Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 150

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 150
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      2,269,311  
  Change (HKD)              $812,364      (163,740      (227,541      (108,904      119,403        407,382  

The gross accounts receivable increased to HKD2,676,693 (US$342,801)
as of June 30, 2024 from HKD2,269,311 as of June 30, 2023. Due to its increased effort in collection and the steady business recovery
of its clients, the Group received collections HKD2,651,151 (US$339,530) in the subsequent period as of the date this report. The Group
factored the customer settlements received for its account receivables in subsequent period when it estimated its provision for credit
losses as of June 30, 2024 and 2023. The amount of provision for credit losses was HKD101,598 (US$13,012) for the year ended June 30,
2024. The Group’s allowance for credit losses as of June 30, 2024 increased to HKD120,620 (US$15,448) from HKD19,022 as of June
30, 2023.

Other income (expenses)

Other income (expenses) was
primarily comprised of an interest income, interest expenses and sundry income. During the year ended June 30, 2024, the Group recognized
interest income, HKD221,723 (US$28,396), interest expenses, HKD34,674 (US$4,441) and sundry income, HKD77,762 (US$9,959). For the year
ended June 30, 2023, the Group recognized interest income, HKD186,390, interest expenses, HKD123,269 and sundry income, HKD402,967.

Income tax expense

Income tax expense was HKD1,783,803
(US$228,450) for the year ended June 30, 2024, as compared to HKD1,805,663 for the year ended June 30, 2023. A decrease in its income
tax expense by HKD21,860 or -1% due to the decrease in our revenues in the fiscal year of 2024 and the increase in our cost of revenues
and selling, general and administrative expenses as previously discussed.

Net income

As a result of the above