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Registered number: 08107385 (England and Wales)














NEXSAN UK LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
NEXSAN UK LTD.
 
 
COMPANY INFORMATION


Directors
V J Phillips 
S K Gallacher 




Registered number
08107385



Registered office
Units 33-35 Parker Centre
Mansfield Road

Derby

United Kingdom

DE21 4SZ




Independent auditor
ZEDRA Corporate Reporting Services (UK) Limited





 
NEXSAN UK LTD.
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9

 
NEXSAN UK LTD.
REGISTERED NUMBER:08107385

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
59,424
12,675

  
59,424
12,675

Current assets
  

Stocks
 6 
2,278,714
1,665,672

Debtors due within one year
 7 
352,047
487,906

Cash at bank and in hand
  
22,068
156,751

  
2,652,829
2,310,329

Creditors: amounts falling due within one year
 8 
(2,039,693)
(1,590,620)

Net current assets
  
 
 
613,136
 
 
719,709

Total assets less current liabilities
  
672,560
732,384

Provisions for liabilities
  

Provisions
 9 
(68,072)
(170,422)

  
 
 
(68,072)
 
 
(170,422)

Net assets
  
604,488
561,962

Page 1

 
NEXSAN UK LTD.
REGISTERED NUMBER:08107385
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
604,487
561,961

  
604,488
561,962


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

V J Phillips
Director

Date: 27 June 2025

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 prior period financial statements cover an 18 month period from 1 July 2022 to 31 December 2023. Therefore, the prior year figures are not entirely comparable.

The following principal accounting policies have been applied:

  
1.2

Going concern

The Company is in a net asset position at the period end, this is primarily the result of a significant stock balance for which the Company has a promising pipeline of orders expected to support continued trading for a period of at least 12 months. Should the Company require further financial support, the parent company, Nexsan Holdings LLC, has provided written confirmation that it will provide financial support for a period of at least 12 months from the date of signing these financial statements.
In assessing the Company's ability to continue as a going concern, the directors have considered the availability of financing from the parent company through a review of their financial position and the budgeted cash requirements of the Company, as well as the group's access to additional funding.
However, the recent trading performance of the wider group and the parent company’s dependence on external financing means that there is a material uncertainty over the ability of the group to support the UK over the next 12 months.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intercompany sales are generated from sales of products made to the Company's parent company at a 40% mark up on the cost of the items sold. Turnover continues to be recognised as stated above.

Page 3

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Short-term leasehold property
-
5
years
Computer equipment
-
3
years
Testing equipment
-
3
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 4

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.Accounting policies (continued)

 
1.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
1.9

Creditors

Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

 
1.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amount of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 
In respect of the judgements, estimates and assumptions made by management in preparing these financial statements none are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities presented.
Impairment and valuation of stock
Stock is valued at the lower of cost and net realisable value. In almost all cases management estimates that stock will be sold for greater than cost and as a result no impairment is recorded. In the case of slow moving stock, management have recognised a provision for 10% of the total stock value. In the case of items that have been returned  by customers, management have recognised a provision of 20% of the total value of these items. This estimate is based on historic experience of slow moving stock and this is continually reviewed to ensure prudent estimates for provisions are made.
Provision for warranties
The directors have reviewed the need for a provision in the accounts against their expectation for future probable economic outflows and concluded that it is appropriate to include a provision based on these. The provision is in respect of economic outflows associated with servicing the warranty agreements entered into with customers upon the sale of products. These costs are estimated as 5% of total revenue. The estimate is based on historic experience, real time information and is continually reviewed to ensure prudent estimates for provisions are made.


3.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The auditor drew attention to note 1.2 to the accounts which indicates the existence of material uncertainty which may cause significant doubt about the Company's ability to continue as a going concern.

The audit report was signed on 30 June 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Employees

The average monthly number of employees during the year was 24 (2023 - 21).

Page 6

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Short-term leasehold property
Computer equipment
Testing equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
5,564
6,183
7,168
18,915


Additions
-
57,311
-
57,311



At 31 December 2024

5,564
63,494
7,168
76,226



Depreciation


At 1 January 2024
770
558
4,912
6,240


Charge for the period on owned assets
1,027
7,279
2,256
10,562



At 31 December 2024

1,797
7,837
7,168
16,802



Net book value



At 31 December 2024
3,767
55,657
-
59,424



At 31 December 2023
4,794
5,625
2,256
12,675


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,278,714
1,665,672

2,278,714
1,665,672


Stock is stated after provision for slow moving or obsolete stock of £329,826 (2023: £574,908).

Page 7

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
86,749
115,774

Other debtors
48,727
52,516

Prepayments and accrued income
216,573
319,613

352,049
487,903



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
390,396
341,742

Amounts owed to group undertakings
1,095,962
704,856

Corporation tax
47,304
51,805

Other taxation and social security
56,379
69,010

Other creditors
44,931
13,750

Accruals and deferred income
404,721
409,457

2,039,693
1,590,620



9.


Provisions


Warranty provision

£





At 1 January 2024
170,422


Charged to profit or loss
(102,350)



At 31 December 2024
68,072

Page 8

 
NEXSAN UK LTD.
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary shares share of £1.00
1
1



11.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than one year
42,500
42,500

42,500
42,500


12.


Controlling party

Nexsan Holdings, LLC. is the parent of the smallest group of which the Company is a member for which consolidated financial statements are prepared. The registered office address of the parent company is 1287 Anvilwood Avenue, Sunnyvale, CA 94089.


13.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
Page 9