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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
COMPANY INFORMATION
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PXP FINANCIAL LIMITED
CONTENTS
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PXP FINANCIAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
PXP Financial Limited is part of the PXP Financial Group. The principal activity of PXP Financial Limited "the Company" is to provide payment services to businesses accepting electronic payments. In order to carry out that activity, the Company is regulated and licensed as a Payment Institution by the Financial Conduct Authority (FCA). It is a principal Member of Visa, MasterCard and Discover Diners and is PCI DSS compliant. The Company also works with strategic partners to help to deliver this service.
PXP Financial Limited is a complete, end to end payment service that helps businesses make and receive payments online globally and at Point of Sale terminals. PXP Financial Limited gives access to a wide variety of payment options including card payments and alternative payments and manages the entire payment flow in a secure environment for both its customers and its customers' customers.
The Company's operations are split into three main business areas:
• Global Gateway - providing a technical e- commerce payment gateway to merchants to connect them with payment providers in a safe and secure manner as well as providing consolidated risk, reconciliation and reporting services. • Card Acquiring - Processing Visa, MasterCard and Maestro branded credit and debit card transactions in eleven settlement currencies (EUR, USD, GBP, CHF, AUD, CAD, SEK, NOK, DKK, JPY, PLN). • Settlement Services - processing transactions via direct connections to alternative payment methods, providing a single combined settlement to merchants to enable them to offer a wide variety of alternative payment methods to customers without the need to contract and reconcile with those providers individually. PXP Financial Limited offers merchants a robust technical solution that allows it to operate 24 hours a day, 365 days a year, safely, securely and continuously.
Strategy
The Company maintains an ongoing focus on development of its payments platform, as well as its products and services, to continually strengthen its brand and appeal to customers, and to build on its ambitions, strengthen its position in the market and grow its geographical footprint. The Company is also committed to providing excellent customer service and developing long term partnerships with its customers and partners, building on its services and driving efficiency through further automation, and providing enhanced reporting and other value add services to its customers.
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PXP FINANCIAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
A key performance indicator for PXP Financial Limited is that of settled transaction numbers, which have increased by 24% (31 December 2024: increase by 29%) from the prior year. This increase is primarily attributable to the sustained growth in EU acquiring business throughout 2025.
During 2025 the Company has focused on the strategy agreed at the end of 2024 with its ultimate Shareholders. The Company's overall focus as part of a Group-wide strategic plan is to grow its the business through winning new customers and business, broadening the products and services offered to customers, and targeted expansion of the business's geographical footprint. During the year, the Company also focused on further re-investment in the business, building capacity and capability in key control and customer facing functions, and increasing financial performance and returns generated. This included, as part of a Group-wide initiative, further re-investment to support growth activity, including additional headcount with a focus on roles in Product and Sales and further investment in Development roles across the broader PXP Group. This is in addition to the commitment taken by the Group during H2 2023 to invest significantly in a multi-year programme to develop its proprietary processing platform technology and to develop a new proprietary platform, 'Unity'. The strategy also includes, as part of the Group's broader strategy, a focus on delivering a full omnichannel acquiring service to customers, including Point of Sale ('PoS') Acquiring, and development of payment orchestration capability, where in the Directors' view, there is a significant opportunity to deliver future revenue growth as well as expanding the Company's geographical footprint. To further support the growth agenda, the Group completed a major rebrand in early 2025, with the overall Group being re-branded to 'PXP Group'. In the Directors' view, the rebrand was an important component in positioning the Company and broader Group for significant future growth and in aligning the brand to the Company and Group's strategic and growth agendas. While the headline rate of cost inflation during 2025 remained significantly below the rates which had been evident in 2022 and 2023, it remained higher than longer term average rates and above the target set by the Bank of England. The Board maintained its focus on delivering additional operational synergies and efficiencies and to identify opportunities to streamline and reduce the Company's underlying overhead costs, while continuing to focus on operational and customer service, and product developments and enhancements. Furthermore, the Directors also recognise that the Company operates as an integral part of the broader PXP Group, whereby on a day to day basis the business is operated and managed as an overall combined Group, with decisions taken and each individual entity operating, with the aim of delivering the best financial and operational outcome for the Group overall.
Risk management is an integral part of managing our business and the PXP Financial Group formally maintains and reviews its risk register on a regular basis. Due to the nature of the financial products and technology-based solutions offered, key risks to the Company are the possibility of money laundering and fraud by external parties, and technology-related risks. In order to mitigate these risks, the Company has robust policies, procedures and monitoring processes in place.
IT Risk The Company is exposed to significant IT risks through the operation of its trading activities on a proprietary e- payment platform which it licences from PXP Financial Group Limited. Credit Risk Credit risk is the risk of financial loss to the Company that a customer or payment service provider will fail to meet their contractual obligations. The Company mainly has agreements with merchants to provide net settlement whereby the Company’s fees and charges are deducted before funds are settled to the merchant. This helps to reduce the risk to the Company, however there may be arrangements in place where the Company
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PXP FINANCIAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
settles funds prior to receiving them or is obligated to settle funds not yet received from other payment service providers. In specific instances where credit is provided through pre-funding, payment terms are agreed and these are monitored by the Company in order to reduce the risk.
Foreign Exchange Risk PXP Financial Limited aggregates and acquires transactions in multiple currencies. Wherever possible the Company will receive settlements from payment providers and card schemes in the same currency as the underlying transaction and will settle in this currency to its merchants. Some merchants may request settlement in a currency different from the underlying transaction and the Company is able to generate foreign exchange income via a margin applied to the currency exchange rates applied to the settlement balance. Foreign exchange risk also occurs when transactions are entered into which are not denominated in the functional currency of the Company. PXP Financial Limited aims to mitigate against this risk by naturally hedging its assets and liabilities. Liquidity risk PXP Financial Limited maintains sufficient cash and liquid resources to cover likely future settlements and working capital requirements. The Company also has the backing of the PXP Financial Group as well as of the Ultimate parent if required. Amounts owed to the Group are non current liabilities. Emerging risk As well as assessing ongoing risk, we also consider how the business could be affected by emerging risks over the longer term. These are risks which may develop but have a greater level of uncertainty attached to them. It is often possible to predict the potential impacts of emerging risks, but less possible to predict their likelihood, timing and velocity. An ongoing risk since 2022 has been the elevated level of global cost inflation. This has arisen, in the view of the Directors, due to the combination of a number of global and macroeconomic factors and no individual factor can be attributed as being the single underlying cause. The Company, along with the vast majority of businesses and individuals, has seen the impact of a global increase in costs, with the main impacts being in relation to staff cost inflation and energy prices as well as an increased rate of annual increases in other overhead costs. The Directors have taken steps to manage the impact of this, through actions to manage overall operating costs and identify cost efficiencies, as well as looking at opportunities to revise pricing of services provided by the Company to both new and existing customers. While the overall headline rate of inflation in 2025 was lower than the significantly elevated levels seen in 2022 and 2023, the rate of inflation remained higher than longer-term averages. In the first half of 2026, the rate of inflation has trended downwards but there remain significant global and macroeconomic factors which may cause this trend to reverse. The Board therefore continues to monitor the ongoing impacts of cost inflation and will take further actions as required to mitigate future increases in inflation. A further risk and factor of uncertainty which emerged in early 2025, was the announcement by the Trump administration of extensive proposed tariffs on its global trading partners. This created a level of uncertainty which was reflected in financial markets due to it being unclear as to how these tariffs would be implemented and the ultimate impact on the US's individual trading partners and the broader global economy. While the administration has made some changes to its original proposals in response to Court rulings and negotiations with a number of its trading partners, a degree of uncertainty remains. While the Company and wider PXP Group has not so far been directly impacted by these tariffs and existing proposals, the Directors continue to monitor the situation as it continues to develop, given the potential impacts on the Company and its customers and on the markets in which the Company operates and wider global economy. The ongoing conflict in Ukraine and escalation in early 2026 of the conflict in the Middle East creates broader potential risks and uncertainty for the markets in which the Company operates and for the global economy. The Company is exposed, whether directly or indirectly, to the existing and potentially emerging macroeconomic and
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PXP FINANCIAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
wider impacts arising from these ongoing conflicts.
As an FCA licenced payment institution, the Company is committed to fully adhere to all applicable regulations. PXP Financial Limited has well-established compliance and risk management processes, including clearly defined policies, procedures and controls, supported by the use of workshops, committees and regular, timely reporting to ensure that risks are identified, monitored and controlled on an on going basis and that significant risks are escalated to the Board of directors when necessary. The Board considers that the Company has complied with all applicable regulations throughout the year.
The directors, both collectively and individually, consider that they have always acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and whilst having regard for the stakeholders and other matters (as set out in s172(1) (a) (f) of the Companies Act 2006).
Stakeholder engagement is fundamental to all Board level discussions, our decision making process and successfully building a sustainable business model. In taking actions, the Board has consideration and regards, amongst other matters, to: • the likely consequences of any decision in the long term; • ensuring ongoing compliance with all of the Company’s regulatory and legal obligations; • the interest of the Company’s shareholders; • the interests of the Company’s employees; • the need to develop and maintain effective business relationships with suppliers, customers and others; • the need to act fairly with all internal and external stakeholders.
This report was approved by the board and signed on its behalf.
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PXP FINANCIAL 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 Directors who served during the year were:
The profit for the year, after taxation, amounted to €2,825,193 (2024 - €2,012,911).
The Directors consider the state of the company’s affairs during the year and the financial position at the end of the year to be satisfactory. The Directors do not recommend the payment of a dividend.
Building long term and effective relationships with the Company’s customers and suppliers is a key focus area and the Board believes this is critical to delivering on long term sustainable growth and success of the business.
Customer engagement Building strong and long term relationships with customers is a key priority for the Company. The Board strongly believes that a focus on excellent service and engagement with customers is a way in which the Company can differentiate itself and build long term relationships with its customers. We invest significant time, effort and resources in providing high levels of service to our customers and providing and developing products and services which meet the needs of our customers. We proactively collect feedback from customers on the service and products the Company provides, both informally and more formally, through regular and recurring engagement with customers including 1:1 meetings and calls, Monthly / Quarterly Business Reviews and Customer Satisfaction Surveys. This feedback is used to look at ways in which we can further improve our service and product offerings. Supplier engagement The Company has established long term relationships with its key suppliers which include banking partners, technology hardware and software providers, and providers of other services which are key to the Company’s provision of payment processing and technology solutions to its end customers. In addition, the Company has key long term relationships with Card Schemes and Alternative Payment Providers which are integral to the operation of its business. Our approach is to develop and maintain effective business relationships with our suppliers to ensure the Company obtains value, quality and consistency in the service it receives from all of its suppliers. We treat suppliers fairly and pay them on time and agree payment terms with suppliers at the onset of our relationship.
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PXP FINANCIAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors are responsible for preparing the Strategic Report, 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 101 ‘Reduced Disclosure Framework’. 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 judgments 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.
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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PXP FINANCIAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PXP FINANCIAL LIMITED
We have audited the financial statements of PXP Financial Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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PXP FINANCIAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PXP FINANCIAL LIMITED (CONTINUED)
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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PXP FINANCIAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PXP FINANCIAL LIMITED (CONTINUED)
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 Auditors' 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:
• Enquiry of management around actual and potential litigation and claims; • Reviewing minutes of meetings; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias: and • Reviewing our work throughout the audit file for evidence of non-compliance. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 Auditors' 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 Auditors
Causeway House
1 Dane Street
Hertfordshire
CM23 3BT
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PXP FINANCIAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
REGISTERED NUMBER: 05433326
STATEMENT OF FINANCIAL POSITION
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 13 to 28 form part of these financial statements.
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PXP FINANCIAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is a private company limited by shares and is domiciled and incorporated in England and Wales. The address of its Registered Office is The Corn Mill, 1 Roydon Road, Stanstead Abbotts, Hertfordshire, SG12 8XL, UK.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of PXP Financial Group Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company made a profit after tax for the year of €2,825,193 (2024 - €2,012,911) and had net current assets as at 31 December 2025 of €8,448,563 (2024 - €5,585,102 (as restated)).
The Company’s strategy is to grow its business through increasing revenue with its existing customers, including offering additional services to those customers, as well as winning business with new customers. The Company also looks to grow ongoing revenue through developing new product offerings, signing agreements with partners to be able to white-label additional services and offer those to customers, and broadening the market sectors and verticals in which the Company operates. The Company also operates under the terms of a master agreement with a partner which holds a Payment Service Provider licence regulated by the Financial Market Authority in Austria and, which under passporting rules, allows it to provide services to customers across the EEA. This provides the Company with access to a licence under which it can offer services to EEA customers via its partner and where under the terms of the agreement, the Company, as a principal member of Visa, Mastercard and Discover Diners, provides sponsorship of the partner as an Associate member of these card schemes. The Directors expect this to positively impact the future revenue and financial performance of the Company as a result of a share of net revenue earned on transactions processed under the agreement. The Company's 100% owned subsidiary, PXP Financial Inc, through which revenues from the Group’s US operations are generated continues to deliver solid ongoing financial performance and profitability. The results of PXP Financial Inc. are consolidated in the PXP Group results but are not consolidated in the results presented for the Company. These accounts are prepared on a going concern basis. The Directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which in the Directors’ opinion are prepared based around prudent assumptions which demonstrate that the Company is cash generative over this period.
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue represents amounts chargeable in respect of services to customers and is recognised in the accounting period in which the services are rendered as this represents the way that control passes to customers. If the services rendered exceed the payments, a contract asset is recognised (note 17). If the payments exceed the services rendered, a contract liability is recognised. The company has three revenue models – payment gateway, aggregation services and card acquiring. The payment gateway service offers the merchant a technical connection to many payment providers via the technical payment platform. This service may be charged on a fixed fee or per transaction with the revenue recognised and invoiced accordingly on a monthly basis. The aggregation service offers the merchant a turnkey payment processing solution where technical and commercial relationships are handled by the company including a full cash management service. This service may be offered on a gross or net settlement basis and the revenue is recognised once the transaction is captured in the system. As a card acquirer for Visa and MasterCard and Discover Diners, the company can directly enter into contracts with merchants to offer merchant acquiring services. Customers are charged a fee on a transactional basis and revenue is recognised once the transaction is captured in the system. All revenue is derived from continued operations.
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.
The company’s ordinary shares are classified as equity instruments.
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Transactions entered into by the company in a currency other than the currency of the primary economic environment in which it operates (their “functional currency”) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the reporting date. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in profit or loss.
As at 1 January 2017, the company changed its functional currency from GBP to EUR. On translation of the brought forward reserves this resulted in a currency translation adjustment being made which is reflected within the Foreign exchange reserve.
Amortisation is provided on the following bases:
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.
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
• Payables classified as accruals and deferred income (note 19).
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The whole of the turnover is attributable to continued operations and relates to the rendering of services.
Analysis of turnover by country of destination:
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
The Company has estimated tax losses of €2.1m (2024 - €4.2m) available to set against future profits. A deferred tax asset of €515,653 (2024 - €0) has been recognised in respect of these losses, calculated at the applicable corporation tax rate of 25%.
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Foreign exchange reserve
Profit and loss account
During the year, the directors identified that certain development costs totalling €277,089 previously recognised within intangible assets related to intellectual property owned by the parent undertaking. As the Company was not the economic owner of these assets, the costs should have been recognised as an amount recoverable from the parent undertaking rather than as intangible fixed assets.
Accordingly, the comparative figures have been restated to derecognise the intangible assets and recognise a corresponding receivable due from the parent undertaking. The adjustment has no impact on the Company's profit for the year, net assets, or shareholders' funds, as it represents a reclassification between balance sheet captions.
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PXP FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to €30,603 (2024 - €25,082). Contributions totalling €9,556 (2024 - €5,000) were payable to the fund at the reporting date and are included in creditors.
The Company's immediate holding company is PXP Financial Group Limited, a company incorporated in the England and Wales. Copies of the Group financial statements of PXP Financial Group Limited are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The Company's ultimate controlling parties are Omar Ali Chohan and Marisa Montrivisai-Chohan.
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