Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 253

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 19
Chunk 253
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113      2,242,081  
  Total revenues                                          $31,466,673      $30,124,952      $27,429,319      3,494,225  

The following table presents
the Group’s revenues disaggregated by the timing of revenue recognition for the years ended June 30, 2025, 2024 and 2023:

                                      For the years ended June 30,                                                                                     
                                      2023                                              2024                      2025                                 
                                      HKD                                               HKD                       HKD                                  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Services transferred over time      $                                 31,466,673      $         30,124,952      $         27,429,319      3,494,225  
  Total revenues                      $                                 31,466,673      $         30,124,952      $         27,429,319      3,494,225  

F-18

Note 4 - Accounts receivable, net

Accounts receivable, net consisted
of the following:

                                         As of June 30,                                                                
                                         2024                               2025                                       
                                         HKD                                HKD                      US$               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Accounts receivable                    $                   2,676,693                3,625,254               461,822  
  Less: Allowance for credit losses                          ( 120,620                 ( 43,402               ( 5,529  
  Accounts receivable, net               $                   2,556,073                3,581,852               456,293  

For the years ended June 30,
2025, 2024 and 2023, reversal of provision for credit losses, net and provision for credit losses, net, were HKD(77,218) (US$(9,837)),
HKD101,598and HKD(61,357), respectively.

The following table sets forth
the movement of allowance for credit losses:

                         As of June 30,                                                                
                         2024                              2025                                        
                         HKD                               HKD                      US$                
 ───────────────────────────────────────────────────────────────────────────────────────────────────────
  Beginning balance      $                     19,022      $           120,620      $