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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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PAYALLY LIMITED
COMPANY INFORMATION
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PAYALLY LIMITED
CONTENTS
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PAYALLY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present this Strategic report for the year ended 31 December 2024 with the goal of providing a balanced and comprehensive analysis of the company's development in its initial accounting periods and its future outlook. The review is consistent with the current size and nature of the business.
The principal activity of the company is that of providing e-commerce card acquiring, currency exchange, money transfer services and prepaid card issuing together with electronic money.
The company was authorised as a payment institution by the Financial Conduct Authority ('the FCA') on 3 July 2017 and then re-authorised by the FCA under PSD2 regulations on 14 February 2018. PayAlly Limited commenced trading on 7 November 2017. On 13 December 2021, the company was authorised to carry on electronic money activities under the Electronic Money Regulations 2011 (EMRs). The directors have taken every opportunity to progress the business in line with its business plan.
When, during 2023, a review of our systems suggested that they had not kept up entirely with the relatively rapid expansion of the business, the company decided to stop onboarding new clients until all systems had been adequately upgraded. The company did this with the full approval of the FCA and have now been assured by a third-party audit that the systems are now perfectly adequate for a business of our size. PayAlly Limited's development in the period consisted of continuing to expand its payments and acquiring infrastructure in order to enable the company to reduce costs and improve its competitive position in the market for the provision of services to small and medium companies and introduce new products. During the course of the period, the company has continued making improvements to the payments infrastructure, integration of alternative payment methods, and development of new products. PayAlly Limited's strategic focus continues to be on building a resilient, scalable, and technology-driven payments business, capable of supporting new products and competing effectively in an increasingly complex and regulated financial services environment. A core element of the company's strategy is the diversification of its services and product offering, with the objective of further expanding revenue streams and reducing dependency on any single product line. The company continuously evaluates market demand and regulatory feasibility when introducing new products to ensure sustainable and compliant growth. The investment in more sophisticated and scalable IT systems continues to be a significant focus. PayAlly Limited has continued to enhance its technology infrastructure to improve operational efficiency, strengthen reporting and monitoring capabilities to support future product expansion. As part of this effort, the company is exploring the implementation of artificial intelligence (AI)–based tools to improve internal efficiency, including transaction analysis, operational monitoring, customer onboarding support, and data-driven decision-making. The company has also invested in customer service and client experience by further strengthening internal processes, upgrading support tools, and continuing staff development. In parallel, PayAlly Limited has continued to collaborate selectively with regulated financial technology and digital asset service providers, where appropriate, to enhance its product ecosystem and remain aligned with evolving payment technologies, while maintaining a conservative risk appetite and robust compliance framework.
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PAYALLY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Overall, the company's forward strategy continues to focus on service and product diversification, technological advancement, operational excellence, and regulatory robustness, positioning PayAlly Limited to adapt effectively to market developments and deliver sustainable long-term value to stakeholders.
In order to support this forward strategy, the overall structure of the business being reassessed and rather than PayAlly Limited being the lead organisation, it will become an important part of an overall group. PayAlly Limited was set up in 2017 with a modest number of people and has grown into a significant organisation surrounded by a group of companies and with a much more significant number of staff and services. PayAlly Limited’s sister company, PA West Services Ltd., regulated by the Canadian authorities, continues to thrive in Canada with the support of the Group technology. Seeing the year-by-year progress in the development, it was decided some time ago that restructuring was necessary to facilitate the development and ensure group controls of daily work and regulatory compliance. This restructuring is close to being implemented. There will be a clear division of the Group's business activities by separating regulated financial services from other business activities, thereby reducing risk and increasing transparency. Restructuring plans, when fully designed, will be submitted for regulatory approval as necessary. The final structure will be such that it encourages the interest of outside investors, which will benefit the long-term prospects of the company and further development. Unfortunately, 2024 closed at a loss but, despite not onboarding since May 2023, 2025 is showing that PayAlly itself is once again becoming profitable and that trend will also encourage outside investors and a promising future.
Principal risks and uncertainties
The Board of Directors is responsible for the risk management policy of the company and approves the parameters within which the various aspects of risks are managed. During its normal course of business, the company is exposed to certain financial risks: earnings growth, operational, liquidity, credit and foreign exchange risks. Earnings growth risk There is a risk to both regulatory capital and shareholder value if the company is unable to grow its key business lines: payments (provision of payment account services, money transfers locally and internationally, currency exchange and issuance of prepaid cards) and acquiring (provision of online payment card acceptance for merchants, provision of alternative online payment method acceptance for merchants, provision of e-commerce gateway and provision of payout to payment cards). The Board of Directors has implemented an organic business growth model, where development costs and day-to-day operating expenses are growing in line with turnover growth. This ensures the company continues to meet its regulatory capital requirements and to comply with the FCA’s rules and is aligned with the growth in client payments turnover. Operational risk This is a risk of a direct or indirect loss resulting from inadequacies or failures of information technology systems, processes or controls due to hardware or software failure, staff or management, or external factors. To manage, monitor and control operational risks, the company maintains a framework of policies, procedures and controls which are designed to provide a sound and well controlled operational environment.
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PAYALLY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Liquidity risk
The company is not considered to have an elevated level of liquidity risk as the company's funds and safeguarded clients' funds in transit are kept in current accounts with vetted credit institutions. The directors maintain a policy of ensuring adequate availability of financial resources for the company's current and future obligations. Credit risk The company's primary credit risk is with its banking and acquiring partners. The company deploys various diversification methods and continues engaging with new credit institutions and acquiring partners to diversify possible credit risks. Careful partner assessment and monitoring procedures are in place to minimise any possible risks. Foreign exchange risk The company operates in a number of currencies and manages foreign exchange exposure by carefully matching assets and liabilities in each currency in order to avoid any exposure. All client foreign exchange transactions are executed on the spot, and the company never keeps an open currency position longer than needed to instruct the banking partner to execute the foreign exchange transaction at market rates.
The directors approve the annual budget and review performance against budget on a monthly basis. Similarly, key performance indicators, namely turnover, net profit and net assets are carefully monitored.
Turnover for the year amounted to €6,377,618 (2023: €5,262,771) and at the year end the company had net assets of €1,495,112 (2023: €2,299,175). Compared to the previous year, the gross revenue has increased by 21% (2023: decreased by 19%).
The directors confirm compliance with Section 172(1) of the Companies Act 2006 in that they acted in good faith promoting the success of the company for the benefit of its stakeholders, and in doing so had regard (amongst other matters) to:
• the likely consequence of any decision in the long term by ensuring that careful consideration was given to all aspects of the likely outcome when making decisions at board level and that those decisions were made in the best interests of the stakeholders; • the interests of the company's employees by ensuring that due consideration was given to employee equality, training, education and progress in the company, participation in shaping the company's strategy and product development, and endeavouring to maintain an employee sympathetic environment; • the provision of reliable, safe, affordable and fair products and services to its customers, by being continually attentive to the customer’s needs, developing new products and services, optimising and reducing fees for basic payment services, and promoting security of online payments; • the need to foster the company's business relationships with partners and suppliers by promoting mutually beneficial contractual arrangements, punctual settlement of invoices, sharing of industry insights and innovations; • the impact of the company's operations on the community and the environment by continually promoting reduction of environmental pollution by using electronic document workflow, reducing CO2 emissions by cutting unnecessary travel, particularly by airplanes, and promoting usage of public transportation by the company's employees; • the regulatory compliance of the company by maintaining timely and accurate reporting to the regulatory, government, and tax authorities, by maintaining a reputation for high standards of business conduct and integrity, by maintaining a professional approach to all matters by directors and employees at all levels; and • the need to act fairly as between shareholders of the company by maintaining standards that ensured no bias to any particular individual or group.
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PAYALLY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 30 September 2026 and signed on its behalf.
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PAYALLY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
The loss for the year, after taxation, amounted to €804,063 (2023 - loss €1,673,122).
The directors did not recommend any dividends during the year (2023 - €nil).
The directors who served during the year were:
Matters covered in the Strategic report The company has chosen, in accordance with s.414C(11) of the Companies Act 2006, to set out in the company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers, customers, and others.
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PAYALLY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Zenith Audit Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PAYALLY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAYALLY LIMITED
We have audited the financial statements of PayAlly Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, and Notes to the Financial Statements. 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).
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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PAYALLY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAYALLY LIMITED (CONTINUED)
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.
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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PAYALLY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAYALLY 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:
We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. We considered compliance with UK Companies Act 2006, the FCA Handbook, the Electronic Money Regulations 2011, the Payment Services Regulations 2017 and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. The engagement team considered the Company's obligations under the safeguarding requirements applicable to authorised electronic money instiutions and payment institutions when assessing the risk of material misstatement. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: - Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; - Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries; - Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; - Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud; - Reading selected correspondence with the Financial Conduct Authority where relevant. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions and override of internal controls.
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.
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PAYALLY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAYALLY LIMITED (CONTINUED)
The financial statements of the Company for the year ended 31 December 2023 were audited by another auditor who expressed an unmodified opinion on those financial statements on 3 March 2026.
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
Registered Auditors
3rd Floor North, Warwick House,
65/66 Queen Street,
EC4R 1EB
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PAYALLY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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PAYALLY LIMITED
REGISTERED NUMBER: 10600055
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 31 form part of these financial statements.
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PAYALLY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PAYALLY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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PAYALLY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PayAlly Limited is a private company limited by shares and is incorporated in England and Wales. Its company registration number is 10600055. The registered office and principal place of business of the company is 80 Coleman Street, London, United Kingdom, EC2R 5BJ.
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 judgment in applying the Company's accounting policies (see note 4).
The following principal accounting policies have been applied:
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on the going concern basis.
In assessing the appropriateness of the going concern basis, the directors have considered the Company's current financial position, forecast cash flows, forecast profitability, regulatory capital requirements and available sources of funding for a period of at least twelve months from the date of approval of these financial statements. The Company incurred a loss of €804,063 during the year ended 31 December 2024 (2023: loss of €1,673,122). The directors note that the losses incurred during 2023 and 2024 were significantly impacted by the Company's decision to suspend the onboarding of new customers while enhancements were made to its systems and control environment. This decision was taken following an internal review of the Company's infrastructure and was implemented with the knowledge and approval of the Financial Conduct Authority. During this period, the Company continued to invest in its technology platform, operational resilience and regulatory framework. The directors have reviewed detailed forecasts and cash flow projections which indicate that the Company is expected to generate sufficient liquidity and maintain compliance with its regulatory capital requirements throughout the assessment period. The forecasts reflect the continued operation of the business following the completion of the system enhancement programme and management's expectations regarding future trading performance. In addition, the directors have considered the ongoing financial support available from the Company's ultimate beneficial owner, who has confirmed their intention to provide financial support to the Company should such support be required to enable the Company to meet its obligations as they fall due. Having considered the Company's forecasts, available financial resources, regulatory capital position and the continued support of its ultimate beneficial owner, the directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Research expenditure is recognised as an expense in profit or loss in the period in which it is incurred.
Development expenditure incurred on internally developed software, payment-processing systems, technology platforms and related applications is capitalised as an intangible asset only when the Company can demonstrate all of the following: • the technical feasibility of completing the asset so that it will be available for use; • the intention to complete and use the asset; • the ability to use the asset; • how the asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete development; and • the ability to measure reliably the expenditure attributable to the asset. Capitalised development costs comprise directly attributable employee costs, contractor costs and other expenditure directly attributable to developing the asset. Expenditure incurred in maintaining existing systems, routine enhancements, bug fixes, support activities and research activities is recognised as an expense as incurred. Capitalised development costs are amortised on a straight-line basis over their estimated useful economic life of four years from the date the asset is available for use. The carrying value of development assets is reviewed for indicators of impairment at each reporting date and impaired where the recoverable amount is below the carrying amount.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised as it accrues and is presented within interest receivable and similar income in the Statement of Comprehensive Income.
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Amortisation is charged so as to allocate the cost of assets over their estimated useful lives, using the straightline method. As there is no active market for the assets, their residual value is considered to be €nil.
The assets' residual values, useful lives and amortisation 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 the profit or loss.
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.
The estimated useful lives range as follows:
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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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company receives and safeguards relevant customer funds in connection with its payment services and electronic-money activities. Funds that meet the applicable recognition criteria are presented within cash at bank, with a corresponding liability to customers recognised within creditors. Amounts receivable from banking, acquiring or other payment partners at the reporting date are recognised separately where the Company has an enforceable right to receive the funds. Customer funds and the related liabilities are not offset unless the applicable offsetting criteria are met.
Functional and presentation currency
The company's functional and presentational currency is Euros. Transactions and balances Foreign currency transactions are translated into the functional currency using the mid-market exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of transactions in foreign currencies are recognised in the profit or loss within turnover for the provision of currency exchange services and within administrative expenses for the procurement of currency exchange services. Foreign exchange gains and losses resulting from translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in the profit or loss as administrative expenses. Non-monetary assets and liabilities are translated at historic exchange rates if held at historic cost or periodend exchange rates if held at fair value, and the resulting foreign exchange gains or losses are recognised in the profit or loss as administrative expenses.
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
During the year, the directors completed a review of balances relating to customer funds held by the Company on behalf of a fellow group undertaking under a service arrangement between the parties. These balances were previously presented within customer payment account liabilities.
Following this review, it was concluded that the related end-customer relationships and associated obligations are the responsibility of the fellow group undertaking, which contracts directly with the end-customers and bears the related risks and rewards. Accordingly, the balances represent amounts payable to the fellow group undertaking rather than liabilities of the Company to the end-customers. Comparative figures have therefore been restated to reclassify €1,602,450 at 31 December 2023 from customer payment account liabilities to amounts due to group undertakings. The adjustment affects only the presentation of liabilities within the statement of financial position and has no impact on profit, total equity, net assets or cash flows. The directors considered areas involving estimation uncertainty or significant judgement to be in relation to: - Software development costs: capitalisation as an intangible asset is considered appropriate as these costs, which include staff costs (see note 7), meet the recognition criteria of an intangible asset in accordance with FRS 102; - Impairment of intangible assets: the directors assess whether any indicators of impairment exist and whether the carrying value of intangible assets continue to be supported by expected future economic benefits. The directors believe that there are no further areas involving estimation uncertainty or application of judgement.
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to the company's principal activity of providing Payment services.
Page 23
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
A potential deferred tax asset of €986,463 (2023 - €831,410) measured at 25% (2023 - 25%), being the rate that was substantively enacted at the reporting date, has not been recognised due to the current uncertainty over the availability of future taxable profits.
Page 26
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
The company had no contingent liabilities at 31 December 2024 or 31 December 2023.
The company had no capital commitments at 31 December 2024 or 31 December 2023.
Page 30
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PAYALLY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's immediate parent undertaking and ultimate parent undertaking is Andzejevski Holding OU, which is registered in Estonia and owns 100% of the issued share capital of the company.
In the opinion of the directors the ultimate controlling party is deemed to be Rafal Andzejevski.
Page 31
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