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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Entropay Limited is a private company limited by shares incorporated in England and Wales. The registered office is Floor 3, 18 St. Swithin's Lane, London, EC4N 8AD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Company has incurred a loss of £5,281,478 for the year ended 31 December 2024 (2023: £3,692,806). The financial statements have been prepared on a going concern basis.

The Directors recognise that the Company is dependent on the continued financial support of its parent company, Nium Pte. Ltd., Singapore (the ultimate parent). The parent company has confirmed that it will continue to provide financial support to the Company for a period of at least twelve months from the date of approval of these financial statements. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue is recognised when it is probable that the economic benefits will flow to the entity, the amount can be measured reliably, and the relevant performance conditions have been met.

Performance Bonus

Revenue from quarterly performance bonuses earned from card scheme providers and partners is recognised when the entity meets the agreed transaction volume targets and the amounts are confirmed by the card scheme providers and partners.

Platform Service Fees – Dormancy

Dormancy fees represent charges applied to end-user accounts that remain inactive for a defined period. These are recognised as revenue once the inactivity conditions set out in the platform’s terms have been met.

Breakage

Breakage income arises from unredeemed balances on prepaid instruments (e.g. cards) once the redemption period has expired. It is recognised in revenue when the likelihood of redemption becomes remote, based on contractual or regulatory provisions.

Service Revenue

Service revenue comprises income from specific development or incentive projects agreed with external partners. Revenue is recognised upon delivery of the agreed service and issuance of an invoice supported by contractual arrangements.

Interest Income

Interest income arises on average balances maintained in safeguarded and client funding accounts. It is calculated on a daily basis and recognised on an accrual basis in line with the effective interest earned during the period.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Cash and cash equivalents include cash in hand, safeguarded client bank accounts, collateral held with card schemes, and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement 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 classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Comparative

The comparative figures have been restated during the year. Refer to prior period adjustment note in the financial statement.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The Company holds significant receivables from related parties. Judgement is applied in assessing the recoverability of these balances based on the financial position and support capacity of the counterparties. Intra-group cash flow support and group-level guarantees may be considered as part of this assessment.

The average monthly number of persons (including directors) employed by the company during the year was:

Cash at bank and in hand of £20,959,030 (2023: £24,221,448) includes £17,848,973 (2023: £19,153,044) held in respect of customer balances in segregated bank accounts, an associated liability for which is included within creditors.

Included within amounts due to group undertakings are amounts owed to client of £17,848,973 (2023: £19,153,044) which related to the company's e-money and payment services business.

Cash at bank and in hand includes amount of £17,848,973 (2023: £19,153,044).

The share premium represents the amount received on the issue of shares in excess of their par value.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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.

The company has taken advantage of the exemption available under FRS 102 Section 33 ‘Related Party Disclosures’ from disclosing transactions with its parent company and wholly owned members of the group, on the grounds that the group financial statements in which the company is consolidated are publicly available.

The immediate parent company is Ixaris Group Holdings Limited.

The ultimate parent and controlling party is Nium Pte Ltd and the result of Entropay Limited are consolidated by Nium Pte Ltd.

Consolidated financial statement of Nium Pte Ltd can be obtained from its registered office: 168 Robinson Road, #18-03 Capital Tower Singapore 068912.

Prior period error and comparative restatement

During the year, the Company identified that revenue from Mastercard and Visa transactions had been over-accrued by £1,869,007, and that foreign exchange gains were overstated by £551,987 for the year ended 31 December 2023. The related trade receivables were overstated by the corresponding total amount.

The correction results in a reduction of revenue by £1,869,007, a foreign exchange adjustment of £551,987, and a reduction in trade and other receivables of £2,420,944 as at 31 December 2023.

A presentational reclassification of £1,033,926 has been made in both the assets and liabilities of the balance sheet to more accurately reflect the nature of intra-group transactions.

This amount was reclassified from Other debtors to Amounts owed by group undertakings on the asset side and correspondingly from Amounts owed to group undertakings on the liability side.

These adjustments have been applied retrospectively, and the comparative figures for the year ended 31 December 2023 have been restated accordingly. There is no impact on cash flows from these corrections.