Company registration number 14045228 (England and Wales)
UK COURT LANE DC LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
UK COURT LANE DC LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
UK COURT LANE DC LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
14,100,210
11,821,563
Cash at bank and in hand
194,959
726,376
14,295,169
12,547,939
Creditors: amounts falling due within one year
5
(3,170,012)
(2,858,420)
Net current assets
11,125,157
9,689,519
Capital and reserves
Called up share capital
5
3
Share premium account
11,251,179
9,799,998
Profit and loss reserves
(126,027)
(110,482)
Total equity
11,125,157
9,689,519
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr Justin Hildebrandt
Director
Company registration number 14045228 (England and Wales)
UK COURT LANE DC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
UK Court Lane DC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7th Floor Swan House, 17 - 19 Stratford Place, London, W1C 1BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements of the company have been prepared on the going concern basis as we believe that adequate cash resources will be available to cover the company’s requirements for working capital and capital expenditure for at least the next twelve months. We are not aware of any other factors which could put into jeopardy the company’s going concern status during or beyond this period. true
The Company is funded by equity provided by its shareholders. The Company pursues the acquisition of a land site in the United Kingdom to be developed into a data center (the “Project”). The Project is divided into the following phases: pre-acquisition and permitting, acquisition and development. The Company’s commitments for each phase are independent. Currently, the Company pursues the pre-acquisition and permitting phase, consequently the Company signed a conditional Sale and Purchase (“SPA”) agreement with the landowner and provided a refundable deposit. The completion of the acquisition is conditioned with securing the appropriate permitting and electricity capacity. At this pre-acquisition phase, the Company is incurring cost for securing the appropriate permitting and electricity capacity. Should the closing on the SPA not occur the Company will consider other investment opportunities.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
UK COURT LANE DC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgement has the most significant effect on amounts recognised in the financial statements.
Recoverability of project costs
The project costs require management judgement as to the likelihood of proceeding with the sale. At this stage this is considered more likely than not.
Management do not consider there to be any key sources of estimation uncertainty.
UK COURT LANE DC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
14,100,210
11,821,563
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
372,114
199,224
Other creditors
2,797,898
2,659,196
3,170,012
2,858,420
6
Reserves
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Retained earnings includes all current period retained losses, all of which are distributable reserves.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Herman Hang ACCA
Statutory Auditor:
Grunberg & Co Limited
Date of audit report:
9 September 2024
8
Events after the reporting date
No events after the financial year end have been noted.
UK COURT LANE DC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
10
Parent company
UK Court Lane DC Holding LP is the immediate parent of UK Court Lane DC Ltd . UK Court Lane DC Ltd does not have an ultimate controlling party.