REGISTERED NUMBER: 10661695 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MY EU PAY LTD.

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

Sarah Dees

Stephen Ullman

John Campbell

Jason McKinney

REGISTERED OFFICE:

24 King William Street

London

EC4R 9AT

REGISTERED NUMBER:

10661695 (England and Wales)

AUDITORS:

Sumer AuditCo Ltd

The Beehive, Beehive Ring Road

Crawley

Gatwick

RH6 0PA

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIRECTORS

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

Sarah Dees

Stephen Ullman

John Campbell

Other changes in directors holding office are as follows:

Nafisa Abdullaeva - resigned 18 April 2024

Jason McKinney - appointed 29 August 2024

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing 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

The directors at the time when this Director's Report is approved have confirmed that:

-

so far as they are aware, there is no relevant audit information of which the Company's auditors are unaware, and

-

they have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditors, Sumer AuditCo Ltd, 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:

Sarah Dees - Director

1 October 2025

Opinion

We have audited the financial statements of My EU Pay Ltd. (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and 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 March 2025 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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 prepare the financial statements in accordance with the small companies regime and 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 Directors' Responsibilities Statement set out on page two, 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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, because fraud may involve deliberate concealment. The extent to which our procedures can detect irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with those charged with the management and governance of the company.

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from Companies Act 2006 and regulations of the Financial Conduct Authority ("FCA"). The company is authorised and regulated by the FCA and we considered the extent to which non-compliance with the FCA's rules might have a material effect on the company's financial statements. We obtained an understanding of how the company is complying with these frameworks by reviewing the company's procedures and controls, the awareness and efficacy of those charged with governance, the culture of honesty and ethical behaviour, and the extent to which emphasis is placed on fraud prevention, deterrence and detection. The Senior Statutory Auditor reviewed the experience and expertise of the audit engagement team to ensure they collectively had the appropriate competence and capabilities to identify non-compliance with the relevant laws and regulations. We identified that the management override of controls and threats of cyber fraud and IT security breaches were the main potential risks. We have addressed this risk by performing audit procedures which included: verifying the appropriateness of material journal adjustments; evaluating the business rationale of significant transactions that are unusual or outside the normal course of business; analytical review to identify any unusual or unexpected financial relationships or variances; reviewing correspondence between management and those charged with monitoring compliance; ascertaining and evaluating the controls over access to IT hardware and the company's server, and the company's protocols for protecting against IT security breaches.

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.

Warren Weiss LLB, MSc, MA, FCA (Senior Statutory Auditor)

for and on behalf of Sumer AuditCo Ltd

The Beehive, Beehive Ring Road

Crawley

Gatwick

RH6 0PA

1 October 2025

TURNOVER

11,326,696

8,364,620

Cost of sales

6,736,088

3,837,318

GROSS PROFIT

4,590,608

4,527,302

Administrative expenses

4,226,323

1,807,156

OPERATING PROFIT

364,285

2,720,146

Interest receivable and similar income

129,612

50,995

493,897

2,771,141

Interest payable and similar expenses

220

5,651

PROFIT BEFORE TAXATION

493,677

2,765,490

Tax on profit

614,982

691,713

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(121,305

)

2,073,777

FIXED ASSETS

Intangible assets

4

39,018

48,772

Tangible assets

5

15,465

6,536

54,483

55,308

CURRENT ASSETS

Debtors

6

29,118

2,007,611

Cash at bank and in hand

4,833,246

2,859,961

4,862,364

4,867,572

CREDITORS

Amounts falling due within one year

7

984,144

871,104

NET CURRENT ASSETS

3,878,220

3,996,468

TOTAL ASSETS LESS CURRENT LIABILITIES

3,932,703

4,051,776

PROVISIONS FOR LIABILITIES

3,866

1,634

NET ASSETS

3,928,837

4,050,142

CAPITAL AND RESERVES

Called up share capital

310,085

310,085

Retained earnings

3,618,752

3,740,057

SHAREHOLDERS' FUNDS

3,928,837

4,050,142

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2025 and were signed on its behalf by:

Sarah Dees - Director

1.	STATUTORY INFORMATION

My EU Pay Ltd is a private company, limited by shares, registered in England and Wales. The company's 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 the provisions of section 1A of 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 as modified by the revaluation of certain assets.

Turnover

Turnover is based on fees received for the provision of remittance services. Fees charged on taking on a new client are recognised in full on receipt. Transaction fees are recognised when the funds are transferred and when the company has the right to the fees.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses. Computer software is amortised annually at 20% of the reducing balance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life, as follows:

Computer equipment

- 3 years on a straight-line basis

Fixtures & fittings

- 4 years on a straight-line basis

Financial instruments

Basic financial assets and liabilities, including trade debtors and creditors, other debtors and creditors and amounts with related parties are initially recognised at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangements constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets and liabilities classified as receivable or payable within one year are not amortised.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 13 (2024: 8).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

134,678

AMORTISATION

At 1 April 2024

85,906

Charge for year

9,754

At 31 March 2025

95,660

NET BOOK VALUE

At 31 March 2025

39,018

At 31 March 2024

48,772

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

20,096

Additions

15,059

At 31 March 2025

35,155

DEPRECIATION

At 1 April 2024

13,560

Charge for year

6,130

At 31 March 2025

19,690

NET BOOK VALUE

At 31 March 2025

15,465

At 31 March 2024

6,536

6.

DEBTORS

31.3.25

31.3.24

£

£

Amounts falling due within one year:

Amounts owed by participating interests

-

1,926,594

Sundry debtors

29,118

59,586

29,118

1,986,180

Amounts falling due after more than one year:

Other debtors

-

21,431

Aggregate amounts

29,118

2,007,611

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

110,198

32,187

Amounts owed to participating interests

73,529

-

Taxation and social security

322,631

419,981

Sundry creditors

477,786

418,936

984,144

871,104

8.	FINANCIAL COMMITMENTS

At the balance sheet date the company was committed to payments of £nil (2024: £150,624), of which £nil (2024: £150,624) was due within one year, in respect of land and buildings under a lease which expired on 31 January 2025.

9.	RELATED PARTY DISCLOSURES

During the year the company made payments of £562,034 (2024: £686,729) to its ultimate parent company, S8 Upravljanje Podjetij D.D. , for the provision of technology and support services.

During the year the company also made payments of £390,000 (2024: £292,500) to Finteva Ltd, which is the immediate parent company, for the provision of management and stewardship services. In September 2024, the company assessed the recoverability of the balance due from Finteva Ltd and concluded that a 100% impairment would be appropriate. At the balance sheet date, the company owed £73,529 to (2024: was owed £1,923,935 by) Finteva Ltd.

The company also made commission payments of £60,180 (2024: £32,741) to Wood House Wealth Ltd, a company controlled by the director, Sarah Dees.

10.	ULTIMATE HOLDING COMPANY

The ultimate holding company is Finteva Ltd, which is incorporated in England & and has its registered office at 24 King William Street, London, EC4R 9AT. The ultimate controlling party is S8 Upravljanje Podjetij d.d., which is incorporated in Slovenia and has its registered office at 34a Cesta V Gorice, 1000 Ljubljana.

11.	CLIENTS' FUNDS

Cash at bank excludes £95,890,136 (2024: £74,315,569) which is held in segregated accounts that are subject to safeguarding restrictions. These are clients' monies which do not belong to the company.