Company registration number 07366355 (England and Wales)
NIMBUS HOSTING LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
NIMBUS HOSTING LTD.
COMPANY INFORMATION
Directors
Mr David Spellenberg
(Appointed 17 July 2024)
Mr Sebastian De Lemos
(Appointed 17 July 2024)
Company number
07366355
Registered office
Purlieus Barn
Ewen
Cirencester
England
GL7 6BY
Auditor
Shaw and Co (Norfolk) Ltd
Chartered Certified Accountants
Statutory auditor
3 Colegate
Norwich
NR3 1BN
NIMBUS HOSTING LTD.
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7 - 8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
NIMBUS HOSTING LTD.
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of data processing, hosting and related activities.

Results and dividends

The results for the Period are set out on page 6.

Ordinary dividends were paid amounting to £782,744. The directors do not recommend payment of a final dividend.

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

Directors

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

Mr T Dunton
(Resigned 17 July 2024)
Mr M A Crook
(Resigned 17 July 2024)
Mrs L Hogg
(Resigned 17 July 2024)
Mr David Spellenberg
(Appointed 17 July 2024)
Mr Sebastian De Lemos
(Appointed 17 July 2024)
Auditor

Shaw and Co (Norfolk) were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

 

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.

NIMBUS HOSTING LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr Sebastian De Lemos
Director
25 July 2025
NIMBUS HOSTING LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMBUS HOSTING LTD.
- 3 -
Opinion

We have audited the financial statements of Nimbus Hosting Ltd. (the 'company') for the Period ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NIMBUS HOSTING LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMBUS HOSTING LTD. (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

NIMBUS HOSTING LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMBUS HOSTING LTD. (CONTINUED)
- 5 -

Irregularities, including fraud, are instances of non-compliance with law and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are United Kingdom Accounting Standards, UK Companies Act 2006 and tax legislation (governed by HM Revenue and Customs).

 

Audit procedures performed by the engagement team included:

 

- Understanding the nature of the industry and sector;

- Understanding the management's internal controls designed to prevent and detect irregularities;

- Reviewing relevant meeting minutes;

- Testing transactions using substantive procedures;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

 

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

 

There is inherent limitation in the audit procedures described above. The risk of detecting a material misstatement due to fraud is higher than the risk of not detecting one results from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made soleiy to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Dominic Shaw FCCA (Senior Statutory Auditor)
For and on behalf of
29 July 2025
Shaw and Co (Norfolk) Ltd
Chartered Certified Accountants
Statutory Auditor
3 Colegate
Norwich
Norfolk
NR3 1BN
NIMBUS HOSTING LTD.
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
Period
Year
ended
ended
31 December
30 April
2024
2024
as restated
Notes
£
£
Revenue
3
1,693,755
2,563,430
Cost of sales
(116,957)
(109,304)
Gross profit
1,576,798
2,454,126
Other operating income
742
962
Administrative expenses
(1,960,787)
(2,263,336)
Operating (loss)/profit
4
(383,247)
191,752
Investment revenues
7
18,788
15,274
Finance costs
8
(3,931)
(2,726)
Other gains and losses
9
-
0
5,083
(Loss)/profit before taxation
(368,390)
209,383
Income tax income
10
38,481
4,285
(Loss)/profit and total comprehensive income for the Period
(329,909)
213,668
NIMBUS HOSTING LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
31 December
30 April
2024
2024
as restated
Notes
£
£
Non-current assets
Goodwill
12
6,200
6,200
Intangible assets
12
27,655
27,655
Property, plant and equipment
13
255,295
434,671
289,150
468,526
Current assets
Trade and other receivables
14
217,691
118,036
Cash and cash equivalents
127,661
1,273,132
345,352
1,391,168
Current liabilities
Trade and other payables
17
88,740
218,939
Current tax liabilities
39,664
42,683
Lease liabilities
18
26,976
25,179
Deferred revenue
20
286,063
316,036
441,443
602,837
Net current (liabilities)/assets
(96,091)
788,331
Non-current liabilities
Borrowings
16
102,221
-
0
Lease liabilities
18
8,639
26,543
Deferred tax liabilities
19
63,824
99,286
174,684
125,829
Net assets
18,375
1,131,028
Equity
Called up share capital
22
250,001
250,001
Retained earnings
(231,626)
881,027
Total equity
18,375
1,131,028
NIMBUS HOSTING LTD.
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -

These financial statements have been prepared 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 25 July 2025 and are signed on its behalf by:
Mr Sebastian De Lemos
Director
Company registration number 07366355 (England and Wales)
NIMBUS HOSTING LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Share capital
Retained earnings
Total
Notes
£
£
£
As restated for the period ended 30 April 2024:
Balance at 1 May 2023
250,001
825,959
1,075,960
Balance at 1 May 2023
250,001
825,959
1,075,960
Year ended 30 April 2024:
Profit and total comprehensive income
-
213,668
213,668
Transactions with owners:
Dividends
11
-
(158,600)
(158,600)
Balance at 30 April 2024
250,001
881,027
1,131,028
Period ended 31 December 2024:
Loss and total comprehensive income
-
(329,909)
(329,909)
Transactions with owners:
Dividends
11
-
(782,744)
(782,744)
Balance at 31 December 2024
250,001
(231,626)
18,375
NIMBUS HOSTING LTD.
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 10 -
2024
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(495,262)
863,188
Interest paid
(3,931)
(2,726)
Income taxes refunded
-
0
43,774
Net cash (outflow)/inflow from operating activities
(499,193)
904,236
Investing activities
Purchase of property, plant and equipment
(20,437)
(221,657)
Proceeds from disposal of property, plant and equipment
52,001
49,373
Proceeds from disposal of investments
-
0
193,385
Interest received
18,788
15,274
Net cash generated from investing activities
50,352
36,375
Financing activities
Repayment of borrowings
102,221
-
0
Payment of lease liabilities
(16,107)
51,722
Dividends paid
(782,744)
(158,600)
Net cash used in financing activities
(696,630)
(106,878)
Net (decrease)/increase in cash and cash equivalents
(1,145,471)
833,733
Cash and cash equivalents at beginning of year
1,273,132
439,399
Cash and cash equivalents at end of year
127,661
1,273,132
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Nimbus Hosting Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Purlieus Barn, Ewen, Cirencester, England, GL7 6BY. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Reporting period

IAS 1.36 An entity shall present a complete set of financial statements (including comparative information) at least annually. When an entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements:

(a) the reason for using a longer or shorter period, and

(b) the fact that amounts presented in the financial statements are not entirely comparable.

1.37 Normally, an entity consistently prepares financial statements for a one‑year period. However, for practical reasons, some entities prefer to report, for example, for a 52‑week period. This Standard does not preclude this practice.

1.2
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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.

1.3
Prior period error

Background

 

During the current financial year, the company transitioned from FRS 102 (UK GAAP) to International Financial Reporting Standards (IFRS) as part of its financial reporting framework. This transition has resulted in the restatement of comparative financial information to align with IFRS requirements.

 

Reason for Prior Period Adjustment

 

The transition to IFRS has led to adjustments in the recognition, measurement, and classification of certain financial statement items. These adjustments were made retrospectively in accordance with IFRS 1 – First-time Adoption of IFRS, requiring the restatement of comparative figures.

 

1.4
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

 

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.

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

The company recognises revenue from the following major sources:

 

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Domain registrations

Revenue from domain registrations is recognised over time when the registration is successfully completed and control of the domain service is transferred to the customer. Where domain registrations span multiple periods, revenue is deferred and recognised on a straight-line basis over the registration period (typically 12 months), reflecting the ongoing obligation to maintain the registration.

Web hosting

Revenue from web hosting is recognised over time, typically on a straight-line basis over the term of the hosting agreement, which reflects the customer’s ongoing access to the hosting services. The Group considers web hosting to be a distinct performance obligation satisfied evenly over the service period

Back up services

Revenue from backup services is recognised over time, typically on a straight-line basis over the subscription or service period (e.g. monthly or annually). This reflects the continuous nature of the performance obligation, as the customer benefits from regular data backups throughout the contract term.

 

Backup services are considered a distinct performance obligation when sold separately or as an optional add-on. Control transfers evenly as the service is provided, and there are no significant variations in service delivery during the contract term.

 

If backup services are bundled with other services (e.g. web hosting), the total contract price is allocated based on the relative stand-alone selling prices of each component, in accordance with IFRS 15’s guidance on multiple performance obligations.

1.6
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

 

The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

1.8
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:

Freehold property
Fully depreciated
Fixtures and fittings
33% straight line
Computer equipment
20% straight line
Motor vehicles
20% straight line

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.

1.9
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Cash and cash equivalents

Cash and cash equivalents 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.

1.11
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.

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets carried at amortised cost and 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.

1.12
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 borrowings, 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.

1.13
Equity instruments

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

1.14
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.

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 equity, in which case the deferred tax is also dealt with in equity. 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
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.

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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.

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.

2
Adoption of new and revised standards and changes in accounting policies

In the current Period, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:

NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 18 -
Change in accounting policy

The entity has transitioned from FRS 102 Section 1A to International Financial Reporting Standards (IFRS) for the current financial year. This change aligns the entity’s financial reporting framework with that of the group, whose consolidated financial statements are prepared in accordance with IFRS. The adoption of IFRS enhances consistency in financial reporting across the group, improves comparability, and provides greater transparency to stakeholders.

 

The transition from FRS 102 Section 1A to IFRS has been applied retrospectively in accordance with IFRS 1 First-time Adoption of International Financial Reporting Standards. The impact of the transition has been assessed, and any necessary adjustments have been reflected in the opening balances of the comparative period where applicable. Key areas affected by the transition include revenue recognition (IFRS 15), financial instruments (IFRS 9), and lease accounting (IFRS 16). A reconciliation of any material differences arising from the transition is provided in the notes to the financial statements.

 

The following adjustments were made due to a change in accounting policy.

 

Goodwill

 

In accordance with IFRS, goodwill is not subject to amortisation but is instead tested annually for impairment. As a result, the amortisation previously recognised under FRS 102 has been reversed in the comparative period.

 

Motor Vehicles

 

Under IFRS 16, leases exceeding 12 months in duration are required to be recognised as right-of-use assets with corresponding lease liabilities. Consequently, motor vehicles held under qualifying lease arrangements have been capitalised on transition, resulting in an increase in non-current assets and lease liabilities.

 

Retained Earnings

 

As a result of the transition adjustments to IFRS, the opening retained earnings as at 1 May 2023 have been increased by £51,739,

3
Revenue
2024
2024
£
£
Revenue analysed by class of business
Domain registration and Miscellaneous
96,319
228,563
Web Hosting
1,597,436
2,281,794
Back up services
-
53,073
1,693,755
2,563,430
4
Operating (loss)/profit
2024
2024
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange gains
(7,975)
(364)
Depreciation of property, plant and equipment
127,605
224,388
Loss on disposal of property, plant and equipment
20,207
5,970
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
5
Employees

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

2024
2024
Number
Number
Total
19
25

Their aggregate remuneration comprised:

2024
2024
£
£
Wages and salaries
835,231
991,352
Social security costs
30,626
111,266
Pension costs
26,943
38,450
892,800
1,141,068
6
Directors' remuneration
2024
2024
£
£
Remuneration for qualifying services
342,095
125,644
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2024
£
£
Remuneration for qualifying services
188,548
114,052
Company pension contributions to defined contribution schemes
7,451
1,664
7
Investment income
2024
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
18,788
15,274
Income above relates to assets held at amortised cost, unless stated otherwise.
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 20 -
8
Finance costs
2024
2024
£
£
Interest on bank overdrafts and loans
197
-
Interest on lease liabilities
1,513
2,726
Other interest payable
2,221
-
0
Total interest expense
3,931
2,726
9
Other gains and losses
2024
2024
£
£
Gain on disposal of investments held at fair value through OCI
-
5,083
10
Income tax expense
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
(3,019)
9,767
Deferred tax
Origination and reversal of temporary differences
(35,462)
(14,052)
Total tax (credit)
(38,481)
(4,285)

The charge for the Period can be reconciled to the (loss)/profit per the income statement as follows:

2024
2024
£
£
(Loss)/profit before taxation
(368,390)
209,383
Expected tax (credit)/charge based on a corporation tax rate of 25.00% (2024: 25.00%)
(92,098)
52,346
Effect of expenses not deductible in determining taxable profit
39,740
4,743
Permanent capital allowances in excess of depreciation
30,170
4,116
Utilised tax losses
(16,293)
(65,490)
Taxation credit for the period
(38,481)
(4,285)
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 21 -
11
Dividends
2024
2024
2024
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Interim dividend paid
3.13
0.63
782,744
158,600
12
Intangible assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 May 2023
6,200
27,655
33,855
At 30 April 2024
6,200
27,655
33,855
At 31 December 2024
6,200
27,655
33,855
Carrying amount
At 31 December 2024
6,200
27,655
33,855
At 30 April 2024
6,200
27,655
33,855
At 30 April 2023
-
9,449
13,892
13
Property, plant and equipment
Freehold property
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
13,400
106,708
1,885,554
183,969
2,189,631
Additions
-
0
7,567
135,532
78,558
221,657
Disposals
-
0
-
0
(58,051)
(58,135)
(116,186)
At 30 April 2024
13,400
114,275
1,963,035
204,392
2,295,102
Additions
-
0
-
0
20,437
-
0
20,437
Disposals
-
0
(114,275)
(2,044)
(118,247)
(234,566)
At 31 December 2024
13,400
-
0
1,981,428
86,145
2,080,973
Accumulated depreciation and impairment
At 1 May 2023
13,400
81,198
1,528,245
74,043
1,696,886
Charge for the Period
-
0
10,302
171,910
42,176
224,388
Eliminated on disposal
-
0
-
0
(41,318)
(19,525)
(60,843)
At 30 April 2024
13,400
91,500
1,658,837
96,694
1,860,431
Charge for the Period
-
0
6,213
100,456
20,936
127,605
Eliminated on disposal
-
0
(97,713)
(36)
(64,609)
(162,358)
At 31 December 2024
13,400
-
0
1,759,257
53,021
1,825,678
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
13
Property, plant and equipment
Freehold property
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
(Continued)
- 22 -
Carrying amount
At 31 December 2024
-
-
222,171
33,124
255,295
At 30 April 2024
-
22,775
304,198
107,698
434,671
14
Trade and other receivables
2024
2024
£
£
Trade receivables
-
0
15,992
Provision for bad and doubtful debts
3,477
2,417
3,477
18,409
Amounts owed by related parties
174,344
-
0
Other receivables
10,338
11,044
Prepayments
29,532
88,583
217,691
118,036
15
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables differs from fair value as follows:

Carrying value
Fair value
2024
2024
2024
2024
£
£
£
£
Trade receivables net of allowances
3,477
18,409
-
0
-
0
Other debtors
10,338
11,044
-
0
-
Prepayments
29,532
88,583
-
0
-
0
43,347
118,036
-
0
-
0

No significant receivable balances are impaired at the reporting end date.

Movement in the allowances for impairment of trade receivables
2024
2024
£
£
Balance at 1 May 2024 and at 31 December 2024
(3,477)
(2,417)
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 23 -
16
Borrowings
Non-current
2024
2024
£
£
Borrowings held at amortised cost:
Loans from related parties
102,221
-

 

17
Trade and other payables
2024
2024
£
£
Trade payables
14,904
64,460
Accruals
13,446
12,069
Social security and other taxation
50,132
129,537
Other payables
10,258
12,873
88,740
218,939
18
Lease liabilities
2024
2024
Maturity analysis
£
£
Within one year
26,543
40,496

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
2024
£
£
Current liabilities
26,976
25,179
Non-current liabilities
8,639
26,543
35,615
51,722
2024
2024
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
1,513
2,726
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 24 -
19
Deferred taxation
Liabilities
2024
2024
£
£
Deferred tax balances
63,824
99,286

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 May 2024
99,286
Deferred tax movements in current year
Charge/(credit) to profit or loss
(35,462)
Liability at 31 December 2024
63,824
20
Deferred revenue
2024
2024
£
£
Total
286,063
316,036
All deferred revenues are expected to be settled within 12 months from the reporting date.
21
Retirement benefit schemes
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,943
38,450

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,001
250,001
250,001
250,001
23
Capital risk management
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
23
Capital risk management
(Continued)
- 25 -

The company is not subject to any externally imposed capital requirements.

24
Related party transactions

 

Amounts Due to Related Parties

At the reporting date, the Company was owed £174,344 (2024: NIL) from WHG Hosting Services, a related party under common control. Both the Company and WHG Hosting Services Ltd are ultimately controlled by Hosting Group TopCo S.à r.l.

 

The amount outstanding is: Unsecured, Non-interest-bearing, repayable on demand

 

At the reporting date, the Company owed Stablepoint Limited £102,220 (2024: NIL) a related party under common control. Both the Company and WHG Hosting Services Ltd are ultimately controlled by Hosting Group TopCo S.à r.l.

 

The amount outstanding is: Unsecured, Non-interest-bearing, repayable over 1 year.

 

No guarantees have been given or received in respect of this balance, and no provisions for doubtful debts have been recognized.

25
Cash (absorbed by)/generated from operations
2024
2024
£
£
(Loss)/profit for the Period before income tax
(368,390)
209,383
Adjustments for:
Finance costs
3,931
2,726
Investment income
(18,788)
(15,274)
Loss on disposal of property, plant and equipment
20,207
5,970
Depreciation and impairment of property, plant and equipment
127,605
224,388
Other gains and losses
-
(5,083)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(99,655)
389,310
Decrease in trade and other payables
(130,199)
(264,268)
(Decrease)/increase in deferred revenue outstanding
(29,973)
316,036
Cash (absorbed by)/generated from operations
(495,262)
863,188
NIMBUS HOSTING LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 26 -
26
Analysis of changes in net funds/(debt)
1 May 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,273,132
(1,145,471)
127,661
Borrowings excluding overdrafts
-
(102,221)
(102,221)
Obligations under finance leases
(51,722)
16,107
(35,615)
1,221,410
(1,231,585)
(10,175)
1 May 2023
Cash flows
30 April 2024
Prior year:
£
£
£
Cash at bank and in hand
439,399
833,733
1,273,132
Obligations under finance leases
-
(51,722)
(51,722)
439,399
782,011
1,221,410
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