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Related party balances
 12 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related party balances

21. Related party balances

 

Related party balances

 

The amount due to related parties consisted of the following:

 

      As of June 30, 
Name  Relationship  2023   2024   2024 
      GBP   GBP   US$ 
Mr. Michael Lau  Executive Director and Chief Technology Officer   1,718,182    3,291    4,160 
Mr. Kevin Cox  Executive Director and Chief Executive Officer   216,885    -    - 
Total      1,935,067    3,291    4,160 

 

The above amounts were unsecured, non-interest bearing and repayable on demand. The amounts were non-trade in nature.

 

The loan from related parties consisted of the following:

   

Name  Relationship  As of
June 30, 2023		   As of
June 30, 2024		   As of
June 30, 2024		 
      GBP   GBP   US$ 
Mr. Kevin Cox  Executive Director and Chief Executive Officer   -    671,809    849,167 

 

The amount due to Mr. Kevin Cox amounted to GBP671,809 (US$849,167) as of June 30, 2024, is interest bearing at 20% per annum, repayable on a monthly basis and non-trade in nature. The contract period is from March 2024 to March 2025.

 

Related party transaction

 

The related party transaction was as follows:

 

         For the years ended June 30, 
Name  Relationship  Nature  2023   2024   2024 
         GBP   GBP   US$ 
Mr. Kevin Cox  Executive Director and Chief Executive Officer  Interest expense on loan from a director   -    50,325    63,611 

 

Preferred Shares exchanged for amounts due to related parties

 

There were amount due to Mr. Michael Lau and Mr. Kevin Cox of GBP2,273,863 (US$2,874,163) exchanged to Preferred Shares during the year ended June 30, 2024. Please refer to note 23 for the details.

 

Sale of Preferred Shares for cash

 

In April 2024, the Company offered its shareholders, pro rata, the right to acquire an aggregate of 120,000 Preferred Shares for cash at approximately GBP1.978 (US$2.5) per share, or in aggregate GBP237,342 (US$300,000). Please refer to note 23 for the details.