Corporate Governance - The Board held 8 meetings during the fiscal year ending March 31, 2023, to determine strategic direction and approve financial performance[6]. - The Audit Committee reviewed the Group's quarterly reports, interim report, and audited annual results for the year ended March 31, 2023[13]. - The Remuneration Committee is responsible for recommending overall remuneration policy and structure for all Directors and senior management, ensuring no Director determines their own remuneration[18]. - The Company has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee to maintain high standards of corporate governance[13]. - The Audit Committee comprises three independent non-executive Directors, chaired by Ms. Lai Pik Chi, Peggy[13]. - The Company has a structured approach to corporate governance, ensuring compliance with GEM Listing Rules and other regulatory requirements[7]. - The Company has adopted amended articles of association effective from October 3, 2022[39]. - The Company has complied with all code provisions set out in the Corporate Governance Code throughout the year ended March 31, 2023, except for certain deviations noted in the report[93]. - The Company is committed to high standards of corporate governance to protect shareholder interests and assets[123]. Financial Performance - The Group's financial performance for the year ended 31 March 2023 includes an increase in auditor remuneration to approximately HK$550,000 from HK$520,000 in 2022[55]. - The Group's financial results for the year ended March 31, 2023, are detailed in the consolidated financial statements, with no final dividend recommended for the year (2022: Nil)[77]. - The Group's commitment to talent development includes competitive remuneration packages and career advancement opportunities[77]. - The Group's financial performance and liquidity have been assessed, revealing potential uncertainties regarding its ability to continue as a going concern[160]. - The Group recognized impairment losses of HK$21,000 during the year on contract assets[152]. - The total amount of contract liabilities at the end of the reporting period was zero, down from HK$276,000 at the beginning of the previous year[134]. - The Group's trade receivables aged analysis as of March 31, 2023, shows a total of HK$3,912,000, down from HK$7,051,000 in 2022, indicating a decrease of approximately 44%[183]. - The Group does not allow any credit period to its customers, which may impact cash flow management[184]. - The Group's outstanding balance due from the ultimate holding company was HK$12,000 as of March 31, 2022[148]. - The Group has obtained interest-bearing borrowing facilities from a financial institution amounting to HK$10,000,000 to address potential liquidity shortfalls[160]. Risk Management - The Audit Committee and Board found no significant issues affecting the effectiveness of the Group's risk management and internal control systems[33]. - The Board believes that the risk management and internal control system of the Group is adequate and effective, with ongoing assessments planned[59]. - The Group's compliance risks include non-compliance with safety, health, and environmental ordinances[33]. - The Group's strategic risks include maintaining a competitive edge and managing customer expectations, with ongoing efforts to mitigate these risks[59]. - The Group has implemented various cost control measures to enhance revenue and manage operational costs[160]. - The Company faced a statutory demand for an alleged debt totaling approximately HK$5,830,000, which could lead to a winding-up petition if not settled[136]. Shareholder Communication - The Company encourages shareholders to communicate through various channels and attend meetings for direct inquiries[34]. - The Company will issue a circular to shareholders providing information on candidates nominated for election at the annual general meeting[16]. - The Directors and Chief Executives had no interests or short positions in the Shares or debentures of the Company as of March 31, 2023[85]. - The Company did not enter into any connected transactions requiring reporting or independent shareholders' approval during the year ended March 31, 2023[119]. Environmental and Social Responsibility - The Group has adopted environmental protection policies to minimize potential adverse impacts on the environment, including reducing paper consumption and shutting down unused electronic equipment[77]. - The Company has a focus on environmental policies and stakeholder relationships as part of its operational strategy[77]. - The Group continues to engage in new projects with major customers and subcontractors, maintaining long-term healthy relationships[77]. - The Group did not make any donations during the year ended March 31, 2023, compared to nil in 2022[111]. Business Operations - The Group primarily engages in providing comprehensive architectural and structural engineering consultancy services[76]. - The management team includes experienced directors with over 15 years in enterprise management and technology industries[71]. - The company has a focus on developing new energy battery technology and blockchain technology[71]. - The Group aims to diversify its customer bases and maintain competitiveness by providing training on the latest developments in industry innovation and operation[59]. - The Group continues to seek opportunities to recruit suitable talent to capture more business opportunities[60]. - The Company has undergone a group reorganization to rationalize its structure for better operational efficiency[76]. Revenue Recognition - The Group recognizes revenue when it satisfies a performance obligation by transferring a promised good or service to a customer[198]. - Revenue is recognized over time if the customer simultaneously receives and consumes the benefits provided by the Group's performance[199]. - For contracts with variable consideration, the Group estimates the amount of consideration to which it will be entitled using either the expected-value or the most-likely amount method[199]. - The principal input applied in input methods for revenue recognition is labor hours and/or third-party costs incurred[199]. - The Group applies the input method to measure progress towards complete satisfaction of performance obligations when reliable information is available[199].
中国来骑哦(08039) - 2024 - 年度财报