REGISTERED NUMBER: OC444518 (England and Wales)

STERBEY LLP

Report of the Members and

Financial Statements

For The Year Ended 31 December 2025

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Reconciliation of Members' Interests

10

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DESIGNATED MEMBERS:

Firida Inc

G R Shedden

REGISTERED OFFICE:

C/O Bulldog Global Financial Services

(Uk) Ltd

Birchin Court

20 Birchin Lane

London

EC3V 9DU

REGISTERED NUMBER:

OC444518 (England and Wales)

AUDITORS:

Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

The members present their report with the financial statements of the LLP for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

Sterbey LLP is a cross-border payments processor, enabling international merchants access end users (customers) in Latin America.

Though the LLP is registered in the U.K., its business consists solely of the provision of payment processing services to customers outside the U.K.

During 2025, the LLP has operated in Business to Business ("B2B"). The LLP offers several alternative payment methods, through collaboration and technical integration with regional financial institutions and acquiring banks; i) locally issued credit and debit cards ii) online bank transfers from end users bank accounts iii) invoices issued by the merchant, paid by the user in local regulated banks.

The objective of the LLP focuses on providing alternative payment methods to end users who are typically unbanked or underbanked, and therefore do not have international credit/debit cards and find it difficult to purchase digital goods on international websites.

Following regulatory changes in Brazil effective from 1 January 2025, the LLP ceased processing certain categories of transactions and continued to process its remaining cross-border activity, resulting in a significant decrease in turnover and associated cost of sales for 2025.

DESIGNATED MEMBERS

The designated members during the year under review were:

Firida Inc

G R Shedden

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The loss for the year before members' remuneration and profit shares was $224,642 (2024 as restated - $28,924,703 profit).

MEMBERS' INTERESTS

The members' drawings policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

A members' capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed.

Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares during the year in which it is made, the balance of profits being distributed after the year, subject to cash requirements of the business.

STREAMLINED ENERGY AND CARBON REPORTING

As the LLP has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Hilden Park Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

G R Shedden - Designated member

21 October 2026

Opinion

We have audited the financial statements of Sterbey LLP (the 'LLP') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 December 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page three, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members are responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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 obtained an understanding of the legal and regulatory frameworks that are applicable to the limited liability partnership, and determined that the most significant which have a direct material effect on the amounts and disclosures in the financial statements are the Companies Act 2006, the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in May 2024 and The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We also identified other laws and regulations which do not have a direct effect on the amounts and disclosures in the financial statements, but which compliance is fundamental to the entity's operations including Data Protections Laws (including UK General Data Protection Regulation (GDPR)) and enquires were made with management regarding procedures in place to ensure compliance.

Having reviewed the laws and regulations applicable to the limited liability partnership, we designed and performed audit procedures to obtain sufficient appropriate evidence. Specifically we:

- Assigned an engagement team to the audit that collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

- Enquired with management on any non compliance with laws and regulations.

- Reviewed the legal expense accounts and legal correspondence to identify potential litigation or claims involving the entity.

- Reviewed internal policies and procedures and external guidance.

- Reviewed the completeness and accuracy of associated disclosures made in the financial statements.

We assessed the susceptibility of the limited liability partnership's financial statements to material misstatement and fraud and in doing so:

- Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired with management as to any known or suspected instances of fraud and their assessment of fraud risk.

- Considered whether management have incentives and opportunities to manipulate financial results and determined the key audit risks related to completeness of income, management override of controls and intercompany balances.

- The risk of management override of controls has been reviewed and audited, including through testing journal entries, accounting estimates and other adjustments for appropriateness. Furthermore, analytical procedures were undertaken to identify any unusual or unexpected relationships and transactions and the rationale behind these was investigated.

- The risk of completeness of income has been reviewed and audited, including through substantive testing, along with a review of the appropriateness of the accounting policy concerning income recognition and completing detailed cut off testing either side of the balance sheet date.

- Designed and performed audit procedures to obtain sufficient appropriate evidence including substantive testing in relation to the intercompany balances.

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains 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, override of controls, 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 Report of the Auditors.

Use of our report

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Matthews Bsc FCA (Senior Statutory Auditor)

for and on behalf of Hilden Park Accountants Limited

Hilden Park House

79 Tonbridge Road

Hildenborough

Tonbridge

Kent

TN11 9BH

22 October 2026

TURNOVER

3

966,135

85,334,001

Cost of sales

(35,508

)

56,737,916

GROSS PROFIT

1,001,643

28,596,085

Administrative expenses

1,252,140

(278,221

)

OPERATING (LOSS)/PROFIT

5

(250,497

)

28,874,306

Interest receivable and similar income

25,855

50,397

(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(224,642

)

28,924,703

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(224,642

)

28,924,703

FIXED ASSETS

Investments

8

74

74

CURRENT ASSETS

Debtors

9

1,465,692

27,405,920

Cash at bank and in hand

227,849

3,058,893

1,693,541

30,464,813

CREDITORS

Amounts falling due within one year

10

1,688,727

27,607,149

NET CURRENT ASSETS

4,814

2,857,664

TOTAL ASSETS LESS CURRENT LIABILITIES

4,888

2,857,738

PROVISIONS FOR LIABILITIES

11

4,697

810,180

NET ASSETS ATTRIBUTABLE TO MEMBERS

191

2,047,558

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

54

2,047,421

MEMBERS' OTHER INTERESTS

Capital accounts

137

137

191

2,047,558

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

54

2,047,421

Members' other interests

137

137

Amounts due from members

9

(1,303,917

)

-

(1,303,726

)

2,047,558

The financial statements were approved by the members of the LLP and authorised for issue on 21 October 2026 and were signed by:

G R Shedden - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

$

$

$

Balance at 1 January 2025

137

-

137

Loss for the financial year available for discretionary division among members

-

(224,642

)

(224,642

)

Members' interests after loss for the year

137

(224,642

)

(224,505

)

Other divisions of loss

-

224,642

224,642

Drawings on account and distributions of profit

-

-

-

Balance at 31 December 2025

137

-

137

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

$

$

Amount due to members

2,047,421

Amount due from members

-

Balance at 1 January 2025

2,047,421

2,047,558

Loss for the financial year available for discretionary division among members

-

(224,642

)

Members' interests after loss for the year

2,047,421

1,822,916

Other divisions of loss

(224,642

)

-

Drawings on account and distributions of profit

(3,126,642

)

(3,126,642

)

Amount due to members

54

Amount due from members

(1,303,917

)

Balance at 31 December 2025

(1,303,863

)

(1,303,726

)

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

$

$

$

Balance at 1 January 2024

137

-

137

Profit for the financial year available for discretionary division among members

-

28,924,703

28,924,703

Members' interests after profit for the year

137

28,924,703

28,924,840

Other divisions of profit

-

(28,924,703

)

(28,924,703

)

Drawings on account and distributions of profit

-

-

-

Balance at 31 December 2024

137

-

137

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

$

$

Amount due to members

4,691,163

Amount due from members

-

Balance at 1 January 2024

4,691,163

4,691,300

Profit for the financial year available for discretionary division among members

-

28,924,703

Members' interests after profit for the year

4,691,163

33,616,003

Other divisions of profit

28,924,703

-

Drawings on account and distributions of profit

(31,568,445

)

(31,568,445

)

Amount due to members

2,047,421

Amount due from members

-

Balance at 31 December 2024

2,047,421

2,047,558

Cash flows from operating activities

Cash generated from operations

2

269,743

33,929,438

Net cash from operating activities

269,743

33,929,438

Cash flows from investing activities

Interest received

25,855

50,397

Net cash from investing activities

25,855

50,397

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(3,126,642

)

(31,568,445

)

Net cash from financing activities

(3,126,642

)

(31,568,445

)

(Decrease)/increase in cash and cash equivalents

(2,831,044

)

2,411,390

Cash and cash equivalents at beginning of year

3

3,058,893

647,503

Cash and cash equivalents at end of year

3

227,849

3,058,893

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Any drawings on account or distribution of profits are classified as financing cash flows and consistently applied as such.

2.	RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

$

$

(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members

(224,642

)

28,924,703

Decrease in provisions for liabilities

(805,483

)

(627,819

)

Finance income

(25,855

)

(50,397

)

(1,055,980

)

28,246,487

Decrease in trade and other debtors

27,244,145

4,604,949

(Decrease)/increase in trade and other creditors

(25,918,422

)

1,078,002

Cash generated from operations

269,743

33,929,438

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

$

$

Cash and cash equivalents

227,849

3,058,893

Year ended 31 December 2024

31.12.24

1.1.24

as restated

$

$

Cash and cash equivalents

3,058,893

647,503

4.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

$

$

$

$

Net cash

Cash at bank

and in hand

3,058,893

(2,831,044

)

227,849

3,058,893

(2,831,044

)

227,849

Net funds (before

members' debt)

3,058,893

(2,831,044

)

-

227,849

Loans and other debts

due to members

Other amounts

due to members

(2,047,421

)

3,126,642

(1,079,275

)

(54

)

Net funds

1,011,472

295,598

(1,079,275

)

227,795

1.	STATUTORY INFORMATION

Sterbey LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in US Dollars, which is the functional and presentational currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest $.

Significant judgements and estimates

In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Gross revenues from payment processing

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Gross revenue is earned from two different streams:

Transaction fees - charged to the merchants for the provision of the payment services, recognised when a transaction is entered into by the customer with the merchant; and

Foreign exchange conversion fees - represent the charges on converting the transaction payments from local to international currency, which are recognised at the time of the transaction.

Net revenues from payment processing

Net revenues represent the gross revenues less the cost of sales payable by the company to process the transactions.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the limited liability partnership), then revenue is recognised when the event occurs.

Financial instruments

The limited liability partnership only has financial instruments which are classified as basic financial instruments.

Basic financial assets include debtors and cash and bank balances and basic financial liabilities include creditors.

Short-term debtor and creditors are measured at the settlement value and are not amortised. Any losses from impairment are recognised in the statement of comprehensive income.

Foreign currencies

Assets and liabilities in currencies other than US Dollars are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than US Dollars are translated into US Dollars at the rate of exchange ruling at the date of transaction. Gains and losses arising on translation in the period are included in profit or loss.

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts, Bank overdrafts are shown within borrowings in current liabilities.

Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities.

Losses are automatically divided as they arise giving the LLP the right to seek payment from members. Therefore they are presented within members’ remuneration charged as an expense and, to the extent they remain unpaid and are considered recoverable, shown as debtors in the Statement of Financial position and as amounts due from members within members’ interests.

The members’ participation rights that are classified as liabilities are repayable upon demand, or at short notice (e.g. upon termination of membership), and as such whilst they are financing transactions, the effect of discounting is considered immaterial and so they are not discounted to present value.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests’.

3.

TURNOVER

The turnover and loss (2024 - profit) for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by class of business is given below:

2025

2024

as restated

$

$

Payment processing revenue

966,135

85,334,001

966,135

85,334,001

An analysis of turnover by geographical market is given below:

2025

2024

as restated

$

$

Latin America

966,135

85,334,001

966,135

85,334,001

4.	EMPLOYEE INFORMATION

There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

The average number of employees during the year was NIL (2024 - NIL).

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025

2024

as restated

$

$

Auditors' remuneration

13,445

59,991

Other non-audit services

2,690

-

Foreign exchange differences

872,651

(923,306

)

6.	INFORMATION IN RELATION TO MEMBERS

2025

2024

as restated

The average number of members during the year was

2

2

7.	PRIOR YEAR ADJUSTMENTS

A prior year adjustment has been made in respect of the foreign exchange transaction taxes and broker cost provision. Per the signed 2024 financial statements this balance was included within creditors falling due within one year, however this has been reclassified to provisions for liabilities as fulfils the criteria of a provision due to its uncertain timing.

In addition a further prior year adjustment has been made to reduce the balance by $627,819 as in January 2025 a proportion of the funds were settled through a settlement mechanism on which such taxes did not arise. Therefore this has been removed from the balance at 31 December 2024 as an adjusting post balance sheet event as the foreign exchange transaction taxes provision originally included is not a liability at 31 December 2024.

The restated balance for creditors falling due within one year is a decrease of $1,437,999 from $29,045,148 to $27,607,149, with other creditors decreasing from $1,640,658 to $202,659. Of the $1,437,999 reclassified from creditors, $627,819 has been reversed to the Statement of Comprehensive Income for 2024, and the remaining $810,180 is presented within provisions for liabilities at 31 December 2024.

The restated balance for total members' interests is $2,047,558 an increase of $627,819 from the signed 2024 financial statements of $1,419,739.

The restated prior year profit for the year is an increase of $627,819 from $28,296,884 to $28,924,703 with the movement being for cost of sales, decreasing from $57,365,735 to $56,737,916.

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

$

COST

At 1 January 2025

and 31 December 2025

74

NET BOOK VALUE

At 31 December 2025

74

At 31 December 2024

74

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

$

$

Trade debtors

88,088

27,333,701

Amounts due from members

1,303,917

-

Other debtors

73,687

72,219

1,465,692

27,405,920

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

$

$

Trade creditors

1,428,478

27,404,490

Other creditors

244,115

202,659

Accruals and deferred income

16,134

-

1,688,727

27,607,149

11.	PROVISIONS FOR LIABILITIES

Tax and

broker

cost

$

Balance at 1 January 2025

810,180

Utilised during year

(461,143

)

Unused amounts reversed during year

(344,340

)

Balance at 31 December 2025

4,697

The provision relates to the foreign exchange transaction taxes and broker cost for the payment processing transactions.The balance is included as a provision due to the uncertain timing of such costs. At the 31 December 2025 the balance related solely to the broker cost, as the merchant balances were transferred via a settlement mechanism on which such taxes did not arise, but of which the broker cost still applies.

12.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2025

2024

as restated

$

$

Amounts owed to members in respect of profits

54

2,047,421

Falling due within one year

54

2,047,421

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.