Registered number: 12329873
FOR THE YEAR ENDED 31 DECEMBER 2025
PCS WIRELESS UK LIMITED
COMPANY INFORMATION
PCS WIRELESS UK LIMITED
CONTENTS
PCS WIRELESS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
PCS Wireless UK Limited (hereafter "the Company") is a provider of second-hand electronic devices.
The financial year ending 31 December 2025 marked another significant year for the Company, as the growth continued with revenue of £138.7M, an increase of 119% year on year.
A central part of our UK strategic direction is the growth of trade in schemes. This commitment is evidenced in our increased year-on-year volumes and revenue.
Despite the challenging environment of the UK secondary mobile market, PCS UK focused on efficiencies and trade in scheme growth, and this has resulted in profits of £3.64M in 2025 compared to £1.42M in 2024. All key performance indicators have improved year on year.
Risk management
The Company risk is limited, and PCS Wireless Group bears the risk through the transfer pricing policy. The principal areas of risk which the Company monitors and manages consist of Market Risk, Operational Risk, Liquidity Risk, Credit Risk, Cash Flow Risk and Performance Risk.
Market Risk - The Company Market risk is limited, and PCS Wireless Group bears the risk through the transfer pricing policy. PCS Wireless Group are close to market price fluctuations across the globe, and this reduces any price exposure.
Operational Risk – The Company Operational risk is limited and manages the risk by adhering to strict procedural flows and internal controls. The operational structure is highly integrated within the group activities and is reviewed by the Group Operations and Finance team to ensure there are numerous checks and balances to prevent the occurrence of any unauthorised activity.
Liquidity Risk – The Company Liquidity risk is limited; PCS Wireless Group manages this risk through an assessment of working capital requirements to ensure the company has sufficient funds available for operations.
Credit Risk – The Company Credit risk is limited; PCS Wireless Group manages this risk through implemented policies and procedures to manage credit risk such as requiring credit checks on potential suppliers and customers before purchases and sales are made. This risk is limited by the transfer pricing policy and sales being conducted with another PCS Wireless company.
Cash Flow Risk – The Company Cash Flow risk is limited; PCS Wireless Group manages the manages the group cashflow and ensures the Company has sufficient funds available for operations.
The directors consider the Key Performance Indicators to be the following. The KPI's for the past 3 years are shown below with year-on-year comparisons to the prior year.
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PCS WIRELESS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors of the Company acknowledge their duty under Section 172 of the Companies Act 2006 to act in a way they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole. In carrying out this duty, the Directors have regard to the long term consequences of their decisions and to the interests of employees, customers, suppliers, and the wider community and environment.
Promoting the Success of the Company
The Company operates in the second-hand electronic devices market, where quality, trust, and operational efficiency is essential. The Director's decisions are guided by the need to maintain strong commercial performance while ensuring responsible sourcing and resale practices. Strategic priorities include expanding device channels, improving processes, and strengthening the Company’s position in a rapidly evolving circular economy sector.
Engagement with Employees
With a workforce of approximately 45 employees across operational and commercial roles, the Company places strong emphasis on communication, training, and wellbeing. The Directors receive updates on employee engagement, and health and safety. The Company invests in training for device testing and grading, ensuring employees have the expertise required to maintain high product standards and support business growth.
During 2025 the Company held quarterly all-hands team meetings to communicate business performance and strategic direction.
During 2025 the Company held quarterly all-hands team meetings to communicate business performance and strategic direction.
Strong Customer Relationships
Customer trust is central to the Company’s success. The Company reviews customer metrics, return rates, and performance. The Company continues to invest in quality control processes, transparent product grading, and reliable after sales support to strengthen long term customer loyalty.
Sustainable Supplier and Device Sourcing Relationships
The Company works closely with suppliers and trade in partners to ensure a stable supply of used electronics. The Directors consider supplier reliability, data wipe compliance, environmental practices, and adherence to the Company’s quality standards. The Company aims to build long term, mutually beneficial relationships that support responsible reuse and reduce electronic waste.
Impact on the Community and Environment
As a business operating within the circular economy, the directors consider the environmental impact of its operations, including energy use and sustainability.
High Standards of Corporate Governance
The Directors are committed to maintaining strong governance practices appropriate for a company of this size and sector.
Long Term Decision Making
The Directors evaluate decisions with a long term perspective, recognising the rapid pace of technological change and the growing importance of sustainability in the electronics market. Investments in technology, testing equipment, workforce skills, AI and operational infrastructure are assessed for their ability to support future growth. The Directors also monitor regulatory developments and market trends to ensure the Company remains resilient and competitive.
This report was approved by the board and signed on its behalf.
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PCS WIRELESS UK 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.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
The profit for the year, after taxation, amounted to £3,639,110 (2024 - £1,423,142). No dividend was declared in 2025 or 2024.
The directors remain confident in the long-term prospects of the business and are focused on delivering sustainable growth. Over the next financial year, the directors are focused on the growth of the trade in schemes and continuous improvement of operational efficiency. In addition, the Company will continue to explore strategic partnerships and focus on growing the customer base. The directors are committed to maintaining financial stability while pursuing these growth objectives.
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PCS WIRELESS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Energy Consumption and GHG Emissions
The table below sets out the company’s energy consumption and associated GHG emissions for FY2025.
In accordance with the SECR Regulations the Company discloses a GHG intensity ratio to allow comparison normalised for business activity.
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PCS WIRELESS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Energy Efficiency Actions Taken
During FY2025 the Company took the following steps to improve energy efficiency and reduce its carbon footprint:
∙Monitoring of energy consumption at operational premises and identification of further efficiency opportunities for FY2026.
Methodology of obtaining the data
GHG emissions have been calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. Emission conversion factors are sourced from the UK Department for Energy Security and Net Zero (DESNZ) / DEFRA 2025 conversion factor dataset. All figures are reported in kg of CO2 equivalent (kg CO2e) unless stated otherwise.
The following emission sources have been included:
∙Scope 1 (direct emissions): natural gas combustion for heating;
∙Scope 2 (indirect emissions): purchased electricity consumed at UK premises, using the UK grid average emission factor.
The data collected on natural gas and electricity have been obtained from utility bills.
The latest conversion factors provided by the UK Department for Business, Energy & Industrial Strategy to convert energy consumption from kWh to CO2e. The specific factors applied are as follows.
Electricity: 0.17700 kg CO2e/kWh
Natural Gas: 0.18254 kg CO2e/kWh
Formula used: CO2e Emissions = Energy consumption (kWh) x Emissions Factor (kg CO2e/Kwh)
There have been no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PCS WIRELESS UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PCS WIRELESS UK LIMITED
We have audited the financial statements of PCS Wireless UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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 auditing the financial statements, we have concluded that the directors' 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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PCS WIRELESS UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PCS WIRELESS UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' report.
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PCS WIRELESS UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PCS WIRELESS UK LIMITED (CONTINUED)
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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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.
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Berkshire
RG19 6AB
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PCS WIRELESS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
REGISTERED NUMBER: 12329873
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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PCS WIRELESS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PCS Wireless UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2,1 Eastern Road, Bracknell, United Kingdom RG12 2UP.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The directors have prepared detailed forecasts for the 12 months from the date of signing the financial statements. In drawing up these forecasts the directors have made assumptions based upon their experiences of trade and their view of the current and possible future economics conditions. Forecasts show the company will remain cash positive, assuming the parent company, PCS Wireless LLC does not recall their financial ongoing support of the company; the parent company has indicated that they do not intend to recall this for a period of at least 12 months from the date of signing. On this basis, the company continues to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passes to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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 the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Analysis of turnover by country of destination:
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
OECD Pillar Two model rules
PCS Wireless UK Limited is within the scope of the OECD Pillar Two model rules. Pillar Two legislation has been enacted in the UK, the jurisdiction in which the entity is incorporated, and is effective in 2025.
Under the legislation, the Company is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect.
The Company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to FRS 102 section 29 issued in July 2023.
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,997 (2024 - £30,504). Contributions totalling £6,970 (2024 - £5,364) were payable to the fund at the balance sheet date and are included in creditors.
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PCS WIRELESS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The parent company and ultimate controlling party of PCS Wireless UK Limited is PCS Wireless LLC and its registered office is 11 Vreeland Road, Florham Park, New Jersey, United States, USA 07932.
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