ANNUAL RESULTS ANNOUNCEMENTFOR THE YEAR ENDED 31 MARCH 2024

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) take no responsibility for the contents of this announcement make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.WAH WO HOLDINGS GROUP LIMITED华和控股集团有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 9938) ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2024 The board (the “Board”) of directors (the “Directors”) of WAH WO HOLDINGS GROUP LIMITED (the “Company”) is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended 31 March 2024 (the “Annual Results”). This announcement which contains the full text of the annual report of the Company for the year ended 31 March 2024 (the “Annual Report”) complies with the relevant requirements under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in relation to information accompanying the preliminary announcement of the Annual Results. The Annual Results have been reviewed by the audit committee of the Company. This announcement is published on the websites of the Company (www.wahwoalum.com) and the Stock Exchange (www.hkexnews.hk). The Annual Report will be despatched to the shareholders of the Company and will also be made available at the abovementioned websites in due course.By order of the Board WAH WO HOLDINGS GROUP LIMITED CHEN Yuet Wa Chairman and Executive Director Hong Kong 27 June 2024 As at the date of this announcement the Board comprises five members of which Mr. CHEN Yuet Wa and Mr. CHAN Fai are the executive directors of the Company; and Mr. CHOW Chi Fai Mr. CHAN Hon Ki and Mr. YU Chi Wing are the independent non-executive directors of the Company.Contents Corporate Information目录 公司资料 2 Chairman’s Statement主席报告4 Management Discussion and Analysis管理层讨论与分析6 Report of the Directors董事会报告14 Biographies of the Directors and Senior Management董事及高级管理层履历29 Corporate Governance Report企业管治报告32 Environmental Social and Governance Report 环境、社会及管治报告45 Independent Auditor’s Report独立核数师报告65 Consolidated Statement of Profit or Loss and Other Comprehensive Income综合损益及其他全面收益表74 Consolidated Statement of Financial Position综合财务状况表75 Consolidated Statement of Changes in Equity综合权益变动表77 Consolidated Statement of Cash Flows综合现金流量表78 Notes to the Financial Statements财务报表附注80 Five-Year Financial Summary五年财务摘要166 Particular of Properties 物业详情 167Corporate Information公司资料 BOARD OF DIRECTORS 董事会 Executive Directors 执行董事 Mr. Chen Yuet Wa (Chairman and Chief Executive Officer) 陈越华先生（主席兼行政总裁） Mr. Chan Fai 陈辉先生 Independent Non-executive Directors 独立非执行董事 Mr. Chow Chi Fai 周志辉先生 Mr. Chan Hon Ki 陈汉淇先生 Mr. Yu Chi Wing 于志荣先生 AUDIT COMMITTEE 审核委员会 Mr. Chow Chi Fai (Chairperson) 周志辉先生（主席） Mr. Chan Hon Ki 陈汉淇先生 Mr. Yu Chi Wing 于志荣先生 REMUNERATION COMMITTEE 薪酬委员会 Mr. Chan Hon Ki (Chairperson) 陈汉淇先生（主席） Mr. Chen Yuet Wa 陈越华先生 Mr. Chow Chi Fai 周志辉先生 NOMINATION COMMITTEE 提名委员会 Mr. Chen Yuet Wa (Chairperson) 陈越华先生（主席） Mr. Yu Chi Wing 于志荣先生 Mr. Chan Hon Ki 陈汉淇先生 COMPANY SECRETARY 公司秘书 Mr. Lee Kai Ming (HKICPA) 李启明先生(HKICPA) AUTHORISED REPRESENTATIVES 授权代表 Mr. Chen Yuet Wa 陈越华先生 Mr. Lee Kai Ming (HKICPA) 李启明先生(HKICPA) AUDITORS 核数师 RSM Hong Kong 罗申美会计师事务所 Certified Public Accountants 执业会计师 Registered Public Interest Entity Auditor 注册公众利益实体核数师 29th Floor Lee Garden Two 香港 28 Yun Ping Road 铜锣湾 Causeway Bay 恩平道28号 Hong Kong 利园二期29楼 2 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Information 公司资料 REGISTERED OFFICE IN THE CAYMAN ISLANDS 开曼群岛注册办事处 Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OF 总部及香港主要营业地点 BUSINESS IN HONG KONG Flat A & D 4/F Phase 1 Kwai Shing Industrial Building 香港 36–40 Tai Lin Pai Road 新界葵涌 Kwai Chung New Territories 大连排道36–40号 Hong Kong 贵盛工业大厦一期4楼A及D室 PRINCIPAL SHARE REGISTRAR AND TRANSFER 开曼群岛主要股份过户登记处 OFFICE IN THE CAYMAN ISLANDS Conyers Trust Company (Cayman) Limited Conyers Trust Company (Cayman) Limited Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands HONG KONG BRANCH SHARE REGISTRAR AND 香港股份过户登记分处 TRANSFER OFFICE Tricor Investor Services Limited 卓佳证券登记有限公司 17/F Far East Finance Centre 香港夏悫道16号 16 Harcourt Road Hong Kong 远东金融中心17楼 PRINCIPAL BANKER 主要往来银行 Nanyang Commercial Bank Ltd. 南洋商业银行有限公司 151 Des Voeux Road Central 香港 Hong Kong 德辅道中151号 COMPANY WEBSITE 网站 www.wahwoalum.com www.wahwoalum.com STOCK CODE 股份代号 99389938 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 3Chairman’s Statement主席报告 To all shareholders 致各位股东： On behalf of the board (the “Board”) of directors (the “Directors”) of Wah Wo 本人谨代表华和控股集团有限公司（「本公司」） Holdings Group Limited (the “Company”) I am pleased to present the annual 董事（「董事」）会（「董事会」）欣然提呈本公司及 results of the Company and its subsidiaries (collectively the “Group”) for the 其附属公司（统称「本集团」）截至2024年3月31日 year ended 31 March 2024 (the “Year”). 止年度（「本年度」）的年度业绩。 The Group is a Hong Kong-based contractor engaged in fa?ade works which 本集团乃为位于香港从事外墙工程的承判商，mainly include windows window wall system curtain wall system and other 工程类型主要为窗户、窗口墙系统、幕墙系统 fa?ade members. We principally provide design and build services for new 及其他外墙组件。我们现专注于就新建楼宇提buildings and renovation services for built premises. The Group also engaged 供设计及建造服务及就现有楼宇提供翻新服 in rental of investment properties. 务。本集团亦从事投资物业租赁业务。 During the Year the Group recorded a total revenue from (i) construction 本集团于本年度从(i)建筑及配套服务及(ii)投资 and ancillary service and (ii) rental of investment properties of HK$238.4 物业租赁录得收益总额238.4百万港元，较截至million representing an increase of approximately 14.4% as compared to 2023年3月31日止年度约208.4百万港元增加约 approximately HK$208.4 million for the year ended 31 March 2023 which was 14.4%，主要由于本年度处于执行高峰阶段的若mainly due to the revenue contributed by some of our on-going projects 干现有项目贡献的收益所致。本集团录得净亏in execution-peak stage during the Year. The Group recorded a net loss of 损约55.1百万港元，较截至2023年3月31日止年approximately HK$55.1 million represented a decrease of approximately 度减少约58.0百万港元。有关导致纯利减少的因HK$58.0 million when compared to the year ended 31 March 2023. For 素，请参阅本报告「管理层讨论与分析」一节。 the contributing factors of the decrease in net profit please refer to the “Management Discussion and Analysis” section of this report.Despite signs of economic recovery from novel coronavirus (the “COVID-19”) 尽管有迹象表明香港经济从新型冠状病毒 situation in Hong Kong the Directors considers that general outlook of the （「COVID-19」）疫情中恢复，董事认为行业的整industry and the business environment remains very difficult and challenging. 体前景及营商环境仍然非常困难及充满挑战。 Factors such as (1) the removal of the “spicy” stamp duty measures and 存在的因素包括：(1)2024年预算中的印花税撤 the easing of the mortgage loan-to-value ratio on 2024 Budget have had 辣措施及放宽按揭比率对市场复苏效果有限。 a limited effect on market recovery which we had anticipated that these 我们曾预期该等变化会推动经济增长，但其影changes would drive growth but their impact has been less substantial than 响低于期望；(2)高息环境持续为住宅物业需求 we hoped; (2) high-interest rate environment continue to exert pressure on 及房价带来压力；(3)香港建筑业面临激烈竞争，demand for residential properties and housing prices; (3) the construction 对价格、利润率及整体盈利能力造成下行压 industry in Hong Kong is marked by intense competition which heightened 力，令获取及维持获利合约更加困难；及(4)我downward pressure on pricing margins and overall profitability making it 们已注意到业界信贷风险升高，近期本集团一increasingly challenging to secure and maintain lucrative contracts; and (4) 名主要客户进行清盘。该客户（即冯祥记集团）we have observed a perceived increase in credit risk within the industry we 乃香港一家主要建筑集团，构成本公司业务的have recently experienced the winding up of a major customer within our 若干组成部分。本集团将保持警惕，密切监察 4 Wah Wo Holdings Group Limited * 华和控股集团有限公司Chairman’s Statement 主席报告 Group. This customer Fung Cheung Kee Group is a major construction group 业务营运的发展。本集团将继续采取更具竞争in Hong Kong constituted a certain portion of our business. The Group will 力的投标定价政策及严格控制生产成本，以达remain vigilant and closely monitor the development of business operations. 致合理的项目毛利率。 The Group will continue to adopt a more competitive tender pricing policy and stringent control over the production costs in order to achieve reasonable project’s gross margin.On behalf of the Board 代表董事会 Mr. Chen Yuet Wa 陈越华先生 Chairman and Chief Executive Officer 主席兼行政总裁 Hong Kong 27 June 2024 香港，2024年6月27日ANNUAL REPORT 2023/24 * 二零二三/二四年年报 5Management Discussion and Analysis管理层讨论与分析 BUSINESS REVIEW AND OUTLOOK 业务回顾与展望 The Group is an established contractor engaged in fa?ade works with a focus 本集团为一家于香港发展成熟的外墙工程承判 on window in Hong Kong. Fa?ade works can be classified into window 商，专注窗户方面。外墙工程可分为窗户、窗window wall system curtain wall system and other fa?ade members. We 口墙系统、幕墙系统及其他外墙组件。我们专principally provide design and build services for new buildings and renovation 注于就新建楼宇提供设计及建造服务及就现有 services for built premises and rental of investment properties. Our services 楼宇提供翻新服务以及投资物业租赁业务。我generally include developing designs conducting structural calculations 们的服务通常包括准备设计、进行结构计算及 and preparing shop drawings as well as management and coordination of 绘制施工图以及项目各方面的管理及统筹，当various aspects of a project which involve procurement of building materials 中包括自材料供应商采购建筑材料及╱或分包 from material suppliers and/or subcontracting of installation works to our 安装工程予我们的次承判商、现场项目管理及 subcontractors on-site project management and post-project completion 项目后竣工及维修服务。 and maintenance services.Construction and ancillary services 建筑及配套服务 Our design and build services are typically conducted on new buildings and 我们的设计及建造服务通常在新建楼宇上进 involve the installation of windows and other fa?ade components such as 行，并涉及窗户及其他外墙部件的安装，例如metal doors louvres balustrades grilles and canopy (referred to as “design 金属门、百叶窗、栏杆、格栅及天篷（统称「设and build projects”). Our renovation services on the other hand are typically 计及建造项目」）。另一方面，我们的翻新服务conducted on built premises and usually involve the repair replacement 通常在现有楼宇上进行，通常涉及窗户、金属upgrade or maintenance of windows metal doors and other fa?ade 门及其他外墙部件的维修、更换、升级或维护 components (referred to as “renovation projects”). We provide design （统称「翻新项目」）。我们为不同类型的建筑物and build services and renovation services for different types of buildings 提供设计、建造服务及翻新服务，包括香港的including residential apartments commercial buildings retail premises 住宅公寓、商业建筑、零售店、大学及酒店。 universities and hotels in Hong Kong.As at 31 March 2024 the Group has a total of 13 ongoing projects each 于2024年3月31日，本集团共有十三个在建项with an awarded contract sum (exclusive of variation orders) of over 目，各自获授合约金额（不包括变更订单）均超HK$5 million. The aggregate contract sums and the aggregated revenue 过5百万港元。该等在建项目于2024年3月31日recognised (inclusive of variation orders and contract sum adjustments as at 的合约总金额及已确认综合收益（包括于2024年 31 March 2024) of these ongoing projects as at 31 March 2024 amounted to 3月31日的变更订单及合约金额调整）分别为约 approximately HK$647.7 million and HK$187.2 million respectively. 647.7百万港元及187.2百万港元。 6 Wah Wo Holdings Group Limited * 华和控股集团有限公司Management Discussion and Analysis 管理层讨论与分析 Rental of investment properties 投资物业租赁 The Group have acquired investment properties and considered they 本集团已购入投资物业，并认为彼等成为不俗constituted a good investment opportunity that will offer a stable and 的投资机遇，为本集团提供稳定、吸引的回报attractive rate of return for the Group. Following the acquisition of these 率。自购入该等投资物业以后，在完成翻新investment properties the Group intends to lease them out for rental income 后，本集团拟将其租出赚取租金，并根据经审after undergoing renovation and sub-divided them into smaller workshops or 批的计划及图则，将其分拆为多个细小的工作studio rooms according to approved plans and drawings. As of 31 March 2024 坊或工作室。于2024年3月31日，本集团合共持the Group possessed a total of seven investment properties. Three of these 有七个投资物业。其中三个投资物业在翻新后investment properties had already been put on the market after undergoing 在市场投放，其他物业现时正在翻新。由于投renovation while other properties were undergoing renovations. As the rental 资物业租赁分部仍处初步阶段，本分部于截至of investment properties segment was still in its early stages this segment 2024年3月31日止年度蒙受亏损约95000港元（不suffered a loss of approximately HK$95000 (excluding fair value change on 包括投资物业约19145000港元的公平值变动）。 investment properties of approximately HK$19145000) during the year ended 本集团预计当日后有更多投资物业可供租赁 31 March 2024. The Group anticipates that this situation will improve as more 时，这情况将会改善。 investment properties are made available for lease in the future.The Group recorded gross profit of approximately HK$21250000 for the Year 本集团于本年度录得毛利约21250000港元，as compared with the gross profit of approximately HK$25263000 for the 而于截至2023年3月31日止年度则录得毛利 year ended 31 March 2023. The Group’s gross profit margin for the Year was 约25263000港元。本集团于本年度的毛利率approximately 8.9% as compared with approximately 12.1% for the year ended 约为8.9%，而截至2023年3月31日止年度则约 31 March 2023. The Group recorded a consolidated net loss of approximately 为12.1%。本集团于本年度录得综合净亏损约 HK$55106000 for the Year as compared with an audited consolidated net 55106000港元，而截至2023年3月31日止年度的profit of approximately HK$2852000 for the year ended 31 March 2023. Such 经审核综合纯利约为2852000港元。纯利减少decrease in net profit is mainly attributable to (i) non-cash item resulted from 主要是由于(i)投资物业公平值亏损产生非现金项 the fair value loss of investment properties of approximately HK$19145000; 目约19145000港元；(ii)本集团一名主要客户于 (ii) winding up of a major customer of the Group on 1 March 2024 and the 2024年3月1日清盘，与该客户的三个建筑项目related loss which included provision of impairment loss allowance and 的有关亏损（包括减值亏损拨备以及订购及预付material that were ordered and prepaid in three construction projects with 的材料）约为20577000港元；及(iii)由于上述客 that customer amounting to approximately HK$20577000; and (iii) increase 户（乃香港一家主要建筑集团）于年内清盘，董of provision for impairment loss allowance of approximately HK$16003000 事会估计本集团的信贷风险将会加大，故增加and specific provisions of approximately HK$23780000 to certain customers 减值亏损拨备约16003000港元及就若干客户作 because of the Board’s estimated increase in credit risk of the Group after the 出特定拨备约23780000港元。 aforesaid customer being a major construction group in Hong Kong had wound up during the year.Looking forward the Group will continue to actively explore and consider 展望未来，本集团将持续积极探索及考虑行业any suitable development opportunities in the industry that can broaden our 内任何合适发展机会而能够有助于扩阔我们的 revenue base and are beneficial to the Group and its shareholders as a whole. 收入基础且对本集团及其股东整体有利。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 7Management Discussion and Analysis管理层讨论与分析 FINANCIAL REVIEW 财务回顾 Revenue 收益 The Group’s revenue from (i) construction and ancillary service and (ii) rental 本集团来自 (i)建筑及配套服务及 (ii)投资物业 of investment properties increased by approximately HK$30075000 or 租赁的收益由截至2023年3月31日止年度约 approximately 14.4% from approximately HK$208350000 for the year ended 208350000港元增加约30075000港元或约14.4% 31 March 2023 to approximately HK$238425000 for the Year. The increase 至本年度约238425000港元。收益增加乃由于本 in revenue was due to the revenue contributed by some of our on-going 年度处于执行高峰阶段的若干现有项目贡献的 projects in execution-peak stage during the Year. 收益所致。 Gross Profit and Gross Profit Margin 毛利及毛利率 The gross profit of the Group for the Year amounted to approximately 本集团于本年度的毛利约为21250000港元，较HK$21250000 representing an decrease of approximately 15.9% as compared 截至2023年3月31日止年度约25263000港元减少 with approximately HK$25263000 for the year ended 31 March 2023. The 约15.9%。本集团于本年度的毛利率约为8.9%，Group’s gross profit margin for the Year was approximately 8.9% as compared 而截至2023年3月31日止年度则约为12.1%。毛利with approximately 12.1% for the year ended 31 March 2023. The decrease 减少主要是由于就本集团的主要客户近期宣布 in gross profit was primarily due to the loss in related to materials that were 清盘的三个施工项目订购或预付材料产生的相 ordered or prepaid for three construction projects where our major customer 关亏损所致。 declared winding up recently.Other Income Gain and Losses 其他收入、收益及亏损 Other income gain and losses of the Group for the Year amounted to losses 本集团于本年度的其他收入、收益及亏损约为 of approximately HK$13865000 representing an increase of losses of 13865000港元亏损，较截至2023年3月31日止年HK$11609000 as compared with approximately HK$2256000 for the year 度约2256000港元亏损增加11609000港元。亏ended 31 March 2023. The increase of losses was primarily due to the decline 损增加主要是由于现时物业市场下投资物业公 in fair value of investment properties under current property market net off by 平值下跌，惟被银行存款产生的银行利息收入the increase in bank interest income generated from bank deposits and gross 及销售废料总收入增加所抵销。 income from sales of scrap.Administrative Expenses 行政开支 The administrative expenses of the Group for the Year amounted to 本集团于本年度的行政开支约为18751000港 approximately HK$18751000 representing an increase of approximately 元，较截至2023年3月31日止年度约16728000 12.1% as compared with approximately HK$16728000 for year ended 31 港元增加约12.1%。该增加主要归因于在2023年 March 2023. The increase was mainly attributable to increase in headcount for 6月成立中华人民共和国设计中心办事处后行政 administrative department; increase in rental and utilities expense in related 部门员工人数增加；办公室相关租金及水电开 to the office of People’s of Republic China design centre incorporated in June 支增加以及营销开支增加所致。 2023 and increase in marketing expenses. 8 Wah Wo Holdings Group Limited * 华和控股集团有限公司Management Discussion and Analysis 管理层讨论与分析 Finance Costs 融资成本 Finance costs of the Group for the Year were approximately HK$345000 本集团于本年度的融资成本约为345000港元，representing an increase of approximately 945.5% as compared with 较截至2023年3月31日止年度约33000港元增加 approximately HK$33000 for the year ended 31 March 2023. The increase was 约945.5%。该增加主要由于本年度作出租赁负mainly attributable to the payments to the lease liabilities and the increase in 债付款以及按揭贷款利息增加所致。 interest mortgage loan during the Year.Loss for the Year 年内亏损 Loss attributable to owners of the Company for the Year increased by 本年度本公司拥有人应占亏损增加约57958000 approximately HK$57958000 or approximately 2032.2% from the turnaround 港元或约2032.2%，由截至2023年3月31日止年from profit attributable to owners of approximately HK$2852000 for the 度拥有人应占溢利约2852000港元转为本年度拥 year ended 31 March 2023 to loss attributable to owners of approximately 有人应占亏损约55106000港元。本集团于本年HK$55106000 for the Year. The decrease in the Group’s net loss for the Year 度的亏损净额减少主要归因于上文「毛利及毛利was mainly due to the reasons as mentioned in the sections “Gross Profit and 率」及「其他收入、收益及亏损」章节所述理由。Gross Profit Margin” and “Other Income Gain and Losses” above.LIQUIDITY FINANCIAL RESOURCES AND CAPITAL 流动资金、财务资源与资本架构 STRUCTURE The shares were successfully listed on the Main Board of the Stock Exchange 股份于上市日期成功在联交所主板上市，此后on the Listing Date and there has been no change in capital structure of the 本集团的股本架构并无变动。 Group since then.As at 31 March 2024 and 2023 the Company’s issued capital was 于2024年及2023年3月31日，本公司的已发行HK$10000000 and the number of its issued ordinary shares was 1000000000 股本为10000000港元，已发行普通股数目为of HK$0.01 each. 1000000000股，每股面值0.01港元。 As at 31 March 2024 the Group had total cash and bank balances of 于2024年3月31日，本集团的现金及银行结余总approximately HK$30704000 (2023: approximately HK$63555000). The 额约为30704000港元（2023年：约63555000港Group had approximately HK$6701000 (2023: Nil) interest-bearing bank 元）。于2024年3月31日，本集团的计息银行借borrowings as at 31 March 2024. 款约为6701000港元（2023年：零）。 All the Group’s borrowings are arranged on a floating rate basis. The Group 本集团的所有借款按浮动利率计息。本集团将will closely monitor and manage its exposure to interest rate fluctuations and 密切监督及管理其利率波动风险，并于适当时will consider engaging in relevant hedging arrangements when appropriate. 候采取相关对冲安排。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 9Management Discussion and Analysis管理层讨论与分析 TREASURY POLICY 库务政策 The Group has adopted a prudent financial management approach towards 本集团已对其库务政策采取审慎之财务管理方 its treasury policy. The Board closely monitors the Group’s liquidity position to 法。董事会密切监控本集团的流动资金状况，ensure that the liquidity structure of the Group’s assets liabilities and other 以确保本集团资产、负债及其他承担的流动资 commitments can meet its funding requirements all the time. 金架构始终能够满足其资金需求。 PLEDGE OF ASSETS 资产抵押 As at 31 March 2024 the Group had approximately HK$18288000 (2023: 于2024年3月31日，本集团就银行融资抵押约approximately HK$10173000) of time deposits pledged for banking facilities. 18288000港元（2023年：约10173000港元）的定期存款。 As at 31 March 2024 investment properties with carrying amount of 于 2024年 3月 31日，账面值约 97800000港元approximately HK$97800000 (2023: approximately HK$81700000) and （2023年：约81700000港元）的投资物业以及其 their respective rental assignments were pledged to secure certain banking 各自的租赁转让已抵押作为若干银行融资的担 facilities. 保。 As at 31 March 2024 investment properties with carrying amount of 于 2024年 3月 31日，账面值约 97800000港元approximately HK$97800000 (2023: Nil) and their respective rental （2023年：零）的投资物业以及其各自的租赁转 assignments were pledged as security for the Group’s bank borrowings. 让已抵押作为本集团银行借款的担保。 FOREIGN EXCHANGE RISK 外汇风险 The Group mainly operates in Hong Kong. Most of the operating transactions 本集团主要于香港营运。大多数经营交易及收and revenue were settled in Hong Kong dollars and Renminbi and the Group’s 益以港元及人民币结算，而本集团的资产及负assets and liabilities are primarily denominated in Hong Kong dollars and 债主要以港元及人民币计值。本集团并无其他Renminbi. The Group has no significant exposure to other foreign exchange 重大外汇波动风险。本集团于本年度并无订立fluctuations. The Group did not engage in any derivatives agreement and 任何衍生工具协议，亦未使用任何金融工具对did not commit to any financial instrument to hedge its foreign exchange 冲其外汇风险（2023年：无）。 exposure during the Year (2023: Nil).GEARING RATIO 资产负债比率As at 31 March 2024 the gearing ratio (calculated as total debts (including 于2024年3月31日，资产负债比率（按债务总额lease liabilities and bank borrowings) divided by the total equity) was （包括租赁负债及银行借款）除以权益总额计算） approximately 5.3% (2023: approximately 0.2%). 约为5.3%（2023年：约0.2%）。 CAPITAL EXPENDITURE 资本开支 During the Year the Group invested approximately HK$1946000 (2023: 于本年度，本集团分别投资约1946000港元approximately HK$3584000) and approximately HK$23945000 (2023: （2023年：约3584000港元）及约23945000港元 approximately HK$50124000) on the acquisition of property plant and （2023年：约50124000港元）用于收购物业、厂 equipment and investment properties respectively. Capital expenditure was 房及设备以及投资物业。资本开支主要由内部principally funded by internal resources. 资源提供资金。 10 Wah Wo Holdings Group Limited * 华和控股集团有限公司Management Discussion and Analysis 管理层讨论与分析 LEASES 租赁 During the year ended 31 March 2021 the Group entered into a new lease 截至2021年3月31日止年度，本集团与陈越华arrangement with Ms. Wong Chun Siu the spouse of Mr. Chen Yuet Wa 先生（「控股股东」）的配偶黄春笑女士订立新租 (“Controlling Shareholder”) for the use of a warehouse and office premises. 赁安排，以使用仓库及办公物业。于初始确认Upon initial recognition the Group recognised a right-of-use asset and a 时，本集团确认使用权资产及租赁负债约为lease liability of approximately HK$7206000. Pursuant to the supplemental 7206000港元。根据2020年12月签订的补充协agreement signed in December 2020 the lease period was changed to fixed 议，租赁期改为三年固定租赁期，且租赁期满lease period of three years and upon its expiration it shall be renewable for 后经双方同意可续租额外三年。使用权资产及an additional three years subject to agreement of terms by both parties. 租赁负债分别减少约3603000港元及3447000港 The right-of-use asset and the lease liability were reduced by approximately 元。租赁安排详情披露于本公司日期为2020年HK$3603000 and HK$3447000 respectively. Details of the lease arrangement 12月10日的关连交易公告及日期为2021年1月11were disclosed in the announcements of connected transaction of the 日的补充公告。 Company dated 10 December 2020 and supplemental announcement dated 11 January 2021.During the Year the Group entered into a new lease agreement for the use of 于本年度，本集团就使用中华人民共和国（「中office premise in People’s Republic of China (“PRC”) for 5 years. On the lease 国」）的办公物业订立了一份为期5年的新租赁 commencement the Group recognised HK$3995000 right-of-use assets and 协议。于租赁开始时，本集团确认使用权资产HK$3995000 lease liabilities (2023: Nil). 3995000港元以及租赁负债3995000港元（2023年：零） CAPITAL COMMITMENTS AND CONTINGENT 资本承担及或然负债 LIABILITIES As at 31 March 2024 the Group had capital commitments contracted for 于2024年3月31日，本集团就物业、厂房及设备property plant and equipment amounting to approximately HK$Nil (2023: 订约的资本承担约为零港元（2023年：256000港HK$256000). 元）。 As at 31 March 2024 contingent liabilities not provided for in the financial 于2024年3月31日，未于财务报表计提拨备statements are guarantees given to banks for surety bonds of approximately 的或然负债为向银行作出的书面保证担保约 HK$25147000 (2023: approximately HK$12202000). 25147000港元（2023年：约12202000港元）。 As at 31 March 2024 the surety bonds were secured by the pledge of time 于2024年3月31日，书面保证分别以本集团金额deposits of the Group amounting to HK$18288000 (2023: HK$10173000) and 为18288000港元（2023年：10173000港元）的定 corporate guarantee executed by the Company amounting to HK$50000000 期存款质押及本公司签立之公司担保50000000 (2023: HK$50000000) respectively. 港元（2023年：50000000港元）作抵押。 A subsidiary of the Group is named as defendant in several claims lawsuits 本集团的一间附属公司被列为多起申诉、诉讼 and potential claims. These mainly relate to employee compensation 及潜在申诉的被告。该等申诉主要与员工赔personal injury and workplace safety issues. The Directors of the Company 偿、人身伤害及工作场所安全问题有关。本公have carefully considered each case and determined that the likelihood of any 司董事已审慎考虑各项案件，认为解决该等法financial outflows to settle these legal claims is remote. This is because these 律申诉而导致财务流出的可能性甚低，盖因该claims are either fully covered by insurance or are immaterial to the overall 等申诉已由保险全面覆盖或对于本集团的整体 financial position of the Group. As a result the Company has not found it 财务状况而言属不重要。因此，本公司认为无necessary to record any provisions for these contingent liabilities arising from 需就正在进行的诉讼产生的该等或然负债计提 the ongoing litigations. 任何拨备。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 11Management Discussion and Analysis管理层讨论与分析 MATERIAL ACQUISITIONS AND DISPOSALS OF 有关附属公司及联营公司之重大收 SUBSIDIARIES AND ASSOCIATED COMPANIES 购及出售事项 During the Year the Group did not have any material acquisitions or disposals 本集团于本年度并无有关附属公司或联营公司 of subsidiaries or associated companies. 之任何重大收购或出售事项。 PURCHASE SALE OR REDEMPTION OF THE 购买、出售或赎回本公司之上市证 COMPANY’S LISTED SECURITIES 券 Neither the Company nor any of its subsidiaries purchased sold or redeemed 本公司或其任何附属公司于本年度概无购买、 any of the Company’s listed securities during the Year. 出售或赎回本公司任何上市证券。 SIGNIFICANT INVESTMENT HELD 所持重大投资 During the Year the Group did not hold any significant investments. 于本年度，本集团并无持有任何重大投资。 FUTURE PLANS FOR MATERIAL INVESTMENTS OR 重大投资或资本资产的未来计划 CAPITAL ASSETS As at 31 March 2024 the Group did not have any other plans for material 本集团于2024年3月31日概无任何其他重大投资 investments or capital assets. 或资本资产的计划。 EMPLOYEES AND REMUNERATION POLICY 雇员及薪酬政策 As at 31 March 2024 the Group employed a total of 96 employees (including 于2024年3月31日，本集团雇有合共96名雇员executive Directors and independent non-executive Directors) as compared （包括执行董事及独立非执行董事），而于2023to a total of 63 employees as at 31 March 2023. Total staff costs which include 年3月31日则雇有合共63名雇员。于本年度，Directors’ emoluments for the Year were approximately HK$36602000 (2023: 总员工成本（包括董事酬金）约为36602000港 approximately HK$30492000). The salary and benefit level of the employees 元（2023年：约30492000港元）。本集团的雇of the Group are competitive and individual performance is rewarded 员薪资及福利水平具竞争力，且透过本集团的through the Group’s salary and bonus system. The Group conducts annual 薪资及花红制度奖励个人表现。本集团每年根review on the salary increase discretionary bonuses and promotions based 据各雇员的表现对加薪、酌情花红及晋升进行 on the performance of each employee. The emoluments of the Directors 审阅。董事的酬金由董事会参考本公司薪酬委are decided by the Board after recommendation from the remuneration 员会的推荐建议后决定，当中计及本集团财务committee of the Company having considered factors such as the Group’s 表现及董事个人表现等因素。本公司已采纳一financial performance and the individual performance of the Directors etc. 项购股权计划，作为对董事及合资格雇员的奖The Company has adopted a share option scheme as an incentive to Directors 励。于本年度，本集团并无与雇员出现劳工纠and eligible employees. During the Year the Group has not experienced 纷所引致的任何重大问题，招聘及留任经验丰any significant problems with its employees due to labour disputes nor has it 富的员工时亦无遭遇任何困难。 experienced any difficulty in the recruitment and retention of experienced staff. 12 Wah Wo Holdings Group Limited * 华和控股集团有限公司Management Discussion and Analysis 管理层讨论与分析 RISKS AND UNCERTAINTIES 风险及不明朗因素 The Group believes that the risk management practices are important and uses its 本集团认为风险管理实践乃属重要并尽最大努 best effort to ensure it has sufficiently mitigated the risks present in our operations 力确保已尽量高速有效地充分降低经营及财务 and financial position as efficiently and effectively as possible. 状况面临的风险。 * Our projects are non-recurring in nature and we generally have to go * 我们的项目属非经常性质，我们一般必须through competitive tendering or quotation process to secure new 经过竞争激烈的投标或报价程序取得新项 projects. Failure to continuously secure new projects could materially affect 目。不能持续取得新项目或会严重影响我our sustainability and financial performance; 们的可持续发展及财务表现； * Mismanagement or delay of project may materially affect our reputation * 项目管理不善或延误或会对我们的声誉及 and financial performance; 财务表现造成重大影响； * We rely on building material suppliers and subcontractors to implement * 我们依赖建筑材料供应商及次承判商以实 our projects; 行我们的项目； * Under-performance by subcontractors or unavailability of subcontractors * 次承判商表现欠佳或找不到次承判商或会 may adversely affect our operations profitability and reputation; 对我们的经营、盈利能力及声誉造成不利影响； * There may be net cash outflow during certain periods of our operations * 由于付款惯例，于我们经营的某些期间可due to payment practice and this may affect our ability to secure new 能会产生现金流出净额，这可能会影响我projects and expand our business; 们取得新项目及拓展业务的能力； * Changes in the supply and costs of building materials subcontracting fees * 建筑材料供应及成本变动、分包费用及其 and other costs overruns may materially and adversely affect our operations 他成本超支可能对我们的营运及盈利能力 and profitability; and 造成重大不利影响；及 * Our success significantly depends on the key management and our ability * 我们的成功很大程度上取决于主要管理层 to attract and retain additional facade works design team staff. 以及我们吸引及挽留额外外墙工程设计团队员工的能力。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 13Report of the Directors董事会报告 The Board is pleased to present to the shareholders their annual report 董事会欣然向股东提呈本年度年报及本集团于 together with the audited consolidated financial statements of the Group for 本年度之经审核综合财务报表。 the Year.PRINCIPAL ACTIVITIES 主要活动 The Company is an investment holding company and through its subsidiaries 本公司为一间投资控股公司，并透过其附属公is principally engaged in the provision of aluminium works and related services 司主要于香港提供铝质工程及相关服务以及出 and rental of investment properties in Hong Kong. Details and particulars of 租投资物业。本集团附属公司之详情载于财务the Group’s subsidiaries are set out in note 1 to the financial statements. 报表附注1。 BUSINESS REVIEW 业务回顾 The review of the business of the Group for the Year and the discussion 本集团于本年度的业务回顾及本集团业务发展 on the Group’s business development are set out in the sections headed 的讨论分别载于本年报第6至13页的「管理层讨 “Management Discussion and Analysis” and “Chairman’s Statement” on pages 论与分析」一节及第4至5页的「主席报告」一节。 6 to 13 and pages 4 to 5 of this annual report respectively. The Group’s 本集团于本年度的分部资料及收益载于财务报 segment information and revenue for the Year are set out in notes 10 and 8 表附注10及8。本报告载列本集团与对其具有重to the financial statements. The Group’s key relationship with its stakeholders 大影响的持份者（包括雇员、客户及供应商）的 (including employees customers and suppliers) who have a significant impact 主要关系，本集团的成功有赖该等持份者。本on the Group and on which the Group’s success depends is set out in this 集团面临的重大风险及不确定性载列于本年报 report. Principal risks and uncertainties facing the Group are set out in the 第6至13页的「管理层讨论与分析」一节。该等讨section headed “Management Discussion and Analysis” on pages 6 to 13 of 论构成董事会报告的一部分。 this annual report. These discussions form part of the Report of the Directors.Environmental Social and Governance Policies 环境、社会及管治政策 The Group is committed to protecting the environment fulfilling social 本集团致力于保护环境、履行社会责任及提升 responsibility and promoting employee benefits and development to 雇员福利及发展，以实现其业务的可持续增achieve sustainable growth of its business. For more details of the Group’s 长。有关本集团于环境及社会方面的表现的进performances in environmental and social aspects please refer to the 一步详情，请参阅本年报「环境、社会及管治报“Environmental Social and Governance Report” section of this annual report. 告」一节。 Compliance with Relevant Laws and Regulations 遵守相关法律及法规 During the Year the Group was not aware of material non-compliance with 于本年度内，本集团并不知悉严重违反对本集the relevant laws and regulations that had a significant impact on the business 团业务及营运产生重大影响的相关法律及法规。 and operations of the Group. 14 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告 DIVIDEND POLICY 股息政策 The Company has adopted a dividend policy pursuant to which the Board in 本公司已采纳股息政策，董事会据此宣派或建declaring or recommending a payment of dividends to allow shareholders of 议派付股息，让本公司股东分享本公司利润的the Company to participate in the Company’s profits whilst retains sufficient 同时，确保保留足够储备供本集团未来增长所reserves for future growth of the Group. 用。 The declaration and payment of any dividends by the Company would be 本公司宣派及派付任何股息将视乎董事会决定 subject to the Board’s decision and any final dividend for a financial year of the 而定，及本公司任一财政年度的任何末期股息Company would be subject to the shareholders’ approval. 须取得股东批准后方可作实。 In deciding whether to recommend the payment of any dividends and the 董事会在决议是否建议派付任何股息及任何股 amount of any dividends the Board shall take into account inter alia: 息金额时将考虑（其中包括）： * the general financial condition of the Group; * 本集团之整体财务状况； * capital and debt level of the Group; * 本集团之资本及债务水平； * future cash requirements and availability for business operations * 业务营运、业务策略及日后发展需求之未 business strategies and future development needs; 来现金需求和供应情况； * any restrictions on payment of dividends that may be imposed by the * 本集团之债权人可能施加的任何派息限 Group’s lenders; 制； * the general market conditions; and * 整体市况；及 * any other factors that the Board deems appropriate. * 董事会认为适用之任何其他因素。 The payment of dividend by the Company is also subject to any restrictions 本公司派付股息亦视乎开曼群岛公司法及任何 under the Companies Law of the Cayman Islands and any other applicable 其他适用法律、规则及法规和本公司组织章程 laws rules and regulations and the Articles of Association of the Company. 细则之任何限制。 RESULTS AND DIVIDEND 业绩及股息 The results of the Group for the Year and the state of affairs of the Company 本集团于本年度的业绩以及本公司及本集团于 and of the Group as at 31 March 2024 are set out in the consolidated financial 2024年3月31日的事况载于本年报第74至165页 statements on pages 74 to 165 of this annual report. The Board has resolved 的综合财务报表。董事会议决不建议就本年度not to recommend the declaration of final dividend to shareholders of the 向本公司股东宣派末期股息。 Company for the Year.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 15Report of the Directors董事会报告 CLOSURE OF THE REGISTER OF MEMBERS 暂停办理股份过户登记手续 The forthcoming annual general meeting is scheduled to be held on 23 预定于2024年8月23日举行应届股东周年大会 August 2024 (the “AGM”). For determining eligibility to attend and vote at （「股东周年大会」）。为厘定出席股东周年大会the AGM the register of members of the Company will be closed from 20 并于会上投票的资格，本公司将由2024年8月August 2024 to 23 August 2024 both days inclusive during which period no 20日至2024年8月23日（包括首尾两日）期间暂停 transfer of shares of the Company will be registered. In order to attend and 办理股东登记手续，期间不会进行本公司的股vote at the AGM all share transfer documents accompanied by the relevant 份过户登记。为出席股东周年大会及于会上投share certificates must be lodged with the share registrar of the Company in 票，所有股份过户文件连同相关股票必须最迟Hong Kong Tricor Investor Services Limited 17/F Far East Finance Centre 于2024年8月19日下午四时三十分前交回本公司16 Harcourt Road Hong Kong for registration not later than 4:30 p.m. on 19 香港股份过户登记处卓佳证券登记有限公司（地August 2024. 址为香港夏悫道16号远东金融中心17楼）。 PROPERTY PLANT AND EQUIPMENT 物业、厂房及设备 Details of movements in the property plant and equipment of the Group 于本年度，本集团的物业、厂房及设备变动详during the Year are set out in note 18 to the financial statements of this annual 情载于本年报财务报表附注18。 report.INVESTMENT PROPERTIES 投资物业 Details of investment properties of the Group during the Year are set out in 本集团于本年度的投资物业详情载于本年报财 note 20 to the financial statements of this annual report. 务报表附注20。 MAJOR CUSTOMERS SUBCONTRACTORS AND 主要客户、次承判商及供应商 SUPPLIERSThe approximate percentages of the Group’s revenue and cost of sales 本集团主要客户及供应商（通常包括次承判商及attributable to major customers and suppliers (which generally includes 材料供应商）于本年度及截至2024年3月31日止 subcontractors and material suppliers) during the Year and year ended 31 年度应占的收益及销售成本的概约百分比如下： March 2024 are as follows: Year ended Year ended 31 March 2024 31 March 2023 截至2024年截至2023年 3月31日3月31日 止年度止年度 Approximate % of total revenue: 以下各项占总收益的概约百分比： from the largest customer 最大客户占比 41.5 36.3 from the five largest customers in aggregate 五大客户合共占比 80.5 83.3 Approximate % of total cost of sales: 以下各项占销售成本总额的 概约百分比： from the largest supplier 最大供应商占比 23.4 15.6 from the five largest suppliers in aggregate 五大供应商合共占比 62.2 46.4 16 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告To the best of the knowledge of the Directors none of the Directors their 就董事所深知，概无董事、彼等紧密联系人（定close associates (as defined in the Rules Governing the Listing of Securities 义见联交所证券上市规则（「上市规则」））或就董 on the Stock Exchange (the “Listing Rules”)) or any shareholder (which to 事所知任何持有本公司已发行股本5%以上的股 the knowledge of the Directors owns more than 5% of the Company’s issued 东于该等主要客户或供应商中拥有任何实益权 share capital) had an any beneficial interest in these major customers or 益。 suppliers.RELATIONSHIP WITH KEY STAKEHOLDERS 与主要持份者的关系 The Directors are of the view that employees customers sub-contractors and 董事认为雇员、客户、次承判商及供应商对本 suppliers are the keys to the sustainable development of the Group. 集团的可持续发展至关重要。 Employees 雇员 Employees are regarded as valuable assets of the Group. The objective 雇员为本集团的宝贵资产。本集团人力资源管of the Group’s human resource management is to reward and recognise 理目标为向员工提供具竞争力的薪酬方案及实 well-performed staff by providing a competitive remuneration package 施有效的绩效考核系统，并适当采取激励措and implementing a sound performance appraisal system with appropriate 施，以嘉奖及表彰优秀员工。尤其是，本集团incentives. In particular the Group promotes career development and 将为雇员提供适当培训及机遇以提高彼等的工 advancement by providing appropriate training and opportunities in order to 作表现，从而推进其事业发展及进步。 enhance the employees’ work performance.Customers 客户 The Group’s major customers include main contractors for our design and 本集团主要客户包括我们设计及建筑项目的主 build projects while we are mainly engaged by owners and tenants of 承判商，同时我们主要受聘于物业拥有人及租properties and their contractors for renovation projects. The Group has 户以及彼等装修项目的承判商。本集团已与该established long-term business relationship with these customers for many 等客户建立为期数年之久的长期业务关系并致 years and committed to offer quality service to meet their requirement. The 力于提供符合彼等要求的优质服务。本集团竭Group endeavours to maintain contacts with these customers regularly in 力与该等客户保持定期联系，以了解彼等的需order to understand their needs and provide required service to support their 求并提供所需服务，支持彼等的业务发展。 businesses.Subcontractors and Material Suppliers 次承判商及材料供应商 The Group has developed a long-standing relationship with a number 本集团已与众多次承判商及材料供应商建立长 of subcontractors and material suppliers and the Group has always been 期业务关系，而本集团向来与彼等保持密切交communicating closely with them to ensure that there will be good quality 流，以确保彼等将不断为本集团提供优质及可and sustainable goods and services provided to the Group. When selecting 持续发展的商品及服务。本集团于挑选次承判subcontractors and material suppliers the Group often requires them to 商及材料供应商时要求彼等满足若干标准，如satisfy certain criteria such as experience and capability financial strength 经验及能力、财务实力、往绩记录及声誉。 track record and reputation.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 17Report of the Directors董事会报告 BANK BORROWINGS 银行借款 The Group had approximately HK$6701000 (2023: Nil) interest-bearing bank 于2024年3月31日，本集团的计息银行借款约为borrowings as at 31 March 2024. 6701000港元（2023年：零）。 SHARE CAPITAL 股本 Details of movements during the Year in the share capital of the Company are 本公司于本年度的股本变动详情载于本年报财 set out in note 30 to the financial statements of this annual report. 务报表附注30。 RESERVES 储备 Details of movements in the reserves of the Company and Group during the 本公司及本集团于本年度的储备变动详情载于 Year are set out in note 31 to the financial statements and in the consolidated 财务报表附注31及本年报第77页的综合权益变 statement of changes in equity on page 77 of this annual report. 动表。 DISTRIBUTABLE RESERVES 可供分派储备 As at 31 March 2024 there is no reserve available for distribution to the 于2024年3月31日，并无可用于分配予本公司股shareholders of the Company (2023: approximately HK$62998000). 东的储备（2023年：约62998000港元）。 DIRECTORS 董事 The Directors who held office during the Year and up to the date of this 于本年度及直至本年报日期在任的董事如下： annual report were: Executive Directors 执行董事 Mr. Chen Yuet Wa (Chairman and Chief Executive Officer) 陈越华先生（主席及行政总裁） Mr. Chan Fai 陈辉先生 Independent Non-Executive Directors 独立非执行董事 Mr. Chow Chi Fai 周志辉先生 Mr. Chan Hon Ki 陈汉淇先生 Mr. Yu Chi Wing 于志荣先生 In accordance with article 84 of the Company’s articles of association (the 根据本公司组织章程细则（「组织章程细则」）第 “Articles of Association”) one-third of the Directors will retire by rotation 84条，三分之一的董事将于应届股东周年大会and being eligible will offer themselves for re-election at the forthcoming 轮席退任并合资格及愿意膺选连任，每位董事annual general meeting provided that every Director shall retire at least once 须至少每三年退任一次。因此，陈辉先生及于every three years. Accordingly Mr. Chan Fai and Mr. Yu Chi Wing will retire 志荣先生将于本公司应届股东周年大会退任并 and being eligible will offer themselves for re-election at the forthcoming 合资格并愿意膺选连任。董事的履历详情载于annual general meeting of the Company. The Directors’ biographical 本年报「董事及高级管理层履历」一节。有关董details are set out in the section headed “Biographies of the Directors and 事酬金的资料载于本年报财务报表附注15(a)。Senior Management” in this annual report. Information regarding Directors’ emoluments is set out in note 15(a) to the financial statements of this annual report. 18 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告 Annual confirmation of independence pursuant to Rule 3.13 of the Listing 各独立非执行董事根据上市规则第3.13条作出的 Rules has been received from each of the independent non-executive 年度独立确认书经已收到。根据上市规则，本Directors. The Group considers all independent non-executive Directors to be 集团认为全体独立非执行董事均为独立人士。 independent under the Listing Rules.DIRECTORS’ SERVICE CONTRACT 董事的服务合约 Each of the executive Directors has entered into a service contract with the 各执行董事已与本公司订立服务合约，任期自Company for a term of three years commencing from the Listing Date unless 上市日期起计为期三年，除非任一方向对方发terminated by not less than three months’ notice in writing served by either 出不少于三个月的书面通知予以终止。 party on the other.Each of the independent non-executive Directors have entered into a letter 各独立非执行董事均已与本公司订立委任函，of appointment with the Company for a term of two years commencing from 任期自上市日期起为期两年，惟由其中一方向the Listing Date unless terminated by not less than three month’s notice in 另一方发出至少三个月书面通知终止合约则除 writing served by either party on the other. 外。 None of the Directors proposed for re-election at the forthcoming annual 拟于应届股东周年大会膺选连任的董事概无与 general meeting has a service contract with the Company which is not 本公司订立任何本公司不可在一年内终止且无 determinable by the Company within one year without payment of 须支付赔偿（法定赔偿除外）的服务合约。 compensation other than statutory compensation.MANAGEMENT CONTRACTS 管理合约 During the Year no contract other than the Directors’ service contracts and 本年度概无订立或存续与本公司整体或任何重appointment letters concerning the management and administration of the 大部分业务的管理及行政有关的合约（董事服务whole or any substantial part of the Company’s business was entered into or 合约及委任函除外）。 existed.DIRECTORS’ REMUNERATION AND FIVE HIGHEST PAID 董事薪酬及五名最高薪人士 INDIVIDUALS Details of the emoluments of the Directors and the five highest paid 董事及本集团五名最高薪人士的酬金详情载于 individuals of the Group are set out in notes 15(a) and 15(b) to the financial 财务报表附注15(a)及15(b)。 statements.During the Year (i) there was no early termination of appointment of Directors 于本年度，(i)概无提前终止董事的委任，因此，and accordingly no termination benefit was provided to or receivable by any 并无向任何董事提供离职福利或其就此而应收 Director; (ii) no consideration was provided to or receivable by third parties 的离职福利；(ii)概无就获提供董事服务提供予 for making available Directors’ services; and (iii) save as disclosed in this 或应付予第三方的代价；及(iii)除本年报所披露 annual report there were no loans quasi-loans or other dealings in favour 者外，概无以董事、其控制的法人团体及有关of Directors their controlled bodies corporate and connected entities and 连实体以及本公司的控股公司受益人的贷款、 the Company’s holding company. No significant transactions arrangements 准贷款及其他交易。于本年度末或本年度内任and contracts in relation to the Group’s business to which the Company was 何时候，概无任何与本集团业务有关，而本公a party and in which a Director had a material interest whether directly or 司为其中一方且董事于其中直接或间接拥有重 indirectly subsisted at the end of the Year or at any time during the Year. 大权益的重大交易、安排及合约。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 19Report of the Directors董事会报告 DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS 董事及主要行政人员于本公司及其 AND SHORT POSITIONS IN SHARES UNDERLYING 相联法团的股份、相关股份及债权 SHARES AND DEBENTURES OF THE COMPANY AND ITS 证的权益及淡仓 ASSOCIATED CORPORATIONS As at 31 March 2024 interests and short positions in the shares underlying 于2024年3月31日，本公司董事及主要行政人员shares and debentures of the Company and any of its associated corporations 于本公司及其任何相联法团（定义见证券及期货(within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) 条例（「证券及期货条例」）第XV部）的股份、相关 held by the Directors and chief executive of the Company which have been 股份及债权证中拥有根据证券及期货条例第XV notified to the Company and the Stock Exchange pursuant to Divisions 7 and 部第7及8分部已知会本公司及联交所；或根据 8 of Part XV of the SFO or have been entered in the register maintained by the 证券及期货条例第352条已登记于本公司存置的 Company pursuant to section 352 of the SFO or otherwise have been notified 登记册；或根据上市规则附录C3内之上市发行 to the Company and the Stock Exchange pursuant to the Model Code for 人董事进行证券交易的标准守则（「标准守则」） Securities Transactions by Directors of Listed Issuers (the “Model Code”) in 已另行知会本公司及联交所的权益及淡仓如下： Appendix C3 to the Listing Rules are as follows: (i) Long position in our shares (i) 于股份的好仓 Number of Percentage of Name of Director Capacity/Nature shares shareholding 董事姓名身份╱性质股份数目股权百分比 Mr. Chen Yuet Wa Interest in a controlled corporation (note) 750000000 75% 陈越华先生受控制法团权益（附注）Note: 750000000 shares are registered in the name of Ornate Bright Limited 附注： 750000000股股份以华曜有限公司（「华(“Ornate Bright”) the entire issued capital of which is legally and 曜」）的名义登记，其全部已发行股本由beneficially owned by Mr. Chen Yuet Wa our executive Director. By virtue 执行董事陈越华先生合法实益拥有。根of the SFO Mr. Chen Yuet Wa is deemed to be interested in all the shares 据证券及期货条例，陈越华先生被视作held by Ornate Bright. 于华曜持有的所有股份中拥有权益。 (ii) Long position in the shares of associated corporation (ii) 于相联法团股份的好仓 Name of associated Capacity/ Number of Percentage of Name of Director corporation Nature share held Interest 董事姓名相联法团名称身份╱性质所持股份数目权益百分比 Mr. Chen Yuet Wa Ornate Bright Beneficial Owner 1 100%陈越华先生华曜实益拥有人 Save as disclosed above as at 31 March 2024 none of the Directors or the 除上文所披露者外，于2024年3月31日，概无chief executive of the Company had any interests or short positions in the 本公司董事或主要行政人员于本公司或其任何 shares underlying shares or debentures of the Company or any of its associated 相联法团（定义见证券及期货条例第XV部）的股 corporations (within the meaning of Part XV of the SFO) as recorded in the 份、相关股份或债权证中拥有任何须在根据证 register required to be kept under Section 352 of the SFO or as otherwise 券及期货条例第352条存置的登记册记录或须另 required to be notified to the Company and the Stock Exchange. 行知会本公司及联交所的权益或淡仓。 20 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告 SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND 主要股东于股份及相关股份的权益 SHORT POSITIONS IN SHARES AND UNDERLYING 及淡仓 SHARES As at 31 March 2024 so far as it is known by or otherwise notified by any 于2024年3月31日，据本公司任何董事或主要行Director or the chief executive of the Company the particulars of the 政人员所知或以其他方式所获悉，于本公司股corporations or individuals (other than a Director or chief executive of the 份及相关股份中拥有或被视为或被当作拥有须 Company) who had or were deemed or taken to have an interest or short 根据证券及期货条例第XV部第2及3分部条文向 position in the shares and underlying shares of the Company which would 本公司披露及须在根据证券及期货条例第336条 fall to be disclosed to the Company under the provisions of Divisions 2 and 存置的登记册内记录的权益或淡仓的法团或个 3 of Part XV of the SFO as recorded in the register required to be kept under 人（本公司董事或主要行政人员除外）的详情如 section 336 of the SFO were as follows: 下： Long position in the shares 于股份之好仓 Number of Percentage Name Capacity/Nature of interest shares held of interest 姓名╱名称身份╱权益性质所持股份数目权益百分比 Ornate Bright Beneficial owner (note 1) 750000000 75% 华曜实益拥有人（附注1） Ms. Wong Chun Siu Interest of spouse (note 2) 750000000 75% 黄春笑女士配偶权益（附注2） Notes: 附注： 1. Ornate Bright is wholly-owned by Mr. Chen Yuet Wa. 1. 华曜由陈越华先生全资拥有。 2. Ms. Wong Chun Siu is the spouse of Mr. Chen Yuet Wa and is deemed or taken 2. 黄春笑女士为陈越华先生的配偶，就证券及期 to be interested in all the shares in which Mr. Chen Yuet Wa has or is deemed to 货条例而言，黄春笑女士被视为或被当作于陈have an interest for the purposes of the SFO. 越华先生拥有或被视为拥有权益的所有股份中拥有权益。 Save as disclosed above as at 31 March 2024 the Company had not been 除上文所披露者外，于2024年3月31日，就本公notified by any persons who had interests or short positions in the shares or 司所知悉，概无任何人士在本公司股份或相关underlying shares of the Company which would fall to be disclosed to the 股份中拥有根据证券及期货条例第XV部第2及第 Company under the provisions of Divisions 2 and 3 of Part XV of the SFO or 3分部条文须向本公司披露的权益或淡仓，或须which were recorded in the register maintained by the Company pursuant to 于本公司根据证券及期货条例第336条存置的登 section 336 of the SFO. 记册内记录的权益或淡仓。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 21Report of the Directors董事会报告 COMPETING INTERESTS 竞争权益 The Directors are not aware of any business or interest of the Directors the 于本年度及截至本年报日期，董事概不知悉董controlling shareholders of the Company or any of their respective close 事、本公司控股股东或任何彼等各自的紧密联 associates (as defined in the Listing Rules) that compete or may compete 系人（定义见上市规则）之任何业务或权益与或 directly or indirectly with the business of the Group and any other conflicts 可能与本集团业务直接或间接构成竞争，及亦of interest which any such person has or may have with the Group and is 不知悉任何该等人士与本集团有或可能有任何 required to be disclosed pursuant to Rule 8.10 of the Listing Rules during the 其他利益冲突而须根据上市规则第8.10条予以披 Year and up to the date of this annual report. 露。 NON-COMPETITION UNDERTAKING 不竞争承诺Each of Mr. Chen Yuet Wa and Ornate Bright (together as “Controlling 陈越华先生与由陈越华先生实益及全资拥有的Shareholders”) which is beneficially and wholly owned by Mr. Chen Yuet Wa 华曜（合称「控股股东」）（作为契诺人）（各自为as a covenantor (each a “Covenantor” collectively “Covenantors”) entered 「契诺人」，统称「契诺人」）各自订立日期为2019into a non-competition undertaking dated 12 December 2019 in favour of the 年12月12日以本集团为受益人的不竞争承诺 Group (the “Non-Competition Undertaking”). （「不竞争承诺」）。 Each of the Covenantors has made an annual declaration to the Company 各契诺人已向本公司作出年度声明，表示其一that he/it has complied with the terms of Non-Competition Undertaking. The 直遵守不竞争承诺条款。独立非执行董事亦已Independent Non-executive Directors have also reviewed the compliance of 审阅契诺人的不竞争承诺遵守情况，并信纳契the Non-Competition Undertaking from the Covenantors and were satisfied 诺人于本年度及截至本年报日期一直遵守不竞 that the Covenanters have complied with the Non-Competition Undertaking 争承诺。 during the Year and up to the date of this annual report.PERMITTED INDEMNITY PROVISION 获准许弥偿条文 The Company has arranged for appropriate insurance coverage for Directors’ 本公司已就其董事及高级管理层可能面对因企 and officers’ liabilities in respect of legal actions against its Directors and senior 业活动产生之法律诉讼，针对董事及高级职员management arising from corporate activities. 之责任作出适当的保险安排。 Pursuant to the Articles of Association every Director shall be entitled to be 根据组织章程细则，各董事于执行或关于执行indemnified and secured harmless out of the assets of the Company from and 各自职务而于履行职责或假定职责时作出、同 against all actions costs charges losses damages and expenses which they or 意或遗漏之任何行为所将会或可能招致或蒙受 any of them shall or may incur or sustain by reason of any act done concurred 的所有诉讼、费用、收费、损失、损害赔偿及 in or omitted in or about the execution of their duty or supposed duty in their 开支从本公司资产当中获得赔偿保证及不受伤 respective offices except such (if any) as they shall incur or sustain through 害，惟彼等因自身欺诈或不诚实而招致或蒙受their own fraud or dishonesty. 者（如有）除外。 22 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告 PURCHASE SALE OR REDEMPTION OF THE LISTED 购买、出售或赎回本公司上市证券 SECURITIES OF THE COMPANY During the Year neither the Company nor any of its subsidiaries had 于本年度，本公司及其任何附属公司概无购purchased sold or redeemed any of the Company’s listed securities. 买、出售或赎回任何本公司上市证券。 DIRECTORS’ INTERESTS IN TRANSACTION 董事于重大交易、安排或合约的权 ARRANGEMENT OR CONTRACTS OF SIGNIFICANCE 益 Save as otherwise disclosed no transaction arrangement or contracts of 除另有披露者外，于本年度末或本年度内任何significance to which the Company or any of its subsidiaries was a party and 时间并无存续本公司或其任何附属公司为订约 in which a Director or any entity connected with a Director had a material 方及董事或与董事有关连之任何实体于其中直 interest either directly or indirectly subsisted at the end of the year or at any 接或间接拥有重大权益的重大交易、安排或合 time during the Year. 约。 CONTROLLING SHAREHOLDERS’ INTEREST IN 控股股东于重大合约的权益 CONTRACTS OF SIGNIFICANCE Save as otherwise disclosed no contract of significance to which the 除另有披露者外，于本年度末或本年度内任何Company its holding companies or any of its subsidiaries was a party and in 时间概无存续本公司、其控股公司或其任何附 which the controlling shareholders’ of the Company or any of its subsidiaries 属公司为订约方而本公司或其任何附属公司控 had a material interest either directly or indirectly subsisted at the end of the 股股东于当中直接或间接拥有重大权益的任何 year or at any time during the Year. 重大合约。 ARRANGEMENTS TO ACQUIRE SHARES OR 收购股份或债权证之安排 DEBENTURES At no time during the Year and up to the date of this annual report was the 于本年度及截至本年报日期，本公司或其任何Company or any of its subsidiaries a party to any arrangement to enable 附属公司概无订立任何安排致使董事可透过购 the Directors to acquire benefits by means of the acquisition of shares in or 入本公司或任何法人团体的股份或债权证而获 debentures of the Company or any body corporate. 利。 PRE-EMPTIVE RIGHTS 优先购买权 There are no provisions for pre-emptive rights under the Articles or the laws of 细则或开曼群岛法律并无关于优先购买权的规 the Cayman Islands which would oblige the Company to offer new shares on 定，促使本公司须按比例向现有股东发售新股a pro-rata basis to existing shareholders. 份。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 23Report of the Directors董事会报告 CONNECTED/RELATED PARTY TRANSACTIONS 关连╱关联方交易 Connected transaction 关连交易 On 1 August 2020 the Group entered into a lease arrangement with Ms. 于2020年8月1日，本集团与控股股东的配偶黄Wong Chun Siu the spouse of the Controlling Shareholder for the use of 春笑女士订立新租赁安排，以使用仓库及办公a warehouse and office premises with fixed lease period of one year and 物业，固定租期为一年及可选择租期五年。于optional lease period of five years. Upon initial recognition in accordance with 初始确认时，根据香港会计师公会颁布的香港Hong Kong Financial Reporting Standard 16 Leases (“HKFRS 16”) issued by the 财务报告准则第16号租赁（「香港财务报告准则Hong Kong Institute of Certified Public Accountants the Group recognised a 第16号」），本集团确认使用权资产及租赁负债right-of-use asset and a lease liability of approximately HK$7206000. Pursuant 约为7206000港元。根据2020年12月签订的补充to the supplemental agreement signed in December 2020 the lease period 协议，租赁期改为三年固定租赁期，且租赁期was changed to fixed lease period of three years and upon its expiration it 届满后经双方协定有关条款可额外续期三年。 shall be renewable for an additional three years subject to agreement of terms 使用权资产及租赁负债分别减少约3603000港元 by both parties. The right-of-use asset and the lease liability were reduced by 及3447000港元。 approximately HK$3603000 and HK$3447000 respectively.As the highest applicable percentage ratio in respect of the lease agreement 由于根据香港财务报告准则第16号，基于本集(“existing lease agreement”) calculated based on the value of the right- 团确认的使用权资产价值计算的租赁协议（「现of-use asset recognised by the Group pursuant to HKFRS 16 exceeds 0.1% 有租赁协议」）的最高适用百分比率超过0.1%但 but is less than 5% the transaction contemplated under the existing lease 低于5%，现有租赁协议项下拟进行的交易须遵agreement are subject to the reporting and announcement requirements but 守申报及公告规定，惟获豁免遵守上市规则第are exempted from independent shareholders’ approval requirement under 14A章项下的独立股东批准规定。 Chapter 14A of the Listing Rules.Detai ls of the exist ing lease arrangement were disclosed in the 现有租赁安排详情披露于本公司日期为2020年announcements of connected transaction of the Company dated 10 12月10日的关连交易公告及日期为2021年1月11December 2020 and supplemental announcement dated 11 January 2021. 日的补充公告。 Continuing connected transactions 持续关连交易 The related party transaction as disclosed in note 37(b) to the financial 本年报财务报表附注37(b)所披露的关联方交易 statements of this annual report constituted continuing connected 构成上市规则所界定的持续关连交易。该等交transactions within the meaning of the Listing Rules. Details of such 易的详情已根据上市规则第14A章披露，并概述transactions have been disclosed in accordance with Chapter 14A of the 如下： Listing Rules and summarised below: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Lease payments paid to Ms. Wong Chun Siu 向控股股东之配偶黄春笑女士 the spouse of the Controlling Shareholder (note) 支付的租赁款项（附注） 1432 1320 24 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告 Note: 附注： During the Year the Group re-entered into a new lease arrangement (“new lease 于本年度内，于现有租赁安排届满后，本集团与黄春agreement”) for a year with Ms. Wong Chun Siu for the use of a warehouse and office 笑女士就使用仓库及办公室物业重新订立一份为期一 premises upon the expiration of existing lease arrangement. Ms. Wong Chun Siu is the 年的新租赁安排（「新租赁安排」）。黄春笑女士为控股spouse of the Controlling Shareholder therefore Ms. Wong Chun Siu is a connected 股东之配偶，故根据上市规则，黄春笑女士为本公司person of the Company under the Listing Rules. Accordingly under Chapter 14A of 之关连人士。因此，根据上市规则第14A章，现有及the Listing Rules both transactions contemplated under the existing and new lease 新租赁协议项下拟进行之交易构成本公司之持续关连 agreements constitute continuing connected transactions of the Company. 交易。 As each of the applicable percentage ratios (other than the profits ratio) in respect of the 由于现有租赁协议及新租赁协议项下拟进行的持续关 continuing connected transactions contemplated under the existing lease agreement 连交易的各项适用百分比率（盈利比率除外）（按年度and new lease agreement (on an annualised basis) fulfilled the exemption of de minimis 基准计算）符合上市规则第14A.76条最低豁免规定水平 transactions under Listing Rules 14A.76 and were therefore exempted from reporting 的交易，因此，获豁免遵守申报、年度审阅及独立股annual review and independent shareholders’ approval. 东批准规定。 Details of the existing lease arrangement were disclosed in the announcements of 有关现有租赁安排的详情已于本公司日期为2020年12connected transaction of the Company dated 10 December 2020 and supplemental 月10日的关连交易公告及日期为2021年1月11日的补 announcement dated 11 January 2021. 充公告中披露。 Save as disclosed above there were no connected transactions or continuing 除上文所披露者外，本公司并无进行上市规则connected transactions of the Company as defined under Chapter 14A of 第14A章项下之关连交易或持续关连交易，而须the Listing Rules which are required to comply with any of the reporting 遵守上市规则项下的任何申报、公告或独立股 announcement or independent shareholders’ approval requirements under 东批准规定。 the Listing Rules.Related Party Transactions 关联方交易 Details of the significant related party transactions undertaken in the normal 于正常业务过程中进行的重大关联方交易详情 course of business are set out in the note 37 to the financial statements of this 载于本年报财务报表附注37。除上文所披露者annual report. Save as disclosed above none of the related party transactions 外，概无所披露的关联方交易构成上市规则第as disclosed constituted disclosable non-exempted connected transaction or 14A章下须予披露非获豁免关连交易或持续关连 continuing connected transaction under Chapter 14A of the Listing Rules and 交易，且本公司于本年度已遵守上市规则第14Athe Company had complied with the relevant requirements of Chapter 14A of 章下有关规定。 the Listing Rules during the Year.SHARE OPTION SCHEME 购股权计划 The share option scheme was conditionally adopted by the Company on 本公司于2019年12月12日有条件采纳购股权计 12 December 2019 (the “Share Option Scheme”) and shall be valid until 划（「购股权计划」）及有效期直至2029年12月12 12 December 2029. Pursuant to the Share Option Scheme certain eligible 日止。根据购股权计划，若干合资格参与者， participants including among others the Directors and employees of the 包括（其中包括）本集团董事及雇员，可能获授Group may be granted option to subscribe for shares. The purpose of the 认购股份的购股权。购股权计划旨就参与者对Share Option Scheme is to provide incentives or rewards to participants for 本集团作出的贡献提供激励或奖励及╱或令本 their contribution to the Group and/or to enable the Group to recruit and 集团能够招募及挽留高级雇员以及吸引对本集 retain high-calibre employees and attract human resources that are valuable 团有价值的人力资源。购股权计划的主要条款to the Group. A Summary of principal terms of the Share Option Scheme is set 概要载于招股章程附录四「D.购股权计划」一段。 out in the paragraph headed “D. Share Option Scheme” in Appendix IV to the Prospectus.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 25Report of the Directors董事会报告 Pursuant to the terms of the Share Option Scheme and in compliance with the 根据购股权计划的条款及遵守上市规则第17章 provisions in Chapter 17 of the Listing Rules the maximum number of shares 的条文，于行使根据购股权计划及本公司所有which may be issued upon exercise of all share options to be granted under 购股权计划授出的所有购股权后可予发行的最 the Share Option Scheme and all share option schemes of the Company shall 高股份数目不得超过100000000股，即本年报日not exceed 100000000 shares being 10% of the shares in issue as at the date 期已发行股份的10%。 of this annual report.The total number of shares issued and which may fall to be issued upon 截至授出日期的任何十二个月期间内，于行使exercise of the options granted under the Share Option Scheme to eligible 购股权计划项下授予合资格参与人士的购股权 participants in any 12 months period up to the date of grant shall not exceed 后已发行及可予发行的股份总数不得超过授出 1% of the shares in issue as at the date of grant. Any further grant of options 日期已发行股份的1%。额外授出超过该1%上限 in excess of this 1% limit shall be subject to the approval of shareholders in a 的购股权须经股东于股东大会批准。 general meeting.An offer of the grant of a share option shall be accepted by the eligible 授出购股权的要约可由合资格参与人士自授出 participants within a period of seven days from the date of offer of grant of the 购股权要约日期起7日内予以接纳。各承授人每option. The consideration paid by each grantee for the acceptance and grant 次接纳及获授购股权时所付代价为1.00港元，并of each share option is HK$1.00 which has to be paid within seven days. 须于7日内缴付。 Unless approved by shareholders in a general meeting the amount of shares 除非在股东大会上获得股东批准，否则于购股which can be awarded to a substantial Shareholder or an independent non- 权计划十二个月期间内直至上述任何特定人士 executive Director or their respective associates in the Share Option Scheme 授出日期（包括该日）可授予主要股东或独立非 in the 12-month period up to and including the date of such grant for any 执行董事或其各自联系人的股份数量合共最多 particular aforementioned person in aggregate is at maximum 0.1% of the 为已发行股份的0.1%，且根据各授出日期的股shares in issue and having an aggregate value based on the closing price of 份收市价计算，其总价值最高为5.0百万港元。 the shares at the date of each grant of a maximum of HK$5.0 million.The subscription price of a Share in respect of any particular option granted 根据购股权计划所授出的任何特定购股权所涉 under the Share Option Scheme shall be such price as determined by the 及的股份认购价应为董事会厘定的价格及不得Board and shall not be less than the highest of: (i) the closing price of the 少于以下之最高者：(i)于授出购股权日期（须为shares as stated in the Stock Exchange’s daily quotation sheets on the date 交易日）股份于联交所每日报价表所报收市价； of grant of the option which must be a trading date; (ii) the average of the (ii)股份于紧接授出购股权日期前五个交易日在 closing prices of the shares as stated in the Stock Exchange’s daily quotation 联交所每日报价表所报平均收市价；或(iii)股份 sheets for the five trading dates immediately preceding the date of grant of 面值。 the option; or (iii) the nominal value of a Share.Since the adoption of the Share Option Scheme no option has been granted. 自采纳购股权计划以来，本公司概无授出任何Therefore no option was exercised cancelled or lapsed during the Year and 购股权。因此，本年度内概无购股权获行使、there was no option outstanding as at 31 March 2024. 注销或失效，且概无购股权于2024年3月31日尚未行使。 26 Wah Wo Holdings Group Limited * 华和控股集团有限公司Report of the Directors 董事会报告 EQUITY-LINKED AGREEMENTS 股权挂钩协议 Save and except for the Share Option Scheme disclosed no equity-linked 除所披露之购股权计划外，本公司于本年度或agreements were entered into by the Company during the Year or subsisted 年末并无订立或存续任何股权挂钩协议。 at the end of the year.SUFFICIENCY OF PUBLIC FLOAT 充足公众持股量 Based on the information that is publicly available to the Company and within 根据本公司公开可得资料及据董事所知，董事the knowledge of the Directors the Directors confirmed that the Company 确认，本公司于本年度已按上市规则规定就其has maintained a sufficient amount of public float for the shares as required 股份维持足够公众持股量。 under the Listing Rules during the Year.EVENTS AFTER THE REPORTING PERIOD 报告期后事项 Save as disclosed in note 39 to the financial statement of this annual report 除本年报的财务报表附注39所披露者外，本集the Group had no other significant events after the reporting period up to the 团于报告期后至本报告日并无发生其他重大事 date of this report. 件。 TAX RELIEF 税项减免 The Company is not aware of any relief on taxation available to the 本公司并不知悉任何因股东持有证券而享有的 shareholders by reason of their holdings of the securities. If the shareholders 税项减免。若股东对购买、持有、出售、买卖are unsure about the taxation implications of purchasing holding disposing 或行使与本公司证券有关的任何权利的税务负 of dealing in or exercising of any rights in relation to the Company’s securities 担并不清楚，务请咨询其专业顾问。 they are advised to consult their professional advisers.AUDIT COMMITTEE 审核委员会 The Audit Committee has reviewed the audited consolidated financial 审核委员会已审阅本集团截至2024年3月31日止 statements of the Group for the year ended 31 March 2024. 年度的经审核综合财务报表。 AUDITORS 核数师 The consolidated financial statements for the Year have been audited by RSM 罗申美会计师事务所已审核本年度综合财务报 Hong Kong who will retire at the conclusion of the forthcoming AGM of the 表，其将于本公司应届股东周年大会结束时退Company and be eligible to offer themselves for re-appointment. 任，并合资格且愿意连任。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 27Report of the Directors董事会报告 CORPORATE GOVERNANCE 企业管治 The Group has complied with all the applicable code provisions under the 除企业管治报告中所阐释的偏离企业管治守则 CG Code during the Year and up to the date of this annual report except for 的守则条文第C.2.1条外，本集团于本年度及直the deviation from code provision C.2.1 of the CG Code as explained in the 至本年报日期已遵守企业管治守则的所有适用 Corporate Governance Report. 守则条文。 The details of the Group’s corporate governance practices are set out in the 有关本集团企业管治常规的详情载于本年报第 section headed “Corporate Governance Report” from pages 32 to 44 of this 32至44页的「企业管治报告」一节。 annual report.On behalf of the Board 代表董事会 Chen Yuet Wa 陈越华 Chairman and Chief Executive Officer 主席兼行政总裁 Hong Kong 27 June 2024 香港，2024年6月27日 28 Wah Wo Holdings Group Limited * 华和控股集团有限公司Biographies of the Directors and Senior Management 董事及高级管理层履历 EXECUTIVE DIRECTORS 执行董事 Mr. Chen Yuet Wa aged 46 is the founder of our Group our Chairman 陈越华先生，46岁，本集团的创办人、主席、our executive Director our chief executive officer and one of our Controlling 执行董事、行政总裁兼控股股东之一，亦为提Shareholders. He is also the chairperson of our nomination committee and 名委员会主席及薪酬委员会成员。彼主要负责a member of our remuneration committee. He is primarily responsible for 本集团的整体业务策略、年度预算方案及主要 overall business strategy annual budget proposals and major business 业务决策。彼亦为本集团各附属公司的董事。 decision of our Group. He is also a director of each of our Group’s subsidiaries.Mr. Chen Yuet Wa found our Group in May 2007 and has more than 17 years 陈越华先生于2007年5月成立本集团，并于外墙of experience in the fa?ade works industry. In April 2002 he established Wa 工程行业拥有逾17年经验。于2002年4月，彼于Kee Company a sole proprietorship in Hong Kong which principally engaged 香港成立独资企业华记公司，主要在香港从事in the provision of aluminum window works in Hong Kong. Wa Kee Company 提供铝窗工程业务。于2007年5月成立华记后，subsequently ceased business in March 2011 after the establishment of Wah 华记公司随后于2011年3月停止业务。 Kee in May 2007.Mr. Chan Fai aged 47 is one of our executive Directors. He is primarily 陈辉先生，47岁，为我们的执行董事之一。彼responsible for project management and supervision of our subcontractors’ 主要负责项目管理及监督次承判商工作。 work.Mr. Chan has more than 21 years of experience in the construction industry 陈先生于香港建筑行业拥有逾21年经验。自in Hong Kong. Since April 2010 he has been working for our Group and is 2010年4月起，彼一直任职于本集团，目前为华currently the general manager of Wah Kee. 记总经理。 Mr. Chan obtained a certificate of completion of apprenticeship issued by 陈先生于2002年12月获得由学徒事务署颁发的 Office of the director of apprenticeship in December 2002 and a higher 学徒毕业证书，且于2006年7月获得职业训练局diploma in building studies from the Vocational Training Council in July 2006. 建筑学高级文凭。 INDEPENDENT NON-EXECUTIVE DIRECTORS 独立非执行董事 Mr. Chow Chi Fai aged 53 was appointed as an independent non-executive 周志辉先生，53岁，于2019年12月12日获委任Directors (“INED”) on 12 December 2019. He is also the chairperson of our 为独立非执行董事（「独立非执行董事」）。彼亦audit committee and a member of our remuneration committee. He is 为审核委员会主席及薪酬委员会成员。彼主要primarily responsible for supervising and providing independent judgment to 负责监督董事会、审核委员会及薪酬委员会并 our Board our audit committee and remuneration committee. 向其提供独立判断。 Mr. Chow has over 26 years of experience in the accounting and finance 周先生于会计及金融业拥有逾26年经验。自industry. Since December 2008 he is also the chief financial controller and 2008年12月起，彼亦担任易生活控股有限公司company secretary of Elife Holdings Limited (Stock Code: 223) and the INED of （股份代号：223）财务总监及公司秘书，于2021Sun Hing Vision Group Holdings Limited (Stock Code: 125) since March 2021 年3月起一直担任新兴光学集团控股有限公司 and was an INED of Silver Base Group Holdings Limited (liquidated) (stock （股份代号：125）独立非执行董事，以及于2021code: 886) from December 2021 to June 2023. 年12月至2023年6月担任银基集团控股有限公司（已清盘）（股份代号：886）独立非执行董事。 Mr. Chow obtained a bachelor’s degree in accountancy from the University of 周先生于1995年6月获澳洲南澳大学会计学学士 South Australia in Australia in June 1995. Mr. Chow was admitted as a member 学位。周先生自1999年3月起为香港会计师公会of Hong Kong Institute of Certified Public Accountants since March 1999. 会员。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 29Biographies of the Directors and Senior Management董事及高级管理层履历 Mr. Chan Hon Ki aged 45 was appointed as an INED on 12 December 2019. 陈汉淇先生，45岁，于2019年12月12日获委任He is also the chairperson of our remuneration committee and a member of 为独立非执行董事。彼亦为薪酬委员会主席以our audit committee and nomination committee. He is primarily responsible 及审核委员会及提名委员会成员。彼主要负责for supervising and providing independent judgement to our Board our audit 监督董事会、审核委员会、薪酬委员会及提名 committee remuneration committee and nomination committee. 委员会并向其提供独立判断。 Mr. Chan has more than 17 years of accounting and auditing experience. Mr. 陈先生拥有逾17年的会计及审计经验。陈先生Chan has been the executive director financial director chief executive officer 自2015年5月以来于奥克斯国际控股有限公司 and joint company secretary of Aux International Holdings Limited (stock （股份代号：2080）历任执行董事、财务总监、 code: 2080) since May 2015 and was an INED of Chen Lin Education Group 行政总裁及联席公司秘书，以及于2019年11月Holdings Limited (stock code: 1593) from November 2019 to June 2021. 至2021年6月担任辰林教育集团控股有限公司（股份代号：1593）独立非执行董事。 Mr. Chan obtained a bachelor of commerce degree in accountancy finance 陈先生于2000年4月获得纽西兰坎特伯雷大学会 and information systems and business administration from the University 计、金融及信息系统以及工商管理商学学士学 of Canterbury in New Zealand in April 2000. He was admitted as a member 位。彼于2004年4月获认可为特许公认会计师公of The Association of Chartered Certified Accountants in April 2004 and a 会会员，并于2012年7月为香港会计师公会会member of the Hong Kong Institute of Certified Public Accountants in July 员。 2012. Mr. Yu Chi Wing aged 40 was appointed as an INED on 12 December 2019. 于志荣先生，40岁，于2019年12月12日获委任He is also a member of our audit committee and nomination committee. He is 为独立非执行董事。彼亦为审核委员会及提名primarily responsible for supervising and providing independent judgement 委员会成员。彼主要负责监督董事会、审核委to our Board our audit committee and nomination committee. 员会及提名委员会并向其提供独立判断。 Mr. Yu has more than 18 years of advisory accounting taxation and auditing 于先生拥有逾18年的咨询、会计、税务及审计 experience. In September 2016 and May 2021 Mr. Yu founded JR & Co. 经验。于先生分别于2016年9月及2021年5月创Certified Public Accountants and co-founded Emerald Capital CPA & Co. 办卓翘会计师事务所及共同创办钰恒资本会计 respectively. He has been an INED of Fameglow Holdings Limited (Stock Code: 师事务所。彼自2018年9月起为亮晴控股有限公 8603) since September 2018 GC Construction Holdings Limited (Stock code: 司（股份代号：8603）独立非执行董事、自20221489) since October 2022 and WellCell Holdings Co. Limited (Stock code: 年10月起为GC Construction Holdings Limited（股 2477) since December 2023. 份代号：1489）独立非执行董事以及自2023年12月起任经纬天地控股有限公司（股份代号：2477）独立非执行董事。 Mr. Yu obtained a bachelor of arts degree with a major in accountancy and 于先生于2005年6月获得香港理工大学会计学学 a minor in corporate finance from the Hong Kong Polytechnic University in 士学位，副修企业金融。彼于2012年1月获认可June 2005. He was admitted as a member in January 2012 and is currently a 为香港会计师公会会员且目前为执业会员。 practising member of the Hong Kong Institute of Certified Public Accountants. 30 Wah Wo Holdings Group Limited * 华和控股集团有限公司Biographies of the Directors and Senior Management 董事及高级管理层履历 SENIOR MANAGEMENT 高级管理层 Mr. Lam Mau Yuen aged 51 is the senior design manager of our Group. He 林茂源先生，51岁，本集团的高级设计经理，is responsible for overseeing general technical and engineering works tender 彼负责监督一般技术和工程、招标筹备及合规 preparation and compliance matters. Mr. Lam has been working for our Group 事宜。自2017年3月起，林先生一直任职于本集since March 2017. Prior to joining our Group Mr. Lam worked for various 团。加入本集团前，林先生曾于多间建筑及工construction and engineering related companies and he has more than 23 程相关公司工作且彼于建筑行业拥有逾23年经 years of experience in the construction industry. Mr. Lam obtained a higher 验。林先生于2002年7月获得职业训练局颁发的certificate in building studies from the Vocational Training Council in July 建筑学高级文凭。 2002. Mr. Lee Kai Ming aged 35 is our financial controller and company secretary. 李启明先生，35岁，为我们的财务总监兼公司He is responsible for overseeing our financial reporting financial planning 秘书。彼负责监督财务报告、财务规划、金treasury financial control and company secretarial matters. Mr. Lee has over 库、财务控制和公司秘书事务。李先生于会计six years of experience in the accounting industry and he has been working 行业拥有逾6年的经验，且自2018年2月起，李for our Group since February 2018. Mr. Lee obtained a bachelor of business 先生一直任职于本集团。李先生于2012年10月administration in accountancy from The Hong Kong Polytechnic University in 获得香港理工大学会计学工商管理学士学位。 October 2012. He was admitted as a certified public accountant of Hong Kong 于2016年9月，彼获认可为香港会计师公会的注Institute of Certified Public Accountants in September 2016. 册会计师。 Mr. Lee Ka Keung aged 40 is a senior quality control manager of our 李嘉强先生，40岁，本集团高级质量控制经Group. He is primarily responsible for overseeing the execution of projects 理。彼主要负责监督项目执行及监管建筑工地and supervising workers at construction sites. He has been working for our 工人。自2011年6月起，彼一直任职于本集团。 Group since June 2011. Prior to joining our Group Mr. Lee worked for several 于加入本集团前，李先生于多间建筑公司工作construction companies and he has more than 12 years of experience in the 且彼于香港建筑行业拥有逾12年经验。李先生construction industry in Hong Kong. Mr. Lee obtained a diploma and a higher 于2005年7月及2011年2月分别获得职业训练局 diploma in building services engineering from the Vocational Training Council 屋宇装备工程学文凭及高级文凭。于2007年11in July 2005 and February 2011 respectively. Mr. Lee completed a construction 月，李先生完成由建造业训练局举办的建造业safety supervisor course organised by the Construction Industry Training 安全督导员课程。 Authority in November 2007.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 31Corporate Governance Report企业管治报告 The Company strives to attain and maintain a high standard of corporate 本公司相信有效的企业管治常规为提升股东价 governance as it believes that effective corporate governance practices are 值与保障股东及其他持份者权益的基础，因fundamental to enhancing shareholders’ value and safeguarding interests of 此，其致力达致及维持高标准的企业管治。因shareholders and other stakeholders. Accordingly the Board attributes a high 此，董事会极为注重订定及执行适当的企业管priority to identifying and implementing appropriate corporate governance 治常规，确保具有透明度、问责精神及有效内practices to ensure transparency accountability and effective internal controls. 部监控。 The Company has adopted all the code provision in the Corporate Governance 本公司已采纳上市规则附录1（4 现为上市规则附Code (the “CG Code”) in Appendix 14 to the Listing Rules (currently Appendix 录C1）所载之企业管治守则（「企业管治守则」） C1 to the Listing Rules) as its own code on corporate governance practices. 的所有守则条文作为其自身的企业管治常规守 During the Year the Company has complied with the code provisions 则。于本年度，本公司一直遵守企业管治守则under the CG Code except for the deviation from code provision C.2.1 of 的守则条文，惟下文所述有关偏离企业管治守the CG Code as explained below. The Company will continue to enhance its 则的守则条文第C.2.1条除外。本公司将继续加corporate governance practices appropriate to the operation and growth of 强其企业管治常规，以配合本集团的业务营运the business of the Group. 及增长。 BOARD OF DIRECTORS 董事会 The Board is responsible for formulating business strategies and monitoring 董事会负责制定业务策略及监控本集团之业务 the performance of the business of the Group. Other than the daily operational 表现。除本集团管理层获授权作出日常经营决decisions which are delegated to the management of the Group most of 策外，大部分决策乃由董事会决定。全体董事the decisions are made by the Board. All Directors including independent （包括独立非执行董事）给董事会带来广泛宝贵 non-executive Directors have brought a wide spectrum of valuable business 之业务经验、知识及专业技能，使其有效且高experience knowledge and professionalism to the Board for its efficient and 效运作。 effective functioning.The Company has complied with Rules 3.10(1) and 3.10A of the Listing Rules 于本年度，本公司已遵从上市规则第3.10(1)及第during the Year. The Board is constituted of five members including two 3.10A条的规定。董事会由五名成员组成，包括executive Directors and three independent non-executive Directors. 两名执行董事及三名独立非执行董事。 The composition of the Board is as follows: 董事会成员如下： Executive Directors 执行董事 Mr. Chen Yuet Wa (Chairman and Chief Executive Officer) 陈越华先生（主席兼行政总裁） Mr. Chan Fai 陈辉先生 Independent Non-Executive Directors 独立非执行董事 Mr. Chow Chi Fai 周志辉先生 Mr. Chan Hon Ki 陈汉淇先生 Mr. Yu Chi Wing 于志荣先生 Biographical details of each Director are set out on pages 29 to 30 of this 各董事之履历详情载于本年报第29至30页。 annual report. 32 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Governance Report 企业管治报告 The Company has signed a letter of appointment with each of the 本公司已于2019年12月12日与各独立非执行董 independent non-executive Directors on 12 December 2019. The principal 事签订委任函。该等委任函之主要详情为：(a)particulars of these appointment letters are (a) each of them agreed to act for 其各自同意出任董事，初步任期自上市日期起an initial term of two year commencing from the Listing Date with a director’s 计为期两年，且享有董事袍金，该委任函可由fee which may be terminated by not less than three month’ written notice 一方向另一方发出不少于三个月之书面通知予 served by either party on the other and (b) is subject to termination provisions 以终止，及(b)须受委任函所载之终止条文及细therein and provisions on retirement by rotation of Directors as set out in the 则所载董事轮值退任条文所规限。 Articles.Pursuant to the article 84 of Articles of Association one-third of the Directors 根据组织章程细则第84条，三分之一的董事须shall retire from office by rotation at each annual general meeting and every 于各股东周年大会上轮值退任，且各董事须至Director shall be subject to retirement by rotation at least once every 3 years. 少每3年轮值退任一次，而退任董事合资格重选However a retiring Director shall be eligible for re-election. 连任。 The Company has received an annual confirmation of independence pursuant 本公司已接获各独立非执行董事根据上市规则 to Rule 3.13 of the Listing Rules from each of the independent non-executive 第3.13条作出的年度独立性确认。本公司认为，Directors. The Company is of the view that all independent non-executive 全体独立非执行董事于本年度及直至本年报日 Directors meet the independence guidelines set out in Rule 3.13 of the Listing 期均符合载于上市规则第3.13条之独立性指引，Rules and are independent in accordance with the terms of the guidelines 并根据该指引之条款属独立人士。本公司亦已during the Year and up to the date of this annual report. The Company has 遵从上市规则第3.10(2)条的规定。一名独立非执also complied with Rule 3.10(2) of the Listing Rules. One of the independent 行董事具备合适专业会计资格及财务管理专业 non-executive Directors possesses the appropriate professional accounting 知识。 qualifications and financial management expertise.During the Year five Board meetings and one annual general meeting were 于本年度，本公司举行五次董事会会议及一次held and the attendance record of each Director is set out in the table below: 股东周年大会，各董事出席的记录载于下表： Attendance/Number of Meeting 出席次数╱会议次数 Annual General Board Meeting Meeting Directors 董事 董事会会议 股东周年大会 Executive Directors 执行董事 Mr. Chen Yuet Wa (Chairman and Chief Executive Officer) 陈越华先生（主席兼行政总裁）5/51/1 Mr. Chan Fai 陈辉先生 5/5 1/1 Independent non-executive Directors 独立非执行董事 Mr. Chow Chi Fai 周志辉先生 5/5 1/1 Mr. Chan Hon Ki 陈汉淇先生 5/5 1/1 Mr. Yu Chi Wing 于志荣先生 5/5 1/1 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 33Corporate Governance Report企业管治报告 Every Director is entitled to have access to Board papers and related 各董事有权索取董事会文件及有关材料，亦可materials and the advice and services of the Company Secretary and has the 请公司秘书提供意见及服务，并可于合理需要liberty to seek independent professional advice at the Company’s expense 时自行寻求独立专业意见，费用由本公司承if so reasonably required. Directors will be continuously updated on the 担。董事将获持续提供上市规则及其他适用监major development of the Listing Rules and other applicable regulatory 管规定之重大发展之更新资料，以确保彼等遵requirements to ensure compliance and upkeep of good corporate 守及秉持良好的企业管治常规。根据企业管治governance practices. The Company expects to convene at least four regular 守则的守则条文第C.5.1条，本公司预期将于每Board meetings in each financial year at approximately quarterly intervals in 个财政年度举行至少四次定期董事会会议，约accordance with code provision C.5.1 of the CG Code. 为每季度一次。 According to code provision C.2.1 of the CG Code the role of the chairman 根据企业管治守则的守则条文第C.2.1条，本公and the chief executive officer of the Company should be separate and should 司主席与行政总裁的职责应有区分，且不应由not be performed by the same individual. During the Year the role of the 同一人士兼任。于本年度，本公司主席及行政chairman and the chief executive officer of the Company are both performed 总裁由陈越华先生兼任。鉴于陈越华先生负责by Mr. Chen Yuet Wa. In view of Mr. Chen Yuet Wa’s role in the day-to-day 本集团的日常管理及营运，并为本集团其中一management and operations of the Group being one of the Controlling 名控股股东，且于本年报日期为本集团其他成Shareholders of the Group and as one of the Directors if not the sole director 员公司的董事之一（倘并非唯一董事），董事会of other members of the Group as at the date of this annual report the Board 相信由陈越华先生兼任本公司主席及行政总裁 believes that it is more effective and efficient overall business planning and 职务使本集团更有效及高效地进行整体业务规 implementation of business decisions and strategies of the Group that it shall 划及执行业务决策及策略，其符合本集团的最be in the best interests of the Group for Mr. Chen Yuet Wa to take up the 佳利益。因此，董事会认为，于该情况下偏离dual roles of chairman and chief executive officer of the Company. Therefore 企业管治守则的守则条文第C.2.1条属适当，且the Board considers that the deviation from code provision C.2.1 of the CG 透过董事会的运作，已给予足够的制衡。董事Code is appropriate in such circumstance and that there are sufficient checks 会成员由经验丰富及富有才干之人士组成，且and balances in place by the operations of the Board which comprises 董事会组成中具备充分之独立元素。董事会将experienced and high calibre individuals and adequate independent element 持续检讨，并于考虑本集团的整体状况后，在in the composition of the Board. The Board will continue to review and 合宜及适当时候区分本公司主席及行政总裁的 consider splitting the roles of chairman and chief executive officer of the 职责。董事得悉，本公司预期会遵守企业管治Company at a time when it is appropriate and suitable by taking into account 守则。企业管治守则的任何偏离情况均应予仔the circumstances of the Group as a whole. The Directors are aware that the 细考虑，并于中期及年度报告披露。除上文所Company is expected to comply with the CG Code. Any deviation from the CG 披露者外，本公司将继续遵守企业管治守则，Code should be carefully considered and disclosed in the interim and annual 以保障股东的最佳利益。 report. Save as disclosed above the Company will continue to comply with the CG Code to protect the best interests of the shareholders.DIRECTORS’ SECURITIES TRANSACTIONS 董事进行的证券交易The Company has adopted a code of conduct regarding the transactions of 本公司已就董事及相关雇员（可能获取本公司内securities of the Company by the Directors and the relevant employees (who 幕消息之人士）买卖本公司证券采纳一项行为守likely possess inside information of the Company) (the “Securities Dealing 则（「证券交易守则」），其条款不逊于上市规则Code”) on terms no less exacting than the required standard set out in the 附录C3载列之上市发行人董事进行证券交易的 Model Code for Securities Transactions by Directors of Listed Issuers (the 标准守则（「标准守则」）所载规定准则。经本公“Model Code”) as set out in Appendix C3 to the Listing Rules. All Directors 司作出特别查询，全体董事均已确认彼等于本have confirmed following specific enquiries by the Company that they fully 年度已全面遵守标准守则及证券交易守则。 complied with the Model Code and the Securities Dealing Code during the Year. 34 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Governance Report 企业管治报告 CONTINUOUS PROFESSIONAL DEVELOPMENT 持续专业发展 The Company encourages the Directors to attend any relevant programme 本公司鼓励董事出席任何可进一步提高其知识 to further enhance their knowledge so as to enable them to discharge their 的相关课程，使其能够更有效地履行其职责及duties and responsibilities more effectively. Prior to the Listing Date all 责任。于上市日期前，所有董事均获发相关指Directors have been given relevant guideline materials and attended a training 导材料，以及参加有关身为董事的职责和职regarding the duties and responsibilities of being a Director the CG Code the 权、企业管治守则、上市规则及适用法律法规 Listing Rules and applicable laws and regulations and duty of disclosure of 及权益披露职责的相关培训。紧接新任董事获interest. Such induction materials and briefing will also be provided to newly 委任为董事后，其亦会获发该等就职资料及简appointed Directors shortly upon their appointment as Directors. Continuing 报。本公司将不时为董事提供持续简报及专业briefings and professional development to Directors will be arranged from 发展。 time to time.The Directors confirmed that they have complied with the code provision 董事确认，彼等遵守有关董事培训的企业管治C.1.4 of the CG Code on Directors’ training. During the period under review 守则的守则条文第C.1.4条。于回顾期间，全体all Directors have participated in continuous professional development by 董事均通过参加研讨会╱内部简报╱阅读材料 attending seminars/in-house briefing/reading materials to develop and 参与职业的不断发展，以发展及更新彼等的知refresh their knowledge and skills. 识及技能。 All Directors have provided record of their training attendance and the 全体董事已提供彼等参加培训的记录，本公司Company will continue to arrange and fund the training in accordance with 亦将继续根据企业管治守则安排培训及为培训 the CG Code. 拨资。 BOARD COMMITTEES 董事委员会The Board has established three committees namely the audit committee 董事会已设立三个委员会，即审核委员会（「审the “Audit Committee”) the nomination committee (the “Nomination 核委员会」）、提名委员会（「提名委员会」）及薪Committee”) and the remuneration committee (the “Remuneration 酬委员会（「薪酬委员会」）。下表提供在该等委Committee”). The table below provides the membership information of these 员会担任职位的若干董事会成员之成员资料： committees on which certain Board members served: Board Committee董事委员会 Audit Remuneration Nomination Committee Committee Committee Director 董事 审核委员会 薪酬委员会 提名委员会 Mr. Chen Yuet Wa 陈越华先生 – M C Mr. Chan Fai 陈辉先生 – – – Mr. Chow Chi Fai 周志辉先生 C M – Mr. Chan Hon Ki 陈汉淇先生 M C M Mr. Yu Chi Wing 于志荣先生 M – M Notes: 附注： C: Chairman of the relevant committees C：相关委员会主席 M: Member of the relevant committees M：相关委员会成员 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 35Corporate Governance Report企业管治报告 Audit Committee 审核委员会 The Company established the Audit Committee on 12 December 2019 with 本公司已于2019年12月12日遵照上市规则第3.22 written terms of reference in compliance with Rule 3.22 of the Listing Rules 条及企业管治守则的守则条文第D.3.3条成立审 and code provision D.3.3 of the CG Code. The primary duties of the Audit 核委员会并制定书面职权范围。审核委员会之Committee include among others (a) making recommendations to the Board 主要职责是（其中包括）(a)就委任、续聘及罢免 on the appointment re-appointment and removal of the external auditors 外部核数师向董事会作出推荐建议，并批准委and approving the remuneration and terms of engagement of the external 聘外部核数师之薪酬及条款；(b)审阅本公司之 auditors; (b) reviewing the Company’s financial statements the annual report 财务报表、年报及账目、半年度报告及其中所 and accounts and the half-year report and significant financial reporting 载的重大财务报告判断；及(c)审阅本公司之财 judgments contained therein; and (c) reviewing the Company’s financial 务监控、内部监控及风险管理系统。 controls internal control and risk management systems.During the Year the Audit Committee has held three meetings to review the 于本年度，审核委员会举行了三次会议，以审accounting principles and practices adopted by the Group and the financial 阅本集团采纳的会计原则及惯例以及截至2023 results for the six months ended 30 September 2023 and the Year whether 年9月30日止六个月及本年度的财务业绩，了there was any significant issues on financial reporting internal control and 解财务汇报、内部监控及风险管理系统和外聘 risk management systems and the re-appointment and remuneration of the 核数师的续任及薪酬方面是否存在任何重大问 external auditor. The individual attendance record of each member at the 题。各成员出席审核委员会会议的个别出席记meeting of Audit Committee is set out below: 录载列如下： Attendance/ Number of Audit Committee Meeting 出席次数╱审核委员会 Name of member of the Audit Committee 审核委员会成员姓名 会议次数 Mr. Chow Chi Fai (Chairman) 周志辉先生（主席） 3/3 Mr. Chan Hon Ki 陈汉淇先生 3/3 Mr. Yu Chi Wing 于志荣先生 3/3 Nomination Committee 提名委员会 The Company established the Nomination Committee on 12 December 本公司已于2019年12月12日遵照企业管治守则 2019 with written terms of reference in compliance with code provision B.3.1 的守则条文第B.3.1条成立提名委员会并制定书of the CG Code. The primary duties of the Nomination Committee include 面职权范围。提名委员会之主要职责是（其中包among others (a) reviewing the structure size and composition (including the 括）(a)至少每年一次审阅董事会架构、规模及组 skills knowledge and experience) of the Board at least annually and making 成（包括技能、知识及经验）并就配合企业策略 recommendations on any proposed changes to the Board to complement 而对董事会作出的任何建议变更作出推荐建议； the corporate strategy; (b) identifying individuals suitably qualified to become (b)物色合资格成为董事会成员的合适人选，并members of the Board and selecting or making recommendations to the 挑选或就筛选获提名出任董事职位之人选向董 Board on the selection of individuals nominated for directorships; (c) assessing 事会作出推荐建议；(c)评估独立非执行董事的 the independence of the independent non-executive Directors; (d) making 独立性；(d)就董事委任或续聘及继任计划向董 recommendations to the Board on the appointment or re-appointment of 事会作出推荐建议；(e)审阅本公司董事会多元 and succession planning for the Directors; (e) reviewing the board diversity 化政策（「董事会多元化政策」）；及(f)制定及审阅 policy of the Company (“Board Diversity Policy”); and (f) developing and （如适用）董事提名政策。 reviewing as appropriate the policy for the nomination of Directors. 36 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Governance Report 企业管治报告 During the Year the Nomination Committee held a meeting to review 于本年度，提名委员会举行了一次会议检讨董the structure size and composition of the Board the independence of the 事会的架构、人数及组成、独立非执行董事的 independent non-executive Directors the Board Diversity Policy and the 独立性、董事会多元化政策和提名政策以及考 Nomination Policy as well as to consider and make recommendations to 虑委任新董事和重新委任于本公司股东周年大 the Board on the appointment of new Directors and reappointment of 会上重选连任的董事并就此向董事会提出建 the Directors standing for re-election at the annual general meeting of the 议，而各董事的出席记录载列于下表： Company and the attendance record of each Director is set out in the table below: Attendance/ Number of Nomination Committee Meeting 出席次数╱提名委员会 Name of member of the Nomination Committee 提名委员会成员姓名 会议次数 Mr. Chen Yuet Wa (Chairman) 陈越华先生（主席） 1/1 Mr. Chan Hon Ki 陈汉淇先生 1/1 Mr. Yu Chi Wing 于志荣先生 1/1 Remuneration Committee 薪酬委员会 The Company established the Remuneration Committee on 12 December 本公司已于2019年12月12日遵照上市规则第3.26 2019 with written terms of reference in compliance with Rule 3.26 of the 条及企业管治守则的守则条文第E.1.2条成立薪酬 Listing Rules and code provision E.1.2 the CG Code. The primary duties of 委员会并制定书面职权范围。根据董事或其任the Remuneration Committee under the principle that no Director or any 何联系人士不应参与决定其薪酬的原则，薪酬of his associates should be involved in deciding his own remuneration 委员会之主要职责是（其中包括）就下列事项向 include among others making recommendations to the Board on (a) 董事会作出推荐建议：(a)全体董事及高级管理 the remuneration policy and structure for all of the Directors and senior 层的薪酬政策及架构；(b)就发展薪酬政策建立 management; (b) the establishment of a formal and transparent procedure 正式及透明程序；(c)执行董事及高级管理层的 for developing remuneration policies; (c) the remuneration packages of 薪酬待遇，包括实物利益、退休金权利及赔偿the executive Directors and senior management including benefits in kind 付款（包括任何因丧失或终止其职务或委任应付pension rights and compensation payments including any compensation 的任何赔偿）；及(d)非执行董事之薪酬。 payable for loss or termination of their offices or appointments; and (d) the remuneration of the non-executive Directors.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 37Corporate Governance Report企业管治报告 During the Year a meeting was held to review the remuneration policy and 于本年度，举行了一次会议检讨本集团执行董package of the executive Directors and senior management of the Group 事及高级管理层的薪酬政策和待遇，并检讨非and reviewing the remuneration of the non-executive Directors and the 执行董事的薪酬，而各董事的出席记录载列于attendance record of each Director is set out in the table below: 下表： Attendance/ Number of Remuneration Committee Meeting 出席次数╱薪酬委员会 Name of member of the Remuneration Committee 薪酬委员会成员姓名 会议次数 Mr. Chan Hon Ki (Chairman) 陈汉淇先生（主席） 1/1 Mr. Chen Yuet Wa 陈越华先生 1/1 Mr. Chow Chi Fai 周志辉先生 1/1 Full details of remuneration of the Directors and the five highest paid 有关董事及五名最高薪酬人士之薪酬全部详情 employees are set out in notes 15(a) and 15(b) to the financial statements of 载列于本年报财务报表附注15(a)及15(b)。 this annual report.No material matters relating to share schemes under Chapter 17 of the 于本年度，概无须经薪酬委员会审阅或批准的Listing Rules were required to be reviewed or approved by the Remuneration 有关上市规则第17章所指股份计划的重大事宜。 Committee during the Year. 38 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Governance Report 企业管治报告 BOARD DIVERSITY POLICY 董事会多元化政策 The Board has adopted the board diversity policy which sets out the approach 董事会已采纳董事会多元化政策，当中载列达to achieve a sustainable and balanced development of the Company and 致本公司可持续及平衡发展以及提升本公司表 also to enhance the quality of performance of the Company. In designing 现质素之方法。确定董事会成员组成时，董事the Board’s composition the Board has been considering from a number 会已从多个角度考虑，包括但不限于性别、of perspectives including but not limited to gender age cultural and 年龄、文化及教育背景、经验（专业或其他方educational background experience (professional or otherwise) skills and 面）、技能及知识。最终决定乃基于经选定人选knowledge. The ultimate decision is based on merit and contribution that the 将为董事会带来的裨益及作出的贡献。 selected candidates will bring to the Board.The Nomination Committee will review the board diversity policy from time to 提名委员会将不时审阅董事会多元化政策，透time to ensure its continued effectiveness and monitor its implementation by 过至少每年检讨一次董事会组成以确保其一贯 conducting review of the Board’s composition at least once annually. 的效力并监控其执行情况。 NOMINATION POLICY 提名政策 The Company has adopted a nomination policy (the “Nomination Policy”) 本公司已采纳提名政策（「提名政策」），目的为for the purpose to identify and evaluate a candidate for nomination to the 识别及评核候选人，供提名委任为董事会成员Board for appointment or to the shareholders for election as a Director. The 或供股东选举为董事。提名委员会于评核及遴Nomination Committee shall consider among others the following criteria in 选董事职位之候选人时将考虑（其中包括）以下 evaluating and selecting candidates for directorships: 标准： * Reputation for integrity; * 信誉； * Accomplishment experience and reputation in the relevant industry * 于相关行业及其他相关界别的成就、经验 and other relevant sectors; 及信誉； * Commitment in respect of sufficient time interest and attention to the * 承诺对本公司业务投放充足时间、利益及 Company’s business; 关注； * Diversity in all aspects including but not limited to gender age cultural * 各方面多元性，包括但不限于性别、年and educational background experience (professional or otherwise) 龄、文化及教育背景、经验（专业或其skills and knowledge; 他）、技能及知识； * The ability to assist and support management and make significant * 能够协助及支持管理层及对本公司成功作 contributions to the Company’s success; 出重大贡献； * Compliance with the criteria of independence as prescribed under * 符合上市规则第3.13条所指就委任独立非 Rule 3.13 of the Listing Rules for the appointment of an independent 执行董事的独立性条件；及 non-executive Director; and * Any other relevant factors as may be determined by the Committee or * 委员会或董事会可能不时厘定的任何其他 the Board from time to time. 相关因素。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 39Corporate Governance Report企业管治报告 Each proposed new appointment election or re-election of a Director shall 每项建议新委任、推选或重选董事将由提名委 be assessed and/or considered against the criteria and qualifications set 员会根据提名政策中载列之标准及资格进行评 out in the Nomination Policy by the Nomination Committee which shall 估及╱或考量。提名委员会将向董事会及╱或recommend its views to the Board and/or the shareholders for consideration 股东提供推荐建议，供其考虑及作出决定。 and determination.COMPANY SECRETARY 公司秘书 Mr. Lee Kai Ming was appointed as the company secretary on 12 December 李启明先生于2019年12月12日获委任为公司秘 2019. The company secretary reports to the chief executive officer directly 书。公司秘书直接向行政总裁报告，并对董事 and is responsible to the Board for ensuring that the Board procedures 会负责，以确保遵循董事会的程序、适用法applicable laws rules and regulations are followed as well as the Board 律、规则及规例以及高效及有效地开展董事会 activities are efficiently and effectively conducted. He is also responsible 活动。彼亦负责确保董事会全面评估与本集团for ensuring that the Board is fully appraised of the relevant corporate 有关的相关企业管治发展，并促进董事的入职governance developments relating to the Group and facilitating the induction 及专业发展。于本年度，李启明先生已遵照上and professional development of the Directors. During the Year Mr. Lee Kai 市规则第3.29条之规定接受不少于15个小时的相 Ming has undertaken no less than 15 hours of relevant professional training in 关专业培训。 accordance with Rule 3.29 of the Listing Rules.DIRECTORS’ AND AUDITORS’ RESPONSIBILITY FOR 董事及核数师对综合财务报表所承 THE CONSOLIDATED FINANCIAL STATEMENTS 担的责任 The Directors acknowledge their responsibility for overseeing the preparation 董事确认彼等有责任监督本集团于本年度之综 of the consolidated financial statements of the Group for the Year which 合财务报表的编制情况，有关报表乃按持续经give a true and fair view of the financial position of the Group on a going 营基准编制，真实公平地反映本集团的财务情concern basis and are in compliance with the relevant accounting standard 况且遵守有关会计准则及原则、适用法律及上 and principles applicable laws and disclosure provisions of the Listing Rules. 市规则的披露条文。董事旨在就本集团的财务The Directors aim to present a clear and understandable assessment of 状况及前景提供清晰及易于理解的评估。董事the Group’s financial position and prospects. The Board is not aware of any 会并不知悉有任何重大不明朗因素，其涉及可material uncertainties relating to events or conditions that may cast significant 能对本集团持续经营能力产生重大疑问的事件 doubt upon the Group’s ability to continue as a going concern. 或状况。 The responsibilities of the external auditors with respect to the financial 有关外部核数师财务申报的责任载列于本年报 reporting are set out in the “Independent Auditor’s Report” of this annual 的「独立核数师报告」。 report.RISK MANAGEMENT AND INTERNAL CONTROLS 风险管理及内部监控 One of the major functions of the Board is to maintain an adequate risk 董事会的主要职责之一乃维持一个充分的风险 management and internal control systems to safeguard shareholders’ 管理及内部监控系统，以保障股东的投资及本investments and the Group’s assets and reviewing their effectiveness annually 集团资产，并透过审核委员会每年检讨有关系through the Audit Committee. The Audit Committee reports to the Board on 统的有效性。审核委员会向董事会报告任何重any material issues and makes recommendations to the Board. 大事宜并向董事会提供推荐意见。 40 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Governance Report 企业管治报告 Policies and procedures have been designed to safeguard assets against 制订政策及程序以防止资产未经授权使用或出 unauthorised use or disposition ensure the maintenance of proper accounting 售、确保会计记录妥为保存以提供可靠财务资 records for the provision of reliable financial information for internal use or for 料供内部使用或刊发，以及确保遵守适用法publication and ensure compliance with applicable law rules and regulations. 律、法规及规定。该等政策及程序可合理保证The policies and procedures provide a reasonable assurance that material 防止出现重大错误陈述或损失、侦测本集团的 misstatements or losses are prevented potential interruption of the Group’s 管理系统的潜在中断及合理管理本集团于达标 management system is detected and risks existing in the course of arriving at 过程中所存在之风险。 the Group’s objectives are properly managed.During the Year the Company engaged an external independent consulting 于本年度，本公司委聘一家外部独立顾问公司firm to review the effectiveness of certain of the Group’s risk management and 检讨本集团若干风险管理及内部监控系统的有 internal controls systems. Relevant recommendations made by the consultant 效性。本集团已分阶段执行该顾问提供的相关have already been implemented in stages by the Group to further enhance its 建议，以进一步加强其内部监控政策、程序及internal control policies procedures and practices. The Board considered that 惯例。董事会认为本集团的风险管理及内部监the Group’s risk management and internal control systems were effective and 控系统于本年度仍属有效且充足。 adequate during the Year.The Group has conducted an annual review on whether there is a need for an 本集团对是否需要设立内部审核部门，已作年internal audit department. Given the Group’s relatively simple corporate and 度检讨。鉴于本集团的公司及运作架构相对精operation structure as opposed to diverting resources to establish a separate 简，为避免分散资源建立独立的内部审核部internal audit department the Board supported by the Audit Committee is 门，在审核委员会的协助下，董事会直接负责directly responsible for risk management and internal control systems of the 本集团的风险管理及内部监控系统以检讨其有 Group and for reviewing its effectiveness. 效性。 AUDITORS’ REMUNERATION 核数师薪酬 For the Year RSM Hong Kong was engaged as the Group’s independent 于本年度，罗申美会计师事务所获委任为本集auditors. The statement of the auditors of the Company about their reporting 团的独立核数师。本公司核数师关于其对本集responsibilities on the Group’s consolidated financial statements for the Year is 团于本年度综合财务报表的报告责任的声明载 set out in the “Independent Auditor’s Report” of this annual report. During the 于本年报的「独立核数师报告」。于本年度，就Year the remuneration paid or payable to the Company’s auditors RSM Hong 本公司核数师罗申美会计师事务所及其联属公 Kong and its affiliated firms in respect of their audit and non-audit services 司的审核及非审核服务而已付或应付彼等之薪 was as follows: 酬如下： HK$’000千港元 Audit services 审核服务 780 Non-audit services: 非审核服务： Agreed-upon procedures of unaudited interim 未经审核中期财务资料的议定程序 financial information 200 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 41Corporate Governance Report企业管治报告 DIRECTORS AND OFFICERS INSURANCE 董事及高级人员保险 Appropriate insurance covers on Directors’ liabilities have been in force to 就董事须承担之责任投保的合适保险已生效，protect the Directors and officers of the Group from their risk exposure from 以保护本集团董事及高级人员免受本集团业务 the business of the Group. 的风险。 Human Resources 人力资源 The Group is committed to promoting a sound corporate culture by setting 本集团致力营造文化价值观，从而促进良好的out culture values including (but not limited to) lawful; discipline; ethics and 企业文化，包括（但不限于）合法、纪律、道德integrity; responsibly; trust; and prudence. The culture values are articulated 与诚信、负责任、信任及审慎。该等文化价值in policies procedures and processes that are relevant to the day-to-day or 观在与日常或例行业务╱支援营运、本集团员 routine business/supporting operations training and performance appraisal 工的培训及绩效评估相关的政策、程序及流程 of the Group’s staff. 均有阐述。 INVESTOR RELATIONS AND COMMUNICATION WITH 投资者关系及与股东的沟通 SHAREHOLDERS The Board recognises the importance of good communication with all 董事会认同与全体股东保持良好沟通的重要 shareholders. The Company believes that maintaining a high level of 性。本公司认为保持高透明度乃加强投资者关transparency is a key to enhance investor relations. 系的关键。 The Company has established several communication channels including 本公司已建立若干沟通渠道，包括(a)股东周年(a) the annual and extraordinary general meetings which provide a forum for 大会及股东特别大会，为股东提供直接与董事shareholders to communicate directly with the Board; (b) printed corporate 会交流之平台；(b)寄发予股东之公司印刷本文 documents mailing to shareholders; (c) announcement disseminating the 件；(c)于本公司及联交所网站宣布本集团之最 latest activities of the Group on the websites of the Company and the Stock 新业务动向之公告；及(d)本公司网站提供电子 Exchange; and (d) the Company’s website providing an electronic means of 通讯方式。 communication.The Board has reviewed the implementation and effectiveness of the 董事会已检讨本公司股东通讯政策的实施和有 Company’s shareholders’ Communication Policy including steps taken at 效性，包括在股东大会上采取的步骤以及既有the general meetings and the multiple channels of communication and 的多种沟通和参与渠道，并认为股东通讯政策engagement in place and considered that the shareholders’ Communication 于回顾年度已妥为实施，且行之有效。 Policy has been properly implemented during the Year under review and is effective. 42 Wah Wo Holdings Group Limited * 华和控股集团有限公司Corporate Governance Report 企业管治报告 SHAREHOLDERS’ RIGHTS 股东权利 Procedures for Shareholders to convene an EGM 股东召开股东特别大会的程序 The following procedures for shareholders to convene an extraordinary 下列股东召开股东特别大会（「股东特别大会」） general meeting (“EGM”) are subject to the Articles of Association (as 的程序乃受组织章程细则（经不时修订）及适用 amended from time to time) and the applicable legislations and regulations 法例及法规（特别是上市规则（经不时修订））所 in particular the Listing Rules (as amended from time to time): 规限： (a) Pursuant to article 58 of the Articles of Association any one or more (a) 根据组织章程细则第58条，于提出要求当shareholders holding at the date of deposit of the requisition not less 日持有附带权利可于本公司股东大会上投than one-tenth of the paid up capital of the Company (the “Eligible 票之本公司缴足股本不少于十分之一之任Shareholder(s)”) carrying the right of voting at general meetings of the 何一名或多名股东（「合资格股东」），有权Company shall at all times have the right by written requisition to the 随时向董事会或公司秘书发出书面请求 Board or the Company Secretary to require an EGM to be called by the 书，要求董事会就处理相关请求书中指明Board for the transaction of any business specified in such requisition; 之任何事务召开股东特别大会；及该股东 and such meeting shall be held within two months after the deposit of 特别大会须于提出要求后两个月内举行； such requisition; (b) The written requisition must state the purposes of the meeting (b) 由合资格股东签署的该书面请求书须列明 signed by the Eligible Shareholder(s) and deposited to the Board or 会议目的，并存放在董事会或本公司主the Company Secretary at the Company’s principal place of business 要营业地点（地址为香港新界葵涌大连排at Flat A & D 4/F Phase 1 Kwai Shing Industrial Building 36–40 Tai 道36–40号贵盛工业大厦一期4楼A及D室） Lin Pai Road Kwai Chung New Territories Hong Kong and such may 的公司秘书处。该请求书可能包含若干文consist of several documents in like form each signed by one or more 件（如表格），均须由一名或多名请求人签requisitionists; 署； (c) The requisition must state clearly the name of the Eligible Shareholder(s) (c) 请求书必须清楚列明有关合资格股东的姓 concerned his/her/their shareholding the reason(s) to convene an 名、持股量、召开股东特别大会的原因及 EGM and the details of the business(es) proposed to be transacted in 于股东特别大会提呈处理事宜的详情，并the EGM and must be signed by the Eligible Shareholder(s) concerned 须由有关合资格股东签署及随附合理足够 together with a deposit of a sum of money reasonable sufficient to 款项，用以支付本公司根据法定要求向全meet the Company’s expenses in serving the notice of the resolution 体登记股东发出决议案通知及传递有关股 and circulating the statement submitted by the shareholders concerned 东所呈交陈述书产生的开支； in accordance with the statutory requirements to all the registered shareholders; (d) The requisition will be verified with Hong Kong branch share registrar (d) 请求书将由本公司的香港股份过户登记分 and transfer office of the Company and upon their confirmation that 处核实，于确定请求书为合适及适当时，the requisition is proper and in order the Board will convene an EGM 董事会将根据细则的规定向全体登记股东 by serving sufficient notice in accordance with the requirements 送达充分通知以召开股东特别大会。相under the Articles to all the registered shareholders. On the contrary 反，倘请求书核实为不适当或有关股东未if the requisition has been verified as not in order or the shareholders 能缴存足够款项作为本公司上述用途的开 concerned have failed to deposit sufficient money to meet the 支，则有关合资格股东将获知会此结果，Company’s expenses for the said purposes the Eligible Shareholder(s) 而董事会不会召开股东特别大会；及 concerned will be advised of this outcome and accordingly the Board will not call for an EGM; and ANNUAL REPORT 2023/24 * 二零二三/二四年年报 43Corporate Governance Report企业管治报告 (e) If within 21 days of such deposit the Board fails to proceed to convene (e) 倘董事会于存放请求书后21日内未召开该 such meeting the Eligible Shareholder(s) himself/herself/themselves 大会，则合资格股东可自行以同样方式召may do so in the same manner and all reasonable expenses incurred by 开大会，合资格股东因董事会未召开大会the Eligible Shareholder(s) as a result of the failure of the Board shall be 而产生之所有合理开支将由本公司补偿予 reimbursed to the Eligible Shareholder(s) by the Company. 合资格股东。 Procedures by which enquiries may be put to the Board 向董事会作出提问的程序 Shareholders may at any time direct enquiries to the Board. Such enquiries 股东可随时向董事会直接提问，该等提问可邮can be addressed to the Company Secretary in writing by mail to the 寄至本公司于香港的主要营业地点，地址为香Company’s principal place of business in Hong Kong at Flat A & D 4/F Phase 港新界葵涌大连排道36–40号贵盛工业大厦一期 1 Kwai Shing Industrial Building 36–40 Tai Lin Pai Road Kwai Chung New 4楼A及D室，注明收件人为公司秘书。 Territories Hong Kong.Procedures for putting forward proposals at shareholders’ 在股东大会提出建议的程序 meeting There are no provisions in the Articles of Association or the Companies Law 组织章程细则或开曼群岛公司法并无有关股东 of the Cayman Islands for Shareholders to put forward proposals at general 于本公司股东大会上提呈建议之条文。拟提呈meetings of the Company. Shareholders who wish to put forward proposals 建议之股东可要求本公司根据上文所载程序召 may request the Company to convene an extraordinary general meeting in 开股东特别大会。 accordance with the procedures set out above. 44 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 SECTION 1 INTRODUCTION 第1节 绪言 Section 1.1: About the Company 第1.1节：关于本公司Wah Wo Holdings Group Limited (“WWHG” or the “Company”) and its 华和控股集团有限公司（「华和控股」或「本公subsidiaries (collectively referred to as the “Group” “we” “our” or “us”) is 司」）及其附属公司（统称「本集团」或「我们」）为 principally an established contractor engaged in fa?ade works with a focus on 一家主要于香港发展成熟的外墙工程承判商，window in Hong Kong. Fa?ade works can be classified into window window 专注于窗户方面。外墙工程可分为窗户、窗口wall system curtain wall system and other fa?ade members. We principally 墙系统、幕墙系统及其他外墙组件。我们专注provide design and build services for new buildings and renovation services 于就新建楼宇提供设计及建造服务及就现有楼 for built premises and rental of investment properties. Our services generally 宇提供翻新服务以及投资物业租赁业务。我们include developing designs conducting structural calculations and preparing 的服务通常包括准备设计、进行结构计算及绘 shop drawings as well as management and coordination of various aspects 制施工图以及项目各方面的管理及统筹，当中of a project which involve procurements of building materials from materials 包括自材料供应商采购建筑材料及╱或分包安 suppliers and/or subcontracting of installation works to our subcontractors 装工程予我们香港的次承判商、现场项目管理 on-site project management and post-project completion and maintenance 及项目后竣工及维修服务。 services in Hong Kong.Section 1.2: ESG Statement of the Board 第1.2节：董事会的环境、社会及管治声明 The board of directors of the Company (the “Board”) is pleased to present 本公司董事会（「董事会」）欣然于下文呈列截至 the Environmental Social and Governance Report (“ESG Report”) for the year 2024年3月31日止年度（「报告期间」）的环境、 ended 31 March 2024 (“Reporting Period”) in the following to illustrate and 社会及管治报告（「环境、社会及管治报告」），highlight our efforts and performance in achieving sustainable development 以阐述及强调我们为实现可持续发展而在与环 in various ESG-related aspects. 境、社会及管治相关的各方面作出的努力及表现。 Board and Governance Structure 董事会及管治架构The Group incorporates environmental social and governance (“ESG”) 本集团将环境、社会及管治（「环境、社会及管approaches into its daily management to achieve the optimum balance on 治」）方针融入日常管理，务求在经济表现、环its economic performance environmental protection social responsibility 境保护、社会责任及持份者满意度方面取得最 and stakeholder satisfaction. To achieve this goal the Group has developed 佳平衡。为实现此目标，本集团已制定多个与various ESG-related management systems to ensure its governance is aligned 环境、社会及管治相关的管理制度，确保其管with its ESG strategic growth while advocating for the integration of ESG into 治与环境、社会及管治策略发展一致，同时提its business operations. The structure of ESG governance mainly comprised of 倡将环境、社会及管治融入业务营运。环境、two components including the Board and the departments designated for 社会及管治方面的管治架构主要由两部分组 managing ESG-related matters (the “ESG Management Team”). 成，包括董事会及获指派管理环境、社会及管治相关事宜的部门（「环境、社会及管治管理团队」）。 The Board is fully committed to formulating and implementing ESG strategies. 董事会全力制定及实施环境、社会及管治策 The Group’s ESG performance is supervised by the Board. Relevant risks and 略。董事会负责监督本集团的环境、社会及管opportunities have been embedded into the Group’s strategic goals which 治表现。相关风险及机遇已于本集团战略目标are also closely aligned with the overall mission and vision on sustainability. 中体现，有关目标亦与可持续发展的总体使命While developing the Group’s goals we firmly adhered to principles of good 及远景高度一致。在制定本集团目标时，我们corporate governance and carefully considered our activities’ influences 坚定遵循良好企业管治的原则，并审慎考虑我on the environment and society. Corporate social responsibilities were also 们的活动对环境及社会的影响。本集团亦将企integrated into the Group’s business strategies and management approach. 业社会责任纳入其业务策略及管理方针。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 45Environmental Social and Governance Report 环境、社会及管治报告 The ESG Management Team is responsible for effective implementation of 环境、社会及管治管理团队负责有效实施董事 the strategies formulated by the Board. It comprises of core members from 会制定的策略。团队核心由本集团不同部门的different departments of the Group with relevant expertise for effective 成员组成，各成员均具备相关的专业知识，能oversight on ESG-related matters including but not limited to: 有效监督环境、社会及管治相关事宜，包括但不限于： * Financial expertise: understand the financial implication of ESG issues * 财务专业知识：了解环境、社会及管治议 analyze the financial impact of ESG risks and opportunities assess the 题造成的财务负担，分析环境、社会及管financial performance of sustainability initiatives and ensure the ESG 治风险与机遇的财务影响，评估可持续发risks are integrated into financial reporting. 展倡议的财务表现，并确保环境、社会及管治风险获纳入财务申报。 * Risk management expertise: identify and assess ESG risks develop * 风险管理专业知识：识别及评估环境、社 risk mitigation strategies and ensure that ESG risks are appropriately 会及管治风险，制定风险缓解策略，并确monitored and reported. 保环境、社会及管治风险获妥为监察及汇报。 * Human resource expertise: manage people and foster a positive * 人力资源专业知识：管理员工及培养积极 workplace culture to ensure that the Group has effective diversity 的职场文化，确保本集团已制定有效的多equity and inclusion policies to monitor labour practices and support 元、公平与共融政策，以监察劳工常规及employee well-being. 维持员工的身心健康。 The ESG Management Team facilitates the Board’s oversight of ESG- 环境、社会及管治管理团队以正式的沟通程序 related matters through a formalized communication protocol and has 协助董事会对环境、社会及管治相关事宜进行 the responsibility for collecting and analysing ESG data monitoring and 监督，并负责收集和分析环境、社会及管治数evaluating the Group’s ESG performance and preparing ESG reports. The ESG 据，监察和评价本集团的环境、社会及管治表Management Team arranges meetings to discuss and review ESG-related 现，并编备环境、社会及管治报告。环境、社matters including but not limited to the Group’s ESG-related performance 会及管治管理团队会开会讨论及审视环境、社 ESG-related policies and procedures as well as the Group’s strategic goals in 会及管治相关事宜，包括但不限于本集团的环terms of sustainable development. The ESG Management Team reports to the 境、社会及管治相关表现、环境、社会及管治 Board annually and assists the Board to discharges its oversight responsibility. 相关政策和程序，以及本集团在可持续发展方面的策略目标。环境、社会及管治管理团队每年向董事会报告，协助董事会履行其监督责任。 To effectively monitor the progress against ESG-related targets the Board 为有效监察达致环境、社会及管治相关目标的 works with the ESG Management Team to establish clear qualitative and 进展，董事会与环境、社会及管治管理团队合quantitative ESG metrics to facilitate the Board’s evaluation of the Group’s 作，订立明确的质化和量化环境、社会及管治ESG performance. These metrics cover environmental social and governance 指标，协助董事会对本集团的环境、社会及管aspects of the Group’s operations and would be monitored and reported 治表现作出评价。该等指标涵盖本集团营运的to the Board on a regular basis with comparison with the historical data 环境、社会及管治层面，并受定期监察及向董and selection of baseline as target. In the meantime the Board and ESG 事会汇报，汇报时将与过往数据进行对比，选Management Team would continuously review and enhance the Group’s 定基线作为目标。同时，董事会与环境、社会ESG-related practices to identify areas for enhancement. Where targets are 及管治管理团队将不断检讨及加强本集团的 not achieved the ESG Management Team will report the reasons to the Board 环境、社会及管治相关实践，以找出可改善之further assess what can be done to achieve and/or whether any adjustments 处。倘未能达致目标，环境、社会及管治管理should be made to the targets. 团队将会向董事会汇报其原因，进一步评估可以采取甚么行动来达标及╱或是否应对目标作调整。 46 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 For details of the metric monitoring and targets set please refer to the 有关指标监察及目标设定的详情，请参阅本环following sections of this ESG Report which summarises the related ESG key 境、社会及管治报告的以下章节，其中概述本performance indicator (“KPI”) data and targets of the Group’s major operating 集团在主要营收业务方面的环境、社会及管治 revenue activities. 关键绩效指标（「关键绩效指标」）的数据及目标。 Stakeholders Engagement 持份者参与 The Group values its stakeholders and their feedback regarding its businesses 本集团重视其持份者以及彼等对其业务和环 and ESG aspects. To understand and address their key concerns the Group has 境、社会及管治层面的反馈。为了解和解决彼maintained close communication with its key stakeholders including but not 等的主要关注事项，本集团与主要持份者（包括limited to investors and shareholders customers suppliers and contractors 但不限于投资者和股东、客户、供应商和承判employees the community non-governmental organisations and media. 商、雇员、社区、非政府组织和媒体）保持紧密沟通。 In formulating operational strategies and ESG measures the Group takes into 在制定营运策略及环境、社会及管治措施时，account our stakeholders’ expectations and concerns and strives to improve 本集团考虑到持份者的期望及关注，并致力与our performance through mutual cooperation with stakeholders. The Group 持份者相互合作藉以改善表现。本集团利用多has maintained close communication with our key stakeholders by utilising 元化的主要沟通途径，与主要持份者保持紧密diversified key communication channels shown as below: 沟通，有关途径如下所示： Key Stakeholders Communication Channels Expectations and Concerns主要持份者沟通途径期望及关注 Investors and shareholders * Annual general meeting and other * Complying with relevant laws and shareholder meetings regulations * Financial reports * Financial results * Announcements and circulars 投资者和股东*股东周年大会及其他股东大会*遵守相关法律及规例 *财务报告*财务业绩 *公告及通函 Customers * Tender meetings * Service quality * Project briefings * Service delivery time and quality * Construction site regular meetings (including status meeting and safety meeting) 客户*招标会议*服务质素 *项目简报会*服务交付时间及质素 *建筑地盘例会（包括汇报会议及安全会议） Suppliers and contractors * Telephone interviews and communication * Supply chain management 供应商和承判商*电话访问及通讯*供应链管理 Employees * Regular management meetings * Occupational health and safety * Regular performance appraisals * Equal opportunities * Internal announcement * Remuneration and benefits * Career development 雇员*管理层例会*职业健康与安全 *定期表现评核*平等机会 *内部公告*薪酬与福利 *职业发展 The community non-governmental * Charity events * Giving back to society organisations and media * ESG reports * Environmental protection 社区、非政府组织和媒体*慈善活动*回馈社会 *环境、社会及管治报告*环境保护 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 47Environmental Social and Governance Report 环境、社会及管治报告 Through collaborating with the stakeholders the Group strives to further 透过与持份者合作，本集团努力进一步改善其improve its ESG initiatives to create greater value for the community on a 环境、社会及管治举措，持续为社区创造更大continuous basis. 价值。 Materiality Assessment 重要性评估 The Group engaged with various stakeholders throughout the Reporting 本集团于报告期间一直与各持份者接触，以识Period to identify and prioritise the issues which the Board believes would 别董事会认为将会对本集团业务及其持份者造 have significant impact on the Group’s businesses and its stakeholders. The 成重大影响的事宜，并确定其优先次序。环ESG Management Team has participated in preparing the ESG Report assisted 境、社会及管治管理团队参与环境、社会及管 the Group in reviewing its operations identifying key ESG issues and assessing 治报告的编备，协助本集团审视其营运，找出the importance of these issues to our businesses and stakeholders. Key stages 关键的环境、社会及管治议题，并评估该等议include: 题对我们的业务及持份者的重要性。主要阶段包括： * Identification: Selected of ESG issues that may reasonably be * 识别：从不同的来源，包括行业趋势和内considered important for the Group and its stakeholders from various 部政策，选择可能被合理地认为对本集sources including the industry trends and internal policies. 团及其持份者重要的环境、社会及管治议题。 * Prioritisation: Conducted surveys to rate the level of influence on * 确定优先次序：通过调查对持份者、评估 stakeholders assessments and decisions and the level of significance 及决定的影响力，以及每个议题于经济、of economic environmental and social impacts of each issue and the 环境及社会层面的重要性进行评分，评分Group using a scale of 1 to 5. Developed the materiality matrix based on 标准为1至5。根据调查的分数制定重要性the scores of the surveys set the threshold for materiality (i.e. at a score 矩阵，设定重要性门槛（如：平均分），并of average) and prioritised a list of sustainability issues. 确定可持续性议题的优先次序。 * Validation: ESG Management Team reviewed the materiality matrix * 验证：环境、社会及管治管理团队检视重 and the threshold for materiality. ESG issues with a score of average 要性矩阵和重要性门槛。环境、社会及管or above were prioritised as the important sustainability issues for the 治议题的得分在平均水平或以上，将被优Group to consider and address. 先列为本集团要考虑和处理的最重要可持续发展议题。 48 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 The Group’s material sustainability aspects will be covered in the ESG Report 本集团的重大可持续发展事宜将包含在环境、 and the materiality matrix is as follow: 社会及管治报告内，重要性矩阵如下： The Group’s Materiality Matrix for 2023/24 High 本集团于2023/24年的重要性矩阵高 Project Quality Occupational Management Health and Safety项目质量管理职业健康与安全 Supply Chain Labour Management Standard供应链管理劳工准则 Noise Anti- Management corruption噪音管理反贪污 Corporate Social Employee Responsibility Development 企业社会责任 and Training雇员发展及培训 Energy Greenhouse Consumption Gas (GHG) 能源消耗 Emissions温室气体排放 Waste Management废物管理 Low 低 HighLEVEL OF SIGNIFICANCE OF ECONOMIC ENVIRONMENTAL AND SOCIAL IMPACTS 高 对经济、环境及社会的影响程度 Confirmation and Approval 确认及批准 Information in the ESG Report was sourced from the official documents 环境、社会及管治报告中的资料来自本集团的 statistical data and management and operational information of and collected 正式文件、统计数据以及管理与营运资料，由by the Group. The ESG Report has undergone the internal review process of 本集团收集所得。环境、社会及管治报告已通the Group and was approved by the Board. 过本集团的内部审核程序，并经董事会批准。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 49 LEVEL OF INFLUENCE ON STAKEHOLDERS’ ASSESSMENTS AND DECISIONS 对持份者评估及决策的影响程度Environmental Social and Governance Report 环境、社会及管治报告 Opinion and Feedback 意见与反馈 Comments and suggestions are welcome from our stakeholders. You may 我们乐于接受持份者的意见与建议。 阁下可provide comments on the ESG Report or towards our performance in respect 循以下途径就环境、社会及管治报告或对我们 of sustainable development via the following channels: 在可持续发展方面的表现提供意见： Address: Flat A & D 4/F Phase 1 Kwai Shing Industrial Building 地址： 香港 36–40 Tai Lin Pai Road 新界葵涌 Kwai Chung New Territories 大连排道36–40号 Hong Kong 贵盛工业大厦一期4楼A及D室 Email: wahwo@wahwoalum.com 电邮： wahwo@wahwoalum.com Telephone: (852) 2152 2880/(852) 2314 3782 电话： (852) 2152 2880/(852) 2314 3782 SECTION 2 ABOUT THIS REPORT 第2节 关于本报告 Section 2.1: Scope of the Reporting 第2.1节：报告范围 The Group has carefully evaluated its business entities and operations based 本集团基于重要性原则仔细评估其业务实体及 on the principle of materiality and considered its core business and main 营运，并考虑其核心业务及主要收益来源。本revenue sources. The scope of this ESG Report includes two principal 环境、社会及管治报告的范围涵盖两间主要营operating subsidiaries namely Wah Wo Aluminum Work Company Limited 运附属公司（即华和铝质工程有限公司及华记维and Wah Kee (R&M) Limited and the Group’s offices in Hong Kong and 修有限公司）以及本集团的香港办事处，但不包excludes Wah Wo Design (Wuhan) Company Limited1. The two principal 括华和设计（武汉）有限公司1。这两间主要营运operating subsidiaries are accountable for the majority of the Group’s total 附属公司贡献本集团于报告期间的大部分总收 revenue for the Reporting Period. 益。 Unless stated otherwise the ESG Report summarises the initiatives policies 除另有说明外，环境、社会及管治报告概述本and related ESG KPI data of the Group’s major operating revenue activities 集团的主要营运附属公司仅在香港经营的主要 under the principal operating subsidiaries which are limited in Hong Kong. The 营收业务的举措、政策及相关的环境、社会及 Group will continue to assess the major ESG aspects of different businesses to 管治关键绩效指标数据。本集团将继续评估不determine whether they need to be included in the ESG reporting. 同业务的主要环境、社会及管治层面，以决定是否需要将其纳入环境、社会及管治报告。 Section 2.2: Reporting Framework 第2.2节：报告框架 This ESG Report has been prepared in accordance with the Environmental 本环境、社会及管治报告乃根据香港联合交易 Social and Governance Reporting Guide (“ESG Reporting Guide”) as 所有限公司主板证券上市规则（「上市规则」）附enclosed in the Appendix C2 to the Rules Governing the Listing of Securities 录C2所附《环境、社会及管治报告指引》（「环(the “Listing Rules”) on Main Board of the Stock Exchange with the aim 境、社会及管治报告指引」）编制而成，旨在让to inform relevant parties and stakeholders of our policies measures and 有关人士及持份者了解我们有关环境、社会及 performance regarding environmental social and governance issues. To 管治事宜的政策、措施及表现。为确保环境、ensure a comprehensive ESG reporting we would continuously take note of 社会及管治报告涵盖全面，我们会持续关注不different ESG issues and assess their relevance to our ESG reporting. 同的环境、社会及管治事宜，并评估其与我们环境、社会及管治报告的相关性。 1 Wah Wo Design (Wuhan) Company Limited was incorporated in the PRC during 1 华和设计（武汉）有限公司于报告期间在中国注 the Reporting Period with principal activities of providing drawing and design 册成立，其主要业务为专为本集团同系附属公services exclusively to the Group’s fellow subsidiaries. Since it had no major 司提供绘图及设计服务。由于其于报告期间内operating revenue activities to the Group during the Reporting Period it is 并无为本集团提供重大经营收益活动，故并无excluded from this ESG Report. 纳入本环境、社会及管治报告中。 50 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 The Group attaches great importance to materiality quantitative balance and 本集团于编备环境、社会及管治报告的过程中 consistency during the preparation of the ESG Report. The Group has applied 十分重视重要性、量化、平衡及一致性。本集these reporting principles in the aforementioned ESG Reporting Guide as the 团已应用前述环境、社会及管治报告指引的呈 following: 报原则，详情如下： * Materiality: We continuously collect opinions from stakeholders and * 重要性：我们持续收集持份者意见，并结determine the ESG issues to be covered and key points to be reported 合重要性评估结果以决定环境、社会及管 in the ESG Report based on the materiality assessment which was 治报告内所涵盖的环境、社会及管治议题 conducted to identify material issues during the Reporting Period 及汇报重点，目的为识别报告期间的重要thereby adopting the confirmed material issues as the focus for the 性议题，进而以所确定的重要性议题为重preparation of the ESG Report. The materiality of issues was reviewed 点进行本环境、社会及管治报告的编制工 and confirmed by the Board and the ESG Management Team. Please 作。董事会及环境、社会及管治管理团队refer to the section headed “Materiality Assessment” for further details. 已审查并确认议题的重要性。进一步详情请参阅「重要性评估」一节。 * Quantitative: We measured the key performance indicators with * 量化：我们参考《环境、社会及管治报告reference to the principles listed in the ESG Reporting Guide including 指引》的准则进行关键绩效指标的计量，collecting environmental and social data from various departments 包括从各部门收集有关环境及社会之数 verifying documents calculating and disclosing data and finally 据、进行文件核对及数据运算及披露，最submitting the ESG Report to the Board for review after being verified 终环境、社会及管治报告经环境、社会及 by the ESG Management Team. The standards and methodologies 管治管理团队核实后并提交予董事会审 used in calculation of relevant data in the ESG Report as well as the 阅。已披露本环境、社会及管治报告中计applicable assumptions were disclosed. The KPIs were supplemented 算相关数据所采用的标准、方法以及适用 by explanatory notes to establish benchmarks where feasible. 的假设。以解释附注对关键绩效指标进行补充说明，以在可行的情况下制定基准。 * Balance: The ESG Report was prepared based on an objective and * 平衡：本环境、社会及管治报告以客观、 impartial manner to ensure that the information disclosed faithfully 不偏不倚的方式编写，以确保披露的资料reflects the overall ESG performance of the Group. 如实反映本集团整体的环境、社会及管治表现。 * Consistency: The statistical methodologies applied to this ESG Report * 一致性：本环境、社会及管治报告所应用 were substantially consistent with the previous year and explanations 统计方法与往年基本一致，并已针对披were provided regarding data with changes in the scope of disclosure 露范围及计算方式发生变化的数据进行说 and calculation methodologies. If there are any changes that may affect 明。如有任何可影响与过往报告进行比较comparison with previous reports the Group will add comments to the 的变动，本集团将会于本环境、社会及管corresponding content of this ESG Report. 治报告相应内容作出评论。 Section 2.3: Reporting Period 第2.3节：报告期间 The ESG Report specifies the ESG activities challenges and measures being 环境、社会及管治报告阐明本集团于截至2024 taken by the Group during the financial year ended 31 March 2024. 年3月31日止财政年度内所开展的环境、社会及 管治活动、面临的相关挑战及所采取的措施。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 51Environmental Social and Governance Report 环境、社会及管治报告 SECTION 3 ENVIRONMENTAL 第3节 环境 A1. Emissions A1. 排放物 The Group is committed to complying with laws and regulations 本集团致力于遵守有关环境保护的法律及 regarding environmental protection. It adopts effective measures to 法规。本集团采取行之有效的措施实现资achieve resource efficiency energy saving and waste reduction. To 源效率、节能及减少废弃物产生。为减少reduce its impacts on the environment the Group implements green 对环境造成的影响，本集团推行绿色办公office practices such as encouraging the use of recycled paper for 做法，例如鼓励使用再生纸打印及复印、printing and copying double-sided printing and copying and reducing 双面打印及复印，以及通过关闭闲置电energy consumption by switching off idling lights air conditioners 灯、空调及其他电器减少能源消耗。本集and other electrical appliances. The Group strictly complies with 团严格遵守有关环保及污染管制的适用法applicable laws and regulations concerning environmental protection 律及法规，包括但不限于《空气污染管制and pollution control including but not limited to: Air Pollution Control 条例》、《噪音管制条例》及《废物处置条Ordinance Noise Control Ordinance and Waste Disposal Ordinance. 例》。 We recognize the importance of quality control and has established 我们深知质量控制的重要性，并已建立充an adequate quality management system. The quality management 足的质量管理体系。本集团有关铝质工system of the Group for the design supply and installation of aluminum 程的设计、供应及安装的质量管理体系 works is accredited by Hong Kong Quality Assurance Agency with the 于2013年11月28日获香港品质保证局授予 standards of the International Organization for Standardization (“ISO”) 国际标准化组织（「ISO」）9001:2015标准认 9001:2015 on 28 November 2013 and the certificate will be valid until 证，认证有效期直至2025年11月27日。我 27 November 2025. We have in-house quality assurance requirements 们设有内部质量保证要求，其中特别规定 specifying inter alia specific work procedures for performing various 展开各种工作的具体工作程序及不同职级 types of works and responsibilities of personnel of different levels. Our 人员的责任。所有员工均须遵守该等质量staff is required to comply with these quality assurance requirements. 保证要求。 To safeguard our employees and other stakeholders against health 为保障我们的雇员及其他持份者免受与我 and safety risks associated with our operations out of our project 们营运相关的健康与安全风险，于最后实management team members seven of them were qualified to act 际可行日期，我们的项目管理团队成员中as safety supervisors and had completed the construction industry 有七名成员合资格担任安全督导员，且已safety supervisor course held by the Construction Industry Council 修完建造业议会举办的建造业安全督导员 or the safety & health supervisor (construction) course held by the 课程或职业安全健康局举办的安全健康督 Occupational Health & Safety Council as at the Latest Practicable Date. 导员（建造业）课程。 We pay due regards to compliance with laws and regulations that 我们十分重视遵守与本集团相关的法律及 are relevant to our Group. At the same time to uphold our corporate 法规。同时，为履行我们的企业社会责social responsibilities we care for our community members by actively 任，我们积极参与公益或慈善活动关心社participating in public welfare or charity events. 区成员。 During the Reporting Period the Group was not aware of any material 于报告期间，本集团并不知悉有任何严重non-compliance with relevant laws and regulations relating to air 违反有关废气及温室气体排放、向水及土 and greenhouse gas emissions discharges into water and land and 地的排污、有害及无害废弃物的产生的相 generation of hazardous and non-hazardous waste had been identified 关法律及规例而对本集团构成重大影响的 during the that would have a significant impact on the Group. 情况。 52 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 A1.1: Exhaust Gas Emissions A1.1： 废气排放 The office did not generate direct air emissions. Renovation works 办公室并无直接排放废气。次承判carried out by sub-contractors may generate some indoor air 商进行的翻新工程可能会产生部分 pollutants and the liability shall be borne by the sub-contractors. 室内气体污染物，而相关责任由次However the Group still strives to mitigate the exhaust 承判商承担。然而，本集团仍致力gas generated from our business as much as possible. The 尽量减少业务产生的废气。项目经project managers have been deployed at the site to supervise 理已获派驻地盘监督次承判商的工 subcontractors’ work. 作。 A1.2: Greenhouse Gas (“GHG”) Emissions A1.2： 温室气体（「温室气体」）排放 Emissions from the Group were generated mainly from the 本集团的排放物主要源自汽车燃料 consumption of mobile fuel (i.e. gasoline for the Group-owned （即本集团车辆使用的汽油）的耗 vehicles). The Group-owned vehicles consuming fuel were 用。耗用燃料的本集团车辆用于日used for daily business operations. Their combustion generated 常业务营运。燃料燃烧产生氮氧化several air emissions including Nitrogen Oxides Sulphur Oxides 物、硫氧化物及可吸入悬浮颗粒物 and Respiratory Suspended Particles. Due to lack of data only 等几种废气排放物。由于缺乏数Nitrogen Oxides and Respiratory Suspended Particles could be 据，仅可计算氮氧化物及可吸入悬calculated. The following presents the Group’s Greenhouse Gas 浮颗粒物。下文呈列本集团于报告(“GHG”) emissions for the Reporting Period: 期间的温室气体（「温室气体」）排放： GHG emissions from use of vehicles 使用汽车的温室气体排放 20242023 2024年2023年 Intensity Intensity (gram/ (gram/ Total million Total million (gram) HK$ revenue) 2 (gram) HK$ revenue) 2密度密度（克╱（克╱总计百万港元总计百万港元 Aspects 1.2 层面1.2 （克） 收入） 2 （克） 收入） 2 Nitrogen Oxides 氮氧化物 13459 56.4 4217 20.2 Carbon Dioxide 二氧化碳 163228 684.6 172284 826.9 Respiratory Suspended Particles 可吸入悬浮颗粒物 1191 5.0 311 1.5 A1.3: Hazardous Waste A1.3：有害废弃物 The Group did not generate a significant amount of hazardous 因其业务性质使然，本集团并无产waste due to its business nature. Thus no data was recorded and 生大量有害废弃物。因此，并无记no policy has been formulated. 录相关数据，亦无制定相关政策。 2 During the Reporting Period the total revenue of the Group was approximately 2 于报告期间，本集团的总收入约为238.4百万港 HK$238.4 million (FY2023: HK$208.4 million). 元（2023财年：208.4百万港元）。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 53Environmental Social and Governance Report 环境、社会及管治报告 A1.4: Non-hazardous Waste A1.4： 无害废弃物During the Reporting Period the Group complied with the 于报告期间，本集团遵守《废物处Waste Disposal Ordinance and did not aware there was material 置条例》及鉴于废弃物处置主要由 nonhazardous waste generated (FY2023: nil) given that the 主承建商承担，本集团并不知悉产waste disposal was mainly born by main contractors. The major 生任何重大无害废弃物（2023财年：category of non-hazardous waste generated by main contractors 无）。主承建商所产生无害废弃物的includes construction and demolition (C&D) waste. 主要种类包括建筑及拆卸废料。 A1.5: Measures to Mitigate Emissions A1.5： 减低排放量的措施 The Group has set a 5-year target to reduce 10% of GHG 本集团于2022财年制定了一份将温emissions intensity (gram/million HK$ revenue) in FY2022. To 室气体排放密度（克╱百万港元收reduce emissions from vehicles employees are encouraged to 入）削减10%的5年目标。为减少车take public transports. The Group plans schedule and arranges 辆排放，我们鼓励雇员乘搭公共交the route of its vehicles to avoid unnecessary travel and/or 通。本集团规划时间表并安排其车congestion. To reduce its emissions relating to business travel 辆路线，以避免不必要的出行及╱the Group avoids non-essential business travel and encourages 或拥堵。为减少与商务旅行有关的employees to take low emissions travelling methods. 排放，本集团避免不必要的商务旅行及鼓励雇员选择低排放的出行方式。 A1.6: Wastes Reduction and Initiatives A1.6： 减少废弃物及措施 The Group has developed Green Office Practice to encourage 本集团已制定绿色办公常规，以鼓wise use of resources while promoting waste reduction at 励善用资源及推动从源头减少废弃 source. The Group promotes paperless office – documents 物。本集团提倡无纸化办公－通过and information are transmitted electronically to avoid paper 电子方式传输文件及资料，以避免consumption. When printing is inevitable paper should be 耗用纸张。在必须打印的情况下，printed on both sides whenever possible. The Group also 应尽可能使用双面打印。本集团亦encourages employees to recycle paper plastic bottle and tin 鼓励雇员循环利用纸张、胶樽及锡 can. No formal policy on waste reduction has been established to 罐。本集团并无制定有关减少废弃regulate its sub-contractors. Nevertheless they are encouraged to 物的正式政策以规管其次承判商。 reduce waste and reuse resources to minimize the environmental 尽管如此，我们亦鼓励彼等减少废impacts. 弃物及重复利用资源，以将对环境造成的影响减至最低。 A2. Use of Resources A2. 资源使用 The Group continues with initiatives to introduce resource efficiency 本集团继续实行各类措施从而将资源效率 and eco-friendly measures to the Group’s operations and is committed 及环保措施引入本集团的营运中，并致力to optimizing the use of resources in all of its business operations. 在其所有业务营运中优化资源使用。 During our daily operation fuel and electricity are the major energy 于我们的日常营运中，燃油及电力是消耗consumed. The Group has established relevant policies and procedures 的主要能源。为实现更高的能源效率及减in governing the efficient use of resources in reference to the 少不必要的材料使用，本集团已制定相关objective of achieving higher energy efficiency and reducing the use of 政策及流程以有效管理资源使用。 unnecessary materials. 54 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 A2.1: Energy Consumption A2.1： 能源消耗 The following presents the Group’s direct energy consumption 下文呈列本集团于报告期间的直接 for the Reporting Period: 能源消耗： Direct Energy Consumption in total and intensity 直接能源总耗量及密度 Aspects 2.1 Unit 2024 2023 层面2.1单位2024年2023年Electricity Usage kWh 186023 116971用电千瓦时 Electricity Usage Intensity kWh/office 31440 29243 用电密度千瓦时╱办公室 A2.2: Water Consumption and A2.5: Packaging Material A2.2： 用水及A2.5：包装材料 Owing to the nature of our operations other than the 因我们的业务性质使然，除使用饮consumption of drinking water our operations do not require the 用水外，我们的业务毋须使用水或use of water or raw materials. There is also an absence of packing 原材料。我们的业务亦不涉及使用materials involved in our operations. As such these aspects are 包装材料。因此，该等方面被视为considered as irrelevant to the Group. 与本集团无关。 A2.3: Energy and A2.4: Water Use Efficiency Initiatives A2.3： 能源以及A2.4：用水使用效益计划 The Group sets a 5-year target of reducing 10% of the total 本集团于2022财年制定了一份将总 energy consumption intensity (kWh/office) in FY2022. The Group 能源消耗密度（千瓦时╱办公室）削 places great emphasis on electricity conservation to minimise the 减10%的5年目标。本集团尤其强调impact brought by the Group’s operation to the environment. 节约用电，以将本集团业务营运对The Group encourages our employees to set room temperature 环境的影响降至最低。本集团鼓励ranges from 23℃ to 25℃ and to switch off electrical appliances 雇员将室温设定为23摄氏度至25摄 and all unnecessary lighting and air conditioners before they 氏度，及在下班前关掉电器、所有leave the office. The Group selects energy-efficient equipment 不必要的照明设施及空调。本集团where applicable and will adopt immediate maintenance 选用节能设备（倘适用），一旦发现once damage is reported. With such measures implemented 损坏即刻进行维修。采取该等措施employees’ awareness of energy conservation has been 后，雇员的节能意识得以提升。董enhanced. The Board will conduct a comprehensive review at the 事会将于报告期末全面检讨以评估 end of the period to assess the achievement of said target. 上述目标的达成情况。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 55Environmental Social and Governance Report 环境、社会及管治报告 A3. The Environmental and Natural Resources A3. 环境及天然资源 The Group pursues best practices with the environment and focuses on 本集团在环境方面追求最佳实践，并重点the impact of its operations on the environment and natural resources. 关注其营运对环境及天然资源造成的影 The Group has also integrated the concept of environmental protection 响。本集团亦将环保概念融入其内部管理into its internal management and daily operation activities and is 及日常营运活动，致力实现环境可持续发committed to achieving the goal of environmental sustainability. 展的目标。 The main resources used by the Group in its daily operations are 本集团日常营运中所使用的主要资源为电 electricity and diesel which have been described in the section headed 力及柴油，已于层面A2「资源使用」一节说“Use of Resources” of Aspect A2. Apart from that the Group will not use 明。除此之外，本集团不会大量使用其他other natural resources in large quantities. 天然资源。 The Group believes that corporate development should not come 本集团深信，企业发展不应以牺牲环境为at the expense of the environment. By integrating environmental 代价。透过于业务策略中融入环保理念，consideration into our business strategies we aim to be an 我们旨在成为一间环境可持续公司。未来environmentally sustainable enterprise. In the coming years we would 几年，我们会继续倡导温室气体减排、能continue promoting GHG emission reduction energy and water 源及水资源保育及天然资源的高效利用。 resource conservation and efficient use of natural resources. We believe 我们相信这能提高环保意识、促进积极 that not only can raising environmental awareness and reinforcing the 的行为变化，从而既有利于我们的财务状positive behavioral changes bring benefits to our financial situation but 况，又利于后世。 also to the future generations.A4. Climate Change A4. 气候变化 The Group recognises the importance of the identification and 本集团深知识别及缓解重大气候相关问题 mitigation of significant climate-related matters; therefore the Group 的重要性，因此，本集团致力于管理可is committed to managing the potential climate-related risks which 能影响本集团业务活动的潜在气候相关风 may impact the Group’s business activities. The Group has established 险。本集团制定了风险管理政策，以识别risk management policy in identifying and mitigating different 和缓和不同风险，包括气候相关的风险。 risks including climate-related risks. The Board meets regularly and 董事会定期安排会议并与主要管理层紧密 cooperates closely with key management to identify and evaluate 合作，识别和评估与气候相关的风险，并climate-related risks and to formulate strategies to manage the 制定策略以管理已识别风险。 identified risks. 56 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 Through the above method the Group identified the material impacts 透过上述方法，本集团识别出以下风险对on the Group’s business arising from the following risks: 本集团业务产生的重大影响： A4.1: Climate-related Matters A4.1： 与气候有关的问题 Physical Risks 实体风险 The increased frequency and severity of extreme weather such 台风、风暴和暴雨等极端天气的频 as typhoons storms and heavy rains can disrupt the Group’s 率和严重程度增加可能会破坏电网 operations by damaging the power grid and communication 及通信基础设施，使员工遭受工infrastructures and injuring its employees during their work 伤，导致本集团经营中断，进而使leading to reduced capacity and decreased in productivity or 得产能降低和生产率下降，或使本expose the Group to risks associated with non-performance and 集团面临与不履约和延迟履约相关 delayed performance. To minimise the potential risks and hazards 的风险。为将潜在风险和危害降至the Group has flexible working arrangements and precautionary 最低，本集团在恶劣或极端天气条measures during bad or extreme weather conditions. 件下，采用灵活的工作安排和预防措施。 Transition Risks 过渡风险 The Group anticipates that there will be more stringent climate 本集团预计，未来将有更严格的气legislations and regulations to support the global vision of carbon 候法规和规章以支持全球碳中和的 neutrality. From a listed company’s perspective we acknowledge 愿景。从上市公司的角度来看，我the increasing requirements of climate-related information 们认为气候相关讯息披露的要求正 disclosures. One example is the ESG Reporting Guide in respect to 不断提高。举例而言，环境、社会significant climate-related impact disclosures of an issuer. Stricter 及管治报告规定指引发行人须披露 environmental laws and regulations may expose enterprises to 重大的气候相关影响。环境法律及higher risks of claims and lawsuits. Corporate reputation may also 法规日趋严格，可能使企业面临索decline due to failure to meet the compliance requirements for 偿及诉讼的风险增加。同时，若未climate change. The related capital investment and compliance 能满足气候变化的合规要求，公司costs thus increase. In response to the policy and legal risks as 声誉可能因此下降。若此，相关资well as reputation risks the Group regularly monitors existing and 本投资和合规成本增加。为应对政emerging trends policies and regulations relevant to climate and 策和法律风险以及声誉风险，本集be prepared to alert the top management where necessary to 团定期监控与气候相关的现有和新 avoid cost increments noncompliance fines and/or reputational 兴趋势、政策和法规，并准备在必risks due to delayed response. 要时提醒最高管理层，以避免因响应延迟而导致的成本增加、违规罚 款及╱或声誉风险。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 57Environmental Social and Governance Report 环境、社会及管治报告 SECTION 4 SOCIAL 第4节 社会 B1. Employment and Labor Practices B1. 雇佣及劳工常规 The Group stringently complies with national and local laws and 本集团严格遵守国家及地方有关雇佣及劳regulations concerning employment and labor practices including 工常规的法律及法规，包括但不限于《雇but not limited to the Employment Ordinance the General Holiday 佣条例》、《公众假期条例》、《残疾歧视条Ordinance the Disability Discrimination Ordinance and the Race 例》及《种族歧视条例》。 Discrimination Ordinance.Employees are our most invaluable assets. It is our priority to ensure 雇员是我们最宝贵的资产。本集团以充分that the occupational health and safety of all employees subcontractor 保障所有雇员、次承判商工人及我们建筑 workers and the surrounding communities to our construction sites 地盘周边社区的职业健康与安全为优先考 is adequately maintained. Our comprehensive Safety Management 虑。我们已制定全面的安全管理计划，为Plan provides a framework for monitoring and evaluating the 监督及评估安全政策及措施的执行提供框 implementation of our safety policies and measures. We further strive to 架。我们进一步努力根据劳工处不时发出continuously improve our workplace safety policies in accordance with 的指引持续完善我们的安全生产政策。 guidance received from the Labour Department from time to time.It is also our aim to enhance the well-being and development of our 我们亦以增强雇员的身心全面发展为目 employees. As an equal opportunity employer the Group has put in 标。作为一名提供平等机会的雇主，本集place policies to ensure that it treats all employees on an equal footing 团已制定政策确保在（其中包括）招聘、晋 in matters related to among others recruitment promotion appraisals 升、评估、纪律、薪酬及福利、补偿及解 discipline remuneration and benefits compensation and dismissal 雇、工时及休假相关事宜方面平等对待全 and working hours and rest periods. An employee’s age gender family 体雇员。雇员的年龄、性别、家庭状况、status sexual orientation physical disability ethnicity and religion 性取向、身体残疾、种族及宗教不会影响 would not affect his career with us. During the Reporting Period we 其于本集团的职业。于报告期间，我们并received no complaints regarding discrimination issues from any of our 无收到任何持份者有关歧视问题的投诉。 stakeholders. Needless to say we ensured that no child nor forced labor 毋庸置疑，我们已确保本集团不会雇用童was employed by the Group. 工或强迫劳动。 Apart from providing competitive remuneration and benefits we 除提供具竞争力的薪酬待遇外，我们透过continue to support and nurture our employees through staff 员工发展及培训计划继续支持及培养我们 development and training programmes. 的雇员。 The Group has devised a staff handbook for its employees to understand 本集团已为其雇员制定员工手册，以便彼important information relating to the Group’s human resources policies 等了解有关本集团人力资源政策、规则及 rules and work ethics surrounding employment. It is an essential tool 就业相关职业道德的重要资料。员工手册in helping to define the expectations of both the management and the 在帮助确立管理层及雇员的预期以及在保 employees and also to protect them from unfair and/or inconsistent 障彼等免受不公正及╱或不一致待遇及歧 treatment and discrimination. 视方面发挥重要作用。 58 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 B1.1: Workforce B1.1： 雇员 The Group had employed 82 full-time and 1 part-time employees 于截至2024年3月31日止年度，本集for the year ended 31 March 2024 (FY2023: 85) all of whom 团雇用82名全职雇员及1名兼职雇员 are from Hong Kong. Out of the total number of staff 66 of our （2023财年：85名），均来自香港。 employees were male (FY2023: 69) and 17 of them were female 雇员总人数中，男性雇员为66名 (FY2023: 16). The majority of the workforce were within the 31–50 （2023财年：69名），女性雇员为17 age group accounting for 56 of our staff (FY2023: 52) while 10 名（2023财年：16名）。大部分员工employees were under 30 years old (FY2023: 9) and 17 were over 年龄介乎31至50岁，此年龄组别共 50 years old (FY2023: 20). 有56名员工（2023财年：52名），30岁以下的员工为10名（2023财年：9名），而50岁以上为17名（2023财年：20名）。 During the Reporting Period the Group’s overall full-time 于报告期间，本集团的整体全职employee turnover rate was approximately 12% (FY2023: 雇员流失率约为12%（2023财年：26%). The employee turnover rate for male and female were 26%）。男性及女性雇员流失率分 approximately 11% (FY2023: 20%) and 24% (FY2023: 50%) 别约为11%（2023财年：20%）及24% respectively. （2023财年：50%）。 B2. Health and Safety B2. 健康与安全 The management of the Group is responsible for the overall health 本集团管理层负责雇员的整体健康与安and safety of employees. The Group strictly follows relevant laws and 全。本集团严格遵守《职业安全及健康条regulations such as the Occupational Safety and Health Ordinance. 例》等相关法律及法规。概无严重违反有There was no material non-compliance with the applicable laws and 关职业健康及安全的适用法律及规例的情 regulations relating to occupational health and safety which had 况会对本集团产生重大影响。 material impact to the Group.We place emphasis on occupational health and work safety and provide 我们重视职业健康及工作安全，并向员工safety training to our staff covering topics such as our safety measures 提供安全培训，内容涵盖我们的安全措and procedures for reporting accidents. Due to the nature of works risks 施及事故报告程序等主题。因工作性质使of accidents or injuries to workers are inherent. The Group understands 然，意外事故或工伤为固有风险。本集团that preventive measures are way more important than reactive 深明事前预防胜于事后应对。因此，我们measures. Therefore sufficient first-aid boxes have been equipped in 已于办公区配备充足的急救箱，以防发生the office area in case any emergencies happen and also we devised 任何紧急事故，且我们亦已制定安全管理a safety management plan to govern our workers and subcontractors. 计划，以规管我们的工人及次承判商。展Looking ahead we would continue to promote occupational health 望未来，我们将继续促进雇员的职业健康and safety to its employees and avoid any work injury or accident by all 及安全，以及尽一切办法避免任何工伤或means. 意外事故。 Work injuries will be reported according to our internal guidelines which 我们已参考劳工处的呈报工伤要求制定内 was set up with reference to the work injury reporting requirement by 部指引，工伤将根据内部指引报告。根据the Labour Department. Based on our safety management plan we 我们的安全管理计划，我们确保雇员在使ensured safety and health of our employees in connection with the use 用、搬运、贮存及运载物品及物质时的安 handling storage and transport of articles and substances; providing 全与健康；提供所有所需的资料、指导、 all necessary information instructions training and supervision for 训练及监督，以确保安全及健康；提供及ensuring safety and health; providing and maintaining safe access to 维持安全进出工作地点的途径；及提供及 and egress from the workplaces; and providing and maintaining a safe 维持安全健康的工作环境。 and healthy working environment.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 59Environmental Social and Governance Report 环境、社会及管治报告 During the Reporting Period the Group is pleased to report that no 本集团欣然呈报，于报告期间并无录得意work injuries and fatality cases recorded during the Reporting Period 外工伤及致命事故（2023财年：并无录得 (FY2023: 0 work injuries occurred and fatality cases recorded). 意外工伤及致命事故）。 Our Board of directors are responsible for overseeing our Group’s health 董事会负责监察本集团的健康及安全管理 and safety management system to ensure our compliance with the 体系，以确保我们遵守相关法定要求。我relevant statutory requirements. A safety committee meeting is held on 们每月与管工举行安全委员会会议，以检a monthly basis with our foremen for reviewing the health and safety 讨与我们业务有关的健康及安全问题。根issues related to our operations. Under the direction of our safety officer 据我们安全主管的指示，我们的管工负责our foremen are responsible for monitoring on-site implementation of 监督安全管理体系的现场执行。 our safety management system.B3. Development and Training B3. 发展及培训 The knowledge and skill levels of our employees are vital to the Group’s 雇员的知识及技能水平对本集团的成功而 success and hence we provide sufficient training and development 言至关重要，因此，我们提供充足的培训programmes to allow them to excel at their work. 及发展计划，让雇员在工作中有出色的表现。 Our training programmes range from professional and technical 我们的培训计划涵盖专业及技术培训以及 training to personal development skills and our employees are required 个人技能发展，且雇员须参加入职培训，to attend an induction training to ensure they thoroughly understood 以确保彼等透彻理解本集团的安全及健康 the Group’s safety and health policies. In addition the Group provides 政策。此外，本集团向雇员提供充足的职adequate job and safety training to employees to equip them with 业及安全培训，使彼等具备所需安全知识the required safety knowledge and work skills to tackle situations and 及工作技能，以处理将在不同工作地点遇challenges to be encountered at diverse work sites. 到的情况及挑战。 During the Reporting Period the percentage breakdown of employees 于报告期间，受训雇员百分比详情及每名trained and the average training hours per employee by gender and 雇员的平均培训时数按性别及雇员类别分 employee category are as follows: 别如下： Percentage of Average training hours employees trained (%) per employee (hours)受训雇员每名雇员的 百分比(%)平均培训时数（小时） 2024202320242023 2024年2023年2024年2023年 By Gender 按性别 * Female * 女性 100 100 75.8 66.9 * Male * 男性 100 100 85.9 82.0 By Employee Category 按雇员类别 * Senior Management * 高级管理层 100 100 89.4 76.7 * Middle Management * 中级管理层 100 100 72.0 91.5 * Junior Management * 初级管理层 100 100 96.0 88.0 60 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 B4. Labor Standards B4. 劳工准则 The Group strictly complies with relevant laws and regulations such as 本集团严格遵守香港法例《雇佣条例》及 Employment Ordinance and the Disability Discrimination Ordinance of 《残疾歧视条例》等相关法律及法规。新聘the Laws of Hong Kong. Background checks were conducted for new 雇员须进行背景核查，以确保不会雇用低employees to ensure that no teenagers under the statutory minimum 于法定最低工作年龄的未成年人。所有雇working age would be employed. All employees must provide their 员必须提供其个人身份证明文件，以证实personal identity documents to prove their ages and identities. During 其年龄及身份。于报告期间，并无发现有the Reporting Period no material case of non-compliance with local 不遵守当地与童工及强迫劳工相关法律及 child and forced labor related laws and regulations were noted. 法规的重大事件。 B5. Supply Chain Management B5. 供应链管理 As mentioned our quality management system which governs 如上文所述，我们的质量管理体系规管日our daily operation for quality control and improvement meets the 常质量控制及改进，符合ISO 9001:2015的requirements of ISO 9001:2015. Our internal policies and thus the 要求。我们的内部政策乃至采购流程受该procurement process are governed by this standard. We maintain an 标准规管。我们存有一份由董事会编制的approved suppliers list set up by the Board of directors. Only suppliers 认可供应商名单。只有符合我们严格质量meeting our stringent quality standards can be added to the list for our 标准的供应商可加入该名单，日后方可向purchases. 其采购。 Under our policies the Group would only purchase supplies from these 根据我们的政策，本集团仅会向该等认可approved suppliers to ensure the quality of our purchases. To assess 供应商采购物资，以确保采购质量。为suppliers’ ability to supply materials and deliver works which meet 评估供应商能否完全按照规定及规格供应 all the requirements and specifications the Group has designated 物料及交付工程，本集团已委派采购团队procurement team to formulated relevant policies to regulate the 制定相关政策，规管供应商表现的评估工evaluation on suppliers’ performance in which environmental 作，该政策已将环境及社会因素纳入考虑and social factors are considered and embedded throughout the 范围，该等因素亦已融入采购流程的各个procurement process. 环节。 During the Reporting Period the Group had engaged 110 (FY2023: 106) 于报告期间，本集团委聘110名（2023财suppliers and subcontractors while 84 (FY2023: 84) of them were located 年：106名）供应商及次承判商，其中84名in Hong Kong. Further with reference to the quality requirement of our （2023财年：84名）位于香港。此外，经参construction projects our project staff or the directors would also pay 考我们建造项目的质量要求，我们的项目visits to suppliers to communicate our requirements including safety 人员或董事亦会拜访供应商，与彼等沟通and environmental protective measures while at the same time inspect 我们的要求（包括安全及环保措施），同时the suppliers’ warehouse to conduct a sample check on the quality 会检视供应商仓库，对货品质量进行抽样of the goods. Upon reception of goods at project sites the project 检查。在项目现场收到货品后，项目主管supervisors are responsible for the inspection of the delivered goods to 负责检验交付的货品，以确保符合我们的ensure they can meet our quality requirements before settling payment. 质量要求，其后方会结付款项。如供应商Suppliers may be suspended or removed from the approved list if they 未能配合我们的绿色采购准则，我们可能fail to fulfil align with our green procurement standards. 会暂停与之合作或将其从认可名单中剔除。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 61Environmental Social and Governance Report 环境、社会及管治报告 For subcontractors’ quality management similar to that of purchasing 我们有关次承判商的质量管理与采购质量 we maintain a list of approved subcontractors. Regular inspection on 管理的作法类似，我们存有一份认可次the quality of works and progress as delivered by our subcontractors 承判商名单。我们的项目主管会定期检查would be performed by our project supervisors. We have made it 次承判商交付的工程质量及进度。我们已clear to our subcontractors that compliance with the labor laws and 明确告知次承判商，在处理项目工地的安regulations is mandatory when handling safety and employment 全及雇佣事宜时，必须遵守劳动法律及规matters at project sites. 例。 During the Reporting Period the Group did not identify any non- 于报告期间，本集团并无发现任何有关安compliances in relation to safety and labor laws and regulations. 全及劳动法律及法规的不合规事件。 B6. Product Responsibility B6. 产品责任 Achieving and maintaining high quality standard for projects are the 为使本集团实现可持续增长，项目达到及most important for the sustainable growth of the Group. The Group 维持高质量水平至关重要。本集团致力与strives to maintain good relationship with our major customers to 主要客户维持良好关系，借此树立名声，establish good reputation and to gain future business opportunity. 争取日后获得商机。 During the Reporting Period the Group was not aware of any material 于报告期间，本集团并不知悉因所提供产non-compliance with any laws and regulations in Hong Kong related 品和服务的健康及安全、广告、标签及私 to product health and safety advertising labelling and privacy matters 隐事宜以及补偿措施而严重违反香港任何relating to products and services provided and methods of redress 相关法律及法规（包括但不限于《商品说明including but not limited to the Trade Descriptions Ordinance and 条例》及《个人资料（私隐）条例》，并因此Personal Data (Privacy) Ordinance that would have a significant 对本集团构成重大影响的情况。于报告期impact to the Group. There was no complaint received during the 间并无收到任何投诉。鉴于本集团的业务Reporting Period. Given the Group’s business nature the Group was not 性质，本集团并无涉足产品销售，因此产involved in the sale of products therefore disclosure on product recall 品召回程序及召回产品数目的相关披露并 procedures and number of products recalled are not applicable. 不适用。 B7. Anti-corruption B7. 反贪污 The Group strives to achieve high standard of ethics in business 本集团致力达到高水平的营商道德，绝不operations and does not tolerate any forms of corruptions frauds and 容忍任何形式的贪污、欺诈及一切违反职 all other behaviours violating work ethics. Unethical or illegal events 业道德的其他行为，严禁贪污、贿赂及合such as corruption bribery and collusion strictly prohibited. The 谋等不道德或违法事件。本集团于员工手Group stipulates the disciplinary code in the Employee Handbook and 册及员工行为守则中列明纪律守则，确保employees’ Code of Conduct and ensures the employees understand 雇员清楚了解条文细节，并提供相关培训the details of the terms with provision of relevant training programme. 课程。有关培训课程的详情，请参阅本环For details of the training programme please refer to Aspect B3 of this 境、社会及管治报告的层面B3。本集团鼓ESG Report. The Group encourages employees to report any suspected 励雇员举报任何涉嫌不当行为。 misconduct.Over the years we have witnessed no incidences of suspected or actual 过去数年，本集团内并无发生任何涉嫌或bribery extortion fraud and money laundering activities occurring 实际贿赂、勒索、欺诈或洗钱事件。我们within the Group. We stand firmly by our anti-corruption policies and 坚定地遵守我们遵照适用法律而制定的内 procurement practices as stated in our internal manuals which comply 部手册所载反贪污政策及采购常规。严禁with applicable laws. Acceptance of kickbacks commissions or any 在任何采购活动、合约磋商或其他业务往 form of benefit is strictly prohibited during any procurement exercise 来过程中收受回扣、佣金或任何形式的好 contract negotiation or other business dealings. 处。 62 Wah Wo Holdings Group Limited * 华和控股集团有限公司Environmental Social and Governance Report 环境、社会及管治报告 During the Reporting Period the Group was not aware of any material 于报告期间，本集团并不知悉任何严重违non-compliance with any laws and regulations in Hong Kong related 反任何与贿赂、敲诈勒索、欺诈及洗钱有 to bribery extortion fraud and money laundering including but not 关的香港法律及法规的行为而将对本集团 limited to the Prevention of Bribery Ordinance that would have a 产生重大影响，包括但不限于防止贿赂条significant impact to the Group. 例。 Conflict of Interest Management 利益冲突管理 In order to prevent employees from not taking corresponding measures 为避免雇员出于个人利益而不采取相关措 because of their personal interests the Group has formulated the 施，本集团已编备「利益申报表」，为雇员“Declaration of Interest” which provides guidelines and procedures 提供指引及程序，助其在牵涉本身职责的to employees in exercising their utmost good faith and honesty in all 所有交易中至诚行事，在任何情况下均不transactions involving their duties and under no circumstances use 会擅用职权或所得知识谋取个人利益。雇their positions or knowledge gained for their own personal benefits. 员须确保其个人利益与对本集团的职责、 Employees must ensure that there is no conflict of interest between 义务和责任并无冲突。倘发现任何人现时their personal interests and their duties obligations and responsibilities 或过去与相关人士的个人关系存在利益冲 to the Group. Those who have or have had a personal relationship with 突，彼应于可行情况下尽快提交书面申related person where a conflict of interest is perceived should provide 报。 written declarations at the earliest possible opportunity.Whistleblowing Mechanism 举报机制 Committed to the highest possible standards of openness probity and 本集团致力尽其所能实现最高水平的透 accountability the Group expects and encourages our employees who 明、廉洁及问责制度，期望并鼓励对本集have concerns about any suspected misconduct or malpractice within 团内任何涉嫌不当行为或渎职行为有所关 the Group to come forward and voice those concerns. Therefore the 注的雇员挺身而出，表达该等关注。因Group adopts a “Whistleblowing Policy” for all levels and operations. 此，本集团采取适用于各职级及业务的Complainants are assured of protection against unfair dismissal 「举报政策」。本集团保证，即使投诉人的victimisation or unwarranted disciplinary action even if the concerns 关注并不属实，仍会保护投诉人不受不公turn out to be unsubstantiated. The Audit Committee is responsible 平解雇、迫害或不当纪律处分。审核委员for monitoring and reviewing the effectiveness of the “Whistleblowing 会负责监察及检讨「举报政策」的有效性，Policy” and make recommendations for further improvement based on 并根据调查结果提出进一步改善建议。 investigation results.B8. Community Investment B8. 社区投资 The Group strives to implement corporate social responsibility and 本集团致力履行企业社会责任，并积极参actively participates in public welfare activities. No formal policy on 与公益活动。本集团并无制定正式社区投community investment has been established. 资政策。 Owing to the nature of our business we are not required to label any 因我们的业务性质使然，我们毋须为任何products or to advertise our services. Further we generally do not 产品贴标签或为服务做广告。此外，我们handle personal data and as such are exposed to minimal risks of 一般不会处理个人数据，因此面临违反私breaching privacy laws. 隐法律的风险极低。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 63Environmental Social and Governance Report 环境、社会及管治报告 SECTION 5 FUTURE APPROACH TO SUSTAINABLE 第5节 未来实现可持续发展的方针 DEVELOPMENT In the future we will: 我们未来将： * Continue to raise our staff and subcontractors’ awareness in relation to * 继续提高员工及次承判商的环保意识； environmental protection; * Maintain the highest standards for occupational health and safety to * 保持最高职业健康及安全标准，以保护我protect our staff members and the communities located in the vicinity 们的员工及业务营运所在地附近的社区； of our operations; and 及 * Further extend our care to the community by participating in more * 参与更多慈善服务，进一步展现我们对社charity services. 区的关怀。 64 Wah Wo Holdings Group Limited * 华和控股集团有限公司Independent Auditor’s Report 独立核数师报告 To the shareholders of Wah Wo Holdings Group Limited 致华和控股集团有限公司列位股东 (Incorporated in the Cayman Islands with limited liability) （于开曼群岛注册成立的有限公司） OPINION 意见 We have audited the consolidated financial statements of Wah Wo Holdings 我们已审计列载于第74至165页的华和控股集团 Group Limited (the “Company”) and its subsidiaries (the “Group”) set out on 有限公司（「贵公司」）及其附属公司（「贵集团」） pages 74 to 165 which comprise the consolidated statement of financial 的综合财务报表，该等综合财务报表包括于position as at 31 March 2024 and the consolidated statement of profit or loss 2024年3月31日的综合财务状况表与截至该日止 and other comprehensive income consolidated statement of changes in 年度的综合损益及其他全面收益表、综合权益 equity and consolidated statement of cash flows for the year then ended and 变动表和综合现金流量表，以及综合财务报表notes to the consolidated financial statements including material accounting 附注，包括重大会计政策资料。 policy information.In our opinion the consolidated financial statements give a true and fair view 我们认为，综合财务报表已根据香港会计师公of the consolidated financial position of the Group as at 31 March 2024 and 会（「香港会计师公会」）颁布的《香港财务报告准of its consolidated financial performance and its consolidated cash flows 则》（「《香港财务报告准则》」）真实而中肯地反映 for the year then ended in accordance with Hong Kong Financial Reporting 了 贵集团于2024年3月31日的综合财务状况及 Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public 截至该日止年度的综合财务表现及综合现金流 Accountants (the “HKICPA”) and have been properly prepared in compliance 量，并已遵照《公司条例》之披露规定妥为拟备。 with the disclosure requirements of the Companies Ordinance.BASIS FOR OPINION 意见的基础We conducted our audit in accordance with Hong Kong Standards on 我们已根据香港会计师公会颁布的《香港审计准Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those 则》（「《香港审计准则》」）进行审计。我们在该等standards are further described in the Auditor’s Responsibilities for the 准则下承担的责任已在本报告「核数师就审计综 Audit of the Consolidated Financial Statements section of our report. We are 合财务报表承担的责任」部分中作进一步阐述。 independent of the Group in accordance with the HKICPA’s Code of Ethics 根据香港会计师公会颁布的《专业会计师道德守for Professional Accountants (the “Code”) and we have fulfilled our other 则》（以下简称「守则」），我们独立于 贵集团，ethical responsibilities in accordance with the Code. We believe that the audit 并已履行守则中的其他道德责任。我们相信，evidence we have obtained is sufficient and appropriate to provide a basis for 我们所获得的审计凭证能充足及适当地为我们 our opinion. 的意见提供基础。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 65Independent Auditor’s Report独立核数师报告 KEY AUDIT MATTERS 关键审计事项 Key audit matters are those matters that in our professional judgement were 关键审计事项是根据我们的专业判断，认为对of most significance in our audit of the consolidated financial statements 本期综合财务报表的审计最为重要的事项。该of the current period. These matters were addressed in the context of our 等事项是在对综合财务报表整体进行审计并形 audit of the consolidated financial statements as a whole and in forming our 成意见的背景下进行处理的，我们不对该等事opinion thereon and we do not provide a separate opinion on these matters. 项提供单独的意见。我们所识别的关键审计事The key audit matters we identified are: 项如下： Key Audit Matter How our audit addressed the Key Audit Matter关键审计事项我们进行审计时如何处理关键审计事项 Revenue from construction contracts建设合约收益 Refer to Notes 4(h) 5(a) and 8 to the consolidated financial We have performed the following procedures in relation to the statements respectively. revenue from construction contracts: 请分别参阅综合财务报表附注4(h)、5(a)及8。 我们就建设合约的收益所执行的程序如下： The Group recognised revenue from the provision of aluminium (i) u n d e r s t a n d i n g a n d e v a l u a t i n g t h e d e s i g n a n d works related services of approximately HK$236407000 for the implementation of key controls over the assessment year ended 31 March 2024. process of revenue recognition from construction 截至2024年3月31日止年度， 贵集团自提供铝质工程相关 contracts and assessed the inherent risk of material服务确认收益约236407000港元。 misstatement by considering the degree of estimationuncertainty and level of other inherent risk factors such Contract revenue is recognised progressively over time using as complexity subjectivity changes and susceptibility to the output method based on direct measurements of the management bias; surveys of performance completed to date relative to the 了解和评估建设合约收益确认评估过程的关键控制设 remaining services for the contracts entered into by the Group. 计和实施，并通过考虑估计不确定性程度和其他固有合约收益乃基于对迄今已完成工量测量（相比贵集团所风险因素（如复杂性、主观性、变化和对管理出现偏订合约剩余服务）的直接计量按产量法随时间累进确认。见的容易程度）的程度来评估重大错报的固有风险； (ii) testing contract agreements with customers on a sample basis the key terms and conditions including the contract sum the scope of work and retention; 选取样本，对与客户签订的合约协议、关键条款及条件，包括合约金额、工作范围及保固金等进行测试； 66 Wah Wo Holdings Group Limited * 华和控股集团有限公司Independent Auditor’s Report 独立核数师报告 KEY AUDIT MATTERS (continued) 关键审计事项（续） Key Audit Matter How our audit addressed the Key Audit Matter关键审计事项我们进行审计时如何处理关键审计事项 Revenue from construction contracts (continued) 建设合约收益（续） Management reviews the progress of the contracts and revises (iii) compar ing the contract revenue recognised for the estimates of contract revenue contract costs and variation contracts in progress during the year on a sample basis orders for each construction contract to determine whether with reference to the certifications from the surveyors the construction contract is an onerous contract based on the appointed by the customers or payment applications most current budget with reference to the overall contract from the in-house surveyor or confirmation received from consideration. customers; 管理层审阅合约的进度并修订每份建造合约的合约收益、选取样本，将就年内在建合约确认的合约收益与来自合约成本及变更订单的估算，根据参考整体合约代价计算客户委聘的测量师的认证或内部测量师的付款申请或的最新预算以厘定建造合约是否为亏损性合约。来自客户的确认进行对比； Significant management’s judgements were needed to (iv) conducting site visits on a sample basis to observe the estimate the value of services delivered to date and the final status of the project and evaluate whether the project outcome of each contract including forecasting the costs to progress was consistent with the agreed timetable; complete a contract and the provision for onerous contracts. 选取样本，进行实地视察，以观察各个项目的状态及需要重大管理层判断以估计迄今所交付服务的价值及各项评估项目进度是否与协定的时间表相符； 合约的最终结果，包括预测完成合约及提供亏损性合约的成本。 (v) assessing management’s estimates used in forecastingthe final outcome of each contract including estimated We identified the revenue recognition of construction contracts costs to completion by obtaining and evaluating relevant as a key audit matter because of the significance of the revenue information in connection with the estimates used to the consolidated financial statements and the significant including budgeted forecasts prepared by management management judgements and estimates in estimating the and correspondences with customers; andvalue of the construction works completed to date and final 通过获取及评估有关所使用估计的相关资料（包括管outcome of each contract. 理层编制的预算预测及与客户的通讯），评估管理层由于收益对综合财务报表具有重要意义及于估计迄今所完用于预测各合约最终结果的估计，包括完工的估计成成建筑工程的价值及各合约的最终结果时需要作出重大管本；及 理层判断与估计，因此，我们将建造合约的收益确认确定为一项关键审计事项。 (vi) discussing the status of projects under constructionincluding estimated costs to completion assessment of potential liquidated damages for major contracts and provision for onerous contracts with management of the Group.与贵集团管理层讨论在建项目的状况，包括完工的估计成本、对主要合约的潜在算定损害赔偿所作的评估及亏损性合约的拨备。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 67Independent Auditor’s Report独立核数师报告 KEY AUDIT MATTERS (continued) 关键审计事项（续） Key Audit Matter How our audit addressed the Key Audit Matter关键审计事项我们进行审计时如何处理关键审计事项 Assessment of expected credit losses (“ECL”) of trade receivables and contract assets 评估贸易应收款项及合约资产的预期信贷亏损（「预期信贷亏损」） Refer to Notes 4(s) 5(b)(ii) 23 and 24 to the consolidated We have performed the following procedures in relation to the financial statements respectively. assessment of ECL of trade receivables and contract assets: 请分别参阅综合财务报表附注4(s)、5(b)(ii)、23及24。 我们就评估贸易应收款项及合约资产的预期信贷亏损所执行的程序如下： As at 31 March 2024 the carrying amounts of the Group’s trade receivables and contract assets were approximately (i) obtaining an understanding of the assessment process of HK$17384000 and HK$39759000 respectively which in ECL of trade receivables and contract assets evaluating the aggregate represented about 21.2% of the Group’s total assets. design and implementation of relevant internal control 于2024年3月31日， 贵集团贸易应收款项及合约资产的 and assessing the inherent risk of material misstatement账面值分别约为17384000港元及39759000港元，合共 by considering the degree of estimation uncertainty and占 贵集团资产总值约21.2%。 level of other inherent risk factors such as complexitysubjectivity changes and susceptibility to management The assessment of ECL of trade receivables and contract assets bias or fraud; is identified as a key audit matter because of the magnitude 了解对贸易应收款项及合约资产的预期信贷亏损的评 of the trade receivables and contract assets combined with 估流程；评估相关内部控制的设计及实施，并通过考the significant management judgement is required to assess 虑估计不确定性的程度及其他固有风险因素的水平，the ECL of trade receivables and contract assets. Management 如复杂性、主观性、变化及出现对管理层偏见或欺诈 performed a detailed analysis which considered customers’ 的容易程度，评估了重大错报的固有风险； ageing profile credit history historical payment pattern and forecast economic conditions for the estimation of ECL on its (ii) performing a retrospective review to evaluate the trade receivables and contract assets. outcome of prior period assessment of expected credit 评估贸易应收款项及合约资产的预期信贷亏损获识别为关 losses of trade receivables and contract assets to assess the 键审计事项，因贸易应收款项和合约产的规模，连同评估 effectiveness of management’s estimation process;贸易应收款项及合约资产的预期信贷亏损需要作出的重大进行追溯审查，以评估过往期间对贸易应收款项及合管理层判断。管理层已作出详细分析，考虑客户的账龄组约资产的预期信贷亏损的评估结果，评定管理层估计合、信贷记录、过往付款模式及预测经济状况，以估计贸过程的有效性； 易应收款项及合约资产的预期信贷亏损。 (iii) assessing whether trade receivables and contract assets had been appropriately grouped by management based on their shared credit risk characteristics;评估贸易应收款项及合约资产是否由管理层根据其共有的信贷风险特征进行适当分组； 68 Wah Wo Holdings Group Limited * 华和控股集团有限公司Independent Auditor’s Report 独立核数师报告 KEY AUDIT MATTERS (continued) 关键审计事项（续） Key Audit Matter How our audit addressed the Key Audit Matter关键审计事项我们进行审计时如何处理关键审计事项 Assessment of expected credit losses (“ECL”) of trade receivables and contract assets (continued) 评估贸易应收款项及合约资产的预期信贷亏损（「预期信贷亏损」（）续） (iv) engaging our external valuation expert as auditor’s expert to review management’s and auditor’s expert calculation model on the ECL of trade receivables and contract assets and test the underlying information including the historical payment records credit history and credit rating of the Group’s customers if available;聘请我们的外部估值专家作为核数师专家检讨管理层及核数师专家对贸易应收款项及合约资产的预期信贷 亏损计算模型，并测试相关资料，包括贵集团客户的过往付款记录、信用记录及信用评级（如有）； (v) evaluating the competence capabilities and objectivity of the management and auditor’s expert; 评估管理层及核数师专家是否胜任、具备所需能力及客观性； (vi) assessing the appropriateness of the impairment loss methodology testing the calculation of the historical loss rates on a sample basis and evaluating the reasonableness of the forward-looking adjustments made to reflect current and forecast future economic conditions (i.e. gross domestic product) against publicly available information with the assistance of the auditor’s expert;透过核对在我们的核数师专家的协助下获得的公开资料，评估减值亏损方法的适当性，抽样测试历史亏损比率的计算并评估就反映当前及预期未来的经济状况（即国内生产总值）的前瞻性调整之合理性； (vii) testing the accuracy and completeness of the data used by management on a sample basis to develop the historical loss rates and assessing the sufficiency reliability and relevance of that data; and抽样测试管理层制定历史亏损率使用的数据的准确性 及完整性以及评估该等数据的充分性、可靠性及相关性；及 (viii) testing the calculation of ECL provisions applying the provision rates to the age categories of the trade receivables and contract assets outstanding at the reporting date.就报告日期未偿还贸易应收款项及合约资产的账龄类 别应用拨备比率，测试预期信贷亏损拨备的计算。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 69Independent Auditor’s Report独立核数师报告 OTHER INFORMATION 其他资料 The directors are responsible for the other information. The other information 董事需对其他资料负责。其他资料包括所有刊comprises all of the information included in the annual report other than the 载于年度报告内的信息，但不包括综合财务报consolidated financial statements and our auditor’s report thereon. 表及我们的核数师报告。 Our opinion on the consolidated financial statements does not cover the 我们对综合财务报表的意见并不涵盖其他资 other Information and we do not express any form of assurance conclusion 料，我们亦不对该等其他资料发表任何形式的thereon. 鉴证结论。 In connection with our audit of the consolidated financial statements our 结合我们对综合财务报表的审计，我们的责任responsibility is to read the other information and in doing so consider 是阅读其他资料，在此过程中，考虑其他资料whether the other information is materially inconsistent with the consolidated 是否与综合财务报表或我们在审计过程中所了 financial statements or our knowledge obtained in the audit or otherwise 解的情况存在重大抵触或者似乎存在重大错误 appears to be materially misstated. If based on the work we have performed 陈述的情况。基于我们已执行的工作，倘我们we conclude that there is a material misstatement of this other information 认为其他资料存在重大错误陈述，我们需要报we are required to report that fact. We have nothing to report in this regard. 告该事实。我们就此并无作出任何报告。 RESPONSIBILITIES OF DIRECTORS AND AUDIT 董事及审核委员会就综合财务报表 COMMITTEE FOR THE CONSOLIDATED FINANCIAL 须承担的责任 STATEMENTSThe directors are responsible for the preparation of the consolidated financial 董事须负责根据香港会计师公会颁布的《香港财statements that give a true and fair view in accordance with HKFRSs issued by 务报告准则》及《公司条例》的披露规定拟备真实 the HKICPA and the disclosure requirements of the Companies Ordinance and 而中肯的综合财务报表，并对其认为为使综合for such internal control as the directors determine is necessary to enable the 财务报表的拟备不存在由于欺诈或错误而导致 preparation of consolidated financial statements that are free from material 的重大错误陈述所需的内部控制负责。 misstatement whether due to fraud or error.In preparing the consolidated financial statements the directors are 在拟备综合财务报表时，董事负责评估 贵集responsible for assessing the Group’s ability to continue as a going concern 团持续经营的能力，并在适用情况下披露与持disclosing as applicable matters related to going concern and using the 续经营有关的事项，以及使用持续经营为会计going concern basis of accounting unless the directors either intend to 基础，除非董事有意将 贵集团清盘或停止营liquidate the Group or to cease operations or have no realistic alternative but 运，或别无其他实际的替代方案。 to do so.The Audit Committee assist the directors in discharging their responsibilities 审核委员会协助董事履行职责，监督 贵集团for overseeing the Group’s financial reporting process. 的财务报告过程。 70 Wah Wo Holdings Group Limited * 华和控股集团有限公司Independent Auditor’s Report 独立核数师报告 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE 核数师就审计综合财务报表承担的 CONSOLIDATED FINANCIAL STATEMENTS 责任 Our objectives are to obtain reasonable assurance about whether the 我们的目标，是对综合财务报表整体是否不存consolidated financial statements as a whole are free from material 在由于欺诈或错误而导致的重大错误陈述取得 misstatement whether due to fraud or error and to issue an auditor’s report 合理保证，并出具包括我们意见的核数师报that includes our opinion. We report our opinion solely to you as a body and 告。我们仅向 阁下（作为整体）报告我们的意for no other purpose. We do not assume responsibility towards or accept 见，除此以外，本报告并无其他用途。我们不liability to any other person for the contents of this report. 会就本报告的内容向任何其他人士负上或承担任何责任。 Reasonable assurance is a high level of assurance but is not a guarantee that 合理保证是高水平的保证，我们不能保证按照an audit conducted in accordance with HKSAs will always detect a material 《香港审计准则》进行的审计，在某一重大错误misstatement when it exists. Misstatements can arise from fraud or error 陈述存在时总能发现。错误陈述可由欺诈或错and are considered material if individually or in the aggregate they could 误引起，倘合理预期单独或汇总起来可能影响reasonably be expected to influence the economic decisions of users taken on 综合财务报表使用者依赖综合财务报表所作出 the basis of these consolidated financial statements. 的经济决定，则有关的错误陈述可被视作重大。 As part of an audit in accordance with HKSAs we exercise professional 在根据《香港审计准则》进行审计的过程中，我judgement and maintain professional scepticism throughout the audit. We 们运用了专业判断，保持了专业怀疑态度。我also: 们亦： * Identify and assess the risks of material misstatement of the * 识别和评估由于欺诈或错误而导致综合财 consolidated financial statements whether due to fraud or error design 务报表存在重大错误陈述的风险，设计及and perform audit procedures responsive to those risks and obtain 执行审计程序以应对该等风险，以及获取audit evidence that is sufficient and appropriate to provide a basis for 充足和适当的审计凭证，作为我们意见的our opinion. The risk of not detecting a material misstatement resulting 基础。由于欺诈可能涉及串谋、伪造、蓄from fraud is higher than for one resulting from error as fraud may 意遗漏、虚假陈述，或凌驾于内部控制之involve collusion forgery intentional omissions misrepresentations or 上，因此未能发现因欺诈而导致的重大错the override of internal control. 误陈述的风险高于未能发现因错误而导致的重大错误陈述的风险。 * Obtain an understanding of internal control relevant to the audit * 了解与审计相关的内部控制，以设计适当in order to design audit procedures that are appropriate in the 的审计程序，但目的并非对 贵集团内部circumstances but not for the purpose of expressing an opinion on the 控制的有效性发表意见。 effectiveness of the Group’s internal control.* Evaluate the appropriateness of accounting policies used and the * 评价董事所采用会计政策的恰当性及所作 reasonableness of accounting estimates and related disclosures made 出会计估计和相关披露的合理性。 by the directors.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 71Independent Auditor’s Report独立核数师报告 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE 核数师就审计综合财务报表承担的 CONSOLIDATED FINANCIAL STATEMENTS (continued) 责任（续） * Conclude on the appropriateness of the directors’ use of the going * 对董事采用持续经营会计基础的恰当性作 concern basis of accounting and based on the audit evidence 出结论。根据所获取的审计凭证，确定obtained whether a material uncertainty exists related to events or 是否存在与事项或情况有关的重大不确定 conditions that may cast significant doubt on the Group’s ability to 性，从而可能导致对 贵集团的持续经营continue as a going concern. If we conclude that a material uncertainty 能力产生重大疑虑。倘我们认为存在重大exists we are required to draw attention in our auditor’s report to the 不确定性，则有必要在核数师报告中提请related disclosures in the consolidated financial statements or if such 使用者注意综合财务报中的相关披露。假disclosures are inadequate to modify our opinion. Our conclusions are 若有关的披露不足，则我们应当发表非无based on the audit evidence obtained up to the date of our auditor’s 保留意见。我们的结论是基于核数师报告report. However future events or conditions may cause the Group to 日止所取得的审计凭证。然而，未来事项cease to continue as a going concern. 或情况可能导致 贵集团不能持续经营。 * Evaluate the overall presentation structure and content of the * 评价综合财务报表的整体列报方式、结构 consolidated financial statements including the disclosures and 和内容，包括披露，以及综合财务报表是whether the consolidated financial statements represent the underlying 否中肯反映相关交易和事项。 transactions and events in a manner that achieves fair presentation.* Obtain sufficient appropriate audit evidence regarding the financial * 就 贵集团内实体或业务活动的财务资讯 information of the entities or business activities within the Group to 获取充足、适当的审计凭证，以便对综合express an opinion on the consolidated financial statements. We are 财务报表发表意见。我们负责指导、监督responsible for the direction supervision and performance of the group 和执行集团的审计。我们为审计意见承担audit. We remain solely responsible for our audit opinion. 全部责任。 We communicate with the Audit Committee regarding among other matters 除其他事项外，我们与审核委员会沟通了计划the planned scope and timing of the audit and significant audit findings 的审计范围、时间安排、重大审计发现等，包including any significant deficiencies in internal control that we identify during 括我们在审计中所识别出内部控制的任何重大 our audit. 缺陷。 We also provide the Audit Committee with a statement that we have 我们亦向审核委员会提交声明，说明我们已符complied with relevant ethical requirements regarding independence and 合有关独立性的相关道德要求，并与彼等沟通to communicate with them all relationships and other matters that may 有可能合理地被认为会影响我们独立性的所有 reasonably be thought to bear on our independence and where applicable 关系和其他事项，以及在适用的情况下，消除actions taken to eliminate threats or safeguards applied. 不利影响的行动或采取的防范措施。 72 Wah Wo Holdings Group Limited * 华和控股集团有限公司Independent Auditor’s Report 独立核数师报告 AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE 核数师就审计综合财务报表承担的 CONSOLIDATED FINANCIAL STATEMENTS (continued) 责任（续） From the matters communicated with the Audit Committee we determine 从与审核委员会沟通的事项中，我们确定哪些those matters that were of most significance in the audit of the consolidated 事项对本期综合财务报表的审计最为重要，因financial statements of the current period and are therefore the key audit 而构成关键审计事项。我们在核数师报告中描matters. We describe these matters in our auditor’s report unless law or 述该等事项，除非法律或法规不允许公开披露regulation precludes public disclosure about the matter or when in extremely 该等事项，或在极端罕见的情况下，倘合理预rare circumstances we determine that a matter should not be communicated 期在我们报告中沟通某事项造成的负面后果超 in our report because the adverse consequences of doing so would 过产生的公众利益，我们决定不应在报告中沟reasonably be expected to outweigh the public interest benefits of such 通该事项。 communication.The engagement partner on the audit resulting in this independent auditor’s 本独立核数师报告的审计项目合伙人是任德煇 report is Mr. Yam Tak Fai Ronald. 先生。 RSM Hong Kong 罗申美会计师事务所 Certified Public Accountants 执业会计师 27 June 2024 2024年6月27日 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 73Consolidated Statement of Profit or Loss and Other Comprehensive Income综合损益及其他全面收益表 Year ended 31 March 2024 截至2024年3月31日止年度 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 REVENUE 收益 8 238425 208350 Cost of revenue 收益成本 (217175) (183087) Gross profit 毛利 21250 25263 Other income gains and losses 其他收入、收益及亏损 9 (13865) (2256) Administrative expenses 行政开支 (18751) (16728) Provision for impairment allowance on trade 贸易应收款项及合约资产减值 receivables and contract assets net 拨备净额 (50242) (2190) Finance costs 融资成本 11 (345) (33) (LOSS)/PROFIT BEFORE TAX 除税前（亏损）╱溢利 (61953) 4056 Income tax credit/(expense) 所得税抵免╱（开支） 12 6847 (1204) (LOSS)/PROFIT FOR THE YEAR 本公司的拥有人应占年内 ATTRIBUTABLE TO OWNERS OF THE （亏损）╱溢利 COMPANY 13 (55106) 2852 OTHER COMPREHENSIVE INCOME: 其他全面收益： Item that may be reclassified to profit or loss: 可重新分类至损益之项目： Exchange differences on translating foreign 换算海外业务产生的汇兑 operations 差额 (10) – OTHER COMPREHENSIVE INCOME FOR 年内其他全面收益，扣除税项THE YEAR NET OF TAX (10) – TOTAL COMPREHENSIVE INCOME FOR 本公司的拥有人应占年内全面 THE YEAR ATTRIBUTABLE TO OWNERS 收益总额 OF THE COMPANY (55116) 2852 (LOSS)/EARNINGS PER SHARE 每股（亏损）╱盈利 (HK5.51) cents HK0.29 cents Basic and diluted 基本及摊薄 17 (5.51) 港仙 0.29 港仙 74 Wah Wo Holdings Group Limited * 华和控股集团有限公司Consolidated Statement of Financial Position 综合财务状况表 31 March 2024 2024年3月31日 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 NON-CURRENT ASSETS 非流动资产 Property plant and equipment 物业、厂房及设备 18 8126 8246 Right-of-use assets 使用权资产 19 3383 401 Investment properties 投资物业 20 130200 125400 Deposits 按金 21 197 3766 Deferred tax assets 递延税项资产 22 7515 649 149421138462 CURRENT ASSETS 流动资产 Contract assets 合约资产 23 39759 36386 Trade receivables 贸易应收款项 24 17384 21655 Prepayments deposits and other receivables 预付款项、按金及其他应收款项2135953159 Income tax recoverables 可收回所得税 10621 8203 Pledged deposits 质押存款 25 18288 10173 Cash and cash equivalents 现金及现金等值项目 25 30704 63555 120351143131 CURRENT LIABILITIES 流动负债 Contract liabilities 合约负债 23 – 3816 Trade payables 贸易应付款项 26 58833 18392 Other payables and accruals 其他应付款项及应计费用 5040 3638 Lease liabilities 租赁负债 27 711 437 Provision for rectification works 整改工程拨备 28 5082 9544 Bank borrowings 银行借款 29 6701 – 7636735827 NET CURRENT ASSETS 流动资产净值 43984 107304 TOTAL ASSETS LESS CURRENT 总资产减流动负债 LIABILITIES 193405 245766 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 75Consolidated Statement of Financial Position综合财务状况表 31 March 2024 2024年3月31日 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 NON-CURRENT LIABILITIES 非流动负债 Lease liabilities 租赁负债 27 2721 – Deferred tax liabilities 递延税项负债 22 55 21 277621 NET ASSETS 资产净值 190629 245745 CAPITAL AND RESERVES 股本及储备 Share capital 股本 30 10000 10000 Reserves 储备 32 180629 235745 TOTAL EQUITY 权益总额 190629 245745 Approved by the Board of Directors on 27 June 2024 and are signed on its 于2024年6月27日经董事会批准及由以下董事代 behalf by: 为签署： Mr. Chen Yuet Wa Mr. Chan Fai陈越华先生陈辉先生 Director Director董事董事 76 Wah Wo Holdings Group Limited * 华和控股集团有限公司Consolidated Statement of Changes in Equity 综合权益变动表 Year ended 31 March 2024 截至2024年3月31日止年度 Foreign Share currency Issued premium Merger translation Retained capital account reserve reserve profits Total已发行股本股份溢价账合并储备外币换算储备保留溢利总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元千港元 (Note 32(b)(i)) (Note 32(b)(ii)) (Note 32(b)(iii))（附注32(b)(i)） （附注32(b)(ii)） （附注32(b)(iii)） At 1 April 2022 于2022年4月1日 10000 91369 20 – 141504 242893 Profit and total comprehensive 年内溢利及全面收益 income for the year 总值 – – – – 2852 2852 At 31 March 2023 and at 于2023年3月31日及 1 April 2023 2023年4月1日 10000 91369 20 – 144356 245745 Loss and total comprehensive 年内亏损及全面收益 income for the year 总值 – – – (10 ) (55106 ) (55116 ) At 31 March 2024 于2024年3月31日 10000 91369 20 (10 ) 89250 190629 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 77Consolidated Statement of Cash Flows综合现金流量表 Year ended 31 March 2024 截至2024年3月31日止年度 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 CASH FLOWS FROM OPERATING 经营活动所得现金流量 ACTIVITIES (Loss)/profit before tax 除税前（亏损）╱溢利 (61953) 4056 Adjustments for: 就以下各项调整： Finance costs 融资成本 11 345 33 Bank interest income 银行利息收入 9 (1635) (607) Depreciation of property plant and 物业、厂房及设备折旧 equipment 18 2066 2694 Depreciation of right-of-use assets 使用权资产折旧 19 999 1201 Changes in fair value of investment 投资物业公平值变动 properties 20 19145 4674Provision/(reversal of provision) for 合约资产减值拨备╱（拨备拨impairment allowance on contract 回）净额 assets net 23 33329 (19) Provision for impairment allowance on 贸易应收款项减值拨备 trade receivables net 净额 24 16913 2209 Net (reversal of provision)/provision for 整改工程（拨备拨回）╱ rectification works 拨备净额 28 (3136) 3009 Unrealised foreign exchange gains net 未变现外汇收益净额 (3) – Operating profit before working capital 营运资金变动前的经营溢利 changes 6070 17250 (Increase)/decrease in contract assets 合约资产（增加）╱减少 (36702) 11640 Increase in trade receivables 贸易应收款项增加 (12642) (362) (Increase)/decrease in prepayments deposits 预付款项、按金及其他应收 and other receivables 款项（增加）╱减少 (633) 6449 Decrease in contract liabilities 合约负债减少 (3816) (494) Increase in trade payables 贸易应付款项增加 40441 10050 Increase in other payables and accruals 其他应付款项及应计费用增加 1402 426 Utilisation of provision for rectification 动用整改工程拨备 works 28 (1326) (734) Cash (used in)/generated from operations 经营活动（所用）╱所得现金 (7206) 44225 Finance costs paid 已付融资成本 (345) (33) Hong Kong Profits Tax (paid)/refunded （已付）╱已退回香港利得税 (2403) 1453 Net cash flows (used in)/generated from 经营活动（所用）╱所得现金 operating activities 流量净额 (9954) 45645 78 Wah Wo Holdings Group Limited * 华和控股集团有限公司Consolidated Statement of Cash Flows 综合现金流量表 Year ended 31 March 2024 截至2024年3月31日止年度 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 CASH FLOWS FROM INVESTING 投资活动所得现金流量 ACTIVITIES Deposits paid 已付按金 – (3766) Interest received 已收利息 1635 607 Purchases of property plant and equipment 购买物业、厂房及设备 34(a)(iii) (922) (2952) (Increase)/decrease in pledged deposits 质押存款（增加）╱减少 (8115) 12652 Purchases of investment properties 购买投资物业 20 34(a)(ii) (21203) (50124) Net cash flows used in investing activities 投资活动所用现金流量净额 (28605) (43583) CASH FLOWS FROM FINANCING 融资活动所得现金流量 ACTIVITIES Principal elements of lease payments 租赁付款之本金部分 34(c) (987) (1288) Bank borrowings raised 新筹银行借款 34(b) 6928 – Repayment on bank borrowings 偿还银行借款 34(b) (227) – Net cash flows generated from/(used in) 融资活动所得╱（所用）现金 financing activities 流量净额 5714 (1288) EFFECT OF FOREIGN EXCHANGE 外汇汇率变动影响 RATE CHANGES (6) – NET (DECREASE)/INCREASE IN CASH 现金及现金等值项目 AND CASH EQUIVALENTS 净（减少）╱增加 (32851) 774 CASH AND CASH EQUIVALENTS AT 年初的现金及现金等值项目 BEGINNING OF THE YEAR 63555 62781 CASH AND CASH EQUIVALENTS AT 年末的现金及现金等值项目 END OF THE YEAR 30704 63555 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 79Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 1. GENERAL INFORMATION 1. 一般资料 Wah Wo Holdings Group Limited (the “Company”) was incorporated in 华和控股集团有限公司（「本公司」）在开曼 the Cayman Islands with limited liability. The address of its registered 群岛注册成立为有限责任公司。其注册办office is Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman 事处地址为 Cricket Square Hutchins Drive KY1-1111 Cayman Islands. The address of its principal place of business is P.O. Box 2681 Grand Cayman KY1-1111 Flat A & D 4/F Phase 1 Kwai Shing Industrial Building 36–40 Tai Lin Pai Cayman Islands。其主要营业地点地址为香Road Kwai Chung New Territories Hong Kong. The Company’s shares 港新界葵涌大连排道36–40号贵盛工业大 are listed on the Main Board of The Stock Exchange of Hong Kong 厦一期4楼A及D室。本公司股份于2020年1Limited (the “Stock Exchange”) on 17 January 2020. 月17日于香港联合交易所有限公司（「联交所」）主板上市。 The Company is an investment holding company. The principal 本公司为一间投资控股公司。附属公司的activities of the subsidiaries are set out below. The Company and its 主要活动载于下文。本公司及其附属公司subsidiaries are collectively referred to as the “Group”. 统称「本集团」。 In the opinion of the directors the immediate and ultimate parent 董事认为，本公司的直接及最终母公司为of the Company is Ornate Bright Limited a company incorporated in Ornate Bright Limited，一家于英属处女群the British Virgin Islands (“BVI”) and Mr. Chen Yuet Wa is the ultimate 岛（「英属处女群岛」）注册成立的公司，陈controlling party of the company. 越华先生为该公司的最终控股人士。 The consolidated financial statements are presented in Hong Kong 除另有说明外，综合财务报表以港元（「港dollars (“HKD”) and all values are rounded to the nearest thousand 元」）列示，而当中所有金额均约整至最接(HK$’000) except when otherwise indicated. 近之千位（千港元）。 80 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 1. GENERAL INFORMATION (continued) 1. 一般资料（续） Information about subsidiaries 有关附属公司的资料 Particulars of the Company’s principal subsidiaries are as follows: 本公司主要附属公司详情如下： Principal country of operation and place of incorporation Registered/issued Percentage of equity Name of subsidiary kind of legal entity share capital attributable to the Group Principal activities主要营业之国家及注册成立 名称地点、法律实体类型已注册╱发行股本归属于本集团的权益百分比主要营业活动 Direct Indirect直接间接 Sino Keen Limited BVI limited liability company US$2 100 – Investment holding 华经有限公司英属处女群岛、有限责任公司2美元投资控股 Mega Brim Limited BVI limited liability company US$1 100 – Investment holding 巨满有限公司英属处女群岛、有限责任公司1美元投资控股 Wah Wo Aluminium Work Hong Kong limited liability HK$10000 – 100 Provision of aluminium works related Company Limited company services and trading of tools and equipment 华和铝质工程有限公司香港、有限责任公司10000港元提供铝质工程相关服务以及买卖工具及设备 Wah Kee (R&M) Limited Hong Kong limited liability HK$10000 – 100 Provision of aluminium works related company services 华记维修有限公司香港、有限责任公司10000港元提供铝质工程相关服务 Word Classic International Hong Kong limited liability HK$1 – 100 Investment properties Limited company 华广国际有限公司香港、有限责任公司1港元投资物业 Wah Yu Global Investment Hong Kong limited liability HK$1000 – 100 Investment properties Company Limited company 华誉环球投资有限公司香港、有限责任公司1000港元投资物业 Wah Dee Investment Hong Kong limited liability HK$1000 – 100 Investment properties Company Limited company 华地投资有限公司香港、有限责任公司1000港元投资物业 Will Treasure (Group) Limited Hong Kong limited liability HK$1 – 100 Investment properties company华宝（集团）有限公司香港、有限责任公司1港元投资物业 Wah Ah Investment Hong Kong limited liability HK$1 – 100 Investment properties Company Limited company 华雅投资有限公司香港、有限责任公司1港元投资物业 Wah Lam Investment Hong Kong limited liability HK$1 – 100 Investment properties Company Limited company 华蓝投资有限公司香港、有限责任公司1港元投资物业 Wah Wo Design (Wuhan) The People’s Republic of China (the HK$1000000 – 100 Provision of drawing andCompany Limited ”PRC”) limited liability company design services (“Wah Wo Wuhan”)* 华和设计（武汉）有限公司中华人民共和国（「中国」）、有限1000000港元提供绘图及设计服务（「华和武汉」）责任公司 * The English name of Wah Wo Wuhan represents the translated name of the company as no English name has been registered. Wah Wo Wuhan is registered as a wholly-foreign-owned enterprise under PRC law.华和武汉的英文名称指该公司的翻译名称，盖因并无登记英文名称。华和武汉是根据中国法律注册的外商独资企业。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 81Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 2. BASIS OF PREPARATION 2. 编制基准 These consolidated financial statements have been prepared in 该等综合财务报表乃根据香港会计师公会 accordance with all applicable Hong Kong Financial Reporting （「香港会计师公会」）颁布之所有适用香 Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified 港财务报告准则（「香港财务报告准则」）编 Public Accountants (the “HKICPA”). HKFRSs comprise Hong Kong 制。香港财务报告准则包括香港财务报告Financial Reporting Standards (“HKFRS”); Hong Kong Accounting 准则（「香港财务报告准则」）、香港会计准 Standards (“HKAS”); and Interpretations. These consolidated financial 则（「香港会计准则」）及诠释。该等综合财statements also comply with the applicable disclosure provisions of the 务报表亦符合联交所证券上市规则之适用 Rules Governing the Listing of Securities on the Stock Exchange and the 披露条文及公司条例（第622章）之披露规 disclosure requirements of the Companies Ordinance (Cap. 622). 定。 The HKICPA has issued certain new and revised HKFRSs that are first 香港会计师公会已颁布若干于本集团本会 effective or available for early adoption for the current accounting 计期间首次生效或可供提早采纳之新订及 period of the Group. Note 3 provides information on any changes 经修订香港财务报告准则。因初次应用该in accounting policies resulting from initial application of these 等发展所引致的会计政策任何变动的资料 developments to the extent that they are relevant to the Group for the 载于附注3，惟以于该等综合财务报表反 current and prior accounting periods reflected in these consolidated 映于当前及过往会计期间与本集团相关者 financial statements. 为限。 The Group incurred loss of HK$55106000 and a net cash outflow of 本集团于截至2024年3月31日止年度产 HK$32851000 for the year ended 31 March 2024. In preparing these 生亏损 55106000 港元及现金流出净额 consolidated financial statements the directors of the Company have 32851000港元。于编制该等综合财务报given careful consideration to the impact of the current and anticipated 表时，本公司董事已审慎考虑本集团及本future liquidity of the Group and the Company and the ability of the 公司目前及预计未来的流动资金状况的影 Group and the Company to attain profit and positive cash flows from 响，以及本集团及本公司能否于中产期自operations in the immediate and longer term. 业务经营获得溢利及正数现金流之能力。 After taking into account the available financial resources and the cash 经计及可获得的财务资源，以及基于管理requirements of the Group for the next twelve months commencing 层编制的现金流量预测得出的本集团自财 from the end of the financial period based on cash flow projections 政期间结束起计未来12个月的现金需求，prepared by management the directors of the Company believe 本公司董事相信将有充足的营运资金为其 that the Group will have sufficient working capital to finance its 经营提供资金以及履行其于可见未来到期 operations and to meet its financial liabilities as and when they fall 的金融负债。因此，董事认为按持续基准due in the foreseeable future. Accordingly the directors consider that 编制该等综合财务报表属适当。倘本集团it is appropriate to prepare these consolidated financial statements 无法继续按持续基准经营，则会作出调整on a going concern basis. Should the Group be unable to continue as 以将资产价值重列为可收回金额，就任何a going concern adjustments would have to be made to restate the 可能产生的进一步负债作拨备，以及将非values of assets to their recoverable amounts to provide for any further 流动资产及负债分别分类为流动资产及负 liabilities which might arise and to classify non-current assets and 债。该等潜在调整之影响未有在此等综合liabilities as current assets and liabilities respectively. The effects of these 财务报表中反映。 potential adjustments have not been reflected in these consolidated financial statements. 82 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 3. ADOPTION OF NEW AND REVISED HONG KONG 3. 采纳新订及经修订香港财务报 FINANCIAL REPORTING STANDARDS 告准则 (a) Application of new and revised HKFRSs (a) 应用新订及经修订香港财务报告准则 The Group has applied the following new and amendments 于编制综合财务报表时，本集团已to HKFRSs issued by the HKICPA for the first time which are 首次应用以下由香港会计师公会颁 mandatorily effective for the annual period beginning on or after 布并于2023年4月1日或之后开始之 1 April 2023 for the preparation of the consolidated financial 年度期间强制生效之新订及经修订 statements: 香港财务报告准则： HKFRS 17 Insurance Contracts 香港财务报告准 保险合约 则第17号 Amendments to HKAS 8 Definition of Accounting 香港会计准则第8 会计估计的定义 Estimates 号的修订本 Amendments to HKAS 12 Deferred Tax related to Assets and 香港会计准则第 与从单一交易产 Liabilities arising from a Single 12号的修订本 生的资产及负 Transaction 债有关的递延税项 Amendments to HKAS 12 International Tax Reform – 香港会计准则第 国际税项改革－ Pillar Two Model Rules – 12号的修订本 支柱二规则范 Amendments to HKAS 12 本－香港会计 准则第12号的修订本 Amendments to HKAS 1 and Disclosure of Accounting Policies 香港会计准则第 会计政策披露 HKFRS Practice Statement 2 1号及香港财务报告准则实务 公告第2号的修订本 The application of the new and amendments to HKFRSs in the 本年度应用新订及经修订香港财务 current year has had no material impact on the Group’s financial 报告准则对本集团本年度及过往年 positions and performance for the current and prior years and/ 度的财务状况及表现及╱或该等综 or on the disclosures set out in these consolidated financial 合财务报表所载披露并无造成重大 statements. 影响。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 83Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 3. ADOPTION OF NEW AND REVISED HONG KONG 3. 采纳新订及经修订香港财务报 FINANCIAL REPORTING STANDARDS (continued) 告准则（续） (b) New and revised HKFRSs in issue but not yet effective (b) 已颁布但尚未生效之新订及经修订香港财务报告准则 The Group has not early applied the following amendments to 本集团并未提前应用下列已颁布但 standards and interpretation that have been issued but are not 尚未生效之经修订准则及诠释： yet effective: Effective for accounting periods beginning on or after于以下日期或之后开始的会计期间生效 Amendments to HKAS 1 – Classification of Liabilities as Current or Non-current 1 January 2024 香港会计准则第1号的修订本－负债分类作流动或非流动2024年1月1日 Amendments to HKAS 1 – Non-current Liabilities with Covenants 1 January 2024 香港会计准则第1号的修订本－附带契约的非流动负债2024年1月1日 Amendments to HKFRS 16 – Lease Liability in a Sale and Leaseback 1 January 2024 香港财务报告准则第16号的修订本－售后回租的租赁责任2024年1月1日 Hong Kong Interpretation 5 (Revised) Presentation of Financial Statements – 1 January 2024 Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause 香港诠释第5号（修订）呈列财务报表－借款人对包含按需还款条款的定期2024年1月1日贷款的分类 Amendments to HKAS 7 and HKFRS 7 – Supplier Finance Arrangements 1 January 2024 香港会计准则第7号及香港财务报告准则第7号的修订本－供应商融资安排2024年1月1日 Amendments to HKAS 21 – Lack of Exchangeability 1 January 2025 香港会计准则第21号的修订本－缺乏可兑换性2025年1月1日 Amendments to HKFRS 10 and HKAS 28 – Sale or Contribution of Assets between To be determined by the HKICPA an Investor and its Associate or Joint Venture 香港财务报告准则第10号及香港会计准则第28号的修订本－投资者与由香港会计师公会待定其联营公司或合营企业之间的资产出售或注入 The directors of the Company anticipate that the application of 本公司董事预期应用香港财务报告 all amendments to HKFRSs will not have material impact on the 准则之所有修订本于可预见的将来 consolidated financial statements in the foreseeable future. 并不会对综合财务报表产生重大影响。 84 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料These consolidated financial statements have been prepared under 除下文会计政策另有说明（即按公平值计the historical cost convention unless mentioned otherwise in the 量的投资物业）外，该等综合财务报表根accounting policies below (e.g. investment properties that are 据历史成本基准编制。 measured at fair value).The preparation of financial statements in conformity with HKFRS 编制符合香港财务报告准则之财务报表须 requires the use of certain critical accounting estimates. It also requires 使用若干主要会计估计，亦需要管理层于management to exercise its judgment in the process of applying the 应用本集团会计政策之过程中作出判断。 Group’s accounting policies. The areas involving a higher degree of 涉及较高程度判断或复杂性之范畴或对综 judgment or complexity or areas where assumptions and estimates 合财务报表属重大之假设及估计之范畴，are significant to the consolidated financial statements are disclosed in 于附注5披露。 Note 5.The material accounting policies applied in the preparation of these 编制该等综合财务报表时应用之重大会计 consolidated financial statements are set out below. These policies have 政策载列如下。除另有说明外，该等政策been consistently applied to all the years presented unless otherwise 于所有呈报年度贯彻一致应用。 stated.(a) Consolidation (a) 综合账目 The consolidated financial statements include the financial 综合财务报表包括本公司及其附属 statements of the Company and its subsidiaries made up to 31 公司截至3月31日止之财务报表。 March. Subsidiaries are entities over which the Group has control. 附属公司指本集团拥有控制权之实 The Group controls an entity when it is exposed or has rights 体。倘本集团因参与实体业务而承to variable returns from its involvement with the entity and has 担可变回报之风险或享有可变回报 the ability to affect those returns through its power over the 之权利，及能够使用其对实体之权entity. The Group has power over an entity when the Group has 力影响该等回报，则本集团控制该existing rights that give it the current ability to direct the relevant 实体。当本集团现有权利赋予其目activities i.e. activities that significantly affect the entity’s returns. 前掌控有关业务（即对实体回报具有重大影响力之业务）的能力时，则本集团对该实体拥有权力。 When assessing control the Group considers its potential voting 在评估控制权时，本集团会考虑其rights as well as potential voting rights held by other parties. A 潜在投票权以及其他人士持有之潜 potential voting right is considered only if the holder has the 在投票权。仅于持有人能实际行使practical ability to exercise that right. 潜在投票权之情况下，方会考虑该权利。 Subsidiaries are consolidated from the date on which control is 附属公司在控制权转移至本集团之 transferred to the Group. They are de-consolidated from the date 日起综合入账，并在控制权终止之the control ceases. 日起停止综合入账。 Intra-group transactions balances and unrealised profits are 集团内公司间之交易、结余及未变 eliminated. Unrealised losses are also eliminated unless the 现溢利均予以对销。除非交易提供transaction provides evidence of an impairment of the asset 证据证明所转让资产出现减值，否transferred. Accounting policies of subsidiaries have been 则未变现亏损亦予以对销。附属公changed where necessary to ensure consistency with the policies 司之会计政策已按需要调整，以确adopted by the Group. 保与本集团所采纳之政策贯彻一致。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 85Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (b) Separate financial statements (b) 独立财务报表 In the Company’s statement of financial position an investment 于本公司之财务状况表内，除非投in a subsidiary is stated at cost less impairment loss unless the 资分类为持作出售（或计入分类为持investment is classified as held for sale (or included in a disposal 作出售之出售组别），否则于附属group that is classified as held for sale). Cost includes direct 公司之投资乃按成本减减值亏损列 attributable costs of investments. The results of subsidiaries are 账。成本包括投资直接应占成本。 accounted for by the Company on the basis of dividend received 附属公司的业绩由本公司根据已收 or receivable. 或应收股息入账。 Impairment testing of the investments in subsidiaries is required 在收到该等投资的股息时，倘股息upon receiving a dividend from these investments if the dividend 超过附属公司在宣布股息期间的全 exceeds the total comprehensive income of the subsidiary in 面收入总额，或者倘投资在单独财the period the dividend is declared or if the carrying amount of 务报表中的账面值超过被投资方净the investment in the separate financial statements exceeds the 资产在综合财务报表中的账面值（包carrying amount in the consolidated financial statements of the 括商誉），则须对附属公司的投资进investee’s net assets including goodwill. 行减值测试。 (c) Foreign currency translation (c) 外币换算 (i) Functional and presentation currency (i) 功能及呈列货币 Items included in the financial statements of each of 本集团各实体之财务报表所列 the Group’s entities are measured using the currency of 项目，均以该实体经营所在主the primary economic environment in which the entity 要经济环境之货币（「功能货operates (the “functional currency”). The consolidated 币」）计量。综合财务报表以本financial statements are presented in HKD which is the 公司之功能及呈列货币港元呈 Company’s functional and presentation currency. 列。 (ii) Transactions and balances in each entity’s financial (ii) 各实体财务报表中之交易及结 statements 余 Transactions in foreign currencies are translated into 外币交易按交易日期之现行汇 the functional currency on initial recognition using the 率，于初步确认时换算为功能exchange rates prevailing on the transaction dates. 货币。以外币呈列之货币资产Monetary assets and liabilities in foreign currencies are 及负债按各报告期间结算日之 translated at the exchange rates at the end of each 汇率换算。此换算政策所产生reporting period. Gains and losses resulting from this 收益及亏损于损益确认。 translation policy are recognised in profit or loss.Non-monetary assets and liabilities that are measured in 依据过往成本计量以外币计值 terms of historical cost in a foreign currency are translated 的非货币资产及负债使用交易 using the foreign exchange rates ruling at the transaction 日的外汇汇率换算。交易日为dates. The transaction date is the date on which the entity 实体最初确认有关非货币资产 initially recognises such non-monetary assets or liabilities. 或负债的日期。以外币公平值Non-monetary items that are measured at fair value in 计量之非货币项目按厘定公平 foreign currencies are translated using the exchange rates 值日期之汇率换算。 at the dates when the fair values are determined. 86 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (c) Foreign currency translation (continued) (c) 外币换算（续） (ii) Transactions and balances in each entity’s financial (ii) 各实体财务报表中之交易及结 statements (continued) 余（续） When a gain or loss on a non-monetary item is recognised 倘非货币项目之收益或亏损于 in other comprehensive income any exchange component 其他全面收入确认，则该收益of that gain or loss is recognised in other comprehensive 或亏损之任何汇兑部分于其他 income. When a gain or loss on a non-monetary item is 全面收入确认。倘非货币项目recognised in profit or loss any exchange component of 之收益或亏损于损益确认，则that gain or loss is recognised in profit or loss. 该收益或亏损之任何汇兑部分于损益确认。 (iii) Translation on consolidation (iii) 综合账目的换算The results and financial position of all foreign operations 所有海外业务（有关业务并无(none of which has the currency of hyperinflationary 具有恶性通货膨胀经济的货economy) that have a functional currency different from 币）的业绩及财务状况的功能 the Company’s presentation currency are translated into 货币如有别于本公司的呈列货 the Company’s presentation currency as follows: 币，均按以下方式换算为本公司的呈列货币： – Assets and liabilities for each statement of financial － 于各财务状况表呈列的 position presented are translated at the closing rate 资产及负债乃按财务状 at the date of that statement of financial position; 况表日期的收市汇率换算； – Income and expenses are translated at average － 收入及支出乃按期间内exchange rates for the period (unless this average is 的平均汇率换算（除非not a reasonable approximation of the cumulative 该平均汇率并非在交易 effect of the rates prevailing on the transaction dates 日现行汇率累计影响的 in which case income and expenses are translated at 合理估计内，在该情况the exchange rates on the transaction dates); and 下，收入及支出按交易日的汇率换算）；及 – All resulting exchange differences are recognised in － 所有因此而产生的汇兑 other comprehensive income and accumulated in 差额均于其他全面收益 the foreign currency translation reserve. 内确认，并于外汇换算储备内累计。 On consolidation exchange differences arising from the 于综合账目时，因换算属于海translation of monetary items that form part of the net 外实体投资净额一部分的货币 investment in the foreign entities are recognised in other 项目而产生的汇兑差额，均于comprehensive income and accumulated in the foreign 其他全面收益内确认，并于外currency translation reserve. When a foreign operation 汇换算储备内累计。当出售海is sold such exchange differences are reclassified to 外业务时，有关汇兑差额作为consolidated profit or loss as part of the gain or loss on 出售收益或亏损的一部分重新 disposal. 分类至综合损益。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 87Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (d) Property plant and equipment (d) 物业、厂房及设备 Property plant and equipment held for use in the production 持作生产或供应货品或服务或行政 or supply of goods or services or for administrative purpose are 用途之物业、厂房及设备按成本减 stated in the consolidated statements of financial position at 其后累计折旧及其后累计减值亏损 cost less subsequent accumulated depreciation and subsequent （如有）列入综合财务状况表。 accumulated impairment losses if any.Subsequent costs are included in the asset’s carrying amount 仅在与项目相关之日后经济利益有 or recognised as a separate asset as appropriate only when it is 可能流入本集团，及能可靠计算项probable that future economic benefits associated with the item 目成本之情况下，其后成本方会计will flow to the Group and the cost of the item can be measured 入资产账面值或确认为独立资产（倘reliably. All other repairs and maintenance are recognised in profit 适用）。所有其他维修及保养于其产or loss during the period in which they are incurred. 生期间在损益确认。 Depreciation of property plant and equipment is calculated at 物业、厂房及设备折旧以直线法于 rates sufficient to write off their cost over the estimated useful 估计可使用年期内，按撇销其成本lives on a straight-line basis. The principal useful annual rates are as 的适当比率计算。主要可使用年利follows: 率如下： Carpark Over the lease terms 车位 于租期内 Leasehold improvements Over the lease terms 租赁物业装修 于租期内 Office and computer equipment 20% 办公室及计算机设备 20% Motor vehicles 20% 汽车 20% The useful lives and depreciation method are reviewed and 可使用年期及折旧方法于各报告期 adjusted if appropriate at the end of each reporting period 末进行检讨及调整（如适用），而任with the effect of any changes in estimate accounted for on a 何估计变动之影响按预期基准入账。 prospective basis.The gain or loss on disposal of property plant and equipment is 出售物业、厂房及设备的收益或亏 the difference between the net sales proceeds and the carrying 损指销售所得款项净额与有关资产 amount of the relevant asset and is recognised in profit or loss. 账面值两者之间的差额，并于损益确认。 (e) Investment properties (e) 投资物业 Investment properties are land and/or buildings which are 投资物业是指为了赚取租金及╱或 owned or held under a leasehold interest to earn rentals and/or 为资本增值而以租赁权益拥有或持 for capital appreciation. These include land held for a currently 有之土地及╱或楼宇，当中包括就undetermined future use and property that is being constructed 目前尚未确定未来用途而持有的土 or developed for future use as investment property. 地及正在兴建或发展未来作为投资物业的物业。 88 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (e) Investment properties (continued) (e) 投资物业（续） Investment properties are stated at fair value unless they are still 投资物业按公平值列账，除非投资in the course of construction or development at the end of the 物业于报告期末尚在兴建或发展中 reporting period and their fair value cannot be reliably measured 及其公平值于当时无法可靠计量。 at that time.Gains or losses arising from changes in the fair value of 投资物业公平值变动所产生之收益 investment properties are recognised in profit or loss for the 或亏损于产生期间在损益确认。 period in which they arise.An investment property is derecognised upon disposal or when 投资物业于出售或当投资物业之用 the investment property is withdrawn from use. Any gain or loss 途撤销时终止确认。出售投资物业on disposal of an investment property is the difference between 之任何收益或亏损为销售所得款项 the net sales proceeds and the carrying amount of the property 净额与物业账面值两者之间的差 and is recognised in profit or loss. Rental income from investment 额，并会在损益确认。投资物业之properties is accounted for as described in note 4(n). 租金收入按附注4(n)所述进行会计处理。 (f) Leases (f) 租赁 At inception of a contract the Group assesses whether the 于订立合约时，本集团评估合约是contract is or contains a lease. A contract is or contains a lease if 否为租赁或包含租赁。倘合约赋予the contract conveys the right to control the use of an identified 权利于一段时间内控制已识别资产 asset for a period of time in exchange for consideration. Control 的用途以换取代价，则该合约为租is conveyed where the customer has both the right to direct the 赁或包含租赁。倘客户有权主导已use of the identified asset and to obtain substantially all of the 识别资产的使用及从中获取几乎所 economic benefits from that use. 有的经济收益，则已转让控制权。 (i) The Group as a lessee (i) 本集团作为承租人 Where the contract contains lease component(s) and non- 当合约包含租赁部份及非租赁 lease component(s) the Group has elected not to separate 部份时，则本集团选择不区分non-lease components and accounts for each lease 非租赁部份，并将各租赁部份component and any associated non-lease components as 及任何相关非租赁部份入账列 a single lease component for all leases. 为所有租赁的单一租赁部份。 At the lease commencement date the Group recognises 于租赁开始日期，本集团确认a right-of-use asset and a lease liability except for short- 使用权资产及租赁负债，惟租term leases that have a lease term of 12 months or less and 赁期为12个月或更短的短期租 leases of low-value assets. When the Group enters into a 赁及属低价值资产的租赁除 lease in respect of a low-value asset the Group decides 外。当本集团就低价值资产订whether to capitalise the lease on a lease-by-lease basis. 立租赁时，本集团按个别租赁The lease payments associated with those leases which 基准决定是否将租赁资本化。 are not capitalised are recognised as an expense on a 与该等并无资本化的租赁有关 systematic basis over the lease term. 的租赁款项于租赁期内按系统基准确认为开支。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 89Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (f) Leases (continued) (f) 租赁（续） (i) The Group as a lessee (continued) (i) 本集团作为承租人（续） Where the lease is capitalised the lease liability is initially 当租赁已资本化，租赁负债初recognised at the present value of the lease payments 步按租赁期内应付租赁款项现 payable over the lease term discounted using the interest 值确认，现值使用租赁中所隐rate implicit in the lease or if that rate cannot be readily 含的利率贴现，或倘该利率不determined using a relevant incremental borrowing rate. 能轻易厘定，则使用相关增量After initial recognition the lease liability is measured at 借款利率贴现。于初步确认amortised cost and interest expense is calculated using the 后，租赁负债按摊销成本计effective interest method. 量，而利息开支则采用实际利率法计算。 Variable lease payments that do not depend on an index 租赁负债的计量并不包括不依 or rate are not included in the measurement of the lease 赖指数或比率的可变租赁款 liability and hence are charged to profit or loss in the 项，因此可变租赁款项于其产accounting period in which they are incurred. 生的会计期间在损益中扣除。 To determine the incremental borrowing rate the Group: 为厘定增量借款利率，本集团： * uses a build-up approach that starts with a risk-free * 使用累加法，首先就个interest rate adjusted for credit risk for leases held by 别承租人所持租赁的信individual lessee which does not have recent third- 贷风险（最近并无第三方party financing and 融资）调整无风险利率，及 * makes adjustments specific to the lease including * 进行特定于租约的调 term country currency and security. 整，例如期限、国家、货币及抵押。 If a readily observable amortising loan rate is available to 若个别承租人可获得可随时观the individual lessee (through recent financing or market 察到的摊销贷款利率（通过近data) which has a similar payment profile to the lease 期融资或市场数据），且其付then the group entities use that rate as a starting point to 款情况与租赁相似，则集团实determine the incremental borrowing rate. 体以该利率作为厘定增量借款利率的起点。 90 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (f) Leases (continued) (f) 租赁（续） (i) The Group as a lessee (continued) (i) 本集团作为承租人（续） The right-of-use asset recognised when a lease is 于租赁资本化时确认的使用权 capitalised is initially measured at cost which comprises 资产初步按成本计量，其中包the initial amount of the lease liability plus any lease 括租赁负债的初步金额，加上payments made at or before the commencement date and 于开始日期或之前作出的任何 any initial direct costs incurred. Where applicable the cost 租赁款项以及所产生的任何初 of the right-of-use assets also includes an estimate of costs 步直接成本。于适用的情况to dismantle and remove the underlying asset or to restore 下，使用权资产的成本亦包括the underlying asset or the site on which it is located 拆除及移除相关资产或恢复相 discounted to their present value less any lease incentives 关资产或该资产所在地的估计 received. The right-of-use asset is subsequently stated 成本，经贴现后的现值，并扣at cost less accumulated depreciation and impairment 减所收取的任何租赁优惠。使losses except for the right-of-use assets that meet the 用权资产随后按成本减累计折 definition of investment property are carried at fair value in 旧及减值亏损列账，惟符合投accordance with Note 4(e). 资物业之定义的使用权资产根 据附注4(e)按公平值列账。 Right-of-use assets in which the Group is reasonably certain 对于本集团可合理确定在租赁 to obtain ownership of the underlying leased assets at the 期结束时将取得相关租赁资产 end of the lease term are depreciated from commencement 所有权的使用权资产，自租赁date to the end of the useful life. Otherwise right-of-use 期开始日至可使用年期结束的 assets are depreciated on a straight-line basis over the 期间内予以折旧。否则，使用shorter of its estimated useful life and the lease term. 权资产应按估计可使用年期及租赁期两者中的较短者以直线法计提折旧。 Refundable rental deposits paid are accounted under 已支付的可退回租赁按金根据 HKFRS 9 and initially measured at fair value. Adjustments to 香港财务报告准则第9号进行 fair value at initial recognition are considered as additional 列账，并且按公平值进行初始lease payments and included in the cost of right-of-use 计量。初始确认时的公平值调assets. 整视为额外租赁付款并计入使用权资产的成本。 The lease liability is remeasured when there is a change in 当租赁范畴发生变化或租赁合 the scope of a lease or the consideration for a lease that 约原先并无规定的租赁代价发 is not originally provided for in the lease contract that is 生变化，且未作为单独的租赁not accounted for as a separate lease. In this case the lease 入账时，则要对租赁负债进行liability is remeasured based on the revised lease payments 重新计量。在此情况，租赁负and lease term using a revised discount rate at the effective 债根据经修订的租赁付款及租 date of the modification. 赁期限，使用经修订的贴现率在修改生效日重新计量。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 91Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (f) Leases (continued) (f) 租赁（续） (ii) The Group as a lessor (ii) 本集团作为出租人 When the Group acts as a lessor it determines at lease 当本集团作为出租人，在租赁inception whether each lease is a finance lease or an 开始时确定每项租赁为融资租 operating lease. A lease is classified as a finance lease if it 赁或经营租赁。倘租赁实质上transfers substantially all the risks and rewards incidental to 将与相关资产所有权有关的所 the ownership of an underlying assets to the lessee. If this is 有风险及回报转移予承租人，not the case the lease is classified as an operating lease. 则该租赁归类为融资租赁。如并非此种情况，则该租赁归类为经营租赁。 (g) Contract assets and contract liabilities (g) 合约资产及合约负债 Contract asset is recognised when the Group recognises revenue 倘本集团于根据合约所载之付款条 before being unconditionally entitled to the consideration under 款符合资格无条件收取代价之前确 the payment terms set out in the contract. Contract assets are 认收益，则确认合约资产。合约资assessed for ECL in accordance with the policy set out in Note 产根据载于附注4(s)之政策评估预期 4(s) and are reclassified to receivables when the right to the 信贷亏损，并于收取代价之权利成 consideration has become unconditional. 为无条件时被重新分类至应收款项。 A contract liability is recognised when the customer pays 倘客户于本集团确认相关收益之前 consideration before the Group recognises the related revenue. 支付代价，则确认合约负债。倘集A contract liability would also be recognised if the group has an 团拥有无条件权利可于本集团确认 unconditional right to receive consideration before the Group 相关收益前收取代价，亦将确认合recognizes the related revenue. In such cases a corresponding 约负债。在该等情况下，亦将确认receivable would also be recognised. 相应的应收款项。 For a single contract with the customer either a net contract asset 就与客户订立的单一合约而言，以or a net contract liability is presented. For multiple contracts 合约资产净额或合约负债净额呈 contract assets and contract liabilities of unrelated contracts are 列。就多种合约而言，不相关合约not presented on a net basis. 的合约资产及合约负债不以净额基准呈列。 When the contract includes a significant financing component 倘合约包含重大融资部分，合约结the contract balance includes interest accrued under the effective 余包括按实际利息法计算的应计利 interest method. 息。 92 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (h) Construction contracts and contract costs (h) 建造合约及合约成本 Revenue from the provision of construction services is recognised 提供建筑服务的收益随时间确认，over time using an output method to measure progress towards 其采用产出法计量完全履行服务的 complete satisfaction of the service because the Group’s 进度，原因为本集团的履约行为会performance creates or enhances an asset that the customer 创造或增强客户在资产被创造或提 controls as the asset is created or enhanced. The output method 升时所控制之资产。产出法参考根recognises revenue by reference to completion of specific 据截至报告期末已认证工作评估的 transaction assessed on basis of the work certified up to the end 特定交易完成情况占每份合约总合 of the reporting period as a percentage of total contract value for 约价值的百分比确认收益。 each contract.The Group regularly assesses the possible outcome of 本集团根据建筑合约发生之最近期 construction contracts based on latest facts and circumstances 事实及情况以及开展类似建筑工程 occurred in the construction contracts and past experience in 之过往经验定期评估建筑合约之可 conducting similar construction work. When there is a change in 能结果。当预测到建筑合约之结果the expected outcome of construction contracts the Group will 会出现变动时，本集团将调整预期adjust the amounts of contract revenue to be recognised in profit 于损益中确认之合约收益金额。 or loss prospectively.The likelihood of the Group earning contractual bonuses for early 作出该等估计时已考虑本集团因提 completion or suffering contractual penalties for late completion 早完成而赚取合约奖金或因延迟完 are taken into account in making these estimates such that 成而遭受合约罚款的可能性，因此revenue is only recognised to the extent that it is highly probable 收益仅在已确认的累计金额极有可 that a significant reversal in the amount of cumulative revenue 能不会发生重大拨回时方会予以确 recognised will not occur. 认。 When the outcome of the contract cannot be reasonably 当合约的结果不能合理计量时，仅measured revenue is recognised only to the extent of contract 在已产生合约成本预计能够收回的 costs incurred that are expected to be recovered. 范围内确认收益。 If at any time the costs to complete the contract are estimated 倘于任何时间估计完成合约的成本 to exceed the remaining amount of the consideration under the 将超过合约代价的剩余金额时，则contract then a provision is recognised. 确认拨备。 Contract costs are either the incremental costs of obtaining a 合约成本包括为自客户取得合约发 contract with a customer or the costs to fulfil a contract with a 生的增量成本或与客户履行合约时 customer which are not capitalised as inventory property plant 的成本，其成本并不会资本化为存and equipment or intangible assets. 货、物业、厂房及设备或无形资产。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 93Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (h) Construction contracts and contract costs (continued) (h) 建造合约及合约成本（续） Incremental costs of obtaining a contract are those costs that 取得合约的增量成本为本集团为获 the Group incurs to obtain a contract with a customer that it 得与客户签订的合约而产生的成 would not have incurred if the contract had not been obtained. 本，倘未取得合约，则该等成本不Incremental costs of obtaining a contract are capitalised when 会产生。如预期收回成本，则取得incurred if the costs are expected to be recovered unless the 合约的增量成本于发生时予以资本 expected amortisation period is one year or less from the date 化，除非预期摊销期间为自资产首of initial recognition of the asset in which case the costs are 次确认之日起计一年或以内，在此expensed when incurred. Other costs of obtaining a contract are 情况下，成本于产生时支销。取得expensed when incurred. 合约的其他成本于产生时支销。 Costs to fulfil a contract are capitalised if the costs relate directly 倘成本直接与现有合约或预期取得 to an existing contract or to a specifically identifiable anticipated 可特别认定的合约相关，则履行合contract; generate or enhance resources that will be used to 约的成本会予以资本化；其成本产 provide goods or services in the future; and are expected to be 生或增加将来用于提供商品或服务 recovered. Costs that relate directly to an existing contract or 的资源；及其成本预期可被收回。 to a specifically identifiable anticipated contract may include 与现有合约或预期取得可特别认定 direct labour direct materials allocations of costs costs that are 的合约相关的成本可能包括直接人 explicitly chargeable to the customer and other costs that are 工、直接材料、分配费用、明确由 incurred only because the Group entered into the contract. Other 客户承担的成本以及仅因本集团订 costs of fulfilling a contract which are not capitalised as inventory 立合约而产生的其他成本。履行合property plant and equipment or intangible assets are expensed 约的其他成本（不包括资本化为存as incurred. 货、物业、厂房及设备或无形资产的成本）于产生时列作支出。 (i) Recognition and derecognition of financial (i) 确认及终止确认金融工具 instruments Financial assets and financial liabilities are recognised in the 当本集团成为工具合约条文的订约 consolidated statement of financial position when the Group 方时，金融资产及金融负债于综合becomes a party to the contractual provisions of the instrument. 财务状况表中确认。 Financial assets and financial liabilities are initially measured at 金融资产及金融负债初始按公平值 fair value. Transaction costs that are directly attributable to the 计量。收购或发行金融资产及金融acquisition or issue of financial assets and financial liabilities (other 负债（按公平值计入损益（「按公平值than financial assets and financial liabilities at fair value through 计入损益」）之金融资产及金融负债profit or loss (“FVTPL”)) are added to or deducted from the fair 除外）直接应占的交易成本于初始确 value of the financial assets or financial liabilities as appropriate 认时计入金融资产或金融负债的公 on initial recognition. Transaction costs directly attributable to the 平值，或从金融资产或金融负债的acquisition of financial assets or financial liabilities at FVTPL are 公平值扣除（如适用）。收购按公平recognised immediately in profit or loss. 值计入损益之金融资产或金融负债直接应占之交易成本即时于损益中确认。 94 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (i) Recognition and derecognition of financial (i) 确认及终止确认金融工具（续） instruments (continued) The Group derecognises a financial asset only when the 本集团仅在资产现金流量的合约权 contractual rights to the cash flows from the asset expire or 利届满或其将金融资产及资产所有 when it transfers the financial asset and substantially all the risks 权的绝大部分风险及回报转移至另 and rewards of ownership of the asset to another entity. If the 一实体时终止确认金融资产。倘若Group neither transfers nor retains substantially all the risks and 本集团既无转让亦无保留所有权的 rewards of ownership and continues to control the transferred 绝大部分风险及回报，并继续控制asset the Group recognises its retained interest in the asset and 已转让资产，则本集团确认其于该an associated liability for amounts it may have to pay. If the Group 资产的保留权益及其可能须支付的 retains substantially all the risks and rewards of ownership of a 相关负债。倘若本集团保留已转让transferred financial asset the Group continues to recognise the 金融资产拥有权的绝大部分风险及 financial asset and also recognises a collateralised borrowing for 回报，则本集团将继续确认该金融the proceeds received. 资产，并就所收所得款项确认抵押借款。 The Group derecognises financial liabilities when and only when 本集团于且仅于本集团的责任获解 the Group’s obligations are discharged cancelled or have expired. 除、取消或届满时终止确认金融负 The difference between the carrying amount of the financial 债。终止确认的金融负债账面值与liability derecognised and the consideration paid and payable 已付及应付代价（包括任何已转让的including any non-cash assets transferred or liabilities assumed is 非现金资产或承担的负债）的差额于 recognised in profit or loss. 损益确认。 (j) Financial assets (j) 金融资产 All regular way purchases or sales of financial assets are 所有通过常规方式购买或销售的金 recognised and derecognised on a trade date basis. Regular 融资产均以交易日为基准确认及终 way purchases or sales are purchases or sales of financial assets 止确认。以常规方式购买或销售乃that require delivery of assets within the time frame established 要求于市场法规或惯例设定之时限 by regulation or convention in the marketplace. All recognised 内交付资产之金融资产买卖。所有financial assets are measured subsequently in their entirety at 已确认的金融资产其后按摊销成本 either amortised cost or fair value depending on the classification 或公平值作整项计量，具体取决于of the financial assets. 金融资产的分类。 Debt investments 债务投资 Debt investments held by the Group are classified into one of the 本集团持有之债务投资归入以下其 following measurement categories: 中一个计量类别： – Amortised cost if the investment is held for the collection － 摊销成本，倘持有投资的目的of contractual cash f lows which represent solely 为收取合约现金流量，即纯粹payments of principal and interest. Interest income from 为获取本金及利息付款。投资the investment is calculated using the effective interest 所得利息收入乃使用实际利率 method. 法计算。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 95Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (j) Financial assets (continued) (j) 金融资产（续） Debt investments (continued) 债务投资（续） – Fair value through other comprehensive income (“FVTOCI”) － 按公平值计入其他全面收益– recycling if the contractual cash flows of the investment （「按公平值计入其他全面收comprise solely payments of principal and interest and 益」）－可划转，倘投资之合约the investment is held within a business model whose 现金流量仅包括本金及利息 objective is achieved by both the collection of contractual 付款，并且按目标为收回合约cash flows and sale. Changes in fair value are recognised in 现金流量及销售之业务模式持 other comprehensive income except for the recognition 有投资。公平值之变动于其他in profit or loss of expected credit losses interest income 全面收益确认，惟预期信贷亏(calculated using the effective interest method) and 损、利息收入（按实际利率法foreign exchange gains and losses. When the investment 计算）及汇兑收益及亏损则于 is derecognised the amount accumulated in other 损益确认。于终止确认该投资comprehensive income is recycled from equity to profit or 时，于其他全面收益累计之金loss. 额由权益转入损益。 – FVTPL if the investment does not meet the criteria for being － 按公平值计入损益，倘投资不measured at amortised cost or FVTOCI (recycling). Changes 符合按摊销成本计量或按公平 in the fair value of the investment (including interest) are 值计入其他全面收益（可划转） recognised in profit or loss. 之标准。投资之公平值变动（包括利息）于损益确认。 Equity investments 股本投资 An investment in equity securities is classified as FVTPL unless 于股本证券之投资被分类为按公平 the equity investment is not held for trading purposes and 值计入损益，除非有关股本投资并on initial recognition of the investment the Group makes an 非以买卖目的而持有且于初步确认 election to designate the investment at FVTOCI (non-recycling) 投资时，本集团选择指定投资按such that subsequent changes in fair value are recognised in 公平值计入其他全面收益（不可划other comprehensive income. Such elections are made on an 转），因此，其后公平值变动于其他instrument-by-instrument basis but may only be made if the 全面收益确认。该等选择以个别工investment meets the definition of equity from the issuer’s 具基准作出，并仅于发行人认为投perspective. Where such an election is made the amount 资符合股本定义时方可能作出。作accumulated in other comprehensive income remains in the fair 出该选择后，于其他全面收益累计value reserve (non-recycling) until the investment is disposed of. 之金额仍将保留在公平值储备（不可At the time of disposal the amount accumulated in the fair value 划转）直至出售投资为止。于出售reserve (non-recycling) is transferred to retained earnings. It is not 时，于公平值储备（不可划转）累计recycled through profit or loss. Dividends from an investment in 之金额转入保留溢利，且不会转入equity securities irrespective of whether classified as at FVTPL or 损益。股本证券投资（不论分类为按FVTOCI are recognised in profit or loss as other income. 公平值计入损益或按公平值计入其他全面收益）之股息于损益确认为其他收入。 96 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (k) Trade and other receivables (k) 贸易及其他应收款项 A receivable is recognised when the Group has an unconditional 应收款项于本集团具有无条件权利 right to receive consideration. A right to receive consideration 收取代价时予以确认。在该代价到is unconditional if only the passage of time is required before 期支付前，收取代价的权利仅需经payment of that consideration is due. If revenue has been 过一段时间方为无条件。如收益在recognised before the group has an unconditional right to 本集团有无条件权利收取代价前经 receive consideration the amount is presented as a contract asset. 已确认，则金额呈列为合约资产。 Trade receivables are recognised initially at the amount of 贸易应收款项初步按无条件代价金 consideration that is unconditional unless they contain significant 额确认，但当其包含重大融资成分financing components when they are recognised at fair value. 时，则按公平值进行确认。本集团The Group holds the trade receivables with the objective of 持有贸易应收款项的目的是收取合 collecting the contractual cash flows and therefore measures 约现金流量，因此其后使用实际利them subsequently at amortised cost using the effective interest 率法按摊销成本减信贷亏损拨备计 method less allowance for credit losses. 量。 (l) Cash and cash equivalents (l) 现金及现金等值项目 Cash and cash equivalents comprise cash at bank and on hand 现金及现金等值项目包括银行及手 demand deposits with banks and other financial institutions and 头现金、银行及其他金融机构的活 short-term highly liquid investments that are readily convertible 期存款以及购入后于三个月内到期 into known amounts of cash and which are subject to an 可随时转换为已知金额现金的短期 insignificant risk of changes in value having been within three 高流通性并且价值改变风险不大的 months of maturity at acquisition. Cash and cash equivalents are 投资。现金及现金等值项目评估预assessed for ECL. 期信贷亏损。 (m) Financial liabilities and equity instruments (m) 金融负债及股本工具 Financial liabilities and equity instruments are classified according 金融负债及股本工具乃根据所订立 to the substance of the contractual arrangements entered 合约安排的内容及香港财务报告准 into and the definitions of a financial liability and an equity 则有关金融负债及股本工具之定义 instrument under HKFRSs. An equity instrument is any contract 进行分类。股本工具指证明于扣减that evidences a residual interest in the assets of the Group after 本集团之所有负债后于其资产中余 deducting all of its liabilities. The accounting policies adopted 下权益之任何合约。就特定金融负for specific financial liabilities and equity instruments are set out 债及股本工具采纳之会计政策载列 below. 于下文。 (i) Financial guarantee contracts (i) 财务担保合约 Financial guarantee contracts are recognised as a financial 财务担保合约于发行担保时确 liability at the time the guarantee is issued. The liability 认为金融负债。有关负债初步is initially measured at fair value and subsequently at the 按公平值计量，其后则按以下higher of: 较高者计量： – the amount determined in accordance with the ECL － 根据香港财务报告准则 model under HKFRS 9 and 第9号下的预期信贷亏损模型厘定的金额；及 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 97Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (m) Financial liabilities and equity instruments (continued) (m) 金融负债及股本工具（续） (i) Financial guarantee contracts (continued) (i) 财务担保合约（续） – the amount init ia l ly recognised less where － 首次确认的金额减根据 appropriate the cumulative amount of income 香港财务报告准则第15 recognised in accordance with the principles of 号的原则确认的累计收 HKFRS 15. 入金额（如适用）。 The fair value of financial guarantees is determined 财务担保的公平值按债务工具 based on the present value of the difference in cash 下须作出的合约付款与在并无 flows between the contractual payments required under 担保下须作出的付款之间的现 the debt instrument and the payments that would be 金流量的差额的现值，或就承required without the guarantee or the estimated amount 担责任而可能须付予第三方的 that would be payable to a third party for assuming the 估计金额所厘定。 obligations.Where guarantees in relation to loans or other payables 倘按无偿方式就联营公司的贷 of associates are provided for no compensation the fair 款或其他应付款项作出担保，values are accounted for as contributions and recognised as 则有关公平值乃当出资入账，part of the cost of the investment. 并确认为投资成本的一部分。 (ii) Borrowings (ii) 借款 Borrowings are recognised initially at fair value net of 借款初步按公平值计量，扣除transaction costs incurred and subsequently measured at 已产生交易成本，其后则使用amortised cost using the effective interest method. 实际利率法按摊销成本计量。 Borrowings are classified as current liabilities unless the 除非本集团有权无条件将负债 Group has an unconditional right to defer settlement of the 的结算递延至报告期后至少 liability for at least 12 months after the reporting period. 十二个月，否则借款分类为流动负债。 (iii) Trade and other payables (iii) 贸易及其他应付款项 Trade and other payables are recognised initially at their 贸易及其他应付款项初步按公 fair value and subsequently measured at amortised cost 平值确认，其后则以实际利率using the effective interest method unless the effect of 法按摊销成本计量，除非贴现discounting would be immaterial in which case they are 影响轻微，在该情况下按成本stated at cost. 列账。 (iv) Equity instruments (iv) 股本工具 An equity instrument is any contract that evidence a 股本工具指能证明在实体之资residual interest in the assets of an entity after deducting all 产拥有剩余权益（已扣除其所of its liabilities. Equity instruments issued by the Company 有负债）之任何合约。本公司are recorded at the proceeds received net of direct issue 发行之股本工具按已收取之所 costs. 得款项（已扣除直接发行成本）列账。 98 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (n) Revenue and other income (n) 收益及其他收入 Revenue is recognised when control over a product or service 收益于产品或服务的控制权转移至 is transferred to the customer at the amount of promised 客户时确认，金额为本集团预期将consideration to which the Group is expected to be entitled 有权收取之承诺代价，且不包括代excluding those amounts collected on behalf of third parties. 表第三方收取的有关金额。收益不Revenue excludes value added taxes sales taxes returns and is 包括增值税、销售税及退款，且乃after deduction of any trade rebates and discounts. 经扣减任何贸易回扣及折扣。 Revenue is recognised when specific criteria have been met for 收益于就本集团活动满足特定条件 the Group’s activity described below: 时确认，详情概述如下： (i) Construction contracts (i) 建筑合约 Revenue from construction contracts is recognised in 建造合约的收益根据上文附注 accordance with the policy set out in Note 4(h) above. 4(h)所载政策确认。 (ii) Interest income (ii) 利息收入 Interest income is recognised as it accrues using the 利息收入在产生时按实际利率 effective interest method. 法确认。 (iii) Rental income (iii) 租金收入 Rental income receivable under operating leases is 经营租赁项下的应收租金收入 recognised in profit or loss in equal instalments over 在租期所涵盖的期间以等额分 the periods covered by the lease term except where an 期方式在损益中确认，除非另alternative basis is more representative of the pattern of 一种基准更能代表使用租赁资 benefits to be derived from the use of the leased asset. 产所产生的利益模式。授出的Lease incentives granted are recognised in profit or loss 租赁奖励在损益中确认为应收 as an integral part of the aggregate net lease payments 净租赁付款总额的组成部分。 receivable. Variable lease payments that do not depend 不取决于指数或费率的可变租 on an index or a rate are recognised as income in the 赁付款在其赚取的会计期间确 accounting period in which they are earned. 认为收入。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 99Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (o) Employee benefits (o) 雇员福利 (i) Employee leave entitlements (i) 雇员应享假期 Employee entitlements to annual leave and long service 雇员应享年假及长期服务假期 leave are recognised when they accrue to employees. A 于赋予雇员时确认。截至报告provision is made for the estimated liability for annual leave 期末已就雇员因所提供服务享 and long service leave as a result of services rendered by 有的年假及长期服务假期的估 employees up to the end of the reporting period. 计负债作出拨备。 Employee entitlements to sick leave and maternity leave 雇员应享之病假及产假将于正 are not recognised until the time of leave. 式休假时方可确认。 (ii) Pension obligations (ii) 退休金责任 The Group cont r ibutes to def ined cont r ibut ion 本集团向所有雇员适用之定额 retirement schemes which are available to all employees. 供款退休计划供款。本集团及Contributions to the schemes by the Group and employees 雇员向有关计划作出之供款乃 are calculated as a percentage of employees’ basic salaries. 根据雇员之基本薪金的百分比 The retirement benefit scheme cost charged to profit or 计算。自损益扣除之退休福利loss represents contributions payable by the Group to the 计划成本乃指本集团应付予基 funds. 金之供款。 (iii) Termination benefits (iii) 离职福利 Termination benefits are recognised at the earlier of 离职福利于以下两种情况的较 the dates when the Group can no longer withdraw the 早发生日期确认：当本集团不 offer of those benefits and when the Group recognises 可撤回该等福利的要约，及当restructur ing costs and involves the payment of 本集团确认重组成本并涉及支 termination benefits. 付离职福利。 (p) Borrowing costs (p) 借款成本 All borrowing costs are recognised in profit or loss in the period 所有借款成本于产生期间在损益内 in which they are incurred. 确认。 (q) Taxation (q) 税项 Income tax represents the sum of the current tax and deferred 所得税指即期税项及递延税项之总tax. 和。 The tax currently payable is based on taxable profit for the 应缴即期税项按年内应课税溢利计 year. Taxable profit differs from profit recognised in profit or 算。由于其他年度应课税或可扣税loss because of items of income or expense that are taxable or 收入或开支项目，以及无需课税或deductible in other years and items that are never taxable or 不可扣税项目，故应课税溢利与于deductible. The Group’s liability for current tax is calculated using 损益中确认之溢利不同。本集团之tax rates that have been enacted or substantively enacted by the 即期税项负债按报告期末已颁布或 end of the reporting period. 实际上颁布之税率计算。 100 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (q) Taxation (continued) (q) 税项（续） Deferred tax is recognised on temporary differences between 递延税项就综合财务报表内资产及 the carrying amounts of assets and liabilities in the consolidated 负债账面值与计算应课税溢利所用 financial statements and the corresponding tax bases used in the 相应税基两者间之暂时差额确认。 computation of taxable profit. Deferred tax liabilities are generally 递延税项负债一般于可能有应课税 recognised for all deductible temporary differences to the extent 溢利以抵销可扣减暂时差额、未动 that it is probable that taxable profits will be available against 用税项亏损或未动用税项抵免时确 which deductible temporary differences unused tax losses or 认所有有关差额。倘因初步确认一unused tax credits can be utilised. Such assets and liabilities 项既不影响应课税溢利亦不影响会 are not recognised if the temporary difference arises from the 计溢利之交易中资产及负债引致暂 initial recognition of assets and liabilities in a transaction that 时差额，则不会确认该等资产及负affects neither the taxable profit nor the accounting profit and 债，且交易时并无产生同等应课税at the time of transaction does not give rise to equal taxable and 及可扣减暂时差额。 deductible temporary differences.Deferred tax liabilities are recognised for taxable temporary 递延税项负债就投资于附属公司产 differences arising on investments in subsidiaries except where 生之应课税暂时差额确认，惟倘本the Group is able to control the reversal of the temporary 集团能够控制暂时差额之拨回且暂 difference and it is probable that the temporary difference will 时差额可能不会于可见将来拨回则 not reverse in the foreseeable future. 作别论。 The carrying amount of deferred tax assets is reviewed at the end 递延税项资产账面值于各报告期末 of each reporting period and reduced to the extent that it is no 检讨，并于不再可能有足够应课税longer probable that sufficient taxable profits will be available to 溢利以供收回全部或部分资产时调 allow all or part of the asset to be recovered. 减。 Deferred tax is calculated at the tax rates that are expected 递延税项乃按预期于负债清偿或资 to apply in the period when the liability is settled or the 产变现期间适用之税率计算，而有asset is realised based on tax rates that have been enacted 关税率以报告期末已颁布或实际颁 or substantively enacted by the end of the reporting period. 布之税率为基准。递延税项于损益Deferred tax is recognised in profit or loss except when it relates 中确认，惟递延税项与于其他全面to items recognised in other comprehensive income or directly in 收益中或直接于权益中确认之项目 equity in which case the deferred tax is also recognised in other 有关者则除外，在此情况下，递延comprehensive income or directly in equity. 税项亦在其他全面收益中或直接于权益中确认。 The measurement of deferred tax assets and liabilities reflects the 递延税项资产及负债之计量反映于 tax consequences that would follow from the manner in which 报告期末按本集团预计收回其资产 the Group expects at the end of the reporting period to recover 或结清负债账面值之方式之税务后 or settle the carrying amount of its assets and liabilities. 果。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 101Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (q) Taxation (continued) (q) 税项（续） For the purposes of measuring deferred tax for investment 为计量以公平值模式计量的投资物 properties that are measured using the fair value model the 业的递延税项，除非该假设被推carrying amounts of such properties are presumed to be 翻，否则该等物业的账面值假定为recovered through sale unless the presumption is rebutted. 通过出售收回。当投资物业可予折The presumption is rebutted when the investment property is 旧并于本集团经营目的为随时间流 depreciable and is held within a business model of the Group 逝（而非透过出售）耗用投资物业内 whose business objective is to consume substantially all of the 绝大部分经济利益的业务模式中持 economic benefits embodied in the investment property over 有，则驳回假设。倘该假设被推time rather than through sale. If the presumption is rebutted 翻，则相关投资物业的递延税项按deferred tax for such investment properties are measured 预期将收回物业的方式计量。 based on the expected manner as to how the properties will be recovered.For the purposes of measuring deferred tax for leasing 就本集团确认使用权资产及相关租 transactions in which the Group recognises the right-of-use 赁负债之租赁交易计量递延税项而 assets and the related lease liabilities the Group first determines 言，本集团首先厘定税项扣减是否whether the tax deductions are attributable to the right-of-use 归属于使用权资产或租赁负债。 assets or the lease liabilities.For leasing transactions in which the tax deductions are 对于其中税项扣减归属于租赁负债 attributable to the lease liabilities the Group applies HKAS 12 的租赁交易而言，本集团将香港会requirements to right-of-use assets and lease liabilities separately. 计准则第12号要求分别应用于使用 The Group recognises a deferred tax asset related to lease 权资产及租赁负债。本集团将于可liabilities to the extent that it is probable that taxable profit will 能有应课税溢利以抵销可扣减暂时 be available against which the deductible temporary differences 差额时确认与租赁负债有关的递延 can be utilised and a deferred tax liability for all taxable temporary 税项资产，并就所有应课税暂时差differences. 额确认递延税项负债。 Deferred tax assets and liabilities are offset when there is a legally 当有合法执行权利，可将即期税项enforceable right to set off current tax assets against current 资产抵销即期税项负债，当与相同tax liabilities and when they relate to income taxes levied by 税务机关征收之所得税相关，且本the same taxation authority and the Group intends to settle its 集团拟按净额基准偿还其即期税项 current tax assets and liabilities on a net basis or to realise the 资产及负债，或拟同时变现资产或asset and settle the liability simultaneously. 清偿债务，即会将递延税项资产及负债相抵销。 102 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (r) Impairment of non-financial assets (r) 非金融资产减值 The carrying amounts of non-financial assets are reviewed at 非金融资产之账面值于各报告日 each reporting date for indications of impairment and where an 期评估有无减值迹象，倘资产已asset is impaired it is written down as an expense through the 减值，则作为开支透过综合损益及consolidated statement of profit or loss and other comprehensive 其他全面收益表撇减至其估计可收 income to its estimated recoverable amount. The recoverable 回金额。可收回金额就个别资产厘amount is determined for an individual asset unless the asset 定，惟倘资产并无产生在很大程度does not generate cash inflows that are largely independent of 上独立于其他资产或资产组别之现 those from other assets or groups of assets. If this is the case 金流入之情况除外。在此情况下，recoverable amount is determined for the cash-generating unit 可收回金额就资产所属之现金产生 to which the asset belongs. Recoverable amount is the higher 单位厘定。可收回金额按个别资产of value in use and the fair value less costs of disposal of the 或现金产生单位之使用价值与公平 individual asset or the cash-generating unit. 值减出售成本两者中之较高者计算。 Value in use is the present value of the estimated future cash 使用价值为资产╱现金产生单位估 flows of the asset/cash-generating unit. Present values are 计未来现金流量之现值。现值按反computed using pre-tax discount rates that reflect the time value 映货币时间价值及资产╱现金产生 of money and the risks specific to the asset/cash-generating unit 单位（已计量减值）之特有风险之税 whose impairment is being measured. 前贴现率计算。 Impairment losses for cash-generating units are allocated pro 现金产生单位减值亏损按比例在现 rata amongst the assets of the cash-generating unit. Subsequent 金产生单位资产间进行分配。因估increases in the recoverable amount caused by changes in 计变动而造成其后可收回金额增加 estimates are credited to profit or loss to the extent that they 将拨回减值计入损益。 reverse the impairment.(s) Impairment of financial assets and contract assets (s) 金融资产及合约资产减值 The Group recognises a loss allowance for ECL on lease 本集团就租赁应收款项、贸易应收 receivables trade receivables and contract assets. The amount of 款项及合约资产的预期信贷亏损确 ECL is updated at each reporting date to reflect changes in credit 认亏损拨备。预期信贷亏损金额于risk since initial recognition of the respective financial instrument. 各报告日期更新以反映信贷风险自各金融工具初步确认以来的变动。 The Group always recognises lifetime ECL for lease receivables 本集团一直就租赁应收款项及贸易 trade receivables and contract assets. The ECL on these financial 应收款项以及合约资产确认全期预 assets are estimated using a provision matrix based on the 期信贷亏损。该等金融资产之预期Group’s historical credit loss experience adjusted for factors that 信贷亏损基于本集团过往信贷亏损 are specific to the debtors general economic conditions and an 经验采用拨备矩阵进行估计，并按assessment of both the current as well as the forecast direction of 债务人特定因素、整体经济状况及 conditions at the reporting date including time value of money 于报告日期对当前及预测状况发展where appropriate. 方向之评估（包括货币时间价值，倘适用）进行调整。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 103Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (s) Impairment of financial assets and contract assets (s) 金融资产及合约资产减值（续） (continued) For all other financial instruments the Group recognises lifetime 就所有其他金融工具而言，倘本集ECL when there has been a significant increase in credit risk since 团于初步确认以来信贷风险大幅增 initial recognition. However if the credit risk on the financial 加则确认全期预期信贷亏损。然instrument has not increased significantly since initial recognition 而，倘金融工具信贷风险自初步确the Group measures the loss allowance for that financial 认以来并无大幅增加，本集团按相instrument at an amount equal to 12-month ECL. 等于12个月预期信贷亏损之金额计量金融工具之亏损拨备。 Lifetime ECL represents the ECL that will result from all possible 全期预期信贷亏损指于金融工具之 default events over the expected life of a financial instrument. In 预计年期内所有可能违约事件将产 contrast 12-month ECL represents the portion of lifetime ECL that 生的预期信贷亏损。相较之下，12is expected to result from default events on a financial instrument 个月预期信贷亏损指于报告日期后 that are possible within 12 months after the reporting date. 12个月内因可能发生的金融工具违约事件而导致预期产生的部分全期预期信贷亏损。 Significant increase in credit risk 信贷风险显着增加 In assessing whether the credit risk on a financial instrument 于评估自初步确认以来金融工具的 has increased significantly since initial recognition the Group 信贷风险有否显着增加时，本集团compares the risk of a default occurring on the financial 会将于报告日期金融工具发生之违 instrument at the reporting date with the risk of a default 约风险与初步确认日期金融工具之 occurring on the financial instrument at the date of initial 违约风险进行比较。于进行该评估recognition. In making this assessment the Group considers 时，本集团会同时考虑合理及有理both quantitative and qualitative information that is reasonable 据的定量和定性资料，包括无需付and supportable including historical experience and forward- 出不必要的成本或努力而可得之历 looking information that is available without undue cost or effort. 史经验及前瞻性资料。所考虑的前Forward-looking information considered includes the future 瞻性资料包括来自经济专家报告、 prospects of the industries in which the Group’s debtors operate 金融分析师、政府机构、相关智囊 obtained from economic expert reports financial analysts 团及其他类似组织以及考虑本集团 governmental bodies relevant think-tanks and other similar 核心业务相关的各种外部实际及预 organisations as well as consideration of various external sources 测经济资料来源而得知的本集团债 of actual and forecast economic information that relate to the 务人经营所在行业的未来前景。 Group’s core operations. 104 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (s) Impairment of financial assets and contract assets (s) 金融资产及合约资产减值（续） (continued) Significant increase in credit risk (continued) 信贷风险显着增加（续） In particular the following information is taken into account 特别是，于评估自初步确认以来信when assessing whether credit risk has increased significantly 贷风险是否显着增加时，会考虑以since initial recognition: 下资料： – an actual or expected significant deterioration in the － 金融工具的外部（如有）或内部 financial instrument’s external (if available) or internal credit 信贷评级的实际或预期显着恶 rating; 化； – significant deterioration in external market indicators of － 特定金融工具的外部市场信贷 credit risk for a particular financial instrument; 风险指标显着恶化； – existing or forecast adverse changes in business financial － 预计会导致债务人偿还债务能 or economic conditions that are expected to cause a 力大幅削减的业务、财务或经 significant decrease in the debtor’s ability to meet its debt 济状况的现有或预测的不利变 obligations; 动； – an actual or expected significant deterioration in the － 债务人经营业绩的实际或预期 operating results of the debtor; 显着恶化； – significant increases in credit risk on other financial － 同一债务人于其他金融工具的 instruments of the same debtor; or 信贷风险显着增加；或 – an actual or expected significant adverse change in the － 债务人的监管、经济或技术环 regulatory economic or technological environment of the 境实际或预期出现重大不利变 debtor that results in a significant decrease in the debtor’s 动而导致债务人偿还债务能力 ability to meet its debt obligations. 大幅削减。 Irrespective of the outcome of the above assessment the Group 不论上述评估结果如何，本集团假presumes that the credit risk on a financial asset has increased 定，当合约付款逾期超过30日，则significantly since initial recognition when contractual payments 自初始确认以来金融资产信贷风险 are more than 30 days past due unless the Group has reasonable 已显着增加，除非本集团有合理及and supportable information that demonstrates otherwise. 有理据的资料提出相反证明。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 105Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (s) Impairment of financial assets and contract assets (s) 金融资产及合约资产减值（续） (continued) Significant increase in credit risk (continued) 信贷风险显着增加（续） Despite the foregoing the Group assumes that the credit risk on 尽管如上所述，倘金融工具于报告a financial instrument has not increased significantly since initial 日期厘定为具有较低信贷风险，则recognition if the financial instrument is determined to have 本集团假设该金融工具的信贷风险 low credit risk at the reporting date. A financial instrument is 自初始确认以来并无显着增加。倘determined to have low credit risk if: 出现下列情形，金融工具厘定为具有较低信贷风险： (i) the financial instrument has a low risk of default (i) 金融工具具有低违约风险，(ii) the debtor has a strong capacity to meet its contractual (ii) 债务人于短期内具备雄厚实力 cash flow obligations in the near term and 履行其合约现金流量责任，及(iii) adverse changes in economic and business conditions in (iii) 长期经济及业务状况的不利变 the longer term may but will not necessarily reduce the 动可能但不一定削减借款人履 ability of the borrower to fulfil its contractual cash flow 行其合约现金流量责任的能 obligations. 力。 The Group considers a financial asset to have low credit risk 当金融资产的外部信贷评级为「投资 when the asset has external credit rating of “investment grade” 级别」（按照全球理解的释义），则本in accordance with the globally understood definition or if an 集团会视该金融资产的信贷风险偏 external rating is not available the asset has an internal rating 低，或倘外部评级不可用时，则该of “performing”. Performing means that the counterparty has a 资产的内部评级为「履约级别」。履strong financial position and there is no past due amounts. 约级别指交易对手具备雄厚财务状况且并无逾期金额。 The Group regularly monitors the effectiveness of the criteria used 本集团定期监察用以确定信贷风险 to identify whether there has been a significant increase in credit 曾否显着增加的标准的成效，并于risk and revises them as appropriate to ensure that the criteria are 适当时候作出修订，从而确保有关capable of identifying significant increase in credit risk before the 标准能够于款项逾期前确定信贷风 amount becomes past due. 险显着增加。 Definition of default 违约的定义 The Group considers the following as constituting an event of 本集团认为以下情况就内部信贷风 default for internal credit risk management purposes as historical 险管理目的而言构成违约事件，因experience indicates that receivables that meet either of the 为过往经验表明符合以下任何一项 following criteria are generally not recoverable. 条件的应收款项一般无法收回。 – when there is a breach of financial covenants by the － 交易对手违反财务契诺；或 counterparty; or – information developed internally or obtained from external － 内部产生或获取自外部来源的 sources indicates that the debtor is unlikely to pay its 资料表明，债务人不太可能向creditors including the Group in full (without taking into 债权人（包括本集团）全额退款account any collaterals held by the Group). （不考虑本集团持有的任何抵押品）。 106 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (s) Impairment of financial assets and contract assets (s) 金融资产及合约资产减值（续） (continued) Definition of default (continued) 违约的定义（续） Irrespective of the above analysis the Group considers that 不论上文分析，本集团认为当金融default has occurred when a financial asset is more than 90 days 资产逾期超过90日时，即属发生违past due unless the Group has reasonable and supportable 约，除非本集团有合理及有理据的information to demonstrate that a more lagging default criterion is 资料证明较宽松的违约标准更为适 more appropriate. 用则当别论。 Credit-impaired financial assets 信贷减值金融资产 A financial asset is credit-impaired when one or more events that 倘发生一项或多项对金融资产之估 have a detrimental impact on the estimated future cash flows of 计未来现金流量产生不利影响之事 that financial asset have occurred. Evidence that a financial asset 件时，该金融资产即出现信贷减is credit-impaired includes observable data about the following 值。金融资产信贷减值的证据包括events: 以下事件的可观察数据： – signif icant f inancial diff iculty of the issuer or the － 发行人或交易对手出现重大财 counterparty; 务困难； – a breach of contract such as a default or past due event; － 违反合约，如违约或逾期事件； – the lender(s) of the counterparty for economic or － 由于与交易对手财务困难相关 contractual reasons relating to the counterparty’s 的经济或合约原因，交易对手financial difficulty having granted to the counterparty 的贷款人已向交易对手授予贷 a concession(s) that the lender(s) would not otherwise 款人原本不会考虑的特许权； consider; – it is becoming probable that the counterparty will enter － 交易对手可能破产或进行其他 bankruptcy or other financial reorganisation; or 财务重组；或 – The disappearance of an active market for that financial － 由于财务困难致使金融资产之 asset because of financial difficulties. 活跃市场消失。 Write-off policy 撇销政策 The Group writes off a financial asset when there is information 倘有资料显示债务人出现重大财务 indicating that the debtor is in severe financial difficulty and there 困难，且并无实际收回的可能之时is no realistic prospect of recovery including when the debtor （包括债务人已清算或进入破产程has been placed under liquidation or has entered into bankruptcy 序），或就贸易应收款项而言，有关proceedings or in the case of trade receivables when the 金额已逾期超过两年（以较早发生者amounts are over two years past due whichever occurs sooner. 为准），本集团会撇销金融资产。在Financial assets written off may still be subject to enforcement 考虑法律意见（如适用）后，已撇销activities under the Group’s recovery procedures taking into 金融资产仍可根据本集团之收回程 account legal advice where appropriate. Any recoveries made are 序实施强制执行。任何收回款项会recognised in profit or loss. 于损益中确认。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 107Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (s) Impairment of financial assets and contract assets (s) 金融资产及合约资产减值（续） (continued) Measurement and recognition of ECL 预期信贷亏损之计量及确认 The measurement of ECL is a function of the probability of 预期信贷亏损之计量可计算出违约default loss given default (i.e. the magnitude of the loss if there 概率、违约损失率（即违约时之亏损is a default) and the exposure at default. The assessment of the 大小）及违约风险敞口。违约概率及probability of default and loss given default is based on historical 违约损失率之评估乃基于上述经前 data adjusted by forward looking information as described 瞻性资料调整之过往数据。至于违above. As for the exposure at default for financial assets this is 约风险敞口，就金融资产而言，其represented by the assets’ gross carrying amount at the reporting 以资产于报告日期之账面总值列示。 date.For financial assets the expected credit loss is estimated as the 金融资产之预期信贷亏损按根据合 difference between all contractual cash flows that are due to the 约应付本集团之所有合约现金流量 Group in accordance with the contract and all the cash flows 与本集团预期可收取之所有现金流 that the Group expects to receive discounted at the original 量（按原定实际利率贴现）之间的差 effective interest rate. For a lease receivable the cash flows used 额估算。就租赁应收款项而言，用for determining the expected credit losses is consistent with the 于厘定预期信贷亏损的现金流量与 cash flows used in measuring the lease receivable in accordance 根据香港财务报告准则第16号计量 with HKFRS 16. 租赁应收款项所使用的现金流量一致。 If the Group has measured the loss allowance for a financial 倘本集团已于前一个报告期间按相 instrument at an amount equal to lifetime ECL in the previous 等于全期预期信贷亏损的金额计量 reporting period but determines at the current reporting date 一项金融工具之亏损拨备，但于当that the conditions for lifetime ECL are no longer met the Group 前报告日期确定其不再符合全期预 measures the loss allowance at an amount equal to 12-month 期信贷亏损之条件，则本集团于当ECL at the current reporting date except for assets for which 前报告日期按相等于12个月预期信 simplified approach was used. 贷亏损的金额计量亏损拨备，使用简化法的资产除外。 The Group recognises an impairment gain or loss in profit or loss 本集团于损益确认所有金融工具的 for all financial instruments with a corresponding adjustment to 减值收益或亏损，并透过亏损拨备their carrying amount through a loss allowance account. 账对其账面值作出相应调整。 108 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 4. MATERIAL ACCOUNTING POLICY INFORMATION 4. 重大会计政策资料（续） (continued) (t) Provisions and contingent liabilities (t) 拨备及或然负债 Provisions are recognised for liabilities of uncertain timing or 当本集团因过往事件须承担现有法 amount when the Group has a present legal or constructive 律或推定责任，而履行责任时有可obligation arising as a result of a past event it is probable that 能导致经济利益流出，并能作出可an outflow of economic benefits will be required to settle the 靠估计之情况下，须对产生时间或obligation and a reliable estimate can be made. Where the time 金额皆不明确之负债确认拨备。倘value of money is material provisions are stated at the present 货币时值重大，则拨备按预期用于value of the expenditures expected to settle the obligation. The 履行该责任之支出现值列账。用以discount rate used to determine the present value is a pre-tax 厘定现值的贴现率即为反映当前市 rate that reflects current market assessments of the time value of 场对货币时间价值及负债具体风险 money and the risks specific to the liability. The increase in the 之评估的税前利率。随着时间增加provision due to the passage of time is recognised as interest 的拨备确认为利息开支。 expense.Where it is not probable that an outflow of economic benefits 倘不大可能导致经济利益流出，或will be required or the amount cannot be estimated reliably 金额无法可靠估计，则有关责任披the obligation is disclosed as a contingent liability unless the 露为或然负债，除非经济利益流出probability of outflow is remote. Possible obligations whose 之可能性极低则另作别论。须视乎existence will only be confirmed by the occurrence or non- 日后是否会发生一宗或多宗事件才 occurrence of one or more future events are also disclosed as 能确定存在的可能责任，亦披露为contingent liabilities unless the probability of outflow is remote. 或然负债，除非经济利益流出之可能性极低则另作别论。 (u) Events after the reporting period (u) 报告期间后事项 Events after the reporting period that provide additional 提供有关本集团于报告期末状况之 information about the Group’s position at the end of the 额外资料或显示持续经营假设并不 reporting period or those that indicate the going concern 适用之报告期间后事项均属于调整 assumption is not appropriate are adjusting events and are 事项，并于综合财务报表内反映。 reflected in the consolidated financial statements. Events after 倘并非调整事项之报告期间后事项 the reporting period that are not adjusting events are disclosed in 属重大，则于综合财务报表附注中the notes to the consolidated financial statements when material. 披露。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 109Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 5. CRITICAL JUDGEMENTS AND KEY ESTIMATES 5. 重大判断及主要估计 In applying the Group’s accounting policies which are described in 在应用本集团会计政策（详述于附注四） Note 4 the directors are required to make judgements (other than 时，乃要求董事作出对所确认金额会造成those involving estimations) that have a significant impact on the 重大影响的判断（涉及估计者除外），并对amounts recognised and to make estimates and assumptions about the 资产与负债之账面值作出未能即时从其他 carrying amounts of assets and liabilities that are not readily apparent 来源获得的估计及假设。有关估计及相关from other sources. The estimates and associated assumptions are 假设乃基于过往经验及其他被认为属相关 based on historical experience and other factors that are considered to 之因素而作出。实际结果可能与该等估计be relevant. Actual results may differ from these estimates. 有出入。 The estimates and underlying assumptions are reviewed on an ongoing 估计及相关假设会持续检讨。倘会计估计basis. Revisions to accounting estimates are recognised in the period in 的修订仅对作出修订的期间产生影响，则which the estimate is revised if the revision affects only that period or in 有关修订会在该期间内确认；或倘会计估 the period of the revision and future periods if the revision affects both 计的修订对现时及未来期间均产生影响，current and future periods. 则会在作出该修订期间及未来期间内确认。 (a) Critical judgements in applying accounting policies (a) 应用会计政策之重大判断 In the process of applying the accounting policies the directors 于应用会计政策过程中，董事已作have made the following judgements that have the most 出以下对综合财务报表中所确认金significant effect on the amounts recognised in the consolidated 额具有重大影响之判断（在下文处理financial statements (apart from those involving estimations 涉及估计之判断除外）。 which are dealt with below).Revenue from contracts with customers 客户合约收益 The Group has the primary responsibility for fulfilment of 本集团主要对履行合约、整体工程 the contract quality and warranty of the overall work and 质量及保修负责，并酌情选择次承has discretion in selecting subcontractors and determining 判商及厘定次承判商的定价。因the pricing for subcontractors. Thus the Group is acting as 此，本集团以主事人身份行事，在the principal and recognises revenue on a gross basis. The 总额基础上确认收益。确定施工服determination of the progress of the construction service 务的进度涉及判断。本集团根据客involves judgements. The Group recognises revenue based on 户的进度来确认收益。确认事项反progress confirmation from customers. The confirmation reflects 映完全履行履约责任的进展情况，the progress towards complete satisfaction of the performance 该履约责任是根据所交付单位价值 obligation which is measured based on direct measurements 的直接计量或测量已进行工程而衡 of the value of units delivered or surveys of work performed. 量。客户将在整个项目完成后提供The customers will provide a final statement when the whole 最终报表，并可根据实际工程量对project is completed and may have adjustments on accumulated 累计确认进行调整，直至竣工当日confirmation according to the actual engineering quantity till the 为止。此外，在厘定交易价格时，day of completion. In addition when determining the transaction 本集团会考虑是否存在任何融资成 price the Group considers factors such as whether there is any 分等因素。本集团考虑付款时间表financing component. The Group considers whether the payment 是否与本集团的表现相称，以及延schedule is commensurate with the Group’s performance and 迟付款是否出于融资目的。因此，whether the delayed payment is for financing purposes. The 本集团已根据进度确认书在向客户 Group has therefore recognised revenue based on the progress 提供及转让服务的期间确认收益。 confirmation over the period during which the service is rendered and transferred to customers. 110 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 5. CRITICAL JUDGEMENTS AND KEY ESTIMATES 5. 重大判断及主要估计（续） (continued) (b) Key sources of estimation uncertainty (b) 估计不确定因素之主要来源 The key assumptions concerning the future and other key 于报告期末，有重大风险导致资产sources of estimation uncertainty at the end of the reporting 及负债账面值于下一财政年度作出 period that have a significant risk of causing a material 重大调整之未来相关主要假设及估 adjustment to the carrying amounts of assets and liabilities within 计不确定因素之其他主要来源，如the next financial year are discussed below. 下所述。 (i) Impairment of property plant and equipment and (i) 物业、厂房及设备以及使用权 right-of-use assets 资产减值 Property plant and equipment and right-of-use assets 物业、厂房及设备以及使用权 are stated at costs less accumulated depreciation and 资产减值按成本减累计折旧及 impairment if any. In determining whether an asset is 减值（如有）列账。于厘定一项impaired the Group has to exercise judgement and make 资产是否减值时，本集团须进estimation particularly in assessing: (1) whether an event 行判断并作出估计，尤其是于has occurred or any indicators that may affect the asset 估计：(1)是否发生可能影响资 value; (2) whether the carrying value of an asset can be 产价值的事件或出现任何有关 supported by the recoverable amount in the case of value 迹象；(2)资产账面值是否能以 in use the net present value of future cash flows which 可收回金额作支持，若为使用are estimated based upon the continued use of the asset; 价值，则为根据持续使用资产and (3) the appropriate key assumptions to be applied in 估计得出的未来现金流量的净 estimating the recoverable amounts including cash flow 现值；及(3)估计可收回金额所projections and an appropriate discount rate. When it is 用的适当主要假设（包括现金not possible to estimate the recoverable amount of an 流量预测及合适的贴现率）。 individual asset (including right-of-use assets) the Group 倘无法估计个别资产（包括使estimates the recoverable amount of the cash-generating 用权资产）的可收回金额，本unit to which the assets belong. Changing the assumptions 集团会估计该资产所属现金 and estimates including the discount rates or the growth 产生单位的可收回金额。更改rate or the gross profit margin in the cash flow projections 假设及估计（包括现金流量预could materially affect the recoverable amount. 测中的贴现率或增长率或毛利 率）或会对可收回金额产生重大影响。 The carrying amounts of property plant and equipment 于2024年3月31日物业、厂房 and right-of-use assets as at 31 March 2024 were 及设备以及使用权资产的账面HK$8126000 (2023: HK$8246000) and HK$3383000 (2023: 值分别为8126000港元（2023HK$401000) respectively. 年：8246000港元）及3383000 港元（2023年：401000港元）。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 111Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 5. CRITICAL JUDGEMENTS AND KEY ESTIMATES 5. 重大判断及主要估计（续） (continued) (b) Key sources of estimation uncertainty (continued) (b) 估计不确定因素之主要来源（续） (ii) Provision for ECL on trade receivables and contract (ii) 贸易应收款项及合约资产的预 assets 期信贷亏损拨备 The Group uses a provision matrix to calculate ECL for trade 本集团采用拨备矩阵计算贸易 receivables and contract assets. The provision rates are 应收款项及合约资产的预期信 based on days past due for groupings of various customer 贷亏损。拨备率乃基于因就segments that have similar loss patterns. 拥有类似亏损模式的多个客户分部进行分组而逾期的日数计算。 The provision matrix is initially based on the Group’s 拨备矩阵初步以本集团的过往 historical observed default rates. The Group will calibrate 观察所得违约率为基础。本集the matrix to adjust the historical credit loss experience 团将调整矩阵，以对照前瞻性with forward-looking information. For instance if forecast 资料调整过往信贷亏损经验。 economic conditions (i.e. gross domestic product) are 举例而言，倘预测经济状况expected to deteriorate over the next year which can lead （即国内生产总值）预期会于下 to an increased number of defaults in the construction 一年恶化而可能导致建筑界别 sector the historical default rates are adjusted. At each 的违约数目增加，则会调整过reporting date the historical observed default rates are 往违约率。于各报告日期，过updated and changes in the forward-looking estimates are 往观察所得违约率会予以更新 analysed. 并分析前瞻性估计的变动。 The assessment of the correlation among historical 对过往观察所得违约率、预测 observed default rates forecast economic conditions and 经济状况及预期信贷亏损之间 ECL is a significant estimate. The amount of ECL is sensitive 的关连性进行的评估属重大 to changes in circumstances and forecast economic 估计。预期信贷亏损的金额对conditions. The Group’s historical credit loss experience 环境及预测经济状况的变动敏 and forecast of economic conditions may also not be 感。本集团的过往信贷亏损经representative of a customer’s actual default in the future. 验及经济状况的预测亦未必反映客户未来的实际违约情况。 112 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 5. CRITICAL JUDGEMENTS AND KEY ESTIMATES 5. 重大判断及主要估计（续） (continued) (b) Key sources of estimation uncertainty (continued) (b) 估计不确定因素之主要来源（续） (ii) Provision for ECL on trade receivables and contract (ii) 贸易应收款项及合约资产的预 assets (continued) 期信贷亏损拨备（续） As at 31 March 2024 the carrying amount of trade 于2024年3月31日，贸易应收receivables and contract assets are HK$17384000 (2023: 款项及合约资产的账面值分HK$21655000) and HK$39759000 (2023: HK$36386000) 别为17384000港元（2023年：respectively net of allowance for trade receivables and 21655000港元）及 39759000contract assets of HK$19433000 (2023: HK$2520000) and 港元（ 2023年： 36386000港HK$33979000 (2023: HK$650000) respectively. 元），分别扣除贸易应收款项及合约资产的拨备19433000 港元（2023年：2520000港元）及33979000港元（2023年：650000港元）。 (iii) Provision for rectification works (iii) 整改工程拨备 Significant estimates are involved in the determination 在厘定与整改工程有关的拨备 of provisions related to rectification works. Accordingly 时涉及重大估计。因此，管理management exercises considerable judgement in 层作出重大判断以决定于报告 determining whether there is a present obligation as a 日期的现有责任是否源于已发 result of a past event at the reporting date whether it is 生的事件、该保修期内整改工 more likely than not that such rectification works under 程会否可能造成资源外流及责 warranty periods will result in an outflow of resources 任的金额能否就相关事宜及与 and whether the amount of the obligation can be reliably 客户的合约作可靠的估计。管estimated with reference to the relevant correspondence 理层根据本集团处理该等事宜 and contracts with customers. Management estimates 的经验就整改成本作出估计。 the cost for rectification works with regard to the Group’s experience in addressing such matters.As at 31 March 2024 the Group recognised provision for 于2024年3月31日，本集团确rectification works amounting to HK$5082000 (2023: 认的整改工程拨备为5082000 HK$9544000). 港元（2023年：9544000港元）。 (iv) Fair value of investment properties (iv) 投资物业的公平值 The Group appointed an independent professional valuer 本集团已委任独立专业估值师 to assess the fair value of the investment properties. In 评估投资物业的公平值。于厘determining the fair value the valuer has utilised a method 定公平值时，估值师采用了涉of valuation which involves certain estimates. The directors 及若干估计的估值方法。董事have exercised their judgement and are satisfied that the 已行使其判断，并信纳所使用method of valuation and inputs used are reflective of the 的估值方法及输入值反映当前 current market conditions. 市况。 The carrying amount of investment properties as at 31 于2024年3月31日，投资物业March 2024 was HK$130200000 (2023: HK$125400000). 的账面值为 130200000港元 （2023年：125400000港元）。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 113Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 6. FINANCIAL RISK MANAGEMENT 6. 金融风险管理 The Group’s activities expose it to a variety of financial risks: foreign 本集团的业务使其面对多种财务风险：外 currency risk credit risk liquidity risk and interest rate risk. The Group’s 汇风险、信贷风险、流动资金风险及利率 overall risk management programme focuses on the unpredictability of 风险。本集团的整体风险管理计划着重于financial markets and seeks to minimise potential adverse effects on the 金融市场的不可预见性，并力求尽量降低Group’s financial performance. 对本集团财务表现的潜在不利影响。 (a) Foreign currency risk (a) 外汇风险 The Group has minimal exposure to foreign currency risk as most 由于本集团大部分业务交易、资产 of its business transactions assets and liabilities are principally 及负债主要以本集团实体的功能货 denominated in the functional currencies of the Group entities. 币计值，故本集团面临的外汇风险The Group currently does not have a formal foreign currency 极微。本集团现时并无就外汇交hedging policy in respect of foreign currency transactions 易、资产及负债制定任何正式外汇 assets and liabilities but will consider hedging significant foreign 对冲政策，惟将于必要时考虑对冲currency exposure should the need arise. 重大外汇风险。 (b) Credit risk (b) 信贷风险 Credit risk is the risk that a counterparty will not meet its 信贷风险即交易对手将不会履行其 obligations under a financial instrument or customer contract 金融工具或客户合约项下之责任，leading to a financial loss. The Group is exposed to credit risk 从而导致财务亏损之风险。本集团from its operating activities (primarily trade and other receivables 面对来自其经营活动（主要为贸易及and contract assets) and from its financing activities including 其他应收款项以及合约资产）及融资pledged bank deposits and bank and cash balances. 活动（包括已抵押银行存款以及银行及现金结余）之信贷风险。 The Group considers the probability of default upon initial 本集团在初始确认资产时考虑坏账 recognition of asset and whether there has been a significant 的可能性，并于各报告期间持续评increase in credit risk on an ongoing basis throughout each 估信贷风险是否显着增加。在评估reporting period. To assess whether there is a significant increase 信贷风险是否显着增加时，本集团in credit risk the Group compares the risk of a default occurring 将报告日期资产出现坏账的风险与 on the asset as at the reporting date with the risk of default as at 初始确认日期出现坏账的风险进行 the date of initial recognition. It considers available reasonable 比较，当中考虑可得合理及具理据and supportive forwarding-looking information as described in 支持的前瞻性资料（载于附注4(s)）。 Note 4(s).Maximum exposure and year-end staging 最大风险敞口及年末所处阶段 The table below shows the credit quality and the maximum 下表显示基于本集团信贷政策的信 exposure to credit risk based on the Group’s credit policy which 贷质素及最大信贷风险敞口，该政is mainly based on past due information unless other information 策主要基于过往逾期资料（除其他毋is available without undue cost or effort and year-end staging 须付出过多成本或精力即可获得之classification as at 31 March. The amounts presented are gross 资料外）以及于3月31日之年末所处 carrying amounts for financial assets. 的阶段分类。所呈列的金额为该等金融资产的账面总值。 114 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 6. FINANCIAL RISK MANAGEMENT (continued) 6. 金融风险管理（续） (b) Credit risk (continued) (b) 信贷风险（续） Maximum exposure and year-end staging (continued) 最大风险敞口及年末所处阶段（续） As at 31 March 2024 于2024年3月31日 12-month ECL Lifetime ECL 12个月预期 信贷亏损全期预期信贷亏损 Simplified Stage 1 Stage 2 Stage 3 approach Total 第一阶段第二阶段第三阶段简化方法总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元 Contract assets* 合约资产* – – 22751 50987 73738 Trade receivables* 贸易应收款项* – – 11487 25330 36817 Financial assets included in 计入预付款项、按金及 prepayments deposits 其他应收款项的金融 and other receivables 资产 – Normal** －正常** 1600 – – – 1600 Pledged deposits*** 质押存款*** – Not yet past due －尚未逾期 18288 – – – 18288 Cash and bank balances*** 现金及银行结余*** – Not yet past due －尚未 逾期 3 0704 – – – 3 0704 50592–3423876317161147 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 115Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 6. FINANCIAL RISK MANAGEMENT (continued) 6. 金融风险管理（续） (b) Credit risk (continued) (b) 信贷风险（续） Maximum exposure and year-end staging (continued) 最大风险敞口及年末所处阶段（续） As at 31 March 2023 于2023年3月31日 12-month ECL Lifetime ECL 12个月预期 信贷亏损全期预期信贷亏损 Simplified Stage 1 Stage 2 Stage 3 approach Total 第一阶段第二阶段第三阶段简化方法总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元 Contract assets* 合约资产* – – – 37036 37036 Trade receivables* 贸易应收款项* – – – 24175 24175 Financial assets included in 计入预付款项、按金及 prepayments deposits 其他应收款项的金融 and other receivables 资产 – Normal** －正常** 973 – – – 973 Pledged deposits*** 质押存款*** – Not yet past due －尚未逾期 10173 – – – 10173 Cash and bank balances*** 现金及银行结余*** – Not yet past due －尚未 逾期 63555 – – – 63555 74701––61211135912 * For trade receivables and contract assets the Group has * 就贸易应收款项及合约资产而 monitoring procedures to ensure that follow-up action is taken 言，本集团设有监控程序，以确to recover overdue debts. In addition the Group reviews the 保采取跟进行动收回逾期债务。 recoverability of these receivables at the end of each reporting 此外，本集团于各报告期末检讨period to ensure that adequate impairment losses are made for 该等应收款项的可收回性，以确irrecoverable amounts. 保就不可收回款项作出充足的减值亏损。 The Group applies the simplified approach to provide ECL 本集团采用香港财务报告准则第9 prescribed by HKFRS 9 which permits the use of the lifetime 号订明之简化方法就预期信贷亏 expected loss provision for all trade receivables and contract 损作出拨备，该规定允许对所有assets. The information based on the provision matrix is disclosed 贸易应收款项及合约资产采用全 in Notes 23 and 24 to the consolidated financial statements 期预期亏损拨备。基于拨备矩阵respectively. 之资料分别载于综合财务报表附注23及24。 ** The credit quality of the financial assets included in prepayments ** 当计入预付款项、按金及其他应 deposits and other receivables is considered to be “normal” when 收款项的金融资产的信贷质素尚 they are not past due and there is no information indicating that 未逾期，且无资料显示金融资产the financial assets had a significant increase in credit risk since 的信贷风险自初步确认以来大 initial recognition. Otherwise the credit quality of the financial 幅增加，其信用质素被视为「正assets is considered to be “doubtful”. 常」，否则金融资产的信用质素被认为是「可疑」。 *** The credit risks on a pledged time deposit and cash and bank *** 质押定期存款以及现金及银行结 balances are considered to be insignificant because these are 余的信贷风险被视为并不重大，placed at financial institutions that have sound credit rating. 盖因该等款项存放于信贷评级良好的金融机构。 116 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 6. FINANCIAL RISK MANAGEMENT (continued) 6. 金融风险管理（续） (b) Credit risk (continued) (b) 信贷风险（续） Maximum exposure and year-end staging (continued) 最大风险敞口及年末所处阶段（续） Management monitors the creditworthiness and payment 管理层会持续密切监察各债务人的 patterns of each debtor closely and on an ongoing basis. The 信誉及还款模式。本集团的合约工Group’s trade receivables from contract work represent interim 程贸易应收款项指根据合约内订明 billings or retentions certified by the customers under terms as 条款经客户核实的中期账单或保固 stipulated in the contracts. As the Group’s customers in respect 金。由于本集团合约工程的有关客of contract works primarily consist of main contractors in the 户主要为建设行业的主承判商以及 construction industry property developers or owners with strong 财力雄厚的物业开发商或业主，故financial backgrounds management considers that the risk of 管理层认为无法收回合约工程应收 irrecoverable receivables from contract work is not significant. 款项的风险并不重大。 Concentrations of credit risk of the trade receivables and contract 贸易应收款项及合约资产之信贷风 assets are managed by analysis by customer/counterparty. 险集中度按客户╱对手方进行分析 At the end of the reporting period the Group had certain 管理。于报告期末，本集团有一定concentrations of credit risk as 55% (2023: 11%) and 82% (2023: 集中之信贷风险，原因为本集团的 70%) of the Group’s trade receivables and contracts assets were 55%（2023年：11%）及82%（2023年： due from the Group’s largest customer and the five largest 70%）贸易应收款项及合约资产分别 customers respectively. 为应收本集团最大客户及五大客户款项。 Further quantitative data in respect of the Group’s exposure to 有关本集团贸易应收款项所产生的 credit risk arising from trade receivables are disclosed in Note 24 信贷风险的进一步量化数据于综合 to the consolidated financial statements. 财务报表附注24中披露。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 117Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 6. FINANCIAL RISK MANAGEMENT (continued) 6. 金融风险管理（续） (c) Liquidity risk (c) 流动资金风险 The Group’s policy is to regularly monitor its current and expected 本集团的政策为定期监控其现有及 liquidity requirements its compliance with lending covenants 预期流动资金需求、其有否遵守贷 and its relationship with its bankers to ensure that it maintains 款契诺及其与往来银行的关系，以sufficient reserves of cash to meet its liquidity requirements in the 确保其维持充裕的现金储备以满足 short and longer term. 短期及较长期流动资金需求。 The following table details the Group’s remaining contractual 下表详列本集团金融负债的余下合 maturity for its financial liabilities. The table has been drawn 约到期日情况。该表基于按本集团up based on the undiscounted cash flows of financial liabilities 可能须付款的最早日期计算的金融 based on the earliest date on which the Group can be required to 负债未贴现现金流量编制，包括利pay. The table includes both interest and principal cash flows. To 息及本金现金流量。倘利息流量为the extent that interest flows are floating rate the undiscounted 浮动利率，则未贴现金额乃按各报amount is derived from current interest rate at the end of each 告期末的现行利率计算得出。 reporting period.Maturity analysis – undiscounted cash flows 到期日分析－未贴现现金流量 On demand Between Between Total or within 1 and 2 and Over undiscounted Carrying 1 year 2 years 5 years 5 years cash flow amount 应要求偿还或未贴现于一年内一至两年两至五年五年以上现金流量总额账面值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元千港元 At 31 March 2024 于2024年3月31日 Trade payables 贸易应付款项 58833 – – – 58833 58833 Financial liabilities included in 计入其他应付款项及应计 other payables and accruals 费用的金融负债 5040 – – – 5040 5040 Lease liabilities 租赁负债 929 959 2221 – 4109 3432 Bank bo rrowings 银行借款 8858 – – – 8858 6701 At 31 March 2023 于2023年3月31日 Trade payables 贸易应付款项 18392 – – – 18392 18392 Financial liabilities included in 计入其他应付款项及应计 other payables and accruals 费用的金融负债 3638 – – – 3638 3638 Lease lia bilities 租赁负债 440 – – – 440 437 118 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 6. FINANCIAL RISK MANAGEMENT (continued) 6. 金融风险管理（续） (d) Categories of financial instruments (d) 金融工具类别 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Financial assets: 金融资产： Financial assets measured at 按摊销成本计量的金融资产 am ortised cost 67976 96356 Financial liabilities: 金融负债： Financial liabilities at amortised cost 按摊销成本计量的金融负债 70574 22030 Lease liabilities 租赁负 债 3432 437 (e) Interest rate risk (e) 利率风险 The Group’s exposure to interest rate risk arises from its bank 本集团面临的利率风险来自其银行 deposits and bank borrowings. These bank deposits and bank 存款及银行借款。该等银行存款及borrowings bear interests at variable rates that varied with the 银行借款按随当时市况变动的浮动 then prevailing market condition. 利率计息。 The directors consider there is no expected significant exposure 董事认为预期面临的利率风险并不 to interest rate risk hence no sensitivity analysis is presented. 重大，因此并未呈列敏感度分析。 (f) Fair values (f) 公平值 The carrying amounts of the Group’s financial assets and financial 于综合财务状况表反映的本集团金 liabilities as reflected in the consolidated statement of financial 融资产及金融负债的账面值与其各 position approximate their respective fair values. 自的公平值相若。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 119Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 7. FAIR VALUE MEASUREMENTS 7. 公平值计量 Fair value is the price that would be received to sell an asset or paid to 公平值为市场参与者之间于计量日在有序 transfer a liability in an orderly transaction between market participants 交易中出售资产所得到或转让负债所支付 at the measurement date. The following disclosures of fair value 之价格。以下公平值披露使用之公平值等measurements use a fair value hierarchy that categorises into three 级，将用于计量公平值的估值技术的输入levels the inputs to valuation techniques used to measure fair value: 数据分为三层等级： Level 1 inputs: quoted prices (unadjusted) in active markets for identical 第1层输入数据：本集团于计量日可取得assets or liabilities that the Group can access at the measurement date. 之相同资产或负债之活跃市场报价（未经调整）。 Level 2 inputs: inputs other than quoted prices included within level 1 第2层输入数据：第1层所包括之报价以 that are observable for the asset or liability either directly or indirectly. 外，就资产或负债可直接或间接观察得出之输入数据。 Level 3 inputs: unobservable inputs for the asset or liability. 第3层输入数据：资产或负债不可观察之输入数据。 The Group’s policy is to recognise transfers into and transfers out 本集团的政策为在导致转拨的事宜或情况 of any of the three levels as of the date of the event or change in 变动的日期确认三层等级各层的转入及转 circumstances that caused the transfer. 出。 See Note 20 to the consolidated financial statements for disclosure 有关按公平值计量的投资物业相关披露，relating to the investment properties which are measured at fair value. 请参阅综合财务报表附注20。 8. REVENUE 8. 收益 An analysis of revenue is as follows: 收益的分析如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Revenue from contracts with customers 客户合约收益 236407 207698 Renta l income 租金收 入 2018 652 238425208350 120 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 8. REVENUE (continued) 8. 收益（续） Revenue from contracts with customers within the scope 香港财务报告准则第15号范围内的客 of HKFRS 15 户合约收益 (i) Disaggregated revenue information (i) 细分收益资料 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Types of goods and services 货品及服务类型 Construction services of residential 住宅楼宇的建筑服务 buildings 165560 180757 Construction services of non-residential 非住宅楼宇的建筑服务 bu ildings 70847 26941 Total revenue from contracts with 客户合约收益总额 cu stomers 236407 207698 Timing of revenue recognition 收益确认时间 Over time 随时间 236407 207698 Total revenue from contracts with 客户合约收益总额 cu stomers 236407 207698 The following table shows the amount of revenue recognised in 下表显示于报告期初计入合约负债 the current reporting period that was included in the contract 的当期报告期间确认的收益金额： liability at the beginning of the reporting period: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Revenue recognised that was included in the 于报告期初计入合约负债的 contract liability at the beginning of 已确认收益 the reporting period Cons truction services 建筑服 务 3816 4310 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 121Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 8. REVENUE (continued) 8. 收益（续） Revenue from contracts with customers within the scope 香港财务报告准则第15号范围内的客 of HKFRS 15 (continued) 户合约收益（续） (ii) Performance obligation (ii) 履约责任 Information about the Group’s performance obligation is 有关本集团履约责任的资料概述如 summarised below: 下： Construction services 建筑服务 The performance obligation is satisfied over time as services are 履约责任随着提供服务而逐渐履 rendered and payment is generally due within 30 days from the 行，且款项一般于自发出付款证明date of issuance of the payment certificate. A certain percentage 起计30天内到期支付。客户会保留of payment is retained by customers until the end of the 一定比例之付款直至保固期结束，retention period as the Group’s entitlement to the final payment 因为本集团收取最终付款之权利取 is conditional on the satisfaction of the service quality by the 决于客户在合约规定之一段时间内 customers over a certain period as stipulated in the contracts. 是否对服务质量感到满意。 Unsatisfied performance obligations related to construction 有关建造合约之未完成履约责任： contracts: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Amounts of transaction prices expected 预期按下列时间予以确认的 to be recognised: 交易额： Within one year 一年内 362322 305041 Aft er one year 一年 后 100194 54198 462516359239The amounts of contract sum allocated to the remaining 分配至余下履约责任（预计于一年后performance obligations which are expected to be recognised as 确认为收益）之合约金额与建筑服 revenue after one year relate to construction services of which 务相关，其履约责任将于三年内履the performance obligations are to be satisfied within three years. 行。分配至余下履约责任的所有其All the other amounts of contract sum allocated to the remaining 他合约金额预期将于一年内确认为 performance obligations are expected to be recognised as 收益。上文披露的金额不包括受约revenue within one year. The amounts disclosed above do not 束的可变代价。 include variable consideration which is constrained. 122 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 9. OTHER INCOME GAINS AND LOSSES 9. 其他收入、收益及亏损 An analysis of other income gains and losses is as follows: 其他收入、收益及亏损分析如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Other income gains and losses 其他收入、收益及亏损 Bank interest income 银行利息收入 1635 607 Recovery of bad debts 收回坏账 – 269 Government subsidies^ 政府补贴^ 168 1536 Fair value change on investment properties 投资物业的公平值变动 (19145) (4674) Gross income from sales of scrap 销售废料总收入 3135 – Net foreign exchange gains 汇兑收益净额 277 – Othe rs 其他 65 6 (13865)(2256) ^ Government subsidies during the year ended 31 March 2023 were ^ 截至2023年3月31日止年度，政府补贴乃granted from the Employment Support Scheme under the Anti-epidemic 根据香港特别行政区（「香港特区」）政府 Fund of the Government of the Hong Kong Special Administrative Region 的防疫抗疫基金保就业计划授出。并无(the “HKSAR”). There were no unfulfilled conditions or contingencies 有关该补贴的任何未达成条件或或然事 relating to the subsidies. No such subsidy was provided by the HKSAR 项。于截至2024年3月31日止年度，香港during the year ended 31 March 2024. 特区并无提供有关补贴。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 123Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 10. OPERATING SEGMENT INFORMATION 10. 经营分部资料 Information reported to the executive directors of the Company being 就资源分配及分部业绩评估而向本公司执 the chief operating decision maker for the purposes of resources 行董事（即主要营运决策者）所呈报之资 allocation and assessment of segment performance focuses on the 料乃着眼于不同类型业务部门的收益及溢 revenue and profits from different types of business divisions. 利。 The Group’s reportable segments under HKFRS 8 are as follows: 根据香港财务报告准则第8号，本集团的可呈报分部如下： * Construction and ancillary services: this segment engaging in * 建筑及配套服务：该分部于香港从 providing aluminium works related services and trading of tools 事提供铝质工程及相关服务以及买 and equipment in Hong Kong; and 卖工具及设备；及 * Rental of investment properties: this segment engaging in leasing * 投资物业租赁：该分部在香港从事 of investment properties in Hong Kong. 投资物业的租赁业务。 Segment revenue is measured in a manner consistent with that in 分部收益的计量方式与综合损益及其他全 the consolidated statement of profit or loss and other comprehensive 面收益表的计量方式一致。 income.The directors assess the performance of the operating segments based 董事根据分部业绩的衡量标准来评估经营 on a measure of segment result. Unallocated income unallocated 分部的业绩。未分配收入、未分配企业开corporate expenses finance costs income tax expense and other major 支、财务开支、所得税开支及其他独立及 items that are isolated and non-recurring in nature are not included in 非经常性的主要项目不计入分部业绩。 segment results.Segment assets mainly consist of current assets and non-current assets 分部资产主要包括综合财务状况表中披露 as disclosed in the consolidated statement of financial position except 的流动资产及非流动资产，但未分配银行unallocated bank and cash balances deferred tax assets income tax 及现金结余、递延税项资产、可收回所得 recoverables and other unallocated assets. 税及其他未分配资产除外。 Segment liabilities mainly consist of current liabilities and non-current 分部负债主要包括综合财务状况表中披露 liabilities as disclosed in the consolidated statement of financial position 的流动负债及非流动负债，但所得税负except income tax liabilities deferred tax liabilities and other allocated 债、递延税项负债及其他分配负债除外。 liabilities. 124 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 10. OPERATING SEGMENT INFORMATION (continued) 10. 经营分部资料（续） (i) Information about reportable segment profit or loss (i) 关于可呈报分部的溢利或亏损、 assets and liabilities 资产及负债的资料 Construction Rental of and ancillary investment services properties Unallocated Total建筑及投资物业配套服务租赁未分配总计 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元 For the year ended 截至2024年3月31日 31 March 2024 止年度 External revenue 外部收益 236407 2018 – 238425 Segment results 分部业绩 (41159) (19240) (1554) (61953) Depreciation of property 物业、厂房及设备折旧 plant and equipment 2044 9 13 2066 Depreciation of right-of-use 使用权资产折旧 assets 999 – – 999 Interest income 利息收入 – – 1635 1635 Finance costs 融资成本 – – 345 345 Other material non-cash items: 其他重大非现金项目： Reversal of provision for 整改工程拨备拨回净额 rectification works net 3136 – – 3136 Provision for impairment 贸易应收款项及合约资产 allowance on trade receivables 减值拨备净额 and contract assets net 50242 – – 50242 Fair value loss on investment 投资物业公平值亏损 properties – 19145 – 19145 Additions to non-current assets 添置非流动资产 5820 23945 121 29886 As at 31 March 2024 于2024年3月31日 Segment assets 分部资产 132849 135543 1380 269772 Segm ent liabilities 分部负债 70193 7594 1356 79143 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 125Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 10. OPERATING SEGMENT INFORMATION (continued) 10. 经营分部资料（续） (i) Information about reportable segment profit or loss (i) 关于可呈报分部的溢利或亏损、 assets and liabilities (continued) 资产及负债的资料（续） Construction Rental of and ancillary investment services properties Unallocated Total建筑及投资物业配套服务租赁未分配总计 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元 For the year ended 截至2023年3月31日 31 March 2023 止年度 External revenue 外部收益 207698 652 – 208350 Segment results 分部业绩 10944 (5069) (1819) 4056 Depreciation of property 物业、厂房及设备折旧 plant and equipment 2593 101 – 2694 Depreciation of right-of-use 使用权资产折旧 assets 1201 – – 1201 Interest income 利息收入 – – 607 607 Finance costs 融资成本 – – 33 33 Other material non-cash items: 其他重大非现金项目： Provision for rectification works 整改工程拨备净额 net 3009 – – 3009 Provision for impairment 贸易应收款项及合约资产 allowance on trade receivables 减值拨备净额 and contract assets net 2190 – – 2190 Fair value loss on investment 投资物业公平值亏损 properties – 4674 – 4674 Additions to non-current assets 添置非流动资产 3422 50286 – 53708 As at 31 March 2023 于2023年3月31日 Segment assets 分部资产 80238 128615 72740 281593 Segm ent liabilities 分部负债 34661 145 1042 35848 126 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 10. OPERATING SEGMENT INFORMATION (continued) 10. 经营分部资料（续） (ii) Reconciliation of reportable segment profit or loss (ii) 可呈报分部溢利或亏损、资产及 assets and liabilities 负债的对账 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Profit or loss 溢利或亏损 Total (losses)/profits of reportable segments 可呈报分部（亏损）╱溢利总额 (60399) 5875 Unallocated amounts: 未分配金额： Unallocated income 未分配收入 1635 607 Unall ocated expenses 未分配 开支 (3189) (2426) Cons olidated (loss)/profit before tax 综合除 税前（亏损）╱溢利 (61953) 4056 Assets 资产 Total assets of reportable segments 可呈报分部资产总值 268392 208853 Unall ocated corporate assets 未分配 企业资产 1380 72740 Cons olidated total assets 综合资 产总值 269772 281593 Liabilities 负债 Total liabilities of reportable segments 可呈报分部负债总额 77787 34806 Unall ocated corporate liabilities 未分配 企业负债 1356 1042 Cons olidated total liabilities 综合负 债总额 79143 35848 (iii) Geographical information (iii) 地理资料 Since all of the Group’s revenue was generated in Hong Kong no 由于本集团所有收益均来自香港，geographical information by revenue is presented. 故并无呈列收益的地理资料。 An analysis of the Group’s non-current assets by their physical 本集团非流动资产按其实际地理位 geographical location is as follow: 置划分的分析如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Hong Kong 香港 138104 134047 PRC 中国 3605 – 141709134047 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 127Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 10. OPERATING SEGMENT INFORMATION (continued) 10. 经营分部资料（续） (iv) Information about major customers (iv) 有关主要客户的资料 Revenue from external customers contributing to 10% or more of 在本集团收益总额中占比10%或以上 the total revenue of the Group is as follows: 的外部客户收益如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Customer A 客户A 99044 21192 Customer B 客户B 29458 26990 Customer C 客户C 25981 N/A不适用 1 Customer D 客户D N/A不适用 1 75555 Custo mer E 客户E N/A不适用 35290 1 The corresponding revenue did not contribute over 10% of the 1 相应收益并无占本集团总收益的 total revenue of the Group. 10%以上。 11. FINANCE COSTS 11. 融资成本 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Interest on lease liabilities 租赁负债利息 160 33 Intere st on mortgage loans 按揭贷 款利息 185 – 34533 128 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 12. INCOME TAX (CREDIT)/EXPENSE 12. 所得税（抵免）╱开支 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Current tax 即期税项 Hong Kong Profits Tax 香港利得税 – Provision for the year －本年度拨备 6 1560 – O ver-provision in prior years －过 往年度超额拨备 (21) – (15)1560 Defer red tax (Note 22) 递延税 项（附注22） (6832) (356) (6847)1204 Hong Kong Profits Tax has been provided at 16.5% (2023: 16.5%) based 截至2024年3月31日止年度，香港利得on the estimated assessable profit for the year ended 31 March 2024 税就估计应课税溢利按16.5%（2023年：except for one subsidiary of the Group which is a qualifying corporation 16.5%）的税率计提拨备，惟本集团一间附under the two-tiered profits tax rates regime. 属公司除外，该公司为符合利得税两级制的企业。 Under the two-tiered profits tax regime profits tax rate for the first HK$2 根据利得税两级制，于香港成立的合资格million of assessable profits of qualifying corporations established in 企业首2百万港元的应课税溢利的利得税 Hong Kong will be lowered to 8.25% and profits above that amount will 税率将下调至8.25%，超过2百万港元的溢be subject to the tax rate of 16.5%. 利将按16.5%之税率征税。 Tax charge on profits assessable elsewhere have been calculated at the 其他地区应课税溢利之税项支出乃基于本 rates of tax prevailing in the countries in which the Group operates 集团经营业务所在国家之现行法律、诠释 based on existing legislation interpretation and practices in respect 及常规，按其通行税率计算。 thereof.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 129Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 12. INCOME TAX (CREDIT)/EXPENSE (continued) 12. 所得税（抵免）╱开支（续） The reconciliation between the income tax (credit)/expense and the 所得税（抵免）╱开支与除税前（亏损）╱溢 product of (loss)/profit before tax multiplied by the Hong Kong Profits 利乘以香港利得税税率所得之积对账如 Tax rate is as follows: 下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 (Loss )/profit before tax 除税前（ 亏损）╱溢利 (61953) 4056 Tax at the Hong Kong Profits Tax rate of 16.5% 按16.5%（2023年：16.5%）的香港 (2023:16.5%)利得税税率计算之税项(10222)669 Tax effect of the two-tiered Profits Tax 利得税两级制的税务影响 rates regime (5) (165) Over-provision in prior years 过往年度超额拨备 (21) – Tax effect of income that is not taxable 毋须课税收入的税务影响 (373) (334) Tax effect of expenses that are not deductible 不可扣税开支的税务影响 3699 1036 Tax effect of temporary difference not 未确认暂时性差异的税务影响 recognised (26) 17 Tax effect of tax loss not recognised 未确认的税项亏损的税务影响 117 5 Effect of different tax rate of a subsidiary 一间附属公司的不同税率的影响 (7) – Tax c oncession 税项优 惠 (9) (24) Incom e tax (credit)/expense 所得税（ 抵免）╱开支 (6847) 1204 130 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 13. (LOSS)/PROFIT FOR THE YEAR 13. 年内（亏损）╱溢利 The Group’s (loss)/profit for the year is stated after charging/(crediting) 本集团年内（亏损）╱溢利于扣除╱（计入） the following: 下列各项后入账： 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 Cost of construction work 建筑工程成本 216531 182691 Auditor’s remuneration 核数师酬金 – Audit services －审计服务 780 730 – Non-audit services －非审计服务 200 200 Depreciation of property plant and 物业、厂房及设备折旧 equipment 18 2066 2694 Depreciation of right-of-use assets 使用权资产折旧 19 999 1201 Fair value change on investment 投资物业公平值变动 properties 20 19145 4674 Lease payments not included in the 未计入租赁负债计量的租赁 measurement of lease liabilities 付款 19(b) 1359 263 Provision/(reversal of provision) for 合约资产减值拨备╱ impairment allowance on contract （拨备拨回），净额#assets net# 23 33329 (19) Provision for impairment allowance on 贸易应收款项减值拨备，trade receivables net# 净额# 24 16913 2209 Net foreign exchange gains 汇兑收益净额 (277) – (Reversal of provision)/provision for 整改工程（拨备拨回）╱拨备* rec tification works* 28 (3136) 3009 * For the year ended 31 March 2024 salaries and allowances of * 截至2024年3月31日止年度，薪金及津HK$26027000 (2023: HK$22492000) discretionary bonuses of 贴 26027000港元（ 2023年： 22492000HK$3814000 (2023: HK$2550000) retirement benefits scheme 港元）、酌情花红 3814000港元（ 2023contributions of HK$1221000 (2023: HK$865000) and changes in 年：2550000港元）、退休福利计划供 provision for rectification works of HK$3136000 (2023: HK$3009000) 款1221000港元（2023年：865000港元）respectively are included in cost of construction work disclosed above. 及整改工程拨备变动3136000港元（2023年：3009000港元）已分别计入上文所披露的建筑工程成本。 # Included in “Provision for impairment allowance on trade receivables and # 计入综合损益及其他全面收益表中的「贸contract assets net” in the consolidated statement of profit or loss and 易应收款项及合约资产减值拨备净额」。 other comprehensive income.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 131Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 14. EMPLOYEE BENEFITS EXPENSES (INCLUDING 14. 雇员福利开支（包括董事酬金） DIRECTORS’ EMOLUMENTS) 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Salaries and allowances 薪金及津贴 31314 26784 Discretionary bonus 酌情花红 4268 2744 Retirement benefits scheme contributions 退休福利计划供款（附注） (Not e) 1020 964 3660230492 Note: The Group contributes to defined contribution retirement plans which 附注： 本集团就中国内地及香港合资格雇员享 are available for eligible employees in the PRC and Hong Kong. 有的定额供款退休计划作出供款。 Pursuant to the relevant laws and regulations in the People’s Republic 根据中华人民共和国相关法律法规，本集of China the Group has joined defined contribution retirement 团已参加地方政府劳动保障部门为雇员schemes for the employees arranged by local government labour 安排的定额供款退休计划（「中国退休计and security authorities (the “PRC Retirement Schemes”). The Group 划」）。本集团按适用费率，根据地方政府makes contributions to the PRC Retirement Schemes at the applicable 机构规定的金额向中国退休计划作出供 rates based on the amounts stipulated by the local government 款。于退休后，地方政府劳动保障部门负organisations. Upon retirement the local government labour and 责向退休雇员支付退休金。 security authorities are responsible for the payment of the retirement benefits to the retired employees.The Group operates a Mandatory Provident Fund scheme (the “MPF 本集团根据香港法例第485章强制性公积Scheme”) under the Mandatory Provident Fund Schemes Ordinance 金计划条例规定，为于香港法例第57章香 (Chapter 485 of the laws of Hong Kong) for employees employed under 港雇佣条例之管辖下雇用之雇员提供强制 the jurisdiction of Hong Kong Employment Ordinance (Chapter 57 of 性公积金计划（「强积金计划」）。强积金计the laws of Hong Kong). The MPF Scheme is a defined contribution 划乃由独立受托人管理之定额供款退休计 retirement plan administered by independent trustees. Under the MPF 划。根据强积金计划，雇主及其雇员须各Scheme the employer and the employees are each required to make 自按雇员相关收入之5%向该计划供款，上contributions to the plan at 5% of the employees’ relevant income 限为每月有关收入30000港元。 subject to a cap of monthly relevant income of HK$30000.During the years ended 31 March 2024 and 2023 the Group had no 截至2024年及2023年3月31日止年度，本forfeited contributions under the MPF Scheme and which may be used 集团强积金计划项下并无已没收供款可供 by the Group to reduce the existing level of contributions. There were 本集团用于减低现有供款水平。截至2024also no forfeited contributions available at 31 March 2024 and 2023 年及2023年3月31日，强积金计划项下并under the MPF Scheme which may be used by the Group to reduce the 无已没收供款可供本集团用以抵减未来数 contribution payable in future years. 年应付之供款。 132 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 15. BENEFITS AND INTEREST OF DIRECTORS 15. 董事福利及权益 Directors’ and chief executive’s remuneration 董事及主要行政人员薪酬 Directors’ and chief executive’s remuneration for the year disclosed 根据联交所证券上市规则、公司条例第pursuant to the Rules Governing the Listing of Securities on the Stock 383(1)(a)、(b)、(c)及(f)条以及公司（披露董Exchange section 383(1)(a) (b) (c) and (f) of the Companies Ordinance 事利益资料）规例第2部，年内董事及主要and Part 2 of the Companies (Disclosure of Information about Benefits 行政人员薪酬披露如下： of Directors) Regulation is as follows: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Fees 袍金 360 360 Salaries and allowances 薪金及津贴 2160 2112 Discretionary bonus 酌情花红 200 – Retire ment benefits scheme contributions 退休福 利计划供款 36 36 27562508 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 133Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 15. BENEFITS AND INTEREST OF DIRECTORS (continued) 15. 董事福利及权益（续） Directors’ and chief executive’s remuneration (continued) 董事及主要行政人员薪酬（续） (a) Directors’ emoluments (a) 董事酬金 The emoluments of each director were as follows: 各董事的酬金如下： Retirement Salaries and Discretionary benefit scheme Fees allowances bonus contributions Total退休福利计划袍金薪金及津贴酌情花红供款总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元 Year ended 31 March 2024 截至2024年3月31日止年度 Executive directors 执行董事 Mr. Chen Yuet Wa (Chairman and 陈越华先生（主席兼行政总裁） chief executive) – 1080 100 18 1198 Mr. Chan Fai 陈辉先生 – 1080 100 18 1198 Independent non-executive directors 独立非执行董事 Mr. Chow Chi Fai 周志辉先生 120 – – – 120 Mr. Chan Hon Ki 陈汉淇先生 120 – – – 120 Mr. Yu Chi Wing 于志荣先 生 120 – – – 120 3602160200362756 Year ended 31 March 2023 截至2023年3月31日止年度 Executive directors 执行董事 Mr. Chen Yuet Wa (Chairman and 陈越华先生（主席兼行政总裁） chief executive) – 1056 – 18 1074 Mr. Chan Fai 陈辉先生 – 1056 – 18 1074 Independent non-executive directors 独立非执行董事 Mr. Chow Chi Fai 周志辉先生 120 – – – 120 Mr. Chan Hon Ki 陈汉淇先生 120 – – – 120 Mr. Yu Chi Wing 于志荣先 生 120 – – – 120 3602112–362508 Neither the chief executive nor any of the directors waived or 于截至2024年3月31日止年度，概无agreed to waive any emoluments during the year ended 31 行政总裁或任何董事放弃或同意放 March 2024 (2023: Nil). 弃任何酬金（2023年：无）。 134 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 15. BENEFITS AND INTEREST OF DIRECTORS (continued) 15. 董事福利及权益（续） Directors’ and chief executive’s remuneration (continued) 董事及主要行政人员薪酬（续） (b) Five highest paid individuals (b) 五名最高薪人士 The five highest paid individuals in the Group for the reporting 于报告期间，本集团五名最高薪人period included 2 (2023: 2) directors whose emoluments are 士包括2名（2023年：2名）董事，彼reflected in the analysis presented above. The emoluments of the 等的酬金于上文所呈列分析中反 remaining 3 (2023: 3) highest paid individuals during the years 映。截至2024年及2023年3月31日止ended 31 March 2024 and 2023 were as follows: 年度，其余3名（2023年：3名）最高薪酬人士支付的酬金如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Salaries and allowances 薪金及津贴 2358 2595 Discretionary bonus 酌情花红 450 371 Retire ment benefits scheme contributions 退休福 利计划供款 54 54 28623020 The emoluments fell within the following band: 酬金介乎以下范围： Number of individuals人数 20242023 2024年2023年 Nil to HK$1000000 零至1000000港元 3 1 HK$1 000001 to HK$2000000 10000 01港元至2000000港元 – 2 During the years ended 31 March 2024 and 2023 no emoluments 截至2024年及2023年3月31日止年 were paid or payable by the Group to chief executive any of the 度，本集团概无向行政总裁、任何directors or the highest paid individuals as an inducement to join 董事或最高薪人士支付或应付任何 or upon joining the Group or as compensation for loss of office. 酬金作为加入本集团或加入本集团时的奖励或作为离职补偿。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 135Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 15. BENEFITS AND INTEREST OF DIRECTORS (continued) 15. 董事福利及权益（续） Directors’ and chief executive’s remuneration (continued) 董事及主要行政人员薪酬（续） (c) Directors’ material interests in transactions arrangements (c) 董事于交易、安排或合约的重大权 or contracts 益 Saved as disc losed in Note 37 no other t ransact ions 除附注37所披露者外，概无与本公arrangements and contracts of significance in relation to the 司作为订约方及本公司董事拥有重 Group’s business to which the Company was a party and in which 大权益（不论直接或间接）的本集团 the directors of the Company had a material interest whether 业务有关且于年末或截至2024年及 directly or indirectly subsisted at the end of the year or at any 2023年3月31日止年度内任何时间存 time during the years ended 31 March 2024 and 2023. 续的其他重大交易、安排及合约。 (d) Information about loans quasi-loans and other dealings (d) 有关以董事、受该等董事控制的法 in favour of directors controlled bodies corporate by and 人团体及该等董事的关连实体为受 connected entities with such directors 益人的贷款、准贷款及其他交易的资料 There are no loans quasi-loans and other dealings in favour of 截至2024年及2023年3月31日止年 directors controlled bodies corporate by and connected entities 度，并无以董事、受该等董事控制with such directors during the years ended 31 March 2024 and 的法人团体及该等董事的关连实体 2023.为受益人作出的贷款、准贷款及其他交易。 (e) Consideration provided to third parties for making (e) 就获提供董事服务而向第三方支付 available directors’ services 的代价 During the year ended 31 March 2024 no consideration was 于截至2024年3月31日止年度，概provided to or receivable by third parties for making available 无就获提供董事服务而向第三方支 director’s services (2023: Nil). 付，亦无第三方因此应收任何代价 （2023年：无）。 16. DIVIDENDS 16. 股息 The board of directors has resolved not to declare any dividend for the 董事会议决不宣派截至2024年3月31日止 year ended 31 March 2024 (2023: Nil). 年度的任何股息（2023年：无）。 17. (LOSS)/EARNINGS PER SHARE 17. 每股（亏损）╱盈利 Basic (loss)/earnings per share 每股基本（亏损）╱盈利The calculation of the basic loss (2023: earnings) per share attributable 本公司拥有人应占每股基本亏损（2023to owners of the Company is based on the loss for the year attributable 年：盈利）的金额乃根据本公司拥有人应to owners of the Company of approximately HK$55106000 (2023: profit 占年内亏损约55106000港元（2023年：溢of HK$2852000) and the number of ordinary shares of 1000000000 利2852000港元）及年内已发行普通股股数 (2023: 1000000000) in issue during the year. 1000000000股（2023年：1000000000股）计算。 Diluted (loss)/earnings per share 每股摊薄（亏损）╱盈利 The diluted loss (2023: earnings) per share was the same as the basic 由于本集团于截至2024年及2023年3月31loss (2023: earnings) per share for the years ended 31 March 2024 and 日止年度概无任何已发行潜在摊薄普通2023 as the Group had no potentially dilutive ordinary shares in issue 股，故于相关年度每股摊薄亏损（2023during the respective years. 年：盈利）与每股基本亏损（2023年：盈利）相同。 136 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 18. PROPERTY PLANT AND EQUIPMENT 18. 物业、厂房及设备 Office and Leasehold computer Motor Carpark improvement equipment vehicles Total办公室及车位租赁物业装修计算机设备汽车总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元 Cost 成本 At 1 April 2022 于2022年4月1日 1400 4403 3869 726 10398 Additions 添置 – – 293 3291 3584 Transfer from investment properties 转拨自投资物业 (Not e 20) （附注 20） 1750 – – – 1750 At 31 March 2023 and 于2023年3月31日及 1 April 2023 2023年4月1日 3150 4403 4162 4017 15732 Additions 添置 – 32 1666 248 1946 Write-o ff 撇销 – (137) (1260) – (1397) At 31 M arch 2024 于2024年 3月31日 3150 4298 4568 4265 16281 Accumulated depreciation and 累计折旧及 impairment 减值 At 1 April 2022 于2022年4月1日 27 2317 2042 406 4792 Charge for the year 年内开支 113 1539 568 474 2694 At 31 March 2023 and 于2023年3月31日及 1 April 2023 2023年4月1日 140 3856 2610 880 7486 Charge for the year 年内开支 125 458 699 784 2066 Write-o ff 撇销 – (137) (1260) – (1397) At 31 M arch 2024 于2024年 3月31日 265 4177 2049 1664 8155 Carrying amount 账面值 At 31 M arch 2024 于2024年 3月31日 2885 121 2519 2601 8126 At 31 M arch 2023 于2023年 3月31日 3010 547 1552 3137 8246 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 137Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 19. RIGHT-OF-USE ASSETS 19. 使用权资产 Leased properties租赁物业 HK$’000千港元 At 1 April 2022 于2022年4月1日 1602 Depr eciation 折旧 (1201) At 31 March 2023 and 1 April 2023 于2023年3月31日及2023年4月1日 401 Additions 添置 3995 Depreciation 折旧 (999) Excha nge differences 汇兑差 额 (14) At 31 March 2024 于2024 年3月31日 3383 Note: 附注： (a) The Group has lease contracts for carparks office premises and office (a) 本集团就车位、办公场所及办公设备订 equipment. The lease of office premise is negotiated for a term of 5 years 有租赁合约。办公场所租约商定为期5年 (2023: 3 years). Carparks and office premise generally have lease terms （2023年：3年）。停车场及办公场所的租 of 12 months or less and office equipment is individually of low value. 期一般为12个月或以下，及办公设备个Generally the Group is restricted from assigning and subleasing the 别价值较低。一般而言，本集团不可向leased assets outside the Group. 本集团以外人士转让及转租租赁资产。 (b) Lease liabilities of HK$3432000 (2023: HK$437000) are recognised with (b) 于2024年3月31日，租赁负债3432000港元related right-of-use assets of HK$3383000 (2023: HK$401000) as at 31 （2023年：437000港元）与相关使用权资产 March 2024. The lease agreements do not impose any covenants other 3383000港元（2023年：401000港元）一同 than the security interests in the leased assets that are held by the lessor. 确认。除出租人持有的租赁资产之担保权益外，租赁协议并不施加任何契诺。 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Depreciation on right-of-use assets 使用权资产折旧 999 1201 Interest expenses on lease liabilities 租赁负债利息开支 (included in finance costs) （计入融资成本） 160 33 Expenses relating to short-term lease 有关短期租赁的开支 (included in administrative expenses) （计入行政开支） 1220 151 Expenses relating to lease of low-value assets 有关低价值资产租赁的开支 (inc luded in administrative expenses) （计入 行政开支） 139 112 (c) Details of total cash outflow for leases is set out in Note 34(c) to the (c) 有关租赁现金流出总额的详情载于综合 consolidated financial statements. 财务报表附注34(c)。 138 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 20. INVESTMENT PROPERTIES 20. 投资物业 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 At 1 April 于4月1日 125400 81700 Additions 添置 23945 50124 Fair value change 公平值变动 (19145) (4674) Transfer to property plant and equipment 转拨至物业、厂房及设备 (N ote 18) （附注 18） – (1750) At 31 March 于3月3 1日 130200 125400 The investment properties as at 31 March 2024 consist of 7 (2023: 5) 于2024年3月31日的投资物业包括就一项 industrial buildings located at Hong Kong to be leased out for one or 或多项经营租赁出租及按月收取租金的7 more operating leases with rental payable monthly. The leases typically 幢（2023年：5幢）香港工业楼宇。租约初run for an initial period of 2 years. The leases of industrial buildings are 步为期2年。工业楼宇的租赁在租期内固fixed over the lease term. 定。 The Group is not exposed to foreign currency risk as a result of the lease 本集团未因租赁安排而承受外币风险，因arrangements as all leases are denominated in HKD. The lease contracts 为所有租赁均以港元列值。租赁合约不包do not contain lessee’s option to purchase the property at the end of 含承租人在租赁期结束时购买物业的选择 lease term. 权。 At 31 March 2024 the carrying amount of investment properties 于2024年3月31日，综合财务报表附注29pledged as security for the Group’s bank borrowings as disclosed 所披露抵押作为本集团银行借款担保的in Note 29 to the consolidated financial statements amounting to 投资物业的账面值为97800000港元（2023HK$97800000 (2023: Nil). 年：无）。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 139Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 20. INVESTMENT PROPERTIES (continued) 20. 投资物业（续） Valuation processes of the Group 本集团估值流程 The Group measures its investment properties at fair value. The 本集团按公平值计量其投资物业。投资物investment properties were revalued by Masterpiece Valuation Advisory 业由独立合资格估值师睿力评估咨询有限 Limited an independent qualified valuer who hold recognised relevant 公司于2024年3月31日按公开市值基准重 professional qualification and has recent experience in the locations 估，此估值师持有相关认可专业资格，并and segments of the investment properties valued at 31 March 2024 on 对所估值的投资性房地产的地点和领域有 an open market value basis. For all investment properties their current 近期经验。就所有投资物业而言，其现行use equates to the highest and best use. 用途等于其最高及最佳用途。 The Group’s finance department includes a team that review the 本集团财务部的团队就财务报告目的对独 valuation performed by the independent valuer for financial reporting 立估值师的估值进行检讨。此团队直接purposes. This team reports directly to the senior management and 向高级管理层及审核委员会汇报。管理层the Audit Committee. Discussions of valuation processes and results 与估值师至少每六个月讨论估值流程及结 are held between the management and valuers at least once every six 果，与本集团中期及年度报告日期相一months in line with the Group’s interim and annual reporting dates. 致。 At each financial period end the finance department verifies all major 在每个财政期间末，财务部将会核实对独inputs to the independent valuation reports; assesses property valuation 立估值报告的所有重大输入数据；评估物 movements when compared to the prior year valuation reports; and 业估值与上年度估值报告比较下的变动； holds discussions with the independent valuer. 及与独立估值师进行讨论。 Valuation techniques 估值技术 Fair value of investment properties for industrial building units in Hong 香港工业楼宇单位的投资物业公平值一般 Kong is generally derived using the direct comparison method which 采用直接比较法得出，该方法乃基于将要is based on comparing the property to be valued directly with other 估值之物业与最近曾交易之其他可供比较 comparable properties which have recently transacted. However 物业作直接比较。然而，鉴于房地产物业given the heterogeneous nature of real estate properties appropriate 之多样化性质，通常须就任何可能影响在adjustments are usually required to allow for any qualitative differences 审议中的物业所达之价格的质素差异作出 that may affect the price likely to be achieved by the property under 适当调整。 consideration.There were no changes to the valuation techniques during the year and 年内估值技术概无变动，年内公平值层级there were no transfers among the fair value hierarchy during the year. 之间亦无转拨。 140 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 20. INVESTMENT PROPERTIES (continued) 20. 投资物业（续） Valuation techniques (continued) 估值技术（续） The following table gives information about how the fair values of 下表提供有关该等投资物业公平值厘定方 these investment properties are determined as well as the fair value 式的资料以及公平值计量根据公平值输 hierarchy in which the fair value measurements are categorised based 入数据的可观察程度而获分类的公平值层 on the degree to which the inputs to the fair value measurements is 级。 observable.Carrying value of investment properties held by the Group in the Valuation Relationship of consolidated statement Fair value technique(s) and Significant unobservable of financial positions hierarchy key input(s) unobservable input(s) inputs to fair value本集团于综合财务状况表公平值估值技术及关键重大不可观察公平值不可观察持有的投资物业账面值等级输入数据输入数据输入数据关系 Industrial building units Level 3 Direct comparable – based Price per square feet using The higher the price per in Hong Kong on market observable market direct comparable saleable square feet the 2024: HK$130200000 transactions of similar and taking into account higher the fair value. 2023: HK$125400000 properties and adjusted to of location age and other reflect the locations and individual factors with an conditions of the subject average of HK$3637 (2023: property. HK$4242) per saleable square feet.香港工业楼宇单位第3级直接可资比较数据－根据类每平方英呎价格（采用市场每可售平方英呎价格越高， 2024年：130200000港元似物业的市场可观察交直接可比价格，并已考公平值越高。 2023年：125400000港元易并经调整以反映目标虑地点、楼龄及其他个物业的地点及状况。别因素），平均为每可售平方英呎3637港元（2023年：4242港元）。 The valuations of investment properties were based on the economic 投资物业的估值乃基于现有的经济、市场 market and other conditions as they exist on and the information 及其他条件以及管理层于截至2024年3月available to management as of 31 March 2024. The volatility of Hong 31日的可得资料。香港物业市场波动引发Kong’s property market caused the uncertainty of the assumptions 估值流程中所采用假设的不确定性和2024 adopted in the valuation process and the future fair value of the 年3月31日之后投资物业的未来公平值。 investment properties subsequent to 31 March 2024.ANNUAL REPORT 2023/24 * 二零二三/二四年年报 141Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 21. PREPAYMENTS DEPOSITS AND OTHER 21. 预付款项、按金及其他应收款 RECEIVABLES 项 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Prepayments 预付款项 2192 2186 Rental deposits 租金按金 445 220 Deposits paid for property plant and equipment 物业、厂房及设备的已付按金 – 1024 Deposits paid for leasehold improvement for 投资物业租赁装修的已付按金 investment properties – 2742 Due from ultimate holding company 应收最终控股公司款项 78 78 Othe r deposits and other receivables 其他按 金及其他应收款项 1077 675 37926925 Less: Portion classified as non-current assets 减：分 类为非流动资产的部分 (197) (3766) Portio n classified as current assets 分类为 流动资产的部分 3595 3159 The financial assets included in the above balances relate to deposits 计入上述结余的金融资产与近期并无违约 and receivables for which there was no recent history of default and 记录的按金及应收款项以及逾期款项有 past due amounts. 关。 The Group has applied the general approach to provide for expected 本集团已应用一般方法就存款及其他应收 credit losses for deposits and other receivables and considered past 款项的预期信贷亏损计提拨备并在计算预 events current conditions and forecasts of future economic conditions 期信贷亏损率时考量过去事件、当前状况 in calculating the expected credit loss rate. As at 31 March 2024 and 和未来经济状况的预测。于2024年及2023 2023 the expected credit loss rate for deposits and other receivables 年3月31日，按金及其他应收款项的预期 was assessed to be minimal. 信贷亏损率评估为微不足道。 142 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 22. DEFERRED TAX 22. 递延税项 The movements in deferred liability and asset during the year are as 于年内，递延负债及资产变动如下： follows: Impairment allowance on trade receivables Accelerated and contract Tax losses tax assets recognised depreciation Total贸易应收款项及合约资产已确认加速税的减值拨备税项亏损项折旧总计 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元 At 1 April 2022 于2022年4月1日 173 36 63 272Deferred tax credited/(charged) 年内计入损益╱（自损益扣to profit or loss during the year 除）的递延税项（附注12） (No te 12) 350 90 (84) 356 At 31 March 2023 and 1 April 2023 于2023年3月31日及 2023年4月1日523126(21)628Deferred tax credited/(charged) 年内计入损益╱（自损益to profit or loss during the year 扣除）的递延税项 (No te 12) （附注12） 2640 4226 (34) 6832 At 31 March 2024 于2024 年3月31日 3163 4352 (55) 7460 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 143Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 22. DEFERRED TAX (continued) 22. 递延税项（续） The following is the analysis of the deferred tax balances (after offset) for 下表载列用于综合财务状况财务报表的递 consolidated financial statement of financial position purposes: 延税项结余（抵销后）之分析： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Deferred tax liabilities 递延税项负债 (55) (21) Defer red tax assets 递延税 项资产 7515 649 7460628 As at 31 March 2024 the Group had unused tax losses of approximately 于2024年3月31日，本集团的未动用税项HK$29728000 (2023: HK$3454000) available for offset against 亏损约29728000港元（2023年：3454000future profits. A deferred tax asset has been recognised in respect of 港元），可供抵销未来溢利。已就其中亏HK$26375000 (2023: HK$765000) of such losses. No deferred tax asset 损26375000港元（2023年：765000港元） has been recognised in respect of the remaining HK$3353000 (2023: 确认递延税项资产。因未来溢利流不可预HK$2689000) due to the unpredictability of future profit streams. 测，概无就余下3353000港元（2023年：2689000港元）确认递延税项资产。 The Group’s tax losses will expire in the following years: 本集团之税项亏损将于以下年度届满： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 In 2029 于2029年 82 – No ex piry date 无届满 日期 29646 3454 297283454 144 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 23. CONTRACT ASSETS/(LIABILITIES) 23. 合约资产╱（负债） 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Contract assets 合约资产 – Unbilled revenue －未发票据收益 43846 7113 – R etention receivables －应 收保固金 29892 29923 7373837036 Impa irment allowance 减值拨 备 (33979) (650) 3975936386 Cont ract liabilities 合约负 债 – 3816 Movements in gross carrying amounts of contract assets: 合约资产账面总值变动： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 At beginning of the year 年初 37036 48676 Additions in contract assets 合约资产增加 57129 16613 Trans fer to trade receivables 转拨至 贸易应收款项 (20427) (28253) At en d of the year 年末 73738 37036 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 145Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 23. CONTRACT ASSETS/(LIABILITIES) (continued) 23. 合约资产╱（负债）（续） Unbilled revenue included in contract assets represents the Group’s 计入合约资产之未发票据收益指本集团就 right to receive consideration for work completed and not yet billed 已完成但尚未发票据之工程收取代价之权 because the rights are conditional upon the quality and quantity check 利，原因是相关权利须待客户对本集团所by the customers on the construction work completed by the Group 完成建筑工程检查质量及数量后方可作实 and the work is pending for the certification by the customers. The 且有关工程须待客户认可。倘为相关权利contract assets are transferred to the trade receivables when the rights 不受条件限制（届时本集团通常已就所完become unconditional which is typically at the time when the Group 成建筑工程取得客户认可），合约资产会obtains the certification of the completed construction work from the 转拨至贸易应收款项。 customers.Retention receivables included in contract assets represent the Group’s 计入合约资产之应收保固金指本集团就已 right to consideration for work performed but not yet collectible 完成但尚未收回之工程收取代价之权利，because the rights are conditional on the satisfaction of the service 原因是相关权利须待客户于合约规定的一 quality by the customers over a certain period as stipulated in the 定期间内对服务质素表示满意后方可作contracts. The contract assets are transferred to the trade receivables 实。倘为相关权利不受条件限制（通常为when the rights become unconditional which is typically at the expiry 本集团就其所完成建筑工程之服务质素提date of the period for the provision of assurance by the Group on the 供保证期间之届满日期），合约资产转拨service quality of the construction work performed by the Group. 至贸易应收款项。 The increase in contract assets in 2024 was the results of the increase in 于2024年合约资产增加是由于年末提供建 the provision of construction services at the end of the year. 筑服务增加所致。 The Group’s trading terms and credit policy with customers are 本集团与客户的贸易条款及信贷政策披露 disclosed in Note 24 to the financial statements. 于财务报表附注24。 The expected timing of recovery or settlement for contract assets is as 预计收回或结算合约资产的时间如下： follows: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Within one year 一年内 28021 23026 After one year 一年后 11738 13360 3975936386 146 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 23. CONTRACT ASSETS/(LIABILITIES) (continued) 23. 合约资产╱（负债）（续） The movements in impairment allowance of contract assets are as 合约资产的减值拨备变动如下： follows: 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 At beginning of year 年初 650 669 Provision/(reversal of provision) for 减值拨备╱（拨备拨回）净额 im pairment allowance net 13 33329 (19) At en d of year 年末 33979 650 An impairment analysis is performed at each reporting date using a 于各报告日期采用拨备矩阵进行减值分 provision matrix to measure expected credit losses. The provision rates 析，以计量预期信贷亏损。计量合约资产for the measurement of the expected credit losses of the contract assets 预期信贷亏损的拨备率乃基于贸易应收款 are based on those of the trade receivables as the contract assets and 项的预期信贷亏损拨备率，原因为合约资the trade receivables are from the same customer bases. The provision 产及贸易应收款项均来自同一客户群。合rates of contract assets are based on days past due of trade receivables 约资产的拨备率基于具有类似亏损模式的 for groupings of various customer segments with similar loss patterns. 多个客户分部组别的贸易应收款项逾期日 Expected loss rates are based on actual loss experience over the past 3 数厘定。预期亏损率乃按过去三年实质亏years. The calculation reflects the probability-weighted outcome the 损经验而得出。该计算反映概率加权结time value of money and reasonable and supportable information that 果、货币时间价值及于报告日期可得的有 is available at the reporting date about past events current conditions 关过往事项、当前状况及未来经济状况预 and forecasts of future economic conditions. 测的合理及可靠资料。 Set out below is the information about the credit risk exposure on the 下表载列使用拨备矩阵计算的本集团合约 Group’s contract assets using a provision matrix: 资产的信贷风险资料： 2024 2024年 Individually Current impaired即期个别减值 Expected credit loss rate 预期信贷亏损率 22.0% 100.0% Gross carrying amount (HK$’000) 账面总值（千港元） 50987 22751 Expe cted credit losses (HK$’000) 预期信 贷亏损（千港元） 11228 22751 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 147Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 23. CONTRACT ASSETS/(LIABILITIES) (continued) 23. 合约资产╱（负债）（续） 2023 2023年 Individually Current impaired即期个别减值 Expected credit loss rate 预期信贷亏损率 1.76% N/A不适用 Gross carrying amount (HK$’000) 账面总值（千港元） 37036 – Expe cted credit losses (HK$’000) 预期信 贷亏损（千港元） 650 – Movements in contract liabilities: 合约负债之变动： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 At beginning of the year 年初 3816 4310 Receipt from customers 收取客户的款项 – 3816 Revenue recognised that was included in 年初计入合约负债结余的 the contract liability balance at beginning 已确认收益 of the year (3816) (4310) At en d of the year 年末 – 3816 The contract liability primarily related to the Group’s obligation to 合约负债主要与本集团向客户转移服务的 transfer services to customer for which the Group had received 责任有关，就此本集团已收取客户代价。 consideration from the customer. 24. TRADE RECEIVABLES 24. 贸易应收款项 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Trade receivables 贸易应收款项 36817 24175 Impa irment allowance 减值拨 备 (19433) (2520) 1738421655 148 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 24. TRADE RECEIVABLES (continued) 24. 贸易应收款项（续） Trade receivables mainly represented receivables for contract works. 贸易应收款项主要为合约工程应收款项。 Management generally submits interim payment applications to 管理层通常每月向客户提交临时付款申 customers on a monthly basis containing a statement setting out 请，当中载有管理层对上月已竣工工程的management’s estimation of the valuation of the works completed in 估值进行估计的报表。在收到临时付款申the preceding month. Upon receiving the interim payment application 请后，客户的工料测量师将于30天内核实the quantity surveyors of the customer will verify such valuation of 已竣工工程的估值，并发出临时付款证works completed and issue an interim payment certificate within 书。在发出临时付款证书后30天内，客户 30 days. Within 30 days after the issuance of the interim payment 将基于该证书中规定的核准金额向本集团 certificate the customer will make payment to the Group based on the 支付款项，并按照合约扣除任何保固金。 certified amount stipulated in such certificate deducting any retention 贸易应收款项并不计息。 money in accordance with the contract. Trade receivables are non- interest-bearing.An ageing analysis of the trade receivables as at the end of the 于报告期末根据进度付款证明日期并扣除 reporting period based on the progress payment certificate date and 减值拨备后的贸易应收款项的账龄分析如 net of impairment allowance is as follows: 下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Within 30 days 30天内 9587 13327 31 to 90 days 31至90天 7578 6186 91 to 120 days 91至120天 212 – Over 120 days 超过12 0天 7 2142 1738421655 The movements in impairment allowance of trade receivables are as 贸易应收款项的减值拨备变动如下： follows: 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 At beginning of the year 年初 2520 380 Provision for impairment 减值拨备净额 allowance net 13 16913 2209 Writt en off 撇销 – (69) At en d of the year 年末 19433 2520 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 149Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 24. TRADE RECEIVABLES (continued) 24. 贸易应收款项（续） An impairment analysis is performed at each reporting date using a 于各报告日期采用拨备矩阵进行减值分 provision matrix to measure expected credit losses. The provision rates 析，以计量预期信贷亏损。拨备率乃基于are based on days past due for groupings of various customer segments 具有类似亏损模式的多个客户分部组别的 with similar loss patterns. The calculation reflects the probability- 逾期日数厘定。该计算反映概率加权结weighted outcome the time value of money and reasonable and 果、货币时值及于报告日期可得的有关过 supportable information that is available at the reporting date about 往事项、当前状况及未来经济条件预测的 past events current conditions and forecasts of future economic 合理及可靠资料。一般而言，贸易应收款conditions. Generally trade receivables are written off if past due for 项如逾期超过120天及毋须受限于强制执 more than 120 days and are not subject to enforcement activity. 行活动则予以撇销。 Set out below is the information about the credit risk exposure on the 下表载列使用拨备矩阵计算的本集团贸易 Group’s trade receivables using a provision matrix: 应收款项的信贷风险资料： As at 31 March 2024 于2024年3月31日 Past due逾期 Less than 31 to Over Individually Current 30 days 90 days 3 months impaired Total即期少于30天31至90天超过3个月个别减值总计 Expected credit loss rate 预期信贷亏损率 23.88% 33.81% 63.68% 98.44% 100.0% 52.78% Gross carrying amount (HK$’000) 账面总值（千港元） 12594 11140 1148 448 11487 36817 Expecte d credit loss (HK$’000) 预期信贷 亏损（千港元） 3008 3766 731 441 11487 19433 As at 31 March 2023 于2023年3月31日 Past due逾期 Less than 31 to Over Individually Current 30 days 90 days 3 months impaired Total即期少于30天31至90天超过3个月个别减值总计 Expected credit loss rate 预期信贷亏损率 0.51% 1.35% 1.46% 52.50% N/A不适用 10.42% Gross carrying amount (HK$’000) 账面总值（千港元） 13395 5723 548 4509 – 24175 Expecte d credit loss (HK$’000) 预期信贷 亏损（千港元） 68 77 8 2367 – 2520 All trade receivables are denominated in HKD. 所有贸易应收款项均以港元计值。 150 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 25. CASH AND CASH EQUIVALENTS AND PLEDGED 25. 现金及现金等值项目以及质押 DEPOSITS 存款 20242023 2024年2023年 Note HK$’000 HK$’000附注千港元千港元 Cash and bank balances 现金及银行结余 10704 11555 Time deposits 定期存 款 38288 62173 4899273728 Less: Time deposits pledged for 减：就银行融资所抵押之定期 banking facilities 存款 33( a) (18288) (10173) Cash and cash equivalents 现金及 现金等值项目 30704 63555 Cash at banks earns interest at floating rates based on daily bank 银行现金根据每日银行存款利率按浮息赚 deposit rates. Short term time deposits are made for varying periods of 取利息。短期定期存款之期限由一天至between one day and three months depending on the immediate cash 三个月不等，视乎本集团之即时现金需求requirements of the Group and earn interest at the respective short 而定，并按相关短期定期存款利率赚取利term time deposit rates. The bank balances and pledged deposits are 息。银行结余及质押存款乃存放于信誉良deposited with creditworthy banks with no recent history of default. 好及近期并无违约记录的银行。 As at 31 March 2024 the bank and cash balances of the Group 于2024年3月31日，本集团以人民币（「人denominated in Renminbi (“RMB”) amounted to HK$523000 (2023: 民币」）计值的银行及现金结余为523000港 Nil). Conversion of RMB into foreign currencies is subject to the 元（2023年：零）。将人民币兑换为外币须PRC’s Foreign Exchange Control Regulations and Administration of 遵循中国之《外汇管理条例》及《结汇、售Settlement Sale and Payment of Foreign Exchange Regulations. 汇及付汇管理规定》。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 151Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 26. TRADE PAYABLES 26. 贸易应付款项 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Trade payables 贸易应 付款项 58833 18392 An ageing analysis of the trade payables as at the end of reporting 于报告期末根据发票及付款证明日期呈列 period based on the date of invoice and payment certificate is as 的贸易应付款项的账龄分析如下： follows: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Within 30 days 30天内 53579 10021 31 to 90 days 31天至90天 3500 3648 91 to 180 days 91天至180天 898 2783 Over 180 days 超过18 0天 856 1940 5883318392 Trade payables are non-interest-bearing. The payment terms of trade 贸易应付款项并不计息。贸易应付款项的payables are stipulated in the relevant contracts with credit period 付款期限由相关合约规定，信贷期一般为ranges from 30 to 120 days in general. 30至120天。 All trade payable are denominated in HKD. 所有贸易应付款项均以港元计值。 152 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 27. LEASE LIABILITIES 27. 租赁负债 Present value of minimum Minimum lease payments lease payments最低租赁付款最低租赁付款之现值 2024202320242023 2024年2023年2024年2023年 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元 Within one year 一年内 929 440 711 437 More than one year but not 一年以上但不超过两年 exceeding two years 959 – 735 – More than two years but not 两年以上但不超过五年 more than five years 2221 – 1986 – 41094403432437 Less: Future finance charges 减 ：未来融资费用 (677) (3) N/A 不适用 N/A 不适用 Present value of lease obligations 租 赁承担现值 3432 437 3432 437 Less: Amount due for settlement 减：须于12个月内偿付within 12 months (shown 的款项（于流动负债under current liabilities) 项下列示） (711) (437) Amount due for settlement after 须于12个月后偿付的 12 months 款项 2721 – The weighted average incremental borrowing rate applied to lease 租赁负债适用的加权平均增量借款利率为 liabilities was 3.6% (2023: 1.9%) per annum. 每年3.6%（2023年：1.9%）。 The carrying amount of the Group’s lease liabilities is denominated in 本集团租赁负债之账面值乃按以下货币计 the following currencies: 值： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 HKD 港元 – 437 RMB 人民币 3432 – 3432437 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 153Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 28. PROVISION FOR RECTIFICATION WORKS 28. 整改工程拨备 HK$’000千港元 At 1 April 2022 于2022年4月1日 7269 Additional provisions made during the year 年内额外拨备 3817 Provision used during the year 年内动用拨备 (734) Unus ed provision reversed 拨回未 动用拨备 (808) At 31 March 2023 and 1 April 2023 于2023年3月31日及2023年4月1日 9544 Additional provisions made during the year 年内额外拨备 3456 Provision used during the year 年内动用拨备 (1326) Unus ed provision reversed 拨回未 动用拨备 (6592) At 31 March 2024 于2024 年3月31日 5082 The Group generally provides defect liability periods of one to two 本集团一般会就已完工工程向客户提供一 years to its customers for its works performed during which defective 至两年缺陷责任期，期间缺陷工程会进行works are rectified or replaced. The amount of the provision is estimated 整改或替换。拨备之金额乃根据过往缺陷based on the past experience of the level of defective works and the 工程之经验予以估计。估计之基准乃按持estimation basis is reviewed on an ongoing basis and revised where 续基准予以检讨及于适当时作出修订。 appropriate. 29. BANK BORROWINGS 29. 银行借款 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Mort gage loans – secured 按揭贷 款－有抵押 6701 – 154 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 29. BANK BORROWINGS (continued) 29. 银行借款（续） The bank borrowings are repayable as follows: 银行借款须于以下期间偿还： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Within one year 一年内 352 – More than one year but not exceeding 一年以上但不超过两年 two years 366 – More than two years but not more than 两年以上但不超过五年 five years 1192 – More than five years 五年以 上 4791 – 6701– Less: Amount due for settlement within 减：须于12个月内偿付的款项 12 months (shown under current liabilities) （于流 动负债项下列示） (6701) – Amo unt due for settlement after 12 months 须于12 个月后偿付的款项 – – Note: 附注： (i) The bank borrowings are arranged at floating rate of the Best Lending (i) 银行借款乃按香港上海汇丰银行所报之 Rate for Hong Kong dollar quoted by The Hong Kong and Shanghai 港元最佳贷款利率减每年1.8%之浮动利 Banking Corporation Limited minus 1.8% per annum (2023: Nil) thus 率（2023年：无）计息，令致本集团面临exposing the Group to cash flow interest rate risk and are denominated in 现金流量利率风险，并以港元计值。 HKD.(ii) As at 31 March 2024 the bank borrowings were secured by the legal (ii) 于2024年3月31日，银行借款乃以本集团charge over the Group’s investment properties as disclosed in Note 20 to 投资物业的法定押记（于综合财务报表附the consolidated financial statements rental assignments and a corporate 注20披露）、租金转让及本公司签订的公 guarantee executed by the Company. 司担保作抵押。 (iii) During the year ended 31 March 2024 two subsidiaries of the Group (iii) 截至2024年3月31日止年度，本集团两家breached the covenant requirement under bank facilities with a bank 附属公司违反了与银行订立的银行融资 as the subsidiaries have not channeled required percentage of their 项下的契诺规定，盖因附属公司尚未将operating cash to their bank’s accounts. As a result bank borrowings of 规定比例的经营现金转入彼等之银行账HK$6701000 (2023: Nil) were subject to repayment on demand clause by 户。因此，银行借款6701000港元（2023the bank. Such bank borrowings were classified as current liabilities as at 年：零）须按银行要求予以偿还。于2024 31 March 2024. 年3月31日，相关银行借款分类为流动负债。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 155Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 30. SHARE CAPITAL 30. 股本 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Authorised: 法定： 10000000000(2023:10000000000)10000000000股（2023年：ordinary shares of HK$0.01 each 10000000000股）每股0.01港元之普通股100000100000 Issued and fully paid: 已发行及缴足： 1000000000(2023:1000000000)1000000000股（2023年：ordinary shares of HK$0.01 each 1000000000股）每股0.01港元之普通股1000010000 A summary of movements in the Company’s authorised and issued 本公司法定及已发行股本的变动概要如 share capital is as follows: 下： Number of Nominal value ordinary of ordinary shares shares普通股数目普通股面值 HK$’000千港元 Authorised: 法定： At 1 April 2022 31 March 2023 于2022年4月1日、2023年 1 April 2023 and 31 March 2024 3月31日、2023年4月1日及 2024年3月31日10000000000100000 Issued and fully paid: 已发行及缴足： At 1 April 2022 31 March 2023 于2022年4月1日、2023年 1 April 2023 and 31 March 2024 3月31日、2023年4月1日及 2024年3月31日100000000010000 156 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 30. SHARE CAPITAL (continued) 30. 股本（续） The Group’s objectives when managing capital are to safeguard the 本集团管理资金的目标为保障本集团继续 Group’s ability to continue as a going concern and to maximise the 持续经营之能力，并通过优化债务及股权return to the shareholders through the optimisation of the debt and 平衡，为股东创造最大回报。 equity balance.The Group sets the amount of capital in proportion to risk. The Group 本集团按风险比例厘定资本金额。本集团manages the capital structure and makes adjustments to it in the light 根据经济状况变化及有关资产的风险特征 of changes in economic conditions and the risk characteristics of the 管理资本结构并作出调整。为维持或调整underlying assets. In order to maintain or adjust the capital structure 资本结构，本集团可能调整股息支付、发the Group may adjust the payment of dividends issue new shares buy- 行新股、回购股份、募集新债务、赎回现 back shares raise new debts redeem existing debts or sell assets to 有债务或出售资产以减少债务。 reduce debts.The Group monitors capital using a gearing ratio which is the Group’s 本集团采用资产负债比率监察资本，而有total debts (comprising lease liabilities and bank borrowings) over 关比率乃按本集团的债务总额（包括租赁its total equity. The Group’s policy is to keep the gearing ratio at a 负债及银行借款）除以其权益总额计算。 reasonable level. The Group’s gearing ratio as at 31 March 2024 was 5.3% 本集团的政策为将资产负债比率保持在合 (2023: 0.2%). The increase in the gearing ratio of the Group is primarily 理水平。本集团于2024年3月31日的资产 due to the decrease in equity as a result of the loss generated for the 负债比率为5.3%（2023年：0.2%）。本集团year ended 31 March 2024. 资产负债比率上升主要由于截至2024年3月31日止年度产生的亏损导致权益减少所致。 The externally imposed capital requirements for the Group are: (i) in 本集团的外在资本要求为：(i)其须维持最 order to maintain its listing on the Stock Exchange it has to have a 少25%公众持股量以维持于联交所上市； public float of at least 25% of the shares; and (ii) to meet financial 及 (ii)须遵守获授银行融资附带的财务契 covenants attached to the banking facilities granted. 诺。 Based on information that is publicly available to the Company and 根据本公司公开可得的资料及本公司董事 within the knowledge of the directors of the Company as at the date of 所知，截至本年报日期，本公司一直维持this annual report the Company has maintained sufficient public float 上市规则规定的充足公众持股量，即由公with at least 25% of the shares held by the public as required under the 众人士持有最少25%的股份。 Listing Rules.Breaches in meeting the financial covenants would permit the bank to 银行可在我们违反财务契诺时立即要求偿 immediately demand repayment of borrowings. For details of breach of 还借款。截至2024年3月31日止年度，有covenant during the year ended 31 March 2024 please refer to Note 29 关违反契诺的详情请参阅综合财务报表附 to the consolidated financial statements. 注29。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 157Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 31. STATEMENT OF FINANCIAL POSITION OF THE 31. 本公司的财务状况表 COMPANY Information about the statement of financial position of the Company 本公司于报告期末的财务状况表资料如 at the end of the reporting period is as follows: 下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 NON-CURRENT ASSET 非流动资产 Inves tments in subsidiaries 投资于 附属公司 –* –* CURRENT ASSETS 流动资产 Prepayments 预付款项 235 213 Due from subsidiaries 应收附属公司款项 6613 72463 Cash and cash equivalents 现金及 现金等值项目 322 322 717072998 NET ASSETS 资产净 值 7170 72998 CAPITAL AND RESERVES 股本及储备 Share capital 股本 10000 10000 Reser ves (Note) 储备（附 注） (2830) 62998 TOTA L EQUITY 权益总 额 7170 72998 * Less than HK$1000 * 少于1000港元 Approved by the Board of Directors on 27 June 2024 and are signed on 于2024年6月27日经董事会批准及由以下 its behalf by: 董事代为签署： Mr. Chen Yuet Wa Mr. Chan Fai陈越华先生陈辉先生 Director Director董事董事 158 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 31. STATEMENT OF FINANCIAL POSITION OF THE 31. 本公司的财务状况表（续） COMPANY (continued) Note: 附注： A summary of the Company’s reserves is as follows: 本公司储备概要如下： Share premium Accumulated account losses Total股份溢价账累计亏损总计 HK$’000 HK$’000 HK$’000千港元千港元千港元 At 1 April 2022 于2022年4月1日 91369 (26989) 64380 Loss and total comprehensive loss for the 年内亏损及全面亏损总额 yea r – (1382) (1382) At 31 March 2023 and 1 April 2023 于2023年3月31日及2023年4月1日 91369 (28371) 62998 Loss and total comprehensive loss for the 年内亏损及全面亏损总额 yea r – (65828) (65828) At 31 March 2024 于2024 年3月31日 91369 (94199) (2830) 32. RESERVES 32. 储备 (a) Group (a) 本集团 The amounts of the Group’s reserves and the movements therein 本集团于本年度及过往年度的储备 for the current and prior years are presented in the consolidated 金额及当中变动于综合权益变动表 statement of changes in equity. 呈列。 (b) Nature and purpose of reserves (b) 储备性质及用途 (i) Share premium (i) 股份溢价 Under the Companies Law of the Cayman Islands the 根据开曼群岛公司法，本公司funds in the share premium account of the Company are 股份溢价账户内的资金可向本 distributable to the shareholders of the Company provided 公司股东分派，前提为紧随建that immediately following the date on which the dividend 议派发股息当日后，本公司将is proposed to be distributed the Company will be in a 有能力清偿其在日常业务过程 position to pay off its debts as they fall due in the ordinary 中到期的债务。 course of business.(ii) Merger reserve (ii) 合并储备 The balances of the merger reserve as at 31 March 2024 于2024年及2023年3月31日之 and 2023 represent the aggregate of the paid-up share 合并储备结余指重组完成前现 capital of the subsidiaries now comprising the Group prior 时组成本集团之附属公司之实 to the completion of the reorganisation. 缴股本之总和。 (iii) Foreign currency translation reserve (iii) 外币汇兑储备 The foreign currency translation reserve comprises all 外币汇兑储备包括由换算海外 foreign exchange differences arising from the translation of 业务财务报表所产生之所有汇 the financial statements of foreign operations. The reserve is 兑差额。储备乃根据综合财务dealt with in accordance with the accounting policy set out 报表附注4(c)(iii)所载之会计政 in Note 4(c)(iii) to the consolidated financial statements. 策予以处理。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 159Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 33. CONTINGENT LIABILITIES 33. 或然负债 (a) At the end of the current and prior years contingent liabilities not (a) 于本年度及过往年度末，未于财务provided for in the financial statements were as follows: 报表拨备的或然负债如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Guarantees given to banks for: 给予银行之担保： Su rety bonds 履约 保证金 25147 12202 As at 31 March 2024 the surety bonds were secured by 于2024年3月31日，书面保证分别以the pledge of time deposits of the Group amounting to 本集团金额为18288000港元（2023HK$18288000 (2023: HK$10173000) and corporate guarantee 年：10173000港元）的定期存款质押 executed by the Company amounting to HK$50000000 (2023: 及本公司签立之公司担保50000000 HK$50000000) respectively. 港元（2023年：50000000港元）作抵押。 (b) A subsidiary of the Group is named as defendant in several claims (b) 本集团的一间附属公司被列为多起 lawsuits and potential claims. These mainly relate to employee 申诉、诉讼及潜在申诉的被告。该compensation personal injury and workplace safety issues. The 等申诉主要与员工赔偿、人身伤害 directors of the Company have carefully considered each case 及工作场所安全问题有关。本公司and determined that the likelihood of any financial outflows to 董事已审慎考虑各项案件，认为解settle these legal claims is remote. This is because these claims are 决该等法律申诉而导致任何财务流 either fully covered by insurance or are immaterial to the overall 出的可能性甚低，盖因该等申诉已financial position of the Group. As a result the Company has not 由保险全面覆盖或对于本集团的整 found it necessary to record any provisions for these contingent 体财务状况而言属不重大。因此，liabilities arising from the ongoing litigations. 本公司认为无需就正在进行的诉讼产生的该等或然负债计提任何拨备。 34. NOTES TO THE CONSOLIDATED STATEMENT OF 34. 综合现金流量表附注 CASH FLOWS (a) Major non-cash transactions (a) 主要非现金交易 (i) During the year ended 31 March 2024 the Group entered (i) 截至2024年3月31日止年度，into a new lease agreement for the use of office premise 本集团就使用位于中国的办公 in PRC for 5 years. On the lease commencement the 物业订立一份新的租赁协议，Group recognised HK$3995000 right-of-use assets and 为期5年。于租赁开始时，本HK$3995000 lease liabilities (2023: Nil). 集团确认使用权资产3995000港元及租赁负债3995000港元 （2023年：零）。 (ii) Addition of investment properties of HK$2742000 during (ii) 截至2024年3月31日止年度，the year ended 31 March 2024 were reclassified from 投资物业添置2742000港元已 prepayments made in 2023. 由2023年作出的预付款项重新分类。 (iii) Addition of property plant and equipment of HK$1024000 (iii) 截 至 2024 年 3 月 31 日 止 年 during the year ended 31 March 2024 were reclassified 度，物业、厂房及设备添置from prepayments made in 2023. 1024000港元已由2023年作出的预付款项重新分类。 160 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 34. NOTES TO THE CONSOLIDATED STATEMENT OF 34. 综合现金流量表附注（续） CASH FLOWS (continued) (b) Reconciliation of liabilities arising from financing (b) 融资活动产生的负债对账 activities The table below details changes in the Group’s liabilities arising 下表详述本集团融资活动产生的负 from financing activities including both cash and non-cash 债的变动，包括现金及非现金变changes. Liabilities arising from financing activities are those for 动。融资活动产生的负债为现金流which cash flows were or future cash flows will be classified in 量已于或未来现金流量将于本集团 the Group’s consolidated statement of cash flows as cash flows 综合现金流量表内分类为融资活动 from financing activities. 现金流量的负债。 Non-cash changes非现金变动 Finance Addition of Foreign 1 April Net costs right-of-use exchange 31 March 2023 cash flows recognised assets movement 2024 2023年现金流量已确认添置2024年 4月1日净额融资成本使用权资产外汇变动3月31日 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元千港元 (Note 11) (Note 19)（附注11）（附注19） Lease liabilities (Note 27) 租赁负债（附注27） 437 (1147) 160 3995 (13) 3432 Bank borrowings 银行借款（附注29） (No te 29) – 6516 185 – – 6701 43753693453995(13)10133 Non-cash changes非现金变动 Finance Net costs 31 March 1 April 2022 cash flows recognised 2023 2022年现金流量已确认2023年 4月1日净额融资成本3月31日 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元 (Note 11)（附注11） Lease liabilities (Note 27) 租赁负 债（附注27） 1725 (1321 ) 33 437 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 161Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 34. NOTES TO THE CONSOLIDATED STATEMENT OF 34. 综合现金流量表附注（续） CASH FLOWS (continued) (c) Total cash outflow for leases (c) 租赁现金流出总额 Amounts included in the cash flow statements for leases 就租赁计入现金流量表的金额包括 comprise the following: 以下各项： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Within operating cash flows 经营现金流量范围内 1519 296 Withi n financing cash flows 融资现 金流量范围内 987 1288 25061584 These amounts relate to the following: 该等金额与以下各项有关： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Lease rental paid 已付租 金 2506 1584 35. CAPITAL COMMITMENTS 35. 资本承担 Capital commitments contracted for at the end of the reporting period 报告期末已订约但尚未产生的资本承担如 but not yet incurred are as follows: 下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Prope rty plant and equipment 物业、 厂房及设备 – 256 162 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 36. OPERATING LEASE ARRANGEMENTS 36. 经营租赁安排 The Group as lessee 本集团作为承租人 The total future minimum lease payments under non-cancellable 不可撤销经营租赁项下应付的未来最低租 operating lease are payable as follows: 赁付款总额如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Withi n one year (Note) 一年内（ 附注） 496 – Note: During the year ended 31 March 2024 the Group entered into a short- 附注： 截至2024年3月31日止年度，本集团就一term lease for an office premise in Hong Kong and the outstanding lease 项位于香港的办公物业订立短期租赁，commitments relating to the office premise is HK$496000 (2023: Nil). 而办公物业相关的尚未偿还租赁承担为 496000港元（2023年：零）。 The Group as lessor 本集团作为出租人 Operating leases relate to investment property owned by the Group 经营租赁涉及本集团拥有的投资物业，租with lease terms of 2 years. The lessee does not have an option to 期为2年。租赁期届满时，承租人无权购purchase the property at the expiry of the lease period. 买该物业。 Minimum lease payments receivable on leases are as follows: 租赁的最低应收租赁付款如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Within one year 一年内 3088 516 In the second year 第二年 257 10 Total 总计 3345 526 The following table presents the amounts reported in profit or loss for 下表呈列就投资物业于损益报告的金额： investment properties: 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Rental income 租金收入 2018 652 Direct operating expenses 直接经营开支 (643) (396) Othe r operating expenses 其他经 营开支 (937) (422) 438(166) ANNUAL REPORT 2023/24 * 二零二三/二四年年报 163Notes to the Financial Statements财务报表附注 31 March 2024 2024年3月31日 37. RELATED PARTY TRANSACTIONS 37. 关联方交易 (a) Compensation of key management personnel of the (a) 本集团主要管理人员的薪酬 Group Remuneration for key management personnel of the Group 于附注15中披露的本集团主要管理including amounts paid to the Company’s directors chief 人员的薪酬（包括已付本公司董事、executive and certain of the highest paid employees as disclosed 行政总裁及若干最高薪员工的款项） in Note 15 was as follows: 如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 Salaries and allowances 薪金及津贴 2160 2980 Discretionary bonus 酌情花红 200 124 Pens ion scheme contributions 退休金 计划供款 36 54 23963158 (b) In addition to the balances arrangements and transactions (b) 除了在该等财务报表及董事会报告 detailed elsewhere in these financial statements and Report of 中另行详列的结余、安排及交易 the Directors the Group had the following transactions with 外，本集团于年内与关联方进行的related parties during the year: 交易如下： 20242023 2024年2023年 HK$’000 HK$’000千港元千港元 (i) Lease payments paid to (i) 支付予控股股东之配偶 Ms. Wong Chun Siu the spouse 黄春笑女士的租赁付款 of the Controlling Shareholder 1432 1320 (ii) Employee benefit expenses paid to (ii) 支付予控股股东之胞兄 Mr. Chen Zhenchuan the brother 陈振川先生之雇员福利开支 of the Controlling Shareholder 525 486 The transactions were conducted on terms and conditions 该等交易乃根据本集团及相关订约 mutually agreed between the Group and the related parties. 方共同协定的条款及条件进行。 (c) During the year ended 31 March 2024 the transactions in respect (c) 截至2024年3月31日止年度，上述(b)of item (b)(i) above are also a continuing connected transaction (i)项的交易亦为上市规则第14A章项 as defined under Chapter 14A of the Listing Rules which are 下所界定的持续关连交易，获豁免exempted from reporting annual review and independent 遵守上市规则第14A章项下申报、年 shareholders’ approval under Chapter 14A of the Listing Rules. 度审阅及独立股东批准。 164 Wah Wo Holdings Group Limited * 华和控股集团有限公司Notes to the Financial Statements 财务报表附注 31 March 2024 2024年3月31日 38. OBLIGATION TO PAY LONG SERVICE PAYMENT 38. 根据香港雇佣条例（第57章）支 UNDER HONG KONG EMPLOYMENT ORDINANCE 付长期服务金的责任 (CHAPTER 57) Hong Kong employees that have been employed continuously 根据香港雇佣条例，于若干情况下，连续for at least five years are entitled to long service payment (“LSP”) in 受雇至少五年的香港雇员有权领取长期服 accordance with the Hong Kong Employment Ordinance under certain 务金。该等情况包括：雇员因严重不当行circumstances. These circumstances include where an employee is 为或裁员以外的原因被解雇或雇员在65岁 dismissed for reasons other than serious misconduct or redundancy 或以上时辞职，或雇员的雇佣合约为定期that employee resigns at the age of 65 or above or the employment 合约，期满后不再续签。应付长期服务金contract is of fixed term and expires without renewal. The amount of 的金额根据雇员的最后薪金（上限为22500LSP payable is determined with reference to the employee’s final salary 港元）及服务年资，减本集团向强积金计(capped at HK$22500) and the years of service reduced by the amount 划供款的任何累算权益金额（见附注14）厘 of any accrued benefits derived from the Group’s contributions to MPF 定，每名雇员的整体上限为390000港元。 scheme (see Note 14) with an overall cap of HK$390000 per employee. 目前，本集团并无任何单独的资金安排以Currently the Group does not have any separate funding arrangement 履行其长期服务金义务。 in place to meet its LSP obligation.In June 2022 the HKSAR gazetted the Amendment Ordinance which 于2022年6月，香港特区刊宪修订条例，abolishes the use of the accrued benefits derived from employers’ 旨在取消使用强积金供款下雇主的强制 mandatory MPF contributions to offset the LSP. The abolition will 性供款累算权益抵销长期服务金。取消安officially take effect on 1 May 2025 (the “Transition Date”). Separately 排将于2025年5月1日（「过渡日期」）正式生 the HKSAR is also expected to introduce a subsidy scheme to assist 效。另外，香港特区亦预期开展一项资助employers for a period of 25 years after the Transition Date on the LSP 计划协助雇主支付雇主的应付长期服务 payable by employers up to a certain amount per employee per year. 金，自过渡日期起为期25年，每年每名雇员设有一定金额上限。 Under the Amendment Ordinance the Group’s mandatory MPF 根据修订条例，于过渡日期后，本集团的contributions plus/minus any positive/negative returns after the 强积金计划强制供款加╱减任何正╱负 Transition Date can continue to be applied to offset the pre-Transition 回报可继续用于对冲过渡日期前的长期服 Date LSP obligation but are not eligible to offset the post-Transition 务金责任，但不可抵销过渡日期后的长期Date long service payment obligation. Furthermore the LSP obligation 服务金责任。此外，过渡日期前的长期服before the Transition Date will be grandfathered and calculated based 务金责任将不受影响，并按紧接过渡日期on the last monthly wages immediately preceding the Transition Date 前的最后月薪及直至该日止的服务年期计 and the years of service up to that date. 算。 The Group has determined that the Amendment Ordinance primarily 本集团认为，修订条例主要影响本集团有impacts the Group’s LSP liability with respect to Hong Kong employees 关参与强积金计划的香港雇员的长期服 that participate in MPF Scheme and has confirmed that the abolition 务金责任，并已确认取消安排对本集团于has no material impact to the financial position of the Group as at 31 2024年3月31日的财务状况并无重大影响。 March 2024. 39. EVENTS AFTER THE REPORTING PERIOD 39. 报告期后事项 There were no other significant events after the reporting period up to 于报告期间后直至本报告日期概无其他重 the date of this report. 大事项。 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 165Five-Year Financial Summary五年财务摘要 A summary of the results and assets liabilities and equity of the Group for the 摘录自招股章程及已刊发经审核财务报表在过 last five financial years as extracted from the Prospectus and the published 往五个财政年度之本集团业绩及资产、负债及 audited financial statements is set out below. This summary does not form 权益概要截列如下。本概要并不构成经审核财part of the audited financial statements. 务报表之一部分。 For the year ended 31 March截至3月31日止年度 20242023202220212020 2024年2023年2022年2021年2020年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元千港元千港元千港元千港元 Revenue 收益 238425 208350 223196 350847 245474 Gross profit 毛利 21250 25263 16322 21381 60920 (Loss)/profit before tax 除税前（亏损）╱溢利 (61953) 4056 1878 8310 35856 (Loss)/profit and total comprehensive 年内（亏损）╱溢利及 (expense)/income for the year 全面（开支）╱收益总值 (55116) 2852 1424 5952 27650 Non-current assets 非流动资产 149421 138462 90032 9974 1757 Current assets 流动资产 120351 143131 177719 256235 255824 Total assets 总资产 269772 281593 267751 266209 257581 Current liabilities 流动负债 76367 35827 24421 22793 21690 Net current assets 流动资产净值 43984 107304 153298 233442 234134 Total assets less current liabilities 总资产减流动负债 193405 245766 243330 243416 235891 Net assets 资产净值 190629 245745 242893 241469 235517 Equity attributable to owners of 归属于本公司拥有人的 the Company 权益 190629 245745 242893 241469 235517 166 Wah Wo Holdings Group Limited * 华和控股集团有限公司Particulars of Properties 物业详情 INVESTMENT PROPERTIES 投资物业 Approximate Land lease total gross Group Location Usage expiry floor area interest位置用途土地租赁届满概约总楼面面积本集团权益 (sq. m.)（平方米） Hong Kong香港 6/F Sang Chong Industrial Industrial 2096 465 100% Building 11–13 Ka Hing Road Kwai Chung New Territories 新界葵涌嘉庆路11–13号工业生昌工业大厦6楼 7/F Sang Chong Industrial Industrial 2096 465 100% Building 11–13 Ka Hing Road Kwai Chung New Territories 新界葵涌嘉庆路11–13号工业生昌工业大厦7楼 Workshop A–B 2/F Industrial 2096 1066 100% Lee King Industrial Building 12 Ng Fong Street San Po Kong Kowloon九龙新蒲岗五芳街12号工业 利景工业大厦2楼A至B工作室 Factory B 4/F of Kwai Shing Industrial 2096 393 100% Industrial Building (Phase 1) 36–40 Tai Lin Pai Road Kwai Chung New Territories 新界葵涌大连排道36–40号工业 贵盛工业大厦一期四楼B厂 Factory G 2/F of Kwai Shing Industrial 2096 762 100% Industrial Building (Phase 2) 42–46 Tai Lin Pai Road Kwai Chung New Territories 新界葵涌大连排道42–46号工业 贵盛工业大厦二期2楼G厂 ANNUAL REPORT 2023/24 * 二零二三/二四年年报 167Particulars of Properties物业详情 Approximate Land lease total gross Group Location Usage expiry floor area interest位置用途土地租赁届满概约总楼面面积本集团权益 (sq. m.)（平方米） Factory D 13/F of Kwai Shing Industrial 2096 283 100% Industrial Building (Phase 1) 36–40 Tai Lin Pai Road Kwai Chung New Territories 新界葵涌大连排道36–40号工业贵盛工业大厦一期十三楼 D厂 Factory E 4/F of Kwai Shing Industrial 2096 265 100% Industrial Building (Phase 2) 42–46 Tai Lin Pai Road Kwai Chung New Territories 新界葵涌大连排道42–46号工业 贵盛工业大厦二期4楼E厂 168 Wah Wo Holdings Group Limited * 华和控股集团有限公司