Unable to Setup Apple Watch 7 with iPhone 12 Pro Max

Trying to setup my Apple Watch series 7 to my iPhone but when I try to pair I get the error 'Pairing Failed' with the description: Your Apple Watch couldn't pair with your iPhone.

I have successfully paired and unpaired the Apple Watch to several of my family members devices (of varying iOS versions)

Both devices are up to date with latest WatchOS 10.4 (I just know I updated to the latest WatchOS 10 using a family members phone) and iOS 17.4.1.

I have tried shutting down both devices for an extended period of time before powering them on again.

I have yet to implement my last solution of resetting network settings of my iPhone, however I would like to avoid doing this as repairing the other devices and re-entering all the wi-fi passwords will be troublesome.

I should also mention my device has parental controls enabled on it if that would affect anything.

Thanks in advance for any help and advise.