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Company registration number: 06987926
Flexenet Ltd
Unaudited filleted financial statements
31 December 2024
Flexenet Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Flexenet Ltd
Directors and other information

| Directors | J Williams
|  | C Rose
|  | G Wilkins
| Company number | 06987926
| Registered office | Top Lane Cottage
|  | Blacksmiths Lane
|  | Abbotsley
|  | Huntingdonshire
|  | PE19 6UG
| Accountant | Hyde & Lewis
|  | 1 Cambridge Road
|  | Sandy
|  | Bedfordshire
|  | SG19 1JE

Flexenet Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Flexenet Ltd
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Flexenet Ltd for the year ended 31 December 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Flexenet Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Flexenet Ltd and state those matters that we have agreed to state to the board of directors of Flexenet Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Flexenet Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Flexenet Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Flexenet Ltd. You consider that Flexenet Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Flexenet Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Hyde & Lewis
Chartered Certified Accountants
1 Cambridge Road
Sandy
Bedfordshire
SG19 1JE
12 September 2025
Flexenet Ltd
Statement of financial position
31 December 2024

|  |  | 2024 |  |  |  | 2023 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 5 | 4,074 |  |  |  | 8,550 |  |
Investments |  | 6 | 579 |  |  |  | 579 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 4,653 |  |  |  | 9,129
Current assets |  |  |  |  |  |  |  |  |
Debtors |  | 7 | 532,229 |  |  |  | 246,950 |  |
Cash at bank and in hand |  |  | 600,930 |  |  |  | 1,011,976 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 1,133,159 |  |  |  | 1,258,926 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 8 | ( 735,848) |  |  |  | ( 339,948) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 397,311 |  |  |  | 918,978
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 401,964 |  |  |  | 928,107
Provisions for liabilities |  |  |  |  | ( 652) |  |  |  | ( 3,385)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 401,312 |  |  |  | 924,722
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  |  |  |  | 339,838 |  |  |  | 339,838
Share premium account |  |  |  |  | 57,562 |  |  |  | 57,562
Profit and loss account |  |  |  |  | 3,912 |  |  |  | 527,322
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 401,312 |  |  |  | 924,722
|  |  |  |  | _______ |  |  |  | _______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 September 2025 , and are signed on behalf of the board by:
C Rose
Director
Company registration number: 06987926
Flexenet Ltd
Statement of changes in equity
Year ended 31 December 2024

|  | Called up share capital | Share premium account |  | Profit and loss account | Total |  |  |  |
|  | £ | £ |  | £ | £ |  |  |  |
At 1 January 2023 |  | 339,838 | 57,562 |  | 832,216 | 1,229,616 |  |  |  |
Profit for the year |  |  |  |  | 695,106 | 695,106 |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
Total comprehensive income for the year |  | - | - |  | 695,106 | 695,106 |  |  |  |
Dividends paid and payable |  |  |  |  | ( 1,000,000) | ( 1,000,000) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
Total investments by and distributions to owners |  | - | - |  | ( 1,000,000) | ( 1,000,000) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
At 31 December 2023 and 1 January 2024 |  | 339,838 | 57,562 |  | 527,322 | 924,722 |  |  |  |
Profit for the year |  |  |  |  | 1,096,840 | 1,096,840 |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
Total comprehensive income for the year |  | - | - |  | 1,096,840 | 1,096,840 |  |  |  |
Dividends paid and payable |  |  |  |  | ( 1,620,250) | ( 1,620,250) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
Total investments by and distributions to owners |  | - | - |  | ( 1,620,250) | ( 1,620,250) |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |
At 31 December 2024 |  | 339,838 | 57,562 |  | 3,912 | 401,312 |  |  |  |
|  | _______ | _______ |  | _______ | _______ |  |  |  |

Flexenet Ltd
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Top Lane Cottage, Blacksmiths Lane, Abbotsley, Huntingdonshire, PE19 6UG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The company recognises revenue on the issue of invoices, net of VAT, for services consumed or goods delivered in respect of the development of new gateway and telecoms for private wires.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 25 % | straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets

|  | Fixtures, fittings and equipment | Total |  |  |  |  |
|  | £ | £ |  |  |  |  |
| Cost |  |  |  |  |  |  |
| At 1 January 2024 | 455,051 | 455,051 |  |  |  |  |
| Additions | 1,452 | 1,452 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| At 31 December 2024 | 456,503 | 456,503 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 January 2024 | 446,501 | 446,501 |  |  |  |  |
| Charge for the year | 5,928 | 5,928 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| At 31 December 2024 | 452,429 | 452,429 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2024 | 4,074 | 4,074 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |
| At 31 December 2023 | 8,550 | 8,550 |  |  |  |  |
|  | _______ | _______ |  |  |  |  |

6. Investments

|  | Shares in group undertakings and participating interests | Total |  |  |  |
|  | £ | £ |  |  |  |
| Cost |  |  |  |  |  |
| At 1 January 2024 and 31 December 2024 | 579 | 579 |  |  |  |
|  | _______ | _______ |  |  |  |
| Impairment |  |  |  |  |  |
| At 1 January 2024 and 31 December 2024 | - | - |  |  |  |
|  | _______ | _______ |  |  |  |
| Carrying amount |  |  |  |  |  |
| At 31 December 2024 | 579 | 579 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 31 December 2023 | 579 | 579 |  |  |  |
|  | _______ | _______ |  |  |  |

| Investments in group undertakings |  |  |  |
|  |  | Registered office | Class of share | Percentage of shares held
| Subsidiary undertakings |  |  |  |
| Flexenet Inc. |  | 244 5th Avenue, New York, NY10001, USA | Ordinary $1US | 100
| Flexenet PTE. Ltd. |  | c/o Paul Hype Page & Co, 10 Anson Road, International Plaza, #22-15, Singapore, 079903. | Ordinary $1SNG | 100
| Flexenet Hongkong Ltd. |  | Unit 2401, Dominion Centre, Nos.43-59 Queen's Road East, Hong Kong | Ordinary $1HK | 100
| Flexenet Japan K.K. |  | Otemachi Building 1F, 1-6-1 Otemachi, Chiyoda-ku, Tokyo | Ordinary ¥1000 | 100

7. Debtors

|  |  | 2024 | 2023
|  |  | £ | £
| Trade debtors |  | 453,816 | 165,928
| Amounts owed by group undertakings and undertakings in which the company has a participating interest |  | - | 1,659
| Other debtors |  | 78,413 | 79,363
|  |  | _______ | _______
|  |  | 532,229 | 246,950
|  |  | _______ | _______

8. Creditors: amounts falling due within one year

|  |  | 2024 | 2023
|  |  | £ | £
| Trade creditors |  | 10,892 | 34,910
| Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 250,000 | -
| Corporation tax |  | 307,123 | 154,591
| Social security and other taxes |  | 94,759 | 80,419
| Other creditors |  | 73,074 | 70,028
|  |  | _______ | _______
|  |  | 735,848 | 339,948
|  |  | _______ | _______

9. Operating leases
At the balance sheet date the company had outstanding commitments to June 2025 for future minimum lease payments under non-cancellable operating leases of £32,000 (2023 : £68,000).
10. Directors advances, credits and guarantees

| During the year the directors entered into the following advances and credits with the company: |  |  |  |  |  |
2024 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Balance o/standing |  |  |
|  | £ | £ | £ |  |  |
| C Rose | ( 1,000) | 63 | ( 937) |  |  |
|  | _______ | _______ | _______ |  |  |
2023 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Balance o/standing |  |  |
|  | £ | £ | £ |  |  |
| C Rose | ( 1,000) | - | ( 1,000) |  |  |
|  | _______ | _______ | _______ |  |  |

The above loans are interest free and no repayment period has been set.
11. Related party transactions
During the year the company entered into the following transactions with related parties:

|  | Transaction value |  | Balance owed by/(owed to) |
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Flexenet Inc. | 380,368 | 10,368 | 120,000 | 1,659
|  | _______ | _______ | _______ | _______

Flexenet Ltd is the parent of the above named company to whom loans and income have been made and received. Loans are on flexible terms and no repayment period has been set.
12. Controlling party
The company was controlled throughout the period by C Rose and G Wilkins , the directors of the company acting in concert.