Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2016
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COMPANY INFORMATION
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CONTENTS
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2016
The directors present their report and the financial statements for the year ended 31 December 2016.
The directors who served during the year were:
The directors are responsible for preparing 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 applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
·
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ARBINET - THEXCHANGE LTD
We have audited the financial statements of Arbinet - thexchange Ltd for the year ended 31 December 2016, set out on pages 5 to 10. The relevant financial reporting framework that has been applied in their preparation is applicable law and the 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'.
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 Auditors' 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.
As explained more fully in the Directors' Responsibilities Statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's Ethical Standards for Auditors.
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at
www.frc.org.uk/auditscopeukprivate
.
In our opinion the financial statements:
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with those financial statements and this report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF ARBINET - THEXCHANGE LTD (CONTINUED)
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
for and on behalf of
Statutory Auditors
26 Red Lion Square
WC1R 4AG
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INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2016
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2016
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 8 to 10 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2016
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2015
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
Arbinet thexchange Limited is a limited liability company incorporated in England.
The registered office is 55 Old Broad Street, London, EC2M 1RX. The principal activity of the company is that of a holding company. The financial statements are presented in Sterling (£).
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 Income Statement.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
Profit & loss account
The profit and loss account represents accumulated comprehensive income of the year and prior periods less any dividends paid.
At 31 December 2016, the company's immediate parent company was Arbinet Corporation, a Company incorporated in the USA.
The company's ultimate parent company is HC2 Holdings Incorporated, a company incorporated in the United States of America. For the year ended 31 December 2016, HC2 Holdings Incorporated was the parent company of the largest Group for which the company's results are included within the consolidated financial statements. Copies of the Group financial statements can be obtained from 13800 Coppermine Road, Suite 224, Herndon, Virginia 20171 USA.
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