Registered number
11747127
Pax2Pay Ltd
Report and Financial Statements
31 December 2024
Pax2Pay Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 4
Independent auditor's report 6
Income statement 9
Statement of comprehensive income 10
Statement of financial position 11
Statement of changes in equity 12
Statement of cash flows 13
Notes to the financial statements 14
Pax2Pay Ltd
Company Information
Directors
Ian David Robinson
Paivo Eerola
Lars Gunnar Osterberg
Claes Mikael Wandt
Secretary
Roxburgh Milkins Limited
Auditors
rock tax & accounting
Accountants and Sttutory Auditors
Elm House, Tanshire Park,
Shakleford Road,
Elstead, Godalming
Surrey
GU8 6LB
Registered office
The Landing, 125 Redcliff Street,
Bristol
Avon
United Kingdom
BS1 6HU
Registered number
11747127
Pax2Pay Ltd
Registered number: 11747127
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2024.
Principal activities
The company's principal activity during the year continued to be a supplier of online travel software and travel technology solutions for the global travel industry.
Future developments
The directors foresee long term growth prospects in support for its services, in line with the growth anticipated in the travel industry and the resilience of its business model and service agreements with customers.
Research and development
The business continues to allocate resources to further develop its product offerings to its customers.
Financial instrument risk
The disclosure of risks have been included in the directors Strategic report.
Events since the balance sheet date
There have been no material events between the balance sheet date and the date of this report.
Directors
The following persons served as directors during the year:
Ian David Robinson
Paivo Eerola
Lars Gunnar Osterberg
Claes Mikael Wandt
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 21 May 2025 and signed on its behalf.
Ian David Robinson
Director
Pax2Pay Ltd
Strategic Report
The directors present their strategic report for the Year ended 31st December 2024.
Review of the business
Pax2Pay provides digital payment solutions making business to business travel payments across borders faster, easier and safer. Payments and processes are transformed from costly, resource-draining and inflexible to revenue-generating, efficient and optimised for dynamic markets.
The company's advanced digital payment solution connects the travel industry and gives our customers and their suppliers, choice, simplicity and reward. The business continues to develop travel sector payments with individual digital funding accounts and a choice of payment methods, including secure unique virtual cards, join the hundreds of travel agencies, OTA's and travel businesses who are already enjoying our advanced digital payment solution.
The company has now developed virtual cards in over 11 currencies with lightning quick bank transfers across the UK and Europe. Our customers have used our platform to settle 2.75m transactions with £1.1bn worth of transactions. The year has seen transactions that we have managed in over 35 countries worked wide.
The business during the year has continued to partner with some of the biggest travel technology providers by integrating our payment solution in order that the hard work is completed by us for our partners.
The company made a profit before tax of £2,783,360 (2023: £2,605,182) in the year. The company continued to see an increase in profitability due to increased commissions arising from a greater activity and reach in the market. Net assets grew from £757k to £844k. Dividends of £2,000k were proposed in the year (2023: £1,763k).
The directors foresee a long term growth phase of the business due to growth in the tourism industry.
Principal risks and uncertainties
The success of our business is dependent on our reputation to deliver a great service to our Clients. The healthy financial position to generate ongoing income ensure that the risks to stakeholders of Pax2Pay Limited are minimised. The limited risks are explained below.
General risks
Reputational Risk is managed by promoting our business successes through its website, exhibitions and other communications to ensure our integrity and credibility is maintained. During 2022 we have engaged the services of an industry specific marketing consultant to promote our brand with a focus on security and integrity.
IT/Security Risk is a risk we face as in all companies and individuals alike. We are minimising this risk by implementing industry best practices with regular reviews so we can continue to improve them. Also we only partner with reputable partners who have demonstrated they are best in class and use appropriate security. In addition we coduct regular internal audits to ensure we are acheiving the best pratcices.
Financial risk management objectives and policies
Foreign currency risk
Pax2Pay Limited records its transactions and prepares its financial statements in pounds sterling. However, the company operates on other currencies and cash balances are held in Euros, US Dollars and other currencies. Fluctuations in exchange rates between Pound Sterling and both the Euro and US Dollar may result in realised and unrealised exchange movements.
Interest rate risk
Interest rate risk is the risk that the future cash flows of financial instruments will fluctuate because of changes in market interest rates. As all trade creditors are non interest bearing, they do not expose the company to interest rate risk.
Liquidity risk
The company does not have any long term liabilities. There is an intercompany loan account, however this is operated interest free. The liquidity risk is considered low.
Credit risk
The company's principal financial assets are bank balances and cash, trade and other receivables. The company's credit risk is primarily attributable to trade and other receivables. The amounts presented in the balance sheet are net of allowances attributable to trade and other receivables. An allowance for impairment is made where there is an identified loss event which, based on management judgment is evidence of a reduction in the recoverability of the receivable amount.
Development and performance
The directors foresee long term growth prospects in support for its services, in line with the growth anticipated in the travel industry and the resilience of its business model and service agreements with customers.
Statement of engagement with stakeholders
There is active engagement with all stakeholders of the company, from employees, suppliers, local authorities, and other stakeholders.
During the year the company prepared and submitted an application to the Financial Conduct Authority, which was approved. Company advisors further assisted with embedding regulatory processses and procedures.
The directors continue to be commited to maintain the very highest level of PCI compliance.
Financial key performance indicators
For the year ending 31 December 2024 revenue increased from £17.6m to £19.1m as a result of increased activity in the tourism industry and a greater offering of the company's products. Gross profit margin increased by 2% to 26% in the year. Despite increases in administration and operating costs due to the step change in turnover, operating profit increased from £2.6m to £2.8m.
Administrative expenses as a percentage of turnover increased from 8.9% in the previous year to 11.1% in the year ending 31 December 2024, due to the scaling of the business. The increase was due to rightsizing the business and positioning for further growth.
Working capital as a percentage of turnover increased marginally to 4.4%.
Whilst these KPI's are helpful in measuring the Company's performance, and have been chosen amongst the most commonly used ones and provide a general indication of the company's general performance, it should be stressed that they are not exhaustive and that many additional performance measures are used to monitor progress.
This report was approved by the board on 21 May 2025 and signed on its behalf.
Ian David Robinson
Director
Pax2Pay Ltd
Independent auditor's report
to the member of Pax2Pay Ltd
Opinion
We have audited the financial statements of Pax2Pay Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the entity’s financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other Matters
The prior year's financial statements were not audited, because there was no requirement for this to be done.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Amit Prasanna
(Senior Statutory Auditor) Elm House, Tanshire Park,
for and on behalf of Shakleford Road,
rock tax & accounting Elstead, Godalming
Statutory Auditor Surrey
GU8 6LB
22 May 2025
Pax2Pay Ltd
Income Statement
for the year ended 31 December 2024
Notes 2024 2023
£ £
Turnover 2 19,102,579 17,636,368
Cost of sales (14,164,422) (13,424,914)
Gross profit 4,938,157 4,211,454
Administrative expenses (2,124,473) (1,581,917)
Operating profit 3 2,813,684 2,629,537
Interest receivable 465 9
Interest payable 5 (30,789) (24,364)
Profit on ordinary activities before taxation 2,783,360 2,605,182
Tax on profit on ordinary activities 6 (695,842) (612,440)
Profit for the financial year 2,087,518 1,992,742
Pax2Pay Ltd
Statement of Comprehensive Income
for the year ended 31 December 2024
Notes 2024 2023
£ £
Profit for the financial year 2,087,518 1,992,742
Other comprehensive income
Total comprehensive income for the year 2,087,518 1,992,742
Pax2Pay Ltd
Statement of Financial Position Registered number: 11747127
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 7 49,260 73,890
Current assets
Debtors 8 5,571,361 5,347,613
Cash at bank and in hand 390,226 493,246
5,961,587 5,840,859
Creditors: amounts falling due within one year 9 (5,154,116) (5,139,378)
Net current assets 807,471 701,481
Total assets less current liabilities 856,731 775,371
Provisions for liabilities
Deferred taxation 10 (12,315) (18,473)
Net assets 844,416 756,898
Capital and reserves
Called up share capital 11 320,035 320,035
Unregistered equity 12 200,000 200,000
Profit and loss account 13 324,381 236,863
Total equity 844,416 756,898
Ian David Robinson
Director
Approved and authorised for issue by the board on 21 May 2025
Pax2Pay Ltd
Statement of Changes in Equity
for the year ended 31 December 2024
Share Unregistered Profit Total
capital equity and loss
account
£ £ £ £
At 1 January 2023 320,035 200,000 7,389 527,424
Profit for the financial year 1,992,742 1,992,742
Dividends (1,763,268) (1,763,268)
At 31 December 2023 320,035 200,000 236,863 756,898
At 1 January 2024 320,035 200,000 236,863 756,898
Profit for the financial year 2,087,518 2,087,518
Dividends (2,000,000) (2,000,000)
At 31 December 2024 320,035 200,000 324,381 844,416
Pax2Pay Ltd
Statement of Cash Flows
for the year ended 31 December 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 2,087,518 1,992,742
Adjustments for:
Interest receivable (465) (9)
Interest payable 30,789 24,364
Tax on profit on ordinary activities 695,842 612,440
Amortisation of intangible assets 24,630 24,630
Increase in debtors (223,748) (1,901,108)
Decrease in creditors (68,665) (43,324)
2,545,901 709,735
Interest received 465 9
Interest paid (30,789) (24,364)
Corporation tax paid (618,597) (338,408)
Cash generated by operating activities 1,896,980 346,972
Financing activities
Equity dividends paid (2,000,000) (1,763,268)
Cash used in financing activities (2,000,000) (1,763,268)
Net cash used
Cash generated by operating activities 1,896,980 346,972
Cash used in financing activities (2,000,000) (1,763,268)
Net cash used (103,020) (1,416,296)
Cash and cash equivalents at 1 January 493,246 1,909,542
Cash and cash equivalents at 31 December 390,226 493,246
Cash and cash equivalents comprise:
Cash at bank 390,226 493,246
Pax2Pay Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible assets are capitalised development costs and are measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development costs are amortised over the expected useful life of five years.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Fees - -
Capitalised revenue expenditure - -
Services rendered 18,809,101 17,471,348
Other income 293,478 165,020
19,102,579 17,636,368
By geographical market:
UK 14,516,098 13,856,294
Europe 4,584,918 3,780,074
Rest of world 1,563 -
19,102,579 17,636,368
3 Operating profit 2024 2023
£ £
This is stated after charging:
Amortisation of intangible assets 24,630 24,630
Auditors' remuneration for audit services 17,000 18,000
4 Staff costs 2024 2023
£ £
Wages and salaries 943,063 851,830
Social security costs 105,800 71,426
Other pension costs 29,443 13,763
1,078,306 937,019
Average number of employees during the year Number Number
Administration 1 1
Development 2 2
Manufacturing & distribution 8 4
Marketing 1 1
Sales 1 1
13 9
5 Interest payable 2024 2023
£ £
Bank loans and overdrafts 30,789 24,364
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 702,000 618,597
Deferred tax:
Origination and reversal of timing differences (6,158) (6,157)
Tax on profit on ordinary activities 695,842 612,440
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 2,783,360 2,605,182
Standard rate of corporation tax in the UK 25% 25%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 695,840 651,296
Effects of:
Expenses not deductible for tax purposes 2 (38,857)
Capital allowances for period in excess of depreciation 6,158 6,158
Current tax charge for period 702,000 618,597
7 Intangible fixed assets £
R & D Expenditure:
Cost
At 1 January 2024 123,150
At 31 December 2024 123,150
Amortisation
At 1 January 2024 49,260
Provided during the year 24,630
At 31 December 2024 73,890
Carrying amount
At 31 December 2024 49,260
At 31 December 2023 73,890
R & D Expenditure is being written off in equal annual instalments over its estimated economic life of 5 years.
8 Debtors 2024 2023
£ £
Trade debtors 770,123 557,163
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,931,489 2,296,665
Other debtors 2,303,690 2,328,869
Prepayments and accrued income 566,059 164,916
5,571,361 5,347,613
9 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 170,978 205,558
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,957,299 1,201,016
Corporation tax 702,000 618,597
Other creditors 2,323,839 3,114,207
5,154,116 5,139,378
10 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 12,315 18,473
2024 2023
£ £
At 1 January 18,473 24,630
Credited to the profit and loss account (6,158) (6,157)
At 31 December 12,315 18,473
11 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £0.001 ea. 320,035,000 320,035 320,035
12 Unregistered equity 2024 2023
£ £
At 1 January 200,000 200,000
At 31 December 200,000 200,000
13 Profit and loss account 2024 2023
£ £
At 1 January 236,863 7,389
Profit for the financial year 2,087,518 1,992,742
Dividends (2,000,000) (1,763,268)
At 31 December 324,381 236,863
14 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 13) 2,000,000 1,763,268
15 Related party transactions
The company operates an intercompany account with group companies. Shared costs are allocated between the companies. At 31 December 2024 the company owed £1,649,741 to Pax2Pay AB (2023: £948,268), £182,175 to Paxport AB (2023: £198,883), £119,383 to Pax2Pay UAB (2023: Nil) and £6,000 to Paxport Group AB (2023:£53,865). Also as at 31 December 2024 the company was owed £1,931,489 from Paxport Group UK Ltd (2023: £2,296,664).
16 Controlling party
The immediate parent undertaking is Pax2Pay AB. The name of the ultimate parent company is Paxport Group AB, a company incorporated in Sweden, whose principal place of business and registered office is, and whose financial statements can be obtained at Box 55954, 102 16, Stockholm, Sweeden and this is the smallest and largest group in which the results of the company are consolidated.
17 Presentation currency
The financial statements are presented in Sterling.
18 Legal form of entity and country of incorporation
Pax2Pay Ltd is a private company limited by shares and incorporated in England.
19 Principal place of business
The address of the company's principal place of business and registered office is:
The Landing, 125 Redcliff Street
Bristol
Avon
United Kingdom
BS1 6HU
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