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Registration number: SC365069

Ping Network Solutions Limited Annual Report and Financial Statements for the Year Ended 31 December 2025
Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Ping Network Solutions Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 8
Statement of Income and Retained Earnings | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 to 20

Ping Network Solutions Limited

Company Information

Directors | J F Mottard O Slamenkaite K Moreton

Registered office | 3 Dove Wynd Strathclyde Business Park Bellshill Scotland ML4 3FB

Auditor | Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Ping Network Solutions Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is that of support and installation of data networks.

Fair review of the business

On 1 January 2025, the company transferred its trade, assets and liabilities to Sword IT Solutions Limited, a fellow subsidiary undertaking, at their book value and then ceased to trade.
The results for the year reflect the absence of trading activity.

Key performance indicators (KPI's)

Given the absence of trading activity during the year, the directors do not consider that financial or non-financial key performance indicators are relevant for assessing performance in the current accounting period.

Principal risks and uncertainties

The directors consider that the principal risks and uncertainties facing the Company are limited due to the absence of trading activities. Those identified include:
Regulatory and compliance risk – failure to meet statutory filing and governance obligations.
Group dependency risk – reliance on the Group for ongoing financial support, if required.
The directors believe these risks are adequately managed through regular review of compliance matters and continued support from the Group.

Future developments

The Company is expected to remain non-trading in the foreseeable future. Any future changes to the Company’s activities will be considered in the context of the Group’s ongoing operational and strategic requirements.

Approved by the Board on 4 June 2026 and signed on its behalf by:

.........................................
O Slamenkaite
Director

Ping Network Solutions Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

J F Mottard

O Slamenkaite

K Moreton

Fair review of the business
On 1st January 2025 the trade, assets and liabilities of the company were transferred to a fellow group company at their net book values.

Dividends

During the year interim dividends amounting to £4,916,760 (2024: £2,000,000) were declared and credited to the intercompany loan account. No final dividend is proposed.

Directors' liabilities

As permitted by Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 4 June 2026 and signed by:

.........................................
O Slamenkaite
Director

Ping Network Solutions Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2025

Opinion

We have audited the financial statements of Ping Network Solutions Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its results for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2025

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, health and safety legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Ping Network Solutions Limited

Independent Auditor's Report to the Members of Ping Network Solutions Limited
for the Year Ended 31 December 2025

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Darren Bond (Senior Statutory Auditor)
For and on behalf of
Brebners, Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

5 June 2026

Ping Network Solutions Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | - | 25,487,609
Cost of sales |  | - | (18,858,185)
Gross profit |  | - | 6,629,424
Administrative expenses |  | - | (5,233,331)
Other operating income | 4 | - | 23,062
Operating profit | 5 | - | 1,419,155
Other interest receivable and similar income | 6 | - | 9,008
Profit before tax |  | - | 1,428,163
Taxation | 9 | - | (357,041)
Profit for the financial year |  | - | 1,071,122
Retained earnings brought forward |  | 4,442,720 | 5,371,598
Dividends paid |  | (4,916,760) | (2,000,000)
Retained earnings carried forward |  | (474,040) | 4,442,720

Ping Network Solutions Limited

Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 10 | - | 257,020
Current assets |  |  |
Stocks | 11 | - | 57,400
Debtors | 12 | 1,069 | 10,801,788
Debtors due in greater than one year | 12 | - | 531,849
Cash at bank and in hand |  | - | 2,901,881
|  | 1,069 | 14,292,918
Creditors: Amounts falling due within one year | 14 | - | (8,908,790)
Net current assets |  | 1,069 | 5,384,128
Total assets less current liabilities |  | 1,069 | 5,641,148
Creditors: Amounts falling due after more than one year | 14 | - | (678,605)
Provisions for liabilities | 15 | - | (44,714)
Net assets |  | 1,069 | 4,917,829
Capital and reserves |  |  |
Called up share capital |  | 1,074 | 1,074
Share premium reserve | 18 | 474,035 | 474,035
Retained earnings | 18 | (474,040) | 4,442,720
Shareholders' funds |  | 1,069 | 4,917,829

Approved and authorised by the Board on 4 June 2026 and signed on its behalf by:

......................................................................

O Slamenkaite

Director

Company registration number: SC365069

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 Dove Wynd
Strathclyde Business Park
Bellshill
ML4 3FB
Scotland

The principal activity of the company is that of support and installation of data networks.

2 | Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

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.

Going concern

On 1 January 2025 the trade, assets and liabilities of the company were hived across into Sword IT Solutions Limited at their book value. The business unit continues to trade profitably as a going concern within Sword IT Solutions Limited.
Ping Network Solutions Limited now maintains a positive net asset position with no creditors falling due for payment. On this basis, the directors continue to adopt the going concern basis in preparing the financial statements.

Summary of disclosure exemptions

The entity satisfies the criteria of being a qualified entity as defined in FRS 102. Its financial statements are consolidated into the financial statement of Sword Group SE, which can be obtained from sword-group.com/investors. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 as FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account, trade discounts, settlement discounts, and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer (usually on dispatch of the goods), the amount of revenue can be reliable measured, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimate reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Government grants

Government grants have been recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and that the grants will be received. The grants have been recognised based on the accrual model as a grant relating to revenue, which has been recognised in other operating income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, fittings and equipment | 10% Straight line
Motor vehicles | 25% Straight line
Office Equipment | 25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements with the interest being charged to the profit and loss.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, bank overdrafts, trade and other creditors, trade debtors, loan and hire purchase agreements. The main purpose of these instruments is to raise funds for and finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of the bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The company has loan facilities which are continually monitored, with the compliance with all relevant covenants prioritised.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts falling due.

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Hardware and software sales | - | 6,488,013
Support, installation and subscriptions | - | 18,999,596
| - | 25,487,609

The analysis of the company's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
United Kingdom | - | 25,099,630
Europe | - | 128,092
Rest of world | - | 259,887
| - | 25,487,609

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Government grants | - | 23,062

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | - | 105,212
Foreign exchange losses | - | 1,115
Operating lease expense - property | - | 133,257
| - | 239,584

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other interest receivable | - | 9,008

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | - | 6,753,952
Social security costs | - | 740,787
Pension costs, defined contribution scheme | - | 228,892
Other employee expense | - | 11,282
| - | 7,734,913

Staff numbers

The average number of persons employed by the company during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Engineering staff | - | 63
Administration and support | - | 40
| - | 103

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of the financial statements | - | 21,000
Other fees to auditors |  |
Taxation compliance services | - | 2,800
Half year review engagement services | - | 11,100
| - | 13,900

9 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | - | 359,783
UK corporation tax adjustment to prior periods | - | (3,050)
| - | 356,733
Deferred taxation |  |
Arising from changes in tax rates and laws | - | 308
Tax expense in the income statement | - | 357,041

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - same as the standard rate of corporation tax in the UK) of 25%.

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | - | 1,428,163
Corporation tax at standard rate | - | 357,041
Decrease in UK current tax from adjustment for prior periods | - | (3,050)
Other tax effects for reconciliation between accounting profit and tax expense | - | 3,050
Total tax charge | - | 357,041

Deferred tax

Deferred tax assets and liabilities

31 December 2025 | Liability £
| -

31 December 2024 | Liability £
Accelerated capital allowances | 84,073
Grant deferred income and other provisions | (39,359)
| 44,714

The above deferred tax liability was hived across to a fellow subsidiary.

10 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2025 | 411,288 | 37,473 | 690,056 | 1,138,817
Hived across to group undertaking | (411,288) | (37,473) | (690,056) | (1,138,817)
At 31 December 2025 | - | - | - | -
Depreciation
At 1 January 2025 | 240,187 | 18,737 | 622,873 | 881,797
Eliminated on disposal - Hive across | (240,187) | (18,737) | (622,873) | (881,797)
At 31 December 2025 | - | - | - | -
Carrying amount
At 31 December 2025 | - | - | - | -
At 31 December 2024 | 171,101 | 18,736 | 67,183 | 257,020

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Stocks

| 2025 £ | 2024 £
Goods for resale | - | 57,400

12 | Debtors

| 2025 £ | 2024 £
Trade debtors | - | 1,999,010
Amounts owed by related parties | 1,069 | 572
Other debtors | - | 363,551
Prepayments and accrued income | - | 8,258,758
Corporation tax asset | - | 179,897
| 1,069 | 10,801,788

Non-current | 2025 £ | 2024 £
Prepayments | - | 531,849
| - | 531,849

13 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | - | 2,901,881

14 | Creditors

| 2025 £ | 2024 £
Due within one year |  |
Trade creditors | - | 3,966,573
Social security and other taxes | - | 209,684
Other payables | - | 36,418
Accruals | - | 4,696,115
| - | 8,908,790
Due after one year |  |
Deferred income | - | 678,605

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

15 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 January 2025 | 44,714 | 44,714
Decrease through business combinations - Hive across to fellow subsidiary | (44,714) | (44,714)
At 31 December 2025 | - | -

16 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £Nil (2024 - £228,892).
Contributions totalling £Nil (2024 - £34,893) were payable to the scheme at the end of the year and are included in creditors.

17 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £0.01 each | 107,000 | 1,070 | 107,000 | 1,070
Ordinary B shares of £1 each | 4 | 4 | 4 | 4
| 107,004 | 1,074 | 107,004 | 1,074

18 | Reserves

The share premium account contains the premium arising on the issue of equity shares, net of issue expenses.
The profit and loss account includes all current and prior retained earnings and accumulated losses. During the year the company hived its trade, assets and liabilities to a fellow subsidiary. After the hive across, management declared a dividend of £4,916,760 to its parent undertaking in excess of distributable reserves, however management do not consider this to be an illegal dividend as the company will shortly be struck off with all remaining assets payable to its parent undertaking in any event.

Ping Network Solutions Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

19 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | - | 55,541
Later than one year and not later than five years | - | 308,656
| - | 364,197

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2024 - £55,541). The above operating lease commitments were hived across to a fellow subsidiary.

20 | Related party transactions

Amounts due to and from group undertakings at 31 December 2025 are aggregated as permitted by FRS 102 and shown separately in debtors and creditors.
In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year between wholly owned group undertakings.

21 | Parent and ultimate parent undertaking

The company's immediate parent is Sword Charteris Limited, incorporated in England and Wales.
Ultimate control vests with Sword Group SE. Sword Group SE produces financial statements available for public use.
Sword Group SE, whose registered office is located at Route d'Arlon 2-4, L-8399 Windhof, Luxembourg, is the parent of the smallest and largest group preparing consolidated financial statements incorporating the results of the company.