Company No: 06692279 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Sally Howe
	Walter Leicher (Appointed 11 August 2025, Resigned 01 February 2026)
	Luke Oubridge (Appointed 01 February 2026)
	Asbjorn Raeder (Appointed 11 August 2025)
	Stefan Ropers (Resigned 01 August 2025)
	Nora Tandberg (Resigned 01 August 2025)

REGISTERED OFFICE	36-38 Cornhill
	London
	EC3V 3NG
	United Kingdom

COMPANY NUMBER

06692279 (England and Wales)

AUDITOR	Tuerner Audit Limited
	Statutory Auditor
	Bridge House
	Old Grantham Road
	Whatton
	Nottingham
	NG13 9FG
	England

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	16,765		24,619
Investments	4	1,143,264		1,143,264
		1,160,029		1,167,883
Current assets
Debtors
- due within one year	5	2,192,802		1,371,954
- due after more than one year	5	965,624		1,829,549
Cash at bank and in hand		262,075		210,661
		3,420,501		3,412,164
Creditors: amounts falling due within one year	6	( 2,679,820)		( 2,868,573)
Net current assets		740,681		543,591
Total assets less current liabilities		1,900,710		1,711,474
Net assets		1,900,710		1,711,474
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		1,900,610		1,711,374
Total shareholders' funds		1,900,710		1,711,474

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Papirfly Limited (registered number: 06692279) were approved and authorised for issue by the Board of Directors on 10 August 2026. They were signed on its behalf by:

Asbjorn Raeder Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Papirfly Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 36-38 Cornhill, London, EC3V 3NG, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis.

The company is part of the Papirfly Group, headed by Origami Topco AS, and is reliant on access to the Papirfly Group's software platform in order to be able to deliver its services to customers. Without continued access to this platform, the company is unable to continue its normal trading activities.

The Papirfly Group is currently seeking additional financing or an alternative funding solution. The directors consider it likely that the required funding will be obtained and have therefore prepared the financial statements on a going concern basis based on continued access to the software platform.

At the balance sheet date, the company was owed £944,540 (2024: £1,791,749) by a parent undertaking in respect of a loan.
 
The successful completion of the Papirfly Group's funding process is expected to enable continued operation of the Papirfly Group's software platform including the loanee. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern.

Nevertheless, having considered the group's funding plans and the information currently available, the directors consider that it remains appropriate to prepare the financial statements on the going concern basis.

Group accounts exemption

Group accounts exemption s399
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

The company sells software licences. Turnover represents amounts receivable for software licence fees and services. In respect of licence fees, turnover is calculated as that proportion of total licence fees which relate to the period. The calculations are based on whole months, commencing in the month when income first accrues. Amounts received or receivable for licence fees in advance have been deferred and will be included in turnover in the next period.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.	6 years straight line
	25 - 33 % reducing balance

Leases

The company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	31		34

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	64,789		64,789
Additions	2,388		2,388
Disposals	( 10,840)		( 10,840)
At 31 December 2025	56,337		56,337
Accumulated depreciation
At 01 January 2025	40,170		40,170
Charge for the financial year	8,319		8,319
Disposals	( 8,917)		( 8,917)
At 31 December 2025	39,572		39,572
Net book value
At 31 December 2025	16,765		16,765
At 31 December 2024	24,619		24,619

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	1,143,264
At 31 December 2025	1,143,264
Carrying value at 31 December 2025	1,143,264
Carrying value at 31 December 2024	1,143,264

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	1,328,455		1,005,746
Amounts owed by group undertakings	780,893		133,989
Deferred tax asset	69,487		115,031
Other taxation and social security	0		2,989
Other debtors	13,967		114,199
	2,192,802		1,371,954
Debtors: amounts falling due after more than one year
Amounts owed by group undertakings	944,540		1,791,749
Other debtors	21,084		37,800
	965,624		1,829,549

Included within debtors is an amount of £944,540 due from the company's parent undertaking. As described in the going concern note, the parent undertaking is seeking additional external funding. The directors have considered the recoverability of this balance and are satisfied that no impairment is required at the reporting date.

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	0		174
Trade creditors	88,049		124,441
Amounts owed to group undertakings	334,839		66,015
Other taxation and social security	114,073		143,419
Other creditors	2,142,859		2,534,524
	2,679,820		2,868,573

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each	90		90
10 Ordinary B shares of £ 1.00 each	10		10
	100		100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
Within one year	105,420		189,000
Between one and five years	17,570		15,750
	122,990		204,750

9. Parent Undertaking

The parent company of the smallest group into which the accounts of Papirfly Limited are consolidated is Origami BidCo AS. Their registered office address from which publicly available accounts can be obtained is:

Papirfly AS
Universitetsgata 2
NO-0164 Oslo
Norway

The ultimate parent company is Origami TopCo AS, a company incorporated in Norway.

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2025 was unqualified.

We draw attention to Note 1 in the financial statements, which explains that the company relies on access to the Papirfly Group's software platform in order to be able to deliver its services to customers. As described in Note 1, the Papirfly Group is currently seeking additional financing or an alternative funding solution. The company's ability to continue as a going concern depends on the successful completion of this funding process, which is expected to enable the continued operation of the Papirfly Group's software platform. Note 1 also explains that the company has a material intercompany receivable, the recoverability of which is dependent upon the successful completion of the Papirfly Group's funding process and the future financial performance of the loanee. These events and conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter. 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.

The audit report was signed by Caroline Peverett BA FCA on behalf of Tuerner Audit Limited.