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Registered number: 07414743 DIXIPAY LTD UNAUDITED DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DIXIPAY LTD COMPANY INFORMATION
Directors | Ahmad Hassan Soliman
| Sharon Maria O'Connor
| Donatas Mendelis (appointed 1 December 2022, resigned 1 March 2023)
| Beata Irimi (appointed 1 June 2024)
Registered number | 07414743
Registered office | 35 New Broad Street
| London
| EC2M 1NH
Accountants | Zenith Accounting Services (UK) LLP
| Chartered Certified Accountants
| 3rd floor front
| 39 Ludgate Hill
| London
| EC4M 7JN
DIXIPAY LTD CONTENTS
| Page
Directors' Report | 1 - 2
Accountants' Report | 3
Statement of Comprehensive Income | 4
Balance Sheet | 5
Statement of Changes in Equity | 6 - 7
Notes to the Financial Statements | 8 - 19
DIXIPAY LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company in the year under review was that of providing electronic payment services. The company has been authorised and regulated by Financial Conduct Authority ("FCA") under the Payment Services Regulations 2017 for provision of payment services. The Company offers variety of electronic services including debit cards, payment accounts, online money remittances, e-commerce services across the globe through the internet. The Company safeguards consumers funds in accordance with Payment Services Regulations 2017. It has established safeguarding accounts with its bankers for this propose.
Results and dividends
The profit for the year, after taxation, amounted to €28,540 (2023 - €1,214,047). In 2023, the directors approved interim dividends of EUR 1,217,943 (2023: EUR 192,081) for the year ending 31 December 2022.
Directors
The directors who served during the year were:
Ahmad Hassan Soliman
Sharon Maria O'Connor
Donatas Mendelis (appointed 1 December 2022, resigned 1 March 2023)
Beata Irimi (appointed 1 June 2024)
Business review and post balance sheet events During the year, the company saw a significant decline in its revenue due change in some banking partners and transfer network. The Company is currently in process to open a banking facility to enable smooth processing of SEPA transactions. Post year end, the company continued to see a significant decline in its revenue due change in some banking partners and transfer network. The Company is currently in process to open a banking facility to enable smooth processing of SEPA transactions. However, in the last quarter of 2025, the Company has also concluded an agreement with Mastercard and will be entering into card issuing business in early 2026. Futher, we have seen significant macro-economic uncertainty as a result of the conflict in Ukraine. The scale and duration of this development remains uncertain and could impact the earnings and the cash flow. Going Concern The financial statements of the Company have been prepared on a going concern basis. The directors have reviewed and examined the financial forecasts of the business and the level of liquidity underpinning the financial position. On this basis the directors consider that the adoption of the going concern basis, covering a period of atleast 12 months from the date of the approval of the financial statements, is appropriate.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Page 1
DIXIPAY LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board on 31 January 2026 and signed on its behalf.
Ahmad Hassan Soliman Director
Page 2
DIXIPAY LTD REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIXIPAY LTD FOR THE YEAR ENDED 31 DECEMBER 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dixipay Ltd for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html. This report is made solely to the Board of Directors of Dixipay Ltd, as a body, in accordance with the terms of our engagement letter . Our work has been undertaken solely to prepare for your approval the financial statements of Dixipay Ltd and state those matters that we have agreed to state to the Board of Directors of Dixipay Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dixipay Ltd and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that Dixipay Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dixipay Ltd. You consider that Dixipay Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or review of the financial statements of Dixipay Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Zenith Accounting Services (UK) LLP Chartered Certified Accountants 3rd floor front 39 Ludgate Hill London EC4M 7JN 31 January 2026 Page 3
DIXIPAY LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | € | €
Turnover |  | 3,200,570 | 5,043,450
Cost of sales |  | (997,766) | (1,682,755)
Gross profit |  | 2,202,804 | 3,360,695
Administrative expenses |  | (2,102,657) | (1,611,130)
Operating profit | 3 | 100,147 | 1,749,565
Interest receivable and similar income |  | 129 | 566
Interest payable and similar expenses |  | 25,976 | (101,926)
Other finance income |  | (6,365) | (4,575)
Profit before tax |  | 119,887 | 1,643,630
Tax on profit | 6 | (91,347) | (429,583)
Profit for the financial year |  | 28,540 | 1,214,047
Other comprehensive income for the year |  |  |
Total comprehensive income for the year |  | 28,540 | 1,214,047
The notes on pages 8 to 19 form part of these financial statements.
Page 4
DIXIPAY LTD REGISTERED NUMBER: 07414743 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | € |  | €
Fixed assets |  |  |  |  |
Intangible assets | 7 |  | 765,474 |  | 932,216
Tangible assets | 8 |  | 27,789 |  | 43,354
|  |  | 793,263 |  | 975,570
Current assets |  |  |  |  |
Debtors | 9 | 745,885 |  | 397,395 |
Cash at bank and in hand |  | 9,328,153 |  | 64,322,938 |
|  | 10,074,038 |  | 64,720,333 |
Creditors: amounts falling due within one year | 11 | (9,588,572) |  | (63,227,771) |
Net current assets |  |  | 485,466 |  | 1,492,562
Total assets less current liabilities |  |  | 1,278,729 |  | 2,468,132
Net assets |  |  | 1,278,729 |  | 2,468,132
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 412,671 |  | 412,671
Foreign exchange reserve |  |  | (427,548) |  | (427,548)
Profit and loss account |  |  | 1,293,606 |  | 2,483,009
|  |  | 1,278,729 |  | 2,468,132
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2026.
Ahmad Hassan Soliman
Director
The notes on pages 8 to 19 form part of these financial statements. Page 5
DIXIPAY LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| € | € | € | €
At 1 January 2024 | 412,671 | (427,548) | 2,483,009 | 2,468,132
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 28,540 | 28,540
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 28,540 | 28,540
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (1,217,943) | (1,217,943)
Total transactions with owners | - | - | (1,217,943) | (1,217,943)
At 31 December 2024 | 412,671 | (427,548) | 1,293,606 | 1,278,729
| The notes on pages 8 to 19 form part of these financial statements.
Page 6
DIXIPAY LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Foreign exchange reserve | Profit and loss account | Total equity
| € | € | € | €
At 1 January 2023 | 412,671 | (427,548) | 1,461,043 | 1,446,166
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,214,047 | 1,214,047
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 1,214,047 | 1,214,047
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (192,081) | (192,081)
Total transactions with owners | - | - | (192,081) | (192,081)
At 31 December 2023 | 412,671 | (427,548) | 2,483,009 | 2,468,132
| The notes on pages 8 to 19 form part of these financial statements.
Page 7
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Dixipay Ltd, is a private company, limited by shares reigstered in England & Wales. The Company's registered office and registered number can be found on the Company Information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company's functional and presentational currency is Euros. The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. Going Concern After reviewing the forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. The following principal accounting policies have been applied:
| 2.2 | Turnover
The Company is involved in transaction processing services where the Company's main performance obligation is to stand ready to provide electronic payment services as the timing and quantity of transactions to be processed is not determinable at the inception of the contract. The payment services comprise a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over time. As the Company's obligation to its customers is to perform processing variable quantity of electronic payments, the consideration received is contingent on customer's use. As such, the price of total transactions under a contract is variable. The Company allocates the variable fees charged to the period in which it has contractual right to bill under the contract, which is typically at the point of transaction. The directors assessed whether the Company has a promise under the contract with its customers to provide the payment services itself as a principal or to arrange the services to be provided by the third party by acting as an agent. In this assessment, the Company evaluated indicators including whether the Company or the third party is primarily responsible for fulfilment of the contract and the extent to which company have discretion over determining the pricing of the goods or services, as well as other considerations.The directors concluded that the Company is the principal and should present the revenue on a gross basis mainly due to the fact that the Company has the control over the services before it is transferred to the customer. Page 8
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Euros. Transactions and balances 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.
| 2.4 | 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 ranges from 6 to 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan 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 not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 9
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
| 2.9 | Intangible assets
Intangible 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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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 estimated useful lives range as follows:
|  |  |  | Patents | - | 10 | years
|  |  |  | Internally developed software | - | 10 | years
The Intangible assets relate to internally developed software and initial set up fees paid to the payment processor partners which enable the Company to provide its payment services. Estimated useful life of intangible assets are reviewed on an annual basis by the Directors. Before deciding to capitalise the development costs, the management assessed the development costs against following recognition criteria: - Future economic benefits from the asset are probable, - Cost can be measured reliably, - Management intends to complete and use the asset, - The company has adequate and available resources to complete and use the asset, - The management has the ability to use the asset, - The software is technically feasible to complete.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 10
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The estimated useful lives range as follows:
|  |  |  | Computer equipment | - | 3 | Years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank, market deposits and other short-term bank deposits with an original maturity of three months or less and therefore are subject to an insignificant risk of changes in value.
| 2.12 | Trade and other debtors
Trade and other debtors comprise amounts due from clients arising from trading activities and collateral amounts deposited in special accounts opened at suppliers. All debtors except for trade are categorised as loans and receivables and initially measured at cost and are subsequently measured at amortised cost using the effective interest rate method where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.The effective interest rate is the rate that discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount
| 2.13 | Segregated account funds
Segregated account funds represents amount held in segregated bank accounts, which represent funds held on behalf of consumers and merchants. These segregated bank accounts are segregated from operating funds. In compliance with the safeguarding provisions within the Financial Conduct Authority ("FCA") and Payment Services Regulations 2017, the company is required to safeguard funds which are received from consumers and merchants which have not yet been disbursed to the intended recipient.
| 2.14 | Trade and other creditors
Trade and other creditors comprise obligation to pay suppliers for goods and services used in the ordinary course of business and money transfers from consumers and merchants not yet disbursed to intended recipient. These are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Page 11
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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 Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Page 12
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.16 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Depreciation & amortisation | 182,307 | 182,307
| Other operating lease rentals | 58,572 | 36,467
4. | Employees
| Staff costs, including directors remunerations, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Wages and salaries | 685,410 | 170,012
| Social security costs | 19,568 | 14,802
| Cost of defined contribution scheme | 2,505 | 2,599
|  | 707,483 | 187,413
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Office and Administration | 1 | 1
|  | Management | 1 | 2
|  |  | 2 | 3
Page 13
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Directors' emoluments | 643,372 | 126,261
|  | 643,372 | 126,261
6. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Corporation tax |  |
| Current tax on profits for the year | 70,000 | 429,583
| Adjustments in respect of previous periods | 21,347 | -
|  | 91,347 | 429,583
| Total current tax | 91,347 | 429,583
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | 91,347 | 429,583
Page 14
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 6.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 19% (2023 - 23.5%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Profit on ordinary activities before tax | 119,887 | 1,643,630
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 23.5%) | 22,779 | 386,253
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 18,297 | -
| Capital allowances for year in excess of depreciation | 34,638 | 42,842
| Changes in provisions leading to an increase (decrease) in the tax charge | 21,347 | -
| Other differences leading to an increase (decrease) in the tax charge | (5,714) | 488
| Total tax charge for the year | 91,347 | 429,583
Page 15
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Intangible assets
|  | Patents | Development expenditure | Total
|  | € | € | €
| Cost |  |  |
| At 1 January 2024 | 195,851 | 1,471,569 | 1,667,420
| At 31 December 2024 | 195,851 | 1,471,569 | 1,667,420
| Amortisation |  |  |
| At 1 January 2024 | 133,209 | 601,995 | 735,204
| Charge for the year on owned assets | 19,585 | 147,157 | 166,742
| At 31 December 2024 | 152,794 | 749,152 | 901,946
| Net book value |  |  |
| At 31 December 2024 | 43,057 | 722,417 | 765,474
| At 31 December 2023 | 62,642 | 869,574 | 932,216
| At the end of the year, the directors have reviewed the carrying values of intangible assets for potential impairment and have concluded that no impairment is required.
Page 16
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Tangible fixed assets
|  | Computer equipment
|  | €
| Cost or valuation |
| At 1 January 2024 | 155,650
| At 31 December 2024 | 155,650
| Depreciation |
| At 1 January 2024 | 112,296
| Charge for the year on owned assets | 15,565
| At 31 December 2024 | 127,861
| Net book value |
| At 31 December 2024 | 27,789
| At 31 December 2023 | 43,354
9. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Due after more than one year |  |
| Other debtors | 160,418 | 212,539
|  | 160,418 | 212,539
| Due within one year |  |
| Trade debtors | 580,000 | -
| Directors' loan accounts | - | 30,664
| Other debtors | 5,467 | 5,467
| Prepayments and accrued income | - | 148,725
|  | 745,885 | 397,395
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DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Cash and Cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Corporate funds | 83,238 | 571,738
| Segregated funds | 9,244,916 | 63,751,201
|  | 9,328,154 | 64,322,939
| As at the year end, €1,777,509 (2023: €2,262,491) of customer funds were in transit and credited to client account soon after the year end.
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
| Client Money Liability | 7,467,407 | 61,913,827
| Trade creditors | 16,093 | 31,997
| Corporation tax | 1,193,460 | 1,031,701
| Other taxation and social security | 288 | 1,020
| Other creditors | 411,324 | 205,857
| Accruals and deferred income | 500,000 | 43,369
|  | 9,588,572 | 63,227,771
| Other creditors comprise of commission payable to the merchants and liabilities towards merchants in respect of monies not yet disbursed to the intended recipient.
12. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | € | €
|  | Allotted, called up and fully paid |  |
|  | 352,100 (2023 - 352,100) Ordinary shares of £1.00 each | 412,671 | 412,671
13. | Dividends
Interim dividends of €1,217,943 (2023: €192,081) were paid during the year. Page 18
DIXIPAY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Related party transactions
| The company is owed an amount of Nil (2023: €30,664) by Ahmed Soliman Hassan, a director of the company, in respect of advances made by the Company.
15. | Controlling party
The ultimate controling party is Ahmad Hassan Soliman, the director and majority shareholder of the Company.
16. | Post Balance-sheet events
Post year end, the company continued to see a significant decline in its revenue due change in some banking partners and transfer network. The Company is currently in process to open a banking facility to enable smooth processing of SEPA transactions. However, in the last quarter of 2025, the Company has also concluded an agreement with Mastercard and will be entering into card issuing business in early 2026. Futher, we have seen significant macro-economic uncertainty as a result of the conflict in Ukraine. The scale and duration of this development remains uncertain and could impact the earnings and the cash flow.
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