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Investment in life insurance policies, net | 12 Months Ended
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Jun. 30, 2024
Investments, All Other Investments [Abstract] |
Investment in life insurance policies, net | 7. Investment in life insurance policies, net Investment in life insurance policies, net consists of the following: Schedule of Investment in Life Insurance Policies
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | As of June 30, |
|  | 2023 |  |  | 2024 |  |  | 2024 |
|  | GBP |  |  | GBP |  |  | US$ |
Balance, beginning of the year |  |  | 519,126 |  |  |  | 512,292 |  |  |  | 647,537 |
Proceeds from termination of life insurance policy, net |  |  | - |  |  |  | (166,368 | ) |  |  | (210,289 | )
Gain on termination of life insurance policy |  |  | - |  |  |  | 10,559 |  |  |  | 13,347 |
Insurance expense |  |  | - |  |  |  | (44,536 | ) |  |  | (56,296 | )
Exchange (loss) gain |  |  | (6,834 | ) |  |  | 7,551 |  |  |  | 9,565 |
Balance, end of the year |  |  | 512,292 |  |  |  | 319,498 |  |  |  | 403,864 |
Less: allowance for expected credit losses |  |  | - |  |  |  | - |  |  |  | - |
Cash surrender value |  |  | 512,292 |  |  |  | 319,498 |  |  |  | 403,864 |
As of June 30, 2023 and 2024, there are two life insurance policies and one life insurance policy in effective, respectively. The Company terminated one of the policies during the year ended June 30, 2024 and recorded a gain on termination of life insurance policy of GBP10,559. The Company is the owner and beneficiary of the policies and Mr. Michael Lau, an Executive Director and Chief Technology Officer of the Company, is the key management person insured under the Company’s contracted life insurance policies to insure against the death of the key member of management of the Company. The Company could terminate the policy at any time and receive cash back on the cash value of the policy at the date of withdrawal, which was determined by the premium payment plus accumulated interest earned and minus the accumulated insurance policy charges and surrender charges. The directors of the Company represent that the Company reviews whether to terminate the life insurance policies regularly. Accordingly, the life insurance policies are recorded as current assets.

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- Definition The entire disclosure for life settlement contracts including the accounting policy for life settlement contracts and the classification of cash receipts and cash disbursements in the statement of cash flows and, as applicable, for (1) life settlement contracts accounted for under the investment method based on the remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, and (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the life insurance premiums anticipated to be paid for each of the five succeeding fiscal years to keep the life settlement contracts in force as of the date of the most recent statement of financial position presented, (e) the nature of the information that causes the Entity to change its expectations on the timing of the realization of proceeds from the investments in life settlement contracts and the related effect on the timing of the realization of proceeds from the life settlement contracts and for (2) life settlement contracts accounted for under the fair value method, disclosure would include, based on remaining life expectancy for each of the first five succeeding years from the date of the statement of financial position and thereafter, as well as in the aggregate: (a) the number of life settlement contracts, (b) the carrying value of the life settlement contracts, (c) the face value (death benefits) of the life insurance policies underlying the contracts, (d) the reasons for changes in the Entity's expectation of the timing of the realization of the investments in life settlement contracts, and (e) (i) the gains or losses recognized during the period on investments sold during the period and (ii) the unrealized gains or losses recognized during the period on investments that are still held at the date of the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/325-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-7 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-9 + Details
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