Company: JL
Filing Date: 2025-05-20
Form Type: 20-F/A
Source: 0001213900-25-045507
Chunk: 193

Company: J-Long Group Ltd
Filing Date: 2025-05-20
Form: 20-F/A
Chunk 193
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 STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2024, 2023 AND 2022 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(cont.)

For a debt security for which
an other than temporary impairment is considered to have occurred, we would recognize the entire difference between the amortized cost
and the fair value in earnings if we intend to sell the debt security or it is more likely than not that we will be required to sell the
debt security before recovery of its amortized cost basis. If we do not intend to sell the debt security and it is not more likely than
not that we will be required to sell the debt security before recovery of its amortized cost basis, we would separate the difference between
the amortized cost and the fair value of the debt security into the credit loss component and the noncredit loss component. The credit
loss component would be recognized in earnings and the noncredit loss component would be recognized as a component of other comprehensive
income.

Deferred Offering Costs

Deferred offering costs consist
principally of all direct offering costs incurred by the Company, such as underwriting, legal, accounting, consulting, printing, and other
registration related costs in connection with the initial public Offering (“IPO”) of the Company’s ordinary shares.
The deferred costs are offset against the offering proceeds upon the completion of the IPO during the year.

Property, plant and equipment

Property, plant and equipment
is stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.

Subsequent costs are included
in the asset’s carrying amount or recognized as a separate asset, 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 | % |