Financial Performance - The group's revenue decreased by approximately 9.4% from about HKD 42.3 million for the year ended March 31, 2023, to about HKD 38.3 million for the year ended March 31, 2024, due to the closure of four restaurants[38]. - The total operating expenses for the year ended March 31, 2024, were approximately HKD 11.2 million, a decrease from HKD 13.9 million in 2023[13]. - Employee costs for the year ended March 31, 2024, were approximately HKD 16.1 million, down from HKD 21.9 million in 2023, reflecting a reduction in workforce from 114 employees to 42[25]. - Employee costs reduced by approximately 26.4% from about HKD 21.9 million for the year ended March 31, 2023, to about HKD 16.1 million for the year ended March 31, 2024, as a result of closing four restaurants[40]. - Employee costs accounted for approximately 51.7% of revenue for the year ended March 31, 2023, and decreased to about 42.0% for the year ended March 31, 2024[40]. - The group incurred a loss of approximately HKD 3.2 million due to the write-off of property and equipment as a result of restaurant closures during the year ended March 31, 2024[10]. - The group recognized a gain of approximately HKD 1.4 million from the early termination of two leases during the year ended March 31, 2024[10]. Assets and Liabilities - As of March 31, 2024, the group reported a bank balance and cash amount of approximately HKD 13.3 million, an increase of about HKD 6.7 million from HKD 6.6 million as of March 31, 2023[15]. - The total current assets and current liabilities as of March 31, 2024, were approximately HKD 20.9 million and HKD 16.8 million, respectively, resulting in a current ratio of approximately 1.2 times, up from 0.7 times in 2023[16]. - As of March 31, 2024, the carrying amounts of property and equipment, right-of-use assets, and prepayments for property and equipment were HKD 9,677,000, HKD 2,142,000, and HKD 2,866,000 respectively[188]. - No impairment losses were recognized for property and equipment, right-of-use assets, and prepayments for property and equipment for the year ended March 31, 2024[188]. Corporate Governance - The company emphasizes the importance of corporate governance for enhancing shareholder value and has adopted the corporate governance code[100]. - The company has established a remuneration committee to review compensation policies based on group performance and market practices[90]. - The company has committed to maintaining high standards of corporate governance to ensure transparency and accountability to all shareholders[99]. - The company’s board consists of experienced individuals, with at least half being independent non-executive directors, ensuring adequate checks and balances[161]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, each with clear written terms of reference[163]. - The company has adopted a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders and potential investors[182]. Future Plans and Opportunities - The group plans to open new restaurants in 2024, aiming to expand its network and explore new revenue sources[28]. - The group is actively seeking potential business opportunities or collaborations to expand revenue sources and improve shareholder returns[29]. - The group aims to enhance operational efficiency and profitability by seizing every potential opportunity[28]. Legal and Compliance - The group is involved in multiple litigations related to overdue rent and other expenses, which may incur additional interest, fees, and penalties if delayed[48]. - The group recognized a provision of approximately HKD 44,000 for estimated additional fees and penalties related to ongoing litigation for the year ended March 31, 2024, compared to about HKD 15,000 in 2023[43]. - The company has no significant related party transactions that require disclosure under GEM listing rules[82]. Audit and Financial Reporting - The independent auditor confirmed the company's financial statements for the fiscal year ending March 31, 2024[97]. - The independent auditor's report concluded that the consolidated financial statements present a true and fair view of the group's financial position as of March 31, 2024[200]. - The audit committee has reviewed the internal control review report and considers the risk management and internal control systems effective and adequate[177]. - The audit procedures included discussions with management to identify indicators of impairment and evaluating the assumptions used in the impairment tests[188]. Diversity and Inclusion - As of March 31, 2024, the gender composition of employees, including senior management, is approximately 40% male and 60% female, indicating a commitment to gender diversity[131]. - The board consists of one male member (25% of the board) and three female members (75% of the board), reflecting a strong commitment to gender diversity[145]. - The company has adopted a diversity policy that considers various factors, including gender, age, cultural and educational background, industry experience, and professional skills when determining board composition[110]. Risk Management - The company has established risk management procedures, including risk identification, assessment, and mitigation strategies, which are reviewed at least annually[176]. - The company’s internal control systems are designed to provide reasonable assurance against material misstatements or losses[176].
赏之味(08096) - 2024 - 年度财报