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Registration number: 10879718

Leaseweb UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Leaseweb UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Leaseweb UK Limited

Company Information

Director

Terence Storrar

Company secretary

CSC CLS (UK) LIMITED

Registered office

Office 6.01
2 Eastbourne Terrace
London
England
W2 6LG

Auditors

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Leaseweb UK Limited

(Registration number: 10879718)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

7

53,488

50,067

Tangible assets

8

2,898,636

3,310,853

 

2,952,124

3,360,920

Current assets

 

Debtors

9

10,714,956

6,612,012

Cash at bank and in hand

 

1,633,738

2,039,253

 

12,348,694

8,651,265

Creditors: Amounts falling due within one year

10

(15,628,664)

(12,740,086)

Net current liabilities

 

(3,279,970)

(4,088,821)

Net liabilities

 

(327,846)

(727,901)

Capital and reserves

 

Called up share capital

12

17,945

17,945

Retained earnings

(345,791)

(745,846)

Shareholders' deficit

 

(327,846)

(727,901)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 May 2025
 

.........................................
Terence Storrar
Director

 

Leaseweb UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Office 6.01
2 Eastbourne Terrace
London
England
W2 6LG
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 director on 25 May 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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:

Asset class

Depreciation method and rate

Plant and machinery

Straight-lined over 5 years

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:

Asset class

Amortisation method and rate

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
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

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.

3

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

4

Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 25 May 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

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).

6

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 11 (2023 - 9).

7

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

62,575

62,575

Additions acquired separately

8,527

8,527

At 31 December 2024

71,102

71,102

Amortisation

At 1 January 2024

12,508

12,508

Amortisation charge

5,106

5,106

At 31 December 2024

17,614

17,614

Carrying amount

At 31 December 2024

53,488

53,488

At 31 December 2023

50,067

50,067

 

Leaseweb UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

8

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

-

8,329,950

24,368

8,354,318

Revaluations

-

(20,626)

-

(20,626)

Additions

135,134

826,751

4,024

965,909

Disposals

-

(43,337)

-

(43,337)

At 31 December 2024

135,134

9,092,738

28,392

9,256,264

Depreciation

At 1 January 2024

-

5,029,444

14,021

5,043,465

Charge for the year

33,783

1,322,579

3,286

1,359,648

Eliminated on disposal

-

(45,485)

-

(45,485)

At 31 December 2024

33,783

6,306,538

17,307

6,357,628

Carrying amount

At 31 December 2024

101,351

2,786,200

11,085

2,898,636

At 31 December 2023

-

3,300,506

10,347

3,310,853

9

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

185,605

218,895

Amounts owed by related parties

9,477,423

5,703,702

Prepayments

 

452,859

138,499

Other debtors

 

599,069

550,916

   

10,714,956

6,612,012

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

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,376,299

1,072,636

Amounts owed to related parties

13,102,899

10,981,786

Taxation and social security

 

-

44,310

Accruals and deferred income

 

1,000,637

582,760

Other creditors

 

148,829

58,594

 

15,628,664

12,740,086

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.

 

11

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.

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

17,945

17,945

17,945

17,945

       
 

Leaseweb UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Dividends

No dividends were paid or declared in the year (2023: £nil).

14

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

357,867

443,895

Later than one year and not later than five years

424,098

353,328

781,965

797,223

15

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.