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Registered number: 15045185
ZEAM LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2025
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ZEAM LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ZEAM LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Zeam Limited for the year ended 31 December 2025 which comprise the Balance sheet from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Zeam Limited, as a body, in accordance with the terms of our engagement letter dated 01/06/2026. Our work has been undertaken solely to prepare for your approval the financial statements of Zeam Limited and state those matters that we have agreed to state to the Board of directors of Zeam Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zeam Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Zeam Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Zeam Limited. You consider that Zeam Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Zeam Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Finovate Advisory Ltd
JNF O'Kennedy BFP ACA
ICAEW: 9325679
3 Queen Square
Bath
Bath and North East Somerset
England
BA1 2HN
22 June 2026
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ZEAM LIMITED
REGISTERED NUMBER: 15045185
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Reserves and digital assets
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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ZEAM LIMITED
REGISTERED NUMBER: 15045185
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 June 2026.
Daniel Antonie van Tonder
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The notes on pages 4 to 10 form part of these financial statements.
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Zeam Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The Company address of its registered office of business is Office 4, 3/F Coachworks Arcade, Northgate Street, Chester, CH1 2EY. The Company's trading address is the same as the registration address. Company registration number 15045185.
The principal activity of the Company is that of a holding company, providing strategic oversight, funding and support to its subsidiary undertakings.
The financial statements are prepared in Pounds Sterling as this is the functional currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
2.Accounting policies
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Basis of preparation of financial statements
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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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Digital assets comprise tokens, stablecoins and other crypto-assets held by the Company for trading, treasury, liquidity management or settlement purposes. Digital assets are classified as current assets and are initially recognised at cost.
Subsequent to initial recognition, Digital assets are measured at fair value using the closing market spot rate at the reporting date. Movements in fair value, including realised and unrealised gains and losses, are recognised in the profit and loss account / income statement in the period in which they arise.
Digital assets denominated in currencies other than Pounds Sterling are translated into Pounds Sterling at the closing exchange rate at the reporting date.
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue represents amounts receivable for finance services, treasury services, offramp services and other support services provided to group undertakings and third parties in the ordinary course of business. Revenue is recognised when the relevant services have been provided and the amount of consideration can be measured reliably. Revenue is measured at the fair value of consideration received or receivable, net of value added tax and other sales taxes where applicable.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in subsidiary undertakings are stated at cost less accumulated impairment. The carrying value of investments is reviewed at each reporting date for indicators of impairment. Where impairment indicators exist, the recoverable amount is assessed, and any impairment loss is recognised in the income statement.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Stablecoins and other digital assets are not classified as cash and cash equivalents solely by virtue of being designed to maintain a value by reference to a fiat currency. Stablecoins are included within cash and cash equivalents only where the Company has a direct contractual relationship with the issuer or authorised redemption counterparty, the stablecoins are redeemable at a fixed one-to-one value into fiat cash, the redemption is available on demand or within 24 hours without material penalty or restriction, and management considers the risk of changes in value to be insignificant. In making this assessment, management considers the legal enforceability of redemption rights, the issuer and reserve asset quality, redemption history, custody and access arrangements, any restrictions or suspension rights, and whether the stablecoins are held for the purpose of meeting short-term cash commitments.
Stablecoins that do not meet all of these criteria are presented separately within current assets as digital assets and are accounted for in accordance with the Company’s accounting policy for digital assets.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Investments in subsidiary companies
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The investment in the subsidiary was assessed for impairment during the year following the decision to cease trading activity and place the subsidiary into dormancy. As a result, the carrying value of the investment was written down to its estimated recoverable amount, with an impairment charge recognised in the income statement for the year.
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The following were subsidiary undertakings of the Company:
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Paytec Services (Pty) Ltd
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Paytec Treasury (Pty) Ltd
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Zeam Payment Technology (Pty) Ltd
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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2 Aug 2023 to 31 Dec 2024
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Due after more than one year
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Amounts owed by group undertakings
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These loans are unsecured, bear interest and have no fixed terms of repayments.
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2 Aug 2023 to 31 Dec 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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These loans are unsecured, bear interest and have no fixed terms of repayments.
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Reserves and digital assets
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
6.Reserves and digital assets (continued)
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Capital adequacy
Segregated EUR issued token reserves - £52,510 (2024: £Nil)
Own issued tokens - EUR (as per note 6) - £51,885 (2024: £Nil)
Reserve assets to token liability ratio - 1.01 (2024: Nil)
Segregated BTC issued token reserves - £98,843 (2024: £Nil)
Own issued tokens - BTC (as per note 6) - £96,857 (2024: £Nil)
Reserve assets to token liability ratio - 1.02 (2024: Nil)
The company maintains reserve assets backing its own issued token liabilities. The reserve assets held for each issued token asset class exceeded the related liabilities throughout the reporting period.
EUR Issued Token Reserves
EUR Issued Token Reserves consist of EUR deposits sitting in a call account with Investec as well as EURC stablecoins held. EURC is a EUR-pegged digital asset, as an underlying reserve asset. EURC is designed to maintain a stable value of one Euro per token and is backed by cash and cash equivalent assets held by its issuer. The Company holds EURC as a component of its reserve assets due to its liquidity, on-chain settlement efficiency, and alignment with the Company’s digital asset infrastructure. The Company continuously monitors he credit, liquidity, and operational risks associated with EURC and its issuer, and maintains governance and risk management frameworks to ensure that reserve assets remain appropriate to support the outstanding issued tokens.
BTC Issued Token Reserves
The Company’s BTC-denominated issued tokens are fully backed by reserve assets held to support a 1:1 value with BTC. As part of this reserve structure, the Company utilises BTC as underlying reserve assets.
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Cash and cash equivalents
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2 Aug 2023 to 31 Dec 2024
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ZEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: Amounts falling due within one year
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2 Aug 2023 to 31 Dec 2024
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Amounts owed to group undertakings
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Amounts owed to other participating interests
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Other taxation and social security
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Own issued tokens - EUR - £51,885 (2024: £Nil)
Own issued tokens - BTC - £96,857 (2024: £Nil)
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Creditors: Amounts falling due after more than one year
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2 Aug 2023 to 31 Dec 2024
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Amounts owed to group undertakings
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These loans are unsecured, bear interest and have no fixed terms of repayments.
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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