Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 88

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 19
Chunk 88
---
 sign this annual report
on its behalf.

  TOP Financial Group Limited                                                                 
  By:                              /s/ Ka Fai Yuen                                            
                                   Name:                Ka Fai Yuen                           
                                   Title:               Chief Executive Officer and Director  

Date: August 13, 2025

TOP FINANCIAL GROUP LIMITED

FINANCIAL STATEMENTS

TABLE OF CONTENTS

  Consolidated Financial Statements                                                                                             
  Reports of Independent Registered Public Accounting Firm (PCAOB ID 6781)                                          F-2         
  Consolidated Balance Sheets as of March 31, 2025 and 2024                                                         F-3         
  Consolidated Statements of Income and Comprehensive Income for the years ended March 31, 2025, 2024 and 2023      F-4         
  Consolidated Statements of Changes in Shareholders’ Equity for the years ended March 31, 2025, 2024 and 2023      F-5         
  Consolidated Statements of Cash Flows for the years ended March 31, 2025, 2024 and 2023                           F-6         
  Notes to Consolidated Financial Statements                                                                        F-7 - F-31  

F-1

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and the shareholders
of

TOP Financial Group Limited

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of TOP Financial Group Limited and subsidiaries (collectively, the “ Company”) as of March 31, 2025 and 2024,
and the related consolidated statements of operations and comprehensive income, changes in shareholders’ equity, and cash flows
for the years ended March 31, 2025, 2024 and 2023 and the related notes (collectively referred to as the “financial statements”).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of the Company as of March 31, 2025 and 2024, and the results of its operations and its cash flows for the years ended March 31, 2025,
2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial
statements based on our audits. We are a public accounting firm registered with