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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Vantage Data Centers United Kingdom (OPCO) Limited (the "Company") is principally engaged as a
service company to the Vantage Data Centers EMEA group of companies. The Company is a private company limited by shares and is incorporated in the United Kingdom, and registered and domiciled in England and Wales. The address of its registered office is C/O CSC CLS (UK) Limited, 5 Churchill Place, 10th Floor, London, United Kingdom, E14 5HU.
2.Accounting policies
The financial statements have been prepared on a going concern basis, under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland 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 judgment in applying the Company's accounting policies.
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 period:
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 Data Centers Europe S.a.r.l as at 31 December 2025 and these financial statements may be obtained from Bâtiment C2, 2 Rue Peternelchen, L-2370 Howald, Luxembourg.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) 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 provides strategic management services to Vantage Data Centers Europe S.à r.l., other Group companies and related parties. These services are integral to the Group’s operations and support its ability to meet the growing demand for cloud infrastructure and data centre capacity, underpinning the Group’s future business outlook. 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
£701,000 and cash balances of £448,000 as at 31 December 2025. The Company continues to
meet its working capital requirements through effective working capital management and
maintains sufficient liquidity to meet its short-term obligations.
• 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 its role within the
Group and ongoing service arrangements. The forecasts have been stress-tested to reflect
potential adverse scenarios.
• Risks and uncertainties: The directors have considered the principal risks facing the Company,
including the broader economic environment. The Company has demonstrated resilience and
adaptability given its role in providing services to the wider Group, where demand continues to be
driven by structural growth in cloud infrastructure and data centre services. The Company’s
exposure to commercial risk is limited, as its activities are supported by intra-group
arrangements, including cost recharge mechanisms, which protect margins and support liquidity.
In conclusion, the directors are confident that the Company will continue to operate as a going concern for the period to 30 June 2027 and have therefore prepared the financial statements on a going concern basis.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
discounts, rebates, value added tax and other sales taxes. Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: 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. enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised 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 probably 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 off the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair value 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. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured suing tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply tot he reversal of the timing difference.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is
probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
During the year, the Directors changed the presentation of expenses in the income statement from a classification based on function to a classification based on the nature of expenses.
The Directors consider that this change provides more reliable and relevant information to users of the financial statements, as the Company operates as a centralised service entity for the Group and does not have a clear distinguishable cost of sales or cost of services. Allocation of costs between functional categories would require significant judgement and may result in arbitrary apportionment. The revised presentation better reflects the underlying cost structure of the Company and how the business is managed.
This change represents a change in accounting policy under FRS 102 rather than the correction of a prior period error, as both presentation methods are permitted under the applicable financial reporting framework and the previous presentation did not result from an incorrect application of accounting policies.
The change has been applied retrospectively in accordance with FRS 102. Comparative figures have been re-presented to conform with the current year presentation.
The change affects presentation only and has no impact on profit for the year, net assets, equity or cash flows.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
factors, including expectations of future events that are believed to be reasonable under the circumstances. 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. There are not considered to be any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
All turnover arises from the principal activities of the Company and generated in the United Kingdom.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Vantage Data Centres United Kingdom (OPCO) Limited is a tax resident in the UK by virtue of central
management control being exercised in the UK. The disclosure above is therefore based on the prevailing UK tax legislation.
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There is a charge over the Company's assets in respect of subordinated debt within Vantage Data
Centers Jersey Borrower SPV Limited. This relates to the receivables that the company holds with Vantage Data Centers UK Limited (a subsidiary and subordinated creditor of Vantage Data Centers Jersey Borrower SPV Limited).
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VANTAGE DATA CENTERS UNITED KINGDOM (OPCO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent company is Vantage Data Centers Europe Sarl, a company incorporated in
Luxembourg. The smallest group and largest to consolidate these financial statements is Vantage Data Centers Europe Sarl, a company incorporated in Luxembourg with a registered address of Bâtiment C2, 2 Rue Peternelchen, L-2370 Howald, Luxembourg. Copies of the consolidated financial statements of Vantage Data Centers Europe Sarl may be obtained from: Bâtiment C2, 2 Rue Peternelchen L-2370 Howald Luxembourg The ultimate parent company and controlling party is F1 Europe JV, a company incorporated in the Cayman Islands.
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