Company Registration No. 9614942 (England and Wales)
StorageOS Ltd
Unaudited accounts
for the year ended 31 January 2024
StorageOS Ltd
Unaudited accounts
Contents
StorageOS Ltd
Company Information
for the year ended 31 January 2024
Secretary
Interim Assistance Ltd
Company Number
9614942 (England and Wales)
Registered Office
2 Minton Place
Victoria Road
Bicester
OX26 6QB
United Kingdom
StorageOS Ltd
Statement of financial position
as at 31 January 2024
Cash at bank and in hand
-
107,431
Creditors: amounts falling due within one year
(1,574,785)
(12,799,851)
Net current assets/(liabilities)
2,074,424
(12,200,762)
Total assets less current liabilities
2,074,424
(12,170,280)
Creditors: amounts falling due after more than one year
-
(1,071,360)
Net assets/(liabilities)
2,074,424
(13,241,640)
Called up share capital
14,934
14,934
Share premium
2,408,044
2,408,044
Profit and loss account
(348,554)
(15,664,618)
Shareholders' funds
2,074,424
(13,241,640)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 March 2024 and were signed on its behalf by
J Bemben
Director
Company Registration No. 9614942
StorageOS Ltd
Notes to the Accounts
for the year ended 31 January 2024
StorageOS Ltd is a private company, limited by shares, registered in England and Wales, registration number 9614942. The registered office is 2 Minton Place, Victoria Road, Bicester, OX26 6QB, United Kingdom. The company is in the process of being wound up.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared in accordance with FRS102 Section 1a. This company is a qualifying entity for the purposes of FRS102, Section 1a, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;
Section 26 'Share based Payment' - Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanations of modifications to arrangements.
The company ceased trading on 17 March 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
StorageOS Ltd
Notes to the Accounts
for the year ended 31 January 2024
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research and development is written off in the year in which it is incurred.
The cost of fixed assets acquired or constructed to facilitate research and development are capitalised and depreciated over their useful lives.
Expenditure on development is deferred to future periods when the project is separately identifiable, technically feasible, commercially viable and when future revenues generated from the project will incur all development costs.
Development expenditure is amortised when commercial production or application of the product or service commences over the project useful lives, as follows:
Project 1 33.3% straight line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
StorageOS Ltd
Notes to the Accounts
for the year ended 31 January 2024
5
Tangible fixed assets
Computer equipment
At 1 February 2023
115,002
Amounts falling due within one year
Amounts due from group undertakings etc.
3,649,209
199,374
Accrued income and prepayments
-
16,972
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
513,899
Amounts owed to group undertakings and other participating interests
1,574,785
12,096,978
Taxes and social security
-
70,033
8
Creditors: amounts falling due after more than one year
2024
2023
9
Transactions with related parties
StorageOS Limited is a wholly owned subsidiary of Akamai Technologies Inc. The company is exempt from disclosing intergroup transactions by virtue of being a wholly owned subsidiary in accordance with FRS102. Consolidated accounts can be obtained from the parent company Akamai Technologies Inc, 145 Broadway, Cambridge, Massachusettes, United States.
On 17 March 2023, Akamai Technologies Inc, purchase 100% of the issued share capital of StorageOS Limited.
StorageOS Ltd
Notes to the Accounts
for the year ended 31 January 2024
StorageOS Limited is a wholly owned subsidiary of Akamai Technologies Inc. The parent company place of business and registered address is 145 Broadway, Cambridge, Massachusettes, United States.
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Average number of employees
During the year the average number of employees was 3 (2023: 16).