REGISTERED NUMBER: 08738456 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PARALLEL WIRELESS UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Parallel Wireless, Inc.

Mr S Falvey

REGISTERED OFFICE:

Sandhurst House

297 Yorktown Road

Sandhurst

Berkshire

GU47 0QA

REGISTERED NUMBER:

08738456 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Intangible assets

4

2,659

7,780

Tangible assets

5

197,235

251,891

199,894

259,671

CURRENT ASSETS

Debtors

6

2,930,524

2,506,330

Cash at bank

453,729

161,077

3,384,253

2,667,407

CREDITORS

Amounts falling due within one year

7

1,289,514

1,112,652

NET CURRENT ASSETS

2,094,739

1,554,755

TOTAL ASSETS LESS CURRENT LIABILITIES

2,294,633

1,814,426

PROVISIONS FOR LIABILITIES

9

49,974

64,918

NET ASSETS

2,244,659

1,749,508

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

2,244,658

1,749,507

SHAREHOLDERS' FUNDS

2,244,659

1,749,508

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

Mr S Falvey - Director

1.	STATUTORY INFORMATION

Parallel Wireless UK Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for a period of at least 12 months from the approval of the financial statements. This is dependent upon the company continuing to receive support from the parent company.

The parent company, Parallel Wireless, Inc. has experienced recurring losses and negative cash flows from operations, and has historically relied upon debt and equity financing to maintain operations. These conditions raise substantial doubt about Parallel Wireless, Inc. and Subsidiaries's ability to continue as a going concern.

Management has developed an operating plan designed to increase revenue, control operating costs establish customer and vendor relationships and raise additional capital in an effort to continue to fund operations and working capital requirements until such time that the parent Company can generate sufficient cash flows from operations. The Parent Company's ability to continue as a going concern is dependent upon it executing in accordance with management's plan.

Based on the Parent Company's plans to continue to operate and Support the company for the foreseeable future. The directors have adopted the going concern basis in preparing the financial statement.

Related party exemption

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.

Turnover

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

Turnover represents costs incurred plus an agreed profit percentage and is derived solely from the parent company.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

20% on cost

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred. Identifiable development expenditure is capitalised to the extend that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2023 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

15,363

AMORTISATION

At 1 January 2024

7,583

Charge for year

5,121

At 31 December 2024

12,704

NET BOOK VALUE

At 31 December 2024

2,659

At 31 December 2023

7,780

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

190,836

5,000

93,172

615,039

904,047

Additions

3,040

4,042

-

128,289

135,371

Disposals

-

(5,000

)

-

-

(5,000

)

At 31 December 2024

193,876

4,042

93,172

743,328

1,034,418

DEPRECIATION

At 1 January 2024

117,860

5,000

69,961

459,335

652,156

Charge for year

38,268

1,078

19,782

130,899

190,027

Eliminated on disposal

-

(5,000

)

-

-

(5,000

)

At 31 December 2024

156,128

1,078

89,743

590,234

837,183

NET BOOK VALUE

At 31 December 2024

37,748

2,964

3,429

153,094

197,235

At 31 December 2023

72,976

-

23,211

155,704

251,891

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

561,440

334,371

Amounts owed by group undertakings

2,213,245

1,253,422

Other debtors

155,839

918,537

2,930,524

2,506,330

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

98,085

113,404

Taxation and social security

289,949

275,054

Other creditors

901,480

724,194

1,289,514

1,112,652

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

119,934

138,783

Between one and five years

47,321

167,255

167,255

306,038

9.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

49,974

64,918

Deferred

tax

£

Balance at 1 January 2024

64,918

Provided during year

(14,944

)

Balance at 31 December 2024

49,974

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

The Report of the Auditors was unqualified.

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.

12.	ULTIMATE CONTROLLING PARTY

The immediate parent and ultimate controlling party is Parallel Wireless Inc, a company incorporated in the United States of America, located at 300 Innovative Way, Suite 2310, Nashua, NH 03062, USA.