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REGISTERED NUMBER: 09625639 (England and Wales)












Unaudited Financial Statements

for the Period 1 April 2021 to 31 December 2021

for

Cloud 9 Property Management Ltd

Cloud 9 Property Management Ltd (Registered number: 09625639)

Contents of the Financial Statements
for the Period 1 April 2021 to 31 December 2021










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Cloud 9 Property Management Ltd

Company Information
for the Period 1 April 2021 to 31 December 2021







DIRECTORS: Mrs J E Morris
Mr J P Morris





REGISTERED OFFICE: 5 The Quay
Bideford
Devon
EX39 2XX





REGISTERED NUMBER: 09625639 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

Cloud 9 Property Management Ltd (Registered number: 09625639)

Abridged Balance Sheet
31 December 2021

2021 2021
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 4,600,000 4,600,000

CURRENT ASSETS
Debtors 35,971 -
Cash at bank 2,116,673 49,476
2,152,644 49,476
CREDITORS
Amounts falling due within one year 3,843,002 3,861,966
NET CURRENT LIABILITIES (1,690,358 ) (3,812,490 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,909,642

787,510

CREDITORS
Amounts falling due after more than one
year

(2,150,000

)

-

PROVISIONS FOR LIABILITIES (128,544 ) (277,141 )
NET ASSETS 631,098 510,369

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 630,998 510,269
SHAREHOLDERS' FUNDS 631,098 510,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cloud 9 Property Management Ltd (Registered number: 09625639)

Abridged Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2022 and were signed on its behalf by:




Mr J P Morris - Director



Mrs J E Morris - Director


Cloud 9 Property Management Ltd (Registered number: 09625639)

Notes to the Financial Statements
for the Period 1 April 2021 to 31 December 2021


1. STATUTORY INFORMATION

Cloud 9 Property Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cloud 9 Property Management Ltd (Registered number: 09625639)

Notes to the Financial Statements - continued
for the Period 1 April 2021 to 31 December 2021


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at 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 using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
The company has net current liabilities of £1,690,358 (2021 - £3,812,490). These net current liabilities include an amount of £3,819,288 due to connected companies.

The company is reliant on the continuing financial support of its creditors and while there are no reasons to doubt that this support will continue, inherently there can be no certainty in relation to these matters. On this basis, and having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from an inability to meet obligations as they fall due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2021 - NIL).

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021
and 31 December 2021 4,600,000
NET BOOK VALUE
At 31 December 2021 4,600,000
At 31 March 2021 4,600,000

Fair value at 31 December 2021 is represented by:
£   
Valuation in 2021 793,882
Cost 3,806,118
4,600,000

The freehold investment property was valued on an open market basis at the balance sheet date.

The investment property is accounted for at fair value on an on-going basis.

Cloud 9 Property Management Ltd (Registered number: 09625639)

Notes to the Financial Statements - continued
for the Period 1 April 2021 to 31 December 2021


6. SECURED DEBTS

The following secured debts are included within creditors:

2021 2021
£    £   
Bank loans 2,150,000 -

Bank loans and overdrafts are secured by fixed and floating charges over the company's assets.

7. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2021
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Retained
earnings
£   

At 1 April 2021 510,269
Profit for the period 120,729
At 31 December 2021 630,998

Included in retained earnings is £533,059 (2021 - £533,059) of profits which are not available for distribution as they are unrealised.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Blueberry & Co Holdings Ltd.

The ultimate controlling party is Mr J P Morris and Mrs J E Morris.

10. CORRESPONDING AMOUNTS

These financial statements cover the period 1 April 2021 to 31 December 2021. The comparative figures cover the year ended 31 March 2021. Accordingly, the corresponding amounts may not be comparable as required by the provisions of FRS 102 Section 1A small entities.