REGISTERED NUMBER: 08246355 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2024

for

SWIFT PAYMENT TECHNOLOGIES LIMITED

Previously known as

BLABLA CONNECT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Income and Retained Earnings

11

Statement of Financial Position

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

M S Sehmi

R El Sergani

M El Sergani

A El Sergani

N J Swift

REGISTERED OFFICE:

Suite 631, The Linen Hall

162-168 Regent Street

London

W1B 5TG

REGISTERED NUMBER:

08246355 (England and Wales)

AUDITORS:

Garside and Co. Limited

Chartered Accountant & Statutory Auditor

Suite 631, Linen Hall

162-168 Regent Street

London

W1B 5TG

The directors present their strategic report for the year ended 31 December 2024.

Swift Payment Technologies Limited is authorised by the FCA as an Electronic Money Institution, PSD2 (Second Payment Service Directive).

The board have a long-term view to deliver profitability and value to the shareholders, best achieved through innovation, reputation and high standards.

The board ensures the business is fundamentally strong from an operational, compliance and financial position, to be able to deliver the business plan, through a strong management team and key supplier relationships.

The company is ideally placed, with strong foundations, to exploit future opportunities for the benefit of the shareholders.

REVIEW OF BUSINESS

During 2024, the company entered into a 50% joint venture with an international Web3 company, focusing on crypto-currency and are currently in the process of applying for a licence with the FCA. Future opportunities are anticipated expanding the offering of the JV incorporating licenced services.

The company plans to refocus the consumer offering in the future, utilising commercially preferential terms, via specific corridors which will underpin expansion plans for the business to operate as a remittance aggregator.

As a result of the continued investment in the development of its product offering the company incurred a loss for the year - this loss was funded through a loan from its principal shareholder who has committed to continue funding any further development over the next twelve months.

PRINCIPAL RISKS AND UNCERTAINTIES

The board reviewed principal risks and uncertainties that the company faces, assessing their potential impact, and mitigating where appropriate.

The controls process of Swift Payment Technologies encompasses the following and is described in the Summary of periodic and permanent controls: Risk Register, Compliance Monitoring Programme ("CMP"), Supervisory Reviews and Reporting.

The Risk Register comprehensively details the associated mitigation systems and processes and acknowledges that as a technology company, the business has increased risks associated with threats to the IT system. Risk due to competition, industry change and consolidation is of concern to Fin-tech companies, and as a company authorised by FCA, changes to regulations could result in a restriction on current trade, or onerous additional compliance requirements.

The economic landscape is uncertain, within the UK and worldwide, which has been identified as a potential risk in ensuring access to growth capital, although should ensure strong demand for value-based Fintech businesses.

FINANCIAL KEY PERFORMANCE INDICATORS

During 2024 trading margin continues to be consistent with previous years.

OTHER KEY PERFORMANCE INDICATORS

Operational

Customer opinion is vital for the success and direction of the company; therefore, customer rating is an important measure, in gauging satisfaction levels and improvements.

Year/Period

31.12.21

31.12.22

31.12.23

31.12.24

App Store (iOS)

N/A

4.4

4.3

4.4

Play Store (Android)

3.5

4.1

4.3

4.3

Trust Pilot (Website)

4

4.6

4.1

4.1

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE

COMPANY

The board of directors of Swift Payment Technologies Limited consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below.

The directors attend weekly staff meetings, ensuring all team members are vested in the company's performance/success, where KPls are reviewed, financial and non-financial (Customer satisfaction) to ensure fundamental principles are maintained.

Swift Payment Technologies Limited is authorised and regulated by the FCA and the board is conscious of its responsibility to regulators. The directors are acutely conscious of the need to maintain the highest standard of business conduct.

The directors receive regular reports from the Compliance Officer, and all staff are required to attend compliance training commensurate to their role.

SUMMARY OF PERIODIC AND PERMANENT CONTROLS

Description of the control process

Frequency and human resources allocated

Risk-Register: The Risk Register will ensure that each risk identified and its associated mitigating control(s) are reviewed on a periodic basis to re-appraise (i) their assessment, and (ii) produce up-to-date reporting information.

The frequency of review will depend on the particular risk, with reviews scheduled monthly, quarterly, half-yearly and annually. The Compliance Officer and MLRO is responsible for operation of the Risk Register.

Compliance Monitoring Programme ("CMP"): The CMP details the periodic checks that will be performed on the compliance policies and procedures, to help ensure that policies remain up-to-date (i.e. meet regulatory requirements) and that procedures are prescribed.

The frequency of review will depend on the particular compliance check - higher risk / important processes are subject to more frequency checking. Review frequencies are either, monthly, quarterly, half-yearly and annually. The Compliance Officer and MLRO is responsible for operation of the CMP.

Supervisory reviews: ITsecurity measures and risk management procedures will be adopted by the company for conducting our e-wallet business.

Managers will review and evaluate internal IT security measures and procedures, as well as their ability to monitor and ensure their compliance with regulatory requirements. The frequency of the reviews will be annual. The Senior Operations Manager is responsible for IT security procedures.

Reporting: The company will internally report every security incident (electronically and on paper) classified as medium or high risk and the steps taken for resolution on a timely basis. The report will include the steps taken to avoid similar incidents in the future.

The frequency of the review will be dependent on when an incident has occurred. All major operational and security incidents will be reported to the FCA within the first 4 hours, by submitting an incident form via the FCA connect system. The Senior Operations Manager is responsible for reporting all operational and security risks.

Swift Payment Technologies Limited will not maintain an internal audit function until the size and complexity of the business warrants the operation of such a function. The board will therefore periodically assess whether the operation of an internal audit function is appropriate.

This report was approved by the board and signed on its behalf.

ON BEHALF OF THE BOARD:

R El Sergani - Director

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

CHANGE OF NAME

The company passed a special resolution on 19 August 2025 changing its name from BLABLA CONNECT LIMITED to SWIFT PAYMENT TECHNOLOGIES LIMITED.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of operation in the telecommunications sector and electronic money services activities approved by the Financial Conduct Authority (FCA) on 20 July 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M S Sehmi

R El Sergani

M El Sergani

A El Sergani

N J Swift

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 (United Kingdom Accounting Standards 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 accounting estimates that are reasonable and prudent;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 auditors are aware of that information.

AUDITORS

The auditors, Garside and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R El Sergani - Director

30 September 2025

Opinion

We have audited the financial statements of SWIFT PAYMENT TECHNOLOGIES LIMITED (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 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 loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Identifying and responding to risks of material misstatement due to fraud

As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall knowledge of the control environment, we performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition, the risk that those in charge with management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates and judgements such as the valuation of fixed assets and financial instruments and depreciation policies.

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could

indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

Our risk assessment procedures included:

- Enquiring of those charged with management and inspection of key papers as to the policies and procedures to prevent and detect fraud, including the process for engaging management to identify fraud risks specific to the entity's sector, as well as whether they have knowledge of any actual, suspected, or alleged fraud;

- Reviewing internal risk assessment reports;

- Considering management's incentives and opportunities for fraudulent manipulation of the financial statements;

- Assessing significant accounting estimates for bias; and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The entity is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, taxation legislation (payroll taxes), and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

Although the entity is unregulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with laws and related regulatory requirements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Our procedures included:

- Discussion with those in charge with management, and from inspection of the entity's regulatory and legal correspondence;

- Discussion with those charged with management the policies and procedures regarding compliance with laws and regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Gareth Owen Hughes BSc ACA (Senior Statutory Auditor)

for and on behalf of Garside and Co. Limited

Chartered Accountant & Statutory Auditor

Suite 631, Linen Hall

162-168 Regent Street

London

W1B 5TG

30 September 2025

TURNOVER

3

15,866

38,642

Cost of sales

(11,604

)

(30,995

)

GROSS PROFIT

4,262

7,647

Administrative expenses

(651,709

)

(588,884

)

(647,447

)

(581,237

)

Other operating income

4

53,692

53,062

OPERATING LOSS and

LOSS BEFORE TAXATION

(593,755

)

(528,175

)

Tax on loss

8

-

-

LOSS FOR THE FINANCIAL YEAR

(593,755

)

(528,175

)

Retained earnings at beginning of year

(4,871,143

)

(4,342,968

)

RETAINED EARNINGS AT END OF YEAR

(5,464,898

)

(4,871,143

)

FIXED ASSETS

Intangible assets

9

1,121,670

1,334,016

Investments

10

5,000

-

1,126,670

1,334,016

CURRENT ASSETS

Debtors

11

2,738,899

2,831,927

Cash at bank

12

56,348

152,207

2,795,247

2,984,134

CREDITORS

Amounts falling due within one year

13

(2,469,462

)

(2,271,940

)

NET CURRENT ASSETS

325,785

712,194

TOTAL ASSETS LESS CURRENT LIABILITIES

1,452,455

2,046,210

CAPITAL AND RESERVES

Called up share capital

15

1,986,914

1,986,914

Share premium

16

4,930,439

4,930,439

Retained earnings

16

(5,464,898

)

(4,871,143

)

SHAREHOLDERS' FUNDS

1,452,455

2,046,210

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

R El Sergani - Director

Cash flows from operating activities

Cash generated from operations

1

(90,859

)

92,337

Net cash from operating activities

(90,859

)

92,337

Cash flows from investing activities

Investment in joint venture undertaking

(5,000

)

-

Capitalisation of development costs

-

(111,122

)

Net cash from investing activities

(5,000

)

(111,122

)

Decrease in cash and cash equivalents

(95,859

)

(18,785

)

Cash and cash equivalents at beginning of year

2

152,207

170,992

Cash and cash equivalents at end of year

2

56,348

152,207

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Loss before taxation

(593,755

)

(528,175

)

Amortisation of intangible assets

212,346

212,346

(381,409

)

(315,829

)

Decrease in trade and other debtors

93,028

52,674

Increase in trade and other creditors

197,522

355,492

Cash generated from operations

(90,859

)

92,337

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

56,348

152,207

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

152,207

170,992

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

152,207

(95,859

)

56,348

152,207

(95,859

)

56,348

Total

152,207

(95,859

)

56,348

1.	STATUTORY INFORMATION

SWIFT PAYMENT TECHNOLOGIES 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency of the Company. The financial statements are rounded to the nearest pound (£).

Going concern

The Company is dependent on receiving financial support in terms of additional loans from a related party, Sygma Telecommunications FZ-LLC. On the basis of this financial support the Directors are of opinion that the going concern assumption has been correctly applied to these financial statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Other operating income

Other income relates to recharges of expenses occured to a related party. The income is recognised in profit or loss in the period in which the related expenditure has been incurred.

Intangible fixed assets

Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The intangible assets of the Company include Voice Over Internet Protocol (VOIP) software code.

This is amortised over 10 years on a straight line basis.

Cash and cash equivalents

Cash and cash equivalents is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Trade and other creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which is 10 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts due but unpaid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Investments in subsidiaries and associates

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.24

31.12.23

£

£

Mobile OTT telephone service

5,447

9,802

Remittance fees

10,419

28,840

15,866

38,642

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

10,419

28,840

Rest of Europe

5,395

9,379

Rest of world

52

423

15,866

38,642

4.	OTHER OPERATING INCOME

31.12.24

31.12.23

£

£

Recharge of expenses

53,692

53,062

5.	EMPLOYEES AND DIRECTORS

Staff costs, including directors` remuneration, were as follows:

31.12.24

31.12.23

£

£

Wages and salaries

188,991

136,860

Social security costs

17,420

11,656

Pension costs

2,642

2,114

209,053

150,630

All of the employees in the Company are directors.

The average monthly number of employees, including directors, during the year was 5 (2023: 5).

6.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Patents and licences amortisation

111,433

111,433

Development costs amortisation

100,913

100,913

Foreign exchange differences

43,009

(115,224

)

7.	AUDITORS' REMUNERATION

31.12.24

31.12.23

£

£

Fees payable to the Company's auditor for the audit of the financial statements

5,500

8,500

Fees payable to the company's auditor in respect of:

Assistance with the preparation of the financial statements

1,500

1,500

Taxation compliance services

500

500

2,000

2,000

8.

TAXATION

Factors affecting tax charge for the year

No corporation tax charge arises in the year due to losses incurred. No deferred tax provision relation to these losses due to uncertainty as to when they will reverse.

31.12.2 4

£

Loss on ordinary activities before tax

593,755

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)

148,439

Unrelieved tax losses carried forward

148,439

Total tax charge for the year

-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

9.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

1,114,392

1,009,151

2,123,543

AMORTISATION

At 1 January 2024

455,030

334,497

789,527

Amortisation for year

111,433

100,913

212,346

At 31 December 2024

566,463

435,410

1,001,873

NET BOOK VALUE

At 31 December 2024

547,929

573,741

1,121,670

At 31 December 2023

659,362

674,654

1,334,016

10.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

Additions

5,000

At 31 December 2024

5,000

NET BOOK VALUE

At 31 December 2024

5,000