Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 255

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 255
---
,031,475                1,099,126                 140,018  
  Less: accumulated depreciation                          ( 824,822                ( 934,081               ( 118,993  
  Total                               $                     206,653      $           165,045      $           21,025  

Depreciation expense for the
years ended June 30, 2025, 2024 and 2023 amounted to HKD106,900(US$13,618), HKD110,206and HKD154,457, respectively. Purchase of property
and equipment for the years ended June 30, 2025, 2024 and 2023 amounted to HKD63,356(US$8,071), HKD59,449and HKD25,303, respectively.

Note 7 - Accrued expenses and other payables

Accrued expenses and other
payables consisted of the following:

                                                                As of June 30,                                                                   
                                                                2024                                2025                                         
                                                                HKD                                 HKD                      US$                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Accrued expenses                                              $                    1,839,055      $         2,308,793      $          294,117  
  Refundable deposits received for employment services (1)                           4,374,532                3,678,667                 468,626  
  Remuneration payables for customers’ employees (2)                                 2,260,093                1,769,208                 225,381  
  Other deposits received (3)                                                           80,090                  286,871                  36,545  
  Dividend Payable (Note 11)                                                         5,865,364                        -                       -  
  Deferred income                                                                       47,000                   28,200                   3,592  
  Total                                                         $                   14,466,134      $         8,071,739      $        1,028,261  

  (1)      It represented security deposits received from the customers to protect the Group from the loss that the Group may suffer from the termination of employment with the Group’s seconded employees.  

  (2)      It mainly comprised funds received from the customers in relation to retirement benefit contributions (including MPF and social insurance) and payroll funds of employees of the customers which