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Interim Condensed Consolidated Balance Sheets
Jun. 30, 2025
HKD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
HKD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
HKD ($)
CURRENT ASSETS          
Cash and cash equivalents $ 1,870,477 $ 238,280 $ 9,166,020 $ 1,180,017 $ 5,849,306
Accounts receivable, net 13,889,041 1,769,327 34,169,661 4,398,943 32,343,592
Prepayment and other current assets 31,823,099 4,053,950 24,387,730 3,139,633 20,225,722
Due from a joint venture 1,553,069 197,846    
Tax recoverable 1,081,353 137,754 994,950 128,088
Inventories, net 5,457,566 695,240 3,616,821 465,623 5,320,199
Total current assets 69,209,855 8,816,656 72,335,182 9,312,304 63,738,819
NON-CURRENT ASSETS          
Property and equipment, net 7,769,644 989,776 4,746,078 611,002 1,297,682
Right-of-use assets, net 45,493,013 5,795,362 42,491,805 5,470,320 23,884,854
Intangible assets, net 12,299,800 1,566,873 13,541,442 1,743,301
Investment in a joint venture 352,068 44,850    
Other non-current assets, net 2,580,039 328,672 2,326,379 299,494 1,695,474
Deferred tax assets 62,104 7,911 206,806 26,624
Total non-current assets 68,556,668 8,733,444 63,312,510 8,150,741 26,878,010
Total assets 137,766,523 17,550,100 135,647,692 17,463,045 90,616,829
CURRENT LIABILITIES          
Bank borrowings 23,243,451 2,960,987 27,105,722 3,489,543 30,753,400
Accruals and other payables 8,596,801 1,095,148 7,292,824 938,865 3,205,705
Operating lease liabilities 5,189,781 661,127 3,890,482 500,854 708,829
Tax payable 413,099 52,625 372,485 47,953 916,436
Total current liabilities 37,443,132 4,769,887 39,299,756 5,059,382 69,827,614
NON-CURRENT LIABILITIES          
Operating lease liabilities 40,303,232 5,134,235 38,601,323 4,969,466 23,176,025
Deferred tax liabilities 1,836,297 233,926 920,142 118,457
Total non-current liabilities 42,139,529 5,368,161 39,521,465 5,087,923 23,176,025
Total liabilities 79,582,661 10,138,048 78,821,221 10,147,305 93,003,639
COMMITMENTS AND CONTINGENCIES    
SHAREHOLDERS’ EQUITY          
Common stock value     9,906 1,275 8,775
Additional paid-in capital 106,085,870 13,514,296 106,085,870 13,657,308 55,091,225
Accumulated other comprehensive income 320,088 40,776 998,965 128,605 844,791
Accumulated losses (48,232,002) (6,144,282) (50,268,270) (6,471,448) (58,331,601)
Total shareholders’ equity 58,183,862 7,412,052 56,826,471 7,315,740 (2,386,810)
Total liabilities and shareholders’ equity 137,766,523 17,550,100 135,647,692 17,463,045 90,616,829
Related Party          
CURRENT ASSETS          
Prepayment – related party 13,535,250 1,724,259    
CURRENT LIABILITIES          
Due to related parties 638,243 $ 82,167 $ 34,243,244
Class A Ordinary Shares          
SHAREHOLDERS’ EQUITY          
Common stock value [1] 8,443 1,076 8,443    
Class B Ordinary Shares          
SHAREHOLDERS’ EQUITY          
Common stock value [1] $ 1,463 $ 186 $ 1,463    
[1] Giving retroactive effect to (i) a share re-classification to 780,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares on March 3, 2025 and (ii) share consolidation of 5 to 1 on June 16, 2025.