Company: GINT
Filing Date: 2025-07-18
Form Type: F-1/A
Source: 0001213900-25-065552
Chunk: 204

Company: Gifts International Holdings Ltd
Filing Date: 2025-07-18
Form: F-1/A
Chunk 204
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 segments. In accordance with ASU No. 2023 -07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, the Company considered whether additional disclosures were required, including significant segment expenses and measures used by the chief operating decision maker (“CODM”). However, the CODM evaluates the Company’s performance based solely on consolidated financial results, and no additional measures or expense categories are used for internal decision -making. For the years ended March 31, 2024 and 2025, the Company operates and manages its business as one single business segment, in accordance with ASC 280. The Company’s CODM is the Chief Executive Officer. The Company’s CODM assesses the Company’s performance and results of operations on a consolidated basis. The Company substantially generates its revenues from customers in Hong Kong. Accordingly, no geographical segments are presented. Substantially, all of the Company’s long -livedassets are located in Hong Kong. •Pension Costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operations as the related employee service are provided. The Company also recognizes long service payments to be made by the Company to its employees upon the termination of services as a defined benefit plan under post -employmentbenefits. The cost of providing benefits is measured using projected unit credit method with actuarial valuations to determine its present value and service cost. When the calculation results in a benefit to the Company, the recognized assets are limited to lower of the present value F-13 GIFTS INTERNATIONAL HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan and the asset ceiling. The net defined benefit liabilities recognized in the consolidated and combined balance sheets represent the present value of the obligation under defined benefit plan minus the fair value of plan assets. The Company carried out a comprehensive actuarial valuation at the end of reporting period. The remeasurement of the net defined benefit liabilities during a period are recognized as cost of defined benefit plan during the period. •Leases The Company adopts the ASU No. 2016 -02“ Leases (Topic 842).” for all periods presented. This standard requires lessees to recognize lease assets (“right -of -use”) and