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REGISTERED NUMBER: 10770864 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

REALWEAR UK, LTD.

REALWEAR UK, LTD. (REGISTERED NUMBER: 10770864)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


REALWEAR UK, LTD.

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S T Beetschen
T Binder





REGISTERED OFFICE: 4th Floor St. James House
St. James Square
Cheltenham
United Kingdom
GL50 3PR





REGISTERED NUMBER: 10770864 (England and Wales)





AUDITORS: Zome Audit Limited (Statutory Auditor)
5th Floor
111 Charterhouse Street
London
EC1M 6AW

REALWEAR UK, LTD. (REGISTERED NUMBER: 10770864)

Balance Sheet
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,809 4,094

CURRENT ASSETS
Debtors 5 449,650 360,449
Cash at bank 14,556 14,296
464,206 374,745
CREDITORS
Amounts falling due within one year 6 98,445 109,310
NET CURRENT ASSETS 365,761 265,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

367,570

269,529

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 7 186,501 138,208
Retained earnings 7 181,068 131,320
367,570 269,529

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by:





S T Beetschen - Director


REALWEAR UK, LTD. (REGISTERED NUMBER: 10770864)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Realwear UK, Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currency translation

Functional and presentation currency
The Company's functional and presentation currency is GBP. All monetary amounts in these financial statements are rounded to the nearest £.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

REALWEAR UK, LTD. (REGISTERED NUMBER: 10770864)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of aquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.

The company relies on the continued support from its parent company which has confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 16 ) .

REALWEAR UK, LTD. (REGISTERED NUMBER: 10770864)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 January 2024 5,084
Additions 2,101
Disposals (5,084 )
At 31 December 2024 2,101
Depreciation
At 1 January 2024 990
Charge for year 292
Eliminated on disposal (990 )
At 31 December 2024 292
Net book value
At 31 December 2024 1,809
At 31 December 2023 4,094

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 446,405 357,214
Prepayments 3,245 3,235
449,650 360,449

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 385 -
Corporation tax 32,610 58,113
Social security and other taxes 1,798 3,594
Accrued expenses 63,652 47,603
98,445 109,310

7. RESERVES

Other reserve

The other reserve represents contributions in connection with the recharged share-based payments expense from RealWear Inc to the company in respect of its employees.

Profit and loss account

This reserve represents accumulated profits and losses net of any distributions.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis FCA (Senior Statutory Auditor)
for and on behalf of Zome Audit Limited (Statutory Auditor)

REALWEAR UK, LTD. (REGISTERED NUMBER: 10770864)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of RealWear, Inc., a company incorporated in the United States of America. As at 31 December 2024, the company's ultimate parent undertaking was RealWear, Inc. The smallest group in which the results of the company are consolidated is that headed by RealWear, Inc, with its registered office address 600 Hatheway, Suite 105, Vancouver, WA 98661

11. SHARE-BASED PAYMENT TRANSACTIONS

The company participates in a share option scheme for its employees. Options are exercisable on the shares of the ultimate parent company at a price equal to the estimated fair value of the ultimate parent company's shares on the date of the grant. Fair value is measured using the Black Scholes pricing model which is considered by management to be the most appropriate method of valuation.

The company has taken advantage of the exemption provided in FRS 102 Section 1.12D not to disclose details of share based payment arrangements concerning equity instruments of another group entity.