40 results
20-F
2023 FY
TWG
Top Wealth Group Holding Limited Ordinary Shares
29 May 24
Annual report (foreign)
8:16am
The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements:
December 31, 2023 | December 31, 2022 | |||||||
USD to HK$ /Year End | 7.8 | 7.8 |
20-F
2023 FY
TWG
Top Wealth Group Holding Limited Ordinary Shares
29 May 24
Annual report (foreign)
8:16am
(Amounts expressed in US dollars (“$”) except for numbers of shares and par value)
As of December 31 | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 134,350 | $ | 217,384 | ||||
Accounts receivable | 5,972,736 | 33,382 | ||||||
Accounts receivable from related parties | - | 6,866 | ||||||
Inventories | 153,209 | 2,071,708 | ||||||
Prepayments | 274,417 | - | ||||||
Deposits paid | 595,063 | 586,096 | ||||||
Amount due from a related party | - | 63,735 | ||||||
7,129,775 | 2,979,171 | |||||||
Non-current assets | ||||||||
Property, plant and equipment, net | 134,538 | 368,197 | ||||||
Right-of-use assets – operating lease | 40,421 | 71,076 | ||||||
Deferred tax assets | 44,248 | 13,725 | ||||||
Total non-current assets | 219,207 | 452,998 | ||||||
Total assets | $ | 7,348,982 | $ | 3,432,169 | ||||
Current liabilities | ||||||||
Accounts payable | - | 200,608 | ||||||
Accrued expenses and other payables | 425,673 | 60,435 | ||||||
Operating lease liabilities - current | 40,421 | 53,313 | ||||||
Amount due to a related party | 160,089 | 217,779 | ||||||
Borrowings | 777,893 | - | ||||||
Current income tax payable | 992,270 | 370,419 | ||||||
Total current liabilities | 2,396,346 | 902,554 | ||||||
Non-current liabilities | ||||||||
Operating lease liabilities – non-current | - | 17,763 | ||||||
Total liabilities | $ | 2,396,346 | $ | 920,317 | ||||
Commitments and contingencies | ||||||||
Shareholders’ equity | ||||||||
Common stock, $0.0001 par value; 500,000,000 shares authorized, 27,000,000 (2022: 27,000,000)* shares issued and outstanding | 2,700 | 2,700 | ||||||
Additional paid-in capital | 641,015 | 638,326 | ||||||
Retained earnings | 4,308,921 | 1,870,826 | ||||||
Total shareholders’ equity | 4,952,636 | 2,511,852 | ||||||
Total liabilities and equity | $ | 7,348,982 | $ | 3,432,169 |
20-F
2023 FY
TWG
Top Wealth Group Holding Limited Ordinary Shares
29 May 24
Annual report (foreign)
8:16am
Depreciation included in:
Years ended December 31, | ||||||||
2023 | 2022 | |||||||
Administrative expense | $ | 233,659 | $ | 173,215 |
20-F
2023 FY
TWG
Top Wealth Group Holding Limited Ordinary Shares
29 May 24
Annual report (foreign)
8:16am
Other information | Years ended December 31, | |||||||
2023 | 2022 | |||||||
New right-of-uses asset – operating lease and lease liabilities recognized | $ | 45,992 | $ | 102,280 | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | 79,769 | 57,128 | ||||||
Weighted-average remaining lease term - operating leases | 0.5 years | 1.5 years | ||||||
Weighted-average discount rate - operating leases | 5.625 | % | 5 | % |
20-F
2023 FY
TWG
Top Wealth Group Holding Limited Ordinary Shares
29 May 24
Annual report (foreign)
8:16am
Our revenue increased by USD8,430,358, or 99%, from USD8,512,929 for the year ended December 31 2022 to USD16,943,287 for the year ended December 31 2023, primarily due to the addition of new customers and also increased orders from some existing customers based on the increased popularity of caviar consumption in the fine dining industry. Also, we started trading of fine wine in 2023, which contributed revenue of US$4,460,092, compared to Nil in 2022. An analysis is set out below:
Year ended Dec 31 | ||||||||||||||||
2023 | 2022 | Change | ||||||||||||||
USD | USD | USD | % | |||||||||||||
Revenue from caviar | 12,483,195 | 8,512,929 | 3,970,266 | 46.64 | ||||||||||||
Revenue from wine | 4,460,092 | - | 4,460,092 | 100.0 | ||||||||||||
16,943,287 | 8,512,929 | 8,430,358 | 99.0 |
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29 May 24
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