Pax2Pay Ltd - Accounts

Registered number

11747127

Pax2Pay Ltd

Report and Financial Statements

31 December 2025

Pax2Pay Ltd
Report and accounts
Contents




Page

Company information	1
Directors' report	2
Strategic report	4
Independent auditor's report	6
Income statement	9
Statement of comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Statement of cash flows	13
Notes to the financial statements	14

Pax2Pay Ltd

Company Information

Directors

Ian David Robinson

Paivo Eerola

Lars Gunnar Osterberg (resigned 27 March 2025)

Claes Mikael Wandt

Secretary

Roxburgh Milkins Limited

Auditors

rock tax & accounting

Accountants and Sttutory Auditors

Elm House, Tanshire Park,

Shakleford Road,

Elstead, Godalming

Surrey

GU8 6LB

Registered office

The Landing, 125 Redcliff Street,

Bristol

Avon

United Kingdom

BS1 6HU

Registered number

11747127

Company structure

Pax2Pay Limited, along with its independent sister company Pax2Pay UAB, are both 100% owned by Pax2Pay AB. Both Pax2Pay Limited and Pax2Pay UAB share common overhead costs which are allocated between the companies.

Pax2Pay Ltd
Registered number:		11747127
Directors' Report

The directors present their report and financial statements for the year ended 31 December 2025.

Principal activities
The company's principal activity during the year continued to be the provision of digital payment solutions making business to business travel payments across boarders faster, easier and safer. Payments and processes are transformed from costly, resource draining and inflexible to revenue-generating, efficient and optimised for dynamic markets.

Future developments
The directors foresee long term growth prospects in support for its services, in line with the growth anticipated in the travel industry and the resilience of its business model and service agreements with customers.

Research and development
The business continues to allocate resources to further develop its product offerings to its customers.

Financial instrument risk
The disclosure of risks have been included in the directors Strategic report.

Events since the balance sheet date
There have been no material events between the balance sheet date and the date of this report.

Directors
The following persons served as directors during the year:

	Ian David Robinson
	Paivo Eerola
	Lars Gunnar Osterberg (resigned 27 March 2025)
	Claes Mikael Wandt

Directors' responsibilities

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

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 (Financial Reporting Standard 102 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 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;
●	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.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 4 June 2026 and signed on its behalf.



Paivo Eerola
Director

Pax2Pay Ltd
Strategic Report

The directors present their strategic report for the Year ended 31st December 2025.
Review of the business
Pax2Pay provides digital payment solutions making business to business travel payments across borders faster, easier and safer. Payments and processes are transformed from costly, resource-draining and inflexible to revenue-generating, efficient and optimised for dynamic markets.
The company's advanced digital payment solution connects the travel industry and gives our customers and their suppliers, choice, simplicity and reward. The business continues to develop travel sector payments with individual digital funding accounts and a choice of payment methods, including secure unique virtual cards, join the hundreds of travel agencies, OTA's and travel businesses who are already enjoying our advanced digital payment solution.
The company has now developed virtual cards in over 11 currencies with lightning quick bank transfers across the UK and Europe. Our customers have used our platform to settle 2.24m transactions with £1.1bn worth of transactions. The year has seen transactions that we have managed in over 35 countries worked wide.
The business during the year has continued to partner with some of the biggest travel technology providers by integrating our payment solution in order that the hard work is completed by us for our partners.
The company made a profit before tax of £3,174,500 (2024: £2,783,360) in the year. The company continued to see an increase in profitability due to increased commissions arising from a greater activity and reach in the market. Net assets reduced from £844k to £525k. Dividends of £2,700k were proposed in the year (2024: £2,000k).
The directors foresee a long term growth phase of the business due to growth in the tourism industry.
Principal risks and uncertainties
The success of our business is dependent on our reputation to deliver a great service to our Clients. The healthy financial position to generate ongoing income ensure that the risks to stakeholders of Pax2Pay Limited are minimised. The limited risks are explained below.
General risks
Reputational Risk is managed by promoting our business successes through its website, exhibitions and other communications to ensure our integrity and credibility is maintained. During 2022 we have engaged the services of an industry specific marketing consultant to promote our brand with a focus on security and integrity.
IT/Security Risk is a risk we face as in all companies and individuals alike. We are minimising this risk by implementing industry best practices with regular reviews so we can continue to improve them. Also we only partner with reputable partners who have demonstrated they are best in class and use appropriate security. In addition we coduct regular internal audits to ensure we are acheiving the best pratcices.
Financial risk management objectives and policies
Foreign currency risk
Pax2Pay Limited records its transactions and prepares its financial statements in pounds sterling. However, the company operates on other currencies and cash balances are held in Euros, US Dollars and other currencies. Fluctuations in exchange rates between Pound Sterling and both the Euro and US Dollar may result in realised and unrealised exchange movements.
Interest rate risk
Interest rate risk is the risk that the future cash flows of financial instruments will fluctuate because of changes in market interest rates. As all trade creditors are non interest bearing, they do not expose the company to interest rate risk.
Liquidity risk
The company does not have any long term liabilities. There is an intercompany loan account, however this is operated interest free. The liquidity risk is considered low.
Credit risk
The company's principal financial assets are bank balances and cash, trade and other receivables. The company's credit risk is primarily attributable to trade and other receivables. The amounts presented in the balance sheet are net of allowances attributable to trade and other receivables. An allowance for impairment is made where there is an identified loss event which, based on management judgment is evidence of a reduction in the recoverability of the receivable amount.
Development and performance
The directors foresee long term growth prospects in support for its services, in line with the growth anticipated in the travel industry and the resilience of its business model and service agreements with customers.
Statement of engagement with stakeholders
There is active engagement with all stakeholders of the company, from employees, suppliers, local authorities, and other stakeholders.
The directors continue to be commited to maintain the very highest level of PCI compliance.
Financial key performance indicators
For the year ending 31 December 2025 revenue increased from £19.1m to £20.0m as a result of increased activity in the tourism industry and a greater offering of the company's products.
Working capital as a percentage of turnover reduced from 4.2% to 2.5%.
Whilst these KPI's are helpful in measuring the Company's performance, and have been chosen amongst the most commonly used ones and provide a general indication of the company's general performance, it should be stressed that they are not exhaustive and that many additional performance measures are used to monitor progress.


This report was approved by the board on 4 June 2026 and signed on its behalf.



Paivo Eerola
Director

Pax2Pay Ltd
Independent auditor's report
to the member of Pax2Pay Ltd

Opinion

We have audited the financial statements of Pax2Pay Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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.

Conclusions 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 the audit:
●	the information given in the strategic report and the directors’ report 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.

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 identified material misstatements in the strategic report or the directors’ report.
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’ responsibilities statement, 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the entity’s financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view). - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company; - we assessed the extent of compliance with the laws and regulations identified through making enquiries of management; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; - investigated the rationale behind significant or unusual transactions.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other Matters
The prior year's financial statements were not audited, because there was no requirement for this to be done.

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 company'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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Amit Prasanna
(Senior Statutory Auditor)		Elm House, Tanshire Park,
for and on behalf of		Shakleford Road,
rock tax & accounting		Elstead, Godalming
Statutory Auditor		Surrey
		GU8 6LB
16 June 2026

Pax2Pay Ltd
Income Statement
for the year ended 31 December 2025


Notes		2025		2024
£			£

Turnover	2	19,984,889		19,102,579

Cost of sales		(15,156,653)		(14,164,422)

Gross profit		4,828,236		4,938,157

Administrative expenses		(1,642,635)		(2,124,473)

Operating profit	3	3,185,601		2,813,684

Interest receivable		1,310		465
Interest payable	5	(12,411)		(30,789)

Profit on ordinary activities before taxation		3,174,500		2,783,360

Tax on profit on ordinary activities	6	(793,625)		(695,842)

Profit for the financial year		2,380,875		2,087,518

Pax2Pay Ltd
Statement of Comprehensive Income
for the year ended 31 December 2025


Notes	2025		2024
£		£

Profit for the financial year	2,380,875		2,087,518

Other comprehensive income

Total comprehensive income for the year	2,380,875		2,087,518

Pax2Pay Ltd
Statement of Financial Position						Registered number: 11747127
as at 31 December 2025

Notes			2025			2024
£				£
Fixed assets
Intangible assets	7		24,630			49,260

Current assets
Debtors	8	5,380,919			5,571,361
Cash at bank and in hand		935,324			390,226
		6,316,243			5,961,587

Creditors: amounts falling due within one year	9	(5,809,425)			(5,154,116)

Net current assets			506,818			807,471

Total assets less current liabilities			531,448			856,731


Provisions for liabilities
Deferred taxation	10		(6,157)			(12,315)

Net assets			525,291			844,416

Capital and reserves
Called up share capital	11		320,035			320,035
Unregistered equity	12		200,000			200,000
Profit and loss account	13		5,256			324,381

Total equity			525,291			844,416




Paivo Eerola
Director
Approved and authorised for issue by the board on 4 June 2026

Pax2Pay Ltd
Statement of Changes in Equity
for the year ended 31 December 2025

Share		Unregistered		Profit		Total
capital		equity		and loss
account
£		£		£		£

At 1 January 2024	320,035		200,000		236,863		756,898

Profit for the financial year					2,087,518		2,087,518

Dividends					(2,000,000)		(2,000,000)

At 31 December 2024	320,035		200,000		324,381		844,416



At 1 January 2025	320,035		200,000		324,381		844,416

Profit for the financial year					2,380,875		2,380,875

Dividends					(2,700,000)		(2,700,000)

At 31 December 2025	320,035		200,000		5,256		525,291

Pax2Pay Ltd
Statement of Cash Flows
for the year ended 31 December 2025

Notes	2025		2024
£		£
Operating activities
Profit for the financial year	2,380,875		2,087,518

Adjustments for:
Interest receivable	(1,310)		(465)
Interest payable	12,411		30,789
Tax on profit on ordinary activities	793,625		695,842
Amortisation of intangible assets	24,630		24,630
Decrease/(increase) in debtors	190,442		(223,748)
Increase/(decrease) in creditors	557,526		(68,665)
	3,958,199		2,545,901

Interest received	1,310		465
Interest paid	(12,411)		(30,789)
Corporation tax paid	(702,000)		(618,597)

Cash generated by operating activities	3,245,098		1,896,980

Financing activities
Equity dividends paid	(2,700,000)		(2,000,000)

Cash used in financing activities	(2,700,000)		(2,000,000)

Net cash generated/(used)
Cash generated by operating activities	3,245,098		1,896,980
Cash used in financing activities	(2,700,000)		(2,000,000)

Net cash generated/(used)	545,098		(103,020)

Cash and cash equivalents at 1 January	390,226		493,246
Cash and cash equivalents at 31 December	935,324		390,226

Cash and cash equivalents comprise:
Cash at bank	935,324		390,226

Pax2Pay Ltd
Notes to the Accounts
for the year ended 31 December 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible assets are capitalised development costs and are measured at cost less accumulated amortisation and any accumulated impairment losses. Capitalised development costs are amortised over the expected useful life of five years.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Analysis of turnover					2025		2024
£							£

	Fees					-		-
	Capitalised revenue expenditure					-		-

	Services rendered					19,776,263		18,809,101
	Other income					208,626		293,478
						19,984,889		19,102,579

	By geographical market:

	UK					14,058,427		14,516,098
	Europe					5,915,691		4,584,918
	Rest of world					10,771		1,563
						19,984,889		19,102,579


3	Operating profit					2025		2024
£							£
	This is stated after charging:

	Amortisation of intangible assets					24,630		24,630
	Auditors' remuneration for audit services					20,400		17,000


4	Staff costs					2025		2024
£							£

	Wages and salaries					1,033,666		943,063
	Social security costs					143,852		105,800
	Other pension costs					31,687		29,443
						1,209,205		1,078,306


	Average number of employees during the year					Number	Number

	Administration					3		1
	Development					2		2
	Manufacturing & distribution					8		8
	Marketing					2		1
	Sales					1		1
						16		13


5	Interest payable					2025		2024
£							£

	Bank loans and overdrafts					12,411		30,789


6	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					799,783		702,000

	Deferred tax:
	Origination and reversal of timing differences					(6,158)		(6,158)


	Tax on profit on ordinary activities					793,625		695,842


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					3,174,500		2,783,360

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					793,625		695,840

	Effects of:
	Expenses not deductible for tax purposes					-		2
	Capital allowances for period in excess of depreciation					6,158		6,158

	Current tax charge for period					799,783		702,000




7	Intangible fixed assets							£
	R & D Expenditure:

	Cost
	At 1 January 2025							123,150
	At 31 December 2025							123,150

	Amortisation
	At 1 January 2025							73,890
	Provided during the year							24,630
	At 31 December 2025							98,520

	Carrying amount
	At 31 December 2025							24,630
	At 31 December 2024							49,260

	R & D Expenditure is being written off in equal annual instalments over its estimated economic life of 5 years.


8	Debtors					2025		2024
£							£

	Trade debtors					337,736		770,123
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					1,548,173		1,931,489
	Other debtors					3,345,217		2,303,690
	Prepayments and accrued income					149,793		566,059
						5,380,919		5,571,361


9	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					203,179		170,978
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					1,688,118		1,957,299
	Corporation tax					799,783		702,000
	Other creditors					3,118,345		2,323,839
						5,809,425		5,154,116


10	Deferred taxation					2025		2024
£							£

	Accelerated capital allowances					6,157		12,315


						2025		2024
£							£

	At 1 January					12,315		18,473
	Credited to the profit and loss account					(6,158)		(6,158)

	At 31 December					6,157		12,315



11	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£0.001 ea.		320,035,000		320,035		320,035


12	Unregistered equity					2025		2024
£							£

	At 1 January					200,000		200,000

	At 31 December					200,000		200,000


13	Profit and loss account					2025		2024
£							£

	At 1 January					324,381		236,863
	Profit for the financial year					2,380,875		2,087,518
	Dividends					(2,700,000)		(2,000,000)

	At 31 December					5,256		324,381


14	Dividends					2025		2024
£							£

	Dividends on ordinary shares (note 13)					2,700,000		2,000,000



15	Related party transactions

	The company operates an intercompany account with group companies. Shared costs are allocated between the companies. At 31 December 2025 the company owed £1,635,577 to Pax2Pay AB (2024: £1,649,741), £7,497 to Paxport AB (2024: £182,175), £38,365 to Paxport Group AB (2024:£6,000) and £6,162 to Paxport Group UK Ltd (2024: £Nil). Also as at 31 December 2025 the company was owed £1,548,173 from Paxport Group UK Ltd (2024: £1,931,489), and £Nil from Pax2Pay UAB (2024: the company owed £119,383)


16	Controlling party

	The immediate parent undertaking is Pax2Pay AB. The name of the ultimate parent company is Paxport Group AB, a company incorporated in Sweden, whose principal place of business and registered office is, and whose financial statements can be obtained at Box 55954, 102 16, Stockholm, Sweeden and this is the smallest and largest group in which the results of the company are consolidated.


17	Presentation currency

	The financial statements are presented in Sterling.


18	Legal form of entity and country of incorporation

	Pax2Pay Ltd is a private company limited by shares and incorporated in England.


19	Principal place of business

	The address of the company's principal place of business and registered office is:

	The Landing, 125 Redcliff Street
	Bristol
	Avon
	United Kingdom
	BS1 6HU