Bank Loans-Current

12 Months Ended

Sep. 30, 2024

Bank Loans-Current [Abstact]

BANK LOANS-CURRENT

6. BANK LOANS-CURRENT

	As of September 30,						As of September 30,
	2024			2024			2023
	HK$			US$			HK$
Long-term loans
Bank of East Asia(“BEA”)(1)		—			—			—
BEA(2)		900,112			115,855			1,473,603
Less: Current portion of long-term loans		(594,627	)		(76,535	)		(562,331	)
Long term loan- non-current portion		305,485			39,320			911,272

The Company’s bank loans which are all denominated in HK$, consist of:

(1) On June 12, 2020, TSL entered into a loan agreement with BEA, pursuant to which TSL obtained a loan in the amount of HK$ 317,000 (approximately US$ 40,903) on June 29, 2020 for three years term ended on June 28, 2023. The loan is at interest rate of 2.75% and the principal is to be paid off by 36 unequal monthly instalments. The loan has been guaranteed by HKMC Insurance Limited (“HKMCI”) under the SME Financing Guarantee Scheme and Mr. Leung Tsz Him.

(2) On March 12, 2021, TSL entered into another loan agreement with BEA, pursuant to which TSL obtained a loan in the amount of HK$ 2,304,000 (approximately US$ 295,954) on March 29, 2021 for five years term ended on March 28, 2026. The loan is at interest rate of 2.75% and the principal is to be paid off by 36 unequal monthly instalments. The loan has been guaranteed by HKMCI under the SME Financing Guarantee Scheme and Mr. Leung Tsz Him.

Annual maturities of the Company’s long-term debt which comprise the term loans during the next two years following September 30, 2024 and thereafter are as follows:

	HK$		US$
Years ending September 30,
2025		594,627		76,535
2026		305,485		39,320
		900,112		115,855