Exhibit 99.1

 

RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

 

   As of
March 31,		  

(Unaudited)

As of

September 30,

 
   2024   2024   2024 
   HKD   HKD   US$ 
ASSETS            
CURRENT ASSETS            
Cash and cash equivalents   35,885,666    81,047,102    10,431,712 
Accounts receivable, net   14,557,523    13,476,241    1,734,550 
Amount due from a director   145,166    
–
    
–
 
Merchandise inventories, net   1,855,686    1,135,068    146,096 
Taxes receivables   395,005    104,085    13,397 
Prepayments   5,000    5,000    644 
TOTAL CURRENT ASSETS   52,844,046    95,767,496    12,326,399 
                
NON-CURRENT ASSETS               
Property and equipment, net   
–
    
–
    
–
 
Deferred initial public offering costs   5,252,768    
–
    
–
 
Long-term deposits   16,200    16,200    2,085 
TOTAL NON-CURRENT ASSETS   5,268,968    16,200    2,085 
TOTAL ASSETS   58,113,014    95,783,696    12,328,484 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY               
CURRENT LIABILITIES               
Accounts payable   732,340    1,098,929    141,445 
Accounts payable - related party   24,278,340    20,418,181    2,628,059 
Accruals   1,018,618    920,901    118,531 
Contract liabilities   1,008,415    -    - 
TOTAL CURRENT LIABILITIES   27,037,713    22,438,011    2,888,035 
                
TOTAL LIABILITIES   27,037,713    22,438,011    2,888,035 
 COMMITMENTS AND CONTINGENCIES   
 
    
 
    
 
 
                
SHAREHOLDERS’ EQUITY               
Ordinary Shares, US$0.00000625 par value, 8,000,000,000 Ordinary Shares authorized, 16,000,000 shares and 17,613,083 shares issued and outstanding as of March 31, 2024 and September 30, 2024, respectively(1)   783    862    110 
Additional paid-in capital   99,217    37,717,487    4,854,683 
Retained earnings   30,975,301    35,627,336    4,585,656 
TOTAL SHAREHOLDERS’ EQUITY   31,075,301    73,345,685    9,440,449 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   58,113,014    95,783,696    12,328,484 

 

(1)

1,500,000 ordinary shares were issued on May 15, 2024, and 113,083 ordinary shares were issued on July 5, 2024.

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

F-1

 

 

RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

  

(Unaudited)

For the Six Months ended

September 30,

 
   2023   2024   2024 
   HKD   HKD   US$ 
REVENUE            
Sales of products   26,011,185    42,101,829    5,418,999 
Sales of tooling   7,006,014    1,147,077    147,642 
    33,017,199    43,248,906    5,566,641 
                
OPERATING EXPENSES               
Merchandise costs   (24,305,564)   (34,100,724)   (4,389,163)
Selling, general and administrative expenses   (1,751,531)   (5,229,459)   (673,093)
Total operating expenses   (26,057,095)   (39,330,183)   (5,062,256)
                
INCOME FROM OPERATIONS   6,960,104    3,918,723    504,385 
                
OTHER INCOME (EXPENSE)               
Interest income   615,405    1,431,474    184,248 
Interest expense   (1,657)   
–
    
–
 
Loss from foreign currency exchange   (16,334)   (407,242)   (52,417)
Total other income, net   597,414    1,024,232    131,831 
INCOME BEFORE INCOME TAX PROVISION   7,557,518    4,942,955    636,216 
PROVISION FOR INCOME TAXES   (1,139,449)   (290,920)   (37,445)
NET INCOME   6,418,069    4,652,035    598,771 
                
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES               
Basic and diluted(1)   16,000,000    17,184,908    17,184,908 
EARNINGS PER SHARE               
Basic and diluted   0.40    0.27    0.03 

 

(1)1,500,000 ordinary shares were issued on May 15, 2024, and 113,083 ordinary shares were issued on July 5, 2024.

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

F-2

 

 

RAYTECH HOLDING LIMITED
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 

   Ordinary shares   Additional       Total 
   No. of
Shares(1)		   Par
Value		   Paid-in
Capital		   Retained
Earnings		   Shareholders’
Equity		 
       HKD   HKD   HKD   HKD 
For the six months ended September 30, 2023:

                    
BALANCE, March 31, 2023   16,000,000    783    99,217    21,038,507    21,138,507 
Net income   –    
–
    
–
    6,418,069    6,418,069 
BALANCE, September 30, 2023   16,000,000    783    99,217    27,456,576    27,556,576 
                          
For the six months ended September 30, 2024:                         
BALANCE, March 31, 2024   16,000,000    783    99,217    30,975,301    31,075,301 
Initial Public Offering of shares   1,613,083    79    37,618,270    
–
    37,618,349 
Net income   –    
–
    
–
    4,652,035    4,652,035 
BALANCE, September 30, 2024   17,613,083    862    37,717,487    35,627,336    73,345,685 
BALANCE, September 30, 2024 (US$)        110    4,854,683    4,585,656    9,440,449 

 

(1)1,500,000 ordinary shares were issued on May 15, 2024, and 113,083 ordinary shares were issued on July 5, 2024.

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

F-3

 

 

RAYTECH HOLDING LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

  

(Unaudited)

For the Six Months ended

September 30,

 
   2023   2024   2024 
   HKD   HKD   US$ 
Cash flows from operating activities            
Net income   6,418,069    4,652,035    598,771 
Adjustments to reconcile net income to net cash provided by operating activities               
Depreciation of property and equipment   2,928    
-
    
-
 
Amortization of right-of-use asset   51,286    
-
    
-
 
Loss from unrealized foreign currency translation   17,918    406,530    52,325 
Changes in operating assets and liabilities               
Accounts receivable, net   (654,485)   978,597    125,957 
Merchandise inventories, net   (681,683)   720,618    92,752 
Prepayments   54,000    
-
    
-
 
Accounts payable   (150,807)   372,876    47,994 
Accounts payable - related party   12,178,316    (3,694,385)   (475,511)
Accruals   (203,832)   (97,717)   (12,577)
Contract liabilities   (1,705,854)   (1,008,415)   (129,795)
Operating lease obligation   (52,344)   
-
    
-
 
Taxes receivables   -    290,920    37,445 
Taxes payables   1,139,449    
-
    
-
 
Net cash provided by operating activities   16,412,961    2,621,059    337,361 
Cash flows from investing activities               
Repayment of amount due from a director   210,702    145,166    18,684 
Net cash provided by investing activities   210,702    145,166    18,684 
Cash flows from financing activities               
Proceed from Initial Public Offering of shares   
-
    42,772,241    5,505,289 
Deferred initial public offering cost   (257,702)   
-
    
-
 
Net cash (used in)/from financing activities   (257,702)   42,772,241    5,505,289 
Change in cash   16,365,961    45,538,466    5,861,334 
Effect of foreign exchange on cash   35,039    (377,030)   (48,528)
Cash at the beginning of the period   21,362,580    35,885,666    4,618,906 
Cash at the end of the period   37,763,580    81,047,102    10,431,712 
                
Supplementary cash flow information               
Cash paid for income tax   
–
    
–
    
–
 
Cash paid for interest expense   
–
    
–
    
–
 

 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

 

 

F-4

 

 

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