Cloud 10 Limited
Registered number: 07357530
Balance Sheet
as at 31 August 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 68,672 19,090
Current assets
Debtors 4 105,825 117,176
Cash at bank and in hand 85,176 20,308
191,001 137,484
Creditors: amounts falling due within one year 5 (140,051) (103,335)
Net current assets 50,950 34,149
Total assets less current liabilities 119,622 53,239
Creditors: amounts falling due after more than one year 6 (23,615) (6,250)
Provisions for liabilities (13,048) (3,818)
Net assets 82,959 43,171
Capital and reserves
Called up share capital 100 100
Profit and loss account 82,859 43,071
Shareholders' funds 82,959 43,171
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N J Soothill
Director
Approved by the board on 13 November 2018
Cloud 10 Limited
Notes to the Accounts
for the year ended 31 August 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 18% straight line
Motor vehicles 18% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2017 43,987 20,300 64,287
Additions 88,275 36,905 125,180
Disposals (81,436) (20,300) (101,736)
At 31 August 2018 50,826 36,905 87,731
Depreciation
At 1 September 2017 30,581 14,616 45,197
Charge for the year 9,149 6,643 15,792
On disposals (27,314) (14,616) (41,930)
At 31 August 2018 12,416 6,643 19,059
Net book value
At 31 August 2018 38,410 30,262 68,672
At 31 August 2017 13,406 5,684 19,090
4 Debtors 2018 2017
£ £
Trade debtors 103,976 115,525
Prepayments 1,849 1,651
105,825 117,176
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 6,250 12,500
Obligations under finance lease and hire purchase contracts 5,096 9,231
Trade creditors 82,557 30,344
Corporation tax 19,092 23,437
VAT 18,539 25,386
Paye/NIC 773 285
Wages 7,744 2,152
140,051 103,335
6 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans - 6,250
Obligations under finance lease and hire purchase contracts 23,615 -
23,615 6,250
7 Other information
Cloud 10 Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Lower Ground Floor
85 London Road
Cheltenham
Gloucestershire
GL52 6HL
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