REGISTERED NUMBER: 08057477 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

PAYCASSO VERIFY LIMITED

TRADING AS

XYDUS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

10

DIRECTORS:

N Stalbow

D J Maslen

R Schuster

REGISTERED OFFICE:

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

REGISTERED NUMBER:

08057477 (England and Wales)

ACCOUNTANTS:

Xeinadin Swiss Cottage Limited

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Intangible assets

5

2,789,740

3,229,414

Tangible assets

6

-

-

Investments

7

805

805

2,790,545

3,230,219

CURRENT ASSETS

Debtors

8

2,845,414

2,259,896

Cash at bank

34,153

6

2,879,567

2,259,902

CREDITORS

Amounts falling due within one year

9

6,241,643

4,419,234

NET CURRENT LIABILITIES

(3,362,076

)

(2,159,332

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(571,531

)

1,070,887

CREDITORS

Amounts falling due after more than one year

10

-

2,472,790

NET LIABILITIES

(571,531

)

(1,401,903

)

CAPITAL AND RESERVES

Called up share capital

11

240,261

45,056

Share premium

10,910,001

9,153,151

Capital redemption reserve

1,415

1,415

Retained earnings

(11,723,208

)

(10,601,525

)

SHAREHOLDERS' FUNDS

(571,531

)

(1,401,903

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

R Schuster - Director

1.	STATUTORY INFORMATION

Paycasso Verify Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The accounts have been prepared on the going concern basis despite the fact that the company had net liabilities at the year-end of £571,531 (2024: £1,401,903).

The company continued in its period of stabilisation after the appointment of a new CEO last year. There was a significant amount of debt that converted to equity after the year-end, which brought the balance sheet to a position of net assets.

Combined with tighter control over ongoing costs, increasing sales and ongoing fundraising to generate cash for the company, the company is confident that debts will be paid as they fall due and that the company is a Going Concern.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax.

i) Implementation fees

The company earns implementation fees when setting up identification systems for new

customers. Revenue is recognised in the accounting period in which the services are rendered

when the outcome of the contract can be estimated reliably.

ii) Transaction fees

The company earns transactions fees each time an existing customers make use of their

identification systems. Revenue is recognised in the accounting period in which the transactions

take place.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:-

Patents and licences - The period of the life of patent or licence

Software development - 10 years

Amortisation is charged to administrative expenses in the Profit and Loss account.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended respectively to reflect the new circumstances.

The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Patents and licences

Costs relating to the acquisition of patents and licences are capitalised when incurred, and are amortised from the point the patent or licence is granted.

Research and Development

Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets when the following criteria are met:

- it is technically feasible to complete the software so that it will be available for use;

- management intends to complete the software and use or sell it;

- there is an ability to use or sell the software;

- it can be demonstrated how the software will generate probable future economic benefits;

- adequate technical, financial and other resources are available to complete the development and to use or sell;

- the software is available and

- the expenditure attributable to the software during its development can be reliably measured.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.

Depreciation is calculated using the straight line method to allocate the depreciable amount to their residual values over their estimated useful lives, as follows:

Fixtures and fittings - 5 years

Computer equipment - 3 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 receivable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leasing commitments

The payments made under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

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.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, are initially recognised at transactions price, unless the arrangement constitutes a financing transaction, where transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit and loss account.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 22 ) .

5.	INTANGIBLE FIXED ASSETS

Patents

and

Software

licences

development

Totals

£

£

£

COST

At 1 June 2024

326,029

6,337,612

6,663,641

Additions

26,967

116,979

143,946

Disposals

-

(2,607

)

(2,607

)

At 31 May 2025

352,996

6,451,984

6,804,980

AMORTISATION

At 1 June 2024

87,006

3,347,221

3,434,227

Amortisation for year

10,367

570,646

581,013

At 31 May 2025

97,373

3,917,867

4,015,240

NET BOOK VALUE

At 31 May 2025

255,623

2,534,117

2,789,740

At 31 May 2024

239,023

2,990,391

3,229,414

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2024

74,221

8,290

82,511

Disposals

(74,221

)

(8,290

)

(82,511

)

At 31 May 2025

-

-

-

DEPRECIATION

At 1 June 2024

74,221

8,290

82,511

Eliminated on disposal

(74,221

)

(8,290

)

(82,511

)

At 31 May 2025

-

-

-

NET BOOK VALUE

At 31 May 2025

-

-

-

At 31 May 2024

-

-

-

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2024

and 31 May 2025

805

NET BOOK VALUE

At 31 May 2025

805

At 31 May 2024

805

8.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

3,247

58,392

Other debtors

244,265

13,300

Directors' current accounts

-

192,402

Tax recoverable

955,670

608,022

VAT

77,506

11,330

Deferred tax asset

943,551

756,165

Prepayments and accrued income

10,183

15,766

2,234,422

1,655,377

Amounts falling due after more than one year:

Amounts owed by group undertakings

610,992

604,519

Aggregate amounts

2,845,414

2,259,896

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other loans

2,366,087

260,440

Trade creditors

1,025,706

1,321,899

Social security and other taxes

474,535

140,133

Pension payable

57,278

50,288

Other creditors

1,848,236

1,427,008

Accruals and deferred income

469,801

1,219,466

6,241,643

4,419,234

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans - 1-2 years

-

2,472,790

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2025

2024

value:

£

£

24,026,128

Ordinary shares

£0.01

240,261

45,056

19,520,562 Ordinary shares shares of £0.01 each were allotted at a premium of £0.09 per share during the year.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paycasso Verify Limited for the year ended 31 May 2025 which comprise the Profit and Loss Account, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Paycasso Verify Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paycasso Verify Limited and state those matters that we have agreed to state to the Board of Directors of Paycasso Verify Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paycasso Verify Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Paycasso Verify Limited 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 loss of Paycasso Verify Limited. You consider that Paycasso Verify Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paycasso Verify Limited. 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.

Xeinadin Swiss Cottage Limited

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

28 May 2026