,945 ) (4,945 ) Total assets $ 16,289 $ 16,289 Capital expenditure $ - $ - By Country China Total For the Three Months Ended and By Country China Total Revenue $ 6,516 $ 6,516 Cost of revenue (3,405 ) (3,405 ) General and administrative expenses (28,978 ) (28,978 ) Loss from operations (25,867 ) (25,867 ) Total assets $ 18,379 $ 18,379 Capital expenditure $ - $ - By Country China Total For the Three Months Ended and By Country China Total Revenue $ - $ - Cost of revenue - - General and administrative expenses (4,945 ) (4,945 ) Loss from operations (4,945 ) (4,945 ) Total assets $ 16,289 $ 16,289 Capital expenditure $ - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Oct. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. 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 October 31, 2023 up through the date the Company issued the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements for KEEMO Fashion Group Limited for the period ended October 31, 2023 are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The Company has adopted July 31 as its fiscal year end. |
Going Concern | Going Concern For the three months ended October 31, 2023, the Company incurred a net loss of $ 25,867 32,537 32,537 |
Use of Estimates | Use of Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported revenue and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
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 statement of operations and comprehensive income (loss). |
Revenue Recognition | Revenue Recognition Revenue is generated through wholesale business of men and women apparel and garment to customer. 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 wholesale of goods upon the delivery of men and women apparel and garment to the customer. |
Cost of Revenue | Cost of Revenue Cost of revenue includes the purchase cost of inventories 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. |
Earnings Per Share | Earnings Per Share The Company reports earnings per share in accordance with ASC 260 “Earnings Per Share”, which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share. Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital structure. The Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method prescribed by ASC 740 “Income Taxes”. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. New U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory U.S. federal corporate income tax rate from 35 21 |
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 Measurement | Fair Value Measurement Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. This ASC establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). ASU 2016-13 requires entities to use a forward-looking approach based on current expected credit losses (“CECL”) to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. ASU 2016-13 is effective for the Company beginning January 1, 2023, and early adoption is permitted. The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s financial statements. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES As of As of Finished goods $ 5,000 $ 3,405 Total inventories $ 5,000 $ 3,405 |
PREPAYMENT (Tables)
PREPAYMENT (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Schedule Of Prepayment | |
SCHEDULE OF PREPAYMENT | SCHEDULE OF PREPAYMENT As of As of Other professional fee $ 2,809 $ 3,933 Total prepayment $ 2,809 $ 3,933 |
AMOUNT DUE TO A DIRECTOR (Table
AMOUNT DUE TO A DIRECTOR (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF AMOUNT DUE TO A DIRECTOR | SCHEDULE OF AMOUNT DUE TO A DIRECTOR As of As of Amount due to a director $ 47,716 $ 40,405 |
OTHER ACCRUALS (Tables)
OTHER ACCRUALS (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER ACCRUALS | SCHEDULE OF OTHER ACCRUALS As of As of Accrued expenses $ 3,200 9,300 Total other accruals $ 3,200 $ 9,300 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF LOSS FROM OPERATION BEFORE INCOME TAX | The loss from operation before income taxes of the Company for the three months ended October 31, 2023 and 2022 were comprised of the following: SCHEDULE OF LOSS FROM OPERATION BEFORE INCOME TAX 2023 2022 For the three months ended October 31 2023 2022 Tax jurisdictions from: – Local $ (25,867 ) $ (4,945 ) Loss before income taxes $ (25,867 ) $ (4,945 ) |
SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS | The following table sets forth the significant components of the aggregate deferred tax assets of the Company as of October 31, 2023 and July 31, 2023: SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS As of As of October 31, 2023 July 31, 2023 Deferred tax assets: Net operating loss carryforwards – United States of America $ 17,195 $ 8,142 Less: valuation allowance (17,195 ) (8,142 ) Deferred tax assets $ - $ - |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
SCHEDULE OF CONCENTRATION OF RISK | For the three months ended October 31, 2022, there was no customer who accounted for 100 SCHEDULE OF CONCENTRATION OF RISK For the three months ended October 31 2023 2022 2023 2022 2023 2022 Revenue Percentage of Revenue Accounts Customer A $ 6,516 $ - 100 % - % $ 6,516 $ - Total $ 6,516 $ - 100 % - % $ 6,516 $ - Supplier Concentration For the three months ended October 31, 2023, there was one supplier who accounted for 100 no For the three months ended October 31, 2022, there was no supplier who accounted for 100 For the three months ended October 31 2023 2022 2023 2022 2023 2022 Cost of revenue Percentage of Cost of revenue Accounts Vendor A $ 3,405 $ - 100 % - % $ - $ - Total $ 3,405 $ - 100 % - % $ - $ - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF SEGMENT REPORTING | SCHEDULE OF SEGMENT REPORTING By Business Unit Apparel & Garment Trading Business Total For the Three Months Ended and By Business Unit Apparel & Garment Trading Business Total Revenue $ 6,516 $ 6,516 Cost of revenue (3,405 ) (3,405 ) General and administrative expenses (28,978 ) (28,978 ) Loss from operations (25,867 ) (25,867 ) Total assets $ 18,379 $ 18,379 Capital expenditure $ - $ - By Business Unit Apparel & Garment Trading Business Total For the Three Months Ended and By Business Unit Apparel & Garment Trading Business Total Revenue $ - $ - Cost of revenue - - General and administrative expenses (4,945 ) (4,945 ) Loss from operations (4,945 ) (4,945 ) Total assets $ 16,289 $ 16,289 Capital expenditure $ - $ - By Country China Total For the Three Months Ended and By Country China Total Revenue $ 6,516 $ 6,516 Cost of revenue (3,405 ) (3,405 ) General and administrative expenses (28,978 ) (28,978 ) Loss from operations (25,867 ) (25,867 ) Total assets $ 18,379 $ 18,379 Capital expenditure $ - $ - By Country China Total For the Three Months Ended and By Country China Total Revenue $ - $ - Cost of revenue - - General and administrative expenses (4,945 ) (4,945 ) Loss from operations (4,945 ) (4,945 ) Total assets $ 16,289 $ 16,289 Capital expenditure $ - $ - |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Dec. 31, 2017 | Jul. 31, 2023 | Jul. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Net loss | $ 25,867 | $ 4,945 | |||
Working capital | 32,537 | ||||
Shareholders deficits | $ 32,537 | $ 17,919 | $ 6,670 | $ 12,974 | |
U.S. federal corporate income tax rate | 21% | 35% |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 5,000 | $ 3,405 |
Total inventories | $ 5,000 | $ 3,405 |
SCHEDULE OF PREPAYMENT (Details
SCHEDULE OF PREPAYMENT (Details) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Schedule Of Prepayment | ||
Other professional fee | $ 2,809 | $ 3,933 |
Total prepayment | $ 2,809 | $ 3,933 |
SCHEDULE OF AMOUNT DUE TO A DIR
SCHEDULE OF AMOUNT DUE TO A DIRECTOR (Details) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to a director | $ 47,716 | $ 40,405 |
AMOUNT DUE TO A DIRECTOR (Detai
AMOUNT DUE TO A DIRECTOR (Details Narrative) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Amount due to a director | $ 47,716 | $ 40,405 |
SCHEDULE OF OTHER ACCRUALS (Det
SCHEDULE OF OTHER ACCRUALS (Details) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Payables and Accruals [Abstract] | ||
Total other accruals | $ 3,200 | $ 9,300 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - shares | Oct. 31, 2023 | Jul. 31, 2023 |
Equity [Abstract] | ||
Common stock, shares issued | 5,500,000 | 5,500,000 |
Common stock, shares outstanding | 5,500,000 | 5,500,000 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
SCHEDULE OF LOSS FROM OPERATION
SCHEDULE OF LOSS FROM OPERATION BEFORE INCOME TAX (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
– Local | $ (25,867) | $ (4,945) |
LOSS BEFORE INCOME TAX | $ (25,867) | $ (4,945) |
SCHEDULE OF COMPONENTS OF AGGRE
SCHEDULE OF COMPONENTS OF AGGREGATE DEFERRED TAX ASSETS (Details) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Net operating loss carryforwards | ||
Less: valuation allowance | $ (17,195) | $ (8,142) |
Deferred tax assets | ||
UNITED STATES | ||
Net operating loss carryforwards | ||
– United States of America | $ 17,195 | $ 8,142 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2023 | Dec. 31, 2017 | Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Statutory corporate tax rate | 21% | 35% | |
Cumulative net operating loss | $ 64,637 | ||
Carryforwards limitations on use | The NOL carryforwards begin to expire in 2043 | ||
Deferred tax assets valuation allowance | $ 17,195 | $ 8,142 |
SCHEDULE OF CONCENTRATION OF RI
SCHEDULE OF CONCENTRATION OF RISK (Details) - USD ($) | 3 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2023 | |
Concentration Risk [Line Items] | |||
Revenues | $ 6,516 | ||
Concentration risk percentage | 100% | ||
Accounts receivable | $ 6,516 | $ 6,954 | |
Cost of revenue | 3,405 | ||
Accounts payable | |||
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 6,516 | ||
Concentration risk percentage | 100% | ||
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | $ 6,516 | ||
Vendor A [Member] | Cost of revenue [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | ||
Cost of revenue | $ 3,405 | ||
Vendor A [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts payable |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details Narrative) - USD ($) | 3 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2023 | |
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | ||
Accounts receivable | $ 6,516 | $ 6,954 | |
Accounts payable | |||
Customer One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | ||
Accounts receivable | $ 6,516 | ||
No Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | ||
One Supplier [Member] | Cost of revenue [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | ||
No Supplier [Member] | Cost of revenue [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% |
SCHEDULE OF SEGMENT REPORTING (
SCHEDULE OF SEGMENT REPORTING (Details) - USD ($) | 3 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 6,516 | ||
Cost of revenue | (3,405) | ||
General and administrative expenses | (28,978) | (4,945) | |
Loss from operations | (25,867) | (4,945) | |
Total assets | 18,379 | 16,289 | $ 43,035 |
Capital expenditure | |||
CHINA | |||
Segment Reporting Information [Line Items] | |||
Revenue | 6,516 | ||
Cost of revenue | (3,405) | ||
General and administrative expenses | (28,978) | (4,945) | |
Loss from operations | (25,867) | (4,945) | |
Total assets | 18,379 | 16,289 | |
Capital expenditure | |||
Apparel & Garment Trading Business [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 6,516 | ||
Cost of revenue | (3,405) | ||
General and administrative expenses | (28,978) | (4,945) | |
Loss from operations | (25,867) | (4,945) | |
Total assets | 18,379 | 16,289 | |
Capital expenditure |
SEGMENT REPORTING (Details Narr
SEGMENT REPORTING (Details Narrative) | 3 Months Ended |
Oct. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |