REGISTERED NUMBER: |
Digitalocean Droplet Limited |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Digitalocean Droplet Limited |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2022 |
Digitalocean Droplet Limited (Registered number: 13315180) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Statement of Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Notes to the Financial Statements | 10 |
Digitalocean Droplet Limited |
Company Information |
for the year ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Digitalocean Droplet Limited (Registered number: 13315180) |
Report of the Directors |
for the year ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
DIRECTOR |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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; |
- | 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Walkers Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Digitalocean Droplet Limited |
Opinion |
We have audited the financial statements of Digitalocean Droplet Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 101 'Reduced Disclosure Framework' (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 2022 and of its profit 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 Auditors' 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Digitalocean Droplet Limited |
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 identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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. |
Report of the Independent Auditors to the Members of |
Digitalocean Droplet Limited |
Auditors' 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 a Report of the Auditors 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: |
- we assessed the extent of compliance with the law and regulations identified above through making enquiries of management; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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. |
To address the risk of fraud through management bias and override of controls, we: |
- tested journal entries and other adjustments for appropriateness to identify any unusual transactions, and evaluation the business rationale of significant transaction outside the normal course of the business. |
- reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; and |
- enquiring of management as to actual and potential litigation and claims. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Digitalocean Droplet Limited |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
Aireside House |
Aireside Business Centre |
Royd Ings Avenue |
Keighley |
West Yorkshire |
BD21 4BZ |
Digitalocean Droplet Limited (Registered number: 13315180) |
Statement of Comprehensive |
Income |
for the year ended 31 December 2022 |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest receivable and similar income |
PROFIT/(LOSS) BEFORE TAXATION | 6 | ( |
) |
Tax on profit/(loss) | 8 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Digitalocean Droplet Limited (Registered number: 13315180) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
FIXED ASSETS |
Owned |
Tangible assets | 9 | 3,044,507 | - |
Right-of-use |
Tangible assets | 9, 15 | 6,818,661 | - |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Digitalocean Droplet Limited (Registered number: 13315180) |
Statement of Changes in Equity |
for the year ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Digitalocean Droplet Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has transitioned from Financial Reporting Standard 102 to Financial Reporting Standard 101 "Reduced Disclosure Framework" and Companies Act 2006 during the year. |
The company's ultimate parent undertaking, DigitalOcean, LLC, includes the company in its consolidated financial statements. The consolidated financial statements are prepared in accordance with US- adopted international accounting standards and are available to the public and made be obtained from the company's registered address as set out in note 17. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; and |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group. |
Revenue recognition |
The company has entered into a contract with its parent company on the recovery of cost plus an agreed percentage. |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Property plant and equipment (PPE) is initially recognised at acquisition cost or manufacturing cost, including any costs directly attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by the company's management. |
PPE are subsequently measured at cost less accumulated depreciation and impairment losses. |
Depreciation is recognised on a straight line basis to write down the cost less estimated residual value of PPE.The following useful lives are applied: |
- Right of use assets | 3 years |
- Computer equipment: | 5 years |
Material residual value estimates and the estimates of useful life are updated as required, but at least annually. |
Gains or losses arising on the disposal of PPE are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognised in the statement of comprehensive income within other income or other expenses. |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
The company's financial assets fall into the category discussed below with the allocation depending on the purpose for which the assets was acquired. The Company has not classified any of its financial assets as held to maturity. |
Unless otherwise indicated, the carrying amount of the Company's financial assets are a reasonable approximation of their fair values. |
The company derecognises a financial assets only when the contractual rights to the cash flow from the assets expire; or it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Assets held at amortised cost |
These assets are non-derivative financial assets with a fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g. trade receivables) and deposits held at banks but may incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to the acquisition or issue and subsequently carried at amortised cost as reduced by appropriate allowances for estimated unrecoverable amounts. |
The effect of discounting on these financial instruments is not considered material. |
The Company makes use of a simplified approach to accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These expected shortfalls in contractual cash flows, considering the potential for default at any point during the lifetime of the financial instrument. The Company uses its historical experience, external indicators and forward-looking information to calculate expected credit loss using a provision matrix. |
The Company oversees impairment of trade receivables on a collective basis as they possess shared credit risk characteristics and they have been grouped on the number of days overdue. |
Assets held at amortised cost in the company includes loans issued to other group companies. They are initially recognised at fair value less transaction costs that are directly attributable and subsequently at amortised cost reduced by appropriate allowance for credit losses. |
For loans with other group companies that are repayable on demand, expected credit losses are based on the assumption that repayment of the loan is demanded at the reporting date in accordance with IFRS 9. |
For other loans with group companies where the credit risk is deemed to be low a 12-month expected credit loss is recognised in accordance with IFRS 9. |
Financial liabilities |
The company classifies its financial liabilities into two categories depending on the purpose for which the liability was incurred |
Unless otherwise indicated, the carrying amounts of the Company's financial liabilities are a reasonable approximation of their fair values. |
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they expire. |
Financial liabilities measured at amortised cost |
These liabilities include the following items: |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
- Trade payables and other short term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost. |
- Bank borrowing and amounts due to parent company are initially recognised at fair value bet of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost. Interest is recognised as a finance expense in the income statement. |
Stocks and work in progress |
Work in Progress (WIP) is an asset under construction or procured but not yet put into operational service. WIP typically represents production equipment to be deployed in data centers and leasehold improvements. WIP costs that exceed the capitalisation threshold are accumulated in the WIP account until completion. |
Data center assets staged at the Company's data centers or warehousing locations and pending deployment to their final in-service location are held in WIP. WIP is settled to the applicable fixed asset ledger account in the period in which the project is substantially complete and ready for its intended use. |
Taxation |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the reporting end date. |
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison of the carrying amounts of assets and liabilities in the financial statements with their respective tax bases. However, in accordance with rules set out IAS 12, no deferred taxes are recognised on the initial recognition of goodwill, nor on the initial recognition of assets and liabilities unless acquired in a business combination or in a transaction that affects tax or accounting profit. In addition, tax losses available to be carried forward as well as other income tax credits to the company are assessed for recognition as deferred tax assets. Deferred tax liabilities are provided in full. Deferred tax assets are recognised to the extent that it is probable that they will be able to be offset against future taxable income. Deferred tax assets and liabilities are calculated, without discounting, at tax rate that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted at the balance sheet date. |
Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leases |
The Company recognises right-of-use assets at cost and lease liabilities at the lease commencement date based on the present value of future lease payments. The right of use assets are depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis in line with the Company’s accounting policy for property, plant and equipment. The lease liabilities are recognised at amortised cost using the effective interest rate method. The discount rates used reflect the incremental borrowing rate specific to the lease. |
Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. As part of the DigitalOcean, LLC the Company is supported by the strong group balance sheet which has sufficient cash on hand to support the business in even the most severe scenarios the directors have modelled. |
The directors have as a result obtained a letter of continued financial support from the ultimate parent company, DigitalOcean, LLC, for at least 12 months from the date of this report. The company therefore continues to adopt the going concern basis in preparing it financial statements. |
International Financial Reporting Standards (IFRS) adopted for the first time in the year |
There were no new standards or amendments to standards adopted for the first time this year that had a material impact on the results of the company. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the applications of policies and the reported amounts of assets and liabilities, income and expenses. |
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. |
Estimation Uncertainty |
Information about estimates and assumptions that have the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. |
Useful lives of depreciable assets |
Management reviews its estimates of the useful lives of depreciable assets at each reporting date, based on the expected utility of assets. Uncertainties in these estimates relate to mechanical and technological obsolescence that may change the utility of certain plant and equipment. |
4. | TURNOVER |
The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
United States of America |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | EMPLOYEES AND DIRECTORS |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Wages and salaries | 1,376,991 | 581,834 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
Management | 1 | - |
Engineers | 7 | 4 |
Sales | 3 | 1 |
Administrative | 4 | - |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Director's remuneration |
6. | PROFIT/(LOSS) BEFORE TAXATION |
The profit before taxation (2021 - loss before taxation) is stated after charging: |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Cost of inventories recognised as expense |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts or finance leases |
Foreign exchange differences |
Operating lease rentals | 15,936 | - |
7. | AUDITORS' REMUNERATION |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
8. | TAXATION |
Analysis of tax expense/(income) |
Period |
6.4.21 |
Year Ended | to |
31.12.22 | 31.12.21 |
£ | £ |
Current tax: |
Tax |
Deferred tax | ( |
) | ( |
) |
Total tax expense/(income) in statement of comprehensive income | ( |
) |
9. | TANGIBLE FIXED ASSETS |
Right of |
use | Computer |
assets | equipment | Totals |
£ | £ | £ |
COST |
Additions |
At 31 December 2022 |
DEPRECIATION |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
10. | STOCKS |
31.12.22 | 31.12.21 |
£ | £ |
Stocks | 117,607 | - |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Leases (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Leases (see note 14) |
14. | FINANCIAL LIABILITIES - BORROWINGS |
31.12.22 | 31.12.21 |
£ | £ |
Current: |
Leases (see note 15) | 3,271,619 | - |
Non-current: |
Leases (see note 15) | 3,800,750 | - |
Terms and debt repayment schedule |
1 year or |
less | 1-2 years | 2-5 years | Totals |
£ | £ | £ | £ |
Leases | 3,271,619 | 3,502,670 | 298,080 | 7,072,369 |
15. | LEASING |
Right-of-use assets |
Tangible fixed assets |
31.12.22 | 31.12.21 |
£ | £ |
COST |
Additions | 9,573,833 | - |
DEPRECIATION |
Charge for year | 2,755,172 | - |
NET BOOK VALUE | 6,818,661 | - |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
15. | LEASING - continued |
Lease liabilities |
Minimum lease payments fall due as follows: |
31.12.22 | 31.12.21 |
£ | £ |
Gross obligations repayable: |
Within one year | 3,479,770 | - |
Between one and five years | 3,884,110 | - |
7,363,880 | - |
Finance charges repayable: |
Within one year | 208,151 | - |
Between one and five years | 83,360 | - |
291,511 | - |
Net obligations repayable: |
Within one year | 3,271,619 | - |
Between one and five years | 3,800,750 | - |
7,072,369 | - |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary shares | 1 | 100 | 100 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 | ( |
) |
Profit for the year |
At 31 December 2022 |
18. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. During the year £56,217 (2021: £23,124) has been charged to the profit and loss account in respect of pension contributions. At the balance sheet date, there were outstanding contributions of £1,317 (2021: £23,103). |
Digitalocean Droplet Limited (Registered number: 13315180) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
19. | ULTIMATE PARENT COMPANY |
DigitalOcean Holdings, Inc (incorporated in USA ) is regarded by the directors as being the company's ultimate parent company. |
The group in which the results of the company are consolidated is headed by the ultimate parent company. The consolidated accounts of DigitalOcean Holdings, Inc are available from 101 6th Avenue of The Americas, New York, New York, 10013-1941 United States of America. |
20. | RELATED PARTY DISCLOSURES |
As permitted by FRS 101 related party transactions with wholly owned members of DigitalOcean Holdings, Inc have not been disclosed. |