Cover
Cover | 12 Months Ended |
Mar. 31, 2024 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --03-31 |
Entity Registrant Name | Ming Shing Group Holdings Limited |
Entity Central Index Key | 0001956166 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 8/F, Cheong Tai Factory Building |
Entity Address, Address Line Two | 16 Tai Yau Street |
Entity Address, Address Line Three | San Po Kong |
Entity Address, City or Town | Kowloon |
Entity Address, Country | HK |
Title of 12(b) Security | Ordinary shares, par value $0.0005 per share |
Trading Symbol | MSW |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 11,250,000 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 6413 |
Auditor Opinion [Text Block] | These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. |
Auditor Name | ZH CPA, LLC |
Auditor Location | Denver, Colorado |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 8/F, Cheong Tai Factory Building |
Entity Address, Address Line Two | 16 Tai Yau Street |
Entity Address, Address Line Three | San Po Kong |
Entity Address, City or Town | Kowloon |
Entity Address, Country | HK |
City Area Code | 852 |
Local Phone Number | 2370 3788 |
Contact Personnel Name | Chi Ming Lam |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 1,080,514 | $ 323,958 |
Accounts receivable, net | 1,643,568 | 3,323,520 |
Contract assets | 6,098,497 | 3,150,729 |
Deposits, prepayments and other current assets | 20,925 | 38,780 |
Total current assets | 8,843,504 | 6,915,342 |
Non-current assets | ||
Property and equipment, net | 1,223,100 | 11,923 |
Right-of-use assets – finance lease | 216,065 | 343,182 |
Life insurance policy, cash surrender value | 160,891 | 155,751 |
Contract assets | 740,600 | 70,819 |
Deferred costs | 704,568 | 783,221 |
Deferred tax assets | 150 | 2,256 |
Total non-current assets | 3,045,374 | 1,367,152 |
Total assets | 11,888,878 | 8,282,494 |
Current liabilities | ||
Accounts payable | 3,166,177 | 1,884,046 |
Bank borrowings | 3,818,453 | 3,823,633 |
Finance lease liabilities | 67,372 | 84,959 |
Accrued expenses and other current liabilities | 136,791 | 83,351 |
Income tax payable | 552,670 | 305,590 |
Total current liabilities | 7,741,463 | 6,181,579 |
Non-current liabilities | ||
Bank borrowings | 3,033,780 | 1,498,485 |
Finance lease liabilities | 114,495 | 216,373 |
Deferred tax liabilities | 878 | 3,167 |
Total non-current liabilities | 3,149,153 | 1,718,025 |
Total liabilities | 10,890,616 | 7,899,604 |
Shareholders’ equity | ||
Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 11,250,000 and 11,250,000 shares issued and outstanding, as of March 31, 2024 and 2023, respectively | 5,625 | 5,625 |
Subscription receivable | (5,625) | (5,625) |
Additional paid in capital | 1,282 | 1,282 |
Retained earnings | 996,980 | 381,608 |
Total shareholders’ equity | 998,262 | 382,890 |
Total liabilities and shareholders’ equity | 11,888,878 | 8,282,494 |
Related Party [Member] | ||
Current assets | ||
Due from a related party | $ 78,355 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Ordinary share, shares authorized | 100,000,000 | 100,000,000 |
Ordinary share, par value | $ 0.0005 | $ 0.0005 |
Ordinary share, shares issued | 11,250,000 | 11,250,000 |
Ordinary share, shares outstanding | 11,250,000 | 11,250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | |||
Revenue | $ 27,572,692 | $ 21,868,220 | $ 14,383,980 |
Cost of revenue | (22,479,613) | (18,373,672) | (11,755,111) |
Gross profit | 5,093,079 | 3,494,548 | 2,628,869 |
Operating expenses | |||
General and administrative expenses | (1,846,753) | (855,597) | (512,650) |
Total operating expenses | (1,846,753) | (855,597) | (512,650) |
Income from operations | 3,246,326 | 2,638,951 | 2,116,219 |
Other income (expense) | |||
Interest expense, net | (286,090) | (179,986) | (74,574) |
Other income | 15,297 | 797,160 | 78,960 |
Total other income, net | (270,793) | 617,174 | 4,386 |
Income before tax expense | 2,975,533 | 3,256,125 | 2,120,605 |
Income tax expense | (648,936) | (468,889) | (317,096) |
Net income and total comprehensive income | $ 2,326,597 | $ 2,787,236 | $ 1,803,509 |
Net income per share attributable to ordinary shareholders | |||
Basic | $ 0.2 | $ 0.25 | $ 0.22 |
Diluted | $ 0.2 | $ 0.25 | $ 0.22 |
Weighted average number of ordinary shares used in computing net income per share | |||
Basic | 11,250,000 | 11,250,000 | 8,136,986 |
Diluted | 11,250,000 | 11,250,000 | 8,136,986 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Subscription Receivable [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Mar. 31, 2021 | $ 2,812 | $ (2,812) | $ 458,312 | $ 458,312 | |
Balance, shares at Mar. 31, 2021 | 5,625,000 | ||||
Reorganization | $ 2,813 | (2,813) | 1,282 | (821,295) | (820,013) |
Reorganization, shares | 5,625,000 | ||||
Net profit | 1,803,509 | 1,803,509 | |||
Dividend declared and paid | (1,282,051) | (1,282,051) | |||
Balance at Mar. 31, 2022 | $ 5,625 | (5,625) | 1,282 | 158,475 | 159,757 |
Balance, shares at Mar. 31, 2022 | 11,250,000 | ||||
Net profit | 2,787,236 | 2,787,236 | |||
Dividend declared and paid | (2,564,103) | (2,564,103) | |||
Balance at Mar. 31, 2023 | $ 5,625 | (5,625) | 1,282 | 381,608 | 382,890 |
Balance, shares at Mar. 31, 2023 | 11,250,000 | ||||
Net profit | 2,326,597 | 2,326,597 | |||
Dividend declared and paid | (1,711,225) | (1,711,225) | |||
Balance at Mar. 31, 2024 | $ 5,625 | $ (5,625) | $ 1,282 | $ 996,980 | $ 998,262 |
Balance, shares at Mar. 31, 2024 | 11,250,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | |||
Net income | $ 2,326,597 | $ 2,787,236 | $ 1,803,509 |
Adjustments: | |||
Depreciation on property and equipment | 26,214 | 5,001 | 7,772 |
Amortization of right-of-use assets – finance lease | 79,521 | 74,671 | 51,892 |
Gain on disposal of right-of-use assets – finance lease | (3,686) | (17,308) | |
Change in cash value of life insurance policy | (5,140) | (4,266) | (3,417) |
Expected credit loss allowance | 30,075 | 71,386 | 8,966 |
Deferred Income (benefits) taxes provision | (183) | (803) | (994) |
Previously deferred IPO cost that expensed in the year | 370,957 | ||
Change in working capital items: | |||
Change in accounts receivable | 1,724,503 | 369,117 | (2,884,677) |
Change in contract assets | (3,692,174) | (2,466,428) | 461,496 |
Change in deposits, prepayments and other current assets | 17,856 | (7,430) | (9,154) |
Change in accounts payable | 1,282,131 | 49,943 | 126,214 |
Change in income tax payable | 247,080 | (73,988) | 325,647 |
Change in accrued expenses and other current liabilities | 53,438 | 8,197 | (38,812) |
Cash provided by (used in) operating activities | 2,457,189 | 795,328 | (151,558) |
Investing activities: | |||
Purchase of property and equipment | (1,147,262) | (15,384) | |
Sales proceeds from disposal of right-of-use assets – finance lease | 51,282 | ||
Cash obtained from reorganization | 56,390 | ||
Cash (used in) provided by investing activities | (1,147,262) | 35,898 | 56,390 |
Financing activities: | |||
Proceeds from new bank borrowings | 23,383,104 | 10,307,778 | 3,187,692 |
Repayment of bank borrowings | (21,852,990) | (7,995,854) | (1,875,860) |
Initial payments for finance lease liabilities | (2,308) | ||
Principal payments for finance lease liabilities | (119,465) | (129,148) | (43,750) |
Advances from a related party | 1,058,733 | 632,648 | 354,232 |
Payments to a related party | (2,730,449) | (2,754,955) | (1,623,892) |
Payment for offering cost | (292,304) | (783,221) | |
Cash used in financing activities | (553,371) | (725,060) | (1,578) |
Net increase (decrease) in cash and cash equivalents | 756,556 | 106,166 | (96,746) |
Cash and cash equivalents as of beginning of the year | 323,958 | 217,792 | 314,538 |
Cash and cash equivalents as of the end of the year | 1,080,514 | 323,958 | 217,792 |
Supplementary Cash Flows Information | |||
Cash paid for income tax | 402,038 | 543,680 | (7,558) |
Cash paid for interest | 286,090 | 179,986 | 74,574 |
Supplemental of Non-Cash Investing and Financing Activities | |||
Right-of-use assets – finance lease obtained in exchange for new finance lease liabilities | 297,179 | ||
Proceeds from disposal of Right-of-use assets – finance lease received by a director on behalf of the Company | 51,282 | ||
Dividend declared and offsetting against due from major shareholder | $ 1,711,225 | $ 2,564,103 | $ 1,282,051 |
Organization and Business Descr
Organization and Business Description | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Description | 1. Organization and Business Description Organization and Nature of Operations Ming Shing Group Holdings Limited (the “Company”) is a limited liability company established under the laws of the Cayman Islands on August 2, 2022. It is a holding company with no business operation. The Company conducts its primary operations through its indirectly wholly owned subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited, which are incorporated and domiciled in Hong Kong SAR; MS (HK) Engineering Limited and MS Engineering Co., Limited principally engage in the provision of wet trades works, and they are wholly owned subsidiary of MS (HK) Construction Engineering Limited which was incorporated and is domiciled in British Virgin Islands. The accompanying consolidated financial statements reflect the activities of the Company and the following entities: Schedule of Subsidiaries Subsidiary Date of incorporation Jurisdiction of Formation Percentage of Ownership Principal Activities Ming Shing Group Holdings Limited (“MSG”) August 2, 2022 Cayman Islands Parent Investment holding MS (HK) Construction Engineering Limited (“MSC”) August 17, 2022 British Virgin Islands 100 Investment holding MS (HK) Engineering Limited (“MSHK”) October 12, 2012 Hong Kong 100 Provision of wet trades works MS Engineering Co., Limited (“MSE”) March 27, 2019 Hong Kong 100 Provision of wet trades works MSHK was incorporated on October 12, 2012 in Hong Kong as a limited liability company, its principal activities were provision of wet trades works. MSE was incorporated on March 27, 2019 in Hong Kong as a limited liability company by an independent third party, its principal activities were provision of wet trades works. On October 20, 2021, Mr. Chi Ming Lam purchased all the shares of MSE and became its sole shareholder. Reorganization and Share Issuance On August 2, 2022, the Company was incorporated in the Cayman Islands and issued 50,000 1 On August 17, 2022, MSC was incorporated in the British Virgin Islands as a wholly owned subsidiary of the Company. On November 25, 2022, Mr. Chi Ming Lam proposed to surrender 49,999 1 1 1 As part of the corporate reorganization which took place for the purposes of the offering, Mr. Chi Ming Lam, MSHK and our Company entered into a reorganization agreement dated November 25, 2022, pursuant to which MSC acquired 1 10,000 11,249 1 On December 5, 2022, Mr. Chi Ming Lam, the then sole shareholder of our Company resolved and approved a subdivision of each of the issued and unissued shares with a par value of USD 1 2,000 0.0005 50,000 100,000,000 0.0005 22,500,000 Following the Share Subdivision and on the same day, Mr. Chi Ming Lam proposed to surrender 6,450,000 0.0005 16,050,000 0.0005 During the years presented in these financial statements, the control of the entities has never changed (always under the control of Mr. Chi Ming Lam). Accordingly, the combination has been treated as a corporate restructuring (reorganization) of entities under common control and thus the current capital structure has been retroactively presented in prior periods as if such structure existed at that time and in accordance with ASC 805-50-45-5, the entities under common control are presented on a combined basis for all periods to which such entities were under common control. Since all of the subsidiaries were under common control for the entirety of the years ended March 31, 2022 and 2021, except for MSE which was under common control started from October 20, 2021. The results of MSHK were included in the financial statements for both periods and results of MSE were included commencing from October 20, 2021. (the “Reorganization”). On June 2, 2023, Mr. Chi Ming Lam proposed to surrender 2,925,000 0.0005 13,125,000 0.0005 On June 12, 2023, Mr. Chi Ming Lam proposed to surrender 375,000 0.0005 12,750,000 0.0005 On June 15, 2023, Mr. Chi Ming Lam proposed to surrender 1,500,000 0.0005 11,250,000 0.0005 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries (Collectively, the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Consolidation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiary. All intercompany transactions and balances among the Company and its subsidiary have been eliminated upon consolidation. Risk and Uncertainty Significant Risks Currency Risk The Company’s operating activities are transacted in HKD. Foreign exchange risk arises from future commercial transactions, and recognized assets and liabilities. The Company considers the foreign exchange risk in relation to transactions denominated in HKD with respect to USD is not significant as HKD is pegged to USD. Concentration Risk For the years ended March 31, 2024, 2023 and 2022, all of the Company’s assets were located in Hong Kong and all of the Company’s revenue were derived from its subsidiaries located in Hong Kong. The Company has a concentration of its revenue and accounts receivable with specific customers. During the years ended March 31, 2024, 2023 and 2022, there were two, four and two customers generated income which accounted for over 10% of the total revenue generated for that year, respectively. The details are as follows: Schedules of Concentration Risks For the years ended March 31, 2024 2023 2022 Customer A 62.2 % 15.7 % 8.3 % Customer B 13.3 % 14.9 % 0 % Customer C 6.2 % 42.1 % 23.6 % Customer D 0.6 % 15.4 % 50.0 % As of March 31, 2024 and 2023, accounts receivable due from these customers, and there were two and three accounts receivable which accounted for over 10% of the total consolidated accounts receivable, respectively. The details are as follows: As of March 31 2024 2023 Customer E 47.6 % 0 % Customer F 19.3 % 0 % Customer C 9.2 % 11.4 % Customer B 5.9 % 51.4 % Customer D 4.8 % 1.0 % Customer A 3.1 % 30.0 % During the years ended March 31, 2024, 2023 and 2022, there were zero, zero and zero supplier accounted for over 10% of the total purchases for that year, respectively. As of March 31, 2024 and 2023, there were one and zero supplier which accounted for over 10% of the total consolidated accounts payable, respectively. The details are as follows: As of March 31 2024 2023 Supplier A 12.0 % 0 % Credit Risk The Company adopted ASC 326. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of life insurance policy, cash surrender value , The exposure to credit risk, which will cause a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our life insurance policy, cash surrender value , 1,080,514 323,958 The Company believes that there is no significant credit risk associated with cash, which was held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Company has adopted a credit policy of dealing with creditworthy counterparties to mitigate the credit risk from defaults. The credit exposure is controlled by counterparty limits that are reviewed and approved by the senior management of the Company periodically. The management team periodically evaluates the creditworthiness of the existing customers in determining an allowance for expected credit loss primarily based on many factors, including the age of the balance, customer’s historical payment history, its current creditworthiness and current or future economic trends. Interest rate risk The following table details the interest rate risk profile of the Company’s borrowings as of March 31, 2024 and 2023: Schedule of Interest Rate Risk 2024 2023 As of March 31 2024 2023 USD USD Fixed rate borrowings: Finance lease liabilities, current 67,372 84,959 Finance lease liabilities, non-current 114,495 216,373 Bank borrowings, current - 51,905 Bank borrowings, non-current - - Floating rate borrowings: Bank borrowings, current 3,818,453 3,771,728 Bank borrowings, non-current 3,033,780 1,498,485 Fluctuations in market interest rates may negatively affect the Company’s financial condition and results of operations. The Company is exposed to floating interest rate risk on and floating rate bank borrowing. The Company has not used any derivative financial instruments to manage the interest risk exposure. At March 31, 2024, and 2023, it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/ increased the Company’s profit after tax 52,950 15,079 The sensitivity analysis above indicates the instantaneous change in the Company’s profit after tax that would arise assuming that the change in interest rates had occurred at the end of the reporting period and had been applied to re-measure those financial instruments held by the Company which expose the Company to fair value interest rate risk at the end of the reporting period. In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative instruments held by the Company at the end of the reporting period, the impact on the group’s profit after tax is estimated as an annualized impact on interest expense or income of such a change in interest rates. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. Labor price risk Our business requires a substantial number of personnel. Any failure to retain stable and dedicated labor by us may lead to disruption to our business operations. Although we have not experienced any labor shortage to date, we have observed an overall tightening and increasingly competitive labor market. We have experienced, and expect to continue to experience, increases in labor costs due to increases in salary, social benefits and employee headcount. We compete with other companies in our industry and other labor-intensive industries for labor, and we may not be able to offer competitive remuneration and benefits compared to them. If we are unable to manage and control our labor costs, our business, financial condition and results of operations may be materially and adversely affected. Use of Estimates The preparation of the audited consolidated financial statements in conformity with accounting principles generally accepted in U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. The measurement of the expected credit loss allowance for financial assets measured at amortized cost is an area that requires the use of significant assumptions about future economic conditions and credit behavior (e.g. the likelihood of customers defaulting and the resulting losses). A number of significant judgements are also required in applying the accounting requirements for measuring expected credit loss, such as considering debtors’ credit risk characteristics, historical settlement record, the days past due and forward-looking information. Foreign currency translation and transaction and Convenience translation The Company’s reporting currency is the United States dollars (“USD”). The Company’s operations are principally conducted in Hong Kong where Hong Kong dollars (“HKD”) is the functional currency. Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated statements of operations and comprehensive income. The exchanges rates used for translation from HKD to USD was 7.8000 Fair Value of Financial Instruments The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, deposits, life insurance policy, cash surrender value, amount due from a related party and other current assets, accounts payable, finance lease liabilities and other current liabilities, the amount represented bank overdrafts approximate their fair values because of the short maturity of these instruments and market rates of interest. ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company considers the carrying amount of its financial assets and liabilities, which consist primarily of life insurance policy, cash surrender value , The Company noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring basis as of March 31, 2024 and 2023. Cash and cash equivalents Cash and cash equivalents consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of HK$ 500,000 Accounts Receivable, net Accounts receivable represents an unconditional right to consideration arising from our performance under contracts with customers which include retainage amount that is conditional only on the passage of time. The Company grant credit to customers, without collateral, under normal payment terms (typically 17 to 60 days after invoicing). Generally, invoicing occurs within 30 days after the related works are performed. The carrying value of such receivable, net of the expected credit loss and allowance for doubtful accounts, represents its estimated realizable value. The Company expect to collect the outstanding balance of current accounts receivable, net within the next 12 months. The Company has elected to use probability of default and loss given default methods to estimate allowance for credit loss. Measurement of credit losses on financial instruments Effective April 1, 2019, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments.” This guidance replaced the “incurred loss” impairment methodology with an approach based on “expected losses” to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Deferred Offering Costs Deferred offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the initial public Offering (“IPO”) of the Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. Leases On April 1, 2020, the Company adopted ASU 2016-02 Leases (Topic 842) (“Topic 842”) issued by the FASB. The adoption of Topic 842 resulted in the presentation of right-of-use assets – finance lease and finance lease liabilities on the consolidated balance sheet. The Company has elected the package of practical expedients permitted which allows the Company not to reassess the following at adoption date: (i) whether any expired or existing contracts are or contains a lease, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases (i.e. whether those costs qualify for capitalization under ASU 2016-02). The Company also elected the short-term lease exemption for certain classes of underlying assets including office space and machinery, with a lease term of 12 months or less. The Company determines whether an arrangement is or contain a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. A lease is classified as a finance lease when the lease meets any of the following criteria at lease commencement: (a) The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. (b) The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. (c) The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease. (d) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. (e) The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Finance leases are included in right-of-use (“ROU”) assets – finance lease, finance lease liabilities, current, and finance lease liabilities, non-current in the Company’s consolidated balance sheets. ROU assets – finance lease represent the Company’s right to use an underlying asset for the lease term and finance lease liabilities represent its obligation to make lease payments arising from the lease. The ROU assets – finance lease and finance lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. At the commencement date, the cost of the ROU assets – finance lease shall consist of all of the following: (a) The amount of the initial measurement of the lease liability (b) Any lease payments made to the lessor at or before the commencement date, minus any lease incentives received (c) Any initial direct costs incurred by the lessee. The Company uses the implicit rate based on the terms of the leases in determining the present value of lease payments. The ROU assets – finance lease also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets – finance lease and finance lease liabilities when it is reasonably certain that the Company will exercise that option. For operating leases with a term of one year or less, the Company has elected not to recognize a lease liability or ROU asset – operating lease on its consolidated balance sheets. Instead, it recognizes the lease payments as expenses on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of operations and cash flows. Property and Equipment, net Property and Equipment is stated at cost, net of accumulated depreciation and impairment charge. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Schedule of Estimated Useful Life Equipment 3.33 Motor vehicle 3.33 Property 23.33 Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income in other income or expenses. Impairment of Long-Lived Assets The Company reviews the impairment of its long-lived assets, whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no Life insurance policy, cash surrender value Life insurance policy-cash surrender value was life insurance purchase for Mr. Chi Ming Lam (position with a director and CEO of the Company) and MSHK was as beneficiary. The insured amount of the contract (death benefit) was USD 1,000,000 165,493 160,891 165,493 36,627 24,309 16,920 155,751 165,493 28,746 21,568 16,920 Revenue Recognition In May 2014, the FASB issued Topic 606, “Revenue from Contracts with Customers”. This topic clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The Company perform a majority of wet trade works under master construction agreements and other contracts that contain customer-specified construction requirements. These agreements include discrete pricing for individual tasks. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. Construction services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Contract revenue is recognized as our obligations are satisfied over time consistent with our services are performed and customers simultaneously receive and consume the benefits the Company provide. The Company recognizes contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer in accordance with ASC Topic 606, Revenue from Contracts with Customers. Upon adoption of ASC Topic 606, contracts which include construction services are generally accounted for as a single deliverable (a single performance obligation) and are no longer segmented between types of services. The Company has not bundled any goods or services that are not considered distinct. Output measures such as construction works delivered are utilized to assess progress against specific contractual performance obligations for the majority of services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. The Company expects the reference to progress certificates issued by customers depicts the Company’s performance in transferring control of goods or services promised to customers for individual projects, the Company satisfies the performance obligation over time and therefore, the output method using construction works delivered best represents the measure of progress against the performance obligations incorporated within the contractual agreements. This method captures the amount of works delivered pursuant to contracts and is used only when performance does not produce significant amounts of work in process prior to complete satisfaction of the performance obligation and the gross billing value of contracting work can be measured reliably. The typical contract length of the Company entered is ranged from 12 months to 24 months. Contracted but not yet recognized revenue was approximately USD 43,951,727 44,751,559 as of March 31, 2024 and 2023, respectively. The nature of the Company’s construction contracts gives rise to several types of variable consideration, including unpriced change orders and claims. The Company mainly considers the change orders as the contract modification. And the Company accounted for the contract modification as if it were a part of the existing contract as the remaining services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. Variable consideration related to construction projects may be incurred due to amendments to the scope of work or remeasurement of quantities, which can impact the transaction price and amount of revenue recognized. The final transaction price and revenue recorded may differ from initial estimates contract sum based on these variable factors. The amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Company updates the estimated transaction price to represent faithfully the circumstances present at the end of the reporting period. The Company generally provides limited warranties for work performed under its construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on the project. Historically, warranty claims have not resulted in material costs incurred for which the Company was not compensated for by the customer. There were no material amounts of unapproved change orders or claims recognized during the years ended March 31, 2024, 2023 and 2022. Contract Assets and Contract Liabilities Contract assets included two parts: revenue recognized in excess of amounts billed, and retainage. Certain of our contracts contain retention provisions whereby a portion of the revenue earned is withheld from payment as a form of security until contractual provisions are satisfied. Contract assets were assessed for impairment in accordance with ASC 326. Contract liabilities consist of payment received from customers in excess of revenue recognized. Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Government Subsidies Government subsidies primarily relate to one-off entitlement granted by the Hong Kong government pursuant to the Employment Support Scheme under the Anti-epidemic Fund. The Company recognizes government subsidies as other income when they are received because they are not subject to any past or future conditions. Government subsidies received and recognized as other income totaled nil 772,505 73,251 Cost of Revenue The Company’s cost of revenue is primarily comprised of the material costs, subcontracting costs, direct labor costs and overhead costs that are directly attributable to services provided. General and administrative expenses General and administrative expenses mainly consist of administrative staff cost, motor vehicle expenses, office supplies and upkeep expenses, legal and professional fees, change of credit loss allowances and other miscellaneous administrative expenses. Income Taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. We believe there were no uncertain tax positions as of March 31, 2024, and 2023. We do not expect that our assessment regarding unrecognized tax positions will materially change over the next 12 months. We are not currently under examination by an income tax authority, nor has been notified that an examination is contemplated. Earnings Per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. Related parties The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Recently Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. |
Accounts Receivable, net
Accounts Receivable, net | 12 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Accounts Receivable, net | 3. Accounts Receivable, net Accounts receivable, net consisted of the following as of March 31: Schedule of Accounts Receivable Net 2024 2023 As of March 31, 2024 2023 USD USD Accounts receivable 1,706,344 3,430,847 Less: allowance for credit loss ) (107,327 ) Accounts receivable, net 1,643,568 3,323,520 The movement of allowance for loss accounts are as follows: Schedule of Movement of Allowance for Loss Accounts 2024 2023 As of March 31, 2024 2023 USD USD Balance at beginning of the year 107,327 30,324 (Reversal) Addition during the year (44,551 ) 77,003 Balance at end of the year 62,776 107,327 As of March 31, 2024 and 2023, all accounts receivable, net was secured for granting general banking facility. |
Contract Assets
Contract Assets | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets | 4. Contract Assets Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on the Company’s consolidated balance sheets as “Contract assets”. Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined. Contract assets that have billing terms with unconditional rights to be billed beyond one year are classified as non-current assets. Contract assets consisted of the following as of March 31: Schedule of Contract Assets 2024 2023 As of March 31, 2024 2023 USD USD Contract assets: Revenue recognized in excess of amounts paid or payable (contract receivable) to the Company on uncompleted contracts (contract asset) excluding retainage 5,960,812 2,453,088 Retainage included in contract assets due to being conditional on something other than solely passage of time 977,931 793,481 Less: allowance for credit loss (99,646 ) (25,021 ) Contract assets, net 6,839,097 3,221,548 Contract assets, current 6,098,497 3,150,729 Contract assets, non-current 740,600 70,819 The movement of revenue recognized in excess of amounts paid or payable (excluding retainage) before net of allowance for credit loss is as follows: Schedule of Movement of Revenue Recognized in Excess of Amounts Payable 2024 2023 As of March 31, 2024 2023 USD USD Balance at beginning of the year 2,453,088 389,927 Increase as a result of total work completed during the period 27,572,692 21,868,220 Decrease as a result of total amount billed out (2 4 ) (19,805,059 ) Balance at end of the year 5,960,812 2,453,088 The movement of retainage before net of allowance for credit loss is as follows: Schedule of Movement of Retainage Before Net of Allowance for Credit Loss 2024 2023 As of March 31, 2024 2023 USD USD Balance at beginning of the year 793,481 390,214 Increase as a result of changes in progress of ongoing projects 431,521 476,030 Reclassified to accounts receivable as payment becomes unconditional (247,071 ) (72,763 ) Balance at end of the year 977,931 793,481 |
Deposits, Prepayments and Other
Deposits, Prepayments and Other Current Assets | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deposits, Prepayments and Other Current Assets | 5. Deposits, Prepayments and Other Current Assets Schedule of Deposits, Prepayments and Other Current Assets 2024 2023 As of March 31, 2024 2023 USD USD Deposits 474 231 Prepayments 9,615 20,590 Other receivables 10,836 17,959 Deposits, Prepayments and Other Receivables 20,925 38,780 Less: amount classified as non-current assets - - Amount classified as current assets 20,925 38,780 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 6. Property and Equipment, net Property and Equipment, stated at cost less accumulated depreciation, consisted of the following as of March 31: Schedule of Property and Equipment Net 2024 2023 As of March 31 2024 2023 USD USD Equipment - Machineries 102,006 93,205 Less: accumulated depreciation (88,318 ) (81,282 ) Equipment - Machineries, net 13,688 11,923 Equipment – Motor vehicle 90,129 - Less: accumulated depreciation (15,112 ) - Equipment - Motor vehicle, net 75,017 - Property 1,138,461 - Less: accumulated depreciation (4,066 ) - Property, net 1,134,395 - Property and Equipment, net 1,223,100 11,923 Depreciation expenses of property and equipment totaled USD 26,214 5,001 7,772 During the years ended March 31, 2024, 2023 and 2022, no As at March 31, 2024, the property was secured for granting general banking facility (2023: nil |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Leases | |
Leases | 7. Leases The following table shows ROU assets – finance leases and finance lease liabilities, and the associated financial statement line items as of March 31: Schedule of Finance Leases ROU assets and Finance Lease Liabilities 2024 2023 As of March 31, 2024 2023 USD USD Assets Right-of-use assets – finance lease, net 216,065 343,182 Liabilities Finance lease liabilities, current 67,372 84,959 Finance lease liabilities, non-current 114,495 216,373 Weighted average remaining lease term (in years) 2.7 3.4 Weighted average discount rate (%) 4.3 4.4 Information relating to financing and operating lease activities during the years ended March 31, 2024, 2023 and 2022 are as follows: Schedule of Information Relating to Financing and Operating Lease Activities 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Finance leases: Amortization of right-of-use assets – finance lease 79,521 74,671 51,892 Interest of finance lease liabilities 10,294 20,031 8,053 Total finance lease expense 89,815 94,702 59,945 Operating lease: Expenses related to a short-term lease 37,179 33,333 21,260 Operating lease cost 37,179 33,333 21,260 Total lease expenses 126,994 128,035 81,205 Cash outflows related to finance leases: Financing cash outflows – principal paid 119,465 1 31 43,750 Operating cash outflows – interests paid 10,294 20,031 8,053 Cash outflows related to finance leases 129,759 151,487 51,803 Cash outflows related to operating lease: Operating cash outflows - rental paid 37,179 33,333 21,260 During the year ended March 31, 2024, additions to right-of-use assets – finance lease were nil 297,179 nil 60 60 36 60 Maturities of lease payments under finance lease liabilities were as follows: Schedule of Maturity of Lease Payments under Finance Lease Liabilities 2024 2023 2022 As of March 31, 2024 2023 2022 USD USD USD Year ending March 31, 2023 - - 51,803 2024 - 96,508 46,577 2025 73,757 96,508 30,898 2026 69,683 82,954 17,345 2027 49,207 49,207 - Total undiscounted finance lease payments 192,647 325,177 146,623 Less: imputed interest (10,780 ) (23,845 ) (11,015 ) Finance lease liabilities recognized in the Consolidated Balance Sheet 181,867 301,332 135,608 |
Accounts payable
Accounts payable | 12 Months Ended |
Mar. 31, 2024 | |
Accounts Payable | |
Accounts payable | 8. Accounts payable Components of accounts payable are as follows as of March 31: Schedule of Components of Accounts Payable 2024 2023 As of March 31, 2024 2023 USD USD Trade payables 3,166,177 1,884,046 Total 3,166,177 1,884,046 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 9. Accrued Expenses and Other Current Liabilities Components of accrued expenses and other current liabilities are as follows as of March 31: Schedule of Components of Accrued Expenses and Other Current Liabilities 2024 2023 As of March 31, 2024 2023 USD USD Accruals for operating expenses 129,868 83,351 Other payables 6,923 - Total 136,791 83,351 |
Bank Borrowings
Bank Borrowings | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Bank Borrowings | 10. Bank Borrowings Components of bank borrowings are as follows as of March 31: Schedule of Components of Bank Borrowings % USD USD Interest As of March 31, rate 2024 2023 % USD USD The Bank of East Asia, Limited – Loan 1 (1 ) 5.97 / 4.26 % % 110,769 110,769 The Bank of East Asia, Limited – Loan 2 (2 ) 5.625 % - 256,410 The Bank of East Asia, Limited – Loan 3 (2 ) 5.84 % - 192,308 The Bank of East Asia, Limited – Loan 4 (2 ) 5.78 % - 192,308 The Bank of East Asia, Limited – Loan 5 (2 ) 5.625 % - 128,205 The Bank of East Asia, Limited – Loan 6 (2 ) 5.625 % - 256,410 The Bank of East Asia, Limited – Loan 7 (2 ) 5.625 % - 384,615 The Bank of East Asia, Limited – Loan 8 (2 ) 5.625 % - 192,308 The Bank of East Asia, Limited – Loan 9 (2 ) 5.74 % - 128,205 The Bank of East Asia, Limited – Loan 10 (2 ) 5.625 % - 64,103 The Bank of East Asia, Limited – Loan 11 (2 ) 5.625 % - 192,308 The Bank of East Asia, Limited – Loan 12 (2 ) 5.625 % - 141,026 The Bank of East Asia, Limited – Loan 13 (2 ) 5.625 % - 179,487 The Bank of East Asia, Limited – Loan 14 (2 ) 6.64 % 256,410 - The Bank of East Asia, Limited – Loan 15 (2 ) 7.03 % 461,538 - The Bank of East Asia, Limited – Loan 16 (2 ) 6.64 % 628,205 - The Bank of East Asia, Limited – Loan 17 (2 ) 6.68 % 141,026 - The Bank of East Asia, Limited – Loan 18 (2 ) 6.72 % 320,513 - The Bank of East Asia, Limited – Loan 19 (2 ) 6.6 % 384,615 - The Bank of East Asia, Limited – Loan 20 (2 ) 6.64 % 115,385 - The Bank of East Asia, Limited – Loan 21 (3 ) 4.775 % 327,298 - The Bank of East Asia, Limited – Loan 22 (3 ) 4.775 % 327,298 - The Bank of East Asia, Limited – Loan 23 (4 ) 4.775 % 562,694 - The Bank of East Asia, Limited – Loan 24 (5 ) 3.625 / 3.375 % % 123,371 128,205 The Bank of East Asia, Limited – Loan 25 (6 ) 3.625 / 3.375 % % 120,011 124,116 The Bank of East Asia, Limited – Loan 26 (7 ) 3.625 / 3.375 % % 453,240 472,205 The Bank of East Asia, Limited – Loan 27 (8 ) 3.625 % 384,615 - Standard Chartered Bank (Hong Kong) Limited – Loan 1 (9 ) 4.56 % - 51,905 The Hongkong and Shanghai Banking Corporation Limited – Loan 1 (10 ) 3.625 / 3.375 % % 100,049 104,306 The Hongkong and Shanghai Banking Corporation Limited – Loan 2 (11 ) 3.625 / 3.375 % % 371,018 388,271 The Hongkong and Shanghai Banking Corporation Limited – Loan 3 (12 ) 3.625 / 3.375 % % 111,576 117,126 The Hongkong and Shanghai Banking Corporation Limited – Loan 4 (13 ) 3.625 / 3.375 % 381,598 384,615 DBS Bank (Hong Kong) Limited – Loan 1 (14 ) 4.65 % - 205,129 DBS Bank (Hong Kong) Limited – Loan 2 (14 ) 4.43 % - 80,770 DBS Bank (Hong Kong) Limited – Loan 3 (14 ) 5.01 % - 410,256 DBS Bank (Hong Kong) Limited – Loan 4 (14 ) 5.29 % 238,462 - DBS Bank (Hong Kong) Limited – Loan 5 (14 ) 5.45 % 166,667 - DBS Bank (Hong Kong) Limited – Loan 6 (14 ) 5.48 % 205,128 - DBS Bank (Hong Kong) Limited – Loan 7 (14 ) 6.8 % 85,898 - DBS Bank (Hong Kong) Limited – Loan 8 (15 ) 1.2 474,849 436,752 Total long-term bank borrowings 6,852,233 5,322,118 Less: current portion of long-term bank borrowings (3,818,453 ) (3,823,633) Non-current portion of long-term bank borrowings 3,033,780 1,498,485 (1) On January 18, 2024 and 2023, the Company borrowed USD 110,769 864,000 5.97 4.26 1,000,000 (2) As of March 31, 2024, the Company borrowed USD 2,307,692 18,000,000 2,307,693 18,000,000 one three months 6.64 7.03 5.625 5.84 (3) On August 28, 2023, the Company borrowed USD 666,667 (HK$ 5,200,000 ) as working capital for twenty years at an annual interest rate of 4.775 % with The Bank of East Asia, Limited. The loan was secured by (4) On February 28, 2024, the Company borrowed USD 564,103 4,400,000 twenty years 4.775 (5) On March 25, 2021, the Company borrowed USD 128,205 1,000,000 eleven years 3.625 3.375 (6) On December 16, 2021, the Company borrowed USD 128,205 1,000,000 eleven years 3.625 3.375 (7) On November 26, 2020, the Company borrowed USD 512,821 4,000,000 eleven years 3.625 3.375 (8) On May 25, 2023, the Company borrowed USD 384,615 3,000,000 ten years 3.625 (9) On August 24, 2018 the Company borrowed USD 512,821 4,000,000 five years 4.56 (10) On October 21, 2020 the Company borrowed USD 128,205 1,000,000 eight years 3.625 3.375 (11) On May 25, 2020 the Company borrowed USD 512,821 4,000,000 eight years 3.625 3.375 (12) On July 13, 2021 the Company borrowed USD 128,205 1,000,000 eight years 3.625 3.375 (13) On March 15, 2023 the Company borrowed USD 384,615 3,000,000 ten years 3.625 3.375 (14) As of March 31, 2024, the Company borrowed USD 696,155 5,430,000 696,155 5,430,000 one four months 5.29 6.8 4.43 5.01 (15) The amount represented bank overdrafts as of March 31, 2024 and 2023, which was secured by personal guarantees from a director of the Company, accounts receivable, net of the Company and two properties located in Hong Kong which are held by a related company of the Company. Interest expenses pertaining to the above bank borrowings for the years ended March 31, 2024, 2023 and 2022 amounted to USD 275,796 159,955 66,521 Maturities of the principal and interest payments of bank borrowings were as follows: Schedule of Maturities Principal and Interest payments 2024 2023 As of March 31 2024 2023 USD USD Year ending March 31, 2023 - - 2024 - 3,914,321 2025 3,986,662 308,591 2026 405,957 308,591 2027 405,957 308,591 2028 405,957 308,591 2029 405,957 201,204 2030 405,957 71,911 2031 340,441 49,613 2032 283,173 49,613 2033 204,066 45,477 2034 103,973 - 2035 - 2044 922,351 - Total bank borrowings repayments 7,870,451 5,566,503 Less: imputed interest (1,018,218 ) (244,385 ) Total bank borrowings recognized in the Consolidated Balance Sheet 6,852,233 5,322,118 As of the date of this report, a total of USD 3,522,222 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Mar. 31, 2024 | |
General And Administrative Expenses | |
General and Administrative Expenses | 11. General and Administrative Expenses Schedule of General and Administrative Expenses 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Bank charges 20,260 23,043 14,830 Debt collection fee 73,077 - - Depreciation 4,066 - - Entertainment 81,038 51,325 29,615 Expected credit loss allowance 30,075 71,386 8,966 IPO costs 545,414 - - Motor vehicle expenses 51,286 76,634 17,839 Rental expenses 37,179 33,333 21,260 Site administrative expenses 287,217 88,652 11,410 Staff costs 515,774 395,844 322,950 Others 201,367 115,380 85,780 Total 1,846,753 855,597 512,650 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Cayman Islands and British Virgin Islands Pursuant to the current rules and regulations, the Cayman Islands and British Virgin Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. Therefore, the Company is not subject to any income tax in the Cayman Islands or British Virgin Islands. Hong Kong In accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of estimated assessable profits of the qualifying group entity will be taxed at 8.25%, and estimated assessable profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. The components of the income tax expense (benefit) are as follows: Schedule of Components of Income Tax Expense (Benefit) 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD Current Cayman Islands - - - British Virgin Islands - - - Hong Kong 649,119 469,692 318,090 Current 649,119 469,692 318,090 Deferred Cayman Islands - - - British Virgin Islands - - - Hong Kong (183 ) (803 ) (994 ) Deferred (183 ) (803 ) (994 ) Total 648,936 468,889 317,096 The Company measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Company’s deferred tax asset and liability are as follows: Schedule of Deferred Tax Asset And Liability 2024 2023 As of March 31, 2024 2023 USD USD MSE: Provision for allowance of credit losses 150 2,256 Net operating loss carryforward 281,951 192,953 Total deferred tax assets 282,101 195,209 Less: valuation allowance (281,951 ) (192,953 ) Deferred tax assets, net 150 2,256 MSHK: Property and equipment (9,038 ) (530 ) Right-of-use assets – finance lease (18,490 ) (22,218 ) Total deferred tax liabilities – equipment and right-of-use assets – finance lease (27,528 ) (22,748 ) Deferred tax assets - provision for allowance of credit losses 26,650 19,581 Deferred tax liabilities, net (878 ) (3,167 ) Deferred tax assets (liabilities), net (728 ) (911 ) As of March 31, 2024, the Company had net operating loss carry forward of USD 1,708,793 13,328,585 1,169,414 9,121,430 667,911 5,209,704 281,951 192,953 No material deferred tax asset has been recognized in respect of net operating loss carry forward as of March 31, 2024 and 2023, due to the unpredictability of future profit streams. Schedule of Income Tax Expense Reconciliation 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Profit before income taxes 2,975,533 3,256,125 2,120,605 Hong Kong Profits Tax rate 16.5 % 16.5 % 16.5 % Income taxes computed at Hong Kong Profits Tax rate 490,963 537,260 349,900 Reconciling items: Tax effect of income that is not taxable * (25 ) (127,476 ) (12,088 ) Tax effect of non-deductible expenditure 90,539 - - C hange in valuation allowanc 88,998 81,028 1,720 Effect of two-tier tax rate (21,154 ) (21,154 ) (21,154 ) Statutory tax deduction # (385 ) (769 ) (1,282 ) Income tax expense 648,936 468,889 317,096 * Income that is not taxable mainly consisted of the government subsidies which are non-taxable under Hong Kong income tax law. # It represents a reduction granted by the Hong Kong SAR Government of 100% 3,000 6,000 10,000 |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2024 | |
Net income per share attributable to ordinary shareholders | |
Earnings per share | 13. Earnings per share Basic and diluted net earnings per share for each of the years presented are calculated as follows: Basic earnings per share is computed using the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. Schedule of Earnings Per Share For the year ended 2024 2023 2022 Numerator Net income-basic and diluted 2,326,597 2,787,236 1,803,509 Denominator Weighted average number of ordinary shares outstanding-basic and diluted 11,250,000 11,250,000 8,136,986 Earnings per share-basic and diluted 0.2 1 0.25 0.22 |
Related Party Balance and Trans
Related Party Balance and Transactions | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Balance and Transactions | 14. Related Party Balance and Transactions Schedule of Related Party Transactions a. Due from related parties As of March 31, 2024 and 2023, the balances of amounts due from related parties were as follows: As of March 31, 2024 2023 2022 USD USD USD Due from a related party Mr. Chi Ming Lam (1 and 2) - 78,355 520,151 Total - 78,355 520,151 (1) Mr. Chi Ming Lam is the Chief Executive Officer, director and Chairman of the Company. (2) The balance represented the advances to Mr. Lam. The amount was unsecured, interest-free and repayable on demand. The balance has been fully repaid as of the date of this report. b. Related party transactions For the years ended March 31, 2024 2023 2022 USD USD USD Purchases from a related party Mo Building Material Limited (1) - 425,128 335,431 Total - 425,128 335,431 Dividend declared and offsetting against due from Mr. Chi Ming Lam (2) 1,711,225 2,564,103 1,282,051 Total 1,711,225 2,564,103 1,282,051 Advances from (Payment to) a related party Mr. Chi Ming Lam (2 and 3) 1,058,733 632,648 354,232 Mr. Chi Ming Lam (2 and 3) (2,730,449 ) (2,754,955 ) (1,623,892 ) Total (1,671,716 ) (2,122,307 ) (1,269,660 ) (1) Mo Building Material Limited is a company in which Mr. Chi Ming Lam had beneficial interest before September 2, 2022. (2) Mr. Chi Ming Lam is the Chief Executive Officer, director and Chairman of the Company. (3) Represents the total advances from (payments to) Mr. Lam for the years ended March 31, 2024, 2023, and 2022 which were non-trade in nature, unsecured, interest-free and had no fixed term of repayment. As of March 31, 2024, the amount due from Mr. Lam to the Company was nil |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies In the normal course of business, the Company is subject to commitments and contingencies, including operating lease and finance lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur, and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter. Commitments The professional fee that the Company committed to pay upon closing of IPO but yet paid as of March 31, 2024 amounted to USD 1,563,090 Contingencies As of March 31, 2024 and 2023, the Company is not a party to any material legal or administrative proceedings. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | 16. Segment Reporting Disaggregation of revenue is as follows: Schedule of Disaggregation Revenue 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Sector Public 11,488,228 6,307,454 2,029,667 Private 16,084,464 15,560,766 12,354,313 Total revenue 27,572,692 21,868,220 14,383,980 ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker (“CODM”), Mr. Lam Wai Kwan (a director of MSHK), for making decisions, allocating resources and assessing performance. Based on the management’s assessment, the Company determined that it has only one one 90% |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events The Company has assessed all events from March 31, 2024, up through the date that these consolidated financial statements are available to be issued, unless as disclosed below, there are not any material subsequent events that require disclosure in these consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries (Collectively, the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). |
Consolidation | Consolidation The consolidated financial statements include the financial statements of the Company and its wholly owned subsidiary. All intercompany transactions and balances among the Company and its subsidiary have been eliminated upon consolidation. |
Risk and Uncertainty | Risk and Uncertainty Significant Risks Currency Risk The Company’s operating activities are transacted in HKD. Foreign exchange risk arises from future commercial transactions, and recognized assets and liabilities. The Company considers the foreign exchange risk in relation to transactions denominated in HKD with respect to USD is not significant as HKD is pegged to USD. Concentration Risk For the years ended March 31, 2024, 2023 and 2022, all of the Company’s assets were located in Hong Kong and all of the Company’s revenue were derived from its subsidiaries located in Hong Kong. The Company has a concentration of its revenue and accounts receivable with specific customers. During the years ended March 31, 2024, 2023 and 2022, there were two, four and two customers generated income which accounted for over 10% of the total revenue generated for that year, respectively. The details are as follows: Schedules of Concentration Risks For the years ended March 31, 2024 2023 2022 Customer A 62.2 % 15.7 % 8.3 % Customer B 13.3 % 14.9 % 0 % Customer C 6.2 % 42.1 % 23.6 % Customer D 0.6 % 15.4 % 50.0 % As of March 31, 2024 and 2023, accounts receivable due from these customers, and there were two and three accounts receivable which accounted for over 10% of the total consolidated accounts receivable, respectively. The details are as follows: As of March 31 2024 2023 Customer E 47.6 % 0 % Customer F 19.3 % 0 % Customer C 9.2 % 11.4 % Customer B 5.9 % 51.4 % Customer D 4.8 % 1.0 % Customer A 3.1 % 30.0 % During the years ended March 31, 2024, 2023 and 2022, there were zero, zero and zero supplier accounted for over 10% of the total purchases for that year, respectively. As of March 31, 2024 and 2023, there were one and zero supplier which accounted for over 10% of the total consolidated accounts payable, respectively. The details are as follows: As of March 31 2024 2023 Supplier A 12.0 % 0 % Credit Risk The Company adopted ASC 326. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Assets that potentially subject the Company to a significant concentration of credit risk primarily consist of life insurance policy, cash surrender value , The exposure to credit risk, which will cause a financial loss to us due to failure to discharge an obligation by the counterparties, relates primarily to our life insurance policy, cash surrender value , 1,080,514 323,958 The Company believes that there is no significant credit risk associated with cash, which was held by reputable financial institutions in the jurisdictions where the Company and its subsidiaries are located. The Company has adopted a credit policy of dealing with creditworthy counterparties to mitigate the credit risk from defaults. The credit exposure is controlled by counterparty limits that are reviewed and approved by the senior management of the Company periodically. The management team periodically evaluates the creditworthiness of the existing customers in determining an allowance for expected credit loss primarily based on many factors, including the age of the balance, customer’s historical payment history, its current creditworthiness and current or future economic trends. Interest rate risk The following table details the interest rate risk profile of the Company’s borrowings as of March 31, 2024 and 2023: Schedule of Interest Rate Risk 2024 2023 As of March 31 2024 2023 USD USD Fixed rate borrowings: Finance lease liabilities, current 67,372 84,959 Finance lease liabilities, non-current 114,495 216,373 Bank borrowings, current - 51,905 Bank borrowings, non-current - - Floating rate borrowings: Bank borrowings, current 3,818,453 3,771,728 Bank borrowings, non-current 3,033,780 1,498,485 Fluctuations in market interest rates may negatively affect the Company’s financial condition and results of operations. The Company is exposed to floating interest rate risk on and floating rate bank borrowing. The Company has not used any derivative financial instruments to manage the interest risk exposure. At March 31, 2024, and 2023, it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/ increased the Company’s profit after tax 52,950 15,079 The sensitivity analysis above indicates the instantaneous change in the Company’s profit after tax that would arise assuming that the change in interest rates had occurred at the end of the reporting period and had been applied to re-measure those financial instruments held by the Company which expose the Company to fair value interest rate risk at the end of the reporting period. In respect of the exposure to cash flow interest rate risk arising from floating rate non-derivative instruments held by the Company at the end of the reporting period, the impact on the group’s profit after tax is estimated as an annualized impact on interest expense or income of such a change in interest rates. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Typically, the Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. Labor price risk Our business requires a substantial number of personnel. Any failure to retain stable and dedicated labor by us may lead to disruption to our business operations. Although we have not experienced any labor shortage to date, we have observed an overall tightening and increasingly competitive labor market. We have experienced, and expect to continue to experience, increases in labor costs due to increases in salary, social benefits and employee headcount. We compete with other companies in our industry and other labor-intensive industries for labor, and we may not be able to offer competitive remuneration and benefits compared to them. If we are unable to manage and control our labor costs, our business, financial condition and results of operations may be materially and adversely affected. |
Use of Estimates | Use of Estimates The preparation of the audited consolidated financial statements in conformity with accounting principles generally accepted in U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the audited consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available when the calculations are made; however, actual results could differ materially from those estimates. The measurement of the expected credit loss allowance for financial assets measured at amortized cost is an area that requires the use of significant assumptions about future economic conditions and credit behavior (e.g. the likelihood of customers defaulting and the resulting losses). A number of significant judgements are also required in applying the accounting requirements for measuring expected credit loss, such as considering debtors’ credit risk characteristics, historical settlement record, the days past due and forward-looking information. |
Foreign currency translation and transaction and Convenience translation | Foreign currency translation and transaction and Convenience translation The Company’s reporting currency is the United States dollars (“USD”). The Company’s operations are principally conducted in Hong Kong where Hong Kong dollars (“HKD”) is the functional currency. Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currency at the prevailing rates of exchange at the balance date. The resulting exchange differences are reported in the consolidated statements of operations and comprehensive income. The exchanges rates used for translation from HKD to USD was 7.8000 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The carrying amounts of financial assets and liabilities, such as cash, accounts receivable, deposits, life insurance policy, cash surrender value, amount due from a related party and other current assets, accounts payable, finance lease liabilities and other current liabilities, the amount represented bank overdrafts approximate their fair values because of the short maturity of these instruments and market rates of interest. ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities. Level 2 — Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company considers the carrying amount of its financial assets and liabilities, which consist primarily of life insurance policy, cash surrender value , The Company noted no transfers between levels during any of the periods presented. The Company did not have any instruments that were measured at fair value on a recurring nor non-recurring basis as of March 31, 2024 and 2023. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are unrestricted as to withdrawal or use. The Company maintains the bank accounts in Hong Kong. Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme introduced by the Hong Kong Government for a maximum amount of HK$ 500,000 |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable represents an unconditional right to consideration arising from our performance under contracts with customers which include retainage amount that is conditional only on the passage of time. The Company grant credit to customers, without collateral, under normal payment terms (typically 17 to 60 days after invoicing). Generally, invoicing occurs within 30 days after the related works are performed. The carrying value of such receivable, net of the expected credit loss and allowance for doubtful accounts, represents its estimated realizable value. The Company expect to collect the outstanding balance of current accounts receivable, net within the next 12 months. The Company has elected to use probability of default and loss given default methods to estimate allowance for credit loss. |
Measurement of credit losses on financial instruments | Measurement of credit losses on financial instruments Effective April 1, 2019, the Company adopted ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses on Financial Instruments.” This guidance replaced the “incurred loss” impairment methodology with an approach based on “expected losses” to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs consist principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other registration related costs in connection with the initial public Offering (“IPO”) of the Company’s ordinary shares. Such costs are deferred until the closing of the offering, at which time the deferred costs are offset against the offering proceeds. In the event the offering is unsuccessful or aborted, the costs will be expensed. |
Leases | Leases On April 1, 2020, the Company adopted ASU 2016-02 Leases (Topic 842) (“Topic 842”) issued by the FASB. The adoption of Topic 842 resulted in the presentation of right-of-use assets – finance lease and finance lease liabilities on the consolidated balance sheet. The Company has elected the package of practical expedients permitted which allows the Company not to reassess the following at adoption date: (i) whether any expired or existing contracts are or contains a lease, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any expired or existing leases (i.e. whether those costs qualify for capitalization under ASU 2016-02). The Company also elected the short-term lease exemption for certain classes of underlying assets including office space and machinery, with a lease term of 12 months or less. The Company determines whether an arrangement is or contain a lease at inception. A lease for which substantially all the benefits and risks incidental to ownership remain with the lessor is classified by the lessee as an operating lease. A lease is classified as a finance lease when the lease meets any of the following criteria at lease commencement: (a) The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. (b) The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. (c) The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease. (d) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset. (e) The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. Finance leases are included in right-of-use (“ROU”) assets – finance lease, finance lease liabilities, current, and finance lease liabilities, non-current in the Company’s consolidated balance sheets. ROU assets – finance lease represent the Company’s right to use an underlying asset for the lease term and finance lease liabilities represent its obligation to make lease payments arising from the lease. The ROU assets – finance lease and finance lease liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. At the commencement date, the cost of the ROU assets – finance lease shall consist of all of the following: (a) The amount of the initial measurement of the lease liability (b) Any lease payments made to the lessor at or before the commencement date, minus any lease incentives received (c) Any initial direct costs incurred by the lessee. The Company uses the implicit rate based on the terms of the leases in determining the present value of lease payments. The ROU assets – finance lease also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets – finance lease and finance lease liabilities when it is reasonably certain that the Company will exercise that option. For operating leases with a term of one year or less, the Company has elected not to recognize a lease liability or ROU asset – operating lease on its consolidated balance sheets. Instead, it recognizes the lease payments as expenses on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of operations and cash flows. |
Property and Equipment, net | Property and Equipment, net Property and Equipment is stated at cost, net of accumulated depreciation and impairment charge. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Schedule of Estimated Useful Life Equipment 3.33 Motor vehicle 3.33 Property 23.33 Expenditures for maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures for major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated depreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated statements of operations and comprehensive income in other income or expenses. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews the impairment of its long-lived assets, whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. There were no |
Life insurance policy, cash surrender value | Life insurance policy, cash surrender value Life insurance policy-cash surrender value was life insurance purchase for Mr. Chi Ming Lam (position with a director and CEO of the Company) and MSHK was as beneficiary. The insured amount of the contract (death benefit) was USD 1,000,000 165,493 160,891 165,493 36,627 24,309 16,920 155,751 165,493 28,746 21,568 16,920 |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued Topic 606, “Revenue from Contracts with Customers”. This topic clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP. Simultaneously, this topic supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The Company perform a majority of wet trade works under master construction agreements and other contracts that contain customer-specified construction requirements. These agreements include discrete pricing for individual tasks. A contractual agreement exists when each party involved approves and commits to the agreement, the rights of the parties and payment terms are identified, the agreement has commercial substance, and collectability of consideration is probable. Construction services are performed for the sole benefit of our customers, whereby the assets being created or maintained are controlled by the customer and the services we perform do not have alternative benefits for us. Contract revenue is recognized as our obligations are satisfied over time consistent with our services are performed and customers simultaneously receive and consume the benefits the Company provide. The Company recognizes contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer in accordance with ASC Topic 606, Revenue from Contracts with Customers. Upon adoption of ASC Topic 606, contracts which include construction services are generally accounted for as a single deliverable (a single performance obligation) and are no longer segmented between types of services. The Company has not bundled any goods or services that are not considered distinct. Output measures such as construction works delivered are utilized to assess progress against specific contractual performance obligations for the majority of services. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the services to be provided. The Company expects the reference to progress certificates issued by customers depicts the Company’s performance in transferring control of goods or services promised to customers for individual projects, the Company satisfies the performance obligation over time and therefore, the output method using construction works delivered best represents the measure of progress against the performance obligations incorporated within the contractual agreements. This method captures the amount of works delivered pursuant to contracts and is used only when performance does not produce significant amounts of work in process prior to complete satisfaction of the performance obligation and the gross billing value of contracting work can be measured reliably. The typical contract length of the Company entered is ranged from 12 months to 24 months. Contracted but not yet recognized revenue was approximately USD 43,951,727 44,751,559 as of March 31, 2024 and 2023, respectively. The nature of the Company’s construction contracts gives rise to several types of variable consideration, including unpriced change orders and claims. The Company mainly considers the change orders as the contract modification. And the Company accounted for the contract modification as if it were a part of the existing contract as the remaining services are not distinct and, therefore, form part of a single performance obligation that is partially satisfied at the date of the contract modification. Variable consideration related to construction projects may be incurred due to amendments to the scope of work or remeasurement of quantities, which can impact the transaction price and amount of revenue recognized. The final transaction price and revenue recorded may differ from initial estimates contract sum based on these variable factors. The amount of variable consideration is included in the transaction price only to the extent that it is highly probable that such an inclusion will not result in a significant revenue reversal in the future when the uncertainty associated with the variable consideration is subsequently resolved. At the end of each reporting period, the Company updates the estimated transaction price to represent faithfully the circumstances present at the end of the reporting period. The Company generally provides limited warranties for work performed under its construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on the project. Historically, warranty claims have not resulted in material costs incurred for which the Company was not compensated for by the customer. There were no material amounts of unapproved change orders or claims recognized during the years ended March 31, 2024, 2023 and 2022. |
Contract Assets and Contract Liabilities | Contract Assets and Contract Liabilities Contract assets included two parts: revenue recognized in excess of amounts billed, and retainage. Certain of our contracts contain retention provisions whereby a portion of the revenue earned is withheld from payment as a form of security until contractual provisions are satisfied. Contract assets were assessed for impairment in accordance with ASC 326. Contract liabilities consist of payment received from customers in excess of revenue recognized. Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. |
Government Subsidies | Government Subsidies Government subsidies primarily relate to one-off entitlement granted by the Hong Kong government pursuant to the Employment Support Scheme under the Anti-epidemic Fund. The Company recognizes government subsidies as other income when they are received because they are not subject to any past or future conditions. Government subsidies received and recognized as other income totaled nil 772,505 73,251 |
Cost of Revenue | Cost of Revenue The Company’s cost of revenue is primarily comprised of the material costs, subcontracting costs, direct labor costs and overhead costs that are directly attributable to services provided. |
General and administrative expenses | General and administrative expenses General and administrative expenses mainly consist of administrative staff cost, motor vehicle expenses, office supplies and upkeep expenses, legal and professional fees, change of credit loss allowances and other miscellaneous administrative expenses. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. We believe there were no uncertain tax positions as of March 31, 2024, and 2023. We do not expect that our assessment regarding unrecognized tax positions will materially change over the next 12 months. We are not currently under examination by an income tax authority, nor has been notified that an examination is contemplated. |
Earnings Per Share | Earnings Per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share” (“ASC 260”). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS are computed by dividing income available to ordinary shareholders of the Company by the weighted average ordinary shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares. |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. |
Related parties | Related parties The Company adopted ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Recently Accounting Pronouncements | Recently Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, EGC can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other accounting standards that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent standards that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. |
Organization and Business Des_2
Organization and Business Description (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | The accompanying consolidated financial statements reflect the activities of the Company and the following entities: Schedule of Subsidiaries Subsidiary Date of incorporation Jurisdiction of Formation Percentage of Ownership Principal Activities Ming Shing Group Holdings Limited (“MSG”) August 2, 2022 Cayman Islands Parent Investment holding MS (HK) Construction Engineering Limited (“MSC”) August 17, 2022 British Virgin Islands 100 Investment holding MS (HK) Engineering Limited (“MSHK”) October 12, 2012 Hong Kong 100 Provision of wet trades works MS Engineering Co., Limited (“MSE”) March 27, 2019 Hong Kong 100 Provision of wet trades works |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedules of Concentration Risks | During the years ended March 31, 2024, 2023 and 2022, there were two, four and two customers generated income which accounted for over 10% of the total revenue generated for that year, respectively. The details are as follows: Schedules of Concentration Risks For the years ended March 31, 2024 2023 2022 Customer A 62.2 % 15.7 % 8.3 % Customer B 13.3 % 14.9 % 0 % Customer C 6.2 % 42.1 % 23.6 % Customer D 0.6 % 15.4 % 50.0 % As of March 31, 2024 and 2023, accounts receivable due from these customers, and there were two and three accounts receivable which accounted for over 10% of the total consolidated accounts receivable, respectively. The details are as follows: As of March 31 2024 2023 Customer E 47.6 % 0 % Customer F 19.3 % 0 % Customer C 9.2 % 11.4 % Customer B 5.9 % 51.4 % Customer D 4.8 % 1.0 % Customer A 3.1 % 30.0 % During the years ended March 31, 2024, 2023 and 2022, there were zero, zero and zero supplier accounted for over 10% of the total purchases for that year, respectively. As of March 31, 2024 and 2023, there were one and zero supplier which accounted for over 10% of the total consolidated accounts payable, respectively. The details are as follows: As of March 31 2024 2023 Supplier A 12.0 % 0 % |
Schedule of Interest Rate Risk | The following table details the interest rate risk profile of the Company’s borrowings as of March 31, 2024 and 2023: Schedule of Interest Rate Risk 2024 2023 As of March 31 2024 2023 USD USD Fixed rate borrowings: Finance lease liabilities, current 67,372 84,959 Finance lease liabilities, non-current 114,495 216,373 Bank borrowings, current - 51,905 Bank borrowings, non-current - - Floating rate borrowings: Bank borrowings, current 3,818,453 3,771,728 Bank borrowings, non-current 3,033,780 1,498,485 |
Schedule of Estimated Useful Life | Property and Equipment is stated at cost, net of accumulated depreciation and impairment charge. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Schedule of Estimated Useful Life Equipment 3.33 Motor vehicle 3.33 Property 23.33 |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable Net | Accounts receivable, net consisted of the following as of March 31: Schedule of Accounts Receivable Net 2024 2023 As of March 31, 2024 2023 USD USD Accounts receivable 1,706,344 3,430,847 Less: allowance for credit loss ) (107,327 ) Accounts receivable, net 1,643,568 3,323,520 |
Schedule of Movement of Allowance for Loss Accounts | The movement of allowance for loss accounts are as follows: Schedule of Movement of Allowance for Loss Accounts 2024 2023 As of March 31, 2024 2023 USD USD Balance at beginning of the year 107,327 30,324 (Reversal) Addition during the year (44,551 ) 77,003 Balance at end of the year 62,776 107,327 |
Contract Assets (Tables)
Contract Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets | Contract assets consisted of the following as of March 31: Schedule of Contract Assets 2024 2023 As of March 31, 2024 2023 USD USD Contract assets: Revenue recognized in excess of amounts paid or payable (contract receivable) to the Company on uncompleted contracts (contract asset) excluding retainage 5,960,812 2,453,088 Retainage included in contract assets due to being conditional on something other than solely passage of time 977,931 793,481 Less: allowance for credit loss (99,646 ) (25,021 ) Contract assets, net 6,839,097 3,221,548 Contract assets, current 6,098,497 3,150,729 Contract assets, non-current 740,600 70,819 |
Schedule of Movement of Revenue Recognized in Excess of Amounts Payable | The movement of revenue recognized in excess of amounts paid or payable (excluding retainage) before net of allowance for credit loss is as follows: Schedule of Movement of Revenue Recognized in Excess of Amounts Payable 2024 2023 As of March 31, 2024 2023 USD USD Balance at beginning of the year 2,453,088 389,927 Increase as a result of total work completed during the period 27,572,692 21,868,220 Decrease as a result of total amount billed out (2 4 ) (19,805,059 ) Balance at end of the year 5,960,812 2,453,088 |
Schedule of Movement of Retainage Before Net of Allowance for Credit Loss | The movement of retainage before net of allowance for credit loss is as follows: Schedule of Movement of Retainage Before Net of Allowance for Credit Loss 2024 2023 As of March 31, 2024 2023 USD USD Balance at beginning of the year 793,481 390,214 Increase as a result of changes in progress of ongoing projects 431,521 476,030 Reclassified to accounts receivable as payment becomes unconditional (247,071 ) (72,763 ) Balance at end of the year 977,931 793,481 |
Deposits, Prepayments and Oth_2
Deposits, Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deposits, Prepayments and Other Current Assets | Schedule of Deposits, Prepayments and Other Current Assets 2024 2023 As of March 31, 2024 2023 USD USD Deposits 474 231 Prepayments 9,615 20,590 Other receivables 10,836 17,959 Deposits, Prepayments and Other Receivables 20,925 38,780 Less: amount classified as non-current assets - - Amount classified as current assets 20,925 38,780 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment Net | Property and Equipment, stated at cost less accumulated depreciation, consisted of the following as of March 31: Schedule of Property and Equipment Net 2024 2023 As of March 31 2024 2023 USD USD Equipment - Machineries 102,006 93,205 Less: accumulated depreciation (88,318 ) (81,282 ) Equipment - Machineries, net 13,688 11,923 Equipment – Motor vehicle 90,129 - Less: accumulated depreciation (15,112 ) - Equipment - Motor vehicle, net 75,017 - Property 1,138,461 - Less: accumulated depreciation (4,066 ) - Property, net 1,134,395 - Property and Equipment, net 1,223,100 11,923 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases | |
Schedule of Finance Leases ROU assets and Finance Lease Liabilities | The following table shows ROU assets – finance leases and finance lease liabilities, and the associated financial statement line items as of March 31: Schedule of Finance Leases ROU assets and Finance Lease Liabilities 2024 2023 As of March 31, 2024 2023 USD USD Assets Right-of-use assets – finance lease, net 216,065 343,182 Liabilities Finance lease liabilities, current 67,372 84,959 Finance lease liabilities, non-current 114,495 216,373 Weighted average remaining lease term (in years) 2.7 3.4 Weighted average discount rate (%) 4.3 4.4 |
Schedule of Information Relating to Financing and Operating Lease Activities | Information relating to financing and operating lease activities during the years ended March 31, 2024, 2023 and 2022 are as follows: Schedule of Information Relating to Financing and Operating Lease Activities 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Finance leases: Amortization of right-of-use assets – finance lease 79,521 74,671 51,892 Interest of finance lease liabilities 10,294 20,031 8,053 Total finance lease expense 89,815 94,702 59,945 Operating lease: Expenses related to a short-term lease 37,179 33,333 21,260 Operating lease cost 37,179 33,333 21,260 Total lease expenses 126,994 128,035 81,205 Cash outflows related to finance leases: Financing cash outflows – principal paid 119,465 1 31 43,750 Operating cash outflows – interests paid 10,294 20,031 8,053 Cash outflows related to finance leases 129,759 151,487 51,803 Cash outflows related to operating lease: Operating cash outflows - rental paid 37,179 33,333 21,260 |
Schedule of Maturity of Lease Payments under Finance Lease Liabilities | Maturities of lease payments under finance lease liabilities were as follows: Schedule of Maturity of Lease Payments under Finance Lease Liabilities 2024 2023 2022 As of March 31, 2024 2023 2022 USD USD USD Year ending March 31, 2023 - - 51,803 2024 - 96,508 46,577 2025 73,757 96,508 30,898 2026 69,683 82,954 17,345 2027 49,207 49,207 - Total undiscounted finance lease payments 192,647 325,177 146,623 Less: imputed interest (10,780 ) (23,845 ) (11,015 ) Finance lease liabilities recognized in the Consolidated Balance Sheet 181,867 301,332 135,608 |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounts Payable | |
Schedule of Components of Accounts Payable | Components of accounts payable are as follows as of March 31: Schedule of Components of Accounts Payable 2024 2023 As of March 31, 2024 2023 USD USD Trade payables 3,166,177 1,884,046 Total 3,166,177 1,884,046 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Components of Accrued Expenses and Other Current Liabilities | Components of accrued expenses and other current liabilities are as follows as of March 31: Schedule of Components of Accrued Expenses and Other Current Liabilities 2024 2023 As of March 31, 2024 2023 USD USD Accruals for operating expenses 129,868 83,351 Other payables 6,923 - Total 136,791 83,351 |
Bank Borrowings (Tables)
Bank Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Bank Borrowings | Components of bank borrowings are as follows as of March 31: Schedule of Components of Bank Borrowings % USD USD Interest As of March 31, rate 2024 2023 % USD USD The Bank of East Asia, Limited – Loan 1 (1 ) 5.97 / 4.26 % % 110,769 110,769 The Bank of East Asia, Limited – Loan 2 (2 ) 5.625 % - 256,410 The Bank of East Asia, Limited – Loan 3 (2 ) 5.84 % - 192,308 The Bank of East Asia, Limited – Loan 4 (2 ) 5.78 % - 192,308 The Bank of East Asia, Limited – Loan 5 (2 ) 5.625 % - 128,205 The Bank of East Asia, Limited – Loan 6 (2 ) 5.625 % - 256,410 The Bank of East Asia, Limited – Loan 7 (2 ) 5.625 % - 384,615 The Bank of East Asia, Limited – Loan 8 (2 ) 5.625 % - 192,308 The Bank of East Asia, Limited – Loan 9 (2 ) 5.74 % - 128,205 The Bank of East Asia, Limited – Loan 10 (2 ) 5.625 % - 64,103 The Bank of East Asia, Limited – Loan 11 (2 ) 5.625 % - 192,308 The Bank of East Asia, Limited – Loan 12 (2 ) 5.625 % - 141,026 The Bank of East Asia, Limited – Loan 13 (2 ) 5.625 % - 179,487 The Bank of East Asia, Limited – Loan 14 (2 ) 6.64 % 256,410 - The Bank of East Asia, Limited – Loan 15 (2 ) 7.03 % 461,538 - The Bank of East Asia, Limited – Loan 16 (2 ) 6.64 % 628,205 - The Bank of East Asia, Limited – Loan 17 (2 ) 6.68 % 141,026 - The Bank of East Asia, Limited – Loan 18 (2 ) 6.72 % 320,513 - The Bank of East Asia, Limited – Loan 19 (2 ) 6.6 % 384,615 - The Bank of East Asia, Limited – Loan 20 (2 ) 6.64 % 115,385 - The Bank of East Asia, Limited – Loan 21 (3 ) 4.775 % 327,298 - The Bank of East Asia, Limited – Loan 22 (3 ) 4.775 % 327,298 - The Bank of East Asia, Limited – Loan 23 (4 ) 4.775 % 562,694 - The Bank of East Asia, Limited – Loan 24 (5 ) 3.625 / 3.375 % % 123,371 128,205 The Bank of East Asia, Limited – Loan 25 (6 ) 3.625 / 3.375 % % 120,011 124,116 The Bank of East Asia, Limited – Loan 26 (7 ) 3.625 / 3.375 % % 453,240 472,205 The Bank of East Asia, Limited – Loan 27 (8 ) 3.625 % 384,615 - Standard Chartered Bank (Hong Kong) Limited – Loan 1 (9 ) 4.56 % - 51,905 The Hongkong and Shanghai Banking Corporation Limited – Loan 1 (10 ) 3.625 / 3.375 % % 100,049 104,306 The Hongkong and Shanghai Banking Corporation Limited – Loan 2 (11 ) 3.625 / 3.375 % % 371,018 388,271 The Hongkong and Shanghai Banking Corporation Limited – Loan 3 (12 ) 3.625 / 3.375 % % 111,576 117,126 The Hongkong and Shanghai Banking Corporation Limited – Loan 4 (13 ) 3.625 / 3.375 % 381,598 384,615 DBS Bank (Hong Kong) Limited – Loan 1 (14 ) 4.65 % - 205,129 DBS Bank (Hong Kong) Limited – Loan 2 (14 ) 4.43 % - 80,770 DBS Bank (Hong Kong) Limited – Loan 3 (14 ) 5.01 % - 410,256 DBS Bank (Hong Kong) Limited – Loan 4 (14 ) 5.29 % 238,462 - DBS Bank (Hong Kong) Limited – Loan 5 (14 ) 5.45 % 166,667 - DBS Bank (Hong Kong) Limited – Loan 6 (14 ) 5.48 % 205,128 - DBS Bank (Hong Kong) Limited – Loan 7 (14 ) 6.8 % 85,898 - DBS Bank (Hong Kong) Limited – Loan 8 (15 ) 1.2 474,849 436,752 Total long-term bank borrowings 6,852,233 5,322,118 Less: current portion of long-term bank borrowings (3,818,453 ) (3,823,633) Non-current portion of long-term bank borrowings 3,033,780 1,498,485 (1) On January 18, 2024 and 2023, the Company borrowed USD 110,769 864,000 5.97 4.26 1,000,000 (2) As of March 31, 2024, the Company borrowed USD 2,307,692 18,000,000 2,307,693 18,000,000 one three months 6.64 7.03 5.625 5.84 (3) On August 28, 2023, the Company borrowed USD 666,667 (HK$ 5,200,000 ) as working capital for twenty years at an annual interest rate of 4.775 % with The Bank of East Asia, Limited. The loan was secured by (4) On February 28, 2024, the Company borrowed USD 564,103 4,400,000 twenty years 4.775 (5) On March 25, 2021, the Company borrowed USD 128,205 1,000,000 eleven years 3.625 3.375 (6) On December 16, 2021, the Company borrowed USD 128,205 1,000,000 eleven years 3.625 3.375 (7) On November 26, 2020, the Company borrowed USD 512,821 4,000,000 eleven years 3.625 3.375 (8) On May 25, 2023, the Company borrowed USD 384,615 3,000,000 ten years 3.625 (9) On August 24, 2018 the Company borrowed USD 512,821 4,000,000 five years 4.56 (10) On October 21, 2020 the Company borrowed USD 128,205 1,000,000 eight years 3.625 3.375 (11) On May 25, 2020 the Company borrowed USD 512,821 4,000,000 eight years 3.625 3.375 (12) On July 13, 2021 the Company borrowed USD 128,205 1,000,000 eight years 3.625 3.375 (13) On March 15, 2023 the Company borrowed USD 384,615 3,000,000 ten years 3.625 3.375 (14) As of March 31, 2024, the Company borrowed USD 696,155 5,430,000 696,155 5,430,000 one four months 5.29 6.8 4.43 5.01 (15) The amount represented bank overdrafts as of March 31, 2024 and 2023, which was secured by personal guarantees from a director of the Company, accounts receivable, net of the Company and two properties located in Hong Kong which are held by a related company of the Company. |
Schedule of Maturities Principal and Interest payments | Maturities of the principal and interest payments of bank borrowings were as follows: Schedule of Maturities Principal and Interest payments 2024 2023 As of March 31 2024 2023 USD USD Year ending March 31, 2023 - - 2024 - 3,914,321 2025 3,986,662 308,591 2026 405,957 308,591 2027 405,957 308,591 2028 405,957 308,591 2029 405,957 201,204 2030 405,957 71,911 2031 340,441 49,613 2032 283,173 49,613 2033 204,066 45,477 2034 103,973 - 2035 - 2044 922,351 - Total bank borrowings repayments 7,870,451 5,566,503 Less: imputed interest (1,018,218 ) (244,385 ) Total bank borrowings recognized in the Consolidated Balance Sheet 6,852,233 5,322,118 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
General And Administrative Expenses | |
Schedule of General and Administrative Expenses | Schedule of General and Administrative Expenses 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Bank charges 20,260 23,043 14,830 Debt collection fee 73,077 - - Depreciation 4,066 - - Entertainment 81,038 51,325 29,615 Expected credit loss allowance 30,075 71,386 8,966 IPO costs 545,414 - - Motor vehicle expenses 51,286 76,634 17,839 Rental expenses 37,179 33,333 21,260 Site administrative expenses 287,217 88,652 11,410 Staff costs 515,774 395,844 322,950 Others 201,367 115,380 85,780 Total 1,846,753 855,597 512,650 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense (benefit) are as follows: Schedule of Components of Income Tax Expense (Benefit) 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD Current Cayman Islands - - - British Virgin Islands - - - Hong Kong 649,119 469,692 318,090 Current 649,119 469,692 318,090 Deferred Cayman Islands - - - British Virgin Islands - - - Hong Kong (183 ) (803 ) (994 ) Deferred (183 ) (803 ) (994 ) Total 648,936 468,889 317,096 |
Schedule of Deferred Tax Asset And Liability | Schedule of Deferred Tax Asset And Liability 2024 2023 As of March 31, 2024 2023 USD USD MSE: Provision for allowance of credit losses 150 2,256 Net operating loss carryforward 281,951 192,953 Total deferred tax assets 282,101 195,209 Less: valuation allowance (281,951 ) (192,953 ) Deferred tax assets, net 150 2,256 MSHK: Property and equipment (9,038 ) (530 ) Right-of-use assets – finance lease (18,490 ) (22,218 ) Total deferred tax liabilities – equipment and right-of-use assets – finance lease (27,528 ) (22,748 ) Deferred tax assets - provision for allowance of credit losses 26,650 19,581 Deferred tax liabilities, net (878 ) (3,167 ) Deferred tax assets (liabilities), net (728 ) (911 ) |
Schedule of Income Tax Expense Reconciliation | Schedule of Income Tax Expense Reconciliation 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Profit before income taxes 2,975,533 3,256,125 2,120,605 Hong Kong Profits Tax rate 16.5 % 16.5 % 16.5 % Income taxes computed at Hong Kong Profits Tax rate 490,963 537,260 349,900 Reconciling items: Tax effect of income that is not taxable * (25 ) (127,476 ) (12,088 ) Tax effect of non-deductible expenditure 90,539 - - C hange in valuation allowanc 88,998 81,028 1,720 Effect of two-tier tax rate (21,154 ) (21,154 ) (21,154 ) Statutory tax deduction # (385 ) (769 ) (1,282 ) Income tax expense 648,936 468,889 317,096 * Income that is not taxable mainly consisted of the government subsidies which are non-taxable under Hong Kong income tax law. # It represents a reduction granted by the Hong Kong SAR Government of 100% 3,000 6,000 10,000 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Net income per share attributable to ordinary shareholders | |
Schedule of Earnings Per Share | Diluted earnings per share is computed using the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. Schedule of Earnings Per Share For the year ended 2024 2023 2022 Numerator Net income-basic and diluted 2,326,597 2,787,236 1,803,509 Denominator Weighted average number of ordinary shares outstanding-basic and diluted 11,250,000 11,250,000 8,136,986 Earnings per share-basic and diluted 0.2 1 0.25 0.22 |
Related Party Balance and Tra_2
Related Party Balance and Transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Schedule of Related Party Transactions a. Due from related parties As of March 31, 2024 and 2023, the balances of amounts due from related parties were as follows: As of March 31, 2024 2023 2022 USD USD USD Due from a related party Mr. Chi Ming Lam (1 and 2) - 78,355 520,151 Total - 78,355 520,151 (1) Mr. Chi Ming Lam is the Chief Executive Officer, director and Chairman of the Company. (2) The balance represented the advances to Mr. Lam. The amount was unsecured, interest-free and repayable on demand. The balance has been fully repaid as of the date of this report. b. Related party transactions For the years ended March 31, 2024 2023 2022 USD USD USD Purchases from a related party Mo Building Material Limited (1) - 425,128 335,431 Total - 425,128 335,431 Dividend declared and offsetting against due from Mr. Chi Ming Lam (2) 1,711,225 2,564,103 1,282,051 Total 1,711,225 2,564,103 1,282,051 Advances from (Payment to) a related party Mr. Chi Ming Lam (2 and 3) 1,058,733 632,648 354,232 Mr. Chi Ming Lam (2 and 3) (2,730,449 ) (2,754,955 ) (1,623,892 ) Total (1,671,716 ) (2,122,307 ) (1,269,660 ) (1) Mo Building Material Limited is a company in which Mr. Chi Ming Lam had beneficial interest before September 2, 2022. (2) Mr. Chi Ming Lam is the Chief Executive Officer, director and Chairman of the Company. (3) Represents the total advances from (payments to) Mr. Lam for the years ended March 31, 2024, 2023, and 2022 which were non-trade in nature, unsecured, interest-free and had no fixed term of repayment. As of March 31, 2024, the amount due from Mr. Lam to the Company was nil |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Disaggregation Revenue | Disaggregation of revenue is as follows: Schedule of Disaggregation Revenue 2024 2023 2022 For the years ended March 31, 2024 2023 2022 USD USD USD Sector Public 11,488,228 6,307,454 2,029,667 Private 16,084,464 15,560,766 12,354,313 Total revenue 27,572,692 21,868,220 14,383,980 |
Schedule of Subsidiaries (Detai
Schedule of Subsidiaries (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Ming Shing Group Holdings Limited [Member] | |
Date of incorporation | Aug. 02, 2022 |
Place of incorporation | Cayman Islands |
Effective ownership, description | Parent |
Principal activities | Investment holding |
MSHK Construction Engineering Limited [Member] | |
Date of incorporation | Aug. 17, 2022 |
Place of incorporation | British Virgin Islands |
Principal activities | Investment holding |
Percentage of effective ownership | 100% |
MSHK Engineering Limited [Member] | |
Date of incorporation | Oct. 12, 2012 |
Place of incorporation | Hong Kong |
Principal activities | Provision of wet trades works |
Percentage of effective ownership | 100% |
MS Engineering Co Limited [Member] | |
Date of incorporation | Mar. 27, 2019 |
Place of incorporation | Hong Kong |
Principal activities | Provision of wet trades works |
Percentage of effective ownership | 100% |
Organization and Business Des_3
Organization and Business Description (Details Narrative) - USD ($) | Jun. 15, 2023 | Jun. 12, 2023 | Jun. 02, 2023 | Dec. 05, 2022 | Nov. 25, 2022 | Mar. 31, 2024 | Jun. 16, 2023 | Jun. 13, 2023 | Jun. 03, 2023 | Mar. 31, 2023 | Dec. 09, 2022 | Dec. 06, 2022 | Dec. 03, 2022 | Aug. 02, 2022 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Number of shares issued | 11,250,000 | 11,250,000 | ||||||||||||
Common stock par value | $ 0.0005 | $ 0.0005 | $ 0.0005 | |||||||||||
Authorized share capital | $ 50,000 | |||||||||||||
Shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||
Mr Chi Ming Lam [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Number of shares issued | 11,249 | 50,000 | ||||||||||||
Common stock par value | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||
Surrender of shares | 49,999 | |||||||||||||
Shares hold | 1 | |||||||||||||
Issuance of shares | 2,000 | |||||||||||||
Conversion of stock par value | $ 0.0005 | |||||||||||||
Shares authorized | 22,500,000 | |||||||||||||
Mr Chi Ming Lam [Member] | Common Stock [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Common stock par value | $ 0.0005 | $ 0.0005 | $ 0.0005 | $ 0.0005 | $ 0.0005 | $ 0.0005 | $ 0.0005 | $ 0.0005 | ||||||
Surrender of shares | 1,500,000 | 375,000 | 2,925,000 | 6,450,000 | ||||||||||
Shares hold | 11,250,000 | 12,750,000 | 13,125,000 | 16,050,000 | ||||||||||
Mr Chi Ming Lam [Member] | MSHK Engineering Limited [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Issuance of shares | 1 | |||||||||||||
Mr Chi Ming Lam [Member] | MS Engineering Co Limited [Member] | ||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||||||||||||
Issuance of shares | 10,000 |
Schedules of Concentration Risk
Schedules of Concentration Risks (Details) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Customer A [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 62.20% | 15.70% | 8.30% |
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 3.10% | 30% | |
Customer B [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 13.30% | 14.90% | 0% |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 5.90% | 51.40% | |
Customer C [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 6.20% | 42.10% | 23.60% |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 9.20% | 11.40% | |
Customer D [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 0.60% | 15.40% | 50% |
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 4.80% | 1% | |
Customer E [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 47.60% | 0% | |
Customer F [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 19.30% | 0% | |
Supplier A [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 12% | 0% |
Schedule of Interest Rate Risk
Schedule of Interest Rate Risk (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Finance lease liabilities, current | $ 67,372 | $ 84,959 |
Finance lease liabilities, non-current | 114,495 | 216,373 |
Bank borrowings, current | 3,818,453 | 3,823,633 |
Bank borrowings, non-current | 3,818,453 | 3,823,633 |
Fixed Rate Borrowings [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Bank borrowings, current | 51,905 | |
Bank borrowings, non-current | ||
Floating Rate Borrowings [Member] | ||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||
Bank borrowings, current | 3,818,453 | 3,771,728 |
Bank borrowings, non-current | $ 3,033,780 | $ 1,498,485 |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Life (Details) | Mar. 31, 2024 |
Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years 3 months 29 days |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 3 years 3 months 29 days |
Property [Member] | |
Property, Plant and Equipment [Line Items] | |
Property plant and equipment useful life | 23 years 3 months 29 days |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2024 HKD ($) | Dec. 31, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Cash and cash equivalents | $ 1,080,514 | $ 323,958 | $ 323,958 | ||
Interest rate terms | it is estimated that a general increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would have decreased/ increased the Company’s profit after tax | ||||
Increase decrease in profit after tax | $ 52,950 | 15,079 | |||
Exchanges rates | 7.8000 | 7.8000 | |||
Impairment of long-lived assets | $ 0 | 0 | $ 0 | ||
Premium paid | 165,493 | 165,493 | |||
Initial premimum payment | 160,891 | ||||
Interest income | 36,627 | 28,746 | |||
Insurance expenses | 24,309 | 21,568 | |||
Cash surrender charge | 16,920 | 16,920 | |||
Initial premimum payment | 160,891 | 155,751 | |||
Revenue recognized | 43,951,727 | 44,751,559 | |||
Other income | $ 772,505 | $ 73,251 | |||
Mr Chi Ming Lam [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash insured amount | $ 1,000,000 | ||||
Maximum [Member] | HONG KONG | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash deposit | $ 500,000 |
Schedule of Accounts Receivable
Schedule of Accounts Receivable Net (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Receivables [Abstract] | |||
Accounts receivable | $ 1,706,344 | $ 3,430,847 | |
Less: allowance for credit loss | (62,776) | (107,327) | $ (30,324) |
Accounts receivable, net | $ 1,643,568 | $ 3,323,520 |
Schedule of Movement of Allowan
Schedule of Movement of Allowance for Loss Accounts (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Balance at beginning of the year | $ 107,327 | $ 30,324 |
(Reversal) Addition during the year | (44,551) | 77,003 |
Balance at end of the year | $ 62,776 | $ 107,327 |
Schedule of Contract Assets (De
Schedule of Contract Assets (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Revenue from Contract with Customer [Abstract] | |||
Revenue recognized in excess of amounts paid or payable (contract receivable) to the Company on uncompleted contracts (contract asset) excluding retainage | $ 5,960,812 | $ 2,453,088 | $ 389,927 |
Retainage included in contract assets due to being conditional on something other than solely passage of time | 977,931 | 793,481 | $ 390,214 |
Less: allowance for credit loss | (99,646) | (25,021) | |
Contract assets, net | 6,839,097 | 3,221,548 | |
Contract assets, current | 6,098,497 | 3,150,729 | |
Contract assets, non-current | $ 740,600 | $ 70,819 |
Schedule of Movement of Revenue
Schedule of Movement of Revenue Recognized in Excess of Amounts Payable (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Balance at beginning of the year | $ 2,453,088 | $ 389,927 |
Increase as a result of total work completed during the period | 27,572,692 | 21,868,220 |
Decrease as a result of total amount billed out | (2) | (19,805,059) |
Balance at end of the year | $ 5,960,812 | $ 2,453,088 |
Schedule of Movement of Retaina
Schedule of Movement of Retainage Before Net of Allowance for Credit Loss (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Balance at beginning of the year | $ 793,481 | $ 390,214 |
Increase as a result of changes in progress of ongoing projects | 431,521 | 476,030 |
Reclassified to accounts receivable as payment becomes unconditional | (247,071) | (72,763) |
Balance at end of the year | $ 977,931 | $ 793,481 |
Schedule of Deposits, Prepaymen
Schedule of Deposits, Prepayments and Other Current Assets (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deposits | $ 474 | $ 231 |
Prepayments | 9,615 | 20,590 |
Other receivables | 10,836 | 17,959 |
Deposits, Prepayments and Other Receivables | 20,925 | 38,780 |
Less: amount classified as non-current assets | ||
Amount classified as current assets | $ 20,925 | $ 38,780 |
Schedule of Property and Equipm
Schedule of Property and Equipment Net (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, net | $ 1,223,100 | $ 11,923 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 102,006 | 93,205 |
Less: accumulated depreciation | (88,318) | (81,282) |
Property and Equipment, net | 13,688 | 11,923 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 90,129 | |
Less: accumulated depreciation | (15,112) | |
Property and Equipment, net | 75,017 | |
Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 1,138,461 | |
Less: accumulated depreciation | (4,066) | |
Property and Equipment, net | $ 1,134,395 |
Property and Equipment, net (De
Property and Equipment, net (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | $ 26,214 | $ 5,001 | $ 7,772 |
Property plant and equipment disposals | 0 | 0 | 0 |
Impairment charge | $ 0 | 0 | $ 0 |
Bank facility |
Schedule of Finance Leases ROU
Schedule of Finance Leases ROU assets and Finance Lease Liabilities (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Leases | ||
Right-of-use assets – finance lease, net | $ 216,065 | $ 343,182 |
Finance lease liabilities, current | 67,372 | 84,959 |
Finance lease liabilities, non-current | $ 114,495 | $ 216,373 |
Weighted average remaining lease term (in years) | 2 years 8 months 12 days | 3 years 4 months 24 days |
Weighted average discount rate | 4.30% | 4.40% |
Schedule of Information Relatin
Schedule of Information Relating to Financing and Operating Lease Activities (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Finance leases: | |||
Amortization of right-of-use assets – finance lease | $ 79,521 | $ 74,671 | $ 51,892 |
Interest of finance lease liabilities | 10,294 | 20,031 | 8,053 |
Total finance lease expense | 89,815 | 94,702 | 59,945 |
Operating lease: | |||
Expenses related to a short-term lease | 37,179 | 33,333 | 21,260 |
Operating lease cost | 37,179 | 33,333 | 21,260 |
Total lease expenses | 126,994 | 128,035 | 81,205 |
Cash outflows related to finance leases: | |||
Financing cash outflows – principal paid | 119,465 | 1 | 43,750 |
Operating cash outflows – interests paid | 10,294 | 20,031 | 8,053 |
Cash outflows related to finance leases | 129,759 | 151,487 | 51,803 |
Cash outflows related to operating lease: | |||
Operating cash outflows - rental paid | $ 37,179 | $ 33,333 | $ 21,260 |
Schedule of Maturity of Lease P
Schedule of Maturity of Lease Payments under Finance Lease Liabilities (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Leases | |||
2023 | $ 51,803 | ||
2024 | 96,508 | 46,577 | |
2026 | 69,683 | 82,954 | 17,345 |
2027 | 49,207 | 49,207 | |
Total undiscounted finance lease payments | 192,647 | 325,177 | 146,623 |
Less: imputed interest | (10,780) | (23,845) | (11,015) |
Finance lease liabilities recognized in the Consolidated Balance Sheet | $ 181,867 | $ 301,332 | $ 135,608 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | |||
Finance lease right of use assets | $ 216,065 | $ 343,182 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finance lease right of use assets | $ 297,179 | ||
Lease contracts | 60 months | 60 months | |
Vehicles [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease contracts | 36 months | ||
Vehicles [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease contracts | 60 months |
Schedule of Components of Accou
Schedule of Components of Accounts Payable (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts Payable | ||
Trade payables | $ 3,166,177 | $ 1,884,046 |
Total | $ 3,166,177 | $ 1,884,046 |
Schedule of Components of Accru
Schedule of Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accruals for operating expenses | $ 129,868 | $ 83,351 |
Other payables | 6,923 | |
Total | $ 136,791 | $ 83,351 |
Schedule of Components of Bank
Schedule of Components of Bank Borrowings (Details) | Mar. 31, 2024 USD ($) | Feb. 28, 2024 USD ($) | Feb. 28, 2024 HKD ($) | Jan. 18, 2024 USD ($) | Jan. 18, 2024 HKD ($) | Aug. 28, 2023 USD ($) | Aug. 28, 2023 HKD ($) | May 25, 2023 USD ($) | May 25, 2023 HKD ($) | Mar. 31, 2023 USD ($) | Mar. 15, 2023 USD ($) | Mar. 15, 2023 HKD ($) | Jan. 18, 2023 USD ($) | Jan. 18, 2023 HKD ($) | Dec. 16, 2021 USD ($) | Dec. 16, 2021 HKD ($) | Jul. 13, 2021 USD ($) | Jul. 13, 2021 HKD ($) | Mar. 25, 2021 USD ($) | Mar. 25, 2021 HKD ($) | Nov. 26, 2020 USD ($) | Nov. 26, 2020 HKD ($) | Oct. 21, 2020 USD ($) | Oct. 21, 2020 HKD ($) | May 25, 2020 USD ($) | May 25, 2020 HKD ($) | Aug. 24, 2018 USD ($) | Aug. 24, 2018 HKD ($) | |||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 6,852,233 | $ 5,322,118 | |||||||||||||||||||||||||||||
Less: current portion of long-term bank borrowings | (3,818,453) | (3,823,633) | |||||||||||||||||||||||||||||
Non-current portion of long-term bank borrowings | 3,033,780 | 1,498,485 | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 110,769 | [1] | $ 110,769 | $ 864,000 | 110,769 | [1] | $ 110,769 | $ 864,000 | |||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | 5.97% | [1] | 5.97% | 5.97% | 5.97% | 5.97% | |||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | 4.26% | [1] | 4.26% | 4.26% | 4.26% | 4.26% | |||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 2 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 256,410 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 3 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 192,308 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.84% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 4 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 192,308 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.78% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 5 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 128,205 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 6 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 256,410 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 7 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 384,615 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 8 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 192,308 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 9 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 128,205 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.74% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 10 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 64,103 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 11 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 192,308 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 12 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 141,026 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 13 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | 179,487 | |||||||||||||||||||||||||||||
Interest rate | [2] | 5.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 14 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 256,410 | |||||||||||||||||||||||||||||
Interest rate | [2] | 6.64% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 15 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 461,538 | |||||||||||||||||||||||||||||
Interest rate | [2] | 7.03% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 16 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 628,205 | |||||||||||||||||||||||||||||
Interest rate | [2] | 6.64% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 17 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 141,026 | |||||||||||||||||||||||||||||
Interest rate | [2] | 6.68% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 18 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 320,513 | |||||||||||||||||||||||||||||
Interest rate | [2] | 6.72% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 19 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 384,615 | |||||||||||||||||||||||||||||
Interest rate | [2] | 6.60% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 20 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 115,385 | |||||||||||||||||||||||||||||
Interest rate | [2] | 6.64% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 21 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 327,298 | [3] | $ 666,667 | $ 5,200,000 | [3] | ||||||||||||||||||||||||||
Interest rate | 4.775% | [3] | 4.775% | 4.775% | |||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 22 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 327,298 | [3] | $ 564,103 | $ 4,400,000 | [3] | ||||||||||||||||||||||||||
Interest rate | 4.775% | [3] | 4.775% | 4.775% | |||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 23 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [4] | $ 562,694 | |||||||||||||||||||||||||||||
Interest rate | [4] | 4.775% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 24 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 123,371 | [5] | $ 128,205 | [5] | $ 128,205 | $ 1,000,000 | |||||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 24 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [5] | 3.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 24 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [5] | 3.375% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 25 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 120,011 | [6] | $ 124,116 | [6] | $ 128,205 | $ 1,000,000 | |||||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 25 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [6] | 3.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 25 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [6] | 3.375% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 26 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 453,240 | [7] | $ 472,205 | [7] | $ 512,821 | $ 4,000,000 | |||||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 26 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [7] | 3.625% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 26 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [7] | 3.375% | |||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 27 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 384,615 | [8] | $ 384,615 | $ 3,000,000 | [8] | $ 512,821 | $ 4,000,000 | ||||||||||||||||||||||||
Interest rate | 3.625% | [8] | 3.625% | 3.625% | |||||||||||||||||||||||||||
Standard Chartered Bank (Hong Kong) Limited - Loan 1 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [9] | 51,905 | |||||||||||||||||||||||||||||
Interest rate | 4.56% | [9] | 4.56% | 4.56% | |||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 1 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 100,049 | [10] | $ 104,306 | [10] | $ 128,205 | $ 1,000,000 | |||||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 1 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [10] | 3.625% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 1 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [10] | 3.375% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 2 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 371,018 | [11] | $ 388,271 | [11] | $ 512,821 | $ 4,000,000 | |||||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 2 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [11] | 3.625% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 2 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [11] | 3.375% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 3 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | $ 111,576 | [12] | $ 117,126 | [12] | $ 384,615 | $ 3,000,000 | $ 128,205 | $ 1,000,000 | |||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 3 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [12] | 3.625% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 3 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [12] | 3.375% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 4 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [13] | $ 381,598 | $ 384,615 | ||||||||||||||||||||||||||||
Interest rate | 3.375% | 3.625% | 3.625% | ||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 4 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [13] | 3.625% | |||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 4 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Interest rate | [13] | 3.375% | |||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 1 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | $ 205,129 | |||||||||||||||||||||||||||||
Interest rate | [14] | 4.65% | |||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 2 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | 80,770 | |||||||||||||||||||||||||||||
Interest rate | [14] | 4.43% | |||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 3 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | 410,256 | |||||||||||||||||||||||||||||
Interest rate | [14] | 5.01% | |||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 4 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | $ 238,462 | |||||||||||||||||||||||||||||
Interest rate | 5.29% | [14] | 4.43% | ||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 5 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | $ 166,667 | |||||||||||||||||||||||||||||
Interest rate | [14] | 5.45% | |||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 6 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | $ 205,128 | |||||||||||||||||||||||||||||
Interest rate | [14] | 5.48% | |||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 7 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [14] | $ 85,898 | |||||||||||||||||||||||||||||
Interest rate | 6.80% | [14] | 5.01% | ||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 8 [Member] | |||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | |||||||||||||||||||||||||||||||
Long term borrowings | [15] | $ 474,849 | $ 436,752 | ||||||||||||||||||||||||||||
Interest rate | [15] | 1.20% | |||||||||||||||||||||||||||||
[1]On January 18, 2024 and 2023, the Company borrowed USD 110,769 864,000 5.97 4.26 1,000,000 2,307,692 18,000,000 2,307,693 18,000,000 one three months 6.64 7.03 5.625 5.84 564,103 4,400,000 twenty years 4.775 128,205 1,000,000 eleven years 3.625 3.375 128,205 1,000,000 eleven years 3.625 3.375 512,821 4,000,000 eleven years 3.625 3.375 384,615 3,000,000 ten years 3.625 512,821 4,000,000 five years 4.56 128,205 1,000,000 eight years 3.625 3.375 512,821 4,000,000 eight years 3.625 3.375 128,205 1,000,000 eight years 3.625 3.375 384,615 3,000,000 ten years 3.625 3.375 696,155 5,430,000 696,155 5,430,000 one four months 5.29 6.8 4.43 5.01 |
Schedule of Components of Ban_2
Schedule of Components of Bank Borrowings (Details) (Parenthetical) | Mar. 31, 2024 USD ($) | Feb. 28, 2024 USD ($) | Aug. 28, 2023 USD ($) | May 25, 2023 USD ($) | Mar. 15, 2023 USD ($) | Dec. 16, 2021 USD ($) | Jul. 13, 2021 USD ($) | Mar. 25, 2021 USD ($) | Nov. 26, 2020 USD ($) | Oct. 21, 2020 USD ($) | May 25, 2020 USD ($) | Aug. 24, 2018 USD ($) | Mar. 31, 2024 HKD ($) | Feb. 28, 2024 HKD ($) | Jan. 18, 2024 USD ($) | Jan. 18, 2024 HKD ($) | Aug. 28, 2023 HKD ($) | May 25, 2023 HKD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 HKD ($) | Mar. 15, 2023 HKD ($) | Jan. 18, 2023 USD ($) | Jan. 18, 2023 HKD ($) | Dec. 16, 2021 HKD ($) | Jul. 13, 2021 HKD ($) | Mar. 25, 2021 HKD ($) | Nov. 26, 2020 HKD ($) | Oct. 21, 2020 HKD ($) | May 25, 2020 HKD ($) | Aug. 24, 2018 HKD ($) | ||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 6,852,233 | $ 5,322,118 | ||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 110,769 | [1] | $ 110,769 | $ 864,000 | $ 110,769 | [1] | $ 110,769 | $ 864,000 | ||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | 6.64% | 6.64% | 5.625% | 5.625% | ||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | Life Insuance [Policy Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Secured debt | $ 1,000,000 | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | 5.97% | [1] | 5.97% | [1] | 5.97% | 5.97% | 5.97% | 5.97% | ||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 1 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | 4.26% | [1] | 4.26% | [1] | 4.26% | 4.26% | 4.26% | 4.26% | ||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 14 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 256,410 | ||||||||||||||||||||||||||||||||
Interest rate | [2] | 6.64% | 6.64% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 14 [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 2,307,692 | $ 18,000,000 | 2,307,693 | $ 18,000,000 | ||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 14 [Member] | Maximum [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Loan term | 3 months | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 14 [Member] | Minimum [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Loan term | 1 month | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 15 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | [2] | $ 461,538 | ||||||||||||||||||||||||||||||||
Interest rate | [2] | 7.03% | 7.03% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 15 [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | 7.03% | 7.03% | 5.84% | 5.84% | ||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 21 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 327,298 | [3] | $ 666,667 | $ 5,200,000 | [3] | |||||||||||||||||||||||||||||
Interest rate | 4.775% | [3] | 4.775% | 4.775% | [3] | 4.775% | ||||||||||||||||||||||||||||
Loan term | 20 years | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 22 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 327,298 | [3] | $ 564,103 | $ 4,400,000 | [3] | |||||||||||||||||||||||||||||
Interest rate | 4.775% | [3] | 4.775% | 4.775% | [3] | 4.775% | ||||||||||||||||||||||||||||
Loan term | 20 years | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 24 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 123,371 | [4] | $ 128,205 | $ 128,205 | [4] | $ 1,000,000 | ||||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
Loan term | 11 years | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 24 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [4] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 24 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [4] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 25 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 120,011 | [5] | $ 128,205 | $ 124,116 | [5] | $ 1,000,000 | ||||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
Loan term | 11 years | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 25 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [5] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 25 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [5] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 26 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 453,240 | [6] | $ 512,821 | $ 472,205 | [6] | $ 4,000,000 | ||||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
Loan term | 11 years | |||||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 26 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [6] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 26 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [6] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
The Bank of East Asia, Limited - Loan 27 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 384,615 | [7] | $ 384,615 | $ 512,821 | $ 3,000,000 | [7] | $ 4,000,000 | |||||||||||||||||||||||||||
Interest rate | 3.625% | [7] | 3.625% | 3.625% | [7] | 3.625% | ||||||||||||||||||||||||||||
Loan term | 10 years | 5 years | ||||||||||||||||||||||||||||||||
Standard Chartered Bank (Hong Kong) Limited - Loan 1 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | [8] | 51,905 | ||||||||||||||||||||||||||||||||
Interest rate | 4.56% | [8] | 4.56% | 4.56% | [8] | 4.56% | ||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 1 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 100,049 | [9] | $ 128,205 | $ 104,306 | [9] | $ 1,000,000 | ||||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
Loan term | 8 years | |||||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 1 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [9] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 1 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [9] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 2 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 371,018 | [10] | $ 512,821 | $ 388,271 | [10] | $ 4,000,000 | ||||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
Loan term | 8 years | |||||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 2 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [10] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 2 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [10] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 3 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 111,576 | [11] | $ 384,615 | $ 128,205 | $ 117,126 | [11] | $ 3,000,000 | $ 1,000,000 | ||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
Loan term | 10 years | 8 years | ||||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 3 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [11] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 3 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [11] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 4 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | [12] | $ 381,598 | $ 384,615 | |||||||||||||||||||||||||||||||
Interest rate | 3.625% | 3.375% | 3.375% | 3.625% | ||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 4 [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [12] | 3.625% | 3.625% | |||||||||||||||||||||||||||||||
The Hongkong and Shanghai Banking Corporation Limited - Loan 4 [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Interest rate | [12] | 3.375% | 3.375% | |||||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 4 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | [13] | $ 238,462 | ||||||||||||||||||||||||||||||||
Interest rate | 5.29% | [13] | 5.29% | [13] | 4.43% | 4.43% | ||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 4 [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | $ 696,155 | $ 5,430,000 | $ 696,155 | $ 5,430,000 | ||||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 4 [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Loan term | 4 months | |||||||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 4 [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Loan term | 1 month | |||||||||||||||||||||||||||||||||
DBS Bank (Hong Kong) Limited - Loan 7 [Member] | ||||||||||||||||||||||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||||||||||||||||||||||
Long term borrowings | [13] | $ 85,898 | ||||||||||||||||||||||||||||||||
Interest rate | 6.80% | [13] | 6.80% | [13] | 5.01% | 5.01% | ||||||||||||||||||||||||||||
[1]On January 18, 2024 and 2023, the Company borrowed USD 110,769 864,000 5.97 4.26 1,000,000 2,307,692 18,000,000 2,307,693 18,000,000 one three months 6.64 7.03 5.625 5.84 128,205 1,000,000 eleven years 3.625 3.375 128,205 1,000,000 eleven years 3.625 3.375 512,821 4,000,000 eleven years 3.625 3.375 384,615 3,000,000 ten years 3.625 512,821 4,000,000 five years 4.56 128,205 1,000,000 eight years 3.625 3.375 512,821 4,000,000 eight years 3.625 3.375 128,205 1,000,000 eight years 3.625 3.375 384,615 3,000,000 ten years 3.625 3.375 696,155 5,430,000 696,155 5,430,000 one four months 5.29 6.8 4.43 5.01 |
Schedule of Maturities Principa
Schedule of Maturities Principal and Interest payments (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Debt Disclosure [Abstract] | ||
2023 | ||
2024 | 3,914,321 | |
2025 | 3,986,662 | 308,591 |
2026 | 405,957 | 308,591 |
2027 | 405,957 | 308,591 |
2028 | 405,957 | 308,591 |
2029 | 405,957 | 201,204 |
2030 | 405,957 | 71,911 |
2031 | 340,441 | 49,613 |
2032 | 283,173 | 49,613 |
2033 | 204,066 | 45,477 |
2034 | 103,973 | |
2035 - 2044 | 922,351 | |
Total bank borrowings repayments | 7,870,451 | 5,566,503 |
Less: imputed interest | (1,018,218) | (244,385) |
Total bank borrowings recognized in the Consolidated Balance Sheet | $ 6,852,233 | $ 5,322,118 |
Bank Borrowings (Details Narrat
Bank Borrowings (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 275,796 | $ 159,955 | $ 66,521 |
Repayments of bank borrowing | $ 3,522,222 |
Schedule of General and Adminis
Schedule of General and Administrative Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 26,214 | $ 5,001 | $ 7,772 |
Rental expenses | 37,179 | 33,333 | 21,260 |
Total | 1,846,753 | 855,597 | 512,650 |
General and Administrative Expense [Member] | |||
Bank charges | 20,260 | 23,043 | 14,830 |
Debt collection fee | 73,077 | ||
Depreciation | 4,066 | ||
Entertainment | 81,038 | 51,325 | 29,615 |
Expected credit loss allowance | 30,075 | 71,386 | 8,966 |
IPO costs | 545,414 | ||
Motor vehicle expenses | 51,286 | 76,634 | 17,839 |
Rental expenses | 37,179 | 33,333 | 21,260 |
Site administrative expenses | 287,217 | 88,652 | 11,410 |
Staff costs | 515,774 | 395,844 | 322,950 |
Others | 201,367 | 115,380 | 85,780 |
Total | $ 1,846,753 | $ 855,597 | $ 512,650 |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred | $ (183) | $ (803) | $ (994) |
Total | 648,936 | 468,889 | 317,096 |
CAYMAN ISLANDS | |||
Current | |||
Deferred | |||
VIRGIN ISLANDS, BRITISH | |||
Current | |||
Deferred | |||
HONG KONG | |||
Current | 649,119,000 | 469,692,000 | 318,090,000 |
Deferred | $ (183,000) | $ (803,000) | $ (994,000) |
Schedule of Deferred Tax Asset
Schedule of Deferred Tax Asset And Liability (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
MSE: | ||
Provision for allowance of credit losses | $ 150 | $ 2,256 |
Net operating loss carryforward | 281,951 | 192,953 |
Total deferred tax assets | 282,101 | 195,209 |
Less: valuation allowance | (281,951) | (192,953) |
Deferred tax assets, net | 150 | 2,256 |
MSHK: | ||
Property and equipment | (9,038) | (530) |
Right-of-use assets – finance lease | (18,490) | (22,218) |
Total deferred tax liabilities – equipment and right-of-use assets – finance lease | (27,528) | (22,748) |
Deferred tax assets - provision for allowance of credit losses | 26,650 | 19,581 |
Deferred tax liabilities, net | (878) | (3,167) |
Deferred tax assets (liabilities), net | $ (728) | $ (911) |
Schedule of Income Tax Expense
Schedule of Income Tax Expense Reconciliation (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Income Tax Disclosure [Abstract] | ||||
Profit before income taxes | $ 2,975,533 | $ 3,256,125 | $ 2,120,605 | |
Hong Kong Profits Tax rate | 16.50% | 16.50% | 16.50% | |
Income taxes computed at Hong Kong Profits Tax rate | $ 490,963 | $ 537,260 | $ 349,900 | |
Reconciling items: | ||||
Tax effect of income that is not taxable | [1] | (25) | (127,476) | (12,088) |
Tax effect of non-deductible expenditure | 90,539 | |||
Change in valuation allowance | 88,998 | 81,028 | 1,720 | |
Effect of two-tier tax rate | (21,154) | (21,154) | (21,154) | |
Statutory tax deduction | [2] | (385) | (769) | (1,282) |
Total | $ 648,936 | $ 468,889 | $ 317,096 | |
[1]Income that is not taxable mainly consisted of the government subsidies which are non-taxable under Hong Kong income tax law.[2]It represents a reduction granted by the Hong Kong SAR Government of 100% 3,000 6,000 10,000 |
Schedule of Net Operating Loss
Schedule of Net Operating Loss Carry Forward (Details) (Parenthetical) | 12 Months Ended | ||
Mar. 31, 2024 HKD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 HKD ($) | |
Income Tax Disclosure [Abstract] | |||
Percentage of tax reduction granted | 100% | ||
Reduction granted | $ 3,000 | $ 6,000 | $ 10,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended | |||||
Mar. 31, 2024 USD ($) | Mar. 31, 2024 HKD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 HKD ($) | Oct. 20, 2021 USD ($) | Oct. 20, 2021 HKD ($) | |
Income Tax Disclosure [Abstract] | ||||||
Income tax description | On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “Bill”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of estimated assessable profits of the qualifying group entity will be taxed at 8.25%, and estimated assessable profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. | |||||
Operating loss carry forwards | $ 1,708,793 | $ 13,328,585 | $ 1,169,414 | $ 9,121,430 | $ 667,911 | $ 5,209,704 |
Valuation allowances | $ 281,951 | $ 192,953 |
Schedule of Earnings Per Share
Schedule of Earnings Per Share (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net income per share attributable to ordinary shareholders | |||
Net income - basic | $ 2,326,597 | $ 2,787,236 | $ 1,803,509 |
Net income - diluted | $ 2,326,597 | $ 2,787,236 | $ 1,803,509 |
Weighted average number of ordinary shares outstanding - basic | 11,250,000 | 11,250,000 | 8,136,986 |
Weighted average number of ordinary shares outstanding - diluted | 11,250,000 | 11,250,000 | 8,136,986 |
Earning per share - basic | $ 0.2 | $ 0.25 | $ 0.22 |
Earning per share - diluted | $ 0.2 | $ 0.25 | $ 0.22 |
Schedule of Related Party Trans
Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |||
Related Party Transaction [Line Items] | |||||
[custom:DividendDeclaredAndOffsettingAgainstDueFromMajorShareholder] | $ 1,711,225 | $ 2,564,103 | $ 1,282,051 | ||
Advances from related party | 1,058,733 | 632,648 | 354,232 | ||
Payment to a related party | (2,730,449) | (2,754,955) | (1,623,892) | ||
Mr.Chi Ming Lam [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | [1],[2] | 78,355 | 520,151 | ||
[custom:DividendDeclaredAndOffsettingAgainstDueFromMajorShareholder] | [3],[4] | 1,711,225 | 2,564,103 | 1,282,051 | |
Advances from related party | [4],[5] | 1,058,733 | 632,648 | 354,232 | |
Payment to a related party | [4],[5] | (2,730,449) | (2,754,955) | (1,623,892) | |
Advances from (Payment to) a related party | (1,671,716) | (2,122,307) | (1,269,660) | ||
Related Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | 78,355 | 520,151 | |||
Mo Building Material Limite [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | $ 425,128 | $ 335,431 | [3] | ||
Mr Lam [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from related parties | |||||
[1]Mr. Chi Ming Lam is the Chief Executive Officer, director and Chairman of the Company.[2]The balance represented the advances to Mr. Lam. The amount was unsecured, interest-free and repayable on demand. The balance has been fully repaid as of the date of this report.[3]Mo Building Material Limited is a company in which Mr. Chi Ming Lam had beneficial interest before September 2, 2022.[4]Mr. Chi Ming Lam is the Chief Executive Officer, director and Chairman of the Company.[5]Represents the total advances from (payments to) Mr. Lam for the years ended March 31, 2024, 2023, and 2022 which were non-trade in nature, unsecured, interest-free and had no fixed term of repayment. As of March 31, 2024, the amount due from Mr. Lam to the Company was nil |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Cash and cash equivalents | $ 1,563,090 |
Schedule of Disaggregation Reve
Schedule of Disaggregation Revenue (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||||
Total revenue | $ 27,572,692 | $ 21,868,220 | $ 14,383,980 | $ 27,572,692 | $ 21,868,220 | $ 14,383,980 |
Public [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | 11,488,228 | 6,307,454 | 2,029,667 | |||
Private [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenue | $ 16,084,464 | $ 15,560,766 | $ 12,354,313 |
Segment Reporting (Details Narr
Segment Reporting (Details Narrative) - Integer | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting [Abstract] | |||
Number of operating segments | 1 | ||
Number of reportable segments | 1 | ||
Percentage of contribution | 90% | 90% | 90% |