Company Registration No. 03898071 (England and Wales)
Internap Network Services U.K. Limited
Annual report and financial statements
for the year ended 31 December 2024
Internap Network Services U.K. Limited
Company information
Directors
H V Vrind
(Appointed 8 July 2024)
P Yao
(Appointed 19 May 2025)
Company number
03898071
Registered office
3rd Floor
1 Ashley Road
Altrincham
Cheshire
WA14 2DT
Auditor
Saffery LLP
Trinity
16 John Dalton Street
Manchester
M2 6HY
Internap Network Services U.K. Limited
Contents
Page
Directors' report
1 - 3
Directors' responsibilities statement
4
Statement of financial position
5
Statement of changes in equity
6
Notes to the financial statements
7 - 17
Internap Network Services U.K. Limited
Directors' report
For the year ended 31 December 2024
1

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activity, review of business and future developments

The level of business and year-end position of 2024 were in line with management's expectations. There were no changes to the nature of the business or operations during 2024, and there are no planned changes to operations or the service agreement with the parent company for the foreseeable future.

Results and dividends

The results for the year are set out on .

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Lischke
(Resigned 5 July 2024)
J Acker
(Resigned 13 May 2024)
E Shenai
(Resigned 15 August 2024)
H V Vrind
(Appointed 8 July 2024)
P Yao
(Appointed 19 May 2025)
Internap Network Services U.K. Limited
Directors' report (continued)
For the year ended 31 December 2024
2
Going concern

These financial statements have been prepared on the going concern basis, taking into account that the company's parent, Internap Holding LLC, has confirmed that it will continue to provide such financial support as the company requires for its continued operations and so it can continue trading for a period of at least 12 months from the date of approval of these financial statements.

 

The company is reliant on the service agreement with its parent company undertaking Internap Holding LLC for all of its revenue generation. The directors have considered the going concern assessment of the parent company, as per its latest financial statements and have reviewed the group’s forecasts for the period to 31 December 2026. The projections within the recent group forecasts show that the group will maintain a mild but steady growth in EBITDA through the end of the year 2026.

 

On April 28 2023, the parent company and its United States subsidiaries filed a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy") as a strategic initiative to restructure the organisation and reposition the balance sheet. In conjunction with the Company's Plan of Reorganisation, which became effective on July 31 2023, the parent company's previous debt was forgiven and the company entered into a new term loan agreement (the "Exit Term Facility"). At this time, all assets of the company, including those of its foreign wholly-owned subsidiaries, were pledged against the agreement.

 

The Company's day-to-day operations have been largely unaffected since emergence from bankruptcy on July 31 2023, and as of 2 May 2024, this loan was paid off in its entirety, representing full satisfaction of our requirements under the agreement.

 

In the event that Internap Network Services UK Limited are unable to fulfil their obligations, Internap Holding LLC has agreed to provide any necessary funding and support to the company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the directors have a reasonable expectation that the company will have sufficient cash flows and resources available to continue operating for at least 12 months from the approval date of these financial statements.

 

There is a risk that the parent company will be impacted by customers and prospective customers deferring IT operating and capital projects leading to delays in contract negotiations and cancelling anticipated sales. If sales, churn, collections and expenses are not in line with cash flow forecasts, the parent company's directors are confident that further cost savings can be implemented or additional financing sought.

 

While the directors have no reason to believe that customer revenues and receipts will decline to the point that the parent company no longer has sufficient resources to fund its operations, should this occur, the parent company will need to make significant reductions in its fixed cost expenses and may need to seek additional funding beyond the facilities that are currently available to it through funding sources. This would impact the parent company’s ability to provide the necessary financial support to the company. The directors have concluded that the circumstances set forth indicate that a material uncertainty exists, which may cast significant doubt about the company's ability to continue as a going concern and therefore that it may be unable to realise assets and discharge liabilities in the normal course of business. The financial statements do not include the adjustments that would be required if the company were unable to continue as a going concern.

Internap Network Services U.K. Limited
Directors' report (continued)
For the year ended 31 December 2024
3
Financial risk management

The company has a risk-management programme which focuses its analysis on the financial markets with purpose to mitigate the potential adverse effects on the Company's financial performance. The risks and uncertainties which are particularly applicable to the company are:

 

Market competition

The company operates in a competitive market. The company relies on its parent company to ensure that its products and services represent the best technology available to its customers. The company looks to ensure that its pricing remains competitive and represents good value to its customers.

 

Liquidity

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The company expects to fund its liquidity needs from its cash and cash equivalents, operating cash flow as well as support from the parent company.

 

Foreign exchange risk

The company is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions and recognised assets or liabilities that are denominated in a currency that is not the company's functional currency. The company does not trade in financial instruments and has no form of derivatives. The expenses in foreign currency are of relatively minor exposure and are predictable. Therefore, the foreign exchange risk on the expenses in foreign currency can be managed.

 

Qualifying third party indemnity provision

During the financial year and at the time the report is approved a qualifying third party indemnity provision, as defined by Section 234 of the Companies Act 2006, is in place for the benefit of the directors.

Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

On behalf of the board
H V Vrind
Director
4 August 2025
Internap Network Services U.K. Limited
Directors' responsibilities statement
For the year ended 31 December 2024
4

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Internap Network Services U.K. Limited
Statement of financial position
As at 31 December 2024
5
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
431,711
778,997
Current assets
Trade and other receivables
5
66,999
78,040
Cash and cash equivalents
524,002
669,461
591,001
747,501
Current liabilities
6
(14,304,178)
(14,582,294)
Net current liabilities
(13,713,177)
(13,834,793)
Total assets less current liabilities
(13,281,466)
(13,055,796)
Non-current liabilities
6
-
(230,479)
Net liabilities
(13,281,466)
(13,286,275)
Equity
Called up share capital
9
1
1
Retained earnings
(13,281,467)
(13,286,276)
Total equity
(13,281,466)
(13,286,275)

 

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
H V Vrind
Director
Company registration number 03898071 (England and Wales)
Internap Network Services U.K. Limited
Statement of changes in equity
For the year ended 31 December 2024
6
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
1
(13,294,165)
(13,294,164)
Year ended 31 December 2023:
Profit and total comprehensive income
-
7,889
7,889
Balance at 31 December 2023
1
(13,286,276)
(13,286,275)
Year ended 31 December 2024:
Profit and total comprehensive income
-
4,809
4,809
Balance at 31 December 2024
1
(13,281,467)
(13,281,466)

 

Internap Network Services U.K. Limited
Notes to the financial statements
For the year ended 31 December 2024
7
1
Accounting policies
Company information

Internap Network Services U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

 

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets and related party transactions

Where required, equivalent disclosures are given in the group accounts of Internap Holding LLC. The group accounts of Internap Holding LLC are available to the public and can be obtained as set out in note 12.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
8
1.2
Going concern

These financial statements have been prepared on the going concern basis, taking into account that the company's parent, Internap Holding LLC, has confirmed that it will continue to provide such financial support as the company requires for its continued operations and so it can continue trading for a period of at least 12 months from the date of approval of these financial statements. true

 

The company is reliant on the service agreement with its parent company undertaking Internap Holding LLC for all of its revenue generation. The directors have considered the going concern assessment of the parent company, as per its latest financial statements and have reviewed the group’s forecasts for the period to 31 December 2026. The projections show that the group will maintain a mild but steady growth in EBITDA through the end of the year 2026.

 

On April 28 2023, the parent company and its United States subsidiaries filed a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy") as a strategic initiative to restructure the organisation and reposition the balance sheet.

 

In conjunction with the Company's Plan of Reorganisation, which became effective on July 31 2023, the parent company's previous debt was forgiven and the company entered into a new term loan agreement (the "Exit Term Facility"). At this time, all assets of the company, including those of its foreign wholly-owned subsidiaries, were pledged against the agreement.

 

The Company's day-to-day operations have been largely unaffected since emergence from bankruptcy on July 31 2023, and as of 2 May 2024, this loan was paid off in its entirety, representing full satisfaction of our requirements under the agreement.

 

In the event that Internap Network Services UK Limited are unable to fulfil their obligations, Internap Holding LLC, has agreed to provide any necessary funding and support to the company for a period of at least 12 months from the date of approval of these financial statements. On this basis, the director has a reasonable expectation that the company will have sufficient cash flows and resources available to continue operating for at least 12 months from the approval date of these financial statements.

 

There is a risk that the parent company will be impacted by customers and prospective customers deferring IT operating and capital projects leading to delays in contract negotiations and cancelling anticipated sales. If sales, churn, collections and expenses are not in line with cash flow forecasts, the parent company's directors are confident that further cost savings can be implemented or additional financing sought.

 

While the directors have no reason to believe that customer revenues and receipts will decline to the point that the parent company no longer has sufficient resources to fund its operations, should this occur, the parent company will need to make significant reductions in its fixed cost expenses and may need to seek additional funding beyond the facilities that are currently available to it through funding sources. This would impact the parent company’s ability to provide the necessary financial support to the company. The directors have concluded that the circumstances set forth indicate that a material uncertainty exists, which may cast significant doubt about the company's ability to continue as a going concern and therefore that it may be unable to realise assets and discharge liabilities in the normal course of business. The financial statements do not include the adjustments that would be required if the company were unable to continue as a going concern.

 

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
9
1.3
Revenue

Turnover represents service fees earned under a service agreement with the parent company. Fees are earned based on a costs plus model.

 

All revenue is only recognised to the extent when services have been delivered and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
14.5% - 33% per annum
Network equipment
20% per annum
Right of use assets
Lease-term

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
10
1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
11
Impairment of financial assets

Financial assets carried at amortised cost and fair value through other comprehensive income ('FVOCI') are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
12
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive income'. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
13

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.11
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.

2
Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

 

 

There are no other key sources of estimation uncertainty.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
14
3
Taxation
2024
2023
£
£

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
4,809
7,889
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.52%)
1,202
1,855
Effect of expenses not deductible in determining taxable profit
-
0
356
Timing differences for which no deferred tax asset is recognised
(1,202)
(3,163)
Fixed asset differences
-
765
Remeasurement of deferred tax for changes in tax rates
-
187
Taxation charge for the year
-
-

The company has estimated losses of £11,412,496 (2023 - £11,518,461) available to carry forward against future trading profits. No deferred tax has been recognised for the available trading losses due to the absence of near term visibility of taxable profits.

4
Property, plant and equipment
Fixtures and fittings
Network equipment
Right of use assets
Total
£
£
£
£
Cost
At 1 January 2024
24,622
1,207,536
1,148,285
2,380,443
Disposals
(24,622)
-
0
-
0
(24,622)
At 31 December 2024
-
0
1,207,536
1,148,285
2,355,821
Accumulated depreciation and impairment
At 1 January 2024
24,622
813,129
763,695
1,601,446
Charge for the year
-
0
154,991
192,295
347,286
Eliminated on disposal
(24,622)
-
0
-
0
(24,622)
At 31 December 2024
-
0
968,120
955,990
1,924,110
Carrying amount
At 31 December 2024
-
0
239,416
192,295
431,711
At 31 December 2023
-
0
394,407
384,590
778,997
Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
15
5
Trade and other receivables
2024
2023
£
£
Other receivables
26,202
47,745
Prepayments and accrued income
40,797
30,295
66,999
78,040
6
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
7
14,073,699
14,368,679
-
0
-
0
Lease liabilities
8
230,479
213,615
-
0
230,479
14,304,178
14,582,294
-
230,479
7
Trade and other payables
2024
2023
£
£
Trade payables
35,160
36,353
Amount owed to parent undertaking
14,004,013
14,286,063
Accruals and deferred income
34,526
46,263
14,073,699
14,368,679

Amounts owed to the parent company are unsecured, interest free and have no formal terms of re-payment.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
16
8
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
230,479
213,615
Non-current liabilities
-
230,479
230,479
444,094
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
16,555
26,821
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
100
100
1
1

All ordinary shares rank pari passu with regards to income distribution rights, rights to return on assets on a sale, listing, and liquidation of capital or otherwise.

10
Reserves

The company's capital and reserves are as follows:

 

Called up share capital

 

Called up share capital represents the nominal value of the shares issued.

 

Profit and loss account

 

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Internap Network Services U.K. Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
11
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:
Diane Petit-Laurent FCA
Date of audit report:
4 August 2025
12
Controlling party

The immediate parent of the company is Internap Holding LLC, which is also the ultimate party and controlling undertaking and is the smallest and largest group to consolidate these financial statements. Copies of the parent company consolidated financial statements can be obtained from Internap Holding LLC, 5051 Peachtree Corners Circle, Suite 200, Norcross, GA 30092.

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