| Schedule of Provision for Income Taxes |
Significant components of the provision for income taxes are as follows:
|
|
|
For the six months ended June 30,
|
| |
|
2024
|
|
2025
|
|
2025
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Current:
|
|
|
|
|
|
|
|
Hong Kong
|
|
|
|
|
|
|
|
The UK
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Deferred
|
|
|
|
|
|
|
|
Hong Kong
|
|
|
|
144,701 |
|
18,433 |
|
The UK
|
|
|
|
740,887 |
|
94,382 |
|
Total provision for income taxes
|
|
|
|
885,588 |
|
112,815 |
|
Significant components of the provision for income taxes are as follows:
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2024
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Hong Kong
|
|
928,973 |
|
348,835 |
|
|
44,908 |
|
|
The UK
|
|
388,288 |
|
—
|
|
|
—
|
|
| |
|
|
|
|
|
|
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
Hong Kong
|
|
7,876 |
|
(206,806 |
)
|
|
(26,623 |
)
|
|
The UK
|
|
—
|
|
943,880 |
|
|
121,513 |
|
|
Total provision for income taxes
|
|
1,325,137 |
|
1,085,909 |
|
|
139,798 |
|
|
| Schedule of Reconciles Cayman Islands Statutory Rates |
The following table reconciles Cayman Islands statutory rates to our effective tax rate:
|
|
|
For the six months ended
June 30,
|
| |
|
2024
|
|
2025
|
|
Income tax rate in the Cayman Islands, permanent tax holiday
|
|
|
%
|
|
|
%
|
|
Hong Kong statutory income tax rate
|
|
(16.5 |
)%
|
|
16.5 |
%
|
|
Effect of different tax rates
|
|
12.0 |
%
|
|
40.5 |
%
|
|
Tax loss not recognized
|
|
9.4 |
%
|
|
9.9 |
%
|
|
Utilization of tax loss
|
|
|
|
|
(28.6 |
)%
|
|
Income not taxable
|
|
(4.9 |
)%
|
|
(8.0 |
)%
|
|
Effective tax rate
|
|
|
%
|
|
30.3 |
%
|
|
The following table reconciles Cayman Islands statutory rates to our effective tax rate:
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
Income tax rate in the Cayman Islands, permanent tax holiday
|
|
0 |
%
|
|
0 |
%
|
|
Hong Kong statutory income tax rate
|
|
16.5 |
%
|
|
16.5 |
%
|
|
Effect of different tax rates
|
|
2.1 |
%
|
|
15.1 |
%
|
|
Expense not deductible
|
|
7.0 |
%
|
|
1.8 |
%
|
|
Temporary not recognized
|
|
0.4 |
%
|
|
0.6 |
%
|
|
Utilization of tax loss
|
|
—
|
|
|
(20.2 |
)%
|
|
Tax concession
|
|
(2.9 |
)%
|
|
(1.9 |
)%
|
|
Effective tax rate
|
|
23.1 |
%
|
|
11.9 |
%
|
|
| Schedule of Deferred Tax Assets (Liabilities) |
Deferred tax assets (liabilities) as of December 31, 2024 and June 30, 2025 consisted of the following:
|
|
|
As of
December 31,
2024
|
|
As of June 30, 2025
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
Tax loss
|
|
2,456,246 |
|
|
1,909,571 |
|
|
243,261 |
|
|
Allowance for expected credit losses
|
|
440,251 |
|
|
62,104 |
|
|
7,911 |
|
|
Total deferred tax assets
|
|
2,896,497 |
|
|
1,971,675 |
|
|
251,172 |
|
|
Valuation allowance
|
|
(2,689,691 |
)
|
|
(1,909,571 |
)
|
|
(243,261 |
)
|
|
Deferred tax assets, net of valuation allowance
|
|
206,806 |
|
|
62,104 |
|
|
7,911 |
|
| |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
(920,142 |
)
|
|
(1,836,297 |
)
|
|
(233,926 |
)
|
|
Total deferred tax liabilities
|
|
(920,142 |
)
|
|
(1,836,297 |
)
|
|
(233,926 |
)
|
|
Deferred tax assets (liabilities) as of December 31, 2023 and 2024 consisted of the following:
|
|
|
As of December 31,
|
| |
|
2023
|
|
2024
|
|
2024
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
Tax loss
|
|
4,351,234 |
|
|
2,456,246 |
|
|
316,213 |
|
|
Allowance for expected credit losses
|
|
233,445 |
|
|
440,251 |
|
|
56,677 |
|
|
Total deferred tax assets
|
|
4,584,679 |
|
|
2,896,497 |
|
|
372,890 |
|
|
Valuation allowance
|
|
(4,584,679 |
)
|
|
(2,689,691 |
)
|
|
(346,266 |
)
|
|
Deferred tax assets, net of valuation allowance
|
|
—
|
|
|
206,806 |
|
|
26,624 |
|
| |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
—
|
|
|
(920,142 |
)
|
|
(118,457 |
)
|
|
Total deferred tax liabilities
|
|
—
|
|
|
(920,142 |
)
|
|
(118,457 |
)
|
|