| RELATED PARTY BALANCES AND TRANSACTIONS |
| 10. |
Related party balances and transactions |
Nature of relationships with related parties
| Name | | Relationship | | Starlux Limited | | A company under the control by Mr. Jordan Lee | | LingXpert Language Services Limited (“Lingxpert”) | | A wholly owned subsidiary of Starlux Limited | | Green IPO Limited | | A wholly owned subsidiary of Lingxpert and it is no longer a related party in 2025. | | YHY Holdings Limited | | A company under the control of Mr. Jordan Lee | | Ren Restaurants Limited | | A company under the control of Mr. Jordan Lee |
Amount due to related parties consist of
the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
HK$ | | |
HK$ | | |
US$ | |
| Due to ultimate controlling shareholders | |
| 11,558,995 | | |
| 971,214 | | |
| 124,782 | |
| Total | |
| 11,558,995 | | |
| 971,214 | | |
| 124,782 | |
The amounts due to the related parties are unsecured,
interest free with no specific repayment terms. The amount is of non-trade nature. The related party balances included in accounts
payable:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | | |
2025 | |
| | |
HK$ | | |
HK$ | | |
US$ | |
| Lingxpert | |
| 16,568 | | |
| — | | |
| — | |
| Total | |
| 16,568 | | |
| — | | |
| — | |
The Company have the following significant related
party transaction as follows:
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
HK$ | | |
HK$ | | |
HK$ | | |
US$ | |
| Other income – administrative service fee from: | |
| | |
| | |
| | |
| |
| Lingxpert | |
| 84,000 | | |
| 84,000 | | |
| 84,000 | | |
| 10,792 | |
| Green IPO Limited | |
| 45,000 | | |
| 66,000 | | |
| — | | |
| — | |
| Ren Restaurants Limited | |
| 240,000 | | |
| 240,000 | | |
| 100,000 | | |
| 12,848 | |
| Total administrative service fee from related parties | |
| 369,000 | | |
| 390,000 | | |
| 184,000 | | |
| 23,640 | |
| | |
| | | |
| | | |
| | | |
| | |
| Translation cost to Lingxpert | |
| 4,272,333 | | |
| 3,261,056 | | |
| 3,853,053 | | |
| 495,041 | |
| | |
| | | |
| | | |
| | | |
| | |
| Flim cost to Green IPO Limited | |
| 200,000 | | |
| 200,000 | | |
| — | | |
| — | |
Remuneration to senior management, included in selling and marketing,
and general administrative expenses, for the years ended December 31, 2023, 2024 and 2025 were:
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | | |
2025 | |
| | |
HK$ | | |
HK$ | | |
HK$ | | |
US$ | |
| Salaries and other short term employee benefits | |
| 5,570,189 | | |
| 6,712,435 | | |
| 16,215,671 | | |
| 2,083,393 | |
| Payments to defined contribution pension schemes | |
| 60,000 | | |
| 72,000 | | |
| 78,000 | | |
| 10,021 | |
| Total | |
| 5,630,189 | | |
| 6,784,435 | | |
| 16,293,671 | | |
| 2,093,414 | |
|