PAYCODE LTD

• ⚠

  Annual accounts overdue

  Due 2025-12-31.

• ⚠

  Material uncertainty over going concern

  Material uncertainty related to going concern We draw attention to Note 1.1(d) to the financial statements, which indicates that the group and company incurred an accumulated net loss of $9,680,509 and $759,921 (2022: $8,957,616 and $nil) respectively to the year ended 31 December 2023. As stated in Note 1.1(d), these events or conditions, along with other matters set out in Note 1.1(d), indicate that material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern.

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -42.9%

  £880,757 → £502,760

• Cash

  +12,023.8%

  £3,353 → £406,510

  highest in 3 filed years

• Net assets

  +200%

  -£500,612 → £500,762

  highest in 3 filed years

• Employees

  -4.3%

  23 → 22

• Operating profit

  -48.8%

  -£1,080,479 → -£1,607,936

• Profit before tax

  -47.6%

  -£1,110,994 → -£1,639,711

• Wages

  -38.4%

  £881,338 → £542,955

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Summers Morgan

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Material uncertainty related to going concern We draw attention to Note 1.1(d) to the financial statements, which indicates that the group and company incurred an accumulated net loss of $9,680,509 and $759,921 (2022: $8,957,616 and $nil) respectively to the year ended 31 December 2023. As stated in Note 1.1(d), these events or conditions, along with other matters set out in Note 1.1(d), indicate that material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern.”

Group structure

1. PAYCODE LTD · parent
   1. Paycode (Pty) Limited 100% · Johannesburg, South Africa
   2. Paycode Zambia Limited 34.9% · Lusaka, Zambia

Significant events

• “During the financial year under review, the company completed a major acquisition of Paycode (Proprietary) Limited (and its subsidiary Paycode Zambia Limited) in a reverse acquisition of 3,780,872 shares of par value $0.01 Although the agreement was concluded in January 2023, the final regulatory approvals were only successfully concluded on 15 November 2023.”
• “The Company's subsidiary (Paycode Proprietary Limited) and its subsidiary (Paycode Zambia Limited) have both had a very good performance in 2024. Paycode Proprietary Limited saw a jump in activities with its key customer in Ghana (GhIPSS), and was further supported by services delivered in support of the Company's new clients. Paycode Zambia successfully secured a $350k grant from African Trade and Investment (ATI) although, it should be noted that an accounting impairment on our Zambia investment was recognised due to uncertainties regarding USAID (the funder of ATI) which occurred in January 2025.”
• “Paycode Limited completed negotiations and shareholder approvals to capitalize the $525k loan to Paycode Limited and the $1.5m loan to Paycode (Proprietary) Limited (the third-party loans referred to in note 1.1(d). At the date of this report, the Company has also raised $0.9m in investments into the Series A since January 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

3

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.