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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
CONTENTS
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LL PAY UK LIMITED
COMPANY INFORMATION
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LL PAY UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors represent the Strategic Report of LL Pay UK Limited ("the Company") for the year ended 31 December 2025.
LL Pay UK Limited was established in 2016 and obtained authorisation from the Financial Conduct Authority (FCA) to provide money remittance services on 30 April 2018. LL Pay UK Limited has a year end of 31 December 2025. The Company is part of Lianlian Group which is one of the largest non-banking third party payment services providers in China. The Company is principally engaged in provision of payment processing services to assist the Chinese merchant clients of Lianlian International Company Limited to receive payment for goods purchased by their customers and also make payments to the tax authorities on their behalf. Chinese merchants sell their products via online platforms, to customers including those in the UK and Europe.
In order to fund operations of this Company, the Company issued 50,000 shares of £1 each in 2017 and 300,000 additional shares of £1 each in 2019 to Lianlian Hong Kong Company Limited. LL Pay UK Limited was sold to Lianlian Pay Global Limited for USD 394,849 on 05 August 2022 as part of the cross border business restructuring by Lianlian Group.
Executive Summary
Operational growth held flat in 2025 relative to 2024, reflecting a period of stabilisation as the business prepares to scale. The Company strengthened its position across key verticals: e-commerce and marketplaces—while maintaining robust financial controls and compliance frameworks. Key highlights:
∙Enhanced FX infrastructure to support real-time settlements and multi-currency transactions.
Observations:
∙Continued to drive widespread adoption of embedded payment solutions among marketplaces and e-commerce merchants.
∙The business continued to invest in platform scaling and compliance, while operational cost management resulted in a meaningful reduction in expenditure year-on-year.
∙Profitability improved through disciplined cost management and a reduction in foreign exchange exposure.
The principal risk of the Company arises from the single business structure and the single customer group.
The main exchange risk of the Company is its exposure to exchange rate movements. In the group company, the management set the specialised foreign exchange team to adopt market monitoring and forecasting strategies to manage foreign exchange risk. Since we have different kinds of currency for different entities, we manage these FX risks at the group level.
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LL PAY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The main financial key performance indicator is to stay cautious in operating expenses and cost and try to expand the business as well.
Administrative expenses decreased by approximately 13.19% to £892,167 (2024: £1,027,710), reflecting the effectiveness of the Company's cost-control measures implemented throughout 2025.
Staff retention is a KPI at the group level, however due to the limited amount of employees in the business and the companies current retention rates, no concerns have been identified.
This report was approved by the board and signed on its behalf.
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LL PAY UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £117,444 (2024: loss £926).
The net assets for the year ended 31 December 2025 were £637,768 (2024: £520,324).
The directors do not recommend the payment of a dividend for the year ended 31 December 2025 (2024: £Nil).
The Company is viewed as continuing in business for the foreseeable future with neither the intention nor necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations. The directors have considered the current cash position of the Company and its cash flow forecasts and remain confident that the Company will be able to meet its ongoing obligations as they arise for the next 12 months from the date of approval of the financial statements. As a result, the directors continue to prepare the financial statements on a going concern basis.
2026 and future business plans for LLUK
LLUK’s main task for 2026 is to build on the strength of its 2025 performance by expanding the depth and scale of our businesses and entering into more partnerships, offering better services to our merchants and partners. Specifically, we intend to allocate our resources and efforts in the following areas:
∙Support Lianlian International Company Limited in maintaining and enhancing the partnership with existing e-commerce platforms while continuing to expand our reach to new e-marketplace players. Currently, LLUK is only assisting the sales proceeds collection on behalf of Chinese and Hong Kong merchants. As more local merchants set up their UK presence (even though their operations remain situated in China/HK), we need to serve these merchants when and where they launch their UK operations. We strive to enhance collaboration with tier 1 e-commerce platforms to provide better client experiences. At the same time, our business development teams have been exploring ways to tap the local markets for new partnerships.
∙Collaborate with local PSPs to help them pay out to China. We leverage our unique strength in HK/China to help UK PSPs convert their payment into local currency and pay out to China, where the currency and payment are highly regulated. We believe that the demand for such service and the transaction value are potentially high. It is the plain vanilla type of services that do not call for a lot of customisation and should suit the lean business service model we intend to build for LLUK.
∙Expand our banking channels. By collaborating with the global banking partners team at the head office of the group, we will build more diversified banking channels that will match the risk profile and product capabilities of our customers.
The directors who served during the year were:
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LL PAY UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
We may experience challenges in executing our plan for 2026 and the future, such as:
∙Limited resources to explore local opportunities. Currently LLUK has only a lean team mainly to support the China originated business. In order to capture local UK opportunities, experienced and qualified sales staff may need to be added.
∙Collaboration with the head office team. Due to the time difference between UK and China, extra attention and effort need to be spent on improving communication efficiencies. Collaboration with the headquarter team is crucial as the UK office relies on support from the headquarters in product, IT, and marketing capabilities. It is also important that the UK personnel receive training at the headquarters for local market development, which may become a strain on the budget and manpower.
∙Ever-changing regulatory requirements. As we are in a regulated business, it is of utmost importance to keep track of the ever-changing regulatory requirements and make sure that our policies and procedures stay up to date to not only meet the regulatory requirements, but also to deliver to our customers the best user experiences we can.
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LL PAY UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the directors' report and the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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;
∙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 to 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.
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LL PAY UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LL PAY UK LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
We have audited the financial statements of LL Pay UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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LL PAY UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LL PAY UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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.
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.
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LL PAY UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LL PAY UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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:
∙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 relevant 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, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, health and safety legislation, Payment Services Regulations 2017 and Electronic Money Regulations;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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 a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HM Revenue and Customs and the company’s legal advisors.
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LL PAY UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LL PAY UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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 located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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LL PAY UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 26 form part of these financial statements.
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LL PAY UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
LL Pay UK Limited (the "Company") is a private Company limited by shares and incorporated in England and Wales. The address of its registered office is Browne Jacobson LLP, 15th Floor, 6 Bevis Marks, London EC3A 7BA. The principal place of business is 3rd Floor, 24 Chiswell St, London EC1Y 4TY.
The Company is principally engaged in the provision of payment processing services to assist the Chinese merchant clients of Lianlian International Company Limited to receive payment for goods purchased by their customers and also make payments to the tax authorities on their behalf.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
The Company’s policies for its major classes of financial assets and financial liabilities are set out below.
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial assets
Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ordinary shares are classified as equity
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Profit and loss account
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities.
During the years ended 31 December 2025 and 2024, related parties that the Company had the following related party transactions: Service income charged to Lianlian International Company Limited* of £3,144,895 in 2025 and £4,722,714 in 2024 respectively. *Lianlian International Company Limited is LL Pay UK's sister company under common control by Lianlian Pay Global Limited (Cayman), the immediate holding company.
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LL PAY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent undertaking,
Name Place of registration Full address of office
Lianlian Pay Global Limited Cayman Islands Cricket Square, Hutchins Drive, (Controlling party) PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands Lianlian DigiTech Co., Ltd Hangzhou, China (Ultimate parent) Binjiang District, Hangzhou, Zhejiang Province, PRC
There have been no significant events identified up to the date of the approval of the financial statements which would require adjustment to, or disclosure in the financial statements.
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