Company: JL
Filing Date: 2025-04-03
Form Type: 20-F/A
Source: 0001213900-25-028675
Chunk: 188

Company: J-Long Group Ltd
Filing Date: 2025-04-03
Form: 20-F/A
Chunk 188
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, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance
are charged to the consolidated statements of operations and comprehensive income during the financial period in which they are incurred.

Property, plant and equipment
is calculated using the straight-line method to allocate their cost less their residual values over their estimated useful lives at the
annual rate as follows:

|                        |     | Estimated         
 depreciation rate |    |   |
| Building               |     |                   |  2 | % |
| Plant and machinery    |     |                   | 20 | % |
| Furniture and fixtures |     |                   | 20 | % |
| Motor vehicles         |     |                   | 20 | % |

The assets’ useful lives
are reviewed, and adjusted if appropriate, at the end of each reporting period.

An item of property, plant
and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the item) is included in consolidated statements of operations and comprehensive income in the period in which the item is derecognized.

Gains or losses on disposals
are determined by comparing proceeds with carrying amount and are recognized within “Other income (expense)” in the consolidated
statements of operations and comprehensive income.

F - 14 J-LONG GROUP LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2024, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)

Impairment of long lived assets

The Company accounts
for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant
and Equipment. (“ASC 360”). Long-lived assets consist primarily of property, plant and equipment. In accordance
with ASC 360, the Company evaluates the carrying value of long-lived assets when it determines a triggering event has occurred,
or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When indicators
exist, recoverability of assets is measured by a comparison of the carrying value of the asset group to the estimated undiscounted
future net cash flows expected to be