BCS Data Centres Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 10230390 (England and Wales)
BCS Data Centres Limited
Company Information
Directors
J C Barton
C E Docwra
C Coward
J A Hart
L S Roberts
Secretary
H E Dougan-Gaftea
Company number
10230390
Registered office
First Floor
South Wing
55 Baker Street
London
W1U 8EW
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
BCS Data Centres Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
BCS Data Centres Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The directors present the ir annual report and financial statements for the year ended 31 December 2025.

Review of the business

Though concerns over power availability, design philosophy and tariff-related funding shocks made trading conditions challenging in early 2025, the Company continued to deliver profitable revenue growth as the demand for our services continued to increase both in Europe and the UK. The Directors are delighted to present the accounts for the year ended 31 December 2025 which show turnover growing to £15.5m and EBITDA margin remaining strong at almost 24%.

This increasing demand for technology driven by global societal desire and need means that the Company’s range of services remains essential and attractive to the market and our reputation for quality delivery has helped consolidate our existing customer base and grow our new customer base in all our key markets. Customer feedback remains positive and client retention exceptionally high, recognising our market leading expertise and successful delivery of multiple prestigious data centre projects. We continue to attract experienced new employees that are well regarded as sector specialists across Europe, whilst our Apprenticeship Programme continues to develop the experts of the future.

The Directors are also pleased to report the further growth of the BCS Group with the addition of specialist divisions focused on land intelligence, sustainability and utilities strategy to offer complementary services and target similar markets.

BCS Business Critical Solutions GmbH, continues to grow the DACH and Eastern European regions, posting revenues in excess of €10.3 million, and BCS Italia S.r.l. has taken advantage of growing opportunities in Italy and across Southern Europe, reporting turnover of €4.2m.

Our growth and the wish to continue to redefine our ways of working drove a move to newly renovated and larger office spaces in Frankfurt, Berlin, Vienna and Milan, allowing BCS to further foster its collaborative approach. The Company continues to invest in well-being programmes and mental health support for all our employees, whilst planning extensive learning and development programmes as we enter 2026.

Future developments

The Company continues to forecast revenue targets conservatively but remains optimistic about the medium to long‑term opportunities available. Maintaining strong cash reserves remains a priority ‑ cash on hand at 31 December 2025 stood in excess of £2.0m, even after technology investments of £0.3m to introduce operational efficiency – ensuring we are well placed to leverage further strategic investment opportunities.

Existing commitments from customers already exceed £7.0 million as we enter 2026, representing a healthy line of business to take into the next financial year and indicating that the growth of the previous years will be matched. When allied with several opportunities in new markets and the forecast increasing demand for technology, BCS has every confidence that the outlook is exceptionally positive for 2026 and beyond.

Principal risks and uncertainties

The data centre market remains fragmented on a global basis with competition from many sectors, however, few competitors offer the expertise in our target markets that BCS brings, allied to the personal involvement of the Directors of the business. The Company will continue to develop its skillset to deliver highly innovative and efficient offerings that deliver economic benefit and significant reductions to the total cost of ownership for our customers.
BCS will continue to focus on robust financial and project cost management to maintain liquidity and to minimise credit risk by assessing contractual commitments and client financial stability at an early stage.

BCS Data Centres Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2

Employee involvement

The Company’s employees are the key to our success. We have newly enhanced programmes in place for ongoing staff development and incentive schemes, as well as creating an excellent working environment to ensure that we retain our best talent. Employees are actively involved in the business to ensure that ideas for service offering development are captured.

Health and Safety regulations are met and exceeded in every aspect of business and there is regular interaction between the Board and employees to ensure that information flows fluidly up and down the organisation.
The Company regularly reviews its equal opportunity and dignity at work policies to ensure that vacancies are filled on a non‑discriminatory basis and that existing employees benefit from a positive and supportive environment.
The Company has and enforces an Anti-bribery and Corruption Policy to ensure we meet all our legislative and moral obligations.

Key performance indicators

The Company measures its performance against the following KPIs:

31 December 2025 31 December 2024

£ £

Turnover 15,478,104 12,057,392

Operating EBITDA 3,657,940 1,969,212

On behalf of the board

J A Hart
Director
23 March 2026
BCS Data Centres Limited
Directors' Report
For the year ended 31 December 2025
Page 3

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company continued to be that of the provision of business advisory, project management, cost management and IT asset consultancy services to the data centre market.

Results and dividends

The results for the year are set out on page 9.

A dividend of £1,000,000 (202 4: £1,000,000) was declared to the shareholder in the year.

Directors

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

J C Barton
J S Carmillet
(Resigned 19 September 2025)
C E Docwra
C Coward
J A Hart
S A Shearer
(Resigned 31 December 2025)
L S Roberts
Auditor

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

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 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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

BCS Data Centres Limited
Directors' Report (Continued)
For the year ended 31 December 2025
Page 4
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.

On behalf of the board
L S Roberts
Director
23 March 2026
BCS Data Centres Limited
Independent Auditor's Report
To the Members of BCS Data Centres Limited
Page 5
Opinion

We have audited the financial statements of BCS Data Centres Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement Of Financial Position, the Statement of Changes in Equity 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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.

BCS Data Centres Limited
Independent Auditor's Report (Continued)
To the Members of BCS Data Centres Limited
Page 6

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the Strategic Report and the Directors' R eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 identifie d material misstatements in the Strategic Report or the Directors' R eport.

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:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, 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.

BCS Data Centres Limited
Independent Auditor's Report (Continued)
To the Members of BCS Data Centres Limited
Page 7
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

BCS Data Centres Limited
Independent Auditor's Report (Continued)
To the Members of BCS Data Centres Limited
Page 8

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely 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 an auditor's report 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.

Robert Kersse (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
31 March 2026
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
BCS Data Centres Limited
Statement of Comprehensive Income
For the year ended 31 December 2025
Page 9
2025
2024
Notes
£
£
Turnover
3
15,478,104
12,057,392
Cost of sales
(10,582,890)
(8,898,368)
Gross profit
4,895,214
3,159,024
Administrative expenses
(2,262,191)
(1,590,726)
Other operating income
813,870
282,360
Operating profit
4
3,446,893
1,850,658
Interest receivable and similar income
8,026
827
Interest payable and similar expenses
8
(20,346)
(69,673)
Profit before taxation
3,434,573
1,781,812
Tax on profit
9
(432,138)
(492,704)
Profit for the financial year
3,002,435
1,289,108

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

BCS Data Centres Limited
Statement Of Financial Position
As at 31 December 2025
Page 10
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
250,387
169,622
Tangible assets
12
58,148
84,956
308,535
254,578
Current assets
Debtors
13
6,871,513
4,352,495
Cash at bank and in hand
2,077,443
1,584,907
8,948,956
5,937,402
Creditors: amounts falling due within one year
14
(4,201,608)
(3,194,583)
Net current assets
4,747,348
2,742,819
Total assets less current liabilities
5,055,883
2,997,397
Creditors: amounts falling due after more than one year
15
(38,051)
-
0
Provisions for liabilities
Provisions
17
(46,000)
(28,000)
(46,000)
(28,000)
Net assets
4,971,832
2,969,397
Capital and reserves
Called up share capital
19
300,000
300,000
Profit and loss reserves
4,671,832
2,669,397
Total equity
4,971,832
2,969,397
The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
L S Roberts
Director
Company Registration No. 10230390
BCS Data Centres Limited
Statement of Changes in Equity
For the year ended 31 December 2025
Page 11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
300,000
2,380,289
2,680,289
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,289,108
1,289,108
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 31 December 2024
300,000
2,669,397
2,969,397
Year ended 31 December 2025:
Profit and total comprehensive income
-
3,002,435
3,002,435
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 31 December 2025
300,000
4,671,832
4,971,832
BCS Data Centres Limited
Notes to the Financial Statements
For the year ended 31 December 2025
Page 12
1
Accounting policies
Company information

BCS Data Centres Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, South Wing, 55 Baker Street, London, United Kingdom, W1U 8EW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The information is included in the consolidated financial statements of RSBG UK Limited, a company registered in England and Wales as at 31 December 2025 and these financial statements may be obtained from the company secretary at the company’s registered address: First Floor, South Wing, 55 Baker Street, London, England, W1U 8EW.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company will be able to meet its liabilities as they fall due for the foreseeable future (and at least a period of 12 months beyond the date of approval of these financial statements). This is based on their assessment of the trading position of the company and their consideration of the impact of external factors. Having considered these factors, they have concluded that there is no significant impact to the going concern status of the company, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 13

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Intangible fixed 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation 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:

Software licenses
33%
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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 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
2 to 3 years straight line

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

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period 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.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 14

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 15

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 16
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 17
1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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 stock or fixed 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.

1.13
Retirement benefits

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

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.15
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
Judgements and key sources of estimation uncertainty

The Directors do not consider there to be any material judgements or key sources of estimation uncertainty.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 18
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
United Kingdom
9,412,289
8,806,541
Rest of Europe
6,065,815
3,250,851
15,478,104
12,057,392
2025
2024
£
£
Other significant revenue
Interest income
8,026
827
R&D tax credit
479,766
-
Other income receivable from other group companies
334,104
282,360
821,896
283,187
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
4,421
2,477
Depreciation of tangible fixed assets
58,269
42,002
Amortisation of intangible assets
152,778
76,552
Operating lease charges
330,182
293,103
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,600
20,500
Other services
5,300
5,000
26,900
25,500
BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 19
6
Employees

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

2025
2024
Number
Number
Directors
5
5
Consultants
77
57
Administrators
9
5
Total
91
67

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,580,903
5,905,168
Social security costs
1,028,523
647,504
Pension costs
603,273
395,480
9,212,699
6,948,152
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
967,501
963,676
Company pension contributions to defined contribution schemes
64,129
72,111
1,031,630
1,035,787

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
288,272
277,460
Company pension contributions to defined contribution schemes
19,899
9,708
308,171
287,168
BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 20
8
Interest payable and similar expenses
2025
2024
£
£
Interest payable to group undertakings
18,259
64,603
Other interest
2,087
5,070
20,346
69,673
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
432,138
492,704

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,434,573
1,781,812
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
858,643
445,453
Tax effect of expenses that are not deductible in determining taxable profit
7,997
15,607
Adjustments in respect of prior years
78,252
149,243
Group relief
(448,609)
(107,908)
Research and development tax credit
(74,505)
-
0
Movement in deferred tax not recognised
10,360
(9,691)
Taxation charge for the year
432,138
492,704
10
Dividends
2025
2024
£
£
Final paid
1,000,000
1,000,000
BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 21
11
Intangible fixed assets
Software licenses
£
Cost
At 1 January 2025
323,200
Additions
233,543
At 31 December 2025
556,743
Amortisation and impairment
At 1 January 2025
153,578
Amortisation charged for the year
152,778
At 31 December 2025
306,356
Carrying amount
At 31 December 2025
250,387
At 31 December 2024
169,622
12
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2025
226,607
Additions
31,461
At 31 December 2025
258,068
Depreciation and impairment
At 1 January 2025
141,651
Depreciation charged in the year
58,269
At 31 December 2025
199,920
Carrying amount
At 31 December 2025
58,148
At 31 December 2024
84,956
BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 22
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,651,649
1,374,130
Corporation tax recoverable
321,595
1,539
Amounts owed by group undertakings
3,796,496
1,958,328
Other debtors
138,728
137,579
Prepayments
352,902
270,776
6,261,370
3,742,352
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
610,143
610,143
Total debtors
6,871,513
4,352,495

The amounts owed by group undertakings are due on the 1st January 202 7.

14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
16
44,737
9,569
Trade creditors
407,536
506,633
Amounts owed to group undertakings
1,983,613
1,025,981
Corporation tax
183,583
-
0
Other taxation and social security
582,571
476,345
Other creditors
123,012
123,147
Accruals
876,556
1,052,908
4,201,608
3,194,583
15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
16
38,051
-
0

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 23
16
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
44,737
9,569
After more than one year
38,051
-
0
82,788
9,569
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
44,737
9,569
In two to five years
38,051
-
0
82,788
9,569
17
Provisions for liabilities
2025
2024
£
£
Dilapidations provision
46,000
28,000
Movements on provisions:
£
At 1 January 2025
28,000
Additional provisions in the year
18,000
At 31 December 2025
46,000
18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
603,273
395,480

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.

BCS Data Centres Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2025
Page 24
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
20
Financial commitments, guarantees and contingent liabilities

There is an unlimited multilateral guarantee and debenture including fixed and floating charges over all assets between the company and its fellow group companies.

21
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
352,780
381,828
Years 2-5
687,596
447,381
1,040,376
829,209
22
Related party transactions

The company has taken advantage of the exemption available in section 33.1A of FRS 102 not to disclose transactions with other wholly owned group companies.

23
Ultimate controlling party

The immediate parent company is The BCS Consulting Group Limited whose address is First Floor, South Wing, 55 Baker Street, London, England, W1U 8EW.

The ultimate controlling party of the company is RAG-Stiftung, a company registered in Germany.

The largest group of undertakings which prepares consolidated financial statements including the company is RAG-Stiftung. These financial statements may be obtained from RAG-Stiftung, Welterbe 10, 45141 Essen, Germany.

The smallest group of undertakings which prepares consolidated financial statements including the company is RSBG UK Limited. These financial statements may be obtained from RSBG UK Limited, First Floor, South Wing, 55 Baker Street, London, England, W1U 8EW.

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