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Registered number: 15319281
HEART INTERNET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HEART INTERNET LIMITED
REGISTERED NUMBER:15319281
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2026.
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HEART INTERNET LIMITED
REGISTERED NUMBER:15319281
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2025
The notes on pages 3 to 12 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Heart Internet Limited is a private limited liability company incorporated in England and Wales. The Company's registered and business office address is at Units 4-5 Tristram Centre, Brown Lane West, Leeds, England, LS12 6BF.
The Company's principal activity is to provide web hosting, network services and issue internet domain names.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The company incurred a loss of £153,890 (2024: profit of £821,927) and had accumulated profits of £193,412 at the year end (2024: £821,927).
The intercompany loans carry a fixed maturity date of 31 December 2030 and are not repayable on demand. The directors are not aware of any intention on the part of Your.Online B.V. to seek early repayment of the loans prior to their contractual maturity date. In assessing the financial capacity of Your.Online B.V. to maintain the loans through to maturity, the directors have had regard to the publicly available audited financial statements of Total Webhosting Solutions B.V. for the year ended 31 December 2025, which show revenue of €360m, EBITDA of €121m, operating cash flow of €66m, and cash and cash equivalents of €225m at year end, together with an undrawn revolving credit facility of €231m. No formal letter of support has been obtained from Your.Online B.V. and no formal refinancing arrangement is currently in place in respect of the 2030 maturity.
These conditions, together with the dependency on the successful recovery of the balance due from Gridjet described above, indicate the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern and, therefore, to realise its assets and discharge its liabilities in the normal course of business..
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Foreign currency translation
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The Company's functional and presentational currency is £ Sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Revenue is recognised when a contract exists with a customer, and the related products or services have been transferred, provided it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. The contracts entered into may involve a mix of combination of products and services, which may either be separately identifiable and accounted for as distinct performance obligations, or not distinct and thus recognised as a single performance obligation. The total contract value is allocated to each performance obligation based on its Standalone Selling Price (SSP) to determine the overall revenue for the respective product or service.
Revenue is reported under the following categories:
Domains
Domain revenue primarily comprises income from domain registrations and renewals, domain privacy services, domain application fees, domain back-orders, aftermarket domain sales, and fee surcharges paid to ICANN (The Internet Corporation for Assigned Names and Numbers). Revenue is initially recognised as contract liabilities (deferred revenue) when consideration is received, typically at the time of sale. Revenue, except for aftermarket domain sales, is recognised over the period during which the performance obligations are satisfied, which is generally aligned with the contract term.
Revenue from aftermarket domain sales is recognised upon the transfer of ownership of the domain to the buyer.
Hosting and Presence
Hosting and presence revenue primarily consists of website hosting products, website building products, website security products and online visibility products. Consideration is recorded as contract liabilities (deferred revenue) when received, typically at the time of sale. Revenue is recognised over the period in which the related performance obligations are satisfied, which is generally over the contract term.
Business Applications
Business applications revenue primarily consists of third-party productivity applications, email accounts and email marketing tools. Consideration is recorded as contract liabilities (deferred revenue) when received, typically at the time of sale. Revenue is recognised over the period in which the related performance obligations are satisfied, which is generally over the contract term.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the Company’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its estimated useful life of 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at the transaction price, less any impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Short term creditors are measured at the transaction price.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 48 (2024 - 33).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charge for the year on owned assets
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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The amounts owed by group undertakings are interest free with no fixed repayment date.
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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The unsecured loans, granted by intermediary holding companies, carry floating interest rates ranging from 7.75% to 8.75% and are repayable by 31 December 2030.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Related party transactions
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The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.
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The company’s immediate parent entity is Your.Online UK Finacq Limited, a company incorporated in the United Kingdom.
The ultimate controlling party is Strikwerda Investments B.V., a company registered in the Netherlands.
The consolidated financial statements are prepared by Total Webhosting Solutions B.V. and are available from Grote Voort 225, 8041 BK, Zwolle, Netherlands.
The ultimate beneficial owner is T Strikwerda..
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors' report on the financial statements for the year ended 31 December 2025 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which describes the material uncertainty relating to the company's ability to continue as a going concern. The company's net assets at 31 December 2025 were £193,413. The company has intercompany loans of £8,583,287 carrying floating interest rates of 7.75% to 8.75% per annum, repayable by 31 December 2030, on which interest is being rolled up rather than paid in cash. The projected balance payable at maturity is approximately £12.7m. The company does not have the financial resources to repay this amount from its own trading cash flows, and no formal refinancing arrangement is currently in place. In addition, the recoverability of the balance due from Gridjet is dependent on projected improvements in Gridjet's trading performance that have not yet been fully realised. As stated in Note 2.2, these conditions indicate the existence of a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 5 June 2026 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.
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