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Financial Statements
IX Reach Ltd
For the financial year ended 31 December 2025
Registered number: 05172804
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Company Information
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Chartered Accountants & Statutory Auditors
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Contents
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Director's responsibilities statement
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Director's report
For the financial year ended 31 December 2025
The director presents his report and the financial statements for the financial year ended 31 December 2025.
The principal activity of the Company is the provision of low and ultra low latency solutions through the provision of a global ethernet cable infrastructure.
The profit for the financial year, after taxation, amounted to £331,471 (2024: £527,886). The directors do not recommend the payment of a dividend (2024: £Nil).
The director who served during the financial year was:
Disclosure of information to auditor
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The director at the time when this Director's report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is 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 auditor is aware of that information.
Events since the end of the financial year
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There have been no significant events affecting the Company since the year-end.
The financial statements of the Company have been prepared by the directors on a going concern basis. The directors have considered the performance of the Company against expectations and projections, as well as the capital and liquidity position of the Company. Management monitors the performance of the Company closely and continues to take actions to ensure that the Company is profitable in the future through an increase in activity and turnover together with managing expenses and overheads, preparation of forecasts of expected performance and cashflows to assist in managing the capital and liquidity position.
As at the reporting date, the Company is in a net liability position, a significant part of total liabilities represents amounts owing to fellow group undertakings, and the demand for repayment of this is wholly within the control of the BSO Group. As such the Directors are satisfied that this does not present any liquidity issues for the Company. The Company has received a Letter of Support from its parent company who have agreed to provide continuing support for 12 months from the signing date of these financial statements. Furthermore, management and the directors are satisfied that the Group have sufficient funding in the form of debt and equity to meet the working capital requirements. Therefore, the directors have concluded it is appropriate to prepare the financial statements on the going concern basis.
Page 1
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Director's report (continued)
For the financial year ended 31 December 2025
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Michael Ourabah
Director
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Page 2
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Director's responsibilities statement
For the financial year ended 31 December 2025
The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director 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 director is 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 the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
This report was approved by the board and signed on its behalf.
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Michael Ourabah
Director
Date: 31 July 2026
Page 3
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Independent auditor's report to the members of IX Reach Ltd
We have audited the financial statements of IX Reach Ltd which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity for the financial year ended 31 December 2025, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and Financial Reporting Stadnard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion, IX Reach Ltd's financial statements:
∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the financial year then ended; and
∙have been properly 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 'Responsibilities of the auditor 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 United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
Page 4
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Independent auditor's report to the members of IX Reach Ltd (continued)
Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Director's report. The director are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Director's report has 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 we have obtained in the course of the audit, we have not identified material misstatements in the Director's 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 director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the director was not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Director's report.
Page 5
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Independent auditor's report to the members of IX Reach Ltd (continued)
Responsibilities of management and those charged with governance for the financial statements
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Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director 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, management is 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 management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
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The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data protection and cybersecurity laws and regulations in the UK, Employment laws in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as UK tax legislation and Companies Act 2006. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 6
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Independent auditor's report to the members of IX Reach Ltd (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙review of minutes of board meetings during the financial year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including going concern, useful lives of depreciable assets, and estimating allowance for impairment of trade debtors; and
∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Tracey Sullivan (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants
& Statutory Auditors
13-18 City Quay
Dublin 2
Date: 31 July 2026
Page 7
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Statement of comprehensive income
For the financial year ended 31 December 2025
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Interest payable and similar expenses
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Profit for the financial year
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There was no other comprehensive income for 2025 (2024: £Nil).
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The notes on pages 11 to 20 form part of these financial statements.
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Page 8
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IX Reach Ltd
Registered number:05172804
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Statement of financial position
As at 31 December 2025
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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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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 were approved and authorised for issue by the board and were signed on its behalf on 31 July 2026.
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Michael Ourabah
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The notes on pages 11 to 20 form part of these financial statements.
Page 9
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Statement of changes in equity
For the year ended 31 December 2025
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Shareholders' funds/(deficit)
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Comprehensive income for the year
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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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The notes on pages 11 to 20 form part of these financial statements.
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Page 10
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Notes to the financial statements
For the financial year ended 31 December 2025
IX Reach Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Southgate 2, 321 Wilmslow Road, Heald Green, Cheadle, Cheshire, SK8 3PW.
The principal activity of the Company in the financial year under review is the provision of low and ultra low latency solutions through the provision of a global ethernet cable infrastructure.
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 applicable accounting standards, including Section 1A of Financial Reporting Standard 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 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 (see note 3).
The following principal accounting policies have been applied:
The financial statements of the Company have been prepared by the Director on a going concern basis. The Director has considered the performance of the Company against expectations and projections, as well as the capital and liquidity position of the Company. Management monitors the performance of the Company closely and continues to take actions to ensure that the Company is profitable in the future through an increase in activity and turnover together with managing expenses and overheads, preparation of forecasts of expected performance and cashflows to assist in managing the capital and liquidity position.
As at the reporting date, the Company is in a net liability position, a significant part of total liabilities represents amounts owing to fellow group undertakings, and the demand for repayment of this is wholly within the control of the BSO Group. As such the Director is satisfied that this does not present any liquidity issues for the Company. The Company has received a Letter of Support from its parent company who have agreed to provide continuing support for 12 months from the signing date of these financial statements. Furthermore, management and the director are satisfied that the Group have sufficient funding in the form of debt and equity to meet the working capital requirements. Therefore, the director has concluded it is appropriate to prepare the financial statements on the going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the average exchange rates but after mid year, the company started using the spot exchange rates at the dates of the transactions.
Page 11
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Notes to the financial statements
For the financial year ended 31 December 2025
2.Accounting policies (continued)
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Foreign currency translation (continued)
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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 except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'administrative expenses'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 12
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Notes to the financial statements
For the financial 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates 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.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Page 13
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Notes to the financial statements
For the financial year ended 31 December 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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 transaction price, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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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, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 14
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Notes to the financial statements
For the financial year ended 31 December 2025
2.Accounting policies (continued)
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 and loans to and from related parties.
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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short- term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.
Rentals payable under operating leases are charged to profit or loss on a straightline basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor.
Page 15
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Notes to the financial statements
For the financial year ended 31 December 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
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When preparing the financial statements, management prepares a number of judgments, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses.
Going concern
The validity of the going concern basis is dependent upon the forecast and projections, collections and credit risk management from the Company’s customers including the assurance provided from its ultimate parent undertaking, BSO Ireland Limited that it will provide financial support for a period of not less than 12 months from the date of signing of the financial statements and the assurance from its parent and fellow group companies that they will show forbearance, if required, in demanding repayment. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements (see Note 2.2).
Estimates useful lives of depreciable assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as value assessments consider future market conditions, the remaining life of the asset and projected disposal value.
Estimating allowance for impairment of trade debtors and intercompany debtors
Management estimates the allowance for doubtful amounts based on the assessment of specific accounts where management has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of the relationship.
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The operating profit is stated after charging:
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The Company has no employees other than the director, who did not receive any remuneration during the year (2024: £Nil).
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The average monthly number of employees, including directors, during the financial year was 1 (2024 - 1).
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Page 16
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Notes to the financial statements
For the financial year ended 31 December 2025
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Interest payable and similar expenses
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Loans to group undertakings
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Factors affecting tax charge for the financial year
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The tax assessed for the financial year is lower 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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Profit on ordinary activities before tax
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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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Capital allowances for financial year in excess of depreciation
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Unrelieved tax losses carried forward
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Total tax charge for the financial 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.
Page 17
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Notes to the financial statements
For the financial year ended 31 December 2025
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Charge for the financial year on owned assets
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Page 18
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Notes to the financial statements
For the financial year ended 31 December 2025
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Trade debtors included a bad debt provision of £171,625 (2024: £139,883) and provision for credit notes is £Nil for both years in respect of impairment of past due invoices.
Amounts owed to group undertakings are unsecured, bears interest based on the Euribor 3 month rate +1 and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Trade creditors, accruals and other creditors are payable at various dates over the coming months in accordance with suppliers' usual customary credit terms.
Amounts owed to group undertakings are unsecured, bears interest based on the Euribor 3 month rate +1 and repayable on demand.
The terms of the deferred income are based on the billings.
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Page 19
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Notes to the financial statements
For the financial year ended 31 December 2025
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Allotted, called up and fully paid
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100 (2024 - 100) Ordinary shares of £1.50 each
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Commitments under operating leases
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At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company availed of the exemptions in FRS 102 Section 33, Paragraph 33.1A which allows non-disclosure of transactions between two members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
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Post balance sheet events
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There are no subsequent events that will require adjustment or disclosure in the Company’s financial statements.
The Company's parent company is IXR Holdings Limited incorporated in England and Wales. The registered office is Southgate 2, 321 Wilmslow Road, Head Green, Cheadle, Cheshire, SK8 3PW.
The Company’s ultimate parent undertaking is BSO Ireland Limited, a company incorporated in the Republic of Ireland with a registered address at c/o DFK Crowleys, 16/17 College Green, Dublin 2, Dublin, Ireland.
BSO Ireland Limited is regarded as both the controlling party and the ultimate controlling party.
The smallest and largest consolidated financial statements presented are that of BSO Ireland Limited. They are publicly available from the Companies Registration Office, Bloom House, Gloucester Place Lower, Dublin 1, Mouthjoy, Dublin 1, Ireland.
Page 20
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