Registration number:
Leaseweb UK Limited
for the Year Ended 31 December 2024
Leaseweb UK Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Leaseweb UK Limited
Company Information
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Director |
Terence Storrar |
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Company secretary |
CSC CLS (UK) LIMITED |
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Registered office |
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Auditors |
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Leaseweb UK Limited
(Registration number: 10879718)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
17,945 |
17,945 |
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Retained earnings |
(345,791) |
(745,846) |
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Shareholders' deficit |
(327,846) |
(727,901) |
Approved and authorised by the
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Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The Company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the Company is the provision of services in the internet infrastructure market.
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company made a profit in the year and has net significant current liabilities. The company is dependent on the support from the group to continue as a going concern.
The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
Straight-lined over 5 years |
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Office equipment |
Straight-lined over 5 years |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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IP Patents |
Straight-lined over 10 - 20 year |
Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Financial instruments
Classification
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 profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on a
straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The Company operates a stock unit compensation plan to certain employees, under which the employees
receive shares in the company's parent undertaking. Restricted stock unit arrangements are measured at
fair value at the date of grant with cash settled restricted stock units subsequently remeasured to the fair
value at each reporting date. The fair value is expensed on a straight-line basis over the vesting period,
which is the period over which all of the specified vesting conditions are to be satisfied. The amount
recognised as an expense is adjusted to reflect the actual number of restricted stock units that will vest.
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Significant judgements and key sources of estimation uncertainty |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty. |
Key sources of estimation uncertainty
Fixed Assets Depreciation
The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic
lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount of accumulated depreciation is £6,357,628 (2023: 5,043,465).
Fair value remeasurement of cash-settled restricted stock units
Cash-settled restricted stock unit payment transactions are remeasured at each reporting date to the fair
value of the liability up until the liability is settled, with any changes being reported in the profit or loss. The carrying amount of the restricted stock unit liability is £98,725 (2023: £100,044).
Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Summary audit opinion |
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Other operating income |
Other operating income relates to licensing fee remuneration received in the year from Leaseweb IP B.V of £480,421 (2023 - 361,390) and a settlement from a lawsuit regarding a competitor infringing upon competition law of £151,500 (2023 - £nil).
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Staff numbers |
The average number of persons employed by the Company (including the director) during the year, was
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Intangible assets |
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Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions acquired separately |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Revaluations |
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( |
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Additions |
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Disposals |
- |
( |
- |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
- |
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Charge for the year |
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Eliminated on disposal |
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( |
- |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Included in the amounts owed by related parties is an inter-company loan to the value of £8,796,605, which earns interest at 5.2%. The loan is repayable on demand.
Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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Included in amounts due to related parties are inter-company loans to the value of £12,857,286 and incur interest at 5%. These loans are repayable on demand.
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Share-based payments |
Restricted stock unit plan
Ocom B.V. (the ultimate parent company of Leaseweb UK Limited) operates a restricted stock unit long term incentive scheme for employees of the group.
The restricted stock units granted under the plan all have vesting periods of three years with the only vesting condition being continued employment.
If employment is terminated unless under exceptional circumstances the stock units which have not vested will lapse automatically on the date of termination of employment.
The scheme is considered to be cash settled with the fair values of the restricted stock units being reassessed each year.
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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17,945 |
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17,945 |
Leaseweb UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Dividends |
No dividends were paid or declared in the year (2023: £nil).
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Parent and ultimate parent undertaking |
The Company's immediate parent is Leaseweb Global B.V., incorporated in The Netherlands.
The ultimate parent is Ocom B.V., incorporated in The Netherlands.