REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
CLOUDNIMBUS HOLDINGS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
CLOUDNIMBUS HOLDINGS LTD |
CLOUDNIMBUS HOLDINGS LTD (REGISTERED NUMBER: 09820855) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CLOUDNIMBUS HOLDINGS LTD |
COMPANY INFORMATION |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Herschel House |
58 Herschel Street |
Slough |
Berkshire |
SL1 1PG |
CLOUDNIMBUS HOLDINGS LTD (REGISTERED NUMBER: 09820855) |
BALANCE SHEET |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CLOUDNIMBUS HOLDINGS LTD (REGISTERED NUMBER: 09820855) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Cloudnimbus Holdings Ltd (the 'Company') 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 Company's trading address is Level 12, 135 Bishopsgate, London, EC2M 3YD. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis as Cloud9 Technologies, LLC, the parent company, will continue to support the Company for a period of at least 12 months and one day from the date the audit report attached to these financial statements is signed. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is made up of four different revenue streams, Subscriptions, product revenue, intercompany recharges and other revenue. |
Subscription revenue relates to individual subscription packages, and is recognised over the period of the subscription once the risks and rewards have been transferred to the customer. |
Product revenue relates to individual product items, and is recognised on the completion of the sale. |
Intercompany recharges relates to recharges back to related parties at a mark-up per their Transfer Pricing Agreement, and are recognised on the completion of the sale. |
Other revenue relates to additional services and charges, and is recognised on the completion of the sale. |
Tangible assets |
Depreciation is provided at the following annual rates in order to write off each asset, initially measured at cost, over its estimated useful life. |
Equipment - Straight line over 5 years |
Stocks |
Stocks are valued at the lower of the cost or average unit price and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any other Financial Instruments as covered by Section 12 of FRS102. |
CLOUDNIMBUS HOLDINGS LTD (REGISTERED NUMBER: 09820855) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 year 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. |
Research and development credits |
The Company submitted a claim relating to Research and Development Tax Credits with HMRC in 2021. |
This credit was approved in 2022 and has been reflected in 2021 income statement. |
No such claim was submitted in 2022. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CLOUDNIMBUS HOLDINGS LTD (REGISTERED NUMBER: 09820855) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS |
31.12.22 | 31.12.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors & prepayments |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
CLOUDNIMBUS HOLDINGS LTD (REGISTERED NUMBER: 09820855) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2022 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
Ordinary | £50 | 50,000 | 50,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:- |
Use of our report |
"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 a Report of the Auditors 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." |
9. | ULTIMATE PARENT COMPANY |
The immediate parent undertaking at the year-end is Cloud9 Technologies, LLC, a company incorporated in the USA. Their registered office address is 565 fifth Avenue New York, NY 10017, USA. They own 100% of Cloudnimbus Holdings Limited as at 31 December 2022 and 2021. |
On 24 June 2021, Cloud9 Technologies, LLC completed the sale of 100% of its outstanding shares to Symphony Communications Services, LLC. Symphony Communications Services, LLC now owns 100% of Cloud9 Technologies, LLC as at 31 December 2022 and 2021. |
The ultimate parent company is Symphony Communication Services Holdings, LLC, a company incorporated in the USA. Symphony Communication Services, LLC is 100% owned by Symphony Communication Services Holdings, LLC. Both legal entities have their registered office address as 565 fifth Avenue New York, NY 10017, USA. |
Consolidated financial statements are not publicly available. |
10. | SECURED LIABILITIES |
During the year ended 31 December 2021, the company created a fixed and floating charge over its assets and a negative pledge all in favour of HPS Investment Partners, LLC. This charge is still outstanding. |