Highland Wireless & IT Solutions Ltd is a private company limited by shares, registered in Scotland. The address of the registered office and registration number are Suite 2, Ground Floor, Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2NS, and SC563462. The principal activity of the Company during the year was the provision of broadband services through the build and operation of fixed wireless networks in rural Scotland.

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards including Financial Reporting Standard 102 - The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial assets and liabilities and investments measured at fair value.

The financial statements are prepared in sterling (£) which is the functional currency of the Company and rounded to the nearest £.

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

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account credits and incentives.

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

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

A financial asset or a financial liability is recognised when the Company becomes a party to the contractual provisions of an instrument.

Basic financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

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 assets are consumed.

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the profit and loss in the period to which they relate.

Fitzrovia Finance Security Ltd holds fixed and floating charges dated 18 July 2025 over all the property or undertaking of the Company in respect of 5-year loan facility with Highland Broadband Networks Limited. At period end £15,800,000 of this facility has been drawn down.

Scottish National Investment Bank plc as Security Trustee also hold a shares pledge and floating charge dated 18 July 2025 over all the property or undertaking of the Company, relating to secured loan notes with Highland Broadband Networks Holdco Limited.

Highland Wireless & IT Solutions Ltd is a wholly owned subsidiary of Highland Broadband Networks Limited, having its registered office at Suite 2, Ground Floor Orchard Brae House, 30 Queensferry Road, Edinburgh, EH4 2HS.

The ultimate parent and the largest and smallest group financial statements that consolidate this Company is Highland Broadband Networks Holdco Limited, whose registered office is Suite 2, Ground Floor Orchard Brae House, 30 Queensferry Road, Edinburgh, United Kingdom, EH4 2HS.

In the opinion of the directors there is no single controlling party.