	Annual Report 2024/25 年报	ANNUAL REPORT 2024/25 年报

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE

“STOCK EXCHANGE”)

GEM has ben positioned as a market designed to acomodate smal and mid-sized companies to which

a higher investment risk may be atached than other companies listed on the Stock Exchange. Prospective

investors should be aware of the potential risks of investing in such companies and should make the decision

to invest only after due and careful consideration.

Given that the companies listed on GEM are generaly smal and mid-sized companies, there is a risk that

securities traded on GEM may be more susceptible to high market volatility than securities traded on

the Main Board of the Stock Exchange and no asurance is given that there wil be a liquid market in the

securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this anual

report, make no representation as to its acuracy or completenes and expresly disclaim any liability whatsoever for any

los howsoever arising from or in reliance upon the whole or any part of the contents of this anual report.

This anual report, for which the directors (the “Directors” and each a “Director”) of Hephaestus Holdings Limited (the

“Company”, together with its subsidiaries, the “Group”) colectively and individualy acept ful responsibility, includes

particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the

“GEM Listing Rules”) for the purpose of giving information with regard to the Company. The Directors, having made

al reasonable enquiries, confirm that to the best of their knowledge and belief, the information contained in this anual

report is acurate and complete in al material respects and not misleading or deceptive, and there are no other maters

the omision of which would make any statement herein or this anual report misleading.

香港联合交易所有限公司（「联交所」）GEM的特色

GEM的定位，乃为中小型公司提供一个上市的市场，此等公司相比起其他在联交所上市的公司带有较高投资风险。

有意投资的人士应了解投资于该等公司的潜在风险，并应经过审慎周详的考虑后方作出投资决定。

由于GEM上市公司普遍为中小型公司，在GEM买卖的证券可能会较于联交所主板买卖之证券承受较大的市场波动风

险，同时无法保证在GEM买卖的证券会有高流通量的市场。

香港交易及结算所有限公司及联交所对本年报之内容概不负责，对其准确性或完整性亦不发表任何声明，并明确表

示，概不就本年报全部或任何部分内容而产生或因倚赖该等内容而引致之任何损失承担任何责任。

本年报的资料乃遵照联交所的GEM证券上市规则（「GEM上市规则」）而刊载，旨在提供有关客思控股有限公司（「本公

司」，连同其附属公司统称「本集团」）之资料。本公司的董事（「董事」，各为一名「董事」）愿就本年报的资料共同及个别

承担全部责任。各董事在作出一切合理查询后，确认就彼等所知及所信，本年报所载资料在各重大方面均属准确完

备，没有误导或欺诈成份，且并无遗漏任何事项，足以令致本年报或其所载任何陈述产生误导。

2025	2025
二零二五年	二零二五年
number
人数
18	49%
19	51%
–	–
30	81%
7	19%
37	100%
9	24%
5	14%
23	62%
30	81%
7	19%

2025	2025
二零二五年	二零二五年
0.6 0.6 – 5.4 – 0.6
2.9	37%
0.8	28%
6	78%
–	–
0.7	23%
1.8	32%

Key audit matter 关键审核事项	How our audit addressed the key audit matter 我们的审核如何处理关键审核事项
Recognition of revenue from interior design and execution services 确认来自室内设计及执行服务的收入 Refer to Note 5 to the consolidated financial statements 请参阅综合财务报表附注5。 The Group is principally engaged in the provision of interior design and execution services. During the year ended 31 March 2025, apart from certain contracts in which the Group bills a fixed amount for each period of services provided (revenue recognised in the amount to which the Group has a right to invoice), revenue from interior design and execution services amounting to approximately HK$16,305,000 was recognised over time using an input method. If the Group cannot reasonably measure the outcome of a contract (for example, in the early stages) but expects to recover the costs incurred in satisfying the performance obligation, revenue is recognised to the extent of costs incurred. 贵集团主要从事提供室内设计及执行服务。截至二零二五年三月三十一日止年度，除贵集团于提供服务期间收取固定金额的若干合约（收入按贵集团有权出具发票的金额确认）外，来自室内设计及执行服务的收入约16,305,000港元已经使用投入法随时间确认。倘贵集团未能合理计量合约的结果（如于早期阶段），惟预期可收回就达成履约责任所产生的成本，则会以已产生成本为限确认收入。	Our procedures in relation to this matter included: 我们就此事项的程序包括： • Understanding management’s process in relation to the estimation on total budgeted costs and assessing the inherent risk of material misstatement by considering the degree of estimation uncertainty and other inherent risk factors; 了解管理层有关估计总预算成本的流程，并通过考虑估计不确定程度及其他固有风险因素，以评估重大错误陈述的固有风险； • Evaluating management’s estimation of revenue from interior design and execution services, on a sample basis, by: 以抽样评核管理层对来自室内设计及执行服务收入的估计，方式为： – Examining interior design contracts for agreed contract sum and any variations; 检查就已协定合约金额及任何变动的室内设计合约； – Agreeing total budgeted costs to approved budget; 核对总预算成本至经批准预算； – Obtaining an understanding from the Group’s key project team members about the contract terms and the project status of selected contracts to evaluate the reasonableness of the basis of the estimation of total budgeted costs and the actual costs incurred to date; 从贵集团主要项目团队成员了解合约条款及经选定合约的项目状态，以评估估计总预算成本基准的合理性及迄今已产生的实际成本；

Recognition of revenue from interior design and execution services 确认来自室内设计及执行服务的收入 Refer to Note 5 to the consolidated financial statements 请参阅综合财务报表附注5。 The Group is principally engaged in the provision of interior design and execution services. During the year ended 31 March 2025, apart from certain contracts in which the Group bills a fixed amount for each period of services provided (revenue recognised in the amount to which the Group has a right to invoice), revenue from interior design and execution services amounting to approximately HK$16,305,000 was recognised over time using an input method. If the Group cannot reasonably measure the outcome of a contract (for example, in the early stages) but expects to recover the costs incurred in satisfying the performance obligation, revenue is recognised to the extent of costs incurred. 贵集团主要从事提供室内设计及执行服务。截至二零二五年三月三十一日止年度，除贵集团于提供服务期间收取固定金额的若干合约（收入按贵集团有权出具发票的金额确认）外，来自室内设计及执行服务的收入约16,305,000港元已经使用投入法随时间确认。倘贵集团未能合理计量合约的结果（如于早期阶段），惟预期可收回就达成履约责任所产生的成本，则会以已产生成本为限确认收入。

Our procedures in relation to this matter included: 我们就此事项的程序包括： • Understanding management’s process in relation to the estimation on total budgeted costs and assessing the inherent risk of material misstatement by considering the degree of estimation uncertainty and other inherent risk factors; 了解管理层有关估计总预算成本的流程，并通过考虑估计不确定程度及其他固有风险因素，以评估重大错误陈述的固有风险； • Evaluating management’s estimation of revenue from interior design and execution services, on a sample basis, by: 以抽样评核管理层对来自室内设计及执行服务收入的估计，方式为： – Examining interior design contracts for agreed contract sum and any variations; 检查就已协定合约金额及任何变动的室内设计合约； – Agreeing total budgeted costs to approved budget; 核对总预算成本至经批准预算； – Obtaining an understanding from the Group’s key project team members about the contract terms and the project status of selected contracts to evaluate the reasonableness of the basis of the estimation of total budgeted costs and the actual costs incurred to date; 从贵集团主要项目团队成员了解合约条款及经选定合约的项目状态，以评估估计总预算成本基准的合理性及迄今已产生的实际成本；

客思控股有限公司 2024/25 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit matter 关键审核事项	How our audit addressed the key audit matter 我们的审核如何处理关键审核事项
The recognition of revenue from interior design and execution services involves significant management judgement in estimating total budgeted costs and in determining at which point the outcome of a contract can be measured reliably such that it is appropriate to recognise profit. 确认来自室内设计及执行服务的收入于估计总预算成本及厘定能可靠计量合约结果以致令恰当地确认溢利的时点，涉及重大管理层判断。	– Comparing the historical actual profit margin to those budget to assess the quality of management’s forecasting process; 比较过往实际利润率与该等预算，以评估管理层预测流程的质量； – Performing substantive testing on costs incurred to date; 就迄今已产生的成本进行实际性测试； – Testing the accuracy of the calculation of the progress of performance, revenue and profit recognition for selected projects; 测试已选定项目的计算履约进度、收入及溢利确认的准确性； – Discussing the project status with management for explanations of fluctuations in margins and changes in budgeted costs; 与管理层讨论项目状况以解释溢利率波动及预算成本变动； – Corroborating management’s explanations through the examination of agreements and correspondence with customers; 透过检查协议及与客户的通讯往来引证管理层的解释； – Taking into account of any significant changes in circumstances and other relevant conditions in relation to management’s estimation of revenue from interior design and execution services between the reporting date and the date of the auditor’s report; and 考虑报告日期至核数师报告日期与管理层估计来自室内设计及执行服务的收入有关的情况及其他相关状况的任何重大变动；及 – Reviewing the appropriateness of the disclosure in the consolidated financial statements. 审查综合财务报表内相关披露的合理性。

Key audit matter 关键审核事项

How our audit addressed the key audit matter 我们的审核如何处理关键审核事项

The recognition of revenue from interior design and execution services involves significant management judgement in estimating total budgeted costs and in determining at which point the outcome of a contract can be measured reliably such that it is appropriate to recognise profit. 确认来自室内设计及执行服务的收入于估计总预算成本及厘定能可靠计量合约结果以致令恰当地确认溢利的时点，涉及重大管理层判断。

– Comparing the historical actual profit margin to those budget to assess the quality of management’s forecasting process; 比较过往实际利润率与该等预算，以评估管理层预测流程的质量； – Performing substantive testing on costs incurred to date; 就迄今已产生的成本进行实际性测试； – Testing the accuracy of the calculation of the progress of performance, revenue and profit recognition for selected projects; 测试已选定项目的计算履约进度、收入及溢利确认的准确性； – Discussing the project status with management for explanations of fluctuations in margins and changes in budgeted costs; 与管理层讨论项目状况以解释溢利率波动及预算成本变动； – Corroborating management’s explanations through the examination of agreements and correspondence with customers; 透过检查协议及与客户的通讯往来引证管理层的解释； – Taking into account of any significant changes in circumstances and other relevant conditions in relation to management’s estimation of revenue from interior design and execution services between the reporting date and the date of the auditor’s report; and 考虑报告日期至核数师报告日期与管理层估计来自室内设计及执行服务的收入有关的情况及其他相关状况的任何重大变动；及 – Reviewing the appropriateness of the disclosure in the consolidated financial statements. 审查综合财务报表内相关披露的合理性。

Hephaestus Holdings Limited Anual Report 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit matter 关键审核事项	How our audit addressed the key audit matter 我们的审核如何处理关键审核事项
Estimate provision of ECL for trade receivables and contract assets 贸易应收款项及合约资产的预期信贷亏损拨备估计 Refer to Notes 19 and 20 to the consolidated financial statements 请参阅综合财务报表附注19及20。 At 31 March 2025, the carrying amounts of trade receivables and contract assets are approximately HK$4,365,000 (net of loss allowance for expected credit losses of approximately HK$476,000) and approximately HK$6,953,000 (net of loss allowance for expected credit losses of approximately HK$908,000), respectively. 于二零二五年三月三十一日，贸易应收款项及合约资产的账面值分别约为4,365,000港元（扣除预期信贷亏损的亏损拨备476,000港元）及约6,953,000港元（扣除预期信贷亏损的亏损拨备约908,000港元）。	Our procedures in relation to this matter included: 我们就此事项的程序包括： • Obtaining an understanding of key process on how the management estimates the ECL of trade receivables and contract assets including the individual assessment on significant balances and the credit-impaired trade receivables and contract assets; 了解管理层估计贸易应收款项及合约资产预期信贷亏损的主要程序，包括对重大结余及已发生信贷减值的贸易应收款项及合约资产的个别评估； • Testing the integrity of information used by management, including trade receivables ageing analysis as at 31 March 2025, on a sample basis, by comparing individual items in the analysis with the relevant invoices and/or other supporting documents; 通过将分析中的个别项目与相关发票及╱或其他支持文件进行比较，抽样测试管理层所用资料的完整性，包括贸易应收款项于二零二五年三月三十一日的账龄分析； • Challenging management’s basis and judgment in determining credit loss allowance on trade receivables and contract assets as at 31 March 2025, including their identification of credit- impaired trade receivables and contract assets, the reasonableness of management’s grouping of the trade receivables and contract assets into different categories, and the basis of estimated loss rates applied in each category (with reference to historical default rates and forward-looking information); 质疑管理层在厘定贸易应收款项及合约资产于二零二五年三月三十一日的信贷亏损拨备时的基准及判断，包括管理层对已发生信贷减值的贸易应收款项及合约资产的识别、管理层将应收账款及合约资产分成不同类别的合理性，以及应用于各类别的估计亏损率的基准（经参考过往违约率及前瞻性资料）；

Key audit matter 关键审核事项

How our audit addressed the key audit matter 我们的审核如何处理关键审核事项

Estimate provision of ECL for trade receivables and contract assets 贸易应收款项及合约资产的预期信贷亏损拨备估计 Refer to Notes 19 and 20 to the consolidated financial statements 请参阅综合财务报表附注19及20。 At 31 March 2025, the carrying amounts of trade receivables and contract assets are approximately HK$4,365,000 (net of loss allowance for expected credit losses of approximately HK$476,000) and approximately HK$6,953,000 (net of loss allowance for expected credit losses of approximately HK$908,000), respectively. 于二零二五年三月三十一日，贸易应收款项及合约资产的账面值分别约为4,365,000港元（扣除预期信贷亏损的亏损拨备476,000港元）及约6,953,000港元（扣除预期信贷亏损的亏损拨备约908,000港元）。

Our procedures in relation to this matter included: 我们就此事项的程序包括： • Obtaining an understanding of key process on how the management estimates the ECL of trade receivables and contract assets including the individual assessment on significant balances and the credit-impaired trade receivables and contract assets; 了解管理层估计贸易应收款项及合约资产预期信贷亏损的主要程序，包括对重大结余及已发生信贷减值的贸易应收款项及合约资产的个别评估； • Testing the integrity of information used by management, including trade receivables ageing analysis as at 31 March 2025, on a sample basis, by comparing individual items in the analysis with the relevant invoices and/or other supporting documents; 通过将分析中的个别项目与相关发票及╱或其他支持文件进行比较，抽样测试管理层所用资料的完整性，包括贸易应收款项于二零二五年三月三十一日的账龄分析； • Challenging management’s basis and judgment in determining credit loss allowance on trade receivables and contract assets as at 31 March 2025, including their identification of credit- impaired trade receivables and contract assets, the reasonableness of management’s grouping of the trade receivables and contract assets into different categories, and the basis of estimated loss rates applied in each category (with reference to historical default rates and forward-looking information); 质疑管理层在厘定贸易应收款项及合约资产于二零二五年三月三十一日的信贷亏损拨备时的基准及判断，包括管理层对已发生信贷减值的贸易应收款项及合约资产的识别、管理层将应收账款及合约资产分成不同类别的合理性，以及应用于各类别的估计亏损率的基准（经参考过往违约率及前瞻性资料）；

客思控股有限公司 2024/25 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit matter 关键审核事项	How our audit addressed the key audit matter 我们的审核如何处理关键审核事项
As disclosed in notes 3 and 32(b) to the consolidated financial statements, the management of the Group estimates the amount of lifetime ECL of trade receivables and contract assets individually for certain debtors with credit-impaired and/or collectively through grouping of various debtors that have similar loss patterns, after considering on ageing, repayment history and/or past due status of respective trade receivables and assigning credit rating with reference to external credit rating assessment. Estimated loss rates are with reference to external valuer’s information and are adjusted for forward-looking information that is reasonable and supportable available without undue costs or effort. In addition, trade receivables and contract assets that are credit-impaired are assessed for ECL individually. The loss allowance amount of the credit-impaired trade receivables and contract assets is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. 诚如综合财务报表附注3及32(b)所披露，贵集团管理层经考虑相关贸易应收款项的账龄、还款记录及╱或逾期状态，并参考外部信贷评级评估而给予信贷评级后，会就若干出现信贷减值的账款个别地及╱或集体地（透过将具有相似亏损模式的不同账款分组）对贸易应收款项及合约资产的全期预期信贷亏损金额进行估计。估计亏损率乃经参考外部估值师的资料得出，并以合理可靠而毋须付出过多成本或努力即可获得的前瞻性资料进行调整。此外，贵集团对已发生信贷减值的贸易应收款项及合约资产个别地评估预期信贷亏损。已发生信贷减值的贸易应收款项及合约资产的亏损拨备金额乃按资产账面值与估计未来现金流量现值之间的差额计量。	• Evaluating the competence, capabilities and objectivity of the external valuation specialist appointed by management of the Group; 评估由贵集团管理层委聘的外部估值专家的水平、能力及客观性； • Testing the key data sources applied in the expected credit losses computation on a sample basis by checking to supporting information and external data sources, as applicable; 通过核对辅助资料及外部数据源（倘适用），抽样测试预期信贷亏损计算中应用的关键数据源； • Involving valuation specialist to evaluate the appropriateness of the valuation methodology adopted, the reasonableness of assumptions and key parameters, including loss rates and forward- looking information applied by the management of the Group; and 让估值专家参与评估所用估值方法的适当性、假设的合理性及关键参数，包括本集团管理层应用的亏损率及前瞻性资料；及 • Evaluating the disclosures regarding the impairment assessment of trade receivables and contract assets in the notes to the consolidated financial statements. 评估综合财务报表附注中有关贸易应收款项及合约资产减值评估的披露。

Key audit matter 关键审核事项

How our audit addressed the key audit matter 我们的审核如何处理关键审核事项

As disclosed in notes 3 and 32(b) to the consolidated financial statements, the management of the Group estimates the amount of lifetime ECL of trade receivables and contract assets individually for certain debtors with credit-impaired and/or collectively through grouping of various debtors that have similar loss patterns, after considering on ageing, repayment history and/or past due status of respective trade receivables and assigning credit rating with reference to external credit rating assessment. Estimated loss rates are with reference to external valuer’s information and are adjusted for forward-looking information that is reasonable and supportable available without undue costs or effort. In addition, trade receivables and contract assets that are credit-impaired are assessed for ECL individually. The loss allowance amount of the credit-impaired trade receivables and contract assets is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. 诚如综合财务报表附注3及32(b)所披露，贵集团管理层经考虑相关贸易应收款项的账龄、还款记录及╱或逾期状态，并参考外部信贷评级评估而给予信贷评级后，会就若干出现信贷减值的账款个别地及╱或集体地（透过将具有相似亏损模式的不同账款分组）对贸易应收款项及合约资产的全期预期信贷亏损金额进行估计。估计亏损率乃经参考外部估值师的资料得出，并以合理可靠而毋须付出过多成本或努力即可获得的前瞻性资料进行调整。此外，贵集团对已发生信贷减值的贸易应收款项及合约资产个别地评估预期信贷亏损。已发生信贷减值的贸易应收款项及合约资产的亏损拨备金额乃按资产账面值与估计未来现金流量现值之间的差额计量。

• Evaluating the competence, capabilities and objectivity of the external valuation specialist appointed by management of the Group; 评估由贵集团管理层委聘的外部估值专家的水平、能力及客观性； • Testing the key data sources applied in the expected credit losses computation on a sample basis by checking to supporting information and external data sources, as applicable; 通过核对辅助资料及外部数据源（倘适用），抽样测试预期信贷亏损计算中应用的关键数据源； • Involving valuation specialist to evaluate the appropriateness of the valuation methodology adopted, the reasonableness of assumptions and key parameters, including loss rates and forward- looking information applied by the management of the Group; and 让估值专家参与评估所用估值方法的适当性、假设的合理性及关键参数，包括本集团管理层应用的亏损率及前瞻性资料；及 • Evaluating the disclosures regarding the impairment assessment of trade receivables and contract assets in the notes to the consolidated financial statements. 评估综合财务报表附注中有关贸易应收款项及合约资产减值评估的披露。

Hephaestus Holdings Limited Anual Report 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

客思控股有限公司 2024/25 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

其他资料

贵公司董事须对其他资料负责。其他资料包括年报内的

资料，但不包括综合财务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，我们亦

不对该等其他资料发表任何形式的核证结论。

就我们对综合财务报表的审核而言，我们的责任是阅读

其他资料，在此过程中，考虑其他资料是否与综合财务

报表或我们在审核过程中所了解的情况存在重大抵触或

者表面上存在重大错误陈述的情况。基于我们已执行的

工作，如果我们认为其他资料存在重大错误陈述，我们

需要报告该事实。在这方面，我们没有任何报告。

董事及治理层就综合财务报表须承担之责任

贵公司董事须根据香港会计师公会颁布之香港财务报告

会计准则及香港公司条例之披露规定编制真实而公平呈

列的综合财务报表，及落实其认为编制综合财务报表所

必要之内部控制，以使综合财务报表不存在由于欺诈或

错误而导致之重大错误陈述。

OTHER INFORMATION

The directors of the Company are responsible for the

other information. The other information comprises the

information included in the anual report other than the

consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not expres

any form of asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other

information and, in doing so, consider whether the other

information is materialy inconsistent with the consolidated

financial statements or our knowledge obtained in the

audit or otherwise apears to be materialy mistated. If,

based on the work we have performed, we conclude that

there is a material mistatement of this other information,

we are required to report that fact. We have nothing to

report in this regard.

RESPONSIBILITIES OF DIRECTORS AND

THOSE CHARGED WITH GOVERNANCE

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements

that give a true and fair view in acordance with HKFRS

Acounting Standards isued by the HKICPA and the

disclosure requirements of the Hong Kong Companies

Ordinance, and for such internal control as the directors

determine is necesary to enable the preparation of

consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

Hephaestus Holdings Limited Anual Report 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

在编制综合财务报表时，董事须负责评估贵集团持续

经营的能力，并在适用情况下披露与持续经营有关的

事项，以及使用持续经营为会计基础，除非董事有意

将贵集团清盘或停止经营，或别无其他实际的替代

方案。

治理层负责监督贵集团的财务报告流程。

核数师就审核综合财务报表须承担之责任

我们的目标，是对综合财务报表整体是否不存在由于欺

诈或错误而导致的重大错误陈述取得合理保证，并出具

包括我们意见的核数师报告。我们根据已同意的委聘条

款仅向阁下（作为整体）报告我们的意见，除此之外，

本报告概不可用作其他用途。我们不就此报告之内容对

任何其他人士负责或承担责任。

合理保证是高水平的保证，但按照香港审计准则进行的

审核，不能保证在某一重大错误陈述存在时总能发现。

错误陈述可以由欺诈或错误引起，倘在合理预期情况下

单独或汇总起来可能影响综合财务报表使用者根据该等

综合财务报表所作出的经济决定，则有关错误陈述可被

视作重大。

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability

to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going

concern basis of acounting unles the directors either

intend to liquidate the Group or to cease operations, or

have no realistic alternative but to do so.

Those charged with governance are responsible for

overseing the Group’s financial reporting proces.

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a whole

are fre from material mistatement, whether due to fraud

or eror, and to isue an auditor’s report that includes our

opinion. We report our opinion solely to you, as a body,

in acordance with our agred terms of engagement and

for no other purpose. We do not asume responsibility

towards or acept liability to any other person for the

contents of this report.

Reasonable asurance is a high level of asurance, but is

not a guarante that an audit conducted in acordance

with HKSAs wil always detect a material mistatement

when it exists. Mistatements can arise from fraud or

eror and are considered material if, individualy or in the

agregate, they could reasonably be expected to influence

the economic decisions of users taken on the basis of

these consolidated financial statements.

客思控股有限公司 2024/25 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

在根据香港审计准则进行审核的过程中，我们运用了专

业判断，保持了专业怀疑态度。我们亦：

• 识别及评估由于欺诈或错误而导致综合财务报表存

在重大错误陈述的风险，因应此等风险设计及执行

审核程序，获取充足及适当的审核凭证为我们的意

见提供基础。由于欺诈可能涉及串谋、伪造、蓄意

遗漏、虚假陈述，或凌驾于内部控制之上，因此未

能发现因欺诈而导致的重大错误陈述的风险较未能

发现因错误而导致的重大错误陈述的风险为高。

，以设计适当的审核程

序，但目的并非对贵集团内部控制的有效性发表

意见。

• 评价董事所采用会计政策的恰当性及作出会计估计

及相关披露的合理性。

根据所获取的审核凭证，确定是否存在与事项或情

况有关的重大不确定性，从而可能导致对贵集团

的持续经营能力产生重大疑虑。如果我们认为存在

重大不确定因素，则须于核数师报告中提请注意综

合财务报表中的相关披露。假若有关的披露不足，

则修订我们的意见。我们的结论是基于核数师报告

日止所取得的审核凭证。然而，未来事项或情况可

能导致贵集团不能持续经营。

、结构及内容

（包括披露），以及综合财务报表是否公允地反映及

列报相关交易及事项。

As part of an audit in acordance with HKSAs, we

exercise profesional judgment and maintain profesional

skepticism throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether

due to fraud or eror, design and perform audit

procedures responsive to those risks, and obtain

audit evidence that is suficient and apropriate

to provide a basis for our opinion. The risk of not

detecting a material mistatement resulting from

fraud is higher than for one resulting from eror,

as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of

internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures

that are apropriate in the circumstances, but not

for the purpose of expresing an opinion on the

efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting estimates

and related disclosures made by the directors.

use of the going concern basis of acounting and,

based on the audit evidence obtained, whether

a material uncertainty exists related to events or

conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are

required to draw atention in our auditor’s report to

the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based

on the audit evidence obtained up to the date

of our auditor’s report. However, future events

or conditions may cause the Group to cease to

continue as a going concern.

, structure and

content of the consolidated financial statements,

including the disclosures, and whether the

consolidated financial statements represent the

underlying transactions and events in a maner that

achieves fair presentation.

Hephaestus Holdings Limited Anual Report 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

• 就贵集团内实体或业务活动的财务资料获取充

足、适当的审核凭证，以便对综合财务报表发表意

见。我们负责贵集团审核的方向、监督及执行。

我们为我们的审核意见承担全部责任。

除其他事项外，我们与治理层沟通了计划审核范围、时

间安排、重大审核发现等，包括我们在审核期间识别出

内部控制的任何重大缺陷。

我们亦向治理层提交声明，说明我们已符合有关独立性

的相关专业道德要求，并与其沟通可能合理地被认为会

影响我们独立性的所有关系及其他事项，以及在适用的

情况下，用以消除对独立性产生威胁的行动或采取的防

范措施。

从与治理层沟通的事项中，我们确定哪些事项对本期综

合财务报表的审核最为重要，因而构成关键审核事项。

我们在核数师报告中描述该等事项，除非法律或法规不

允许公开披露该等事项，或在极端罕见的情况下，如果

合理预期在我们报告中沟通某事项造成的负面后果超过

产生的公众利益，我们将不会在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人为黄华。

理贤荟会计师事务所有限公司

执业会计师

二零二五年六月二十四日

执业证书编号：P06516

• Obtain suficient apropriate audit evidence

regarding the financial information of the entities

or busines activities within the Group to expres an

opinion on the consolidated financial statements.

We are responsible for the direction, supervision and

performance of the group audit. We remain solely

responsible for our audit opinion.

We comunicate with those charged with governance

regarding, among other maters, the planed scope and

timing of the audit and significant audit findings, including

any significant deficiencies in internal control that we

identify during our audit.

We also provide those charged with governance with

a statement that we have complied with relevant

ethical requirements regarding independence, and to

comunicate with them al relationships and other

maters that may reasonably be thought to bear on our

independence, and where aplicable, actions taken to

eliminate threats or safeguards aplied.

From the maters comunicated with those charged with

governance, we determine those maters that were of

most significance in the audit of the consolidated financial

statements of the curent period and are therefore the key

audit maters. We describe these maters in our auditor’s

report unles law or regulation precludes public disclosure

about the mater or when, in extremely rare circumstances,

we determine that a mater should not be comunicated

in our report because the adverse consequences of doing

so would reasonably be expected to outweigh the public

interest benefits of such comunication.

The engagement partner on the audit resulting in the

independent auditor’s report is Wong Wah.

LIF & Wong CPA Limited

Certified Public Acountants

24 June 2025

Practising Certificate number: P06516

2025
二零二五年
HK$’000
千港元
16,305
(8,491)
7,814
549
34
(14,818)
(6,421)
(1,114)
(9)
(7,544)
75
(7,469)
6
(7,463)
HK cents 港仙
(3.47)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

Notes2024

附注二零二四年

HK$’000

千港元

Revenue收入527,967

Cost of services服务成本(17,226)

Gros profit毛利10,741

Other income其他收入642

Other gains and loses, net其他收益及亏损净额7(2,321)

Administrative expenses行政开支(15,765)

Los from operations经营亏损(7,303)

Share of los of an asociate应占一间联营公司亏损16(1,344)

Finance costs财务成本8(12)

Los before tax除税前亏损9(8,659)

Income tax credit所得税抵免10104

Los for the year年内亏损(8,555)

Other comprehensive expense for

the year

年内其他全面开支

Item that may be reclasified

subsequently to profit or los

其后可能重新分类至损益之

项目

Curency translation diferences汇兑差额3

Total comprehensive expenses全面开支总额(8,552)

Los per share每股亏损HK cents

港仙

Basic and diluted基本及摊薄13(3.97)

2025
二零二五年
HK$’000
千港元
808
292
8,760
3,000
19
7,700
20,579
617
6,953
7,113
1,378
44
3,161
19,266
4,073
6,403
260
119
10,855
8,411
28,990
176
33
209
28,781

As at 31 March 2025

于二零二五年三月三十一日

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

Hephaestus Holdings Limited Anual Report 2024/25

Notes2024

附注二零二四年

HK$’000

千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、厂房及设备141,460

Right-of-use asets使用权资产15165

Investment in an asociate于一间联营公司的投资169,874

Prepayments预付款项20–

Defered tax asets递延税项资产2621

Loan receivable应收贷款17–

11,520

CURENT ASETS流动资产

Financial asets at fair value through

profit or los (“FVTPL”)

透过损益按公平值计算（「透

过损益按公平值计算」）之

金融资产18428

Contract asets合约资产199,408

Trade and other receivables贸易及其他应收款项206,723

Amount due from an asociate应收一间联营公司款项212,500

Curent tax asets即期税项资产44

Bank and cash balances银行及现金结余2215,621

34,724

CURENT LIABILITIES流动负债

Contract liabilities合约负债194,868

Trade and other payables贸易及其他应付款项234,586

Amount due to a director应付一名董事款项24260

Lease liabilities租赁负债25176

9,890

NET CURENT ASETS流动资产净值24,834

TOTAL ASETS LES CURENT

LIABILITIES

总资产减流动负债

36,354

NON-CURENT LIABILITIES非流动负债

Lease liabilities租赁负债25–

Defered tax liabilities递延税项负债26110

NET ASETS资产净值36,244

2025
二零二五年
HK$’000
千港元
108
28,673
28,781

As at 31 March 2025

于二零二五年三月三十一日

客思控股有限公司 2024/25 年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

Notes2024

附注二零二四年

HK$’000

千港元

CAPITAL AND RESERVES资本及储备

Share capital股本27108

Reserves储备2836,136

TOTAL EQUITY权益总额36,244

Aproved by the Board of Directors on 24 June 2025 and

are signed on its behalf by:

HUANG LiangYIP Hiu Ying

黄亮叶晓莹

DirectorDirector

董事董事

经董事会于二零二五年六月二十四日批准及由其代表

签署：

108	145,239	14	(68,482)	3	(40,638)	36,244
–	–	–	–	6	(7,469)	(7,463)
108	145,239	14	(68,482)	9	(48,107)	28,781

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Hephaestus Holdings Limited Anual Report 2024/25

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Capital

redemption

reserve

Other

reserves

Translation

reserve

Acumulated

loses

Total

equity

股本股份溢价股本赎回储备其他储备汇兑储备累计亏损权益总额

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

(Note 27)(Note 28(b)(i)(Note 28(b)(i)(Note 28(b)(i)(Note 28(b)(iv)

（附注27）（附注28(b)(i)）（附注28(b)(i)）（附注28(b)(i)）（附注28(b)(iv)）

At 1 April 2023于二零二三年四月一日108145,23914(68,482)–(32,083)44,796

Total comprehensive expenses

for the year

年内全面开支总额

–3(8,555)(8,552)

At 31 March 2024于二零二四年三月三十一日108145,23914(68,482)3(40,638)36,244

At 1 April 2024于二零二四年四月一日

Total comprehensive expenses

for the year

年内全面开支总额

At 31 March 2025于二零二五年三月三十一日

2025
二零二五年
HK$’000
千港元
(7,544)
(472)
(173)
9
(189)
990
235
319
1,114
(5,711)
1,637
1,897
(795)
1,816
(1,156)
–
(1,156)

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

二零二四年

HK$’000

千港元

CASH FLOW FROM OPERATING

ACTIVITIES

经营活动产生的现金流量

Los before tax除税前亏损(8,659)

Adjustments for:就以下各项作出调整：

Interest income利息收入(36)

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备收益

–

Interest expenses利息开支12

Fair value (gain)/los on financial asets at

FVTPL

透过损益按公平值计算之

金融资产之公平值

（收益）╱亏损1,891

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

Depreciation of right-of-use asets使用权资产折旧378

Net los alowances on trade

receivables and contract asets

贸易应收款项及合约资产的

净亏损拨备403

Share of los of an asociate应占一间联营公司亏损1,344

Operating los before working capital

changes

营运资金变动前经营亏损

(3,840)

Decrease in contract asets合约资产减少8,740

Decrease in trade and other receivables贸易及其他应收款项减少7,646

Decrease in contract liabilities合约负债减少(1,425)

Increase in trade and other payables贸易及其他应付款项增加277

Cash (used in)/generated from operations经营（所用）╱产生的现金11,398

Income tax refund退回所得税2,166

NET CASH (USED IN)/GENERATED FROM

OPERATING ACTIVITIES

经营活动（所用）╱产生的现金

净额13,564

2025
二零二五年
HK$’000
千港元
15
970
1,122
(2,465)
(3,000)
(7,700)
(11,058)
(243)
(9)
(252)
(12,466)
15,621
6
3,161
3,161

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

二零二四年

HK$’000

千港元

CASH FLOW FROM INVESTING ACTIVITIES投资活动产生的现金流量

Interest received已收利息36

Proced from disposals of property, plant

and equipment

出售物业、厂房及设备所得

款项4

Setlement from/(advance to) an asociate收回╱（给予）一间联营公司的

垫款(2,500)

Purchase of property, plant and equipment购买物业、厂房及设备(155)

Prepaid for acquisition of capital asets预付收购资本资产–

Payment for loan receivable支付贷款应收款项–

NET CASH USED IN INVESTING

ACTIVITIES

投资活动所用的现金净额

(2,615)

CASH FLOW FROM FINANCING

ACTIVITIES

融资活动产生的现金流量

Repayment of lease liabilities偿还租赁负债(395)

Interest element of lease payments租赁付款之利息部份(12)

NET CASH USED IN FINANCING

ACTIVITIES

融资活动所用的现金净额

(407)

NET (DECREASE)/INCREASE IN CASH

AND CASH EQUIVALENTS

现金及现金等价物

（减少）╱增加净额10,542

CASH AND CASH EQUIVALENTS AT THE

BEGINING OF THE YEAR

于年初之现金及现金等价物

5,076

CURENCY TRANSLATION DIFERENCES汇兑差额3

CASH AND CASH EQUIVALENT AT THE

END OF THE YEAR

于年末之现金及现金等价物

15,621

ANALYSIS OF CASH AND CASH

EQUIVALENTS

现金及现金等价物分析

Bank and cash balances银行及现金结余15,621

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

1. 一般资料

客思控股有限公司（「本公司」）于开曼群岛注册成

立，其股份于香港联合交易所有限公司（「联交

所」）GEM上市。本公司之注册办事处位于Cricket

Square, Hutchins Drive, P.O. Box 2681, Grand

Cayman, KY1-1111, Cayman Islands，而本公司之

主要营业地点为香港铜锣湾铜锣湾道180号百乐商

业中心16楼1602室。

本公司（连同其附属公司（载于附注36），下文统称

为「本集团」）主要从事提供室内设计及执行服务。

本公司董事认为，于二零二五年三月三十一日，

香港君泰廷投资有限公司（「君泰廷投资」）（一间于

英属处女群岛注册成立之公司）为本公司之直接及

最终控股公司，而叶铧聪女士为本公司之最终控

股方。

截至二零二五年三月三十一日止年度之综合财务报

表以港元（「港元」）呈列，除非另有说明，所有金额

均约整至最接近之千位（「千港元」）。

1. GENERAL INFORMATION

Hephaestus Holdings Limited (the “Company”) was

incorporated in the Cayman Islands and its shares are

listed on GEM of The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”). The registered

ofice of the Company is at Cricket Square,

Hutchins Drive, P.O. Box 2681, Grand Cayman,

KY1–1111, Cayman Islands and the principal place

of busines of the Company is at Rom 1602, 16/F,

Park Comercial Centre, 180 Tung Lo Wan Road,

Causeway Bay, Hong Kong.

The Company (together with its subsidiaries (as set

out in Note 36), hereinafter colectively refered to as

the “Group”) is principaly engaged in the provision

of interior design and execution services.

In the opinion of the directors of the Company, as at

31 March 2025, Hong Kong Jun Tai Ting Investment

Company Limited (“Jun Tai Ting Investment”), a

company incorporated in the British Virgin Islands,

is the imediate and ultimate holding company and

Ms. Ye Huacong is the ultimate controling party of

the Company.

The consolidated financial statements for the year

ended 31 March 2025 are presented in Hong

Kong dolars (“HK$”) and al values are rounded

to the nearest thousand (“HK$’000”) except when

otherwise indicated.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

2.1 综合财务报表编制基准

该等综合财务报表乃根据香港会计师公会

（「香港会计师公会」）颁布的香港财务报告准

则、香港会计准则（「香港会计准则」）及其诠

释（以下统称「香港财务报告会计准则」），以

及香港公司条例（第622章）的披露规定编制。

此外，综合财务报表亦符合香港联合交易所

有限公司GEM证券上市规则（「GEM上市规

则」）所规定的适用披露。就编制综合财务报

表而言，倘资料可合理预期会影响主要使用

者的决策，即属重大。

本公司董事在批准综合财务报表时合理预期

本集团拥有足够资源于可见将来持续经营。

因此，彼等在编制该等综合财务报表时继续

采用持续经营基准。

综合财务报表乃按历史成本基准编制，惟（诚

如下文所载的会计政策所解释）于各报告期末

按公平值计量的金融工具除外。

历史成本通常基于为换取货品及服务而付出

的代价的公平值。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES

2.1 Basis of preparation of consolidated

financial statements

These consolidated financial statements have

ben prepared in acordance with Hong

Kong Financial Reporting Standards, Hong

Kong Acounting Standards (“HKAS”) and

Interpretations (hereinafter colectively refered

to as the “HKFRS Acounting Standards”)

isued by the Hong Kong Institute of Certified

Public Acountants (the “HKICPA”) and with

the disclosure requirements of the Hong Kong

Companies Ordinance (Cap. 622). In adition,

the consolidated financial statements also

comply with the aplicable disclosures required

by the Rules Governing the Listing of Securities

on GEM of The Stock Exchange of Hong

Kong Limited (“GEM Listing Rules”). For the

purpose of preparation of the consolidated

financial statements, information is considered

material if such information is reasonably

expected to influence decisions made by

primary users.

The directors of the Company have, at the

time of aproving the consolidated financial

statements, a reasonable expectation that the

Group has adequate resources to continue

in operational existence for the foreseable

future. Thus they continue to adopt the going

concern basis of acounting in preparing the

consolidated financial statements.

The consolidated financial statements

have ben prepared on the historical cost

basis except for financial instruments that

are measured at fair value at the end of

each reporting period, as explained in the

acounting policies set out below.

Historical cost is generaly based on the fair

value of the consideration given in exchange

for gods and services.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.1 综合财务报表编制基准（续）

综合基准

综合财务报表包括本公司、本公司控制的实

体及其附属公司的财务报表。倘属以下情

况，则本公司取得控制权：

• 因参与投资对象的业务而获得或有权获

得可变回报；及

倘有事实及情况显示上述三项控制因素中有

一项或以上出现变化，本集团会重新评估对

投资对象的控制权。

本集团于获得附属公司控制权时将附属公司

综合入账，并于失去附属公司控制权时终止

综合入账。具体而言，于年内购入或出售附

属公司的收入及开支，按自本集团获得控制

权当日起至本集团失去附属公司控制权当日

止，计入综合损益及其他全面收益表。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.1 Basis of preparation of consolidated

financial statements (continued)

Basis of consolidation

The consolidated financial statements

incorporate the financial statements of the

Company and entities controled by the

Company and its subsidiaries. Control is

achieved when the Company:

;

, or has rights, to variable

returns from its involvement with the

investe; and

• has the ability to use its power to afect

its returns.

The Group reaseses whether or not it

controls an investe if facts and circumstances

indicate that there are changes to one or more

of the thre elements of control listed above.

Consolidation of a subsidiary begins when the

Group obtains control over the subsidiary and

ceases when the Group loses control of the

subsidiary. Specificaly, income and expenses

of a subsidiary acquired or disposed of during

the year are included in the consolidated

statement of profit or los and other

comprehensive income from the date the

Group gains control until the date when the

Group ceases to control the subsidiary.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.1 综合财务报表编制基准（续）

综合基准（续）

损益及其他全面收益各项目归属于本公司拥

有人及非控股权益。附属公司全面收益总额

归属于本公司拥有人及非控股权益（即使因此

而导致非控股权益产生亏绌结余）。

有需要时，本集团会对附属公司的财务报表

作出调整，以确保其会计政策与本集团会计

政策一致。

与本集团成员公司之间的交易相关的所有集

团内公司间资产及负债、权益、收入、开支

以及现金流量于综合时悉数对销。

于本公司财务状况表中，于附属公司的投资

按成本减任何减值亏损列账。本公司根据于

报告期末所收及应收股息将附属公司的业绩

入账。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.1 Basis of preparation of consolidated

financial statements (continued)

Basis of consolidation (continued)

Profit or los and each item of other

comprehensive income are atributed to the

owners of the Company and to the non-

controling interests. Total comprehensive

income of subsidiaries is atributed to the

owners of the Company and to the non-

controling interests even if this results in

the non-controling interests having a deficit

balance.

When necesary, adjustments are made to

the financial statements of subsidiaries to

bring their acounting policies in line with the

Group’s acounting policies.

Al intragroup asets and liabilities, equity,

income, expenses and cash flows relating to

transactions betwen members of the Group

are eliminated in ful on consolidation.

In the Company’s statement of financial

position, investment in subsidiaries are caried

at cost les any impairment los. The results

of subsidiaries are acounted for by the

Company on the basis of dividends received

and receivable at the reporting date.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.2 于本年度强制生效的经修订香港财务报

告会计准则

于本年度，本集团在编制财报务表时已首次

应用以下由香港会计师公会（「香港会计师公

会」）颁布并于二零二四年四月一日或之后开

始的年度期间强制生效的经修订香港财务报

告会计准则：

该等修订对本集团编制或呈列当前或过往期

间的业绩及财务状况并无构成重大影响。本

集团于当前会计期间并无应用任何尚未生效

的新订准则或诠释。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.2 Amendments to HKFRS Acounting

Standards that are mandatorily

efective for the curent year

In the curent year, the Group has aplied the

folowing amendments to HKFRS Acounting

Standards isued by the Hong Kong Institute of

Certified Public Acountants (the “HKICPA”)

for the first time, which are mandatorily

efective for the anual periods begining on

or after 1 April 2024 for the preparation of the

financial statements:

Amendments to HKFRS 16Lease liability in a Sale and Leaseback

香港财务报告准则第16号（修订本）售后租回中的租赁负债

Amendments to HKAS 1Clasification of Liabilities as Curent or Non-curent

香港会计准则第1号（修订本）负债分类为流动或非流动

Amendments to HKAS 1Non-curent Liabilities with Covenants

香港会计准则第1号（修订本）附有契诺的非流动负债

Amendments to HKAS 7 and HKFRS 7Suplier Finance Arangements

香港会计准则第7号及香港

财务报告准则第7号（修订本）

供应商融资安排

None of these developments have a material

efect on the Group’s results and financial

position for the curent or prior periods have

ben prepared or presented. The Group has

not aplied any new standard or interpretation

that is not yet efective for the curent

acounting period.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.3 已颁布但尚未生效的新订及经修订香港

财务报告会计准则

以下可能与本集团财务报表有关的新订或经

修订香港财务报告会计准则已经颁布，但尚

未生效，亦并未由本集团提前采纳。本集团

目前的意向是在该等变动生效当日应用。

于二零二五年一月一日或之后开始的年度期

间生效。

于二零二六年一月一日或之后开始的年度期

间生效。

于二零二七年一月一日或之后开始的年度期

间生效。

于待定日期或之后开始的年度期间生效。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.3 New and amendments to HKFRS

Acounting Standards in isue but not

yet efective

The folowing new or amended HKFRS

Acounting Standards, potentialy relevant to

the Group’s financial statements, have ben

isued, but are not yet efective and have not

ben early adopted by the Group. The Group’s

curent intention is to aply these changes on

the date they become efective.

Amendments to HKAS 21Lack of Exchangeability

香港会计准则第21号（修订本）缺乏可兑换性

Amendments to HKFRS 9 and HKFRS 7Amendments to the Clasification and Measurement of

Financial Instruments

香港财务报告准则第9号及

香港财务报告准则第7号（修订本）

金融工具分类及计量的修订

Amendments to HKFRS 9 and HKFRS 7Contracts Referencing Nature-dependent Electricity

香港财务报告准则第9号及

香港财务报告准则第7号（修订本）

涉及依赖自然能源生产电力的合约

Amendments to HKFRS Acounting

Standards

Anual Improvements to HKFRS Acounting Standards –

Volume 11

香港财务报告会计准则（修订本）香港财务报告会计准则的年度改进 – 第11册

HKFRS 18Presentation and Disclosure in Financial Statements

香港财务报告准则第18号财务报表的呈列及披露

HKFRS 19Subsidiaries without Public Acountability: Disclosures

香港财务报告准则第19号无公共受托责任的附属公司：披露

Amendments to HKFRS 10 and HKAS 28Sale or Contribution of Asets betwen an Investor and its

Asociate or Joint Venture

香港财务报告准则第10号及

香港会计准则第28号（修订本）

投资者与其联营公司或合营企业之间的资产出售或注资

Efective for anual periods begining on or

after 1 January 2025.

Efective for anual periods begining on or

after 1 January 2026.

Efective for anual periods begining on or

after 1 January 2027.

Efective for anual periods begining on or

after a date to be determined.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.3 已颁布但尚未生效的新订及经修订香港

财务报告会计准则（续）

本集团正在评估新订准则及修订本的潜在影

响。根据初步评估，该等新订准则及修订本

于其生效后预计不会对本集团的综合财务报

表产生任何重大影响，惟香港财务报告准则

第18号除外，其主要影响本集团综合损益及

其他全面收益表的呈列，且本集团将继续评

估影响。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.3 New and amendments to HKFRS

Acounting Standards in isue but not

yet efective (continued)

The Group is in the proces of asesing

potential impact of the new standards and

amendments. Acording to the preliminary

asesment, these new standards and

amendments are not expected to have

significant impact on the Group’s consolidated

financial statements when they become

efective, except HKFRS 18, which may mainly

impact the presentation of the Group’s

consolidated statement of profit or los and

other comprehensive income and the Group

wil continue to ases the impact.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策

公平值计量

公平值为市场参与者于计量日期在有序交易

中因出售资产而收取或因转让负债而支付的

价格，不论该价格是否直接观察可得或使用

另一种估值技术估计。在估计资产或负债的

公平值时，本集团会考虑市场参与者于计量

日期为该资产或负债定价时所考虑有关资产

或负债的特征。在该等综合财务报表中计量

及╱或披露的公平值均在此基准上厘定，惟

属香港财务报告准则第2号以股份为基础的付

款范畴内以股份为基础的付款交易、根据香

港财务报告准则第16号入账的租赁交易以及

与公平值部分相似但并非公平值的计量（如香

港会计准则第2号存货中的可变现净值或香

港会计准则第36号资产减值中的使用价值）除

外。

就按公平值交易的金融工具及于后续期间使

用不可观察输入数据计量公平值的估值方法

而言，估值方法应予校准，以使估值方法于

初步确认时的结果相等于交易价格。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies

Fair value measurement

Fair value is the price that would be received

to sel an aset or paid to transfer a liability

in an orderly transaction betwen market

participants at the measurement date,

regardles of whether that price is directly

observable or estimated using another

valuation technique. In estimating the fair

value of an aset or a liability, the Group takes

into acount the characteristics of the aset

or liability if market participants would take

those characteristics into acount when pricing

the aset or liability at the measurement date.

Fair value for measurement and/or disclosure

purposes in these consolidated financial

statements is determined on such a basis,

except for share-based payment transactions

that are within the scope of HKFRS 2 Share-

based Payment, leasing transactions that are

acounted for in acordance with HKFRS 16,

and measurements that have some similarities

to fair value but are not fair value, such as net

realisable value in HKAS 2 Inventories or value

in use in HKAS 36 Impairment of Asets.

For financial instruments which are transacted

at fair value and a valuation technique

that unobservable inputs are to be used to

measure fair value in subsequent periods, the

valuation technique is calibrated so that at

initial recognition the results of the valuation

technique equals the transaction price.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

公平值计量（续）

此外，就财务呈报而言，公平值计量按公平

值计量输入数据的可观察程度以及输入数据

对整体公平值计量的重要性分为第一级、第

二级或第三级，描述如下：

• 第一级输入数据为实体可于计量日期就

相同资产或负债取得的活跃市场报价

（未经调整）；

• 第二级输入数据为就资产或负债直接或

间接可观察的输入数据（第一级包括的

报价除外）；及

• 第三级输入数据为资产或负债的不可观

察输入数据。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Fair value measurement (continued)

In adition, for financial reporting purposes,

fair value measurements are categorised into

Level 1, 2 or 3 based on the degre to which

the inputs to the fair value measurements are

observable and the significance of the inputs

to the fair value measurement in its entirety,

which are described as folows:

• Level 1 inputs are quoted prices

(unadjusted) in active markets for

identical asets or liabilities that the

entity can aces at the measurement

date;

, other than

quoted prices included within Level

1, that are observable for the aset or

liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs

for the aset or liability.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

于一间联营公司的投资

联营公司为本集团对其有重大影响力的实

体。重大影响力指有权参与投资对象的财务

及经营政策决策，但并非控制或共同控制该

等政策。

联营公司的业绩以及资产及负债以权益会计

法计入该等综合财务报表。用于权益会计法

的联营公司财务报表采用与本集团在类似情

况下就类似交易及事件所采用的会计政策一

致的会计政策编制。根据权益法，于联营公

司的投资初步按成本于综合财务状况表确

认，并于其后就确认本集团应占联营公司的

损益及其他全面收益作出调整。联营公司除

损益及其他全面收益以外的资产净值的变动

不予入账，除非该等变动导致本集团持有的

拥有权益发生变动。当本集团应占联营公

司的亏损超出本集团于该联营公司的权益（包

括实质上构成本集团于联营公司的投资净额

一部分的任何长期权益）时，本集团终止确认

其应占的进一步亏损。仅于本集团已产生法

定或推定责任或代表联营公司付款时，方会

确认额外亏损。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Investment in an asociate

An asociate is an entity over which the Group

has significant influence. Significant influence

is the power to participate in the financial and

operating policy decisions of the investe but is

not control or joint control over those policies.

The results and asets and liabilities of

asociates are incorporated in these

consolidated financial statements using the

equity method of acounting. The financial

statements of asociates used for equity

acounting purposes are prepared using

uniform acounting policies as those of the

Group for like transactions and events in similar

circumstances. Under the equity method, an

investment in an asociate is initialy recognised

in the consolidated statement of financial

position at cost and adjusted thereafter to

recognise the Group’s share of the profit

or los and other comprehensive income of

the asociate. Changes in net asets of the

asociate other than profit or los and other

comprehensive income are not acounted for

unles such changes resulted in changes in

ownership interest held by the Group. When

the Group’s share of loses of an asociate

exceds the Group’s interest in that asociate

(which includes any long-term interests

that, in substance, form part of the Group’s

net investment in the asociate), the Group

discontinues recognising its share of further

loses. Aditional loses are recognised only to

the extent that the Group has incured legal or

constructive obligations or made payments on

behalf of the asociate.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

于一间联营公司的投资（续）

于联营公司的投资自投资对象成为联营公司

当日起采用权益法入账。收购于联营公司的

投资时，投资成本超出本集团应占投资对象

可识别资产及负债公平值净额的任何部分确

认为商誉，并计入该项投资的账面值。本集

团应占可识别资产及负债公平值净额超出投

资成本的任何差额经重新评估后，即时于收

购该项投资期间的损益中确认。

本集团会评估是否有客观证据显示于联营公

司的权益可能出现减值。倘存在任何客观证

据，该项投资的全部账面值（包括商誉）会根

据香港会计准则第36号资产减值以单一资产

的方式进行减值测试，方法是比较其可收回

金额（即使用价值与公平值减出售成本的较高

者）与其账面值。任何已确认减值亏损不会分

配至构成投资账面值一部分的任何资产（包括

商誉）。有关减值亏损的任何拨回于该项投资

的可收回金额其后增加时根据香港会计准则

第36号确认。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Investment in an asociate (continued)

An investment in an asociate is acounted

for using the equity method from the date on

which the investe becomes an asociate. On

acquisition of the investment in an asociate,

any exces of the cost of the investment over

the Group’s share of the net fair value of

the identifiable asets and liabilities of the

investe is recognised as godwil, which is

included within the carying amount of the

investment. Any exces of the Group’s share

of the net fair value of the identifiable asets

and liabilities over the cost of the investment,

after reasesment, is recognised imediately

in profit or los in the period in which the

investment is acquired.

The Group aseses whether there is an

objective evidence that the interest in an

asociate may be impaired. When any

objective evidence exists, the entire carying

amount of the investment (including godwil)

is tested for impairment in acordance with

HKAS 36 Impairment of Asets as a single

aset by comparing its recoverable amount

(higher of value in use and fair value les costs

of disposal) with its carying amount. Any

impairment los recognised is not alocated to

any aset, including godwil, that forms part

of the carying amount of the investment. Any

reversal of that impairment los is recognised

in acordance with HKAS 36 to the extent

that the recoverable amount of the investment

subsequently increases.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

于一间联营公司的投资（续）

倘本集团不再对联营公司拥有重大影响力，

会将其入账列作出售投资对象的全部权益，

所产生的收益或亏损于损益确认。倘本集团

保留于前联营公司的权益而保留权益属香港

财务报告准则第9号范围内的金融资产，则

本集团会于该日按公平值计量保留权益，而

该公平值被视为其于初步确认时的公平值。

厘定出售联营公司的收益或亏损时，会计入

联营公司的账面值与任何保留权益及出售联

营公司相关权益的任何所得款项的公平值

之间的差额。此外，本集团会将先前在其他

全面收益就联营公司确认的所有金额入账，

基准与联营公司直接出售相关资产或负债所

需基准相同。因此，倘联营公司先前于其他

全面收益确认的收益或亏损会于出售相关资

产或负债时重新分类至损益，则本集团会于

出售╱部分出售相关联营公司时将收益或

亏损由权益重新分类至损益（作为重新分类

调整）。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Investment in an asociate (continued)

When the Group ceases to have significant

influence over an asociate, it is acounted

for as a disposal of the entire interest in the

investe with a resulting gain or los being

recognised in profit or los. When the Group

retains an interest in the former asociate and

the retained interest is a financial aset within

the scope of HKFRS 9, the Group measures the

retained interest at fair value at that date and

the fair value is regarded as its fair value on

initial recognition. The diference betwen the

carying amount of the asociate and the fair

value of any retained interest and any proceds

from disposing the relevant interest in the

asociate is included in the determination of

the gain or los on disposal of the asociate. In

adition, the Group acounts for al amounts

previously recognised in other comprehensive

income in relation to that asociate on the

same basis as would be required if that

asociate had directly disposed of the related

asets or liabilities. Therefore, if a gain or los

previously recognised in other comprehensive

income by that asociate would be reclasified

to profit or los on the disposal of the related

asets or liabilities, the Group reclasifies the

gain or los from equity to profit or los (as

a reclasification adjustment) upon disposal/

partial disposal of the relevant asociate.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

客户合约收入

本集团于达成履约责任时（即当与特定履约责

任相关的货品或服务的「控制权」转让予客户

时）确认收入。

履约责任指个别的货品及服务（或一组货品或

服务）或一系列大致相同的个别货品或服务。

倘符合以下其中一项标准，则控制权随时间

转移，而收入则参考完全达成相关履约责任

的进展随时间确认：

，客户同时取得并耗用

本集团履约所提供的利益；

• 本集团的履约行为产生或提升一项资

产，而该项资产于本集团履约时由客户

控制；或

• 本集团的履约并未产生让本集团有替代

用途的资产，且本集团对迄今已完成履

约的付款有可强制执行权利。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Revenue from contracts with customers

The Group recognises revenue when (or as) a

performance obligation is satisfied, i.e. when

“control” of the gods or services underlying

the particular performance obligation is

transfered to the customer.

A performance obligation represents a god

or service (or a bundle of gods or services)

that is distinct or a series of distinct gods or

services that are substantialy the same.

Control is transfered over time and revenue

is recognised over time by reference to the

progres towards complete satisfaction of the

relevant performance obligation if one of the

folowing criteria is met:

• the customer simultaneously receives

and consumes the benefits provided by

the Group’s performance as the Group

performs;

’s performance creates or

enhances an aset that the customer

controls as the Group performs; or

’s performance does not create

an aset with an alternative use to the

Group and the Group has an enforceable

right to payment for performance

completed to date.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

客户合约收入（续）

在其他情况下，收入于客户获得个别货品或

服务控制权的时间点确认。

合约资产指本集团就其已转让予客户的货品

或服务而收取代价但尚未成为无条件的权

利。合约资产减值根据香港财务报告准则第9

号金融工具（「香港财务报告准则第9号」）进行

评估。相比之下，应收款项代表本集团无条

件收取代价的权利，即代价随时间流逝而到

期支付。

合约负债指本集团向客户交付货品或服务的

责任，而本集团已就此向客户收取代价（或应

付的部分代价）。

与同一份合约相关的合约资产与合约负债以

净额基准入账及呈列。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Revenue from contracts with customers

(continued)

Otherwise, revenue is recognised at a point in

time when the customer obtains control of the

distinct god or service.

A contract aset represents the Group’s right

to consideration in exchange for gods or

services that the Group has transfered to a

customer that is not yet unconditional. It is

asesed for impairment in acordance with

HKFRS 9 Financial Instruments (“HKFRS 9”). In

contrast, a receivable represents the Group’s

unconditional right to consideration, i.e. only

the pasage of time is required before payment

of that consideration is due.

A contract liability represents the Group’s

obligation to transfer gods or services to a

customer for which the Group has received

consideration (or an amount of consideration

is due) from the customer.

A contract aset and a contract liability relating

to the same contract are acounted for and

presented on a net basis.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

客户合约收入（续）

随时间确认收入：计量完全达成履约责任的

进度

投入法

完全达成履约责任的进度乃以投入法计量，

即按本集团为达成履约责任所作的努力或投

入占为完全达成有关履约责任而预期的总投

入的比例确认收入，而这最能说明本集团转

让货品或服务控制权的表现。

合约成本

获得合约的增量成本

获得合约的增量成本指本集团为取得客户合

约而产生的成本（即倘未获得有关合约，则不

会产生有关成本）。

倘本集团预期可收回成本，则将其确认为资

产。如此确认的资产其后按与向客户转移该

等资产相关货品或服务一致的系统基准于损

益中摊销。

倘获得合约的增量成本原本会于一年内悉数

于损益中摊销，则本集团会应用实际可行权

宜方法悉数支销该等成本。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Revenue from contracts with customers

(continued)

Over time revenue recognition: measurement

of progres towards complete satisfaction of a

performance obligation

Input method

The progres towards complete satisfaction

of a performance obligation is measured

based on input method, which is to recognise

revenue on the basis of the Group’s eforts

or inputs to the satisfaction of a performance

obligation relative to the total expected

inputs to the satisfaction of that performance

obligation, that best depict the Group’s

performance in transfering control of gods

or services.

Contract costs

Incremental costs of obtaining a contract

Incremental costs of obtaining a contract are

those costs that the Group incurs to obtain

a contract with a customer that it would not

have incured if the contract had not ben

obtained.

The Group recognises such costs as an aset if

it expects to recover these costs. The aset so

recognised is subsequently amortised to profit

or los on a systematic basis that is consistent

with the transfer to the customer of the gods

or services to which the asets relate.

The Group aplies the practical expedient of

expensing al incremental costs to obtain a

contract if these costs would otherwise have

ben fuly amortised to profit or los within

one year.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

客户合约收入（续）

合约成本（续）

履行合约的成本

本集团于其服务合约中产生履行合约的成

本。本集团会先评估该等成本是否符合其他

相关准则的资产确认资格，倘不合资格，则

本集团仅在符合以下所有条件的情况下方会

就该等成本确认资产：

(a) 该等成本与本集团可具体识别的合约或

预期合约直接相关；

(b) 该等成本可产生或提高本集团用于达成

（或持续达成）未来履约责任的资源；及

如此确认的资产其后按与向客户转移该等资

产相关货品或服务一致的系统基准于损益中

摊销。该等资产须进行减值评估。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Revenue from contracts with customers

(continued)

Contract costs (continued)

Cost to fulfil a contract

The Group incurs costs to fulfil a contract in

its services contracts. The Group first ases

whether these costs qualify for recognition as

an aset in term of other relevant standards,

failing which it recognises an aset for these

costs only if they met al of the folowing

criteria:

(a) the costs relate directly to a contract or

to an anticipated contract the Group can

specificaly identify;

(b) the costs generate or enhance resources

of the Group that wil be used in

satisfying (or in continuing to satisfy)

performance obligation in the future;

and

The aset so recognised is subsequently

amortised to profit or los on a systematic

basis that is consistent with the transfer to the

customer of the gods or services to which the

asets relate. The aset is subject to impairment

review.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

租赁

租赁的定义

倘合约转移于一段时间内控制已识别资产的

使用权以换取代价，则该合约属于或包含

租赁。

就于首次应用日期或之后订立或修订或由业

务合并产生的合约而言，本集团于开始时、

修订日期或收购日期（如适用）根据香港财务

报告准则第16号项下定义评估合约是否属于

或包含租赁。除非合约的条款及条件其后发

生变动，否则本集团不会重新评估合约。

本集团作为承租人

将代价分配至合约组成部分

就包含一项租赁组成部分及一项或以上额外

租赁或非租赁组成部分的合约而言，本集团

以租赁组成部分的相对独立价格及非租赁组

成部分的总独立价格为基准，将该等合约的

代价分配至各租赁组成部分。

本集团采用实际可能权宜方法，不将非租赁

组成部分与租赁组成部分开，而是将租赁

组成部分及任何相关非租赁组成部分作为单

一租赁组成部分入账。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Leases

Definition of a lease

A contract is, or contains, a lease if the

contract conveys the right to control the use

of an identified aset for a period of time in

exchange for consideration.

For contracts entered into or modified on or

after the date of initial aplication or arising

from busines combinations, the Group

aseses whether a contract is or contains a

lease based on the definition under HKFRS 16

at inception, modification date or acquisition

date, as apropriate. Such contract wil not be

reasesed unles the terms and conditions of

the contract are subsequently changed.

The Group as a lese

Alocation of consideration to components of

a contract

For a contract that contains a lease component

and one or more aditional lease or non-

lease components, the Group alocates the

consideration in the contract to each lease

component on the basis of the relative stand-

alone price of the lease component and the

agregate stand-alone price of the non-lease

components.

The Group aplies practical expedient not to

separate non-lease components from lease

components, and acounts for the lease

component and any asociated non-lease

components as a single lease component.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人（续）

短期租赁

本集团将短期租赁确认豁免应用于租赁期自

开始日期起计为十二个月或以下且不包括购

买选择权的租赁。短期租赁的租赁付款在租

赁期内按直线法确认为开支。

使用权资产

使用权资产的成本包括：

• 于开始日期或之前作出的任何租赁付

款，减任何已收租金优惠；

；及

、复原相

关资产所在场地或复原相关资产至租赁

的条款及条件所规定的状况而将产生的

成本估计。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Leases (continued)

The Group as a lese (continued)

Short-term leases

The Group aplies the short-term lease

recognition exemption to leases that have

a lease term of 12 months or les from the

comencement date and do not contain a

purchase option. Lease payments on short-

term leases are recognised as expense on a

straight-line basis over the lease term.

Right-of-use asets

The cost of right-of-use aset includes:

• the amount of the initial measurement

of the lease liability;

• any lease payments made at or before

the comencement date, les any lease

incentives received;

• any initial direct costs incured by the

Group; and

• an estimate of costs to be incured by

the Group in dismantling and removing

the underlying asets, restoring the

site on which it is located or restoring

the underlying aset to the condition

required by the terms and conditions of

the lease.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人（续）

使用权资产（续）

使用权资产按成本减任何累计折旧及减值亏

损计量，并就租赁负债的任何重新计量作出

调整。

本集团合理确定将于租赁期届满时取得相关

租赁资产所有权的使用权资产，自开始日期

至可使用年期结束期间计提折旧。在其他情

况下，使用权资产于其估计可使用年期或租

赁期（以较短者为准）内以直线法计提折旧。

本集团将使用权资产作为单独项目于综合财

务状况表中呈列。

可退还租金按金

已支付的可退还租金按金根据香港财务报告

准则第9号入账，并初步按公平值计量。于初

步确认时对公平值的调整被视为额外租赁付

款并计入使用权资产成本。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Leases (continued)

The Group as a lese (continued)

Right-of-use asets (continued)

Right-of-use asets are measured at cost, les

any acumulated depreciation and impairment

loses, and adjusted for any remeasurement of

lease liabilities.

Right-of-use asets in which the Group is

reasonably certain to obtain ownership of the

underlying leased asets at the end of the lease

term are depreciated from comencement

date to the end of the useful life. Otherwise,

right-of-use asets are depreciated on a

straight-line basis over the shorter of its

estimated useful life and the lease term.

The Group presents right-of-use asets as

a separate line item on the consolidated

statement of financial position.

Refundable rental deposits

Refundable rental deposits paid are acounted

for under HKFRS 9 and initialy measured at

fair value. Adjustments to fair value at initial

recognition are considered as aditional lease

payments and included in the cost of right-of-

use asets.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人（续）

租赁负债

于租赁开始日期，本集团按于该日尚未支付

的租赁付款现值确认及计量租赁负债。于计

算租赁付款现值时，倘租赁隐含的利率难以

厘定，则本集团使用租赁开始日期的增量借

贷利率进行计算。

租赁付款包括：

（包括实质固定付款）减任何应

收租金优惠；

，使用

于开始日期的指数或利率作初步计量；

• 预期本集团在剩余价值担保下的应付

款项；

（倘本集团合理确

定将行使该选择权）；及

（倘租赁期反映本

集团行使终止租赁的选择权）。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Leases (continued)

The Group as a lese (continued)

Lease liabilities

At the comencement date of a lease, the

Group recognises and measures the lease

liability at the present value of lease payments

that are unpaid at that date. In calculating the

present value of lease payments, the Group

uses the incremental borowing rate at the

lease comencement date if the interest rate

implicit in the lease is not readily determinable.

The lease payments include:

• fixed payments (including in-substance

fixed payments) les any lease incentives

receivable;

• variable lease payments that depend

on an index or a rate, initialy measured

using the index or rate as at the

comencement date;

• amounts expected to be payable by the

Group under residual value guarantes;

• the exercise price of a purchase option

if the Group is reasonably certain to

exercise the option; and

• payments of penalties for terminating a

lease, if the lease term reflects the Group

exercising an option to terminate the

lease.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

租赁（续）

本集团作为承租人（续）

租赁负债（续）

于开始日期后，租赁负债就应计利息及租赁

付款作出调整。

若发生以下情况，本集团会重新计量租赁负

债（并对相关使用权资产作出相应调整）：

• 租赁期有变或对行使购买选择权的评估

有变，在此情况下，相关租赁负债透过

使用于重新评估日期的经修订折现率折

现经修订租赁付款重新计量。

• 租赁付款于市场租金审查后因市场租金

费率变动而出现变动，在此情况下，相

关租赁负债透过使用初始折现率折现经

修订租赁付款重新计量。

本集团将租赁负债作为单独项目于综合财务

状况表中呈列。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Leases (continued)

The Group as a lese (continued)

Lease liabilities (continued)

After the comencement date, lease liabilities

are adjusted by interest acretion and lease

payments.

The Group remeasures lease liabilities (and

makes a coresponding adjustment to the

related right-of-use asets) whenever:

• the lease term has changed or there is

a change in the asesment of exercise

of a purchase option, in which case the

related lease liability is remeasured by

discounting the revised lease payments

using a revised discount rate at the date

of reasesment.

• the lease payments change due to

changes in market rental rates folowing

a market rent review, in which cases the

related lease liability is remeasured by

discounting the revised lease payments

using the initial discount rate.

The Group presents lease liabilities as a

separate line item on the consolidated

statement of financial position.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

外币汇兑

(i) 功能及呈列货币

本集团各实体财务报表内的项目均采用

实体经营所处主要经济环境的货币（「功

能货币」）计量。合并财务报表以本公司

的功能及呈列货币港元呈列。

(i) 于各实体财务报表中的交易及余额

外币交易于首次确认时按交易当日通行

的汇率换算为功能货币。以外币为单位

的货币资产及负债，按各报告期末适用

的汇率换算。此换算政策引致的收益及

亏损将于损益中确认。

按外币公平值计量之非货币项目采用厘

定公平值当日之汇率换算。

当非货币项目的损益于其他全面收益确

认时，任何损益汇兑部分将于其他全面

收益中确认。当非货币项目的损益于损

益中确认时，任何损益汇兑部分将于损

益中确认。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Foreign curency translation

(i) Functional and presentation curency

Items included in the financial statements

of each of the Group’s entities are

measured using the curency of the

primary economic environment in which

the entity operates (the “functional

curency”). The consolidated financial

statements are presented in HK$,

which is the Company’s functional and

presentation curency.

(i) Transactions and balances in each

entity’s financial statements

Transactions in foreign curencies are

translated into the functional curency

on initial recognition using the exchange

rates prevailing on the transaction dates.

Monetary asets and liabilities in foreign

curencies are translated at the exchange

rates at the end of each reporting

period. Gains and loses resulting from

this translation policy are recognised in

profit or los.

Non-monetary items that are measured

at fair values in foreign curencies are

translated using the exchange rates

at the dates when the fair values are

determined.

When a gain or los on a non-monetary

item is recognised in other comprehensive

income, any exchange component of

that gain or los is recognised in other

comprehensive income. When a gain or

los on a non-monetary item is recognised

in profit or los, any exchange component

of that gain or los is recognised in profit

or los.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

外币汇兑（续）

(i) 综合入账时换算

功能货币与本公司呈列货币不同的所有

本集团实体的业绩及财务状况按以下方

式换算为本公司的呈列货币：

– 所呈报的每个财务状况表的资产

及负债按财务状况表日期的收市

汇率进行换算；

– 收入及开支按期内平均汇率进行

换算（除非该平均数并非交易日现

行汇率累计影响的合理概约数，

在该情况下，收入及开支按交易

日汇率进行换算）；及

– 所有由此产生的汇兑差额于其他

全面收益确认，并于外币汇兑储

备累计。

于综合账目时，因换算为于海外实体投

资净额一部分的货币项目而产生的汇兑

差额于其他全面收益确认，并于外币汇

兑储备累计。当出售海外业务时，该等

汇兑差额重新分类至综合损益作为出售

收益或亏损一部分。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Foreign curency translation (continued)

(i) Translation on consolidation

The results and financial position of al

the Group entities that have a functional

curency diferent from the Company’s

presentation curency are translated into

the Company’s presentation curency as

folows:

– Asets and liabilities for each

statement of financial position

presented are translated at the

closing rate at the date of that

statement of financial position;

– Income and expenses are translated

at average exchange rates for the

period (unles this average is not

a reasonable aproximation of

the cumulative efect of the rates

prevailing on the transaction dates,

in which case income and expenses

are translated at the exchange

rates on the transaction dates);

and

– Al resulting exchange

diferences are recognised in

other comprehensive income

and acumulated in the foreign

curency translation reserve.

On consolidation, exchange diferences

arising from the translation of

monetary items that form part of the

net investment in foreign entities are

recognised in other comprehensive

income and acumulated in the

foreign curency translation reserve.

When a foreign operation is sold, such

exchange diferences are reclasified to

consolidated profit or los as part of the

gain or los on disposal.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

借贷成本

由于本集团并无任何合资格资产，所有借贷

成本均于其产生期间于损益中确认。

政府补助

在能合理保证本集团将遵守政府补助的附带

条件并将得到补助后，本集团方会确认政府

补助。

政府补助于本集团确认有关补助拟抵销的相

关成本为支出期间按系统化基准于损益中

确认。

作为已产生开支或亏损的补偿或为向本集团

提供直接财务支援而应收且无未来相关成本

的收入相关政府补助在相关补助可予收取期

间于损益中确认。该等补助在「其他收入」下

呈列。

雇员福利

雇员应享假期

雇员应享年假于有关假期累计予雇员时确

认。本集团已为雇员就截至报告期末已提供

服务而应享的年假的估计负债作出拨备。

雇员应得病假及产假于休假时始予确认。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Borowing costs

Al borowing costs are recognised in profit or

los in the period in which they are incured as

the Group does not have any qualified aset.

Government grants

Government grants are not recognised until

there is reasonable asurance that the Group

wil comply with the conditions ataching to

them and that the grants wil be received.

Government grants are recognised in profit or

los on a systematic basis over the periods in

which the Group recognises as expenses the

related costs for which the grants are intended

to compensate.

Government grants related to income that

are receivable as compensation for expenses

or loses already incured or for the purpose

of giving imediate financial suport to

the Group with no future related costs are

recognised in profit or los in the period in

which they become receivable. Such grants are

presented under “other income”.

Employe benefits

Employe leave entitlements

Employe entitlements to anual leave are

recognised when they acrue to employes. A

provision is made for the estimated liability for

anual leave as a result of services rendered

by employes up to the end of the reporting

period.

Employe entitlements to sick leave and

maternity or paternity leave are not recognised

until the time of leave.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

雇员福利（续）

退休福利成本及终止福利

向强制性公积金计划支付的款项于雇员已

提供令其可享有该项供款的服务时确认为

开支。

短期雇员福利

短期雇员福利于雇员提供服务时按预期支付

福利的未折现金额确认。所有短期雇员福利

均确认为开支，除非香港财务报告准则另有

规定或允许将相关福利计入资产成本，则作

别论。

本集团会在扣除任何已付金额后就雇员应

计福利（如工资与薪金、年假及病假）确认

负债。

税项

所得税开支为即期应缴税款与递延税项的

总和。

即期应缴税款按年内应课税溢利计算。由于

其他年度的应课税收入或可扣税支出及从未

课税或扣税的项目，故应课税溢利与除税前

溢利有所不同。本集团的即期税项负债采

用于报告期末已颁布或实质已颁布的税率

计算。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Employe benefits (continued)

Retirement benefit costs and termination

benefits

Payments to the Mandatory Provident Fund

Scheme are recognised as an expense when

employes have rendered service entitling

them to the contributions.

Short term employe benefits

Short-term employe benefits are recognised

at the undiscounted amount of the benefits

expected to be paid as and when employes

rendered the services. Al short-term employe

benefits are recognised as an expense unles

another HKFRS requires or permits the

inclusion of the benefit in the cost of an aset.

A liability is recognised for benefits acruing to

employes (such as wages and salaries, anual

leave and sick leave) after deducting any

amount already paid.

Taxation

Income tax expense represents the sum of the

tax curently payable and defered tax.

The tax curently payable is based on taxable

profit for the year. Taxable profit difers

from profit before tax because of income

or expense that are taxable or deductible in

other years and items that are never taxable

or deductible. The Group’s liability for curent

tax is calculated using tax rates that have ben

enacted or substantively enacted by the end of

the reporting period.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Taxation (continued)

Defered tax is recognised on temporary

diferences betwen the carying amounts

of asets and liabilities in the consolidated

financial statements and the coresponding

tax bases used in the computation of

taxable profit. Defered tax liabilities are

generaly recognised for al taxable temporary

diferences. Defered tax asets are generaly

recognised for al deductible temporary

diferences to the extent that it is probable that

taxable profits wil be available against which

those deductible temporary diferences can

be recognised. Such defered tax asets and

liabilities are not recognised if the temporary

diference arises from the initial recognition

(other than in a busines combination) of

asets and liabilities in a transaction that

afects neither the taxable profit nor the

acounting profit.

Defered tax liabilities are recognised for

taxable temporary diferences asociated with

investments in subsidiaries and an asociate,

except where the Group is able to control the

reversal of the temporary diference and it is

probable that the temporary diference wil

not reverse in the foreseable future. Defered

tax asets arising from deductible temporary

diferences asociated with such investments

are only recognised to the extent that it is

probable that there wil be suficient taxable

profits against which to recognise the benefits

of the temporary diferences and they are

expected to reverse in the foreseable future.

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

税项（续）

递延税项按综合财务报表所载资产与负债的

账面值与计算应课税溢利所用的相应税基之

间的暂时性差额确认。递延税项负债一般就

所有应课税暂时性差额确认。递延税项资产

一般就所有可扣税暂时性差额确认，惟以可

能有应课税溢利可供确认可扣税暂时性差额

为限。倘因初步确认（业务合并除外）并不会

影响应课税溢利或会计溢利的交易中的资产

及负债而产生暂时性差额，则不会确认该等

递延税项资产及负债。

递延税项负债就因于附属公司及一间联营公

司的投资而产生的应课税暂时性差额确认，

惟若本集团可控制暂时性差额的拨回且暂时

性差额于可见将来不大可能拨回，则作别

论。与该等投资相关的可扣税暂时性差额所

产生的递延税项资产仅于可能有足够应课税

溢利可供确认暂时性差额利益且预计将于可

见将来拨回时确认。

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

税项（续）

递延税项资产的账面值于各报告期末审阅，

并在不再可能有足够应课税溢利可用以收回

全部或部分资产时调减。

递延税项资产及负债以于报告期末已颁布或

实质上已颁布的税率（及税法）为基准，按预

期于负债获偿还或资产获确认期间适用的税

率计量。

递延税项负债及资产的计量反映本集团预期

于报告期末收回或偿还其资产及负债的账面

值的方式所产生的税务结果。

就计量本集团确认使用权资产及相关租赁负

债的租赁交易的递延税项而言，本集团首先

厘定税项扣减是归因于使用权资产抑或租赁

负债。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Taxation (continued)

The carying amount of defered tax asets is

reviewed at the end of each reporting period

and reduced to the extent that it is no longer

probable that suficient taxable profits wil be

available to alow al or part of the aset to be

recovered.

Defered tax asets and liabilities are measured

at the tax rates that are expected to aply in

the period in which the liability is setled or the

aset is recognised, based on tax rate (and tax

laws) that have ben enacted or substantively

enacted by the end of the reporting period.

The measurement of defered tax liabilities

and asets reflects the tax consequences that

would folow from the maner in which the

Group expects, at the end of the reporting

period, to recover or setle the carying

amount of its asets and liabilities.

For the purpose of measuring defered tax

for leasing transactions in which the Group

recognises the right-of-use asets and the

related lease liabilities, the Group first

determines whether the tax deductions are

atributable to the right-of-use asets or the

lease liabilities.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

税项（续）

就税项扣减归因于租赁负债的租赁交易而

言，本集团将香港会计准则第12号的规定应

用于整个租赁交易。有关使用权资产及租赁

负债的暂时性差额按净额基准评估。使用权

资产折旧超出租赁负债主要部分的租赁付款

部分会导致产生可扣税暂时性差额净额。

倘有法律上可强制执行权利将即期税项资产

与即期税项负债对销，且递延税项资产与负

债涉及由同一税务机构向同一应课税实体征

收的所得税，则递延税项资产与负债可予

对销。

即期及递延税项于损益中确认，惟若即期及

递延税项与于其他全面收益或直接于权益中

确认的项目相关，则该等即期及递延税项亦

分别于其他全面收益或直接于权益中确认。

物业、厂房及设备

物业、厂房及设备为持作用于生产或供应货

品或服务或持作行政用途的有形资产。物

业、厂房及设备按成本减后续累计折旧及

后续累计减值亏损（如有）于综合财务状况表

列示。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Taxation (continued)

For leasing transactions in which the tax

deductions are atributable to the lease

liabilities, the Group aplies HKAS 12

requirements to the leasing transaction as a

whole. Temporary diference relating to right-

of-use asets and lease liabilities are asesed

on a net basis. Exces of depreciation on right-

of-use asets over the lease payment for the

principal portion of lease liabilities results in

net deductible temporary diferences.

Defered tax asets and liabilities are ofset

when there is a legaly enforceable right to

set of curent tax asets against curent tax

liabilities and when they relate to income taxes

levied to the same taxable entity by the same

taxation authority.

Curent and defered tax are recognised in

profit or los, except when they relate to items

that are recognised in other comprehensive

income or directly in equity, in which case, the

curent and defered tax are also recognised

in other comprehensive income or directly in

equity respectively.

Property, plant and equipment

Property, plant and equipment are tangible

asets that are held for use in the production

or suply of gods or services, or for

administrative purposes. Property, plant and

equipment are stated in the consolidated

statement of financial position at cost les

subsequent acumulated depreciation and

subsequent acumulated impairment loses,

if any.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

物业、厂房及设备（续）

折旧按撇销资产（永久业权土地除外）的成本

减其估计可使用年期内的余值按直线法确

认。估计使用年期、余值及折旧方法于各报

告期末审阅，而任何估计变动的影响按前瞻

性基准入账。

物业、厂房及设备项目于出售后或预期持续

使用该资产于将来不会产生经济利益时予以

终止确认。出售或弃置物业、厂房及设备项

目产生的任何收益或亏损，按出售所得款项

与资产账面值之间的差额厘定，并于损益中

确认。

物业、厂房及设备以及使用权资产减值

于报告期末，本集团会审阅物业、厂房及设

备以及使用权资产的账面值，以厘定是否有

任何迹象显示该等资产蒙受减值亏损。倘存

在任何有关迹象，则估计相关资产的可收回

金额以厘定减值亏损（如有）的程度。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Property, plant and equipment (continued)

Depreciation is recognised so as to write of

the cost of asets other than frehold land

les their residual values over their estimated

useful lives, using the straight-line method.

The estimated useful lives, residual values and

depreciation method are reviewed at the end

of each reporting period, with the efect of

any changes in estimate acounted for on a

prospective basis.

An item of property, plant and equipment is

recognised upon disposal or when no future

economic benefits are expected to arise from

the continued use of the aset. Any gain or

los arising on the disposal or retirement of

an item of property, plant and equipment is

determined as the diference betwen the

sales proceds and the carying amount of the

aset and is recognised in profit or los.

Impairment on property, plant and

equipment and right-of-use asets

At the end of the reporting period, the

Group reviews the carying amounts of its

property, plant and equipment and right-of-

use asets, to determine whether there is any

indication that these asets have sufered an

impairment los. If any such indication exists,

the recoverable amount of the relevant aset is

estimated in order to determine the extent of

the impairment los (if any).

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

物业、厂房及设备以及使用权资产减值（续）

本集团个别估计物业、厂房及设备以及使用

权资产的可收回金额。倘无法个别估计可收

回金额，则本集团会估计资产所属现金产生

单位的可收回金额。

对现金产生单位进行减值测试时，倘能确立

合理一致的分配基准，则公司资产分配至相

关现金产生单位，否则分配至能够确立合理

一致分配基准的最小组别的现金产生单位。

本集团为公司资产所属现金产生单位或现金

产生单位组别厘定可收回金额，并将其与相

关现金产生单位或现金产生单位组别的账面

值进行比较。

可收回金额为公平值减出售成本或使用价值

（以较高者为准）。评估使用价值时，估计未

来现金流量使用反映当时市场对货币时间价

值及估计未来现金流量未经调整的资产（或现

金产生单位）的特定风险评估的税前折现率折

现至现值。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Impairment on property, plant and

equipment and right-of-use asets

(continued)

The recoverable amount of property, plant

and equipment and right-of-use asets

are estimated individualy. When it is not

posible to estimate the recoverable amount

individualy, the Group estimates the

recoverable amount of the cash-generating

unit to which the aset belongs.

In testing a cash-generating unit for

impairment, corporate asets are alocated

to the relevant cash-generating unit when a

reasonable and consistent basis of alocation

can be established, or otherwise they are

alocated to the smalest group of cash

generating units for which a reasonable and

consistent alocation basis can be established.

The recoverable amount is determined for

the cash-generating unit or group of cash-

generating units to which the corporate aset

belongs, and is compared with the carying

amount of the relevant cash-generating unit or

group of cash-generating units.

Recoverable amount is the higher of fair value

les costs of disposal and value in use. In

asesing value in use, the estimated future

cash flows are discounted to their present

value using a pre-tax discount rate that reflects

curent market asesments of the time value

of money and the risks specific to the aset (or

a cash-generating unit) for which the estimates

of future cash flows have not ben adjusted.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

物业、厂房及设备以及使用权资产减值（续）

倘预期资产（或现金产生单位）的可收回金额

低于其账面值，资产（或现金产生单位）的账

面值将减至其可收回金额。就未能按合理一

致基准分配至现金产生单位的公司资产或部

分公司资产而言，本集团会将现金产生单位

组别的账面值（包括分配至该现金产生单位

组别的公司资产或部分公司资产的账面值）

与该现金产生单位组别的可收回金额进行比

较。在分配减值亏损时，减值亏损会首先用

以撇减任何商誉的账面值（如适用），然后根

据单位内或现金产生单位组合各资产的账面

值按比例分配至其他资产，惟资产的账面值

不得撇减至低于其公平值减出售成本（如可计

量）、使用价值（如可厘定）或零（以最高者为

准）。本应分配至相关资产的减值亏损金额将

按比例分配至单位内或现金产生单位组合的

其他资产。减值亏损即时于损益中确认。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Impairment on property, plant and

equipment and right-of-use asets

(continued)

If the recoverable amount of an aset (or

a cash-generating unit) is estimated to be

les than its carying amount, the carying

amount of the aset (or a cash-generating

unit) is reduced to its recoverable amount. For

corporate asets or portion of corporate asets

which canot be alocated on a reasonable

and consistent basis to a cash-generating unit,

the Group compares the carying amount of

a group of cash-generating units, including

the carying amounts of the corporate asets

or portion of corporate asets alocated to

that group of cash-generating units, with the

recoverable amount of the group of cash-

generating units. In alocating the impairment

los, the impairment los is alocated first to

reduce the carying amount of any godwil

(if aplicable) and then to the other asets on

a pro-rata basis based on the carying amount

of each aset in the unit or the group of cash-

generating units. The carying amount of an

aset is not reduced below the highest of its

fair value les costs of disposal (if measurable),

its value in use (if determinable) and zero. The

amount of the impairment los that would

otherwise have ben alocated to the aset is

alocated pro rata to the other asets of the

unit or the group of cash-generating units. An

impairment los is recognised imediately in

profit or los.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

物业、厂房及设备以及使用权资产减值（续）

倘减值亏损其后拨回，则资产（或现金产生单

位或现金产生单位组合）的账面值将增至其可

收回金额的经修订估计，惟经增加的账面值

不得超出资产（或现金产生单位或现金产生单

位组合）于过往年度未有确认减值亏损时原应

厘定的账面值。减值亏损拨回即时于损益中

确认。

现金及现金等价物

于综合财务状况表呈列的现金及现金等价物

包括现金（由手头现金及活期存款组成，不包

括因受监管限制而不再符合现金定义的银行

结余）。

就综合现金流量表而言，现金及现金等价物

包括上文定义的现金及现金等价物。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Impairment on property, plant and

equipment and right-of-use asets

(continued)

Where an impairment los subsequently

reverses, the carying amount of the aset (or

a cash-generating unit or a group of cash-

generating units) is increased to the revised

estimate of its recoverable amount, but so

that the increased carying amount does not

exced the carying amount that would have

ben determined had no impairment los ben

recognised for the aset (or a cash-generating

unit or a group of cash-generating units) in

prior years. A reversal of an impairment los is

recognised imediately in profit or los.

Cash and cash equivalents

Cash and cash equivalents presented on the

consolidated statement of financial position

include cash, which comprises of cash on hand

and demand deposits, excluding bank balances

that are subject to regulatory restrictions that

result in such balances no longer meting the

definition of cash.

For the purposes of the consolidated statement

of cash flows, cash and cash equivalents

consist of cash and cash equivalents as defined

above.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具

在集团实体成为相关工具合约条文的订约方

时，确认金融资产及金融负债。所有常规买

卖的金融资产均按买卖日期基准确认及终止

确认。常规买卖指须于根据市场规则或惯例

确立的时限内交付资产的金融资产买卖。

金融资产及金融负债初步按公平值计量，惟

客户合约产生的贸易应收款项初步根据香港

财务报告准则第15号计量。收购或发行金融

资产及金融负债（透过损益按公平值计算之金

融资产或金融负债除外）直接应占的交易成本

于初步确认时计入金融资产或金融负债的公

平值或自其中扣除（如适用）。收购透过损益

按公平值计算之金融资产或金融负债直接应

占的交易成本即时于损益中确认。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments

Financial asets and financial liabilities are

recognised when a group entity becomes

a party to the contractual provisions of the

instrument. Al regular way purchases or

sales of financial asets are recognised and

derecognised on a trade date basis. Regular

way purchases or sales are purchases or sales

of financial asets that require delivery of

asets within the time frame established by

regulation or convention in the market place.

Financial asets and financial liabilities are

initialy measured at fair value except for

trade receivables arising from contracts

with customers which are initialy measured

in acordance with HKFRS 15. Transaction

costs that are directly atributable to the

acquisition or isue of financial asets and

financial liabilities (other than financial asets

or financial liabilities at FVTPL are aded to or

deducted from the fair value of the financial

asets or financial liabilities, as apropriate, on

initial recognition. Transaction costs directly

atributable to the acquisition of financial

asets or financial liabilities at FVTPL are

recognised imediately in profit or los.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

实际利率法乃计算金融资产或金融负债的摊

销成本及分配相关期间利息收入及支出的方

法。实际利率为于初步确认时按金融资产或

金融负债的预计年期或（如适用）较短期间，

准确折现估计未来现金收款及付款（包括所有

属于实际利率不可或缺部分的已付或已收费

用及利率价差、交易成本及其他溢价或折让）

至账面净值的利率。

金融资产

金融资产的分类及后续计量

符合以下条件的金融资产其后按摊销成本计

量：

• 于以收取合约现金流量为目的之业务模

式下持有金融资产；及

• 合约条款于指定日期产生的现金流量纯

粹为支付本金及未偿还本金的利息。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

The efective interest method is a method of

calculating the amortised cost of a financial

aset or financial liability and of alocating

interest income and interest expense over the

relevant period. The efective interest rate

is the rate that exactly discounts estimated

future cash receipts and payments (including

al fes and points paid or received that form

an integral part of the efective interest rate,

transaction costs and other premiums or

discounts) through the expected life of the

financial aset or financial liability, or, where

apropriate, a shorter period, to the net

carying amount on initial recognition.

Financial asets

Clasification and subsequent measurement of

financial asets

Financial asets that met the folowing

conditions are subsequently measured at

amortised cost:

• the financial aset is held within a

busines model whose objective is to

colect contractual cash flows; and

• the contractual terms give rise on

specified dates to cash flows that are

solely payments of principal and interest

on the principal amount outstanding.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

金融资产的分类及后续计量（续）

所有其他金融资产其后按透过损益按公平值

计算计量，惟于初步确认金融资产时本集团

可不可撤回地选择将股权投资的公平值后续

变动于其他全面收益呈列，前提是该项股权

投资并非持作买卖，亦不属香港财务报告准

则第3号所适用的由收购方在业务合并中确认

的或然代价。

在下列情况下，金融资产属持作买卖：

• 购入金融资产主要是为了于不久将来出

售；或

，金融资产构成由本集团

集中管理的已识别金融工具组合的一部

份，并呈现近期实际短期获利模式；或

• 金融工具属未被指定及可有效作为对冲

工具的衍生工具。

此外，本集团可不可撤回地将须按摊销成本

计量的金融资产指定为按透过损益按公平值

计算计量，前提是这样做可以消除或大幅减

少会计错配。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of

financial asets (continued)

Al other financial asets are subsequently

measured at FVTPL, except that at initial

recognition of a financial aset the Group

may irevocably elect to present subsequent

changes in fair value of an equity investment

in other comprehensive income if that equity

investment is neither held for trading nor

contingent consideration recognised by an

acquirer in a busines combination to which

HKFRS 3 aplies.

A financial aset is held for trading if:

• it has ben acquired principaly for the

purpose of seling in the near term; or

• on initial recognition it is a part

of portfolio of identified financial

instruments that the Group manages

together and has a recent actual patern

of short-term profit-taking; or

• it is a derivative that is not designated

and efective as a hedging instrument.

In adition, the Group may irevocably

designate a financial aset that are required

to be measured at the amortised cost as

measured at FVTPL if doing so eliminates or

significantly reduces an acounting mismatch.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

(i) 摊销成本及利息收入

就其后按摊销成本计量的金融资产而

言，本集团使用实际利率法确认利息收

入。计算利息收入时，本集团会将实际

利率应用于金融资产的账面总值，除非

金融资产其后出现信贷减值，则作别

论。就其后出现信贷减值的金融资产而

言，本集团自下一个报告期起将实际利

率应用于金融资产的摊销成本，从而确

认利息收入。倘出现信贷减值的金融工

具的信贷风险有所改善，以致金融资产

不再存在信贷减值，则本集团自厘定资

产不再存在信贷减值后的报告期初起将

实际利率应用于金融资产的账面总值，

从而确认利息收入。

本集团按摊销成本计量的金融资产包括

贸易及其他应收款项以及银行结余。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

(i) Amortised cost and interest income

Interest income is recognised using

the efective interest method for

financial asets measured subsequently

at amortised cost. Interest income is

calculated by aplying the efective

interest rate to the gros carying amount

of a financial aset, except for financial

asets that have subsequently become

credit-impaired. For financial asets

that have subsequently become credit-

impaired, interest income is recognised

by aplying the efective interest rate

to the amortised cost of the financial

aset from the next reporting period.

If the credit risk on the credit-impaired

financial instrument improves so that

the financial aset is no longer credit-

impaired, interest income is recognised

by aplying the efective interest rate

to the gros carying amount of the

financial aset from the begining of

the reporting period folowing the

determination that the aset is no longer

credit-impaired.

The Group’s financial asets at amortised

cost include trade and other receivables

and bank balances.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

(i) 透过损益按公平值计算之金融资产

不符合资格按摊销成本计量的金融资产

按透过损益按公平值计算计量。

透过损益按公平值计算之金融资产于各

报告期末按公平值计量，任何公平值收

益或亏损于损益中确认。于损益中确认

的收益或亏损净额不包括金融资产生

的任何股息或利息，并计入「其他收益

及亏损净额」项下。

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值

本集团须根据香港财务报告准则第9号进行减

值评估的金融资产（包括主要管理人员保单、

贸易及其他应收款项、合约资产及银行结

余）的金融资产按预期信贷亏损（「预期信贷亏

损」）模型进行减值评估。预期信贷亏损金额

于各报告日期更新，以反映初步确认后信贷

风险的变化。

全期预期信贷亏损指相关工具于预期可使用

年期内所有可能发生的违约事件所导致的预

期信贷亏损。相比之下，12个月预期信贷

亏损（「12个月预期信贷亏损」）指预期因报告

日期后12个月内可能发生的违约事件而导

致的全期预期信贷亏损部分。评估根据本集

团的过往信贷亏损经验进行，并根据债务人

的特定因素、一般经济状况以及对报告日期

当前状况的评估以及对未来状况的预测作出

调整。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

(i) Financial asets at FVTPL

Financial asets that do not met the

criteria for being measured at amortised

cost are measured at FVTPL.

Financial asets at FVTPL are measured

at fair value at the end of each reporting

period, with any fair value gains or loses

recognised in profit or los. The net

gain or los recognised in profit or los

excludes any dividend or interest earned

on the financial aset and is included

in the “other gains and loses, net”

line item.

Impairment of financial aset subject to

impairment asesment under HKFRS 9

The Group performs impairment asesment

under expected credit los (“ECL”) model on

financial asets (including key management

insurance policy, trade and other receivables,

contract asets and bank balances) which

are subject to impairment asesment under

HKFRS 9. The amount of ECL is updated at

each reporting date to reflect changes in credit

risk since initial recognition.

Lifetime ECL represents the ECL that wil

result from al posible default events over

the expected life of the relevant instrument.

In contrast, 12-month ECL (“12m ECL”)

represents the portion of lifetime ECL that is

expected to result from default events that are

posible within 12 months after the reporting

date. Asesments are done based on the

Group’s historical credit los experience,

adjusted for factors that are specific to the

debtors, general economic conditions and an

asesment of both the curent conditions at

the reporting date as wel as the forecast of

future conditions.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

本集团一直对并无重大融资部分的贸易应收

款项及合约资产确认全期预期信贷亏损。

对于所有其他工具，本集团计量的亏损拨备

相等于12个月预期信贷亏损，除非自初步确

认以来信贷风险显著上升，在此情况下，本

集团确认全期预期信贷亏损。是否应确认全

期预期信贷亏损的评估基于自初步确认以来

发生违约的可能性或风险是否显著上升。

(i) 信贷风险显著上升

评估信贷风险自初步确认以来是否显著

上升时，本集团会比较金融工具于报

告日期发生违约的风险与金融工具于初

步确认日期发生违约的风险。作出评估

时，本集团会考虑合理可靠的定量及定

性资料，包括过往经验以及毋须付过多

成本及努力即可获得的前瞻性资料。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

The Group always recognises lifetime ECL for

trade receivables and contract asets without

significant financing component.

For al other instruments, the Group measures

the los alowance equal to 12m ECL, unles

there has ben a significant increase in credit

risk since initial recognition, in which case the

recognised lifetime ECL. The asesment of

whether lifetime ECL should be recognised is

based on significant increases in the likelihod

or risk of a default ocuring since initial

recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk

has increased significantly since initial

recognition, the Group compares the risk

of a default ocuring on the financial

instrument as at the reporting date

with the risk of a default ocuring on

the financial instrument as at the date

of initial recognition. In making this

asesment, the Group considers both

quantitative and qualitative information

that is reasonable and suportable,

including historical experience and

forward-loking information that is

available without undue cost or efort.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(i) 信贷风险显著上升（续）

具体而言，评估信贷风险是否显著上升

时会考虑以下资料：

（如有）或内部信贷

评级的实际或预期显著转差；

• 信贷风险的外部市场指标显著转

差，例如债务人的信贷息差、信

贷违约掉期价格显著上升；

、金融或经济情况目前或预

期有不利变动，预计将导致债务

人偿还债项的能力显著下降；

• 债务人经营业绩实际或预期显著

转差；及

、经济或技术环境

有实际或预计的重大不利变动，

导致债务人偿还债项的能力显著

下降。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(i) Significant increase in credit risk

(continued)

In particular, the folowing information

is taken into acount when asesing

whether credit risk has increased

significantly:

• an actual or expected significant

deterioration in the financial

instrument’s external (if available)

or internal credit rating;

• significant deterioration in external

market indicators of credit risk, e.g.

a significant increase in the credit

spread, the credit default swap

prices for the debtor;

• existing or forecast adverse

changes in busines, financial

or economic conditions that are

expected to cause a significant

decrease in the debtor’s ability to

met its debt obligations;

• an actual or expected significant

deterioration in the operating

results of the debtor; and

• an actual or expected significant

adverse change in the regulatory,

economic, or technological

environment of the debtor that

results in a significant decrease in

the debtor’s ability to met its debt

obligations.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(i) 信贷风险显著上升（续）

不论上述评估结果如何，本集团假设倘

合约付款逾期超过30日，则信贷风险已

自初步确认以来显著上升，除非本集团

有合理可靠的资料证明并非如此，则作

别论。

尽管上文所述，倘于报告日期金融工具

的信贷风险较低，则本集团假设债务工

具的信贷风险自初步确认以来并无显著

增加。倘(i)债务工具的违约风险较低；

(i)借款人在短期内具备履行合约现金流

量责任的强劲能力；及(i)长期经济及

商业条件的不利变化可能（但不一定）降

低借款人履行合约现金流量责任的能

力，则可认为债务工具的信贷风险较

低。除贸易及其他应收款项外，本集团

将所有金融资产厘定为信贷风险较低。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(i) Significant increase in credit risk

(continued)

Irespective of the outcome of the above

asesment, the Group presumes that

the credit risk has increased significantly

since initial recognition when contractual

payments are more than 30 days past

due, unles the Group has reasonable

and suportable information that

demonstrates otherwise.

Despite the aforegoing, the Group

asumes that the credit risk on a financial

instrument has not increased significantly

since initial recognition if the financial

instrument is determined to have low

credit risk at the reporting date. A

financial instrument is determined to

have low credit risk if (i) it has a low risk

of default, (i) the borower has a strong

capacity to met its contractual cash

flow obligations in the near term and

(i) adverse changes in economic and

busines conditions in the longer term

may, but wil not necesarily, reduce

the ability of the borower to fulfil its

contractual cash flow obligations. Al

financial asets, except for trade and

other receivables, are determined to

have low credit risk.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(i) 信贷风险显著上升（续）

本集团定期监察用以识别信贷风险是否

显著上升的标准的有效性，并酌情对其

进行修订，以确保有关标准能在款项到

期前识别出信贷风险已显著上升。

(i) 违约的定义

就内部信贷风险管理而言，本集团认

为，倘有内部产生或取自外部来源的资

料表明债务人不大可能向其债权人（包

括本集团）悉数还款（不计及本集团持有

的任何抵押品），即构成违约事件。

尽管上文所述，本集团认为，倘金融资

产逾期超过90日，则已发生违约，除非

本集团有合理可靠资料证明较宽松的违

约准则更为适用。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(i) Significant increase in credit risk

(continued)

The Group regularly monitors the

efectivenes of the criteria used to

identify whether there has ben a

significant increase in credit risk and

revises them as apropriate to ensure

that the criteria are capable of identifying

significant increase in credit risk before

the amount becomes past due.

(i) Definition of default

For internal credit risk management,

the Group considers an event of default

ocurs when information developed

internaly or obtained from external

sources indicates that the debtor is

unlikely to pay its creditors, including

the Group, in ful (without taking into

acount any colaterals held by the

Group).

Irespective of the above, the Group

considers that default has ocured

when a financial aset is more than 90

days past due unles the Group has

reasonable and suportable information

to demonstrate that a more laging

default criterion is more apropriate.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(i) 信贷减值的金融资产

当发生一项或多项事件对金融资产的估

计未来现金流量产生不利影响时，金

融资产即出现信贷减值。金融资产信贷

减值的证据包括有关以下事件的可观察

数据：

(a) 发行人或借款人遭遇重大财政

困难；

(b) 违约，例如拖欠或逾期付款；

困难有关的经济或合约理由，向

借款人给予贷款人在一般情况下

不会考虑的优惠条件；

(d) 借款人可能破产或进行其他财务

重组；或

(e) 由于财务困难，金融资产的活跃

市场消失。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(i) Credit-impaired financial asets

A financial aset is credit-impaired

when one or more events that have a

detrimental impact on the estimated

future cash flows of that financial

aset have ocured. Evidence that a

financial aset is credit-impaired includes

observable data about the folowing

events:

(a) significant financial dificulty of the

isuer or the borower;

(b) a breach of contract, such as a

default or past due event;

economic or contractual reasons

relating to the borower’s financial

dificulty, having granted to the

borower a concesion(s) that the

lender(s) would not otherwise

consider;

(d) it is becoming probable that the

borower wil enter bankruptcy or

other financial reorganisation; or

(e) the disapearance of an active

market for that financial aset

because of financial dificulties.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(iv) 撇销政策

倘有资料显示交易对手面临严重财务困

难且收回金融资产的机会渺茫（如交易

对手已清盘或进入破产程序），则本集

团撇销金融资产。经考虑法律意见（如

适用），撇销的金融资产可能仍须按本

集团收回程序进行强制执行活动。撇销

构成终止确认事件。金融资产若其后收

回，于损益中确认。

(v) 计量及确认预期信贷亏损

预期信贷亏损的计量为违约概率、违约

亏损率（即违约时的亏损程度）及违约风

险的函数。评估违约概率及违约亏损

率的根据是过往数据及前瞻性资料。估

计预期信贷亏损反映以相关违约风险作

为加权数值而厘定的公正的概率加权

金额。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(iv) Write-of policy

The Group writes of a financial aset

when there is information indicating that

the counterparty is in severe financial

dificulty and there is no realistic

prospect of recovery, for example,

when the counterparty has ben placed

under liquidation or has entered into

bankruptcy procedings. Financial

asets writen of may stil be subject

to enforcement activities under the

Group’s recovery procedures, taking into

acount legal advice where apropriate.

A write-of constitutes a derecognition

event. Any subsequent recoveries are

recognised in profit or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function

of the probability of default, los given

default (i.e. the magnitude of the los if

there is a default) and the exposure at

default. The asesment of the probability

of default and los given default is based

on historical data and forward-loking

information. Estimation of ECL reflects

an unbiased and probability-weighted

amount that is determined with the

respective risks of default ocuring as

the weights.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(v) 计量及确认预期信贷亏损（续）

预期信贷亏损通常按根据合约应付本集

团的所有合约现金流量与本集团预计收

取的所有现金流量（按于初步确认时厘

定的实际利率折现）之间的差额估算。

若干贸易应收款项根据过往信贷亏损经

验个别进行评估，并根据债务人整体经

济状况的特定因素进行调整。

若干贸易应收款项的全期预期信贷亏

损乃经考虑逾期资料及相关信贷资料

（如前瞻性宏观经济资料）后按集体基准

考量。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(v) Measurement and recognition of ECL

(continued)

Generaly, the ECL is the diference

betwen al contractual cash flows that

are due to the Group in acordance with

the contract and the cash flows that the

Group expects to receive, discounted at

the efective interest rate determined at

initial recognition.

Certain trade receivables are individualy

asesed based on historical credit los

experience, adjusted for factors that are

specific to the debtors’ general economic

conditions.

Lifetime ECL for certain trade receivables

are considered on a colective basis

taking into consideration past due

information and relevant credit

information such as forward loking

macroeconomic information.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(v) 计量及确认预期信贷亏损（续）

对于集体评估，本集团于分组时会考虑

以下特征：

、规模及行业；及

（如可得）。

管理层定期检讨分组，确保各组别的组

成部分继续具有类似的信贷风险特征。

利息收入按金融资产账面总值计算，除

非金融资产出现信贷减值，在此情况

下，利息收入按金融资产的摊销成本

计算。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(v) Measurement and recognition of ECL

(continued)

For colective asesment, the Company

takes into consideration the folowing

characteristics when formulating the

grouping:

;

, size and industry of

debtors; and

• External credit rating where

available.

The grouping is regularly reviewed by

management to ensure the constituents

of each group continue to share similar

credit risk characteristics.

Interest income is calculated based

on the gros carying amount of the

financial aset unles the financial aset

is credit-impaired, in which case interest

income is calculated based on amortised

cost of the financial aset.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行减值评估

的金融资产的减值（续）

(v) 计量及确认预期信贷亏损（续）

本集团透过调整所有金融工具的账面值

于损益中确认减值亏损或减值拨回收

益，惟贸易应收款项除外，其相应调整

于亏损拨备账中确认。

本集团透过调整所有金融工具的账面值

于损益中确认减值收益或亏损，惟贸易

应收款项及合约资产除外，其相应调整

于亏损拨备账中确认。

终止确认金融资产

本集团仅在自资产取得现金流量的合约权利

届满，或向另一实体转让金融资产及资产所

有权的绝大部分风险及回报时，方会终止确

认金融资产。

于终止确认按摊销成本计量的金融资产时，

资产账面值与已收及应收代价总和之间的差

额于损益中确认。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial aset subject to

impairment asesment under HKFRS 9

(continued)

(v) Measurement and recognition of ECL

(continued)

The Group recognises an impairment

los or gain on reversal of impairment in

profit or los for al financial instruments

by adjusting their carying amount,

with the exception of trade receivables

where the coresponding adjustment

is recognised through a los alowance

acount.

The Group recognises an impairment

gain or los in profit or los for al

financial instruments by adjusting their

carying amount, with exception of trade

receivables and contract asets where the

coresponding adjustment is recognised

through a los alowance acount.

Derecognition of financial asets

The Group derecognises a financial aset only

when the contractual rights to the cash flows

from the aset expire, or when it transfers the

financial aset and substantialy al the risks

and rewards of ownership of the aset to

another entity.

On derecognition of a financial aset measured

at amortised cost, the diference betwen

the aset’s carying amount and the sum of

the consideration received and receivable is

recognised in profit or los.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融负债及权益

分类为债务或权益

债务及权益工具根据合约安排的实质内容及

金融负债与权益工具的定义分类为金融负债

或权益。

权益工具

权益工具是证明实体资产经扣除所有负债后

的剩余权益的任何合约。本公司发行的权益

工具按已收所得款项，扣除直接发行成本予

以确认。

购回本公司自身权益工具乃于权益确认及直

接扣除。概无就购买、出售、发行或注销本

公司自身的权益工具而于损益中确认任何收

益或亏损。

金融负债

所有金融负债其后使用实际利率法按摊销成

本计量。

按摊销成本计量的金融负债

本集团的金融负债（包括贸易及其他应付款

项、应付一名董事的款项及租赁负债）其后使

用实际利率法按摊销成本计量。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified

as either financial liabilities or as equity

in acordance with the substance of the

contractual arangements and the definitions

of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that

evidences a residual interest in the asets of

an entity after deducting al of its liabilities.

Equity instruments isued by the Company are

recognised at the proceds received, net of

direct isue costs.

Repurchase of the Company’s own equity

instruments is recognised and deducted

directly in equity. No gain or los is recognised

in profit or los on the purchase, sale, isue

or cancelation of the Company’s own equity

instruments.

Financial liabilities

Al financial liabilities are subsequently

measured at amortised cost using the efective

interest method.

Financial liabilities at amortised cost

The Group’s financial liabilities including trade

and other payables, amount due to a director

and lease liabilities are subsequently measured

at amortised cost, using the efective interest

method.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

金融工具（续）

金融负债及权益（续）

终止确认金融负债

当及仅当本集团的责任获解除、被取消或届

满时，本集团方会终止确认金融负债。已终

止确认的金融负债的账面值与已付及应付代

价之间的差额于损益中确认。

关连方

关连方乃与本集团有关连的人士或实体。

(a) 倘属以下人士，即该人士或该人士家庭

近亲成员与本集团有关连：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团或本集团母公司的主要

管理层成员。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Financial instruments (continued)

Financial liabilities and equity (continued)

Derecognition of financial liabilities

The Group derecognises financial liabilities

when, and only when, the Group’s obligations

are discharged, canceled or have expired. The

diference betwen the carying amount of

the financial liabilities derecognised and the

consideration paid and payable is recognised

in profit or los.

Related parties

A related party is a person or entity that is

related to the Group.

(a) A person or a close member of that

person’s family is related to the Group if

that person:

(i) has control or joint control over

the Group;

(i) has significant influence over the

Group; or

(i) is a member of the key

management personel of the

Group or of a parent of the Group.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

关连方（续）

(b) 倘符合下列任何条件，即实体与本集团

有关连：

(i) 该实体与本集团属同一集团的成

员公司（即各母公司、附属公司及

同系附属公司彼此间有关连）。

(i) 一间实体为另一实体的联营公司

或合营企业（或另一实体为所属集

团旗下成员公司的联营公司或合

营企业）。

(i) 两间实体均为同一第三方的合营

企业。

(iv) 一间实体为第三方实体的合营企

业，而另一实体为该第三方实体

的联营公司。

(v) 实体为本集团或与本集团有关连

的实体就雇员利益设立的离职福

利计划。倘本集团本身便是该计

划，提供资助的雇主亦与本集团

有关连。

(vi) 实体受(a)所识别人士控制或受共

同控制。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Related parties (continued)

(b) An entity is related to the Group if any

of the folowing conditions aplies:

(i) The entity and the Group are

members of the same group (which

means that each parent company,

subsidiary and felow subsidiary is

related to the others).

(i) One entity is an asociate or joint

venture of the other entity (or

an asociate or joint venture of a

member of a group of which the

other entity is a member).

(i) Both entities are joint ventures of

the same third party.

(iv) One entity is a joint venture of a

third entity and the other entity is

an asociate of the third entity.

(v) The entity is a post-employment

benefit plan for the benefit of

employes of either the Group or

an entity related to the Group.

If the Group is itself such a plan,

the sponsoring employers are also

related to the Group.

(vi) The entity is controled or jointly

controled by a person identified

in (a).

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2. 综合财务报表编制基准及重大会计政策

（续）

2.4 重大会计政策（续）

关连方（续）

(vi) 于附注(a)(i)所识别人士对实体有重大影

响力或属该实体（或该实体的母公司）主

要管理层成员。

(vi) 实体或其所属集团的任何成员公司向本

集团或本集团母公司提供主要管理人员

服务。

任何人士的近亲是指与该实体交易时预期可

影响该名人士或受该人士影响的家庭成员。

分部报告

经营分部以及综合财务报表所呈报各分部项

目的金额，乃从为分配资源予本集团各项业

务并评估其表现而定期向本集团主要营运决

策者提供的财务资料中识别出来。

个别重大经营分部不会就财务报告目的而整

合，除非该等分部具有相似经济特征并在产

品与服务性质、生产过程性质、客户类型或

类别、分发产品或提供服务所用方法以及监

管环境性质等方面相似。个别非重大经营分

部如在上述方面大部分相似，可予以整合。

2. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL

STATEMENTS AND MATERIAL

ACOUNTING POLICIES (continued)

2.4 Material acounting policies (continued)

Related parties (continued)

(vi) A person identified in (a)(i) has significant

influence over the entity or is a member

of the key management personel of the

entity (or of a parent of the entity).

(vi) The entity, or any member of a group

of which it is a part, provides key

management personel services to the

Group or to a parent of the Group.

Close members of the family of a person are

those family members who may be expected

to influence, or be influenced by, that person

in their dealings with the entity.

Segment reporting

Operating segments, and the amounts of each

segment item reported in the consolidated

financial statements, are identified from the

financial information provided regularly to

Group’s executive directors of the Company

for the purpose of alocating resources to, and

asesing the performance of, the Group’s

various lines of busines.

Individual material operating segments are not

agregated for financial reporting purposes

unles the segments have similar economic

characteristics and are similar in respect of the

nature of products and services, the nature

of production proceses, the type or clas of

customers, the methods used to distribute

the products or provide the services, and

the nature of the regulatory environment.

Operating segments which are not individualy

material may be agregated if they share a

majority of these criteria.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3. 关键会计判断及估计不确定性的主要来源

在应用综合财务报表附注2所述的本集团会计政策

时，本公司董事须就难以从其他来源取得的资产及

负债账面值作出判断、估计及假设。估计及相关假

设乃基于过往经验及其他被视为相关的因素。实际

结果可能有别于估计。

本集团持续检讨估计及相关假设。会计估计的修订

如仅影响作出估计修订的期间，则在作出估计修订

的期间确认，如修订同时影响当期与未来期间，则

同时在作出修订的期间与未来期间确认。

应用会计政策时的关键判断

以下为本公司董事在应用本集团会计政策的过程中

作出且对综合财务报表中确认的金额具有最重大影

响的关键判断（惟涉及估计者除外，另见下文）。

3. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies,

which are described in Note 2 to the consolidated

financial statements, the directors of the Company

are required to make judgements, estimates

and asumptions about the carying amounts of

asets and liabilities that are not readily aparent

from other sources. The estimates and underlying

asumptions are based on historical experience and

other factors that are considered to be relevant.

Actual results may difer from these estimates.

The estimates and underlying asumptions are

reviewed on an on-going basis. Revisions to

acounting estimates are recognised in the period in

which the estimate is revised if the revision afects

only that period, or in the period of the revision and

future periods if the revision afects both curent and

future periods.

Critical judgments in aplying acounting

policies

The folowing are the critical judgements, apart from

those involving estimations (se below), that the

directors of the Company have made in the proces

of aplying the Group’s acounting policies and that

have the most significant efect on the amounts

recognised in the consolidated financial statements.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3. 关键会计判断及估计不确定性的主要来源

（续）

应用会计政策时的关键判断（续）

(i) 计量完全达成履约责任进度的方法

来自室内设计及执行服务的收入按迄今产生

的合约成本占总预算成本的比例随时间确

认，以说明向客户转让服务控制权的情况。

厘定完全达成履约责任进度的适当计量方式

时，本集团会考虑本集团承诺向其客户转让

的室内设计及执行服务的性质，并选择最能

说明向客户转让产品或服务进度的计量方

式。在并无对迄今已完成的履约进行调查或

对已取得的成果进行评估的情况下，倘本集

团已履行在制品或由客户控制的制成品（不包

括在产出计量内），则产出法无法准确说明本

集团在达成履约责任过程中的表现。

(i) 是否存在重大影响力

本集团已考虑拥有权益及指示联营公司相

关活动的投票权。经评估后，本公司董事认

为本集团对该实体有重大影响力。

估计不确定性的主要来源

下文载列有关未来的主要假设，以及于各报告期末

估计不确定性的其他主要来源，该等假设及来源可

能导致须在下一个财政年度对资产及负债账面值作

出重大调整的重大风险。

3. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Critical judgments in aplying acounting

policies (continued)

(i) Methods for measuring progres towards

complete satisfaction of a performance

obligation

Revenue from interior design and execution

services is recognised over time based on

the contract costs incured to date as a

percentage of total budgeted costs to depict

the transfer of control of services to customers.

In determining the apropriate method

for measuring progres towards complete

satisfaction of a performance obligation,

the Group considered the nature of interior

design and execution services that the Group

promised to transfer to its customers and

selected the method of measuring progres

that best depicts the transfer of products or

services to its customers. In the absence of

surveys of performance completed to date or

apraisals of results achieved, output methods

would not faithfuly depict the Group’s

performance in satisfying a performance

obligation when the Group has performed

work in progres or finished gods controled

by customers that are not included in the

measurement of the output.

(i) Existence of significant influence

The Group has taken into consideration the

ownership interest and voting right to direct

the relevant activities of the asociate. After

asesment, the directors of the Company

concluded that the Group has significant

influence over the entity.

Key sources of estimation uncertainty

The folowing are the key asumptions concerning

the future, and other key sources of estimation

uncertainty at the end of the reporting period that

may have a significant risk of causing a material

adjustment to the carying amounts of asets and

liabilities within the next financial year.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3. 关键会计判断及估计不确定性的主要来源

（续）

估计不确定性的主要来源（续）

(i) 确认室内设计及执行服务收入

本集团经参考完全达成相关履约责任的进

度，使用投入法确认提供室内设计及执行服

务的收入，而完全达成相关履约责任的进度

则按迄今已进行工作所产生的合约成本占估

计总合约成本的比例计量。管理层定期与项

目团队讨论，经参考相应服务合约工作的进

度及状况，根据估计工时及迄今已完成工作

的完成阶段，审阅并修订对总合约成本的估

计。因此，确认服务合约的收入时涉及很大

程度的管理层估计及判断，管理层须作出估

计以评估总合约成本及迄今已进行工作所产

生的合约成本。

管理层随著合约进展检讨并修订对设计服务

的总合约成本及迄今已进行工作所产生合约

成本的估计，有关合约的总成本的实际结果

可能高于或低于估计，从而将影响所确认的

收入及溢利。

年内，室内设计合约收入约16,057,000港元

（二零二四年：27,894,000港元）已根据上述

投入法随时间确认。

3. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

(continued)

(i) Recognition of revenue from interior

design and execution services

The Group recognised revenue on the

provision of interior design and execution

services by reference to the progres

towards complete satisfaction of the relevant

performance obligation using input method,

measured based on the proportion of contract

costs incured for work performed to date

relative to the estimated total contract costs.

The management regularly discuses with

the project team in order to review and

revise the estimates of the total contract

costs based on estimated manhours and

stage of completion of the work performed

to date with reference to the performance

and status of coresponding service contract

work. Acordingly, revenue recognition on

service contracts involves a significant degre

of management estimates and judgment,

with estimates being made to ases the total

contract costs and contract costs incured for

work performed to date.

The management reviews and revises the

estimates of total contract costs for the design

services and contract costs incured for work

performed to date as the contract progreses,

the actual outcome of the contract in terms of

its total costs may be higher or lower than the

estimates and this wil afect the revenue and

profit recognised.

During the year, aproximately

HK$16,057,000 (2024: HK$27,894,000)

of revenue from interior design contracts

was recognised over time based on the

abovementioned input method.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3. 关键会计判断及估计不确定性的主要来源

（续）

估计不确定性的主要来源（续）

(i) 贸易应收款项及合约资产减值亏损

本集团管理层根据可能出现预期信贷亏损的

项目（如贸易应收款项及合约资产）的信贷风

险估计该等项目预期信贷亏损的亏损拨备金

额。经考虑有关项目的预期未来信贷亏损并

参考外部信贷评级评估而给予信贷评级后，

亏损拨备金额按资产账面值与估计未来现金

流量现值之间的差额计量。可能出现预期信

贷亏损的项目的信贷风险评估涉及大量估计

及高度不确定性。倘实际未来现金流量有别

于预期，则可能产生减值亏损或减值亏损

拨回。

于二零二五年及二零二四年三月三十一日，

贸易应收款项的账面值分别约为4,365,000港

元及5,367,000港元（扣除贸易应收款项减值

亏损约476,000港元及1,245,000港元）。

于二零二五年及二零二四年三月三十一日，

合约资产的账面值分别约为6,953,000港元

及9,408,000港元（扣除合约资产减值亏损约

908,000港元及90,000港元）。

3. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (continued)

Key sources of estimation uncertainty

(continued)

(i) Impairment los for trade receivables and

contract asets

Management of the Group estimates the

amount of los alowance for expected

credit loses on items subject to expected

credit loses (such as trade receivables and

contract asets) based on the credit risk of the

respective items. The los alowance amount

is measured as the diference betwen the

aset’s carying amount and the present value

of estimated future cash flows after taking into

consideration of expected future credit los

of the item and asigning credit rating with

reference to external credit rating asesment.

The asesment of the credit risk of the items

subject to expected credit loses involves high

degre of estimation and uncertainty. When

the actual future cash flows are diferent from

expected, an impairment los or a reversal of

impairment los may arise.

As at 31 March 2025 and 2024, the carying

amounts of trade receivables are aproximately

HK$4,365,000 and HK$5,367,000 impairment

los on trade receivables of aproximately

HK$476,000 and HK$1,245,000) respectively.

As at 31 March 2025 and 2024, the carying

amounts of contract asets are aproximately

HK$6,953,000 and HK$9,408,000 (net

of impairment los on contact asets of

aproximately HK$908,000 and HK$90,000)

respectively.

2025
二零二五年
HK$’000
千港元
16,305
–
16,305

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4. 分部资料

本集团的经营活动归属于专注室内设计及执行服务

的单一经营分部。经营分部以内部报告（按照符合

香港财务报告会计准则的会计政策编制）作为分辨

基准，由主要营运决策者（「主要营运决策者」）（即

本公司董事）定期审阅。主要营运决策者负责决定

资源分配。向主要营运决策者提供的资料与综合财

务报表所披露者相同。因此，仅呈列个体层面披

露、地理资料及主要客户。

地理资料：

本集团来自外部客户收入的资料乃基于项目位置呈

列：

本集团所有非流动资产主要位于香港。

4. SEGMENT INFORMATION

The Group’s operating activities are atributable to a

single operating segment focusing on interior design

and execution services. This operating segment

has ben identified on the basis of internal reports,

prepared in acordance with acounting policies

which conform with HKFRS Acounting Standards,

that are regularly reviewed by the chief operating

decision maker (the “CODM”), the directors of the

Company. The CODM is responsible for making

decision about resources alocation. The information

provided to the CODM is the same as those

disclosed in the consolidated financial statements.

Acordingly, only entity-wide disclosures,

geographical information and major customers are

presented.

Geographical information:

Information about the Group’s revenue from

external customers is presented based on the

location of the projects:

二零二四年

HK$’000

千港元

Hong Kong香港27,889

Mainland China中国大陆78

27,967

Al the Group’s non-curent asets are principaly

located in Hong Kong.

2025
二零二五年
HK$’000
千港元
3,312
2,336
N/A* 不适用
N/A* 不适用

2025
二零二五年
HK$’000
千港元
16,057
168
80
16,305

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

主要客户资料：

占本集团收入10%或以上之客户交易之收入如下：

收入来自向上述各名客户提供的服务，包括提供服

务予受上述各名客户同一控制的一组实体。

%。

5. 收入

本集团于年内收入的分析如下：

年内来自于过往期间达成的履约责任并因交易价格

变动而确认来自室内设计及执行服务的收入减少

约为962,000港元（二零二四年：增加1,848,000港

元）。

4. SEGMENT INFORMATION (continued)

Information about major customers:

Revenue from transactions with customers

amounting to 10% or more of the Group’s revenue

are as folows:

二零二四年

HK$’000

千港元

Customer a客户a5,303

Customer b客户bN/A 不适用

Customer c客户c5,507

Customer d客户d2,927

Revenue was derived from services provided to

the above respective customers including services

provided to a group of entities which are known to

be under comon control with the above respective

customers.

* The coresponding revenue did not contribute over

10% of the total revenue of the Group.

5. REVENUE

An analysis of the Group’s revenue for the year is as

folows:

二零二四年

HK$’000

千港元

Interior design and execution services室内设计及执行服务27,894

Colour-rendering services制图服务55

Handling services处理服务18

27,967

The amount of revenue from interior design and

execution services recognised during the year, from

performance obligations satisfied in previous periods

due to changes in transaction price decreased by

aproximately HK$962,000 (2024: increased by

HK$1,848,000).

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

本集团向客户提供室内设计及执行服务。该等服务

作为已达成的履约责任随时间确认，原因是本集团

在履约时不会创造对本集团而言具有替代用途的资

产，且本集团拥有就迄今已完成履约而收费的可强

制执行权利。收入经参考完全达成相关履约责任的

进度，使用投入法随时间确认。

本集团的服务合约包括付款时间表，一旦达到若干

指定里程碑，就需要在设计期内分期付款。本集团

会要求若干客户提供占合约总金额5%至15%的预

付按金，而当本集团在设计服务开始前收到按金，

将导致在合约开始时产生合约负债，直至就该特定

合约确认的收入超出该按金的金额。

合约资产（扣除与同一合约相关的合约负债）于提供

设计服务的期间内确认，相当于本集团对已履行服

务收取代价的权利，原因是该等权利取决于本集团

在达到特定里程碑方面的未来表现。当权利在达到

计费里程碑后成为无条件时，合约资产将转拨至贸

易应收款项。

制图服务收入指来自向客户提供设计工作的收入，

于某一时间点确认。

处理服务收入指来自为客户采购家具或艺术品及其

他装饰物件的收入，于某一时间点确认。

5. REVENUE (continued)

The Group provides interior design and execution

services to customers. Such services are recognised

as a performance obligation satisfied over time as

the Group’s performance does not create an aset

with an alternative use to the Group and the Group

has an enforceable right to payment for performance

completed to date. Revenue is recognised over time

by reference to the progres towards complete

satisfaction of the relevant performance obligation

using input method.

The Group’s service contracts include payment

schedules which require stage payments over the

design period once certain specified milestones are

reached. The Group requires certain customers to

provide upfront deposits range from 5% to 15%

of total contract sum, when the Group receives

a deposit before design service comences, this

wil give rise to contract liabilities at the start of a

contract, until the revenue recognised on the specific

contract exceds the amount of the deposit.

A contract aset, net of contract liability related

to the same contract, is recognised over the

period in which the design services are performed,

representing the Group’s right to consideration

for the services performed because the rights are

conditioned on the Group’s future performance in

achieving specified milestones. The contract asets

are transfered to trade receivables when the rights

become unconditional upon meting the biling

milestones.

Colour-rendering services represent income from

provision of design work to customers which is

recognised at a point in time.

Handling services income represents income from

the procurement of furniture or art pieces and other

decorative items for customers which is recognised

at a point in time.

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Interior design and execution services	Others	Total
室内设计及执行服务	其他	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
16,057	248	16,305
16,057	248	16,305
16,057	–	16,057
–	248	248
16,057	248	16,305

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

客户合约收入明细

在下表中，收入乃按地理区域及收入确认的时间详

细论述。

5. REVENUE (continued)

Disagregation of revenue from contracts

with customers

In the folowing tables, revenue is disagregated

by geographical regions and timing of revenue

recognition.

Geographical regions地理区域

Hong Kong香港

Timing of revenue recognition收入确认的时间

Over time随时间

At a point in time于某一时间点

2025
二零二五年
HK$’000
千港元
9,347
15,783
25,130

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

客户合约收入明细（续）

分配至余下履约责任的交易价格

下表载列于二零二五年三月三十一日与未达成（或

部分未达成）的履约责任相关且预期将于日后确认

的室内设计及执行服务收入：

5. REVENUE (continued)

Disagregation of revenue from contracts

with customers (continued)

For the year ended 31 March 2024

截至二零二四年三月三十一日止年度

Interior

design and

execution

servicesOthersTotal

室内设计及

执行服务其他总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Geographical regions地理区域

Hong Kong香港27,8167327,889

Mainland China中国大陆78–78

27,8947327,967

Timing of revenue recognition收入确认的时间

Over time随时间27,894–27,894

At a point in time于某一时间点–7373

27,8947327,967

Transaction price alocated to the

remaining performance obligations

The folowing table includes revenue from interior

design and execution services expected to be

recognised in the future relating to performance

obligations that are unsatisfied (or partialy

unsatisfied) as at 31 March 2025:

二零二四年

HK$’000

千港元

Within one year一年内24,007

More than one year超过一年17,803

41,810

2025
二零二五年
HK$’000
千港元
472
77
549

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

分配至余下履约责任的交易价格（续）

本集团采用香港财务报告准则第15号客户合约收入

（「香港财务报告准则第15号」）第121(a)段的实际权

宜做法，且并无披露有关于原预期一年或更少之余

下履约责任的资料。

本集团采用香港财务报告准则第15号第63段的实

际权宜做法，倘本集团于合约开始时预期，本集团

向一名客户转让承诺服务至该名客户就该项服务付

款的期间将为一年或更少，并无就一项重大财务组

成部分影响调整承诺代价金额。

6. 其他收入

5. REVENUE (continued)

Transaction price alocated to the

remaining performance obligations

(continued)

The Group aplies the practical expedient in

paragraph 121(a) of the HKFRS 15 Revenue from

Contracts with Customers (“HKFRS 15”) and

does not disclose the information about remaining

performance obligations that have original expected

durations of one year or les.

The Group aplies the practical expedient in

paragraph 63 of the HKFRS 15 and does not adjust

the promised amount of consideration for the

efects of a significant financing component if the

Group expects, at contract inception, that the period

betwen when the Group transfers a promised

service to a customer and when the customer pays

for that service wil be one year or les.

6. OTHER INCOME

二零二四年

HK$’000

千港元

Interest income利息收入36

Sundry income杂项收入6

2025
二零二五年
HK$’000
千港元
(9)
189
173
(818)
499
34

2025
二零二五年
HK$’000
千港元
9

2025
二零二五年
HK$’000
千港元
850
59
803
990
235
2,628

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

7. 其他收益及亏损净额

8. 财务成本

9. 除税前亏损

本集团的除税前亏损乃经扣除以下项目后列账：

7. OTHER GAINS AND LOSES, NET

二零二四年

HK$’000

千港元

Exchange loses, net汇兑亏损净额(27)

Fair value gain/(los) on financial asets at

FVTPL, net

透过损益按公平值计算之

金融资产之公平值（收益）╱

亏损净额(1,891)

Gain on disposal of property, plant and

equipment, net

出售物业、厂房及设备收益

净额–

Net los alowances in respect of以下项目的净亏损拨备

– Contract asets– 合约资产12

– Trade and other receivables– 贸易及其他应收款项(415)

(2,321)

8. FINANCE COSTS

二零二四年

HK$’000

千港元

Interest on lease liabilities租赁负债利息12

9. LOS BEFORE TAX

The Group’s los before tax is stated after charging

the folowing:

二零二四年

HK$’000

千港元

Auditor’s remuneration核数师酬金

– Audit services– 审核服务850

– Non-audit services– 非审核服务72

Subcontracting charges分包费用4,934

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

Depreciation of right-of-use asets使用权资产折旧378

Rental expenses relating to short-term

leases

短期租赁租金开支

3,294

2025
二零二五年
HK$’000
千港元
–
–
–
75
75

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10. 所得税抵免

所得税已于损益确认如下：

由于本集团于本年度并无产生应课税溢利，故毋须

就香港利得税作出拨备。

其他地区应课税溢利的税项乃按本集团经营所在国

家之现行税率，并根据当地现行法规、诠释及惯例

计算。

10. INCOME TAX CREDIT

Income tax has ben recognised in profit or los as

folows:

二零二四年

HK$’000

千港元

Curent tax即期税项

Hong Kong Profits Tax香港利得税–

Over-provision in prior years过往年度超额拨备28

Defered tax递延税项76

No provision for Hong Kong Profits Tax is required

since the Group has no asesable profits for the

curent year.

Tax charges on profits asesable elsewhere have

ben calculated at the rates of tax prevailing in the

countries in which the Group operates, based on

existing legislation, interpretation and practices in

respect thereof.

2025
二零二五年
HK$’000
千港元
7,544
1,244
(184)
82
(1,096)
29
–
75

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

所得税与除税前亏损乘以香港利得税率之商的对

账如下：

10. INCOME TAX CREDIT (continued)

The reconciliation betwen the income tax and the

los before tax multiplied by Hong Kong Profits Tax

rate is as folows:

二零二四年

HK$’000

千港元

Los before tax除税前亏损8,659

Tax at Hong Kong Profits Tax rate of

16.5% (2024: 16.5%)

以香港利得税率

16.5%计算的税项

（二零二四年：16.5%）1,429

Tax efect of share of results of an

asociate

应占一间联营公司业绩的税务

影响(222)

Tax efect of income that is not taxable毋须课税收入的税务影响50

Tax efect of expenses that are not

deductible

不可扣税开支的税务影响

(1,204)

Efect of diferent tax rates of subsidiaries附属公司不同税率的影响23

Over-provision in prior years过往年度超额拨备28

Income tax所得税104

2025
二零二五年
HK$’000
千港元
13,106
348
483
13,937

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11. 雇员福利开支

香港

本集团根据香港《强制性公积金计划条例》为其香

港雇员设立强积金计划。强积金计划是由独立受托

人管理的界定供款退休计划。根据强积金计划，香

港各附属公司（「雇主」）及其雇员每月须按强制性公

积金法例所界定雇员收入的5%向该计划作出强制

性供款。雇主及雇员各自的强制性供款上限为每月

1,500港元。

截至二零二五年三月三十一日止年度，本集团就

该计划作出供款合共约483,000港元（二零二四年：

643,000港元）。

于二零二五年三月三十一日，应付予基金的退休

福利计划供款总额合共约为69,000港元（二零二四

年：89,000港元）。

11. EMPLOYE BENEFIT EXPENSES

二零二四年

HK$’000

千港元

Employe benefit expenses:雇员福利开支：

Salaries and alowances薪金及津贴17,776

Other benefits (represent rent paid)其他福利（指已付租金）348

Retirement benefit scheme contributions退休福利计划供款643

18,767

Hong Kong

The Group operates the MPF Scheme under the

Hong Kong Mandatory Provident Fund Schemes

Ordinance for its Hong Kong employes. The MPF

Scheme is a defined contribution retirement plan

administered by independent trustes. Under

the MPF Scheme, each of the subsidiaries (the

“Employer”) in Hong Kong and its employes

makes monthly mandatory contributions to the

scheme at 5% of the employe’s earnings as defined

under the Mandatory Provident Fund Legislation. The

mandatory contributions from each of the Employer

and employes are subject to a cap of HK$1,500 per

month.

During the year ended 31 March 2025, a total

contribution of aproximately HK$483,000 (2024:

HK$643,000) was made by the Group in respect of

this scheme.

Retirement benefit scheme contributions totaling

aproximately HK$69,000 (2024: HK$89,000) were

payable to the fund as at 31 March 2025.

2025
二零二五年
HK$’000
千港元
3,952
90
4,042

2025
二零二五年
4
1
5

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

五名最高薪酬人士

本集团于年内的五名最高薪酬人士并不包括董事，

其于获委任为本公司董事期间的酬金反映于附注

12所呈列的分析。年内，本集团五名最高薪酬人士

的酬金详情载列如下：

五名最高薪酬人士的酬金位于以下区间：

年内，概无已付或应付任何五名最高薪酬人士加入

本集团的奖励或离职补偿。

11. EMPLOYE BENEFIT EXPENSES (continued)

Five highest paid individuals

The five highest paid individuals in the Group during

the year included no director, whose emoluments

during their apointment as a director of the

Company are reflected in the analysis presented

in Note 12. Details of the emoluments of the five

highest paid individuals during the year are set out

below:

二零二四年

HK$’000

千港元

Salaries, alowances and benefits薪金、津贴及福利4,126

Retirement benefit scheme contributions退休福利计划供款90

4,216

The emoluments of the five highest paid individuals

fel within the folowing bands:

Number of individuals

人数

二零二四年

Emolument bands (in HK$)酬金区间（港元）

Nil to HK$1,000,000零至1,000,000港元4

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元1

No incentive payment for joining the Group or

compensation for los of ofice was paid or payable

to any of the five highest paid individuals during

the year.

100	–	–	–	100
100	–	–	–	100
60	–	–	–	60
100	–	–	–	100
11	–	–	–	11
49	–	–	–	49
420	–	–	–	420

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12. 董事福利及利益

(a) 董事酬金

已付予各董事（不论属本公司或其附属公司业

务）或彼等应收之酬金如下：

12. BENEFITS AND INTERESTS OF

DIRECTORS

(a) Directors’ emoluments

The emoluments paid to or received by each

of the directors whether of the Company or its

subsidiaries undertaking are as folows:

Directors’

fes

Salaries and

alowances

Estimated

money value

of other

benefits

Employer’s

Contributions

to a

retirement

benefit

schemeTotal

董事袍金薪金及津贴

其他福利的

估计货币价值

雇主向

退休福利计划

所作供款总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2025截至二零二五年三月三十一日

止年度

Executive directors执行董事

– Mr. Huang Liang– 黄亮先生

– Ms. Yip Hiu Ying– 叶晓莹女士

Independent Non-executive directors独立非执行董事

– Ms. Tong Yuk Ying Yanie– 汤玉莹女士

– Mr. Tang Chin Ting– 邓展庭先生

– Mr. Liu Junda

(Apointed on 27 January 2025)

– 刘俊达先生（于二零二五年

一月二十七日获委任）

– Mr. Le Man Chun

(Resigned on 27 January 2025)

– 李文俊先生（于二零二五年

一月二十七日辞任）

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 董事酬金（续）

12. BENEFITS AND INTERESTS OF

DIRECTORS (continued)

(a) Directors’ emoluments (continued)

Directors’

fes

Salaries and

alowances

Estimated

money value

of other

benefits

Employer’s

Contributions

to a

retirement

benefit

schemeTotal

董事袍金薪金及津贴

其他福利的

估计货币价值

雇主向

退休福利计划

所作供款总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2024截至二零二四年三月三十一日

止年度

Executive directors执行董事

– Mr. Huang Liang– 黄亮先生100–100

– Ms. Lou Yi

(Resigned on 24 May 2023)

– 罗毅女士（于二零二三年

五月二十四日辞任）15–15

– Ms. Yip Hiu Ying– 叶晓莹女士100–100

Independent non-executive

directors

独立非执行董事

– Mr. Le Man Chun– 李文俊先生60–60

– Ms. Tong Yuk Ying Yanie– 汤玉莹女士60–60

– Mr. Tang Chin Ting – 邓展庭先生100–100

435–435

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(a) 董事酬金（续）

自二零二五年一月二十七日起，李文俊先生

辞任本公司独立非执行董事，而刘俊达先生

获委任为本公司执行董事。

截至二零二五年及二零二四年三月三十一日

止年度，概无任何董事放弃或同意放弃任何

酬金的其他安排。

截至二零二五年及二零二四年三月三十一日

止年度，本集团并无向任何董事支付任何酬

金作为加入本集团时或加入本集团后的奖

励，或作为因管理本集团任何成员公司事务

而失去董事职位的补偿。

(b) 以董事为受益人的贷款、准贷款及其他

交易

于截至二零二五年及二零二四年三月三十一

日止年度，概无订立或续存以本公司董事为

受益人的贷款、准贷款及其他交易。

本公司概无订立使本公司董事及董事的关联

方直接或间接拥有重大权益而与本集团业务

有关之年末或年内任何时间仍存续的重要交

易、安排或合约。

12. BENEFITS AND INTERESTS OF

DIRECTORS (continued)

(a) Directors’ emoluments (continued)

With efect from 27 January 2025, Mr. Le

Man Chun has resigned as the independent

non-executive director of the Company and

Mr. Liu Junda has ben apointed as the

independent non-executive director of the

Company.

There was no other arangement under which

a director waived or agred to waive any

emoluments during the years ended 31 March

2025 and 2024.

No emoluments were paid by the Group to

any directors as inducement to join or upon

joining the Group or as compensation for los

of ofice as a director in conection with the

management of the afairs of any member of

the Group for the years ended 31 March 2025

and 2024.

(b) Loans, quasi-loans and other dealings

in favour of directors

There are no loans, quasi-loans or other

dealings in favour of the directors of the

Company that were entered into or subsisted

during the years ended 31 March 2025 and

2024.

transactions, arangements or

contracts

No significant transactions, arangements or

contracts in relation to the Group’s busines to

which the Company was a party and in which

a director of the Company and the director’s

conected party had a material interest,

whether directly or indirectly, subsisted at the

end of the year or at any time during the year.

2025
二零二五年
HK$’000
千港元
(7,469)

2025
二零二五年
’000
千股
215,347
(3.47)

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

13. 每股亏损

年内，本公司拥有人应占每股基本亏损乃按下列数

据计算：

截至二零二五年及二零二四年三月三十一日止年度

概无潜在摊薄普通股，因此每股摊薄亏损与每股基

本亏损相同。

13. LOS PER SHARE

The calculation of the basic los per share

atributable to owners of the Company for the Year

is based on the folowing data:

二零二四年

HK$’000

千港元

Los亏损

Los for the year atributable to owners

of the Company for the purpose of

calculating basis los per share

计算每股基本亏损所用之

本公司拥有人应占年内亏损

(8,555)

二零二四年

’000

千股

Number of shares:股份数目：

Weighted average number of ordinary

shares for the purpose of calculating

basic los per share

计算每股基本亏损所用之普通

股加权平均数

215,347

Basic los per ordinary share (HK cents)每股普通股基本亏损（港仙）(3.97)

There were no dilutive potential ordinary shares

during the years ended 31 March 2025 and 2024,

and therefore diluted los per share is the same as

basic los per share.

241	2,139	2,669	2,529	7,578
–	35	130	2,300	2,465
–	–	–	(2,300)	(2,300)
241	2,174	2,799	2,529	7,743

241	2,011	2,560	1,306	6,118
–	55	86	849	990
–	–	–	(173)	(173)
241	2,066	2,646	1,982	6,935
–	108	153	547	808
–	128	109	1,223	1,460

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

、厂房及设备14. PROPERTY, PLANT AND EQUIPMENT

Leasehold

improvement

Furniture and

fixtures

Ofice

equipment

Motor

vehiclesTotal

租赁物业装修家私及装置办公设备汽车总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

COST成本

At 1 April 2023于二零二三年四月一日2412,0582,6512,5297,479

Aditions添置–8174–155

Disposals出售–(56)–(56)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

Aditions 添置

Disposals出售

At 31 March 2025于二零二五年三月三十一日

ACUMULATED DEPRECIATION累计折旧

At 1 April 2023于二零二三年四月一日2411,9582,5146305,343

Charge for the year年内开支–5398676827

Disposals出售–(52)–(52)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

Charge for the year年内开支

Disposals出售

At 31 March 2025于二零二五年三月三十一日

NET CARYING AMOUNTS 账面净值

At 31 March 2025于二零二五年三月三十一日

At 31 March 2024于二零二四年三月三十一日

292

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

、厂房及设备（续）

上述物业、厂房及设备项目按下列年利率以直线法

计提折旧：

租赁物业装修于租赁期的未届满期间内

家私及装置20%

办公设备20%至33%

汽车30%

15. 使用权资产

本集团使用权资产的账面值及年内变动如下：

租赁现金流出总额之详情载于附注25。

本集团就营运而租赁办公室及办公设备，并订立固

定年期（一年至五年）的租赁合约。租赁条款按个别

情况而协定，包含范围广泛的不同条款及条件。在

厘定租赁期及评估不可撤销期间的长短时，本集团

会应用合约的定义去厘定合约可强制执行的期间。

14. PROPERTY, PLANT AND EQUIPMENT

(continued)

The above items of property, plant and equipment

are depreciated on a straight-line basis at the

folowing rates per anum:

Leasehold improvementOver the unexpired period of lease term

Furniture and fixtures20%

Ofice equipment20% to 33%

Motor vehicles30%

15. RIGHT-OF-USE ASETS

The carying amounts of the Group’s right-of-use

asets and the movements during the year are as

folows:

Ofice

equipment

办公设备

HK$’000

千港元

At 1 April 2023于二零二三年四月一日549

Charge for the year年内折旧(378)

Disposals出售(6)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日165

Aditions添置362

Charge for the year年内折旧(235)

Carying amounts at 31 March 2025于二零二五年三月三十一日

的账面值

Details of total cash outflow for leases is set out in

Note 25.

The Group leases ofice and ofice equipment for

its operations. The lease contracts are entered into

for fixed term of one to five years. Lease terms are

negotiated on an individual basis and contain a

wide range of diferent terms and conditions. In

determining the lease term and asesing the length

of the non-cancelable period, the Group aplies the

definition of a contract and determines the period

for which the contract is enforceable.

2025
二零二五年
HK$’000
千港元
9,874
(1,114)
8,760

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

租赁限制或契诺

此外，于二零二五年三月三十一日，本集团确认租

赁负债约295,000港元及相关使用权资产约292,000

港元（二零二四年：租赁负债约176,000港元及相关

使用权资产约165,000港元）。除出租人持有的租赁

资产抵押权益外，租赁协议并无施加任何契诺。租

赁资产不得用作借贷抵押。

16. 于一间联营公司的投资

15. RIGHT-OF-USE ASETS (continued)

Restrictions or covenants on leases

In adition, lease liabilities of aproximately

HK$295,000 are recognised with related right-

of-use asets of aproximately HK$292,000 at 31

March 2025 (2024: lease liabilities of aproximately

HK$176,000 and related right-of-use asets of

aproximately HK$165,000). The lease agrements

do not impose any covenants other than the security

interests in the leased asets that are held by the

lesor. Leased asets may not be used as security for

borowing purpose.

16. INVESTMENT IN AN ASOCIATE

二零二四年

HK$’000

千港元

At begining of year年初11,218

Share of los and other

comprehensive expense

应占亏损及其他全面开支

(1,344)

At end of year年末9,874

2025
二零二五年
HK$’000
千港元
20,257
18
2,756

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

本集团联营公司于报告期末的详情如下：

本集团拥有运怡的50%拥有权益及投票权。考虑

到本集团并无足够的支配性投票权单方面指示运怡

的相关活动，本公司董事认为本集团仅对运怡具有

重大影响力，因此将其分类为本集团的联营公司。

有关本集团联营公司的财务资料概要载列如下。以

下财务资料概要代表联营公司于根据香港财务报告

会计准则编制的财务报表中列示的金额。

16. INVESTMENT IN AN ASOCIATE (continued)

Details of the Group’s asociate at the end of the

reporting period are as folows:

Name of entity

Place of

incorporation

Principal place

of busines

Proportion of

ownership interest

held by the Group

Proportion of

voting right held

by the GroupPrincipal activity

实体名称注册成立地点主要营运地点

本集团持有的

拥有权益比例

本集团持有的

投票权比例主要业务

Joy Chance Investment

Limited (“Joy Chance”)

Hong KongHong Kong50%

(2024:50%)

50%

(2024:50%)

Property holding

运怡投资有限公司（「运怡」）香港香港50%

（二零二四年：

50%）

50%

（二零二四年：

50%）

持有物业

The Group has 50% ownership interest and voting

rights in Joy Chance. By considering that the Group

has no suficient dominant voting rights to direct

the relevant activity of Joy Chance unilateraly, the

directors of the Company conclude that the Group

only has significant influence over Joy Chance and

therefore it is clasified as an asociate of the Group.

Sumarised financial information in respect of the

Group’s asociate is set out below. The sumarised

financial information below represents amounts

shown in the asociate’s financial statements

prepared in acordance with HKFRS Acounting

Standards.

二零二四年

HK$’000

千港元

Non-curent asets非流动资产22,000

Curent asets流动资产255

Curent liabilities流动负债2,508

2025
二零二五年
HK$’000
千港元
–
(2,228)

2025
二零二五年
HK$’000
千港元
17,519
50%
8,760

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

16. INVESTMENT IN AN ASOCIATE (continued)

二零二四年

HK$’000

千港元

Revenue收入–

Los and other comprehensive expense

for the year

年内亏损及其他全面开支

(2,689)

Reconciliation of the above sumarised financial

information to the carying amount of the interest in

the asociate recognised in the consolidated financial

statements:

二零二四年

HK$’000

千港元

Net asets of Joy Chance运怡的资产净值19,747

Proportion of the Group’s ownership

interest in Joy Chance

本集团于运怡的拥有权

权益比例50%

The Group’s share of net asets of Joy

Chance

本集团应占运怡资产净值

9,874

（续）

上述财务资料概要与于综合财务报表确认的于联营

公司权益的账面值对账如下：

2025
二零二五年
HK$’000
千港元
7,700

2025
二零二五年
HK$’000
千港元
617

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17. 应收贷款

于二零二五年三月三十一日，应收贷款之本金总额

7,700,000港元（二零二四年：无）及有关应收利息

约457,000港元（二零二四年：无）乃来自一名独立

第三方。该贷款为有抵押及计息，且于自提取贷款

当日起每年末支付。借款人须于提取日期起计两

年当日一次性悉数偿还贷款。有提供贷款之详情，

请参阅本公司日期为二零二四年五月二十日之公

告。

应收贷款减值评估的详情载于综合财务报表附注

32(b)。

18. 透过损益按公平值计算之金融资产

截至二零二五年及二零二四年三月三十一日止年

度，本集团持有在新加坡证券交易所上市的包含不

同到期日本金总额为13,650,000港元并以固定利率

7.875%至11.7%计息的债务工具。

17. LOAN RECEIVABLE

二零二四年

HK$’000

千港元

Loan receivable应收贷款–

As at 31 March 2025, the loan receivable with

gros principal amount of HK$7,700,000 (2024:

Nil) and related interest receivable of aproximately

HK$457,000 (2024: Nil) is due from an independent

third party. The loan is secured and interest bearing,

payable anualy in arears from the date of

drawdown of the loan. The loan is repayable in ful

in one lump sum on the date faling two years from

the date of drawdown. For details of the provision of

loan, please refer to the Company’s anouncement

dated 20 May 2024.

Details of impairment asesment of loan receivable

are set out in Note 32(b) to the consolidated

financial statements.

18. FINANCIAL ASETS AT FVTPL

二零二四年

HK$’000

千港元

Listed securities held for trading:持作买卖的上市证券：

– Debt instruments– 债务工具428

As at 31 March 2025 and 2024, the Group held

debt instruments with total principal amount of

HK$13,650,000 with fixed interest rates ranged

from 7.875% to 11.7% which were listed in

Singapore Exchange Securities Trading Limited with

variety of maturity date.

2025
二零二五年
HK$’000
千港元
7,861
(908)
6,953
4,073

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

╱负债

合约资产指本集团就已完成工作收取代价的权利，

惟于报告日期尚未入账。当该等权利成为无条件

（并非随时间推移）时，合约资产转拨至贸易应收

款项。

于报告期末概无就已履约合约工程由客户持有的保

固金。

本集团将该等合约资产分类为流动，原因是本集团

预期将该等合约资产于其日常营运周期中变现。

合约负债主要指收取自客户的预付代价，而其收入

乃按完全达成相关服务的进度而确认。

19. CONTRACT ASETS/LIABILITIES

二零二四年

HK$’000

千港元

Contract asets合约资产9,498

Les: alowance for credit loses减：减值亏损拨备(90)

9,408

Contract liabilities合约负债4,868

The contract asets represent the Group’s rights to

consideration for work completed but not biled

at the reporting date. The contract asets are

transfered to trade receivables when the rights

become unconditional other than the pasage

of time.

There were no retention monies held by the

customers for contract works performed at the end

of reporting period.

The Group clasifies these contract asets as curent

because the Group expects to realise them in its

normal operating cycle.

The contract liabilities primarily represent the

advanced consideration received from customers for

which revenue is recognised based on the progres

toward complete satisfaction of the related services.

2025
二零二五年
Contract assets	Contract liabilities
合约资产	合约负债
HK$’000	HK$’000
千港元	千港元
千港元	952
(5,887)

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

╱负债（续）

年内合约资产及合约负债的重大变动如下：

年内，影响相应合约资产或合约负债的已累积追

计的收入（增加收入）约为2,346,000港元（二零二四

年： 734,000港元）。

于二零二五年三月三十一日，预期将于一年后结

算的合约资产结余约为312,000港元（二零二四年：

660,000港元）。

于二零二五年三月三十一日，预期将于一年后确认

为收入的合约负债结余约为4,073,000港元（二零二

四年：3,699,000港元）。

合约资产减值评估的详情载于综合财务报表附注

32(b)。

19. CONTRACT ASETS/LIABILITIES (continued)

Significant changes in the contract asets and

contract liabilities during the year are as folows:

二零二四年

Contract

asets

Contract

liabilities

合约资产合约负债

HK$’000HK$’000

千港元千港元

Revenue recognised

that was included in the

contract liability balance

at the begining of the

year

年初纳入的合约负债结

余确认为收入

2,531

Transfer from contract

asets recognised at the

begining of the year to

trade receivables

自于年初确认的合约资

产转拨至贸易应收

款项

(14,805)

During the year, the cumulative catch-up

adjustments to revenue (increase in revenue)

afecting the coresponding contract aset or

contract liability amounted to aproximately

HK$2,346,000 (2024: HK$734,000).

As at 31 March 2025, the balance of contract asets

amounting to aproximately HK$312,000 (2024:

HK$660,000) which are expected to be setled after

one year.

As at 31 March 2025, the balance of contract

liabilities amounting to aproximately HK$4,073,000

(2024: HK$3,699,000) which are expected to be

recognised as revenue after one year.

Details of impairment asesment of contract

asets are set out in Note 32(b) to the consolidated

financial statements.

2025
二零二五年
HK$’000
千港元
4,841
(476)
4,365
5,748
10,113
(3,000)
7,113

2025
二零二五年
HK$’000
千港元
4,365

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20. 贸易及其他应收款项

本集团已确认以下贸易应收款项：

20. TRADE AND OTHER RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables贸易应收款项6,612

Les: alowance for credit los减：信贷亏损拨备(1,245)

5,367

Prepayments, deposits and other

receivables

预付款项、按金及

其他应收款项1,356

6,723

Les: non-curent prepayments减：非流动预付款项–

6,723

The Group has recognised the folowing trade

receivables:

二零二四年

HK$’000

千港元

Arising from interior design and

execution with customers

来自与客户的室内设计

及执行5,367

2025
二零二五年
HK$’000
千港元
3,210
3
274
244
634
4,365

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

贸易应收款项（扣除亏损拨备）于报告期末基于发票

日期的账龄分析如下：

贸易应收款项一般自入账日期起30至60日内到

期。本集团并无就该等结余持有任何抵押品。贸易

应收款项不计息。本集团力求对尚未清偿应收款项

维持严格控制。逾期结余乃由管理层定期检讨。

于二零二五年三月三十一日，本集团贸易应收款

项结余包括于报告日期已逾期而账面总值约为

1,155,000港元（二零二四年：4,141,000港元）的账

款。逾期结余之中，约878,000港元（二零二四年：

966,000港元）已逾期超过90日惟不被视为违约，原

因是根据过往经验及前瞻性估计，有关款项仍被视

为可以收回。

20. TRADE AND OTHER RECEIVABLES

(continued)

At the end of reporting period, the ageing analysis

of trade receivables, net of los alowance, based on

invoice date is as folows:

二零二四年

HK$’000

千港元

Within 30 days30日内1,226

31–60 days31至60日12

61–90 days61至90日2,792

91–180 days91至180日676

181–365 days181至365日661

5,367

Trade receivables are generaly due within 30 to

60 days from the date of biling. The Group does

not hold any colateral over these balances. Trade

receivables are non-interest bearing. The Group

seks to maintain strict control over its outstanding

receivables. Overdue balances are reviewed regularly

by management.

As at 31 March 2025, included in the Group’s trade

receivables balance are debtors with agregate

carying amount of aproximately HK$1,155,000

(2024: HK$4,141,000) which are past due as at

the reporting date. Out of the past due balances,

aproximately HK$878,000 (2024: HK$966,000)

has ben past due more than 90 days and is not

considered as in default since the amounts are

stil considered as recoverable based on historical

experience and forward-loking estimates.

2025
二零二五年
HK$’000
千港元
4,365
–
4,365

2025
二零二五年
HK$’000
千港元
2,871
269
21
3,161

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

贸易应收款项的账面值按以下货币计值：

贸易及其他应收款项减值评估的详情载于综合财务

报表附注32(b)。

21. 应收一间联营公司款项

该等款项为无抵押、免息及无固定还款期。

应收一间联营公司款项减值评估的详情载于综合财

务报表附注32(b)。

22. 银行及现金结余

银行结余按0.00%至0.9%的市场利率计息（二零二

四年：0.00%至0.88%）。

银行及现金结余的账面值按以下货币计值：

银行及现金结余的减值评估详情载于综合财务报表

附注32(b)。

20. TRADE AND OTHER RECEIVABLES

(continued)

The carying amounts of trade receivables are

denominated in the folowing curencies:

二零二四年

HK$’000

千港元

HK$港元5,271

Renminbi (“RMB”)人民币（「人民币」）96

5,367

Details of impairment asesment of trade and

other receivables are set out in Note 32(b) to the

consolidated financial statements.

21. AMOUNT DUE FROM AN ASOCIATE

The amount is unsecured, interest fre and has no

fixed repayment terms.

Details of impairment asesment of amount due

from an asociate are set out in Note 32(b) to the

consolidated financial statements.

22. BANK AND CASH BALANCES

Bank balances cary interest at market rates which

ranged from 0.00% to 0.9% (2024: 0.00% to

0.88%).

The carying amounts of bank and cash balances are

denominated in the folowing curencies:

二零二四年

HK$’000

千港元

HK$港元15,059

United States dolars (“US$”)美元（「美元」）270

RMB人民币292

15,621

Details of impairment asesment of bank and

cash balances are set out in Note 32(b) to the

consolidated financial statements.

2025
二零二五年
HK$’000
千港元
233
6,170
6,403

2025
二零二五年
HK$’000
千港元
–
233
233

2025
二零二五年
HK$’000
千港元
5,787
616
–
6,403

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

23. 贸易及其他应付款项

于二零二五年及二零二四年三月三十一日，贸易应

付款项于开票日期起计7日内到期。

基于发票日期的贸易应付款项账龄分析如下：

贸易及其他应付款项的账面值按以下货币计值：

24. 应付一名董事款项

应付一名董事款项属非贸易性质、无抵押、免息及

须按要求偿还。

23. TRADE AND OTHER PAYABLES

二零二四年

HK$’000

千港元

Trade payables贸易应付款项176

Acruals and other payables应计费用及其他应付款项4,410

4,586

Trade payables as at 31 March 2025 and 2024 were

due within 7 days from the date of biling.

The ageing analysis of the trade payables based on

invoice date is as folows:

二零二四年

HK$’000

千港元

Within 30 days30日内176

Over 60 days多于60日–

The carying amounts of trade and other payables

are denominated in the folowing curencies:

二零二四年

HK$’000

千港元

HK$港元4,265

RMB人民币315

New Taiwan dolars (“NT$”)新台币（「新台币」）6

4,586

24. AMOUNT DUE TO A DIRECTOR

The amount due to a director is non-trade in nature,

unsecured, interest-fre and repayable on demand.

2025		2025
二零二五年		二零二五年
HK$’000		HK$’000
千港元		千港元
178 –
129		119
182		176
178 (2)
311		295
(16)		N/A不适用
176
295		295
(119)
176

2025
二零二五年
HK$’000
千港元
2,880

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25. 租赁负债

于二零二五年三月三十一日，用于计算租赁负债现

值的增量借贷利率为每年4.13%（二零二四年：介

乎每年2.63%至3.06%）。

由于租赁隐含的利率难以厘定，本集团使用承租人

的增量借贷利率来折现未来租赁付款。本集团在厘

定其租赁的折现率时以易于观察的利率为起点，作

出判断并调整该可观察利率以厘定增量借贷利率。

25. LEASE LIABILITIES

Minimum lease payments

Present value of minimum

lease payments

最低租赁款项最低租赁款项现值

二零二四年

HK$’000

千港元

Within one year一年内176

In the second to fifth years,

inclusive

第二至五年（包括首尾两年）

–

Les: future interest expenses减：未来利息开支N/A不适用

Les: portion of amount due for

setlement within 12

months (shown under

curent liabilities)

减：于12个月内到期结算

的金额部分（于流

动负债项下列示）

(176)

Amount due for setlement after

12 months

于12个月后到期结算的

金额–

二零二四年

HK$’000

千港元

Lease payments:租赁付款：

Total cash outflow for leases (Note 33(b)租赁现金流出总额（附注33(b)）3,701

At 31 March 2025, the incremental borowing rate

aplied on the calculation of present value of lease

liabilities was 4.13% per anum (2024: 2.63% to

3.06% per anum).

The Group uses the lese’s incremental borowing

rates to discount future lease payments since

interest rates implicit in the leases are not readily

determinable. In determining the discounts rates for

its leases, the Group refers to a rate that is readily

observable as the starting point and then aplies

judgement and adjusts such observable rate to

determine the incremental borowing rate.

2025
二零二五年
HK$’000
千港元
19
(33)
(14)

91	27	(29)	89
(76)	21	(20)	(75)
15	48	(49)	(14)

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

26. 递延税项

于综合财务状况表呈列时，若干递延税项资产与负

债已被对销。以下为就财务呈报而言的递延税项结

余分析。

以下为本集团于本年度及过往年度确认的递延税项

负债╱（资产）及其变动：

于二零二五年三月三十一日，本集团拥有可供抵销

未来溢利的未动用税项亏损约11,290,000港元（二

零二四年：7,988,000港元）。由于未来溢利流量难

以预测，故并无就未动用税项亏损确认递延税项资

产。未动用税项亏损将无限期结转。

26. DEFERED TAX

For the purpose of presentation in the consolidated

statement of financial position, certain defered tax

asets and liabilities have ben ofset. The folowing

is the analysis of the defered tax balances for

financial reporting purpose.

二零二四年

HK$’000

千港元

Defered tax asets递延税项资产21

Defered tax liabilities递延税项负债(110)

(89)

The folowing are the defered tax liabilities/(asets)

recognised and movements thereon during the

curent and prior years:

Deductible tax

depreciation

Right-of-use

asets

Lease

liabilitiesTotal

可扣减税项

折旧使用权资产租赁负债总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日17090(95)165

(Credit)/Charge to profit or los (Note 10)（计入）╱扣除自损益（附注10）(79)(63)66(76)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日

(Credit)/Charge to profit or los (Note 10)（计入）╱扣除自损益（附注10）

At 31 March 2025于二零二五年三月三十一日

At 31 March 2025, the Group has unused tax

loses of aproximately HK$11,290,000 (2024:

HK$7,988,000) available for ofset against future

profits. No defered tax aset has ben recognised

in respect of the unused tax loses due to the

unpredictability of future profit streams. The unused

tax loses wil be caried forward indefinitely.

20,000,000,000	10,000
215,346,526	108

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27. 股本

28. 储备

(a) 本集团

本集团的储备及其变动于综合损益及其他全

面收益表及综合权益变动表内呈列。

(b) 储备之性质及用途

(i) 股份溢价

根据开曼群岛公司法，股份溢价账的应

用乃受到开曼群岛公司法规管。本公司

的股份溢价可供分派予股东，惟须遵守

本公司组织章程大纲及细则的条文，且

前提是紧随分派后，本公司能够在日常

业务过程中偿还到期债项。

27. SHARE CAPITAL

Number of sharesAmount

股份数目金额

HK$’000

千港元

Authorised:法定︰

At 1 April 2023,

31 March 2024,

1 April 2024 and

31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

– Ordinary shares of HK$0.0005

each

– 每股面值0.0005港元的

普通股

Isued and fuly paid:已发行及缴足：

At 1 April 2023,

31 March 2024,

1 April 2024 and

31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

– Ordinary shares of HK$0.0005

each

– 每股面值0.0005港元的

普通股

28. RESERVES

(a) Group

The amounts of the Group’s reserves and

movements therein are presented in the

consolidated statement of profit or los and

other comprehensive income and consolidated

statement of changes in equity.

(b) Nature and purpose of reserves

(i) Share premium

Under the Companies Law of the

Cayman Islands, the aplication of the

share premium acount is governed

by the Companies Law of the Cayman

Islands. Share premium of the Company

is distributable to shareholders subject

to the provisions of the Company’s

Memorandum and Articles of Asociation

and provided that imediately folowing

the distribution, the Company is able

to pay its debts as they fal due in the

ordinary course of busines.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 储备之性质及用途（续）

(i) 股本赎回储备

股本赎回储备指已购回及已注销之本公

司股本面值。

(i) 其他储备

其他储备包括：

1. 调整Absolute Surge Limited

（「Absolute Surge」）法定股本以反

映本公司的法定股本（产生自反收

购（附注）；及

2. 所收购Absolute Surge附属公司

的股本面值与就其交换所发行

Absolute Surge股本面值之差异。

附注：于二零一九年十一月十三日，本公司

已通过按每股0.19港元之价格发行及

配发760,000,000股新股份，以完成

收购Absolute Surge之全部股权，并

构成反收购。

(iv) 汇兑储备

汇兑储备包括换算海外业务的财务报表

所产生的所有外汇差额。本公司根据综

合财务报表附注2.4所载会计政策处理

该储备。

28. RESERVES (continued)

(b) Nature and purpose of reserves

(continued)

(i) Capital redemption reserve

The capital redemption reserve

represents the nominal value of the share

capital of the Company repurchased and

canceled.

(i) Other reserves

Other reserves comprise:

1. the adjustment of legal capital

of Absolute Surge Limited

(“Absolute Surge”) to reflect the

Company’s legal capital (arising

from a reverse takeover (Note);

and

2. the diference betwen the

nominal value of share capital of

the subsidiaries of Absolute Surge

acquired over the nominal value of

the share capital of Absolute Surge

isued in exchange therefor.

Note: On 13 November 2019, the Company

completed an acquisition of the entire

equity interests of Absolute Surge by

isue and alotment of 760,000,000

new shares at the price of HK$0.19

each which constituted a reverse

takeover.

(iv) Translation reserve

The translation reserve comprises al

foreign exchange diferences arising

from the translation of the financial

statements of foreign operations. The

reserve is dealt with in acordance

with the acounting policies set out in

note 2.4 to the consolidated financial

statements.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29. 股息

董事会并不建议就截至二零二五年及二零二四年三

月三十一日止年度派付末期股息。

30. 经营租赁安排

本集团租赁办公室物业作营运。于二零二四年一月

一日，本集团就办公室物业租赁订立租赁协议，由

二零二四年一月一日至二零二四年十二月三十一日

为期十二个月，月租219,000港元。

于二零二五年一月一日，本集团就办公室物业租赁

订立租赁协议，由二零二五年一月一日起至二零二

五年十二月三十一日届满止为期十二个月，月租

219,000港元。

于二零二五年三月三十一日，有关办公室物业的

未偿还租赁承担为1,971,000港元（二零二四年：

1,971,000港元）。

31. 资本风险管理

本集团管理资本的目标乃维护本集团以持续基准营

运的能力，以为股东提供回报及为其他持份者提供

福利，并维持最佳资本架构，缩减资本成本。

为维持或调整资本架构，本集团可能调整派付予股

东的股息金额、发行新股份或出售资产。

29. DIVIDENDS

The Board does not recomend the payment of a

final dividend for the years ended 31 March 2025

and 2024.

30. OPERATING LEASE ARANGEMENTS

The Group leases ofice premises for its operations.

On 1 January 2024, the Group entered into a

tenancy agrement in relation to the lease of ofice

premises for a term of 12 months comencing from

1 January 2024 and expiring on 31 December 2024

at a monthly rent of HK$219,000.

On 1 January 2025, the Group entered into another

tenancy agrement in relation to the lease of ofice

premises for a term of 12 months comencing from

1 January 2025 and expiring on 31 December 2025

at a monthly rent of HK$219,000.

As at 31 March 2025, the outstanding lease

comitments relating to the ofice premises is

HK$1,971,000 (2024: HK$1,971,000).

31. CAPITAL RISK MANAGEMENT

The Group’s objectives when managing capital

are to safeguard the Group’s ability to continue

as a going concern in order to provide returns for

shareholders and benefits for other stakeholders and

to maintain an optimal capital structure to reduce

the cost of capital.

In order to maintain or adjust the capital structure,

the Group may adjust the amount of dividends to

shareholders, isue new shares or sel asets.

2025
二零二五年
HK$’000
千港元
295
260
(3,161)
(2,606)
28,781
N/A不适用

2025
二零二五年
HK$’000
千港元
19,058
617
6,870

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

本集团基于资本负债比率监控资本。该比率乃按债

务净额除以资本总额计算。债务净额乃按借贷总额

及租赁负债减现金及现金等价物计算。资本总额按

综合财务状况表所示「权益」加债务净额（如适用）计

算。

本集团的资本负债比率基于以下数据计算：

于二零二五年及二零二四年三月三十一日，本集团

处于净现金状况。

32. 金融工具

(a) 金融工具类别

31. CAPITAL RISK MANAGEMENT (continued)

The Group monitors capital on the basis of gearing

ratio. This ratio is calculated as net debt divided

by total capital. Net debt is calculated as total

borowings and lease liabilities les cash and cash

equivalents. Total capital is calculated as “equity”

as shown in the consolidated statement of financial

position, plus net debt, where aplicable.

The calculation of the Group’s gearing ratios are

based on the folowing data:

二零二四年

HK$’000

千港元

Lease liabilities租赁负债176

Amount due to a director应付一名董事款项260

Les: cash and cash equivalents减：现金及现金等价物(15,621)

Net cash现金净额(15,185)

Equity权益36,244

Gearing ratio资本负债比率N/A不适用

At 31 March 2025 and 2024, the Group is in a net

cash position.

32. FINANCIAL INSTRUMENTS

(a) Categories of financial instruments

二零二四年

HK$’000

千港元

Financial asets金融资产

At amortised cost按摊销成本计量24,458

Financial asets at FVTPL透过损益按公平值计算之

金融资产428

Financial liabilities金融负债

At amortised cost按摊销成本计量4,905

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策

本集团的主要金融工具包括计入贸易及其他

应收款项的金融资产、合约资产、应收贷

款、应收一间联营公司款项、银行及现金结

余、透过损益按公平值计算之金融资产、计

入贸易及其他应付款项的金融负债、应付一

名董事款项及租赁负债。

金融工具的详情在相关附注中披露。与该等

金融工具相关的风险包括市场风险（货币风

险、利率风险及其他价格风险）、信贷风险及

流动资金风险。有关如何减低该等风险的政

策载列如下。本集团管理层对该等风险进行

管理及监控，以确保及时有效地采取适当措

施。

市场风险

(i) 货币风险

本集团主要面临有关美元、人民币及新

台币的外汇风险。在联系汇率制度下，

由于所有以美元计值的货币资产及负债

均由以港元为功能货币的集团实体持

有，故对港元与美元之间的汇兑差额的

财务影响微不足道，因此并无编制敏感

度分析。就人民币及新台币而言，由于

所涉金额极小，因此并无编制敏感度分

析。本集团并无就外币交易、资产及负

债制定外币对冲政策。本集团会密切监

控其外币风险，并于有需要时考虑对冲

重大外币风险。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies

The Group’s major financial instruments

include financial asets included in trade

and other receivables, contract asets, loan

receivable, amount due from an asociate,

bank and cash balances, financial asets at

FVTPL, financial liabilities included in trade and

other payables, amount due to a director and

lease liabilities.

Details of the financial instruments are

disclosed in respective notes. The risks

asociated with these financial instruments

include market risk (curency risk, interest

rate risk and other price risk), credit risk and

liquidity risk. The policies on how to mitigate

these risks are set out below. The management

of the Group manages and monitors these

exposures to ensure apropriate measures are

implemented in a timely and efective maner.

Market risk

(i) Curency risk

The Group is mainly exposed to the

foreign exchange risk of US$, RMB and

NT$. Under the peged exchange rate

system, the financial impact on exchange

diference betwen HK$ and US$ wil

be imaterial as al US$ denominated

monetary asets and liabilities are held

by group entities having HK$ as their

functional curency, and therefore no

sensitivity analysis has ben prepared. For

RMB and NT$, no sensitivity analysis has

ben prepared as the amounts involved

are insignificant. The Group does not

have a foreign curency hedging policy in

respect of foreign curency transactions,

asets and liabilities. The Group monitors

its foreign curency exposure closely and

wil consider hedging significant foreign

curency exposure should the ned arise.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Market risk (continued)

(i) Interest rate risk

The Company is exposed to cash flow

interest rate risk in relation to variable-

rate bank balances. The Company’s

cash flow interest rate risk is mainly

concentrated on the fluctuation of

interest on bank balances. The Company

manages its interest rate exposures by

asesing the potential impact arising

from any interest rate movements based

on interest rate level and outlok.

No sensitivity analysis on interest rate

risk on bank deposits is presented as

the management considers that the

exposure of cash flow interest rate risk

arising from variable bank balances is

insignificant.

(i) Other price risk

The Group is exposed to equity price

risk mainly through its investment in

debt securities measured at FVTPL. The

management manages this exposure by

maintaining a portfolio of investments

with diferent risk and return profiles.

The Group’s equity price risk is mainly

concentrated on debt securities quoted

on the relevant stock exchange.

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 利率风险

本公司面临与浮息银行结余有关的现金

流利率风险。本公司的现金流利率风险

主要集中于银行结余的利息波动。本公

司透过根据利率水平及前景评估任何利

率变动所产生的潜在影响，管理其利率

风险。

由于管理层认为浮息银行结余所产生的

现金流利率风险并不重大，因此概无呈

列银行存款利率风险的敏感度分析。

(i) 其他价格风险

本集团主要因为透过损益按公平值计算

的债务证券投资而承受权益价格风险。

管理层透过维持具有不同风险及回报状

况的投资组合，管理有关风险。本集团

的权益价格风险主要集中于在相关证券

交易所报价的债务证券。

20/(20)	(123)/123	123/(123)

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 其他价格风险（续）

下表列示在所有其他变量保持不变的

情况下，根据上市债务证券于报告期

末的账面值，对上市债务证券的公平

值每20%（二零二四年：20%）变动的敏

感度。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Market risk (continued)

(i) Other price risk (continued)

The folowing table demonstrates the

sensitivity to every 20% (2024: 20%)

change in the fair values of the listed

debt securities, with al other variables

held constant, based on their carying

amounts at the end of the reporting

period.

Increase/

(Decrease) in

fair value

(Decrease)/

Increase in los

before tax

Increase/

(Decrease) in

equity

公平值增加╱

（减少）

除税前亏损（减少）╱

增加

权益增加╱

（减少）

%HK$’000HK$’000

千港元千港元

2025二零二五年

Debt securities, at fair value债务证券（按公平值）

2024二零二四年

Debt securities, at fair value债务证券（按公平值）20/(20)(86)/8686/(86)

617	13,650

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估

信贷风险是指因本集团交易对手违反其合约

责任而导致本集团蒙受财务损失的风险。本

集团的信贷风险主要来自透过损益按公平值

计算之金融资产、贸易及其他应收款项、应

收贷款、应收一间附属公司款项、合约资产

及银行结余。除应收贷款外，本集团并无持

有任何抵押品或其他信贷加强措施来覆盖与

其金融资产相关的信贷风险。有关应收贷款

抵押品之详情，请参阅本公司日期为二零二

四年五月二十日之公告。

透过损益按公平值计算之金融资产 –

债务证券

就透过损益按公平值计算的债务证券而言，

本集团投资于无信贷评级的债务证券。董事

定期检讨及监察债务证券组合，并透过在市

场变现定期监察信贷风险。该等投资的条款

详情于附注18中披露。该等债务证券的信贷

评级、账面值及本金额概述如下。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s

counterparties default on their contractual

obligations resulting in financial loses to

the Group. The Group’s credit risk exposures

are primarily atributable to financial asets

at FVTPL, trade and other receivables, loan

receivable, amount due from an asociate,

contract asets and bank balances. Except

for loan receivable, the Group does not hold

any colateral or other credit enhancements

to cover its credit risks asociated with its

financial asets. For details of the colateral of

loan receivable, please refer to the Company’s

anouncement dated 20 May 2024.

Financial asets at FVTPL – Debt securities

In respect of debt securities at FVTPL, the

Group invests in debt securities with non-

credit rating. The directors regularly review and

monitor the portfolio of debt securities and

regularly monitor the credit risk by realisation

in the market. Details of the terms of these

investments are disclosed in Note 18. Sumary

of the credit rating, carying amount and

principal amount of these debt securities is set

out below.

Fair

value

Principal

amount

公平值本金额

HK$’000HK$’000

千港元千港元

2025二零二五年

Non-ranking无评级

2024二零二四年

Non-ranking无评级42813,650

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables and contract asets

In respect of trade receivables and contract

asets, individual credit evaluations are

performed on al customers. These evaluations

focus on the customer’s reputation and past

history of making payments when due and

take into acount information specific to the

customer obtained from external valuer as wel

as pertaining to the economic environment

in which the customer operates. Monitoring

procedures have ben implemented to ensure

that folow-up action is taken to recover

overdue debts. In adition, management

reviews the recoverable amount of each

individual trade debt and contract aset

regularly to ensure that adequate impairment

loses are recognised for irecoverable debts.

In this regard, the Group’s credit risk is

significantly reduced.

The Group’s exposure to credit risk

is influenced mainly by the individual

characteristics of each customer, therefore

significant concentrations of credit risk

primarily arise when the Group has significant

exposure to individual customers. As at 31

March 2025, the Group had concentration of

credit risk on trade receivables as 48% (2024:

40%) of its trade receivables were due from

two (2024: two) customers which contributed

over 10% of the Group’s trade receivables.

As at 31 March 2025, the Group had

concentration of credit risk on contract asets

as 37% (2024: 28%) of its contract asets

were due from two (2024: two) customers

which individualy contributed over 10% of

the Group’s contract asets. Management is

of the view that these customers are certain

reputable companies with high credit-ratings

in the market, hence, the credit risk is limited

in this regard.

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贸易应收款项以及合约资产

就贸易应收款项以及合约资产而言，本集团

会对所有客户进行个别信贷评估。有关评估

集中于客户的声誉及过往到期付款的情况，

并考虑从外部估值师获得的有关客户的特定

资料以及与客户经营所在经济环境有关的资

料。本集团已实施监控程序，确保采取后续

行动收回逾期债务。此外，管理层定期审阅

每项个别贸易账款及合约资产的可收回金

额，确保就无法收回的债项确认足够的减值

亏损。就此而言，本集团的信贷风险已显著

降低。

本集团的信贷风险主要受每名客户的个别特

征影响，因此重大信贷集中风险主要在本集

团就个别客户而面临重大风险时产生。于二

零二五年三月三十一日，本集团的贸易应收

款项存在信贷集中风险，因为其48%（二零二

四年：40%）的贸易应收款项来自两名（二零

二四年：两名）客户，占本集团贸易应收款项

的10%以上。于二零二五年三月三十一日，

本集团的合约资产存在信贷集中风险，因为

其37%（二零二四年：28%）的合约资产来自

两名（二零二四年：两名）客户，个别占本集

团合约资产的10%以上。管理层认为，该

等客户为市场上具有较高信贷评级的知名公

司，因此在这方面的信贷风险有限。

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables and contract asets

(continued)

The Group measures los alowance for trade

receivables and contract asets at an amount

equal to lifetime ECLs, which is calculated

using a colective and individual asesment.

As the Group’s historical credit los experience

indicates significantly diferent los paterns for

diferent customer segments, the impairment

los based on past due status is further

distinguished betwen the Group’s diferent

customer bases.

The customer bases consist of the folowing

groups, clasified by credit risk characteristics:

Colective asesment

Group A: I ndividual customers and corporate

customers have no historical

default record

Group B: Individual customers and corporate

customers have delayed repayment

record and overdue more than 60

days but within 180 days but no

historical default record

Group C: Other customers are neither in

Group A and B but not credit-

impaired

Individual asesment

Credit-impaired trade receivables and contract

asets are asesed for ECL individualy.

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贸易应收款项以及合约资产（续）

本集团以集体及个别评估的计算方式，按相

等于全预期信贷亏损的金额计量贸易应收款

项及合约资产的亏损拨备。由于本集团过往

的信贷亏损经验表明，不同客户群的亏损模

式之间存在重大差异，因此基于逾期状况的

减值亏损在本集团的不同客户群之间进一步

细分。

客户群按信贷风险特征划分为以下组别：

集体评估

A组：个人客户及公司客户均无过往违

约记录

B组：个人客户及公司客户均有逾期还

款记录（逾期60日以上但180日以

内），惟并无过往违约记录

C组：其他不属于A组及B组但并未出现

信贷减值的客户

个别评估

本集团个别评估已出现信贷减值的贸易应收

款项及合约资产的预期信贷亏损。

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贸易应收款项以及合约资产（续）

对于A组，本集团已制定监控程序，确保授

予该等客户的信贷额度维持在可接受水平。

就此而言，管理层认为该等客户的信贷风险

已大幅降低。

对于B组，鉴于过去与该等客户的业务往来以

及应收该等客户款项的收款纪录良好，管理

层认为本集团应收该等客户的未偿还应收款

项结余不存在重大的固有信贷风险。

对于C组，预期亏损率乃参考外部估值师的

资料得出。本集团已对有关比率进行调整，

以反映收集过往数据期间的经济状况、当前

状况与本集团对应收款项预期年期内经济状

况的看法之间的差异。

于二零二五年三月三十一日，账面总值约

398,000港元（二零二四年：1,222,000港

元）已出现信贷减值的贸易应收款项已进行

个别评估。于二零二五年三月三十一日，

该等个别评估的应收款项的减值亏损结余

约为398,000港元（二零二四年：1,222,000

港元）。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables and contract asets

(continued)

For Group A, the Group has monitoring

procedures in place to make sure that the

credit limit granted to these customers

maintains at an aceptable level. In this regard,

management considers credit risk in respect of

these customers is significantly mitigated.

For Group B, in view of the history of busines

dealings with the customers and the sound

colection history of the receivable due from

them, management believes that there is no

material credit risk inherent in the Group’s

outstanding receivable balance due from these

customers.

For Group C, expected los rates are with

reference from external valuer’s information.

These rates are adjusted to reflect diferences

betwen economic conditions during the

period over which the historical data has ben

colected, curent conditions and the Group’s

view of economic conditions over the expected

lives of the receivables.

Credit impaired trade receivables with gros

carying amount of aproximately HK$398,000

(2024: HK$1,222,000) as at 31 March 2025

were individualy asesed. At 31 March 2025,

the balance of impairment los in respect

of these individualy asesed receivables

was aproximately HK$398,000 (2024:

HK$1,222,000).

1.1%	3,525	(38)	3,487
1.1%	838	(9)	829
38.6%	80	(31)	49
38.6%	4,443	(78)	4,365
100%	398	(398)	–
100%	4,841	(476)	4,365

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贸易应收款项以及合约资产（续）

下表提供有关本集团贸易应收款项于二零二

五年及二零二四年三月三十一日的信贷风险

及预期信贷亏损的资料。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables and contract asets

(continued)

The folowing table provides information about

the Group’s exposure to credit risk and ECL

for trade receivables as at 31 March 2025 and

2024.

Average

los rate

Gros carying

amount

Los

alowance

Net carying

amount

平均亏损率账面总值亏损拨备账面净值

HK$’000HK$’000HK$’000

千港元千港元千港元

2025二零二五年

Provision on colective basis按集体基准拨备

Group A组

Group B组

Group C组

Provision on individual basis按个别基准拨备

2024二零二四年

Provision on colective basis按集体基准拨备

Group A组0.1%4,318(3)4,315

Group B组4.0%426(17)409

Group C组0.3%646(3)643

5,390(23)5,367

Provision on individual basis按个别基准拨备100%1,222(1,222)–

6,612(1,245)5,367

0.5%	6,988	(35)	6,953
100%	873	(873)	–
100%	7,861	(908)	6,953

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贸易应收款项以及合约资产（续）

下表提供有关本集团合约资产于二零二五年

及二零二四年三月三十一日的信贷风险及预

期信贷亏损的资料。

平均亏损率乃参考外部估值师的资料得出。

本集团已对有关比率进行调整，以反映收集

过往数据期间的经济状况、当前状况与本集

团对应收款项预期年期内经济状况的看法之

间的差异。管理层定期审阅分组，确保特定

债务人的相关资料得到更新。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables and contract asets

(continued)

The folowing table provides information about

the Group’s exposure to credit risk and ECL for

contract asets as at 31 March 2025 and 2024.

Average

los rate

Gros

carying amount

Los

alowance

Net carying

amount

平均亏损率账面总值亏损拨备账面净值

HK$’000HK$’000HK$’000

千港元千港元千港元

2025二零二五年

Group A组

Provision on

individual basis

按个别基准拨备

2024二零二四年

Group A组0.9%9,498(90)9,408

The average los rates are with reference to

external valuer’s information. These rates

are adjusted to reflect diferences betwen

economic condition during the period over

which historical data has ben colected,

curent conditions and the Group’s view of

economic conditions over the expected lives of

receivable. The grouping is regularly reviewed

by management to ensure relevant information

about specific debtors is updated.

1,025	398	1,423

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贸易应收款项以及合约资产（续）

下表列示简化法下已就贸易应收款项及合约

资产确认的全期预期信贷亏损的变动。

贷款及其他应收款项

就贷款及其他应收款项而言，管理层根据过

往清偿记录及过往经验对贷款及其他应收款

项的可收回性定期进行个别及集体评估。管

理层认为，本集团未偿还贷款及其他应收款

项结余不存在重大信贷风险。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Trade receivables and contract asets

(continued)

The folowing table shows the movement

in lifetime ECL that has ben recognised for

trade receivables and contract asets under the

simplified aproach.

Lifetime ECL

not credit

impaired

Lifetime ECL

credit

impairedTotal

全期预期

信贷亏损

并无出现

信贷减值

全期预期

信贷亏损

已出现

信贷减值总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日166766932

Net impairment recognised/

(reversed) in profit or los

于损益确认╱（拨回）的

减值净额(53)456403

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日1131,2221,335

Net impairment recognised/

(reversed) in profit or los

于损益确认╱（拨回）的

减值净额912(593)319

Amount writen of as

uncolectible

撇销无法收回的款项

–(231)(231)

At 31 March 2025于二零二五年三月三十一日

Loan and other receivables

For loan and other receivables , management

makes periodic individual and colective

asesments on the recoverability of loan and

other receivables based on historical setlement

records and past experience. Management

considers that there is no material credit risk

inherent in the Group’s outstanding balances

of loan and other receivables.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

贷款及其他应收款项（续）

于二零二五年三月三十一日，本集团根据12

个月预期亏损法，将该等应收款项的预期信

贷亏损评为并不重大，因此并无确认亏损

拨备。

银行结余

由于交易对手均为信贷评级较高的银行，因

此银行结余的信贷风险有限。

流动资金风险

本集团的政策是定期监察当前及预期流动资

金需求，确保维持充裕现金储备以满足其于

短期及较长期的流动资金需求。

下表详列本集团非衍生金融负债的剩余合约

到期日，乃根据本集团可能被要求付款的最

早日期按金融负债未折现金流量编制。

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Credit risk and impairment asesment

(continued)

Loan and other receivables (continued)

As at 31 March 2025, the Group has asesed

that the expected credit loses for these

receivables are not significant under the

12-month expected los method. Hence, no

los alowance has ben recognised.

Bank balances

The credit risk on bank balances is limited since

the counterparties are banks with high credit-

ratings.

Liquidity risk

The Group’s policy is to regularly monitor

curent and expected liquidity requirements to

ensure that it maintains suficient reserves of

cash to met its liquidity requirements in the

short and longer term.

The folowing table details the Group’s

remaining contractual maturity for its non-

derivative financial liabilities. The table has

ben drawn up based on the undiscounted

cash flows of financial liabilities based on

the earliest date on which the Group can be

required to pay.

N/A不适用	6,403	–	–	6,403	6,403
N/A不适用	260	–	–	260	260
4.13%	129	129	53	311	295
4.13%	6,792	129	53	6,974	6,958

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32. FINANCIAL INSTRUMENTS (continued)

(b) Financial risk management objectives

and policies (continued)

Liquidity risk (continued)

Weighted

average

interest rate

On demand

or les than

1 year

1 to

2 years

2 to

5 years

Total

contractual

undiscounted

cash flow

Total

carying

amount

加权平均利率

按要求或

一年内一至两年两至五年

合约未折现

现金流量总额账面总值

(%)HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于二零二五年三月三十一日

Trade and other payables贸易及其他应付款项

Amount due to a director应付一名董事款项

Lease liabilities租赁负债

At 31 March 2024于二零二四年三月三十一日

Trade and other payables贸易及其他应付款项N/A不适用4,469–4,4694,469

Amount due to a director应付一名董事款项N/A不适用260–260260

Lease liabilities租赁负债2.80%178–178176

4,907–4,9074,905

（续）

(b) 金融风险管理目标及政策（续）

流动资金风险（续）

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

本集团部分金融工具就财务报告目的而按公

平值计量。本集团财务部门包括一支团队，

负责财务报告所需的资产及负债公平值计

量，包括第三级公平值计量。团队直接向董

事汇报该等公平值计量。于各报告日期，团

队会与董事讨论估值过程及结果。

在估计公平值时，本集团尽可能使用可观察

市场数据。对于第三级具有重大不可观察输

入数据的工具，本集团会聘请第三方合资格

估值师进行评估。

(i) 本集团持续按公平值计量的金融资产的

公平值

本集团部分金融资产于各报告期末按公

平值计量。下表提供有关如何厘定该等

金融资产的公平值（特别是所用的估值

技术及输入数据）以及公平值计量根据

公平值计量输入数据的可观察程度而划

入的公平值层级（第一至三级）的资料。

32. FINANCIAL INSTRUMENTS (continued)

instruments

Some of the Group’s financial instruments are

measured at fair value for financial reporting

purposes. The finance department of the

Group includes a team responsible for the fair

value measurements of asets and liabilities

required for financial reporting purposes,

including level 3 fair value measurements.

This team reports directly to the directors for

these fair value measurements. Discusions

of valuation proceses and results are held

betwen the team and the directors at each

reporting date.

In estimating the fair value, the Group uses

market-observable data to the extent it is

available. For instruments with significant

unobservable input under level 3, the Group

engages third party qualified valuers to

perform the valuation.

(i) Fair value of the Group’s financial

asets that are measured at fair

value on a recuring basis

Some of the Group’s financial asets

are measured at fair value at the end

of each reporting period. The folowing

table gives information about how the

fair values of these financial asets are

determined (in particular, the valuation

techniques and inputs used), as wel

as the level of fair value hierarchy into

which the fair value measurements are

categorised (levels 1 to 3) based on the

degre to which the input to the fair

value measurements are observable.

Fair value as at 31 March 2025
于二零二五年三月三十一日的公平值
HK$’000
千港元
617

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(i) 本集团持续按公平值计量的金融资产的

公平值（续）

截至二零二五年及二零二四年三月三十

一日止年度，第一、第二与第三级公平

值层级之间并无转移。

(i) 本集团并非持续按公平值计量的金融资

产及金融负债的公平值

董事认为，于综合财务报表中采用实际

利率法按摊销成本列账的其他金融资产

及金融负债的账面值与其公平值相若。

32. FINANCIAL INSTRUMENTS (continued)

instruments (continued)

(i) Fair value of the Group’s financial

asets that are measured at fair

value on a recuring basis (continued)

Fair value

as at

31 March

Fair value

hierarchy

Valuation techniques and key

inputs

于二零二四年

三月三十一日

的公平值公平值层级估值技术及主要输入数据

HK$’000

千港元

Financial asets at FVTPL

透过损益按公平值计算之金融资产

– Investment in debt securities

– 债务证券投资

428Level 1

第一级

Quoted market price

市场报价

During the years ended 31 March 2025

and 2024, there were no transfers

betwen level 1, level 2 and level 3 fair

value measurements.

(i) Fair value of the Group’s financial

asets and financial liabilities that

are not measured at fair value on a

recuring basis

The directors consider that the carying

amounts of other financial asets and

financial liabilities recorded at amortised

cost using the efective interest rate

method in the consolidated financial

statements aproximate their fair values.

176
362
(252)
9
295

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33. 综合现金流量表附注

(a) 融资活动产生负债对账

下表详列本集团融资活动产生的负债变动，

包括现金及非现金变动。融资活动产生的负

债为其现金流量已经或其未来现金流量将会

在本集团的综合现金流量表内分类为融资活

动产生的现金流量的负债。

33. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(a) Reconciliation of liabilities from

financing activities

The table below details changes in the Group’s

liabilities arising from financing activities,

including both cash and non-cash changes.

Liabilities arising from financing activities are

those for which cash flows were, or future

cash flows wil be, clasified in the Group’s

consolidated statement of cash flows as cash

flows from financing activities.

Lease liabilities

租赁负债

HK$’000

千港元

At 1 April 2023于二零二三年四月一日577

Cash flows现金流量(407)

Interest expenses利息开支12

Disposals出售(6)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

Cash flows现金流量

Interest expenses利息开支

Disposals出售

At 31 March 2025于二零二五年三月三十一日

2025
二零二五年
HK$’000
千港元
2,628
252
2,880

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 租赁现金流出总额

就租赁计入综合现金流量表的金额包括下列

项目：

33. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (continued)

(b) Total cash outflow for leases

Amounts included in the consolidated

statement of cash flows for leases comprise

the folowing:

二零二四年

HK$’000

千港元

Within operating cash flows经营现金流量内3,294

Within financing cash flows融资现金流量内407

Lease rental paid已付租赁租金3,701

2025
二零二五年
HK$’000
千港元
1,258
348
18
1,624

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

34. 关联方交易

主要管理人员薪酬

董事乃本集团的主要管理人员，彼等的酬金披露于

附注12。

董事及其他主要管理人员的酬金如下：

主要管理人员的酬金乃由本公司董事经计及该等人

士各自的责任、本集团的表现及市场趋势后厘定。

于二零二五年三月三十一日，应计薪金包括有关

主要管理人员之应计酬金约560,000港元（二零二

四年：140,000港元），属无抵押、免息及以现金

结付。

34. RELATED PARTY TRANSACTIONS

Key management personel compensation

Directors are the key management personel of the

Group whose emoluments are disclosed in Note 12.

The emoluments of directors and other key

management personel are as folows:

二零二四年

HK$’000

千港元

Salaries and alowances薪金及津贴1,323

Other benefits (represent rent paid)其他福利（指已付租金）348

Retirement benefit scheme contributions退休福利计划供款18

1,689

The emoluments of key management personel

are determined by the directors of the Company

having regard to the respective responsibilities of

the individuals, the performance of the Group and

market trends.

At 31 March 2025, included in acrued salaries was

an amount of aproximately HK$560,000 (2024:

HK$140,000) being acrued emoluments in relation

to key management personel which are unsecured,

interest-fre and setle in cash.

2025
二零二五年
HK$’000
千港元
12,162
78
13
91
3,350
260
3,610
(3,519)
8,643
108
8,535
8,643

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

35. 本公司之财务状况表及储备变动

(a) 本公司之财务状况表

经董事会于二零二五年六月二十四日批准及

由其代表签署：

35. STATEMENT OF FINANCIAL POSITION

AND RESERVE MOVEMENT OF THE

COMPANY

(a) Statement of financial position of the

Company

Notes2024

附注二零二四年

HK$’000

千港元

Non-curent aset非流动资产

Investments in subsidiaries于附属公司之投资25,362

Curent asets流动资产

Prepayments预付款项78

Bank balances银行结余52

Curent liabilities流动负债

Acruals and other payables应计费用及其他应付款项1,133

Amount due to a director应付一名董事款项260

1,393

Net curent liabilities流动负债净值(1,263)

NET ASETS资产净值24,099

Capital and reserves资本及储备

Share capital股本27108

Reserves储备35(b)23,991

TOTAL EQUITY权益总额24,099

Aproved by the Board of Directors on 24 June

2025 and are signed on its behalf by:

Huang LiangYip Hiu Ying

黄亮叶晓莹

DirectorDirector

董事董事

145,239	14	(121,262)	23,991
–	–	(15,456)	(15,456)
145,239	14	(136,718)	8,535

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Hephaestus Holdings Limited Anual Report 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

（续）

(b) 本公司之储备变动

35. STATEMENT OF FINANCIAL POSITION

AND RESERVE MOVEMENT OF THE

COMPANY (continued)

(b) Reserve movement of the Company

premium

Capital

redemption

reserve

Acumulated

losesTotal

股份溢价

股本赎回

储备累计亏损总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日145,23914(50,811)94,442

Total comprehensive expenses

and changes in equity for

the year

年内全面开支总额

及权益变动

–(70,451)(70,451)

At 31 March 2024于二零二四年三月三十一日145,23914(121,262)23,991

At 1 April 2024于二零二四年四月一日

Total comprehensive expenses

and changes in equity

for the year

年内全面开支总额及

权益变动

At 31 March 2025于二零二五年三月三十一日

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

客思控股有限公司 2024/25 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

36. 附属公司

于二零二五年及二零二四年三月三十一日之主要附

属公司详情如下：

附注：此附属公司根据中国法律注册为有限公司（由法

人独资）。

36. SUBSIDIARIES

Particulars of the principal subsidiaries as at 31

March 2025 and 2024 are as folows:

Name of subsidiaries

Places of incorporation

and operation

Isued and

paid up capital

Percentage of

ownership interestPrincipal activities

附属公司名称注册成立及营运地点

已发行及

缴足股本拥有权益百分比主要业务

DirectIndirect

直接间接

ABSOLUTE SURGE LIMITEDBritish Virgin Islands/

Hong Kong

US$7100%

(2024: 100%)

–Investment holding

英属处女群岛╱香港7美元（二零二四年：

100%）

投资控股

ABLE RICH INVESTMENT (HK) LIMITEDHong KongHK$8,000100%

(2024: 100%)

–Proprietary investment

富隆投资(香港)有限公司香港8,000港元（二零二四年：

100%）

资产投资

BTR (HK) LIMITEDHong KongHK$1,000–100%

(2024: 100%)

Provision of interior design and

execution services and

property investment

香港1,000港元（二零二四年：

100%）

提供室内设计及执行服务以及

物业投资

BTR WORKSHOP LIMITEDHong KongHK$200,000–100%

(2024: 100%)

Provision of interior design and

execution services

香港200,000港元（二零二四年：

100%）

提供室内设计及执行服务

Shenzhen Xiuyao Construction

Enginering Co., Ltd.* (Note)

People’s Republic of ChinaRMB10,000,000–100%

(2024: 100%)

Provision construction

enginering services

深圳市秀耀建设工程有限公司（附注）中华人民共和国人民币10,000,000元（二零二四年：

100%）

提供建设工程服务

Note: This subsidiary is registered as limited liability

company (solely invested by corporation) under laws

of the PRC.

* For identification purpose only 仅供识别

2025
二零二五年
HK$’000
千港元
16,305
(8,166)
75
7,463

2025
二零二五年
HK$’000
千港元
20,579
19,266
39,845
(209)
(10,855)
(11,064)
28,781

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

FINANCIAL SUMARY

财务摘要

Hephaestus Holdings Limited Anual Report 2024/25

The folowing is a sumary of the published results and

asets and liabilities of the Group for the last five financial

years, as extracted from the consolidated financial

statements in the respective anual report.

RESULTS:

For the year ended 31 March

截至三月三十一日止年度

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Revenue收入27,96735,49051,72553,238

(Los)/profit before tax除税前（亏损）╱溢利(8,659)(2,772)5,7319,441

Income tax credit/(expense)所得税抵免╱（开支）104(280)(1,580)(1,228)

(Los)/profit and total

comprehensive (expenses)/

income for the year

年内（亏损）╱溢利

及全面（开支）╱

收益总额(8,552)(3,052)4,1518,213

ASETS AND LIABILITIES:

As at 31 March

于三月三十一日

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Non-curent asets非流动资产11,52013,9191,33813,357

Curent asets流动资产34,72442,49757,721100,365

Total asets资产总额46,24456,41659,059113,722

Non-curent liabilities非流动负债(110)(361)(578)(964)

Curent Liabilities流动负债(9,890)(11,259)(10,633)(58,121)

Total Liabilities负债总额(10,000)(11,620)(11,211)(59,085)

Total equity权益总额36,24444,79647,84854,637

以下为本集团于最近五个财政年度的已刊发业绩以及资

产及负债概要，乃摘录自相关年报的综合财务报表。

业绩：

资产及负债：

	Annual Report 2024/25 年报	ANNUAL REPORT 2024/25 年报

100	–	–	–	100
100	–	–	–	100
60	–	–	–	60
100	–	–	–	100
11	–	–	–	11
49	–	–	–	49
420	–	–	–	420

2025
二零二五年
3.38
0.07
0.25

2025
二零二五年
13.23
44.02
57.26
1.68

2025
二零二五年
0.329
0.01

2025
二零二五年
0.329
0.01

100	–	–	–	100
100	–	–	–	100
60	–	–	–	60
100	–	–	–	100
11	–	–	–	11
49	–	–	–	49
420	–	–	–	420

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

CORPORATE GOVERNANCE REPORT

企业管治报告

The sumary of the mechanisms is set out below:

1. Inside information shal be anounced as son as

2. Each department shal kep inside information on

3. The Group’s Finance Department shal kep track of

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

2024. This achievement reflects the efectivenes of

2025. This target demonstrates our ongoing management

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

2023. Ms. Yip curently is the executive vice president of

2013. Mr. Liu has extensive experience in fund investment

DIRECTORS’ REPORT

董事会报告

Notes:

Notes:

2. Jun Tai Ting Investment is wholy and beneficialy owned

3. The percentage is calculated on the basis of 215,346,526

第20章项下任何申报、公告及独立股东批准规定或并不

100	–	–	–	100
100	–	–	–	100
60	–	–	–	60
100	–	–	–	100
11	–	–	–	11
49	–	–	–	49
420	–	–	–	420