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Proximity Data Centres Operations Limited

Registered number: 12070272
Information for filing with the Registrar
For the year ended 28 February 2023

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
REGISTERED NUMBER: 12070272

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
10,426,260
5,724,486

Bank & cash balances
  
36,915
423,865

  
10,463,175
6,148,351

Creditors: amounts falling due within one year
 6 
(1,130,206)
(329,954)

Net current assets
  
 
 
9,332,969
 
 
5,818,397

Total assets less current liabilities
  
9,332,969
5,818,397

Creditors: amounts falling due after more than one year
 7 
(9,256,080)
(5,752,293)

  

Net assets
  
76,889
66,104


Capital and reserves
  

Called up share capital 
 8 
101
101

Profit and loss account
 9 
76,788
66,003

  
76,889
66,104


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 September 2023.




J B Craig
Director

The notes on pages 2 to 7 form part of these financial statements.
- 1 -

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Proximity Data Centres Operations Limited (formerly known as Edge UK Operations Limited) is a private company limited by shares incorporated in England and Wales, registered number 12070272. The registered office is Proximity House, Unit 2 Chester Gates, Dunkirk, Chester, CH1 6LT. 
The Company’s principal activity during the year was the provision of data management facilities and services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 (see note 3).
These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Proximity Data Centres Limited as at 28 February 2023 and these financial statements may be obtained from Proximity House Unit 2, Chester Gates, Dunkirk, Chester, England, CH1 6LT.

 
2.3

Going concern

These financial statements have been prepared on a going concern basis as the Directors have not identified any material uncertainties or events that may cast doubt about the ability of the Company to continue as a going concern. Further, the Directors will continue to finance the Company's working capital through loans through the Parent Company, as and when required. 

- 2 -

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 3 -

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

- 4 -

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Critical judgments in applying the Company's accounting policies
The critical judgments that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
(i) Recoverability of debtors
The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.

4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 5).


5.


Debtors


As restated
2023
2022
£
£


Amounts owed by group undertakings
9,176,027
5,149,219

Other debtors
1,218,318
232,414

Prepayments and accrued income
31,915
342,853

10,426,260
5,724,486


Amounts owed by group companies are unsecured and interest free.
Other debtors have been amended and restated for 2022 to reflect the £1 of share capital that had been previously omitted, as per Note 8. 

- 5 -

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,241
313,021

Amounts owed to group undertakings
1,117,965
-

Other creditors
-
1,933

Accruals and deferred income
3,000
15,000

1,130,206
329,954


Amounts owed to group companies are unsecured, interest free and repayable on demand. 


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to parent company
9,256,080
5,752,293


Amounts owed to group companies are unsecured. 
On 27 November 2020, ICG - Longbow Investment No. 5 S.A.R.L created a fixed and floating charge over the undertaking of all property and assets present and future of Proximity Data Centres Operations Limited.


8.


Share capital

As restated
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) A Ordinary shares of £1.00 each
100
100

Allotted, called up and unpaid



1 (2022 - 1) B Ordinary share of £1.00
1
1

The share capital of the Company has been amended to reflect 1 B Ordinary share which was issued on 2nd March 2020 at par and had been previously omitted within these financial statements. 
A Ordinary shares carry voting rights and the right to receive dividends. 
B Ordinary shares carry the right to vote but no right to receive dividends. 


- 6 -

 
 12070272
28 February 2023
PROXIMITY DATA CENTRES OPERATIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Reserves

Profit & loss account

This reserve represents cumulative profits and losses less dividends declared.


10.


Pension commitments

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 £14,944 (2022: £13,515) Contributions totalling £Nil were payable to the fund at the Statement of Financial Position date and are included in creditors.


11.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS102 paragraph 33.1A and has not disclosed transactions and outstanding balances with its fellow subsidiary undertakings, its parent company Proximity Data Centres Limited on the basis that all relevant companies are directly or indirectly wholly owned by Edge Data Centres Holdings Limited.


12.


Controlling party

The parent company is Proximity Data Centres Limited, a company registered in England and Wales under company number 11665082. Proximity Data Centres Limited heads the smallest group into which the Company's results are consolidated. 
At the year end, the ultimate parent company is Edge Data Centres Holdings Limited, a company registered in England and Wales under company number 12406453. 
On 25 August 2023, the Board of Directors of Edge Data Centres Holdings Limited (which is the parent of Proximity Data Centres Limited) accepted an offer for 100% of the equity of Edge Data Centres Holdings Limited. The new owner, as of 1st September 2023, when the equity sale and acquisition is due to complete, is nLighten UK Limited, a wholly owned subsidiary of nLighten BV, a Dutch registered company.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 28 February 2023 was unqualified.

The audit report was signed on 8 September 2023 by Bianca Permal (Senior Statutory Auditor) on behalf of Haines Watts (Berkhamsted) Limited.

 
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