| 23 |
SIGNIFICANT
RELATED PARTY TRANSACTIONS |
Related
companies in these consolidated financial statements refer to members of the ultimate holding company’s group of companies.
Some
of the Company’s transactions and arrangements are between members of the group and the effect of these on the basis determined
between the parties is reflected in these consolidated financial statements. The intercompany balances are unsecured, interest-free and
repayable on demand, unless otherwise stated.
Some
of the group’s transactions and arrangements are with related parties and the effect of these on the basis determined between the
parties is reflected in these consolidated financial statements. The balances are unsecured, interest-free and repayable on demand unless
otherwise stated.
Balances
due to related parties
SCHEDULE OF BALANCE DUE TO RELATED PARTIES
| | |
| |
| |
2025 | | |
2024 | |
| Name | |
Relationship | |
Nature | |
USD | | |
USD | |
TUTU Business Services Limited
(BVI) | |
Controlling Shareholder | |
Amounts due to an ultimate beneficial shareholder | |
| 289,029 | | |
| - | |
| | |
| |
| |
| | | |
| | |
| Ms. Liying Wang | |
Ultimate beneficial shareholder | |
Amounts due to an ultimate beneficial shareholder | |
| 21,667 | | |
| - | |
| | |
| |
| |
| | | |
| | |
| | |
| |
Amounts due to an ultimate beneficial shareholder | |
| 310,696 | | |
| - | |
| | |
| |
| |
| | | |
| | |
| Mr. Hok Pan Se | |
Note (i) | |
Non-trade payables | |
| | | |
| | |
| | |
| |
Long-term loans (Note 14) | |
| - | | |
| 12,300,650 | |
| | |
| |
Short-term loans (Note 14) | |
| - | | |
| 1,142,024 | |
| | |
| |
| |
| | | |
| | |
| | |
| |
Amounts due to an ultimate beneficial shareholder | |
| - | | |
| 13,442,674 | |
| | |
| |
| |
| | | |
| | |
| Mr. Ka Wai Se | |
Note (ii) | |
Other borrowings (Note 13(b)) | |
| - | | |
| 183,066 | |
| | |
| |
| |
| | | |
| | |
| Mr. Ka Chun Se | |
Note (iii) | |
Other borrowings (Note 13(b)) | |
| - | | |
| 242,189 | |
| | |
| |
| |
| | | |
| | |
| Prowood (Cambodia) Flooring Co., Ltd | |
Note (iv) | |
Contract liabilities | |
| - | | |
| 1,500,000 | |
| | |
| |
| |
| | | |
| | |
| Nature Flooring Industries Inc | |
Note (v) | |
Contract liabilities | |
| - | | |
| 509,042 | |
| | |
| |
| |
| | | |
| | |
| Kunshan Yingyi Trading Limited | |
Note (vi) | |
Contract liabilities | |
| - | | |
| 139,113 | |
| (i) | Mr.
Hok Pan Se ceases to be ultimate beneficial shareholder from October 2025 after completed
the transfer of the company’s share to the new ultimate beneficial shareholder and
no control or significant influence remain over the company after the completion of transaction. |
| (ii) | Mr.
Ka Wai Se ceases to be related party from October 2025 after the former ultimate beneficial
holder completed the transfer of the company’s share to the new ultimate beneficial
shareholder and no control or significant influence remain by the former ultimate beneficial
holder over the company after the completion of transaction. |
| (iii) | Mr.
Ka Chun Se ceases to be related party from October 2025 after the former ultimate beneficial
holder completed the transfer of the company’s share to the new ultimate beneficial
shareholder and no control or significant influence remain by the former ultimate beneficial
holder over the company after the completion of transaction. |
| (iv) | Prowood
(Cambodia) Flooring Co., Ltd ceases to be related party from October 2025 after the former
ultimate beneficial holder completed the transfer of the company’s share to the new
ultimate beneficial shareholder and no control or significant influence remain by the former
ultimate beneficial holder over the company after the completion of transaction. |
| (v) | Nature
Flooring Industries Inc ceases to be related party from October 2025 after the former ultimate
beneficial holder completed the transfer of the company’s share to the new ultimate
beneficial shareholder and no control or significant influence remain by the former ultimate
beneficial holder over the company after the completion of transaction. |
| (vi) | Kunshan
Yingyi Trading Limited ceases to be related party from October 2025 after the former ultimate
beneficial holder completed the transfer of the company’s share to the new ultimate
beneficial shareholder and no control or significant influence remain by the former ultimate
beneficial holder over the company after the completion of transaction. |
The
Company did not have any outstanding to any officers or directors as of December 31, 2025 and 2024, and it does not expect to provide
long terms loans or credit facilities to officers and directors.
Transactions
with related parties
The
following table represents the significant related party transactions for the years ended December 31, 2025, 2024 and 2023.
SCHEDULE OF RELATED PARTY TRANSACTION
| | |
| |
2025 | | |
2024 | | |
2023 | |
| Name | |
Nature | |
USD | | |
USD | | |
USD | |
| Mr. Hok Pan Se(i) | |
Interest expense on shareholder loans | |
| 18,999 | | |
| 73,102 | | |
| 197,066 | |
| Mr. Hok Pan Se(i) | |
Interest expense on convertible bonds | |
| - | | |
| - | | |
| 71,865 | |
| Fo Shan Sunde Daziran Investment Management Limited(ii) | |
Lease payments made | |
| - | | |
| - | | |
| 55,263 | |
| Fo Shan Sunde Changcheng Management Limited(iii) | |
Lease payments made | |
| - | | |
| 20,535 | | |
| 6,523 | |
| Nature Flooring Industries Inc(iv) | |
Revenue | |
| 24,077 | | |
| - | | |
| - | |
| Prowood (Cambodia) Flooring Co., Ltd(v) | |
Revenue | |
| 4,889,874 | | |
| - | | |
| - | |
| Taizhou Nature Home Furnishings Co., Ltd (vi) | |
Revenue | |
| 21,820 | | |
| - | | |
| - | |
| (i) | Mr.
Hok Pan Se ceases to be ultimate beneficial shareholder from October 2025 after completed
the transfer of the company’s share to the new ultimate beneficial shareholder and
no control or significant influence remain over the company after the completion of transaction. |
| (ii) | Fo
Shan Sunde Daziran Investment Management Limited ceases to be related party from October
2025 after the former ultimate beneficial holder completed the transfer of the company’s
share to the new ultimate beneficial shareholder and no control or significant influence
remain by the former ultimate beneficial holder over the company after the completion of
transaction. |
| (iii) | Fo
Shan Sunde Changcheng Management Limited ceases to be related party from September 2024 after
the former ultimate beneficial shareholder lose the control over this related company. |
| (iv) | Nature
Flooring Industries Inc ceases to be related party from October 2025 after the former ultimate
beneficial holder completed the transfer of the company’s share to the new ultimate
beneficial shareholder and no control or significant influence remain by the former ultimate
beneficial holder over the company after the completion of transaction. |
| (v) | Prowood
(Cambodia) Flooring Co., Ltd ceases to be related party from October 2025 after the former
ultimate beneficial holder completed the transfer of the company’s share to the new
ultimate beneficial shareholder and no control or significant influence remain by the former
ultimate beneficial holder over the company after the completion of transaction. |
| (vi) | Taizhou
Nature Home Furnishings Co., Ltd ceases to be related party from October 2025 after the former
ultimate beneficial holder completed the transfer of the company’s share to the new
ultimate beneficial shareholder and no control or significant influence remain by the former
ultimate beneficial holder over the company after the completion of transaction. |
|