Company registration number 08671303 (England and Wales)
LIGHTSPEED NETWORKS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
LIGHTSPEED NETWORKS LTD
COMPANY INFORMATION
Directors
Liam Hickey
Bradley Scott Berger
Courtney Michelle Conrad
Jeffery William Konnesky
Secretary
Harts Limited
Company number
08671303
Registered office
Office 2B, Westpoint
Lynch Wood
Peterborough
PE2 6FZ
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
National Westminster Bank Plc
135 Bishopsgate
London
EC2M 3UR
LIGHTSPEED NETWORKS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
LIGHTSPEED NETWORKS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Strategic overview and outlook

Lightspeed is a rapidly growing Full Fibre network operator, building and providing FTTH (fibre to the home) to digitally underserved communities across the Midlands and East of England.

Lightspeed’s brand is synonymous with quality, reliability and superior customer service. This is evidenced by Lightspeed’s market-leading Trustpilot score of 4.6.

Lightspeed is on a mission to bring ultra-fast, full fibre broadband into homes in the Midlands, East and North-West of England, empowering our customers to play more, see more and do more.

During 202 5 Lightspeed invested funding provided by shareholders to continue developing the ISP and rapidly scale the network build program which as of May 202 6 has enabled more than 330,000 properties.

Markets and customers

UK households’ data consumption is increasing, driven by gaming, online streaming, smart properties and a higher number of devices per household, and the Openreach copper network cannot provide the increased speeds required to the homes, businesses and schools that do not have access to fibre connections.

Lightspeed’s ultra-efficient, robust and rapidly expanding fibre network provides speeds 23x faster than the average copper based broadband connection in the areas it services.

Outlook

Lightspeed is in its 6 th year of network expansion and having completed phases one and two in 2024, is now approaching completion in the areas it services.

In July 2023 Kompass Global Ventures, LLC (“Kompass Kapital”) acquired a controlling stake in Lightspeed. As part of this transaction the Kompass group committed new capital to the business, which is being utilised to develop and expand the company’s high speed full fibre network while also enhancing the company’s internet service provider (“ISP”) platform.

Post Balance Sheet Events

There were no post-balance sheet events to report as of July 2026.

Environmental, social and governance

Lightspeed has implemented policies, systems, processes and contracts with build partners that foster the company objective to minimise the impact of our operations on the environment and to support our communities and employees. The board continues to focus on all aspects of the health and safety of our employees.

Lightspeed will continue to prioritise the network build program in areas that are digitally underserved so that everyone can actively participate in an increasingly digital society.

LIGHTSPEED NETWORKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

General

The principal risks and uncertainties are summarised below. These do not necessarily comprise all of the risks that

are potentially faced by the Company and are not intended to be presented in any assumed order of priority. The Directors believe that in particular, readers of this report should be aware of these risks and uncertainties, and that the Directors take reasonable steps to mitigate and minimise the impact of the risks on the Company. However, these risks cannot be eliminated entirely without incurring costs that the Board considers to be excessive. If any of these risks and uncertainties, together with possible additional risks and uncertainties of which the Directors are currently unaware or which they consider not to be material in relation to the Company’s business, actually occur, the Company’s business, financial position or operating results could be materially and adversely affected.

Our relatively small size and length of operation in comparison to some competitors may be considered negatively by prospective customers who may wish to remain with an inferior service with an established brand name.

Our competitors may be able to offer products bundled with internet access such as on-demand, television style services or fixed/mobile telecoms that are more attractive to the consumer.

A key risk to any Company in the Full Fibre industry will stem from any Full Fibre overbuild that could arise from competitors. The Company has assessed overbuild risk based on consideration of Full Fibre operator build rates in the UK, likely investment strategies and known movements of market players, and likely broadband penetration levels. We conclude that the risk of overbuild is low but finite and is a key risk that must be considered.

Funding

The business activity of the Company requires significant capital investment. In the event that the Company will not be able to raise the financing required for the planned investment then the Company will have to reduce its planned investment or reduce the scale of its operations.

Inflation

In 202 5 we have seen a marked increase in cost inflation arising from several supply side issues. This resulted in supplier price increases across the board. The first half of 2026 has seen no reduction in the pace of inflation with costs remain high.

Equipment Supply

The on-going events in Ukraine in continue to impact on the European electronics marketplace and strained global trading relationships are likely to continue to disrupt component supply chains. At the time of this document the impact of these has been felt in terms of longer order lead times.

The Company maintains a careful watching brief to ensure that any shortfall is identified in time for an alternative source to be obtained.

Staffing

The Company attempts to proactively avoid staff shortages by focusing on staff development and retention. The Company maintains a constant recruitment process to fill gaps caused by any churn in the labour force.

Currency Risk

There is minimal exposure to currency risk, the Company’s operations are entirely in the United Kingdom and tries to ensure that significant purchases from outside of the UK have been negotiated in Pounds Sterling to avoid currency risk. Therefore, no sensitivity analysis of currency risk has been shown.

LIGHTSPEED NETWORKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. As part of its overall prudent liquidity risk management, the Company actively manages its operating cash flows and does not commit to expenditure that it does not have immediate access to settle.

Market Risk

Market risk is that risk that the fair value or cash flows of financial instruments will fluctuate as a result of market forces outside the control of the Company, including interest rate risk arising from the effect of changes in market interest rates on cash at bank, overdrafts, investments in debt instruments, borrowings and obligations under finance leases.

The Company will continue to operate in a responsible way at all times and comply with all appropriate laws, regulations and guidance.

Development and performance

Financial Results

As shown in the company profit and loss account set out on page 9, t he company incurred a loss after tax of £28,644,291 (202 4: £1 9,897,691) in the period driven by overhead costs required to grow and maintain the full fibre network.

The company balance sheet on page 11 shows its net liabilities of £75,612,206 (2024: £46,967,915) and net current liabilities of £6,871,368 (2024: £7,038,385)

The network build continued to scale during the year with £128.3 m invested in the network build as at 31 December 202 5 (£96.4 m as at 31 December 202 4). The investment is broadly in line with the roll-out plans.

Key performance indicators

The Company has a number of key performance indicators that are used to track the performance of its business and operations to include:

- Cost Per Premises Passed: The cost of building past each available premises in the network. Customer Acquisitions Cost: The cost of marketing and acquiring a customer to connect the network. Cost per Premises Connected: The cost of connecting a premises to the network.

- Number of properties Ready for Service: properties covered by the network where a customer can be connected and provided with an operational service in that property within 24 hours.

- Penetration: Number of customers acquired as a proportion of the properties ready for service.

On behalf of the board

Liam Hickey
Director
24 July 2026
LIGHTSPEED NETWORKS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

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

Principal activities

The principal activity of the company is the construction and management of a fibre telecommunication network.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Liam Hickey
Brett Edward Shepherd
(Resigned 18 May 2026)
Bradley Scott Berger
Courtney Michelle Conrad
Jeffery William Konnesky
Auditor

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Liam Hickey
Director
24 July 2026
LIGHTSPEED NETWORKS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

LIGHTSPEED NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIGHTSPEED NETWORKS LTD
- 6 -
Opinion

We have audited the financial statements of Lightspeed Networks Ltd (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 loss 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 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as going concern.

Other information

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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

LIGHTSPEED NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIGHTSPEED NETWORKS LTD (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport. We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the operations of the company, financial statements or the operations of the company, including the UK Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

LIGHTSPEED NETWORKS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIGHTSPEED NETWORKS LTD (CONTINUED)
- 8 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial, for instance through the imposition of fines or litigation or the loss of the Company’s license to operate. We identified the following areas as those most likely to have such an effect: UK Company law that regulates corporations formed under the Companies Act 2006 and HMRC laws and regulations relating to submissions of applicable taxes and documents. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

We communicated identified fraud risks and non-compliance with laws and regulations with those charged with governance, throughout the audit team and remained alert to any indications throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also 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 by, for example, forgery, misrepresentations or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Kunal Bharadva (Senior Statutory Auditor)
For and on behalf of KLSA LLP, Statutory Auditor
Chartered Accountants
Kalamu House
11 Coldbath Square
London
EC1R 5HL
27 July 2026
LIGHTSPEED NETWORKS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
3,958,591
2,005,035
Cost of sales
(11,184,395)
(7,310,070)
Gross loss
(7,225,804)
(5,305,035)
Administrative expenses
(7,393,952)
(5,709,722)
Other operating income
-
0
28,728
Operating loss
4
(14,619,756)
(10,986,029)
Interest receivable and similar income
6
37,374
6,631
Interest payable and similar expenses
7
(14,061,909)
(8,918,293)
Loss before taxation
(28,644,291)
(19,897,691)
Tax on loss
8
-
0
-
0
Loss for the financial year
(28,644,291)
(19,897,691)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LIGHTSPEED NETWORKS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Loss for the year
(28,644,291)
(19,897,691)
Other comprehensive income
-
-
Total comprehensive income for the year
(28,644,291)
(19,897,691)
LIGHTSPEED NETWORKS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
9
291,507
92,425
Tangible assets
10
119,443,268
91,396,872
119,734,775
91,489,297
Current assets
Stocks
11
894,874
1,289,362
Debtors
12
2,997,244
2,637,828
Cash at bank and in hand
545,912
1,194,557
4,438,030
5,121,747
Creditors: amounts falling due within one year
13
(11,309,398)
(12,160,132)
Net current liabilities
(6,871,368)
(7,038,385)
Total assets less current liabilities
112,863,407
84,450,912
Creditors: amounts falling due after more than one year
14
(188,475,613)
(131,418,827)
Net liabilities
(75,612,206)
(46,967,915)
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
(75,612,306)
(46,968,015)
Total equity
(75,612,206)
(46,967,915)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
Liam Hickey
Director
Company registration number 08671303 (England and Wales)
LIGHTSPEED NETWORKS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
100
(27,070,324)
(27,070,224)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(19,897,691)
(19,897,691)
Balance at 31 December 2024
100
(46,968,015)
(46,967,915)
Year ended 31 December 2025:
Loss and total comprehensive income
-
(28,644,291)
(28,644,291)
Balance at 31 December 2025
100
(75,612,306)
(75,612,206)
LIGHTSPEED NETWORKS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(11,491,758)
(6,028,362)
Investing activities
Purchase of intangible assets
(210,666)
(50,171)
Purchase of tangible fixed assets
(31,918,032)
(22,556,019)
Interest received
37,374
6,631
Net cash used in investing activities
(32,091,324)
(22,599,559)
Financing activities
Proceeds from borrowings
42,934,437
29,644,898
Net cash generated from financing activities
42,934,437
29,644,898
Net (decrease)/increase in cash and cash equivalents
(648,645)
1,016,977
Cash and cash equivalents at beginning of year
1,194,557
177,580
Cash and cash equivalents at end of year
545,912
1,194,557
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Lightspeed Networks Ltd is a private company limited by shares incorporated in England and Wales on 2 September 2013. The registered office is Office 2B, Westpoint, Lynch Wood, Peterborough, PE2 6FZ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company incurred a loss during the year of £28.6m (2024: £19.9m). The company is currently in the initial phase of growth as its constructing the fibre network and commencing operations in different towns. The company's activities are financed by its shareholders, related parties and other borrowings.true

At the reporting date, the company was in a net liability position of £75.6m (2024: £46.9), had a a net current liability position of £6.9m (2024: £7m) and bank position of £546k (2024: £1.2m). During the year, the company's parent raised £50.2m from its shareholders to build the fibre network and launch its operations in different towns. As at the signing date of these financial statements, the total loans committed to the group by its shareholders for the network build costs and operations amounted to £61.2m with a further £220.2m from an entity affiliated to its shareholders (together, the “Kompass Kapital entities”).

As of the signing date of these financial statements, Kompass Kapital Holdings LLC has committed funding of £56.5m to the Lightspeed Fibre Holdings Group for the period 2026-2027 in support of the operations of the business.

The Company has letters of comfort from Kompass Global Ventures LLC and Kompass Kapital Holdings LLC, confirming the ongoing financial support for the company and confirming that repayment of their existing loans will not be required for at least 12 months from the date of signing of the financial statements. The directors are therefore confident that Kompass Global Ventures LLC and Kompass Kapital Holdings LLC will continue to provide financial support to the company for the foreseeable future, defined as at least 12 months from the date of signing the financial statements for the year ended 31 December 2025.

The directors have made an assessment of the company's ability to continue as a going concern which included the company's cash resources, borrowing facilities, planned network costs, and other expenditure.

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has 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.

LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

- Network connectivity services

- Installation services

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Network connectivity services

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed 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.

Installation services

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 estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, 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 are recover able.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Charged on completion
IP Addresses
10 years Straight line method
1.5
Tangible fixed assets

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

LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the lease term
Plant and equipment
33.33% Straight line method
Fixtures and fittings
33.33% straight line methos
IT equipment
33.33% Straight line method
Motor vehicles
25% straight line method
Network Build
4% to 5% straight line method

Assets in the course of construction are not depreciated.

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts 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. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.14

Comparatives

There were no changes in comparative figures during the year.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Useful lives, depreciation methods and residual values of tangible fixed assets and intangible fixed assets

Management reviews the useful lives, depreciation methods and residual values of the items of intangible fixed assets and tangible fixed assets on a regular basis.

During the year, the directors determined changes in the useful lives and residual values in the intangible fixed assets and tangible fixed assets which are disclosed in notes 9 and 10, respectively.

Trade Receivables

The directors review the portfolio of trade receivables on an annual basis. In determining whether receivables are impaired, the directors make judgement as to whether there is any evidence indicating that there is a measurable decrease in the estimate future cash flows expected.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of goods
33,451
121,992
Sales of services
3,925,140
1,883,043
3,958,591
2,005,035
2025
2024
£
£
Other revenue
Interest income
37,374
6,631
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
1,272
(3,572)
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
18,070
Depreciation of tangible fixed assets
3,864,437
3,145,247
Amortisation of intangible assets
11,584
10,269
Operating lease charges
77,765
25,043
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Employees
49
41
2025
2024
£
£
Wages and salaries
613,790
638,632
Social security costs
293,394
219,891
Pension costs
70,251
56,231
977,435
914,754
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
6,631
Other interest income
37,374
-
0
Total income
37,374
6,631
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
6,631
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Other interest on financial liabilities
14,061,909
8,918,293
8
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(28,644,291)
(19,897,691)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(7,161,073)
(4,974,423)
Tax effect of expenses that are not deductible in determining taxable profit
425
1,674
Tax effect of income not taxable in determining taxable profit
(9,344)
(1,658)
Unutilised tax losses carried forward
4,144,566
7,004,736
Group relief
-
0
65,059
Permanent capital allowances in excess of depreciation
(490,052)
(4,324,961)
Corporate interest restriction
3,515,478
2,229,573
Taxation charge for the year
-
-
9
Intangible fixed assets
Software
IP Addresses
Total
£
£
£
Cost
At 1 January 2025
-
0
102,694
102,694
Additions
138,893
71,773
210,666
At 31 December 2025
138,893
174,467
313,360
Amortisation and impairment
At 1 January 2025
-
0
10,269
10,269
Amortisation charged for the year
-
0
11,584
11,584
At 31 December 2025
-
0
21,853
21,853
Carrying amount
At 31 December 2025
138,893
152,614
291,507
At 31 December 2024
-
0
92,425
92,425
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Intangible fixed assets
(Continued)
- 22 -

Amortisation has not yet been recognised on the software assets, as they are still assessed to be under development and not in their final state. It is expected that development activity will continue throughout 2026, with the assets not reaching completion until the end of that year. As at year end, the estimated commitment required to bring these assets to completion was £172,010.

LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
10
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
IT equipment
Motor vehicles
Network Build
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2025
103,158
23,251,969
143,687
3,008
149,454
530,523
73,190,700
97,372,499
Additions
-
0
31,905,946
7,267
-
0
4,819
-
0
-
0
31,918,032
Disposals
-
0
-
0
-
0
-
0
-
0
(52,198)
-
0
(52,198)
Transfers
-
0
(31,464,430)
-
0
-
0
-
0
-
0
31,464,430
-
0
At 31 December 2025
103,158
23,693,485
150,954
3,008
154,273
478,325
104,655,130
129,238,333
Depreciation and impairment
At 1 January 2025
69,762
-
0
130,166
1,620
113,929
379,773
5,280,377
5,975,627
Depreciation charged in the year
15,369
-
0
13,856
802
25,949
130,490
3,677,971
3,864,437
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(44,999)
-
0
(44,999)
At 31 December 2025
85,131
-
0
144,022
2,422
139,878
465,264
8,958,348
9,795,065
Carrying amount
At 31 December 2025
18,027
23,693,485
6,932
586
14,395
13,061
95,696,782
119,443,268
At 31 December 2024
33,396
23,251,969
13,521
1,388
35,525
150,750
67,910,323
91,396,872
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Tangible fixed assets
(Continued)
- 24 -

Network Build

This category is costs related to the construction of the superfast broadband infrastructure, where the assets so constructed are live and can be used to provide internet services to customers. The costs of construction include the labour and materials from civil and cabling efforts, electronics that facilitate the delivery of the broadband service to the point of the connected residence or business, and internal resources that are assessed as directly related to the network build.

Assets Under Construction

This category is costs related to the construction of the superfast broadband infrastructure, where the assets so constructed are not yet live and cannot be used to provide internet services to customers. The costs of construction include the labour and materials from civil and cabling efforts, electronics that facilitate the delivery of the broadband service to the point of the connected residence or business, and internal resources that are assessed as directly related to the network build.

Summary of progress

As at 31 December 2025, Lightspeed Networks Ltd had spent £128.3m on the construction of its superfast broadband infrastructure, with 341k premises passed (“PP” – meaning the number of properties for which the broadband infrastructure was constructed, but not yet available for a live internet connection). Of this spend, £104.6m related to the 283k premises that were ready for service (“RFS” – meaning the infrastructure was both constructed and available for live internet connection). The immediate goal for the business is to achieve 362k PP by the end of December 2026, with 318k RFS.

The group utilises the services of several contractors (build partners) for various phases of the network build and its commitment to any party is limited to the agreed scope of works for that phase. The group is entitled to cancel or withdraw the contract from the build partners by giving written notice at any time during the term of the contract.

11
Stocks
2025
2024
£
£
Finished goods
894,874
1,289,362
12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
448,301
26,062
Amounts owed by group undertakings
1,796,654
-
0
Other debtors
648,950
2,565,597
Prepayments and accrued income
103,339
46,169
2,997,244
2,637,828
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
13
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,069,530
2,542,271
Amounts owed to group undertakings
6,162,189
5,566,703
Taxation and social security
146,044
97,635
Other creditors
19,699
11,576
Accruals and deferred income
3,911,936
3,941,947
11,309,398
12,160,132
14
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
15
188,475,613
131,418,827
15
Loans and overdrafts
2025
2024
£
£
Loans from group undertakings
188,475,613
131,418,827
Payable after one year
188,475,613
131,418,827

Loans from group undertakings includes £133,904,901 (2024: £80,357,561) from Lightspeed Fibre Holdings Limited which is subject to interest rate at a margin plus compounded reference rate for that day and £54,570,712 (2024: £51,061,266) from Lightspeed Fibre Group Limited which is subject to a weighted average interest rate at 8.5%.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,251
56,231

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
LIGHTSPEED NETWORKS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
18
Related party transactions

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with the parent company or any wholly owned subsidiary undertakings of the group.

19
Ultimate controlling party

The company's immediate parent undertaking is Lightspeed Fibre Group Limited. Its registered office and principal place of business is Office 2B, Westpoint, Lynch Wood, Peterborough, PE2 6FZ.

Lightspeed Fibre Holdings Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's ultimate parent company. Its registered office and principal place of business is Office 2B, Westpoint, Lynch Wood, Peterborough, PE2 6FZ.

In the opinion of the directors, the ultimate controlling party is Jayson Alexander Kuti.

20
Cash absorbed by operations
2025
2024
£
£
Loss after taxation
(28,644,291)
(19,897,691)
Adjustments for:
Finance costs
14,061,909
8,918,293
Investment income
(37,374)
(6,631)
Amortisation and impairment of intangible assets
11,584
10,269
Depreciation and impairment of tangible fixed assets
3,864,437
3,145,247
Movements in working capital:
Decrease/(increase) in stocks
394,488
(1,176,632)
Increase in debtors
(359,416)
(1,505,934)
(Decrease)/increase in creditors
(783,095)
4,484,717
Cash absorbed by operations
(11,491,758)
(6,028,362)
21
Analysis of changes in net debt
1 January 2025
Cash flows
Market value movements
31 December 2025
£
£
£
£
Cash at bank and in hand
1,194,557
(648,645)
-
545,912
Borrowings excluding overdrafts
(131,418,827)
(71,179,135)
14,122,349
(188,475,613)
(130,224,270)
(71,827,780)
14,122,349
(187,929,701)
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