Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 12540160 (England and Wales)
Internet Utilities Europe and Asia Limited
Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Company Information
Directors
Vincentas Grinius
Andrius Kazlauskas
Secretary
Vincentas Grinius
Company number
12540160
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Internet Utilities Europe and Asia Limited
Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,679
4,591
Cash at bank and in hand
11,745
1,561
13,424
6,152
Creditors: amounts falling due within one year
4
(519,192)
(586,535)
Net current liabilities
(505,768)
(580,383)
Capital and reserves
Called up share capital
6
1,100
1,100
Other reserves
61,533
61,533
Profit and loss reserves
(568,401)
(643,016)
Total equity
(505,768)
(580,383)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 11 November 2024 and are signed on its behalf by:
Vincentas Grinius
Andrius Kazlauskas
Director
Director
Company Registration No. 12540160
Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Internet Utilities Europe and Asia Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

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 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

These financial statements are prepared on a not going concern basis. The directors have a reasonable expectation that the company will not continue in operational existence in the foreseeable future with aims to make the company dormant.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

1.5
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 balance sheet 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.

Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Share-based payments

Equity-settled share-based payments are issued by Internet Utilities Europe And Asia Limited, and are recognised as a reasonable allocation of the company share-based payment expense. The expense is measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using models such as the Black-Scholes, Monte Carlo simulation and binominal models. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,883
Prepayments and accrued income
1,679
1,708
1,679
4,591
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,648
4,771
Trade creditors
6,488
5,998
Amounts owed to group undertakings
489,104
570,766
Taxation and social security
4,952
-
0
Accruals and deferred income
5,000
5,000
519,192
586,535
5
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023 and 31 December 2023
-
0
662
-
0
92.95
Exercisable at 31 December 2023
-
0
-
0
-
0
-
0

 

Internet Utilities Europe And Asia Limited
(Formerly IPXO Limited)
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
5
Share-based payment transactions
(Continued)
Page 5

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

 

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

Inputs were as follows:
2023
2022
Weighted average exercise price
-
92.95
Expected life
-
1.00
Risk free rate
-
1.25

662 Share options were granted in the prior year. The effect on the profit and loss account of the options at 31 December 2022 was £29,051 calculated using the model described above. (The profit and loss account effect of the issue of the options at 31 December 2021 was £32,482)

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
110,000
110,000
1,100
1,100
7
Related party transactions

During the year the company received income of £55,128 (2022: £19,227) from IPXO Limited (formerly IPXO UK Limited) in relation to IP and OTH commission.

 

At the Balance Sheet date, the amount due to IPXO LLC was £nil (2022: £411), the amounts due to Cyber Assets FZCO was £nil (2022: £2,883), the amounts due to IPXO UAB was £71,330 (2022: £145,619), and the amounts due to IPXO Limited (formerly IPXO UK Limited) was £417,774 (2022: £426,658)

8
Parent company

The parent company of Internet Utilities Europe And Asia Limited is Norte Holding Limited

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