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	2025		2024
		£		£
Fixed assets
Intangible assets	3	6,334		38,333
Tangible assets	4	37,093		50,956
Investments	5	0		1
		43,427		89,290
Current assets
Stocks		42,091		48,078
Debtors
- due within one year	6	355,895		216,271
- due after more than one year	6	556,314		418,679
Cash at bank and in hand		278,551		198,310
		1,232,851		881,338
Creditors: amounts falling due within one year	7	( 241,024)		( 840,770)
Net current assets		991,827		40,568
Total assets less current liabilities		1,035,254		129,858
Creditors: amounts falling due after more than one year	8	( 2,446,357)		( 1,521,358)
Net liabilities		( 1,411,103)		( 1,391,500)
Capital and reserves
Called-up share capital		950		950
Profit and loss account		( 1,412,053 )		( 1,392,450 )
Total shareholder's deficit		( 1,411,103)		( 1,391,500)

For the financial year ending 31 December 2025 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 09 June 2026. 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 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)
At 01 January 2025	950		0		( 1,392,450)		( 1,391,500)
Loss for the financial year	0		0		( 19,603)		( 19,603)
Total comprehensive loss	0		0		( 19,603)		( 19,603)
At 31 December 2025	950		0		( 1,412,053)		( 1,411,103)

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 year, 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.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	15		20

3. Intangible assets

	Goodwill		Computer software		Total
	£		£		£
Cost
At 01 January 2025	100,000		61,667		161,667
At 31 December 2025	100,000		61,667		161,667
Accumulated amortisation
At 01 January 2025	86,667		36,667		123,334
Charge for the financial year	10,000		22,000		32,000
At 31 December 2025	96,666		58,667		155,333
Net book value
At 31 December 2025	3,334		3,000		6,334
At 31 December 2024	13,333		25,000		38,333

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2025	186,820		186,820
Additions	18,086		18,086
Disposals	( 1,250)		( 1,250)
At 31 December 2025	203,656		203,656
Accumulated depreciation
At 01 January 2025	135,864		135,864
Charge for the financial year	31,186		31,186
Disposals	( 487)		( 487)
At 31 December 2025	166,563		166,563
Net book value
At 31 December 2025	37,093		37,093
At 31 December 2024	50,956		50,956

5. Fixed asset investments

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 January 2025	1		1
Disposals	( 1)		( 1)
At 31 December 2025	0		0
Carrying value at 31 December 2025	0		0
Carrying value at 31 December 2024	1		1

6. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	194,489		159,106
Amounts owed by Group undertakings	16,615		0
Corporation tax	52,740		0
Other debtors	92,051		57,165
	355,895		216,271
Debtors: amounts falling due after more than one year
Deferred tax asset	556,314		418,679

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	64,479		79,493
Amounts owed to Group undertakings	0		584,393
Other taxation and social security	43,978		36,663
Other creditors	132,567		140,221
	241,024		840,770

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

	2025		2024
	£		£
Amounts owed to Group undertakings	2,446,357		1,521,358

9. Financial commitments

Commitments

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

	2025		2024
	£		£
within one year	73,080		73,080
between one and five years	167,475		240,555
Total future minimum lease payments under non-cancellable operating leases	240,555		313,635

10. 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.