Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 97

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 97
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 organizations

Receivables
arise from the business of dealing in futures or investment securities. Broker-dealers will require balances to be placed with them in
order to cover the positions taken by its customers. Clearing house receivables typically represent proceeds receivable on trades that
have yet to settle and are usually collected within two days. The balance of receivables from broker-dealers and clearing organizations
represents such receivables related to the Company’s customer trading activities and proprietary trading activities.

As
of March 31, 2025 and 2024, receivables from broker-dealers and clearing organizations consisted of the following:

                                                                                         As                                                     
                                                                                         of March 31,                                           
                                                                                         2025                              2024                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Receivables                                                                            $                  9,010,040      $         3,739,268  
  Receivables                                                                                                 251,759                   97,425  
  Receivables                                                                                               2,761,760                  166,289  
  Total                                                                                  $                 12,023,559      $         4,002,982  

Receivables
from customers

Receivables
from customers include the trading solution services fees and other amounts due from customers once the transactions have been executed
and completed. Receivables from customers are recorded net of allowance for expected credit losses. Revenues earned from the futures
brokerage service are included in futures brokerage commission, and revenues earned from trading solution services are included in trading
solution services income. The amounts receivable from customers that are determined by management to be uncollectible are recorded as
expected credit losses in the consolidated statements of operations. For the years ended March 31, 2025, 2024 and 2023, the Company provided
allowance of $ 2,590,291 nil nil

F-10

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 (Continued)

Long-term
investments

  Investment          

The
Company accounts for the investment in a limited partnership in which the Company holds more than minor equity interest ( 3 5

The
Company applies the equity method to account for investment in a limited partnership