IRIS Accounts Production v25.1.3.33 OC444518 designated member 1.1.24 31.12.24 31.12.24 0 0 true false true true false false true false 0 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh OC444518 2023-12-31 OC444518 2024-12-31 OC444518 2024-01-01 2024-12-31 OC444518 2022-11-03 OC444518 2022-11-04 2023-12-31 OC444518 2023-12-31 OC444518 ns15:EnglandWales 2024-01-01 2024-12-31 OC444518 ns14:USDollar 2024-01-01 2024-12-31 OC444518 ns10:PartnerLLP1 2024-01-01 2024-12-31 OC444518 ns10:LimitedLiabilityPartnershipLLP 2024-01-01 2024-12-31 OC444518 ns10:FRS102 2024-01-01 2024-12-31 OC444518 ns10:Audited 2024-01-01 2024-12-31 OC444518 ns10:LargeCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 OC444518 ns10:LargeCompaniesRegimeForAccounts 2024-01-01 2024-12-31 OC444518 ns10:LimitedLiabilityPartnershipsSORP 2024-01-01 2024-12-31 OC444518 ns10:FullAccounts 2024-01-01 2024-12-31 OC444518 ns10:PartnerLLP3 2024-01-01 2024-12-31 OC444518 ns10:RegisteredOffice 2024-01-01 2024-12-31 OC444518 ns10:PartnerLLP2 2024-01-01 2024-12-31 OC444518 ns5:CurrentFinancialInstruments 2024-12-31 OC444518 ns5:CurrentFinancialInstruments 2023-12-31 OC444518 ns5:ReportableOperatingSegment1 2024-01-01 2024-12-31 OC444518 ns5:ReportableOperatingSegment1 2022-11-04 2023-12-31 OC444518 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 OC444518 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2022-11-04 2023-12-31 OC444518 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 OC444518 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2022-11-04 2023-12-31 OC444518 ns5:UnlistedNon-exchangeTraded ns5:CostValuation 2023-12-31 OC444518 ns5:UnlistedNon-exchangeTraded 2024-12-31 OC444518 ns5:UnlistedNon-exchangeTraded 2023-12-31 OC444518 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 OC444518 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31

REGISTERED NUMBER: OC444518 (England and Wales)

STERBEY LLP

Report of the Members and

Financial Statements

For The Year Ended 31 December 2024

STERBEY LLP (REGISTERED NUMBER: OC444518)

Contents of the Financial Statements

For The Year Ended 31 December 2024

Page |

General Information | 1 |

Report of the Members | 2 |

Report of the Independent Auditors | 4 |

Statement of Comprehensive Income | 8 |

Balance Sheet | 9 |

Reconciliation of Members' Interests | 10 |

Cash Flow Statement | 12 |

Notes to the Cash Flow Statement | 13 |

Notes to the Financial Statements | 15 |

STERBEY LLP

General Information

For The Year Ended 31 December 2024

| DESIGNATED MEMBERS: | Firida Inc

| G R Shedden

| REGISTERED OFFICE: | C/O Bulldog Global Financial Services

| (Uk) Ltd

| Warnford Court

| 29 Throgmorton Street

| London

| EC2N 2AT

| REGISTERED NUMBER: | OC444518 (England and Wales)

| AUDITORS: | Hilden Park Accountants Limited

| Hilden Park House

| 79 Tonbridge Road

| Hildenborough

| Tonbridge

| Kent

| TN11 9BH

STERBEY LLP (REGISTERED NUMBER: OC444518)

Report of the Members

For The Year Ended 31 December 2024

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

PRINCIPAL ACTIVITY

Sterbey LLP is a cross-border payments processor, enabling international merchants access end users (customers) in Latin America.

Though the LLP is registered in the U.K., its business solely comprised by the provision of payment processing services to customers outside the U.K.

During 2024, the LLP has operated in Business to Business ("B2B"). The LLP offers several alternative payment methods, through collaboration and technical integration with regional financial institutions and acquiring banks; i) locally issued credit and debit cards ii) online bank transfers from end users bank accounts iii) invoices issued by the merchant, paid by the user in local regulated banks.

The objective of the LLP focuses on providing alternative payment methods to end users who are typically unbanked or underbanked, and therefore do not have international credit/debit cards and find it difficult to purchase digital goods on international websites.

DESIGNATED MEMBERS

The designated members during the year under review were:

F M Gonzales Perera

Firida Inc

G R Shedden

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was $28,296,884 (2023 - $19,731,163 profit).

MEMBERS' INTERESTS

The members' drawings policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A members' capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members are finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, the balance of profits being distributed after the year, subject to cash requirements of the business.

STREAMLINED ENERGY AND CARBON REPORTING

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

STERBEY LLP (REGISTERED NUMBER: OC444518)

Report of the Members

For The Year Ended 31 December 2024

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | state whether applicable 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP 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 members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Hilden Park Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

G R Shedden - Designated member

3 November 2025

Report of the Independent Auditors to the Members of

Sterbey LLP

Opinion

We have audited the financial statements of Sterbey LLP (the 'LLP') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 LLP'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; and

- | have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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

- | we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of

Sterbey LLP

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page three, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Sterbey LLP

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.

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.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the limited liability partnership, and determined that the most significant which have a direct material effect on the amounts and disclosures in the financial statements are the Companies Act 2006, the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021 and The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We also identified other laws and regulations which do not have a direct effect on the amounts and disclosures in the financial statements, but which compliance is fundamental to the entity's operations including Data Protections Laws (including UK General Data Protection Regulation (GDPR)) and enquires were made with management regarding procedures in place to ensure compliance.

Having reviewed the laws and regulations applicable to the limited liability partnership, we designed and performed audit procedures to obtain sufficient appropriate evidence. Specifically we:

- Assigned an engagement team to the audit that collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- Enquired with management on any non compliance with laws and regulations.

- Reviewed the legal expense accounts and legal correspondence to identify potential litigation or claims involving the entity.

- Reviewed internal policies and procedures and external guidance.

- Reviewed the completeness and accuracy of associated disclosures made in the financial statements.

We assessed the susceptibility of the limited liability partnership's financial statements to material misstatement and fraud and in doing so:

- Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired with management as to any known or suspected instances of fraud and their assessment of fraud risk.

- Considered whether management have incentives and opportunities to manipulate financial results and determined the key audit risks related to completeness of income, management override of controls and intercompany balances.

- The risk of management override of controls has been reviewed and audited, including through testing journal entries, accounting estimates and other adjustments for appropriateness. Furthermore, analytical procedures were undertaken to identify any unusual or unexpected relationships and transactions and the rationale behind these was investigated.

- The risk of completeness of income has been reviewed and audited, including through substantive testing, along with a review of the appropriateness of the accounting policy concerning income recognition and completing detailed cut off testing either side of the balance sheet date.

- Designed and performed audit procedures to obtain sufficient appropriate evidence including substantive testing in relation to the intercompany balances.

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, override of controls, forgery, collusion, omission or misrepresentation.

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.

Report of the Independent Auditors to the Members of

Sterbey LLP

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Matthews Bsc FCA (Senior Statutory Auditor)

for and on behalf of Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

4 November 2025

STERBEY LLP (REGISTERED NUMBER: OC444518)

Statement of Comprehensive Income

For The Year Ended 31 December 2024

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

| Notes | $ | $ |

TURNOVER | 3 | 85,334,001 |  | 27,540,371 |  |

Cost of sales | 57,365,735 |  | 7,724,756 |  |

GROSS PROFIT | 27,968,266 |  | 19,815,615 |  |

Administrative expenses | (278,221 | ) | 84,231 |  |

OPERATING PROFIT | 5 | 28,246,487 |  | 19,731,384 |  |

Interest receivable and similar income | 50,397 |  | (221 | ) |

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS | 28,296,884 |  | 19,731,163 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 28,296,884 |  | 19,731,163 |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | $ | $ | $ |

FIXED ASSETS

Investments | 7 | 74 |  | 74 |  |

CURRENT ASSETS

Debtors | 8 | 27,405,920 |  | 32,010,869 |  |

Cash at bank and in hand | 3,058,893 |  | 647,503 |  |

30,464,813 |  | 32,658,372 |  |

CREDITORS

Amounts falling due within one year | 9 | 29,045,148 |  | 27,967,146 |  |

NET CURRENT ASSETS | 1,419,665 |  | 4,691,226 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS | 1,419,739 |  | 4,691,300 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 10 | 1,419,602 |  | 4,691,163 |  |

MEMBERS' OTHER INTERESTS

Capital accounts | 137 |  | 137 |  |

1,419,739 |  | 4,691,300 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 10 | 1,419,602 |  | 4,691,163 |  |

Members' other interests | 137 |  | 137 |  |

1,419,739 |  | 4,691,300 |  |

The financial statements were approved by the members of the LLP and authorised for issue on 3 November 2025 and were signed by:

G R Shedden - Designated member

STERBEY LLP (REGISTERED NUMBER: OC444518)

Reconciliation of Members' Interests

For The Year Ended 31 December 2024

| EQUITY

| Members' other interests

| Members' |

| capital |

| (classified |

| as |  | Other |

| equity) |  | reserves |  | Total

$ | $ | $ |

Balance at 1 January 2024 | 137 |  | - |  | 137 |  |

Profit for the financial year available for discretionary division among members | - |  | 28,296,884 |  | 28,296,884 |  |

Members' interests after profit for the year | 137 |  | 28,296,884 |  | 28,297,021 |  |

Other divisions of profit | - |  | (28,296,884 | ) | (28,296,884 | ) |

Drawings on account and distributions of profit | - |  | - |  | - |  |

Balance at 31 December 2024 | 137 |  | - |  | 137 |  |

| DEBT | TOTAL

| Loans and other debts due to | MEMBERS'

| members less any amounts due | INTERESTS

| from members in debtors |

| Other |

| amounts |  | Total

$ | $ |

Amount due to members | 4,691,163 |  |

Amount due from members | - |  |

Balance at 1 January 2024 | 4,691,163 |  | 4,691,300 |  |

Profit for the financial year available for discretionary division among members | - |  | 28,296,884 |  |

Members' interests after profit for the year | 4,691,163 |  | 32,988,184 |  |

Other divisions of profit | 28,296,884 |  | - |  |

Drawings on account and distributions of profit | (31,568,445 | ) | (31,568,445 | ) |

Amount due to members | 1,419,602 |  |

Amount due from members | - |  |

Balance at 31 December 2024 | 1,419,602 |  | 1,419,739 |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Reconciliation of Members' Interests

For The Year Ended 31 December 2024

| EQUITY

| Members' other interests

| Members' |

| capital |

| (classified |

| as |  | Other |

| equity) |  | reserves |  | Total

$ | $ | $ |

Balance at 4 November 2022 | - |  | - |  | - |  |

Profit for the financial year available for discretionary division among members | - |  | 19,731,163 |  | 19,731,163 |  |

Members' interests after profit for the year | - |  | 19,731,163 |  | 19,731,163 |  |

Other divisions of profit | - |  | (19,731,163 | ) | (19,731,163 | ) |

Introduced by members | 137 |  | - |  | 137 |  |

Drawings on account and distributions of profit | - |  | - |  | - |  |

Balance at 31 December 2023 | 137 |  | - |  | 137 |  |

| DEBT | TOTAL

| Loans and other debts due to | MEMBERS'

| members less any amounts due | INTERESTS

| from members in debtors |

| Other |

| amounts |  | Total

$ | $ |

Amount due to members | - |  |

Amount due from members | - |  |

Balance at 4 November 2022 | - |  | - |  |

Profit for the financial year available for discretionary division among members | - |  | 19,731,163 |  |

Members' interests after profit for the year | - |  | 19,731,163 |  |

Other divisions of profit | 19,731,163 |  | - |  |

Introduced by members | - |  | 137 |  |

Drawings on account and distributions of profit | (15,040,000 | ) | (15,040,000 | ) |

Amount due to members | 4,691,163 |  |

Amount due from members | - |  |

Balance at 31 December 2023 | 4,691,163 |  | 4,691,300 |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Cash Flow Statement

For The Year Ended 31 December 2024

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

| Notes | $ | $ |

Cash flows from operating activities

Cash generated from operations | 2 | 33,929,438 |  | 15,687,661 |  |

Net cash from operating activities | 33,929,438 |  | 15,687,661 |  |

Cash flows from investing activities

Purchase of fixed asset investments | - |  | (74 | ) |

Interest received | 50,397 |  | (221 | ) |

Net cash from investing activities | 50,397 |  | (295 | ) |

Cash flows from financing activities

Transactions with members and former | members |

Payments to members | (31,568,445 | ) | (15,040,000 | ) |

Capital introduced by members (classified as debt or equity) | - |  | 137 |  |

Net cash from financing activities | (31,568,445 | ) | (15,039,863 | ) |

Increase in cash and cash equivalents | 2,411,390 |  | 647,503 |  |

Cash and cash equivalents at beginning of year | 3 | 647,503 |  | - |  |

Cash and cash equivalents at end of year | 3 | 3,058,893 |  | 647,503 |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Notes to the Cash Flow Statement

For The Year Ended 31 December 2024

1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

| Any drawings on account or distribution of profits are classified as financing cash flows and consistently applied as such.

2. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

$ | $ |

| Profit for the financial year before members' remuneration and profit shares available for discretionary division among members | 28,296,884 |  | 19,731,163 |  |

| Finance income | (50,397 | ) | 221 |  |

28,246,487 |  | 19,731,384 |  |

| Decrease/(increase) in trade and other debtors | 4,604,949 |  | (32,010,869 | ) |

| Increase in trade and other creditors | 1,078,002 |  | 27,967,146 |  |

| Cash generated from operations | 33,929,438 |  | 15,687,661 |  |

3. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

$ | $ |

| Cash and cash equivalents | 3,058,893 |  | 647,503 |  |

| Period ended 31 December 2023

| 31.12.23 |  | 4.11.22

$ | $ |

| Cash and cash equivalents | 647,503 |  | - |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Notes to the Cash Flow Statement

For The Year Ended 31 December 2024

4. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

| Other |

| non-cash |

| At 1.1.24 | Cash flow | changes | At 31.12.24

$ | $ | $ | $ |

| Net cash |

| Cash at bank

| and in hand | 647,503 |  | 2,411,390 |  | 3,058,893 |  |

647,503 |  | 2,411,390 |  | 3,058,893 |  |

| Net funds (before

| members' debt) | 647,503 |  | 2,411,390 |  | - |  | 3,058,893 |  |

| Loans and other debts

| due to members

| Other amounts

| due to members | (4,691,163 | ) | 31,568,445 |  | (28,296,884 | ) | (1,419,602 | ) |

| Net (debt)/funds | (4,043,660 | ) | 33,979,835 |  | (28,296,884 | ) | 1,639,291 |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Notes to the Financial Statements - continued

For The Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Sterbey LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

| The financial statements have been prepared in US Dollars, which is the functional and presentational currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest $.

| Reporting period

| The prior period financial statements were the first since incorporation and covered a 14 month period. As such the comparative period is not entirely comparable.

| Significant judgements and estimates

| In the application of the limited liability partnership's accounting policies, the members 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.

| Gross revenues from payment processing

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Gross revenue is earned from two different streams:

| Transaction fees - charged to the merchants for the provision of the payment services, recognised when a transactions is entered into by the customer with the merchant; and

| Foreign exchange conversion fees - represent the charges on converting the transaction payments from local to international currency, which are reocgnised at the time of the transaction.

| Net revenues from payment processing

| Net revenues represent the gross revenues less the cost of sales payable by the company to process the transactions.

| If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the limited liability partnership), then revenue is recognised on when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

| Financial instruments

| The limited liability only has financial instruments which are classified as basic financial instruments.

| Short-term debtor and creditors are measured at the settlement value. Any losses from impairment are recognised in the statement of comprehensive income.

STERBEY LLP (REGISTERED NUMBER: OC444518)

Notes to the Financial Statements - continued

For The Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in currencies other than US Dollars are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than US Dollars are translated into US Dollars at the rate of exchange ruling at the date of transaction. Gains and losses arising on translation in the period are included in profit or loss.

| Going concern

| At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

| Cash and cash equivalents

| 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.

3. | TURNOVER

| The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

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

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

$ | $ |

| Payment processing revenue | 85,334,001 |  | 27,540,371 |  |

85,334,001 |  | 27,540,371 |  |

| An analysis of turnover by geographical market is given below:

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

$ | $ |

| Latin America | 85,334,001 |  | 27,540,371 |  |

85,334,001 |  | 27,540,371 |  |

4. | EMPLOYEE INFORMATION

| There were no staff costs for the year ended 31 December 2024 nor for the period ended 31 December 2023.

| The average number of employees during the year was NIL (2023 - NIL).

STERBEY LLP (REGISTERED NUMBER: OC444518)

Notes to the Financial Statements - continued

For The Year Ended 31 December 2024

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

$ | $ |

| Auditors' remuneration | 59,991 |  | 47,756 |  |

| Foreign exchange differences | (923,306 | ) | (57,870 | ) |

6. | INFORMATION IN RELATION TO MEMBERS

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

$ | $ |

| The amount of profit attributable to the member with the largest entitlement was | 28,296,601 |  | 19,730,966 |  |

| Period

| 4.11.22

| Year Ended |  | to

| 31.12.24 |  | 31.12.23

| The average number of members during the year was | 2 |  | 2 |  |

7. | FIXED ASSET INVESTMENTS

| Unlisted

| investments

$ |

| COST

| At 1 January 2024

| and 31 December 2024 | 74 |  |

| NET BOOK VALUE

| At 31 December 2024 | 74 |  |

| At 31 December 2023 | 74 |  |

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

$ | $ |

| Trade debtors | 27,333,701 |  | 32,009,264 |  |

| Other debtors | 72,219 |  | 1,605 |  |

27,405,920 |  | 32,010,869 |  |

STERBEY LLP (REGISTERED NUMBER: OC444518)

Notes to the Financial Statements - continued

For The Year Ended 31 December 2024

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

$ | $ |

| Trade creditors | 27,404,490 |  | 25,449,291 |  |

| Other creditors | 1,640,658 |  | 2,517,855 |  |

29,045,148 |  | 27,967,146 |  |

10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

2024 | 2023 |

$ | $ |

| Amounts owed to members in respect of profits | 1,419,602 |  | 4,691,163 |  |

| Falling due within one year | 1,419,602 |  | 4,691,163 |  |

| In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

11. | RELATED PARTY DISCLOSURES

| During the year, Sterbey LLP paid for services from entities with common beneficial owners. These services include the provision of key management personnel, revenue collection platform infrastructure and support, and general administrative support. An amount of $4,160,556 (2023: $1,255,436) was paid for these services, with $Nil (2023: $430,385) being owed at the year-end included in trade creditors. The amount is unsecured and settled on commercial repayment terms.

| Funds are also held in custody for Sterbey LLP derived from merchant funding, cash in, cash out and settlements. The balance of funds held at the year end is $27,333,701 (2023: $27,581,612) included in trade debtors.

| The amount owed at 31 December 2024 to Firida Inc was $82,726 included in other creditors.

12. | ULTIMATE CONTROLLING PARTY

| The LLP's controlling entity is Firida Inc., a company incorporated in the British Virgin Islands, and there is no further ultimate controlling party. The LLP does not form part of any consolidated financial statements within the group.