Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 113

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 113
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                                                              2025                                 2024                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Receivable due from customers                               $                       610,296      $           519,311  
  Less: allowance for expected credit loss on receivable                            ( 261,342                 ( 11,240  
                                                                                      348,954                  508,071  
  Loans receivable (ii)                                                            11,957,377                4,146,564  
                                                              $                    12,306,331      $         4,654,635  

  (i)      The balance due from customers holding US stocks or HK stocks represented the purchase price of stock exceeding the deposits paid by customers which traded these US stocks or HK stocks through ...  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (ii)      For the year ended March 31, 2024, the Company launched loan business, which was approved by Hong Kong Licensing Court under the Money Lenders Ordinance. The Company disbursed loans to customer...  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

F-22

TOP
Financial Group Limited

Notes
to Consolidated Financial Statements

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

5.
Fixed assets, Net

As
of March 31, 2025 and 2024, fixed assets consisted of the following:

                                         As                                                   
                                         of March 31,                                         
                                         2025                             2024                
 ──────────────────────────────────────────────────────────────────────────────────────────────
  Investment properties                  $                   414,943      $          412,504  
  Computer and electronic equipment                           49,958                  57,130  
  Software                                                    86,372                  85,865  
  Less:                                                    ( 117,249                ( 96,996  
                                         $                   434,024      $          458,503  

Depreciation
expense was $ 33,904 28,518 25,496

6.
Employee Benefits

All
salaried employees of the Company in Hong Kong are enrolled in a Mandatory Provident Fund Scheme (“ MPF scheme”) scheme under
the