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Contract Liabilities
12 Months Ended
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]  
Contract Liabilities

4. Contract Liabilities

 

Contract liabilities consisted of the following at December 31:

 

   2022   2023   2023 
   HK$   HK$   US$ 
Billings in advance of performance obligation under contracts   4,199,173    4,619,690    591,441 

 

The Company’s contract liabilities include payments received in advance of performance under trading solution service contracts which will be recognized as revenue as the Company executed the trading solution services with customers under the contract, as well as the deferred installation and customization service fee received from trading solution services.

 

The movement in contract liabilities is as follows:

   2022   2023   2023 
   HK$   HK$   US$ 
Balance at beginning of the year ended December 31   5,474,175    4,199,173    537,604 
Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the year   (5,474,175)   (4,199,173)   (537,604)
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts   4,199,173    4,619,690    591,441 
                
Balance at end of the year ended December 31   4,199,173    4,619,690    591,441 

 

None of billings in advance of performance received that is expected to be recognized as income after more than one year.

 

 

mF International Limited and Subsidiaries

Notes to Consolidated Financial Statements