Paga Group Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—4

Registered number: 12357709

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets			1,628,046		-
Investments	4		34,457,828		34,457,828

			36,085,874		34,457,828
CURRENT ASSETS
Debtors		6,460,435		2,937,550
Cash at bank		3,359		757,611

		6,463,794		3,695,161
Creditors: Amounts Falling Due Within One Year	5	(20,100 )		(14,158 )

NET CURRENT ASSETS (LIABILITIES)			6,443,694		3,681,003

TOTAL ASSETS LESS CURRENT LIABILITIES			42,529,568		38,138,831

Creditors: Amounts Falling Due After More Than One Year			(3,379,610 )		(421,995 )

NET ASSETS			39,149,958		37,716,836

CAPITAL AND RESERVES
Called up share capital	6		1,224,315		1,223,959
Share premium account			40,059,176		38,500,817
Profit and Loss Account			(2,133,533 )		(2,007,940 )

SHAREHOLDERS' FUNDS			39,149,958		37,716,836

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Paga Group Ltd

Balance Sheet (continued)

As At 31 December 2024

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

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

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

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

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

The financial statements were approved by the board of directors on 24 October 2025 and were signed on its behalf by:

Mr Eyitayo Oviosu

Director

The notes on pages 3 to 4 form part of these financial statements.

1. General Information

Paga Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12357709 . The registered office is 3 More London Riverside, London, SE1 2AQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

2.2. Research and Development

Expenditure on research activities is recognised as an expense in the period in which it is incurred, as it is not possible to demonstrate that such activities will generate probable future economic benefits.

Development expenditure is capitalised as an intangible asset only when the Group can demonstrate the technical feasibility of completing the asset so that it will be available for use or sale, its intention and ability to complete the asset, how the asset will generate probable future economic benefits, the availability of adequate technical, financial and other resources to complete the development, and the ability to measure reliably the expenditure attributable to the asset during its development.

Capitalised development costs are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged on a straight-line basis over the estimated useful life of the asset, which is typically between five and ten years, commencing when the asset is available for use.

Where it is not possible to distinguish the research phase from the development phase of an internal project, the expenditure is treated as having been incurred in the research phase only.

2.3. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.4. Taxation

Income tax expense represents the sum of the tax currently payable tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.

2.5. Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 5 (2023: 5)

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Paga Group Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Investments

	Unlisted
	£
Cost
As at 1 January 2024	34,457,828

As at 31 December 2024	34,457,828

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	34,457,828

As at 1 January 2024	34,457,828

The investment of £34 million relates wholly to investment held in "Pagatech Group", a fully owned subsidiary registered in Mauritius.

5. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Other creditors	10,860	4,918
Accruals and deferred income	9,240	9,240

	20,100	14,158

6. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,224,315	1,223,959

7. Subsidiaries

Paga Group Ltd has vested interest of 100% in both local subsidiary "Paga Limited" and foreign subsidiaries "Pagatech Holdings".

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