Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 95

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 95
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June 24, 2025, the Board of the Company approved the re-designation of 90,000,000 0.001 90,000,000 0.001 1,000,000,000 990,000,000 10,000,000 1,000,000,000 900,000,000 100,000,000

On
June 3, 2022, the Company completed its initial public offering on the National Association of Securities Dealers Automated Quotations
(“ NASDAQ”). In this offering, 5,000,000 5.00 25

Reorganization

Reorganization
of the legal structure of the Company (“ Reorganization”) was completed on March 26, 2020 by carrying out a sequence
of contemplated transactions, where the Company became the holding company of all entities discussed above.

Previous
to the reorganization, both ZYSL and ZYCL were held by Zhong Yang Holdings Company (the “ Predecessor Parent Company”), a
company incorporated in Hong Kong with limited liability on April 21, 2015. The Predecessor Parent Company was owned 55.5 20.2 10 8.3 4 2

Before
and after the Reorganization, the Company, together with its wholly-owned subsidiaries, are ultimately and effectively controlled by
the same shareholders. Hence, the Reorganization is considered to be under common control. The consolidation of the Company and its
subsidiaries has been accounted for at historical cost as of the beginning of the first period presented in the accompanying
consolidated financial statements.

F-8

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

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

2.
Summary of Significant Accounting Policies

Basis
of presentation and principle of consolidation

These
consolidated financial statements are prepared in accordance with U. S. generally accepted accounting principles (“ U. S. GAAP”)
and have been prepared in accordance with the regulations of the U. S. Securities and Exchange Commission (“ SEC”).

The
consolidated financial statements include the financial statements of the parent company and its wholly owned subsidiaries. All
intercompany balances and transactions have been eliminated in consolidation.

Use
of estimates

The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U. S. (“ U. S.