Financial Statements
For the year ended 31 December 2025
Registered number: 06457839
Company Information
Contents
Strategic report
For the year ended 31 December 2025
The directors presents their strategic report and the financial statements for the year ended 31 December 2025.
The directors are pleased with the overall performance of the business. The results of the Company for the year show a profit before tax of $2,654,383 (2024: profit $791,834). The shareholders' funds of the Company total $12,871,660 (2024: $10,592,043).
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 Company plans to continue its current operations.
The directors consider that the key performance indicators are turnover, gross margin, and EBITDA.
The increase in the Company's turnover and gross margin during the year reflects the fact that the Company was able to issue new contracts during the year whilst maintaining direct costs. Further, significant increase in the EBITDA mainly pertains to lower administrative costs made during the year showing the Company's focus on controlling overheads.
The Company has maintained its strategy of resilience and focus in order to provide exceptional services to its customers and the directors and management are confident that the Company will capture growth from 2026 as they continue with the delivery and installation of various equipment that will result to increased revenues.
Overall the directors are satisfied with the performance over the year and continues to work towards increasing profit margins year on year. The directors expect the operations to continue at the current level for the upcoming year.
There are many factors which may materially and adversely affect the Company's ability to achieve objectives and to successfully continue in operation, including the Company's ability to obtain additional funding if necessary.
Despite this, the Company has maintained its strategy of resilience and focus in order to provide exceptional services to its customers. The Company is confident to capture growth and serve as value to its stakeholders.
The Company's principal financial instruments comprise cash and cash equivalents and other financial assets and liabilities such as trade debtors and trade creditors arising from operating activities.
The Company's risk management is coordinated at group level, in close cooperation with the board of directors, and focuses on actively securing the Company’s short to medium term cash flows by minimising the exposure to volatile financial markets. The Company does not actively engage in the trading of financial assets for speculative purposes, nor does it write options. The most significant financial risks to which the Company is expected are described below.
Customer credit exposure
The Company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.
The Company's risk management is coordinated at group level, in close cooperation with the board of directors, and focuses on actively securing the Company’s short to medium term cash flows by minimising the exposure to volatile financial markets. The Company does not actively engage in the trading of financial assets for speculative purposes, nor does it write options. The most significant financial risks to which the Company is expected are described below.
Customer credit exposure
The Company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.
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Strategic report (continued)
For the year ended 31 December 2025
Financial risk management objectives and policies (continued)
Currency risk
BSO Ireland Limited and its subsidiaries conduct business in a number of foreign countries, with certain transactions denominated in currencies other than the functional currency of the Group. The Group manages the effects of exchange rate fluctuations on income, expenses, cash flows and assets and liabilities denominated in selected foreign currencies.
BSO Ireland Limited and its subsidiaries conduct business in a number of foreign countries, with certain transactions denominated in currencies other than the functional currency of the Group. The Group manages the effects of exchange rate fluctuations on income, expenses, cash flows and assets and liabilities denominated in selected foreign currencies.
Business risk
The Directors are of the opinion that the Group is well positioned to manage the risk and is in a position to change the emphasis of its sales in response to these changes should a decline in economic conditions affect the Group’s performance.
Customer contract risk
There is a risk of potential non-renewal of a large contract with any one of the Group’s large customers. As there are a significant number of individual contracts with multiple customers and multiple companies, the risks are well spread. The Group operates in a competitive industry and the directors of the Group manage competition through close attention to customer service levels and product innovation ahead of the market.
The Directors are of the opinion that the Group is well positioned to manage the risk and is in a position to change the emphasis of its sales in response to these changes should a decline in economic conditions affect the Group’s performance.
Customer contract risk
There is a risk of potential non-renewal of a large contract with any one of the Group’s large customers. As there are a significant number of individual contracts with multiple customers and multiple companies, the risks are well spread. The Group operates in a competitive industry and the directors of the Group manage competition through close attention to customer service levels and product innovation ahead of the market.
Economic risk
The Group is exposed to the global economic crisis, particularly in relation to the rising costs of electronic components and electricity but the Directors remain committed to implementing strategic measures to mitigate their adverse effects and drive sustainable growth in a volatile market environment.
The directors utilise various KPIs in order to measure the performance of the business. Turnover, gross margin and EBITDA are closely monitored. These KPIs allow the Board to assess both the growth and profitability of the Company against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
This report was approved by the board and signed on its behalf.
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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 profit for the year, after taxation, amounted to $2,279,617 (2024 - $763,520 ). The directors do not recommend the payment of a dividend (2024: $Nil).
The directors who served during the year were as follows:
There are no branches of the Company outside the UK.
The Company plans to continue its present activities.
There are no subsequent events that will require adjustment or disclosure in the Company’s financial statements.
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Directors' responsibilities statement
For the year ended 31 December 2025
On behalf of the board
................................................
Fraser Galloway Bell
Director
Date: 31 July 2026
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Independent auditor's report to the members of BSO Network Solutions Limited
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of BSO Network Solutions Limited (continued)
Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report and the Strategic report. The directors 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 Directors' report and the Strategic report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of BSO Network Solutions Limited (continued)
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Independent auditor's report to the members of BSO Network Solutions Limited (continued)
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.
for and on behalf of
Chartered Accountants
& Statutory Auditors
13-18 City Quay
Dublin 2
Date:31 July 2026
Date:
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Statement of comprehensive income
For the year ended 31 December 2025
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Statement of financial position
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2025
Statement of changes in equity
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2025
BSO Network Solutions Limited is a company limited by shares which is registered and incorporated in the United Kingdom with a registered office at 21-33 Great Eastern Street, London, EC2A 3EJ. The principal activity of the Company in the 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
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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" on the basis the information is included in the consolidated financial statements:
∙the requirements of Section 7 Statement of Cash Flows;
∙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.
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Deferred income represents income received in advance of the Company providing the related goods or services. Deferred income is recognised as a liability in the statement of financial position and is released to the statement of comprehensive income on a systematic basis over the period in which the related goods or services are delivered, in accordance with the underlying contractual arrangements. Revenue is recognised only when the performance obligations under the contract have been satisfied.
Accrued income
Accrued income represents income earned during the financial year but not yet invoiced at the reporting date. Accrued income is recognised as an asset in the statement of financial position and is measured at the fair value of the consideration expected to be received. Income is recognised in the statement of comprehensive income in the period in which the related goods or services are provided, regardless of the timing of invoicing or cash receipt.
Interest income is recognised in profit or loss using the effective interest method.
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.
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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.
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.
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Notes to the financial statements
For the 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 financial 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.
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Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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.
Derecognition
A financial asset is derecognised only when:
∙The contractual rights to the cash flows from the financial asset expire or are settled; or
∙Substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party; or
∙When, despite having retained some, but not substantially all, the risks and rewards of ownership, control of the asset has been transferred to another party, and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the Company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer.
A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred is recognised in profit or loss.
The following are areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Useful lives of depreciable assets
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Notes to the financial statements
For the year ended 31 December 2025
3.Judgements in applying accounting policies (continued)
Estimating allowance for impairment of trade debtors and intercompany debtors
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Notes to the financial statements
For the year ended 31 December 2025
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Profit and loss account
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Notes to the financial statements
For the year ended 31 December 2025
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.
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, Mountjoy, Dublin 1, Ireland.
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