PayCargo UK Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 13971904

		31 December 2024		31 December 2023
	Notes	$	$	$	$
FIXED ASSETS
Intangible Assets	4		855,426		488,198
Tangible Assets	5		4,218		6,270

			859,644		494,468
CURRENT ASSETS
Debtors	6	1,103,806		22,349
Cash at bank and in hand		412,681		95,573

		1,516,487		117,922
Creditors: Amounts Falling Due Within One Year	7	(3,508,008 )		(1,772,669 )

NET CURRENT ASSETS (LIABILITIES)			(1,991,521 )		(1,654,747 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(1,131,877 )		(1,160,279 )

NET LIABILITIES			(1,131,877 )		(1,160,279 )

CAPITAL AND RESERVES
Called up share capital	8		1		1
Other reserves			(64,891 )		(80,785 )
Profit and Loss Account			(1,066,987 )		(1,079,495 )

SHAREHOLDERS' FUNDS			(1,131,877)		(1,160,279)

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PayCargo UK Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr Juan Dieppa

Director

26th August 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

PayCargo UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13971904 . The registered office is 3 Waterhouse Square 138-142 Holborn, London, EC1N 2SW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are made up of Software Development costs. There is no amortisation policy currently in place as the asset is still in the development stage.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Computer Equipment

20% Straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Foreign Currencies

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

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

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PayCargo UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other
	$
Cost
As at 1 January 2024	488,198
Additions	367,228

As at 31 December 2024	855,426

Net Book Value
As at 31 December 2024	855,426

As at 1 January 2024	488,198

5. Tangible Assets

	Computer Equipment
	$
Cost
As at 1 January 2024	9,982
Disposals	(129 )

As at 31 December 2024	9,853

Depreciation
As at 1 January 2024	3,712
Provided during the period	1,923

As at 31 December 2024	5,635

Net Book Value
As at 31 December 2024	4,218

As at 1 January 2024	6,270

6. Debtors

	31 December 2024	31 December 2023
	$	$
Due within one year
Trade debtors	875,711	22,196
Security deposits	151	153
Loan to PayCargo Europe	115,674	-
Loan to PayCargo Canada	110,140	-
UK withholding taxes	2,130	-

	1,103,806	22,349

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PayCargo UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	$	$
Trade creditors	-	8,814
Accruals and deferred income	5,318	8,480
Loan from PayCargo LLC	3,502,690	1,754,937
Loan from PayCargo Europe	-	438

	3,508,008	1,772,669

8. Share Capital

	31 December 2024	31 December 2023
	$	$
Allotted, Called up and fully paid	1	1

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