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Registered number: 07414743
DIXIPAY LTD
UNAUDITED
DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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DIXIPAY LTD
COMPANY INFORMATION
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Sharon Maria O'Connor (resigned 13 February 2026)
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Beata Irimi (resigned 1 May 2026)
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Ahmad Mirza Sadique (appointed 19 January 2026)
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Ludmila Gudima (appointed 2 February 2026)
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DIXIPAY LTD
CONTENTS
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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DIXIPAY LTD
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 principal activity of the company in the year under review was that of providing electronic payment services.
The company has been authorised and regulated by Financial Conduct Authority ("FCA") under the Payment Services Regulations 2017 for provision of payment services. The Company offers variety of electronic services including debit cards, payment accounts, online money remittances, e-commerce services across the globe through the internet.
The Company safeguards consumers funds in accordance with Payment Services Regulations 2017. It has established safeguarding accounts with its bankers for this propose.
The loss for the year, after taxation, amounted to €557,960 (2024 - profit €28,540).
In 2025, the directors approved interim dividends of Nil (2024: EUR 1,217,943) for the year ending 31 December 2025.
The directors who served during the year were:
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Sharon Maria O'Connor (resigned 13 February 2026)
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Beata Irimi (resigned 1 May 2026)
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Business review and post balance sheet events
During the year, the company saw a significant decline in its revenue due change in some banking partners and transfer network. The Company is currently in process to open a banking facility to enable smooth processing of SEPA transactions.
Post year end, the company continued to see a significant decline in its revenue due change in some banking partners and transfer network. The Company is currently in process to open a banking facility to enable smooth processing of SEPA transactions. However, in the last quarter of 2025, the Company has also concluded an agreement with Mastercard and will be entering into card issuing business in early 2026.
Futher, we have seen significant macro-economic uncertainty as a result of the conflict in Ukraine. The scale and duration of this development remains uncertain and could impact the earnings and the cash flow.
Going Concern
The financial statements of the Company have been prepared on a going concern basis. The directors have reviewed and examined the financial forecasts of the business and the level of liquidity underpinning the financial position. On this basis the directors consider that the adoption of the going concern basis, covering a period of atleast 12 months from the date of the approval of the financial statements, is appropriate.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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DIXIPAY LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on 14 October 2026 and signed on its behalf.
Ahmad Hassan Soliman
Director
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DIXIPAY LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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(Loss)/profit for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 8 to 18 form part of these financial statements.
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DIXIPAY LTD
REGISTERED NUMBER: 07414743
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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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 Company's financial statements have been prepared in accordance with the 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 14 October 2026.
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DIXIPAY LTD
REGISTERED NUMBER: 07414743
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The notes on pages 8 to 18 form part of these financial statements.
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DIXIPAY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 8 to 18 form part of these financial statements.
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DIXIPAY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 8 to 18 form part of these financial statements.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Dixipay Ltd, is a private company, limited by shares reigstered in England & Wales. The Company's registered office and registered number can be found on the Company Information page.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The Company's functional and presentational currency is Euros.
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.
Going Concern
After reviewing the forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
The following principal accounting policies have been applied:
The Company is involved in transaction processing services where the Company's main performance obligation is to stand ready to provide electronic payment services as the timing and quantity of transactions to be processed is not determinable at the inception of the contract. The payment services comprise a series of distinct services that are substantially the same and have the same pattern of transfer to the customer over time. As the Company's obligation to its customers is to perform processing variable quantity of electronic payments, the consideration received is contingent on customer's use. As such, the price of total transactions under a contract is variable. The Company allocates the variable fees charged to the period in which it has contractual right to bill under the contract, which is typically at the point of transaction.
The directors assessed whether the Company has a promise under the contract with its customers to provide the payment services itself as a principal or to arrange the services to be provided by the third party by acting as an agent. In this assessment, the Company evaluated indicators including whether the Company or the third party is primarily responsible for fulfilment of the contract and the extent to which company have discretion over determining the pricing of the goods or services, as well as other considerations.The directors concluded that the Company is the principal and should present the revenue on a gross basis mainly due to the fact that the Company has the control over the services before it is transferred to the customer.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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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 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.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which ranges from 6 to 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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Internally developed software
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The Intangible assets relate to internally developed software and initial set up fees paid to the payment processor partners which enable the Company to provide its payment services. Estimated useful life of intangible assets are reviewed on an annual basis by the Directors.
Before deciding to capitalise the development costs, the management assessed the development costs against following recognition criteria:
- Future economic benefits from the asset are probable,
- Cost can be measured reliably,
- Management intends to complete and use the asset,
- The company has adequate and available resources to complete and use the asset,
- The management has the ability to use the asset,
- The software is technically feasible to complete.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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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Cash and cash equivalents
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Cash and cash equivalents comprise cash in hand and at bank, market deposits and other short-term bank deposits with an original maturity of three months or less and therefore are subject to an insignificant risk of changes in value.
Trade and other debtors comprise amounts due from clients arising from trading activities and collateral amounts deposited in special accounts opened at suppliers. All debtors except for trade are categorised as loans and receivables and initially measured at cost and are subsequently measured at amortised cost using the effective interest rate method where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.The effective interest rate is the rate that discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount
Segregated account funds represents amount held in segregated bank accounts, which represent funds held on behalf of consumers and merchants. These segregated bank accounts are segregated from operating funds. In compliance with the safeguarding provisions within the Financial Conduct Authority ("FCA") and Payment Services Regulations 2017, the company is required to safeguard funds which are received from consumers and merchants which have not yet been disbursed to the intended recipient.
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Trade and other creditors
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Trade and other creditors comprise obligation to pay suppliers for goods and services used in the ordinary course of business and money transfers from consumers and merchants not yet disbursed to intended recipient. These are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The operating (loss)/profit is stated after charging:
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Depreciation & amortisation
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Other operating lease rentals
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Staff costs, including directors remunerations, were as follows:
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Office and Administration
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Current tax on profits for the year
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Adjustments in respect of previous periods
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
6.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Unrelieved tax losses carried forward
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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At the end of the year, the directors have reviewed the carrying values of intangible assets for potential impairment and have concluded that no impairment is required.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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Due after more than one year
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cash and Cash equivalents
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As at the year end, €343,605 (2024: €1,777.509) of customer funds were in transit and credited to client account soon after the year end.
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Creditors: Amounts falling due within one year
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Amounts owed to directors
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Other taxation and social security
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Accruals and deferred income
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Other creditors comprise of commission payable to the merchants and liabilities towards merchants in respect of monies not yet disbursed to the intended recipient.
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Allotted, called up and fully paid
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352,100 (2024 - 352,100) Ordinary shares of £1.00 each
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Interim dividends of Nil (2024: €1,217,943) were paid during the year.
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DIXIPAY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Related party transactions
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The company owes amount of Eur 196,456 (2024: Nil) to Ahmed Soliman Hassan, a director of the company, in respect of advances made by him.
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The ultimate controling party is Ahmad Hassan Soliman, the director and majority shareholder of the Company.
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Post Balance-sheet events
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Post year end, the company continued to see a significant decline in its revenue due change in some banking partners and transfer network. The Company is currently in process to open a banking facility to enable smooth processing of SEPA transactions. However, in the last quarter of 2025, the Company has also concluded an agreement with Mastercard and will be entering into card issuing business in early 2026.
Futher, we have seen significant macro-economic uncertainty as a result of the conflict in Ukraine. The scale and duration of this development remains uncertain and could impact the earnings and the cash flow.
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