Company No: 09600268 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Statement of Changes in Equity
• Notes to the Financial Statements

DIRECTORS	S Shalaby
	J L Wright

REGISTERED OFFICE	Waterside House
	Riverside Way
	Uxbridge
	UB8 2YF
	United Kingdom

COMPANY NUMBER

09600268 (England and Wales)

ACCOUNTANT	S&W Partners (Thames Valley) Limited
	22 Wycombe End
	Beaconsfield
	Buckinghamshire
	HP9 1NB

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Intangible assets	3	38,333		70,333
Tangible assets	4	50,956		75,505
Investments	5	1		1
		89,290		145,839
Current assets
Stocks		48,078		68,189
Debtors
- due within one year	6	216,271		165,863
- due after more than one year	6	418,679		307,747
Cash at bank and in hand		198,310		317,559
		881,338		859,358
Creditors: amounts falling due within one year	7	( 840,770)		( 525,618)
Net current assets		40,568		333,740
Total assets less current liabilities		129,858		479,579
Creditors: amounts falling due after more than one year	8	( 1,521,358)		( 1,466,801)
Net liabilities		( 1,391,500)		( 987,222)
Capital and reserves
Called-up share capital	9	950		950
Capital redemption reserve		0		110
Profit and loss account		( 1,392,450 )		( 988,282 )
Total shareholder's deficit		( 1,391,500)		( 987,222)

For the financial 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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Wavestore Global Limited (registered number: 09600268) were approved and authorised for issue by the Board of Directors on 17 September 2025. They were signed on its behalf by:

J L Wright Director

	Called-up share capital		Capital redemption reserve		Profit and loss account		Total
	£		£		£		£
At 01 April 2023	950		110		( 187,900)		( 186,840)
Loss for the financial period	0		0		( 800,382)		( 800,382)
Total comprehensive loss	0		0		( 800,382)		( 800,382)
At 31 December 2023	950		110		( 988,282)		( 987,222)
At 01 January 2024	950		110		( 988,282)		( 987,222)
Loss for the financial year	0		0		( 404,278)		( 404,278)
Shares cancelled	0		( 110)		110		0
Total comprehensive loss	0		( 110)		( 404,168)		( 404,278)
At 31 December 2024	950		0		( 1,392,450)		( 1,391,500)

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Wavestore Global Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Waterside House, Riverside Way, Uxbridge, UB8 2YF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Wavestore Global Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has continued support of its parent company and therefore adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Reporting period length

The reporting period in the prior year was 9 months. Therefore, the comparative amounts presented in the financial statements are not entirely comparable.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of security software, related hardware, training and technical support in the normal course of business, and is shown net of discounts and VAT.
 
Turnover arising on the sale of goods is recognised when the customer accepts delivery of the goods.
 
Turnover arising from the provision of installation, training and technical support is recognised proportionally over the performance of the service contract.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	10 years straight line
Computer software	2 years straight line

Goodwill

Goodwill arises on a business combination and represents any excess of consideration given over fair value of the identifiable assets and liabilities acquired. It is written off on a straight line basis over its useful economic life taking into account any provision for impairment.

Other intangible assets

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.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

2. Employees

	Year ended 31.12.2024		Period from 01.04.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		18

3. Intangible assets

	Goodwill		Computer software		Total
	£		£		£
Cost
At 01 January 2024	100,000		61,667		161,667
At 31 December 2024	100,000		61,667		161,667
Accumulated amortisation
At 01 January 2024	76,667		14,667		91,334
Charge for the financial year	10,000		22,000		32,000
At 31 December 2024	86,667		36,667		123,334
Net book value
At 31 December 2024	13,333		25,000		38,333
At 31 December 2023	23,333		47,000		70,333

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	178,592		178,592
Additions	8,228		8,228
At 31 December 2024	186,820		186,820
Accumulated depreciation
At 01 January 2024	103,087		103,087
Charge for the financial year	32,777		32,777
At 31 December 2024	135,864		135,864
Net book value
At 31 December 2024	50,956		50,956
At 31 December 2023	75,505		75,505

5. Fixed asset investments

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	1		1
At 31 December 2024	1		1
Carrying value at 31 December 2024	1		1
Carrying value at 31 December 2023	1		1

6. Debtors

	31.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	159,106		122,831
Other debtors	57,165		43,032
	216,271		165,863
Debtors: amounts falling due after more than one year
Deferred tax asset	418,679		307,747

7. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	79,493		61,649
Amounts owed to Group undertakings	584,393		332,830
Other taxation and social security	36,663		45,214
Other creditors	140,221		85,925
	840,770		525,618

8. Creditors: amounts falling due after more than one year

	31.12.2024		31.12.2023
	£		£
Amounts owed to Group undertakings	1,521,358		1,466,801

9. Called-up share capital

	31.12.2024		31.12.2023
	£		£
Allotted, called-up and fully-paid
95,000 Ordinary shares of £ 0.01 each	950		950

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.12.2024		31.12.2023
	£		£
within one year	73,080		23,275
between one and five years	240,555		0
	313,635		23,275

11. Related party transactions

The company is a wholly owned subsidiary and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with its parent. At the balance sheet date, the company owed £nil (2023: £27,426) to an associated party.