Impinj UK Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09374020 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

IMPINJ UK LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

Y Morikubo

C L Baker

Registered office:

Suite 2 First Floor

10 Temple Back

Bristol

United Kingdom

BS1 6FL

Registered number:

09374020 (England and Wales)

Auditors:

Corrigan Accountants Limited

First Floor

25 King Street

Bristol

BS1 4PB

CURRENT ASSETS

Debtors

4

2,322,371

1,766,572

Cash at bank

56,219

106,458

2,378,590

1,873,030

CREDITORS

Amounts falling due within one year

5

(290,771

)

(208,339

)

NET CURRENT ASSETS

2,087,819

1,664,691

TOTAL ASSETS LESS CURRENT

LIABILITIES

2,087,819

1,664,691

CAPITAL AND RESERVES

Called up share capital

100

Share based payment reserves

1,246,058

879,116

Retained earnings

841,661

785,475

SHAREHOLDERS' FUNDS

2,087,819

1,664,691

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 profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2025 and were signed on its behalf by:

Y Morikubo - Director

1.	STATUTORY INFORMATION

Impinj 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 Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2.	ACCOUNTING POLICIES

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparing the financial statements and statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

All of the company's sales are to the parent company Impinj Inc, and therefore the company is reliant on the ongoing support of the parent company to be able to meet liabilities as they fall due.

The directors of the company have received confirmation from Impinj Inc, that the parent intends to continue its support for a period no shorter than twelve months from the date of approval of these financial statements. Accordingly, and following the directors enquiries of the parent company and their consideration of the above matters and the estimated impacts of uncertainties such as those relating to the economic outlook, these financial statements have been prepared on the going concern basis.

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

The company is controlled by its ultimate parent Impinj Inc., to provide services within specific contracted regions. The company is remunerated by its parent for these services on a cost-plus basis. The total turnover of the company for the year has been derived from its principal activity undertaken in the UK and the rest of Europe.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover is accrued at the cost plus profit rate as relevant expenses are recognised. Expenses are recognised as services are received.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

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 initially recognised at transaction price.

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 profits.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Employee benefits

The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and expense in the period in which the employees' services are received.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of profit and loss in other operating expenses.

Share-based payments

The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management's best estimate of the achievement or other conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the statement of profit and loss, with a corresponding entry in equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

Amounts owed by group undertakings

2,319,447

1,764,201

Other debtors

814

145

Deferred tax asset

2,110

2,043

Prepayments

-

183

2,322,371

1,766,572

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

Trade creditors

1,478

-

Corporation tax

88,058

32,086

Social security and other taxes

59,347

100,986

Other creditors

3,404

3,136

Accrued expenses

138,484

72,131

290,771

208,339

6.	DEFERRED TAX

£

Balance at 1 January 2024

(2,043

)

Debit / (Credit) to profit or loss in the year

(67

)

Balance at 31 December 2024

(2,110

)

7.	AUDIT REPORT

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

- The audit report was unqualified.

- The senior statutory auditor was David Wright BSc FCA.

- The auditor was Corrigan Accountants Limited

8.	COMMITMENTS

Pension commitments

Pension contributions payable to the scheme at the end of the year amounted to £3,404 (2023 - £3,136) and are included in creditors.

9.	SHARE-BASED PAYMENTS

The company has availed 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.

10.	ALLOTTED, CALLED UP AND FULLY PAID SHARES

2024

2023

£

100 Ordinary shares of £1 each

100

11.	ULTIMATE CONTROLLING PARTY

Impinj Inc. (incorporated in United States of America) is regarded by the directors as being the Company's ultimate parent company.

The largest and smallest group in which the results of the company are consolidated is that headed by Impinj Inc. a public company incorporated in the United States of America, with its principal place of business at 400 Fairview Ave N., Suite 1200 Seattle WA 98109, USA.