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REGISTERED NUMBER: 08057477 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PAYCASSO VERIFY LIMITED
TRADING AS
XYDUS

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAYCASSO VERIFY LIMITED
TRADING AS XYDUS

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R Schuster
D J Maslen
N Stalbow





REGISTERED OFFICE: 50 Broadway
Suite 1
7th Floor
London
SW1H 0BL





REGISTERED NUMBER: 08057477 (England and Wales)





ACCOUNTANTS: KBSP Partners LLP
Chartered Accountants
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 3,229,414 3,404,155
Tangible assets 6 - -
Investments 7 805 805
3,230,219 3,404,960

CURRENT ASSETS
Debtors 8 2,259,896 3,868,347
Cash at bank 6 918
2,259,902 3,869,265
CREDITORS
Amounts falling due within one year 9 4,419,234 5,301,052
NET CURRENT LIABILITIES (2,159,332 ) (1,431,787 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,070,887

1,973,173

CREDITORS
Amounts falling due after more than one
year

10

2,472,790

210,677
NET (LIABILITIES)/ASSETS (1,401,903 ) 1,762,496

CAPITAL AND RESERVES
Called up share capital 11 45,056 45,056
Share premium 9,153,151 9,153,151
Capital redemption reserve 1,415 1,415
Retained earnings (10,601,525 ) (7,437,126 )
SHAREHOLDERS' FUNDS (1,401,903 ) 1,762,496

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





R Schuster - Director


PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Paycasso Verify Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The accounts have been prepared on the going concern basis despite the fact that the company had net liabilities at the year-end of £1,401,903.

The directors recognised that the company was not being led effectively and since the year-end, there has been a change of leadership, with a new CEO being appointed. This has combined with a fund raise at the end of 2024 to provide the company with extra cash and there are plans to convert a significant amount of debt, that existed at the balance sheet date, to equity. This will further alleviate cashflow strains on the company.

Further, the company has recently signed a significant sales contract which will shortly start to provide cash to the company.

As a result of all of this, the directors are confident the company will generate sufficient funding from future trading and investment in the company to pay debts as they fall due.

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax.

i) Implementation fees
The company earns implementation fees when setting up identification systems for new
customers. Revenue is recognised in the accounting period in which the services are rendered
when the outcome of the contract can be estimated reliably.

ii) Transaction fees
The company earns transactions fees each time an existing customers make use of their
identification systems. Revenue is recognised in the accounting period in which the transactions
take place.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:-

Patents and licences - The period of the life of patent or licence
Software development - 10 years

Amortisation is charged to administrative expenses in the Profit and Loss account.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended respectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Patents and licences
Costs relating to the acquisition of patents and licences are capitalised when incurred, and are amortised from the point the patent or licence is granted.

Research and Development
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the software so that it will be available for use;
- management intends to complete the software and use or sell it;
- there is an ability to use or sell the software;
- it can be demonstrated how the software will generate probable future economic benefits;
- adequate technical, financial and other resources are available to complete the development and to use or sell;
- the software is available and
- the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is calculated using the straight line method to allocate the depreciable amount to their residual values over their estimated useful lives, as follows:

Fixtures and fittings - 5 years
Computer equipment - 3 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax receivable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leasing commitments
The payments made under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, are initially recognised at transactions price, unless the arrangement constitutes a financing transaction, where transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit and loss account.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 34 ) .

5. INTANGIBLE FIXED ASSETS
Patents
and Software
licences development Totals
£    £    £   
COST
At 1 June 2023 321,379 5,932,904 6,254,283
Additions 4,650 404,708 409,358
At 31 May 2024 326,029 6,337,612 6,663,641
AMORTISATION
At 1 June 2023 76,639 2,773,489 2,850,128
Amortisation for year 10,367 573,732 584,099
At 31 May 2024 87,006 3,347,221 3,434,227
NET BOOK VALUE
At 31 May 2024 239,023 2,990,391 3,229,414
At 31 May 2023 244,740 3,159,415 3,404,155

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 74,221 8,290 82,511
DEPRECIATION
At 1 June 2023
and 31 May 2024 74,221 8,290 82,511
NET BOOK VALUE
At 31 May 2024 - - -
At 31 May 2023 - - -

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 June 2023
and 31 May 2024 805
NET BOOK VALUE
At 31 May 2024 805
At 31 May 2023 805

8. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 58,392 84,642
Other debtors 13,300 25,840
Directors' current accounts 192,402 95,688
Tax recoverable 608,022 2,112,020
VAT 11,330 46,415
Deferred tax asset 756,165 590,371
Prepayments and accrued income 15,766 279,672
1,655,377 3,234,648

Amounts falling due after more than one year:
Amounts owed by group undertakings 604,519 633,699

Aggregate amounts 2,259,896 3,868,347

PAYCASSO VERIFY LIMITED (REGISTERED NUMBER: 08057477)
TRADING AS XYDUS

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 260,440 2,095,506
Trade creditors 1,321,899 1,123,657
Social security and other taxes 140,133 698,049
Pension payable 50,288 14,992
Other creditors 1,427,008 676,862
Accruals and deferred income 1,219,466 691,986
4,419,234 5,301,052

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans - 1-2 years 2,472,790 210,677

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
4,505,566 Ordinary shares £0.01 45,056 45,056