Company registration number 09334596 (England and Wales)
WIREX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
WIREX LIMITED
COMPANY INFORMATION
Directors
Mr Chetan Shah
Mr Dmitry Lazarichev
Mr Pavel Matveev
Secretary
OHS Secretaries Limited
Company number
09334596
Registered office
9th Floor 107 Cheapside
London
United Kingdom
EC2V 6DN
Auditor
MMBA London Ltd
16 Upper Woburn Place
Kings Cross
London
WC1H 0AF
WIREX LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Income statement
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
WIREX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Principal activities

Wirex Limited (the "c ompany") is a wholly owned subsidiary of Wirex Holdings Limited, a group holding company with numerous subsidiaries (together, the "g roup"). The c ompany's principal activity is the provision of electronic payment services, including facilitating the exchange of fiat currencies. As a Principal Member of Visa and Mastercard, and an FCA licensed electronic money institution, the c ompany is authorised to issue cards and provide authorised card services.

Review of the business

The company was founded in 2015 and is part of a global group providing fiat and digital asset payment solutions to consumers. Its services include the purchase, sale and storage of digital assets, fiat currency transfers via debit cards, and digital wallet services.

During the year, revenue rose by almost 19%, from £15.1m to £18.1m, while losses reduced significantly, from £4.9m to £0.8m. Cash and cash equivalents also increased significantly, from £0.36m to £5m.

This improved performance was driven by several factors, including business to business (B2B) expansion, strong card business performance, and favourable cost movements.

Principal risks and uncertainties

The directors have considered the principal risks and uncertainties facing the business. The directors regularly review the principal risks and uncertainties facing the company and assess the potential impact on the company's operations and performance. The key risks identified include:

Regulatory Risk

There is a risk that changes in regulations could adversely affect the c ompany’s position and its ability to conduct business. The c ompany has proactively engaged with regulators to gain clarity on the evolving regulatory landscape impacting the digital asset industry. It continues to allocate resources to diligently monitor both market and regulatory developments for potential threats and opportunities.

Operational Risk

There is a risk of loss arising from inadequate or failed internal policies, controls, systems, or processes, as well as from key personnel changes, external events, or dependencies on strategic relationships. This includes risks associated with the implementation of new products, entry into new markets, and the sustainability of key third-party arrangements, including banking partnerships.

The c ompany actively monitors its operations and maintains documentation of key business processes to support continuity and facilitate knowledge transfer in the event of staff changes. Regular third-party penetration testing is also conducted to assess system vulnerabilities and strengthen operational resilience.

Compliance and Reporting Risk

There is a risk of loss due to failures in data protection or privacy, or from incomplete, inaccurate, or delayed reporting of financial and operational information, which may result in fines, penalties, or regulatory sanctions.

The c ompany has established a robust and expanding compliance team to ensure all staff receive adequate training and adhere to reporting and other regulatory requirements. The Compliance, Legal, and Finance teams work collaboratively to ensure timely and accurate reporting to relevant regulatory authorities.

Fraud and Technology Risk

There is a risk of loss arising from internal or third-party fraud, as well as product or engineering failures. The c ompany enforces strict protocols to safeguard both staff and customer data and assets, including continuous monitoring of platform activity and reconciliation of transactions against internal records.

WIREX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

Liquidity Risk

There is a risk that the company may not have sufficient financial resources to meet its obligations as they fall due. The company maintains adequate liquidity levels and is committed to ensuring sufficient resources remain available to meet both foreseeable and unexpected financial demands. Daily monitoring and control processes are in place to address both internal and regulatory liquidity requirements.

Going Concern Assessment

The directors have assessed the company's ability to continue as a going concern, taking into account the company's current financial position, expected future trading performance, forecast cash flows and available funding for a period of at least twelve months from the date of approval of these financial statements.

Wirex Limited works with independent contractors previously based in Kyiv. Following the Russian invasion of Ukraine, the Company invoked its business continuity plans, enabling widespread staff relocation and continuity of operations. Combined with the fact that the company had no significant revenues from Russian or Ukrainian customers, management has determined that the invasion has not created any uncertainty material enough to cast doubt on Wirex Limited's ability to continue as a going concern.

The company transacts with the wider Wirex Group to support the trading and monetisation of its intellectual property. However, a growing B2B product suite means the company will generate revenue from third party enterprises as well as from the group, reducing its internal dependency. Going forward, the directors expect the company will no longer be solely reliant on group revenues for software licensing, or for services provided under its EMI licence and as a Principal Member of Visa and Mastercard.

The directors regularly forecast cash flows and have determined that sufficient resources exist to meet obligations as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. While the directors are confident the Company holds adequate liquid resources to meet expected withdrawal levels, they acknowledge that under extreme withdrawal scenarios outside the Company's control, a shortfall in liquid assets could theoretically occur. In such a scenario, Wirex Holdings Limited stands ready to provide support to Wirex Limited.

Other performance indicators

The Board monitors the progress of the company by reference to the following KPls:

2025 2024

Net Revenue £1 8,05 7,528 £15,149,133

Gross profit £1 4,13 9,068 £10,458,147

Net assets £29,416,045 £30,214,913

Other information and explanations

Future developments

The c ompany expects continued card distribution and monetisation of its intellectual property through the expansion of its enterprise business over the upcoming year. Key elements of the c ompany's business strategy include:·

- Supporting and growing the Wirex brand through expansion and select marketing including expanding the Wirex brand and customer base;

- Progressing towards sustainable profitability through the calendar year 2026;

- Providing new solutions for enterprise customers including embedded white labelling by providing infrastructure on a B2B2C (business to business to consumer) basis and the re-launch of Wirex Business. Stablecoin Banking as a Service (BaaS) allows third party businesses to use Wirex's infrastructure and regulatory capabilities. Since January 2026, the product has processed more than $550 million in transactions, generating approximately £3.5 million in net revenue.

- Utilising multi-year, multi-million dollar incentivisation deals agreed with Visa and Master Card through the Company’s principal membership;

WIREX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

- Continuing to provide retail customers with new and enhanced products;

- Supporting customer retention and growth;

- Reducing Group dependence: Wirex Limited is becoming less dependent on the rest of the Wirex Group. Historically, a significant proportion of its income came from charging other Wirex companies for services. It is now building products it can sell directly to external businesses, reducing the risk of Wirex Limited being overly reliant on the financial performance of the wider Group;

- Continuing to be effective in risk management and compliance through enhanced transaction monitoring, anti-money laundering and know your customer controls, policies and procedures.

Promoting the success of the company

General c onfirmation of di rectors’ d uties

The Board of the company operates within a clearly defined governance framework, which outlines the financial and strategic thresholds requiring Board consideration and approval. In discharging their duties, each d irector acts in a manner they consider, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006, including but not limited to the following:

s.172(1)(a): The likely consequences of any decision in the long term

The d irectors recognise the importance of evaluating the long-term impact of their decisions on the c ompany. Acknowledging the complexity of the digital assets industry and the evolving regulatory landscape, the Board consults internal governance committees and subject matter experts to inform its decision-making. This ensures that strategic decisions are made with a long-term perspective, supporting Company's continued growth and sustainable success.

s.172(1)(b): The interests of the company’s employees

The d irectors consider that employees are central to the Company’s operations and the achievement of its strategic goals. The ability to attract, retain, and engage talent is considered essential to the c ompany’s success. Accordingly, the Board takes into account the implications of its decisions on employees, including matters related to pay, benefits, health, safety, and the overall working environment. Where relevant and feasible, employee wellbeing and development are embedded in the Company’s broader strategic considerations, ensuring the company remains a responsible and supportive employer.

s.172(1)(c): The need to foster the company’s business relationships with suppliers, customers and others

The successful delivery of the Company’s strategic objectives depends on maintaining strong, collaborative, and mutually beneficial relationships with suppliers, customers, and regulators. The company actively promotes the application of core principles such as transparency, trust, and shared value in all of its external relationships.

The decision to enter into or maintain a business relationship is influenced by the counterparty’s ability to align with these principles. Continuous assessment of priorities relating to key stakeholders is undertaken at both operational and Board levels. The Board remains actively engaged in these considerations through regular updates on business strategy, customer engagement metrics, and supplier performance, as well as through the review of material investment proposals.

s.172(1)(d): The impact of the company’s operations on the community and the environment

The Board recognises that the company’s long-​term success is intrinsically linked to its role in the broader community and its environmental impact. These considerations are integrated into the company’s strategic goals, particularly as it seeks to thrive in the global transition to digital currencies.

Environmental and social factors are embedded in Board discussions, with relevant information provided to inform decision-making. Whether in relation to technology infrastructure, energy usage, or community engagement, the company remains mindful of its responsibilities and the need to operate sustainably and ethically in all markets it serves.

WIREX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

s.172(1)(e): The desirability of the company maintaining a reputation for high standards of business conduct

The Board is committed to ensuring that the company upholds high standards of business conduct across all areas of its operations. It periodically reviews and approves clear frameworks and policies to guide ethical behaviour, regulatory compliance, and responsible business practices both internally and in the c ompany’s external relationships.

These frameworks are supported by effective governance structures and regular reporting mechanisms, which ensure the Board remains well-informed and able to monitor adherence to relevant standards. This oversight enables the Board to make decisions that reinforce the c ompany’s reputation for integrity, professionalism, and accountability, which are considered fundamental to the company’s long-term success and stakeholder trust.

s.172(1)(f): The need to act fairly as between members of the company

I n fulfilling their duties, the d irectors carefully consider the interests of all shareholders and act impartially when evaluating strategic decisions. After weighing all relevant factors, they determine the course of action that best supports the c ompany’s long-term success while balancing the potential impact on various stakeholders.

The Directors are committed to acting fairly and equitably between all members of the c ompany, ensuring that no individual or group is unduly favoured or disadvantaged in the decision-making process.

On behalf of the board

Mr Dmitry Lazarichev
Director
20 July 2026
WIREX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Branches

The company continues to operate a branch outside of the United Kingdom, located in Ukraine and there is no material disruption. On the Russian invasion, Wirex activated its business continuity arrangements and helped staff relocate. Operations continued and management does not believe the war threatens the company's ability to continue operating.

Results and dividends

The loss for the year, after taxation, amounted to £798,868 (202 4: £4,892,984).

No ordinary dividends were paid. The d irectors do not recommend payment of a final dividend (202 4:£nil).

Directors

The d irectors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Chetan Shah
Mr Dmitry Lazarichev
Mr Pavel Matveev
Supplier payment policy

The Company's current policy concerning the payment of trade creditors is to follow the CBI's Fair Payment Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The Company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the Company's contractual and other legal obligations.

Auditor

In accordance with section 485 of the Companies Act 2006, the independent auditors, MMBA London Ltd (Chartered Certified Accountants and Statutory Auditors), will be proposed for reappointment for the financial year ending 30 June 202 6.

Energy and carbon report

As the Company has consumed less than 40,000 kWh of energy during this reporting period, it qualifies as a low energy user under the applicable regulations. Consequently, the Company is exempt from the requirement to report on its emissions, energy consumption, or energy efficiency activities for this period.

WIREX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

In accordance with s414C(ll) of the Companies Act, the c ompany has chosen to outline in the Strategic report information on the key risks and financial risk management policies to which the company is affected.

Statement of disclosure to auditor

So far as each person who was a d irector at the date of approving this report is aware, there is no relevant audit information of which the C ompany’s auditor is unaware. Additionally, the D irectors individually have taken all the necessary steps that they ought to have taken as D irectors in order to make themselves aware of all relevant audit information and to establish that the C ompany’s auditor is aware of that information.

On behalf of the board
Mr Dmitry Lazarichev
Director
20 July 2026
WIREX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WIREX LIMITED
- 7 -
Opinion

We have audited the financial statements of Wirex Limited (the 'company') for the year ended 30 June 2025, which comprise the Income statement, the Statement of financial position, the Statement of changes in equity and the related notes, 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 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 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.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.

Conclusion relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

WIREX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WIREX LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors 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 directors determine is 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- The Senior Statutory Auditor ensured that the audit engagement team collectively possessed the appropriate competence, capabilities, and skills to identify or recognise instances of non-compliance with applicable laws and regulations.

- We made enquiries of management regarding areas where they believed there might be a susceptibility to fraud, as well as their knowledge of any actual, suspected, or alleged fraud.

- Through discussions with the directors and senior management during the planning phase, we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company.

- The audit team conducted a risk assessment discussion to identify specific areas considered susceptible to material misstatement, particularly in relation to fraud or non-compliance with laws and regulations.

- Our audit procedures were focused on those laws and regulations we deemed to have a direct and material impact on the financial statements or the company’s operations, including the Companies Act 2006 and relevant taxation legislation.

- We also identified laws and regulations that do not have a direct effect on the financial statements but where non-compliance may have a material effect on the Company’s operations or its ability to continue trading. These included the Electronic Money Regulations 2011, the Payment Services Regulations 2017, applicable Financial Conduct Authority requirements, the Money Laundering Regulations 2017, UK sanctions legislation, data protection legislation and relevant card-scheme requirements.

We assessed the company’s compliance with the relevant laws and regulations identified above through the following procedures:

- making enquiries of management regarding any known or suspected instances of non-compliance;

- reviewing legal expenditure and examining correspondence during the period for indications of potential litigation or claims; and

- evaluating the internal control environment, particularly those controls designed to mitigate the risks of fraud and non-compliance with applicable laws and regulations.

WIREX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WIREX LIMITED (CONTINUED)
- 9 -

To address the risk of fraud arising from management bias and override of controls, we undertook the following procedures:

- assessed the susceptibility of the company to management override of controls by evaluating the design and implementation of key controls and by making enquiries with individuals involved in the financial reporting process;

- performed analytical procedures to identify large, unusual, or unexpected transactions and investigated significant variances from the prior period;

- reviewed journal entries to identify any unusual or non-recurring transactions;

- evaluated the appropriateness of accounting estimates and assessed whether management’s judgements indicated any potential bias; and

- conducted substantive testing to verify the occurrence and proper cut-off of expenditure.

In response to the risk of irregularities and non-compliance with laws and regulations, our audit procedures included:

- agreeing financial statement disclosures to the underlying supporting documentation;

- making enquiries of management regarding actual or potential litigation and claims; and

- reviewing correspondence with HMRC and the company’s legal advisers.

It is important to note that, due to the inherent limitations of an audit, there is a risk that not all irregularities, including those that may result in a material misstatement of the financial statements or non-compliance with regulations, will be detected. This risk increases for non-compliance with laws or regulations that are not closely related to the financial reporting process, as such instances are inherently less likely to come to the auditor’s attention. Furthermore, the risk is heightened in cases of fraud, which may involve deliberate concealment, collusion, forgery, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the C ompany's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the C ompany and the C ompany's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Waqqas Shabir Memon, BSc, FCCA (Senior Statutory Auditor)
For and on behalf of MMBA London Ltd
Chartered Certified Accountants & Statutory Auditors
16 Upper Woburn Place
Kings Cross
London
WC1H 0AF
20 July 2026
WIREX LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
2025
2024
Notes
£
£
Revenue
3
18,057,528
15,149,133
Cost of sales
(3,918,460)
(4,690,986)
Gross profit
14,139,068
10,458,147
Administrative expenses
(15,170,649)
(13,199,512)
Other operating income
34,158
(2,125)
Operating loss
4
(997,423)
(2,743,490)
Finance costs
8
-
0
(3,517,798)
Loss before taxation
(997,423)
(6,261,288)
Tax on loss
9
198,555
1,368,304
Loss and total comprehensive income for the year
(798,868)
(4,892,984)

The notes on pages 13 to 27 form part of these financial statements.

WIREX LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2025
30 June 2025
- 11 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
10
16,678,090
15,658,068
Property, plant and equipment
11
196,895
211,933
16,874,985
15,870,001
Current assets
Trade and other receivables
12
56,628,945
51,811,503
Cash and cash equivalents
4,964,241
360,210
61,593,186
52,171,713
Current liabilities
13
(48,170,467)
(36,731,447)
Net current assets
13,422,719
15,440,266
Total assets less current liabilities
30,297,704
31,310,267
Non-current liabilities
13
(32,524)
-
0
Provisions for liabilities
Deferred tax liabilities
16
(849,135)
(1,095,354)
Net assets
29,416,045
30,214,913
Equity
Called up share capital
18
10,242,732
10,242,732
Share premium account
19
9,181,829
9,181,829
Other reserves
20
8,329,438
8,329,438
Retained earnings
1,662,046
2,460,914
Total equity
29,416,045
30,214,913

The notes on pages 13 to 27 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 20 July 2026 and are signed on its behalf by:
Mr Dmitry Lazarichev
Director
Company registration number 09334596 (England and Wales)
WIREX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Called up share capital
Share premium account
Other Reserves
Retained earnings
Total equity
£
£
£
£
£
Balance at 1 July 2023
10,242,732
9,181,829
8,329,438
7,353,898
35,107,897
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
(4,892,984)
(4,892,984)
Balance at 30 June 2024
10,242,732
9,181,829
8,329,438
2,460,914
30,214,913
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
-
(798,868)
(798,868)
Balance at 30 June 2025
10,242,732
9,181,829
8,329,438
1,662,046
29,416,045

The notes on pages 13 to 27 form part of these financial statements.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Accounting policies
Company information

Wirex Limited is the C ompany limited by shares, incorporated and domiciled in England and Wales. Its registered office is 107 Cheapside, London, England, EC2V 6DN and its principal place of business is 8 Devonshire Square, Liverpool Street, London, England, EC2M 4PL.

1.1
Basis of preparation

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 101 'Reduced Disclosure Framework' and 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 preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 2).

The principal accounting policies adopted are set out below.

Financial Reporting Standard 101 - reduced disclosure exemptions

In preparing these financial statements, the company has applied the financial reporting standard FRS 101 ‘Reduced Disclosure Framework’.

- Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number and weighted average exercise prices of share options, and how the fair value of goods or services received was determined).

- IFRS 7, ‘Financial instruments: Disclosures’

- Paragraphs 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

- Paragraph 38 of IAS 1, 'Presentation of financial statements' – comparative information requirements in respect of: – Paragraph 79(a)(iv) of IAS 1, – Paragraph 73(e) of IAS 16, 'Property, plant and equipment', and – Paragraph 118(e) of IAS 38, 'Intangible assets' (reconciliations between the carrying amount at the beginning and end of the period).

- The following paragraphs of IAS 1, ‘Presentation of financial statements’: 10(d) (statement of cash flows), 16 (statement of compliance with all IFRS), 38A (requirement for minimum of two primary statements, including cash flow statements), 38B-D (additional comparative information), 111 (statement of cash flows information), and 134-136 (capital management disclosures).

- IAS 7, ‘Statement of cash flows’.

- The requirements of paragraphs 88C and 88D of IAS 12 Income Taxes.

- Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).

- Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation).

- The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered into between two or more members of a group.

- The requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairment of Assets, provided that equivalent disclosures are included in the consolidated financial statements of the group in which the entity is consolidated

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern

The directors have assessed the company's ability to continue as a going concern, taking into account the company's current financial position, expected future trading performance, forecast cash flows and available funding for a period of at least twelve months from the date of approval of these financial statements.true

Wirex Limited works with independent contractors previously based in Kyiv. Following the Russian invasion of Ukraine, the Company invoked its business continuity plans, enabling widespread staff relocation and continuity of operations. Combined with the fact that the company had no significant revenues from Russian or Ukrainian customers, management has determined that the invasion has not created any uncertainty material enough to cast doubt on Wirex Limited's ability to continue as a going concern.

The company transacts with the wider Wirex Group to support the trading and monetisation of its intellectual property. However, a growing B2B product suite means the company will generate revenue from third party enterprises as well as from the group, reducing its internal dependency. Going forward, the directors expect the company will no longer be solely reliant on group revenues for software licensing, or for services provided under its EMI licence and as a Principal Member of Visa and Mastercard.

The directors regularly forecast cash flows and have determined that sufficient resources exist to meet obligations as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. While the directors are confident the Company holds adequate liquid resources to meet expected withdrawal levels, they acknowledge that under extreme withdrawal scenarios outside the Company's control, a shortfall in liquid assets could theoretically occur. In such a scenario, Wirex Holdings stands ready to provide support to Wirex Limited.

1.3
Revenue

Revenue is generated from transactional services that allow customers to buy and sell fiat currencies, use payment cards and access payment infrastructure and related services. The Company earns transaction fees, interchange income, foreign exchange margins and fees for services provided to Group and non-Group companies.

Transaction-based revenue is recognised when the relevant transaction is successfully executed, as this is the point at which the performance obligation is satisfied. Revenue from services provided continuously over a contractual period is recognised over time as those services are delivered.

Revenue is presented gross where the Company controls the relevant service before it is transferred to the customer and acts as principal. Where the Company acts as agent, including certain fiat currency transactions, revenue is limited to the fee or margin retained by the Company. Revenue is recognised net of refunds, rebates and amounts collected on behalf of third parties.

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

- Trademarks No depreciation is charged

- Development expenditure Straight line over 10 years

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. C ost 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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Right of use asset
Over the length of the lease
Fixtures and fittings
Over 3 years
Plant and equipment
Over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.8
Financial assets

The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities are initially measured at fair value.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date in the countries where the company operates and generates income.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
2
Critical accounting estimates and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses.

Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements estimate and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Impairment of assets

The C ompany assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates recoverable amount of the asset. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease.

In particular, the C ompany has a large exposure of receivables due from other members of the group (see note 1 2). The directors have judged these balances to be recoverable, based on their assessment that the group is a going concern. They have however acknowledged a n uncertainty exists in their assessment due to the inherent uncertainties and volatile nature of the industry in which the group operates.

Capitalisation of intellectual property

The Company's intangible assets comprise capitalised development costs and trade marks. Development costs are capitalised where the recognition criteria of IAS 38 Intangible Assets are met and include qualifying employee, contractor and other directly attributable expenditure incurred after the recognition criteria have been satisfied. Trade marks are recognised at cost. Development costs increased by over £3 million. Management has assessed that the capitalised development costs are expected to generate future economic benefits and that the qualifying expenditure has been measured in accordance with IAS 38.

Revenue recognition Principal vs Agent

For transactions involving the sale of cryptocurrency when relevant during the course of the year, the Company accounted for revenue as principal as it has the power to control the assets and exercises this power prior to the assets being transferred to customers. For transactions involving the sale of fiat currency, Wirex accounts for revenue as an agent, as it does not have the power to control this asset.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Commission
12,815
74,190
ATM fees
283,145
287,872
Interchange income
621,576
839,826
Payment services fees
11,133,051
13,919,399
Other income
565
27,846
Card FX margin
602,008
-
Corporate payment services
5,404,368
-
18,057,528
15,149,133
WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
3
Revenue
(Continued)
- 20 -
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
18,057,528
15,149,133
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(33,657)
2,125
Depreciation of property, plant and equipment
154,637
237,223
Profit on disposal of property, plant and equipment
(39,849)
(90,973)
Amortisation of intangible assets (included within administrative expenses)
2,122,550
1,703,719
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
55,600
55,600
6
Employees

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

2025
2024
Number
Number
Management
2
3
Compliance
20
8
Finance
6
5
Human resources
4
1
Marketing
6
2
Customer support
1
1
Total
39
20
WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,415,723
1,645,921
Social security costs
354,946
190,369
Pension costs
46,188
18,799
3,816,857
1,855,089
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
493,956
530,833
Company pension contributions to defined contribution schemes
3,963
3,963
497,919
534,796
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
193,956
218,333
Company pension contributions to defined contribution schemes
1,321
1,321
8
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on other loans
-
0
3,517,798
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
47,664
-
Deferred tax
Origination and reversal of temporary differences
(246,219)
(1,368,304)
Total tax (credit)
(198,555)
(1,368,304)
WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Taxation
(Continued)
- 22 -

The charge for the year can be reconciled to the loss per the income statement as follows:

2025
2024
£
£
Loss before taxation
(997,423)
(6,261,288)
Expected tax credit based on a corporation tax rate of 25.00% (2024: 25.00%)
(249,356)
(1,565,322)
Effect of expenses not deductible in determining taxable profit
20,811
486,097
Adjustment in respect of prior years
-
0
1,322,393
Depreciation and amortisation
557,712
(8,646)
Movements in deferred tax
(246,219)
(1,368,304)
Capital allowances
(281,503)
(234,522)
Taxation credit for the year
(198,555)
(1,368,304)
10
Intangible fixed assets
Trademarks
Development expenditure
Total
£
£
£
Cost
At 30 June 2024
1,733
21,351,763
21,353,496
Additions
-
0
3,142,572
3,142,572
At 30 June 2025
1,733
24,494,335
24,496,068
Amortisation and impairment
At 30 June 2024
-
0
5,695,428
5,695,428
Charge for the year
-
0
2,122,550
2,122,550
At 30 June 2025
-
0
7,817,978
7,817,978
Carrying amount
At 30 June 2025
1,733
16,676,357
16,678,090
At 30 June 2024
1,733
15,656,335
15,658,068

Development costs have been capitalised where the recognition criteria for internally generated intangible assets have been met, as management considers the expenditure to be directly attributable to the development of software expected to generate future economic benefits. The capitalised costs are amortised over their estimated useful economic life of 10 years.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
11
Property, plant and equipment
Right of use asset
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2024
176,231
944,018
135,981
1,256,230
Additions
79,794
283,334
-
0
363,128
Disposals
-
0
(620,902)
-
0
(620,902)
At 30 June 2025
256,025
606,450
135,981
998,456
Accumulated depreciation and impairment
At 1 July 2024
136,367
862,603
45,327
1,044,297
Charge for the year
46,343
62,967
45,327
154,637
Eliminated on disposal
-
0
(397,373)
-
0
(397,373)
At 30 June 2025
182,710
528,197
90,654
801,561
Carrying amount
At 30 June 2025
73,315
78,253
45,327
196,895
At 30 June 2024
39,864
81,415
90,654
211,933
12
Trade and other receivables
2025
2024
£
£
Trade receivables
30,220
7,847
VAT recoverable
206,227
597,190
Amounts owed by fellow group undertakings
36,426,966
29,803,783
Other receivables
19,694,729
21,213,228
Prepayments and accrued income
270,803
189,455
56,628,945
51,811,503

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

13
Liabilities
Current
Non-current
2025
2024
2025
2024
Notes
£
£
£
£
Trade and other payables
14
46,599,604
35,250,292
-
0
-
0
Corporation tax
1,536,673
1,381,449
-
-
Other taxation and social security
-
99,706
-
-
Lease liabilities
15
34,190
-
0
32,524
-
0
48,170,467
36,731,447
32,524
-
WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
14
Trade and other payables
2025
2024
£
£
Trade payables
2,844,905
2,851,673
Amounts owed to related parties
26,998,653
15,220,904
Accruals and deferred income
449,287
328,890
Other payables
16,306,759
16,848,825
46,599,604
35,250,292

The company's trade and other payables are classified as financial liabilities measured at amortised cost. Due to their short-term nature, the carrying amount of trade and other payables is considered to be a reasonable approximation of their fair value.

15
Lease liabilities
2025
2024
Net amounts due
£
£
Within one year
34,190
-
0
After more than one year
32,524
-
0
66,714
-
2025
2024
Maturity analysis of future lease payments
£
£
Within one year
34,190
-
In two to five years
32,524
-
Total undiscounted liabilities
66,714
-

The company recognises right-of-use assets in respect of its office lease arrangements under IFRS 16 Leases. Right-of-use assets are initially measured at cost, which comprises the initial measurement of the corresponding lease liability, any lease payments made at or before the commencement date, and any initial direct costs incurred.

Right-of-use assets are subsequently measured at cost less accumulated depreciation and any impairment losses. Depreciation is charged on a straight-line basis over the lease term.

The company does not have any leases with variable lease payments, purchase options, or significant restrictions on the use of the underlying assets.

The maturity analysis above presents the contractual undiscounted lease payments. The difference between the undiscounted contractual payments and the carrying amount of the lease liability is immaterial due to the short remaining duration of the lease and the timing of the contractual payments.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
16
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
849,135
1,095,354

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 July 2023
2,463,658
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(1,368,304)
Liability at 1 July 2024
1,095,354
Deferred tax movements in current year
Charge/(credit) to profit or loss
(246,219)
Liability at 30 June 2025
849,135
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
46,188
18,799

The C ompany operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. At 30 June 202 5, the C ompany owed £3,410 (202 4: £1,877) to a defined contribution plan for its employees.

18
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,024,273,148
1,024,273,148
10,242,732
10,242,732
WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
19
Share premium account
2025
2024
£
£
At the beginning and end of the year
9,181,829
9,181,829

The share premium account represents the amount received in excess of the nominal value of shares issued by the Company, less any directly attributable costs of issuing those shares. The reserve is not distributable except in accordance with the provisions of the Companies Act 2006.

20
Other reserves
2025
2024
£
£
At the beginning and end of the year
8,329,438
8,329,438

The other reserve represents amounts recognised in respect of share-based payment arrangements. The reserve reflects the cumulative value of equity-settled share options recognised in accordance with IFRS 2 Share-based Payment.

21
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with joint control or significant influence over the company
26,998,653
15,220,904

The following amounts were outstanding at the reporting end date:

Included within other payables is an amount of £26,998,653 (202 4: £15,220,904) due to Wirex Global Services FZ-LLC, a connected company by virtue of common shareholding of d irector Mr Dmitry Lazarichev. No interest is payable on this balance, and it is repayable on demand.

During the year WGS recharged Wirex Limited for expenses settled on behalf of Wirex Limited.

The Company has claimed exemption under FRS 101 from disclosing related party transactions that are part of the Group.

22
Ultimate controlling party

The immediate parent undertaking of the c ompany is Wirex Holdings Limited, a company incorporated and domiciled in the United Kingdom.

Wirex Holdings Limited is the ultimate parent undertaking, and represents the smallest and largest group for which consolidated financial statements are prepared that include the results and position of the company. These consolidated financial statements are available at the company's registered office, which is the same as that of Wirex Holdings Limited.

WIREX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
23
Events after the reporting period

There have been no material adjusting or non-adjusting events between the reporting date and the date on which these financial statements were authorised for issue.

2025-06-30 2024-07-01 Mr Chetan Shah Mr Dmitry Lazarichev Mr Pavel Matveev OHS Secretaries Limited false false CCH Software iXBRL Review & Tag 2025.2 09334596 2024-07-01 2025-06-30 09334596 bus:Director1 2024-07-01 2025-06-30 09334596 bus:Director2 2024-07-01 2025-06-30 09334596 bus:Director3 2024-07-01 2025-06-30 09334596 bus:CompanySecretary1 2024-07-01 2025-06-30 09334596 bus:RegisteredOffice 2024-07-01 2025-06-30 09334596 2025-06-30 09334596 2023-07-01 2024-06-30 09334596 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 09334596 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 09334596 core:IntangibleAssetsOtherThanGoodwill 2025-06-30 09334596 core:IntangibleAssetsOtherThanGoodwill 2024-06-30 09334596 core:CopyrightsPatentsTrademarksServiceOperatingRights 2025-06-30 09334596 core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 09334596 2024-06-30 09334596 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-06-30 09334596 core:PlantMachinery 2025-06-30 09334596 core:FurnitureFittings 2025-06-30 09334596 core:ContinuingOperations 2025-06-30 09334596 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-06-30 09334596 core:PlantMachinery 2024-06-30 09334596 core:FurnitureFittings 2024-06-30 09334596 core:BetweenOneFiveYears 2024-06-30 09334596 core:CurrentFinancialInstruments 2025-06-30 09334596 core:CurrentFinancialInstruments 2024-06-30 09334596 core:Non-currentFinancialInstruments 2025-06-30 09334596 core:Non-currentFinancialInstruments 2024-06-30 09334596 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 09334596 core:ShareCapital 2025-06-30 09334596 core:ShareCapital 2024-06-30 09334596 core:SharePremium 2025-06-30 09334596 core:SharePremium 2024-06-30 09334596 core:RetainedEarningsAccumulatedLosses 2025-06-30 09334596 core:RetainedEarningsAccumulatedLosses 2024-06-30 09334596 core:SharePremium 2023-06-30 09334596 2023-06-30 09334596 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-06-30 09334596 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2025-06-30 09334596 core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-07-01 2025-06-30 09334596 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-07-01 2025-06-30 09334596 core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-06-30 09334596 2024-06-30 09334596 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-06-30 09334596 core:PlantMachinery 2024-06-30 09334596 core:FurnitureFittings 2024-06-30 09334596 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-07-01 2025-06-30 09334596 core:PlantMachinery 2024-07-01 2025-06-30 09334596 core:FurnitureFittings 2024-07-01 2025-06-30 09334596 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 09334596 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 09334596 core:Non-currentFinancialInstruments core:AfterOneYear 2025-06-30 09334596 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 09334596 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-06-30 09334596 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-06-30 09334596 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 09334596 bus:FRS101 2024-07-01 2025-06-30 09334596 bus:Audited 2024-07-01 2025-06-30 09334596 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP