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Registered number: 06132144
VANTAGE DATA CENTERS UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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VANTAGE DATA CENTERS UK LIMITED
COMPANY INFORMATION
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JP Morgan Chase - London Branch
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VANTAGE DATA CENTERS UK LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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VANTAGE DATA CENTERS UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the Strategic Report of Vantage Data Centers UK Limited (the "Company") for the year ended 31 December 2025.
The company delivered another year of profitable growth, increasing turnover by 27% to £196,327,000 and EBITDA by 21% to £77,165,000 compared with the prior year.
During the year, the Company continued its development and operational activities in line with plan. Revenue growth in the year was driven through delivery of a new phase of the CWL11 data center – this phase being fully leased with a long-term contract. The Company continued to coordinate with other Group entities in relation to development, financing and operational support arrangements.
During the year, the Company entered into three new long-term finance lease arrangements in respect of the CWL11 data center facility. These leases support the continued operation and expansion of the Company’s core data centre infrastructure and reflect the Group’s ongoing investment in strategically important UK assets. The commencement of these leases resulted in an increase in the Company’s asset base and long-term financing commitments. The Directors consider these arrangements to be aligned with the Company’s long-term operating strategy and expected future cash generation.
The financial results for the year reflect the Company’s stage of development and operational maturity, including continued depreciation and finance costs associated with significant capital investment. Performance during the year was consistent with Directors’ expectations and the Company remained appropriately funded throughout the period.
The statement of financial position shows net current assets of £28,120,000 at the reporting date (2024: £29,131,000) with the business comfortably able to settle current liabilities as they fall due.
The Directors believe that the Company is well positioned to continue its activities in accordance with group strategy. Demand for data center capacity remains underpinned by structural growth in cloud computing and digital services. The Company is expected to continue to benefit from both market demand and the scale, expertise and financial strength of the Vantage Data Centers group
Principal risks and uncertainties
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The Company's strategy to address the risks of the highly competitive data center sector is to offer quality, flexible and cost-effective solutions and service offerings to its customers and prospective customers to satisfy their increasing requirements.
The Company's credit risk relating to its trade receivables is considered by the directors to be limited due to the covenant strength of its customers.
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VANTAGE DATA CENTERS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
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The main performance indicator used by the directors to assess the performance of the Company is EBITDA, i.e. Earnings Before Interest, Tax, Depreciation and Amortisation. A reconciliation of current and prior year EBITDA has been presented below:
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Administrative expenses (excluding depreciation)
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The Company's key driver is to continue to grow its EBITDA while maintaining its Return on Equity. Delivering on these key performance indicators will allow the Company to raise additional funding when required to facilitate new business wins.
Other key performance indicators
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The directors believe that the use of non-financial KPI's is not necessary for an understanding of the results and operations of the business.
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VANTAGE DATA CENTERS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Section 172 (1) statement
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The directors have acted in the way that they considered, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and this section forms out section 172 disclosure, describing how, in doing so, the directors considered the matters set out in section 172(1)(a) to (f) of the Companies Act 2006.
The directors also considered the views and interests of a wider set of stakeholders, including regulators.
The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the Company for the benefit of its member, and in doing so hard regard, amongst other matters, to:
∙the likely consequence of any decision in the long term;
∙the need to foster the Company's business relationships with suppliers, customers and others;
∙the impact of the Company's operations on the community and the environment;
∙the desirability of the Company maintaining a reputation for high standards of business conduct; and
∙the need to act fairly as between members of the Company.
Considering this broad range of interests in an important part of the way the Board makes decisions, although in balancing those different perspectives it will not always be possible to deliver everyone's desired outcome.
How the board engages with stakeholders
Depending on the decision in question, the relevance of each stakeholder group may differ, and equally the Board adopts a variety of methods of engagement with different stakeholder groups. The Board will sometimes engage directly with certain stakeholders on certain issues, but the size and distribution of our stakeholders and of the Company means that stakeholder engagement often takes place at an operational level.
In addition, to ensure a more efficient and effective approach, certain stakeholder engagement is led at Vantage Group level, where matters are of group-wide significance or have the potential to impact the reputation of the Vantage Group.
The Board considers and discusses information from across the organisation to help it understand the impact of the Company's operations on, and the interests and views of our key stakeholders. It also reviews strategic, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.
This information is provided to the Board through reports sent in advance of each Board meeting, and through in-persons presentations. As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.
The following are some examples of how the directors have had regard to the matters set out in sections 172(1)(a) - (f) when discharging their section 172 duties and the effect of that on certain decisions taken by them.
Engagement in action
The board of directors acknowledges the significant of maintaining robust relationships with our suppliers, customers and other stakeholders. Throughout the financial year, we have undertaken several initiatives and activities aimed at strengthening these relationships, ensuring their alignment with our strategic objectives and values.
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VANTAGE DATA CENTERS UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Suppliers
Engagement and Collaboration: The Company engaged in regular communications and meetings with key suppliers to foster a collaborative approach, ensuring that they understand our requirements and expectations.
Fair Payment Practices: The Company maintained fair and transparent payment practices, ensuring that suppliers are paid in accordance with agreed terms to support their financial stability and ongoing relationship.
Customers
Customer Feedback: The Company implemented feedback mechanisms to understand customer needs and expectations better, using this information to enhance the products and services provided.
Customer Support and Communication: The Company invested in customer support infrastructure and maintained clear and proactive communication to address customer inquiries and issues promptly.
Effect of Principal Decisions
The regard for fostering business relationships with suppliers, customers and others has significantly influenced several principal decisions taken by the Company during the financial year:
Strategic Partnerships and Alliances
The Company formed strategic partnerships with key suppliers to secure long-term supply chain stability.
Operational Enhancements
Investments in operational enhancements were made to improve customer service and support, reflecting the commitment to maintaining high customer satisfaction levels.
The board remains committed to fostering strong relationships with all stakeholders, recognising that such relationships are integral to the company's long-term success and sustainability. The Company will continue to prioritise these relationships and consider their impact in decision-making processes.
Approved by the board and signed on its behalf by: 29 June 2026.
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N J Haslehurst
Director
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VANTAGE DATA CENTERS UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The loss for the year, after taxation, amounted to £8,910,000 (2024: loss £9,686,000).
Interim dividends totalling £31,500,000,000 (2024: £39,483,510) were paid in the year. A final dividend has not been proposed.
The directors who served during the year and up to the date of signing the financial statements, unless otherwise stated were:
N J Haselhurst
A J D Watson (appointed 12 February 2026)
D S Culbard (resigned 30 June 2025)
I Hancock (resigned 23 September 2025)
J M Jenkins (resigned 16 December 2025)
B L Williams (appointed 23 September 2025, resigned 12 February 2026)
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The Directors have assessed the ability of the Company to continue as a going concern for the 12-month period from the date of approval of these financial statements, covering the period to 30 June 2027. This assessment has included a review of the Company's financial position, cash flow forecasts, and the potential impact of various risks and uncertainties, including the current economic environment.
The Company develops and operates data centre facilities and generates revenue from long-term customer lease contracts. The CWL11 and CWL13 sites are substantially complete and operational, with leases signed for the full capacity of CWL13 and substantially all capacity at CWL11. These contractual arrangements, together with built-in indexation mechanisms, provide a high level of visibility over future revenue and cash inflows.
Based on this assessment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence during the going concern period. Accordingly, the financial statements have been prepared on a going concern basis. The Directors have considered the following factors in their assessment:
• Financial position: The Company is in a healthy financial position, with net current assets of £39,578,000
(2024: £29,131,000) as at 31 December 2025 and a cash balance of £32,135,000 (2024: £34,375,000) as at
31 December 2025. The Company continues to meet its working capital requirements through effective
working capital management.
• Cash flow forecasts: The Directors have prepared detailed cash flow forecasts covering the going concern
period to 30 June 2027. These forecasts indicate that the Company is expected to generate sufficient cash
flows to meet its liabilities as they fall due, supported by long-term contractual revenue including indexation
mechanisms. These forecasts have been stress-tested to account for potential adverse scenarios, including
consideration of reverse stress scenarios.
• Risks and uncertainties: The Directors have considered and evaluated the principal risks facing the Company,
including the broader economic environment. The Company has demonstrated resilience and adaptability
supported by long-term contractual revenue including indexation mechanisms, thereby limiting exposure to
margin erosion and supporting liquidity.
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VANTAGE DATA CENTERS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Financial risk management
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The Company's activities expose it to a variety of financial risks including credit risk and liquidity risk. The Company's principal financial instruments comprise bank debt, cash at bank, trade debtors and trade creditors.
The main purpose of these instruments is to finance the Company's operations.
Credit risk
The Company’s credit risk is primarily attributable to trade receivables. Credit risk is managed through customer due diligence procedures and ongoing monitoring of customer creditworthiness and outstanding balances. The amounts presented in the balance sheet are net of allowances for doubtful debts.
The credit risk of cash at bank is limited because the counter-parties are banks with high credit ratings assigned by international credit-rating agencies.
Liquidity risk
The Company manages liquidity risk by closely monitoring the timing of working capital inflows and outflows. The Company prepares detailed cash flow forecasts to ensure it meets its working capital obligations as they fall due.
Price risk
The Company is exposed to price risk arising from increases in operating and utility costs required to deliver services to customers. The Company mitigates this risk through contractual annual indexation provisions and periodic pricing reviews, which enable increases in customer charges to partially offset cost inflation.
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VANTAGE DATA CENTERS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Streamlined energy and carbon reporting (SECR)
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The Company has presented below its carbon footprint together with an appropriate intensity metric for the year to 31 December 2025, as required to comply with SECR.
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UK Energy Consumption (kWh)
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Intensity ratio - total CO2 emissions/ MW IT loan
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Consumption has increased over the year to 31 December 2025 as customers have continued to increase their IT loads across existing data halls, alongside further capacity coming online. Despite this growth, emissions intensity per MW of IT load has decreased to 2,198.55 (2024: 2,393.67), reflecting improved operational efficiency and optimisation of energy usage across the portfolio.
Energy saving opportunities continue to be identified and implemented where feasible, both at site level and across the wider estate, supporting ongoing improvements in performance against energy and carbon metrics.
Disclosure of methodology - Electricity usage is based on billed consumption from suppliers using actual meter readings. IT electricity usage is based on metered UPS output supplies. Diesel usage for backup generators is calculated based on fuel consumption on site. Total emissions have been calculated using UK Government published carbon emission factors for 2025.
Energy actions - Work is ongoing to transition backup generation from traditional red diesel to Hydrotreated Vegetable Oil (HVO), with deployment now active across multiple sites during 2025. This has contributed to reduced Scope 1 emissions intensity despite increased operational activity.
In addition, initiatives continue to progress to source renewable energy directly from developers, supporting long-term decarbonisation of electricity supply and alignment with corporate sustainability objectives.
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VANTAGE DATA CENTERS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙State whether all applicable United Kingdom Accounting Standards, including FRS 102, have been complied with, and disclose any material departures addressed and explained within the financial statements; 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 to 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.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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VANTAGE DATA CENTERS UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board and signed on its behalf.
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VANTAGE DATA CENTERS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK LIMITED
We have audited the financial statements of Vantage Data Centres UK Limited for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance Sheet, the Statement of changes in equity and the related notes 1 to 29 , including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 loss 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.
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 Auditors' 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
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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 to 30 June 2027.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
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VANTAGE DATA CENTERS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK LIMITED (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report 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
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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 strategic report and 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:
∙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.
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VANTAGE DATA CENTERS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK LIMITED (CONTINUED)
Responsibilities of directors
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As explained more fully in the directors' responsibilities statement set out on page 8, 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.
Auditors' responsibilities for the audit of the financial statements
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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.
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 irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations, including UK employment, health and safety, UK GDPR and Data Protection Act.
∙We understood how Vantage Data Centers UK Limited is complying with those frameworks by making enquiries with management and those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities of fraudulent transactions.
∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur through inquiry of management and those charged with governance to understand where it is considered there was susceptibility to fraud. Through our procedures we determined there to be risks associated with management override of controls, and inappropriate revenue recognition. In response, we performed the below:
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VANTAGE DATA CENTERS UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VANTAGE DATA CENTERS UK LIMITED (CONTINUED)
°With regard to management override, we incorporated data analytics to sample the entire population of journal entries to identify specific transactions which did not meet our expectations based on specific criteria and journal entries indicating significant or unusual transactions based on our understanding of the business. These procedures included investigating these transactions to develop our understanding and challenging the assumptions, judgements and significant estimates made by management and testing them back to source information.
°In performing our work over revenue recognition, we identified that the area most susceptible to fraud related to power revenue. To address this risk, we assessed the appropriateness of revenue recognition by selecting a sample of power costs incurred throughout the period and testing how these were recharged as revenue. This included agreeing underlying costs to supplier invoices, reviewing customer contracts to evaluate the appropriateness of key billing inputs, assessing whether these inputs had been accurately reflected within the billing model, and recalculating the resulting revenue to ensure it was appropriately derived. In addition, we utilised data analytics to analyse the full population of revenue transactions during the period, assessing the relationship between revenue, trade receivables and cash receipts, and performed detailed testing on any transactions that did not meet our expectations.
°The procedures explained above were designed to provide reasonable reassurance that the financial statements are free from material fraud or error
∙Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved agreeing that material transactions are recorded in compliance with FRS 102. Compliance with other operational laws and regulations was addressed through inquiries with management, review of board meeting minutes, and discussions with internal legal counsel.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor's 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 directors 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.
Hosam Kamel (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
Bristol
29 June 2026
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VANTAGE DATA CENTERS UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Other operating income/(expense)
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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Other comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 19 to 42 form part of these financial statements.
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VANTAGE DATA CENTERS UK LIMITED
REGISTERED NUMBER: 06132144
BALANCE SHEET
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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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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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.
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N J Haslehurst
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The notes on pages 19 to 42 form part of these financial statements.
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VANTAGE DATA CENTERS UK LIMITED
REGISTERED NUMBER: 06132144
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
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VANTAGE DATA CENTERS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Capital reserves available for distribution
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At 1 January 2025 (as previously stated)
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Prior year adjustment - change in accounting policy (net of tax)
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At 1 January 2025 (as restated)
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Comprehensive income for the year
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Contributions by and distributions to owners
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Transfer from Revaluation reserve to profit and loss account
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Capital reserves available for distribution
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The notes on pages 19 to 42 form part of these financial statements.
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VANTAGE DATA CENTERS UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Contributions by and distributions to owners
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Reduction in share capital and share premium
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Transfer from Revaluation reserve to profit and loss account
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The notes on pages 19 to 42 form part of these financial statements.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Vantage Data Centers UK Limited (the "Company") is principally engaged to specialise in the design and build, operation and ongoing management of mission-critical environments, offering flexible, cost-effective and resilient data center solutions.
The Company is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The Company is registered in England. The address of its registered office is 2 Old Bath Road, Newbury, Berkshire, RG14 1QL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities and tangible assets that are measured at fair value, and in accordance with Financial Reporting Standard 102, "the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS102") and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The Company's functional and presentation currency is GBP.
The financial statements are presented in pounds sterling and rounded to the nearest thousand (£’000).
The following principal accounting policies have been applied consistently throughout the year.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Vantage Valkyrie BidCo Sarl as at at 31 December 2025 and these financial statements may be obtained from Bâtiment C2, Rue Peternelchen, L-2370 Howald, Luxembourg.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Changes in accounting policies and disclosures
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The Company has applied the amendments to FRS 102 and other FRSs- Periodic review 2024 for the first time except for section 7 Statement of Cash Flows paragraph 7.20B and 7.20C in relation to supplier finance arrangements. These amendments to Section 7 were applied from 1 January 2025.
The Periodic review 2024 amendments introduced significant changes to Section 23 Revenue from contracts with Customers and Section 20 Leases. The revised Section 23 introduced new accounting requirements for revenue recognition based on the five step model for revenue recognition from IFRS 15- Revenue from contracts with Customers. The revised Section 20 Leases introduced new lease accounting requirements based on the on-balance sheet model from IFRS 16 Leases with appropriate simplifications.
Section 23 - Revenue from contracts with customers
The Company applied the new Section 23 retrospectively with the cumulative effect of initially applying that section as an adjustment to the opening balance of retained earnings as at the date of initial application of 1 January 2025. Under this method, the standard is applied to contracts that are not completed at this date.
The comparative information was not restated and continues to be reported under the then-extant FRS 102 Section 23. As a result, the accounting policies for the comparative period are in line with the version of FRS 102 that applied for the accounting period ended 31 December 2024.
Set out below are the amounts by which revenue and profit are affected for the year ended 31 December 2025 as a result of the application of the revised Section 23.
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Profit for the financial year
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The adjustment to revenue is related to the treatment of late RFS penalties. Under IFRS 15, penalties are treated as a variable consideration under step 3 of the five-step revenue recognition model. The penalty therefore reduces the transaction price and is allocated across the performance obligations over the life of the contract as the penalty effects the total consideration receivable.
The effect of applying the revised Section 23 at 1 January 2025 in the statements of financial position is as follows:
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Creditors: amounts falling due within one year
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Provision for liabilities
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Section 23 - Revenue from contracts with customers (continued)
The Company’s provisions decreased by £11,682,000 following adjustments related to the recognition of RFS penalties that were previously accounted for under Section 21. Contract liabilties increased by £1,177,000 in-line with the corresponding adjustment to revenue. As a result, retained earnings have increased due to the net impact of these adjustments. The effect of these transaction on deferred tax is £1,275,000.
Section 20 - Leases
The Company applied the revised Section 20 retrospectively using the modified retrospective approach of applying the amendments recognised at the date of initial application on 1 January 2025. The comparative information was not restated and continues to be reported under the then-extant FRS 102 Section 20. As a result, the accounting policies for the comparative period are in line with the version of the FRS 102 that applied for the accounting period ended 31 December 2024.
Upon the initial application, the Company applied a single recognition and measurement approach for all leases except short term leases and low value assets. Before the initial application of the amendment, the Company classified each of its leases at the inception date as either a finance lease or an operating lease. The Company elected to use the practical expedient to not assess whether a contract is or contains a lease at the date of initial application. Instead the Company applied the requirements of the revised Section 20 only to contracts that were previously identified as containing a lease.
Leases previously classified as a finance lease where the Company is the lessee.
The Company recognised the right of use asset and lease liability at the date of initial application at the carrying amounts of the leased assets and finance lease liabilities immediately prior to the date of initial application. The requirements of the revised Section 20 were subsequently applied to these leases from 1 January 2025.
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Assets (increase/(decrease)
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As at 1 January 2025, leased assets previously recognised under finance leases and included under Freehold land and buildings were re-presented to right of use assets.
Leases where the Company is the lessor
The amendments did not have significant impact to the Company's leases where it is the lessor.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Directors have assessed the ability of the Company to continue as a going concern for the 12-month period from the date of approval of these financial statements, covering the period to 30 June 2027. This assessment has included a review of the Company's financial position, cash flow forecasts, and the potential impact of various risks and uncertainties, including the current economic environment.
The Company develops and operates data centre facilities and generates revenue from long-term customer lease contracts. The CWL11 and CWL13 sites are substantially complete and operational, with leases signed for the full capacity of CWL13 and substantially all capacity at CWL11. These contractual arrangements, together with built-in indexation mechanisms, provide a high level of visibility over future revenue and cash inflows.
Based on this assessment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence during the going concern period. Accordingly, the financial statements have been prepared on a going concern basis. The Directors have considered the following factors in their assessment:
• Financial position: The Company is in a healthy financial position, with net current assets of
£39,578,000 (2024: £29,131,000) as at 31 December 2025 and a cash balance of £32,135,000
(2024: £34,375,000) as at 31 December 2025. The Company continues to meet its working capital
requirements through effective working capital management.
• Cash flow forecasts: The Directors have prepared detailed cash flow forecasts covering the going
concern period to 30 June 2027. These forecasts indicate that the Company is expected
to generate sufficient cash flows to meet its liabilities as they fall due, supported by long-term
contractual revenue including indexation mechanisms. These forecasts have been stress-tested to
account for potential adverse scenarios, including consideration of reverse stress scenarios.
• Risks and uncertainties: The Directors have considered and evaluated the principal risks facing the
Company, including the broader economic environment. The Company has demonstrated
resilience and adaptability supported by long-term contractual revenue including
indexation mechanisms, thereby limiting exposure to margin erosion and supporting liquidity.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has applied the revised Section 23 - Revenue from contracts with customers for the first time.
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Group and value added taxes.
The Company derives its revenues from recurring revenue streams, consisting primarily of service and space fees, power, ancillary and connectivity services. The remainder are from non-recurring revenue streams, such as installation revenues, professional services and equipment sales.
The Company recognises revenues when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenues can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the Company’s sales channels have been met, as described below.
Revenues from recurring revenue streams are generally billed monthly and recognised rateably over the term of the contract. Non-recurring revenues are recognised in the period when the services were provided. For the contracts with customers that contain multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct or as a series of distinct obligations if the individual performance obligations meet the series criteria. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment.
The Company enters into revenue contracts with customers for data centers and office spaces, which contain both lease and non-lease components. The combined component is accounted for in accordance with the current lease accounting guidance in the revised section 20 (Leases) if the lease component is predominant, and in accordance with the revised Section 23 (Revenue from Contracts with Customers) if the non-lease component is predominant. In general, customer contracts for data centers are accounted for under the revised Section 20. Revenue is recognised on a straight-line basis whether it is in accordance with revised section 20 or revised section 23.
The Company enters into contracts with customers that include installation services. These services are typically specified and approved through separate order forms or contractual exhibits.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company has applied the revised Section 20- Leases for the first time.
The Company as lessee has assessed whether a contract is, or contains, a lease within the scope of
the revised Section 20. 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.
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
The lease liability is subsequently 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 that have a lease term of 12 months or less, or for leases of low-value assets. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest rate method.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Finance costs are charged to the Statement of Comprehensive Income 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
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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 the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognized in respect of all timing differences that have originated but not reversed by the Balance Sheet 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 recognized in respect of permanent differences except in respect of business combinations, when deferred tax is recognized 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 Balance Sheet date.
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.
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.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is provided on the following basis:
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Long-term leasehold property
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Over the life of the lease
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Assets under construction
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Revaluation of tangible assets
Data center fit out assets were revalued as at 31 December 2013 using the depreciated replacement cost method.
The Company has applied the transitional arrangements of section 35 of FRS 102 and has elected to use a previous GAAP revaluation of its data center fit out assets at, or before, the date of transition to FRS 102 as the deemed cost at the revaluation date. The property is being depreciated from the valuation date. As the assets are depreciated or sold an appropriate transfer is made from the revaluation reserve to retained earnings.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
(i) Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting year financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
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 the Statement of Comprehensive Income.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, other loans and directors' loans, 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 payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as Creditors: Amounts falling due within one year if payment is due within one year or less. If not, they are presented as Creditors.
Amounts falling due after more than one year. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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.
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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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Critical accounting judgements and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue from contracts with customers - variable consideration
The Company enters into customer contracts for the design, construction and delivery of data centre facilities. These contracts specify agreed Ready-for-Service (“RFS”) dates. Where the Company fails to meet the contractual RFS date, customers may be entitled to late-delivery penalties, generally structured as Service Level Agreement (“SLA”) credits. Such credits allow customers to withhold post-RFS lease payments until the agreed penalty amount has been recovered, which is in substance equivalent to a rent-free period.
Late-delivery penalties relate directly to the Company's fulfilment of its performance obligations under the contract and constitute variable consideration within the transaction price, as defined by IFRS 15. Accordingly, expected late-delivery penalties are accounted for by adjusting the transaction price and are recognised as a reduction of revenue. The amount of variable consideration included in the transaction price reflects the Company's best estimate of the expected penalties, to the extent that it is highly probable that a significant reversal of cumulative revenue recognised will not occur when the uncertainty associated with the penalties is subsequently resolved.
Where SLA credits do not turn the contract into onerous contract, the effect of the penalties is recognised over the contractual term by allocating the adjusted transaction price to the relevant performance obligations on a systematic basis consistent with the pattern of transfer of services to the customer. Any difference between amounts billed and revenue recognised is presented as a contract liability or contract asset, as appropriate.
Late-delivery penalties are reassessed at each reporting date and the transaction price is updated for changes in estimates in accordance with IFRS 15. Changes in estimated variable consideration are recognised prospectively as adjustments to revenue in the period of change. Late delivery penalties are assessed under IFRS 15 as variable consideration to the extent that they reduce the transaction price for satisfied and unsatisfied performance obligations.
Where the unavoidable costs of meeting the Company's remaining performance obligations under a contract exceed the economic benefits expected to be received, the contract is considered onerous. In such circumstances, an onerous contract provision is recognised in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, measured as the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it. Amounts recognised as an onerous contract provision are presented separately from revenue and are not accounted for as variable consideration under IFRS 15.
Key accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Valuation of the lease over the land and buildings
The Company has valued the lease using a discounted cash flow to calculate the net present value of the minimum lease payments at the inception of the lease. This approach requires estimation of the interest rate implicit in the lease, what the minimum lease payments are as well as consideration of the length of the lease. Any changes in these assumptions will impact the carrying value of the finance lease.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3.Judgments in applying accounting policies (continued)
Leases – Estimating the Incremental Borrowing Rate (IBR)
Where the Company is not able to readily determine the interest rate implicit in the lease it uses the incremental borrowing rate (IBR) to measure lease liabilities, in accordance with the requirements of FRS102.
The IBR Is the rate of interest the Company would have to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of similar value to the leases asset in a similar economic environment. As this rate is not always directly observable, its determination involves judgement and estimation.
The Company estimates its IBR using observable market data where available (such as base rates or comparable borrowing rates), adjusted for lease-specific terms and the Company’s own credit risk. Where no directly observable inputs are available, management applies reasonable estimates based on available market and entity-specific information.
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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At the reporting date, the Company had contracted with customers for the following minimum payments:
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Between one year and five years
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The operating profit is stated after charging:
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Profit on disposal of fixed assets
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During the year, the Company obtained the following services from the Company's auditors and their associates:
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Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The average monthly number of employees, excluding the directors, during the year was Nil (2024: Nil).
The remuneration of the directors is paid by VDC UK Management Company Limited, which makes no direct recharge to the Company. The directors of the Company are also directors of VDC UK Management Company Limited and other group and related Companies, and it is not possible to make an accurate apportionment of their remuneration in respect of the Company. Accordingly, these financial statements include no remuneration in respect of the directors.
Ian Hancock is an employee of Intertrust Management Limited. The director did not receive payment for their services to the Company, the Directors' fees are included as part of the administration fees. The fees charged in relation to the provision of Director services amounted to £5,928 (2024: £5,928) for the financial year. The amount was paid in full at the end of the financial year.
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Interest payable and similar expenses
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Other loan interest payable
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Interest on loans from group undertakings
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Origination and reversal of timing differences
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Adjustments in respect of prior years
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Total tax charge - Equity on transitional adjustment to new accounting policy - direct to equity
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Current year tax credit to equity - reversal of timing differences originally recognised to equity
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Total tax charge to equity
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes
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Income not taxable for tax purposes
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Adjustments to tax charge in respect of previous periods
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Effects of group relief/other reliefs
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Deferred tax no recognised
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Transfer pricing adjustments
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Depreciation of assets non qualifying for capital allowances
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Allowable depreciation of capitalised lease assets
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Adjustment to reverse prior period tax relief following accounting remeasurement
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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VANTAGE DATA CENTERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Tax effects relating to effects of other comprehensive income
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Ordinary shares of £0.0001 each
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