Related Party Balances and Transactions |
6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 |
Dec. 31, 2024 |
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| RELATED PARTY BALANCES AND TRANSACTIONS | 13. Related party balances and transactions Due from (to) related parties consist of the following:
The amounts due from (to) the related parties are unsecured, interest free with no specific repayment terms. Neo-Concept (Holdings) Company Limited (“NCH”) is a company incorporated in Hong Kong and controlled by Ms. Siu, the controlling shareholder of the Company. As of December 31, 2024, the amount due to NCH was non-trade nature, being fund advance to NCH for its general operation. As of June 30, 2025, the prepayment to NCH was trade nature, being prepayment to NCH to secure the goods for future sales in London showroom. In addition to the transactions and balances detailed elsewhere in these unaudited interim condensed consolidated financial statements, we also had the following transactions with related parties:
Agency income refers to other income from NCH, which was a discretionary payment made to Neo-Concept UK for promoting NCH’s products in UK upon a pre-determined yearly sale target was achieved. There are no enforceable rights and obligations, and the amount is recorded at a point in time. |
12. Related party balances and transactions Due to related parties consist of the following:
The amounts due from (to) the related parties are unsecured, interest free with no specific repayment terms. The amounts due from (to) NCH were non-trade nature, representing fund advances to NCH for its operation. In addition to the transactions and balances detailed elsewhere in these consolidated financial statements, we also had the following transactions with related parties:
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