Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 252

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 252
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 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group does not expect
to adopt this guidance early and does not expect the adoption of this ASU to have a material impact on its future consolidated financial
statements.

Other accounting standards
that have been issued by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated
financial statements upon adoption. The Group does not discuss recent standards that are not anticipated to have an impact on or are unrelated
to its consolidated financial condition, results of operations, cash flows or disclosures.

F-17

Note 3 - Revenues

Revenues are recognized when
control of the promised services and deliverables are transferred to the Group’s clients in an amount that reflects the considerations
the Group expects to be entitled to and receive in exchange for services and deliverables rendered.

The following table presents
the Group’s revenues disaggregated by service lines for the years ended June 30, 2025, 2024 and 2023:

                                    For the years ended June 30                                                                                     
                                    2023                                             2024                      2025                                 
                                    HKD                                              HKD                       HKD                                  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Employment services               $                                14,485,440      $         12,529,119      $          9,829,206      1,252,144  
  Payroll outsourcing services                                       16,981,233                17,595,833                17,600,113      2,242,081  
  Total revenues                    $                                31,466,673      $         30,124,952      $         27,429,319      3,494,225  

The following table presented the Group’s revenues disaggregated
by service lines and geographic location of the employees of our customers for the years ended June 30, 2025, 2024 and 2023:

                                          For the years ended June 30                                                   
                                                                 2023             2024             2025                 
  Revenues                                                        HKD              HKD              HKD                 
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Hong Kong                                                  $602,599         $657,460         $914,812        116,538