Company Registration No. 01941261 (England and Wales)
Cloud and More Limited
Unaudited accounts
for the year ended 31 March 2023
Cloud and More Limited
Unaudited accounts
Contents
Cloud and More Limited
Company Information
for the year ended 31 March 2023
Directors
Adam Whatford
Laura Whatford
Timothy Killeen
Michelle Killeen
Company Number
01941261 (England and Wales)
Registered Office
11 Drakes Mews
Crownhill
Milton Keynes
Bucks
MK8 0ER
Accountants
HJP Chartered
Audley House
Northbridge Road
Berkhamsted
Herts
HP4 1EH
Cloud and More Limited
Statement of financial position
as at 31 March 2023
Intangible assets
678,739
757,055
Tangible assets
29,950
20,114
Cash at bank and in hand
54,123
44,230
Creditors: amounts falling due within one year
(1,031,694)
(1,094,484)
Net current liabilities
(671,349)
(767,663)
Total assets less current liabilities
37,340
9,506
Creditors: amounts falling due after more than one year
(33,966)
(35,833)
Provisions for liabilities
Net assets/(liabilities)
58
(26,327)
Called up share capital
625
625
Capital redemption reserve
375
375
Profit and loss account
(942)
(27,327)
Shareholders' funds
58
(26,327)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2023 and were signed on its behalf by
Timothy Killeen
Director
Company Registration No. 01941261
Cloud and More Limited
Notes to the Accounts
for the year ended 31 March 2023
Cloud and More Limited is a private company, limited by shares, registered in England and Wales, registration number 01941261. The registered office is 11 Drakes Mews, Crownhill, Milton Keynes, Bucks, MK8 0ER.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 March 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in GBP.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% straight line
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. The assets are being amortised over 10 years.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Cloud and More Limited
Notes to the Accounts
for the year ended 31 March 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2022
323,160
460,001
783,161
At 31 March 2023
323,160
460,001
783,161
At 1 April 2022
10,772
15,334
26,106
Charge for the year
32,316
46,000
78,316
At 31 March 2023
43,088
61,334
104,422
At 31 March 2023
280,072
398,667
678,739
At 31 March 2022
312,388
444,667
757,055
Cloud and More Limited
Notes to the Accounts
for the year ended 31 March 2023
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
1
-
27,624
27,625
Additions
-
13,295
5,786
19,081
At 31 March 2023
1
13,295
33,410
46,706
At 1 April 2022
-
-
7,511
7,511
Charge for the year
-
2,770
6,475
9,245
At 31 March 2023
-
2,770
13,986
16,756
At 31 March 2023
1
10,525
19,424
29,950
At 31 March 2022
1
-
20,113
20,114
Amounts falling due within one year
Trade debtors
243,843
255,203
Accrued income and prepayments
23,892
15,942
Amounts falling due after more than one year
Accrued income and prepayments
5,601
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
2,470
-
Trade creditors
48,225
88,778
Taxes and social security
37,727
25,324
Other creditors
770,949
762,953
Loans from directors
32,074
39,326
Deferred income
69,965
86,844
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
8,133
-
Cloud and More Limited
Notes to the Accounts
for the year ended 31 March 2023
9
Transactions with related parties
At the end of the year the company owed money to the following related companies:
Simplify Technology Limited - £726,651 (2022 - £755,000)
Alliance Systems Limited - £35,165 (2022 - £nil)
10
Average number of employees
During the year the average number of employees was 17 (2022: 7).