Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 109

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 109
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 maker (“ CODM’’) for making decisions, allocation
of resources and assessing performance.

The
Company operates and manages its business as a single operating and reportable segment. The Company’s CODM has been identified
as the Chief Executive Officer who reviews the consolidated net income (loss) when making decisions about allocating resources and assessing
performances of the Company. Significant segment expenses are the same as these presented under the operating costs and expenses in the
consolidated statements of operations, and the difference between net revenue less the significant segment expenses and consolidated
net income are the other segment items. The CODM reviews and utilizes these financial metrics together with non-financial metrics to
make operation decisions, such as the determination of the fee rate at which the Company charges for its services and the allocation
of budget between operating costs and expense.

Concentration

For the year ended March 31,
2025, 2 customers accounted for approximately20% and12% of the total revenue, respectively. For the year ended March 31, 2024, one customer
accounted for approximately15% of the total revenue, respectively. For the year ended March 31, 2023, two customers accounted for approximately13% and10% of the total revenue, respectively.

For the year ended March 31,
2025, 2 brokers accounted for75% and18% of the total commission expenses, respectively. For the year ended March 31, 2024, two brokers
accounted for approximately70% and25% of the total commission expenses, respectively. For the year ended March 31, 2023, two brokers
accounted for approximately76% and18% of the total commission expenses, respectively.

As of March 31, 2025, the
payable balance due to 3 customers accounted for approximately37%,27% and17% of the total balance of payable to customers, respectively.
As of March 31, 2024, the payable balance due to four customers accounted for approximately24%,22%,13%, and13% of the total balance
of payable to customers, respectively. As of March 31, 2023, the payable balance due to two customers accounted for approximately27%
and19% of the total balance of payable to customers, respectively.

F-20

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

For
the Years Ended March 31, 2025, 2024 and 2023

2.
Summary of