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REGISTERED NUMBER: SC343767 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

VectorCloud Ltd

VectorCloud Ltd (Registered number: SC343767)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


VectorCloud Ltd (Registered number: SC343767)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 80,086 109,208
Tangible assets 5 43,627 58,314
123,713 167,522

CURRENT ASSETS
Stocks 3,016 4,957
Debtors 6 222,371 126,115
Cash at bank and in hand 85,782 115,318
311,169 246,390
CREDITORS
Amounts falling due within one year 7 (206,476 ) (183,053 )
NET CURRENT ASSETS 104,693 63,337
TOTAL ASSETS LESS CURRENT
LIABILITIES

228,406

230,859

CREDITORS
Amounts falling due after more than one
year

8

(60,484

)

(71,990

)
NET ASSETS 167,922 158,869

CAPITAL AND RESERVES
Called up share capital 110 110
Retained earnings 167,812 158,759
167,922 158,869

VectorCloud Ltd (Registered number: SC343767)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

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

The financial statements were approved by the director and authorised for issue on 18 June 2024 and were signed by:





Mr K J Mitchell - Director


VectorCloud Ltd (Registered number: SC343767)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

VectorCloud Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC343767. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, FK3 8WX.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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 group companies.

Turnover
Turnover represents net invoiced sales of services in respect of IT support, excluding value added tax. Sales are recognised at the point at which the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.


VectorCloud Ltd (Registered number: SC343767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. 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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

VectorCloud Ltd (Registered number: SC343767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 145,611
AMORTISATION
At 1 April 2023 36,403
Charge for year 29,122
At 31 March 2024 65,525
NET BOOK VALUE
At 31 March 2024 80,086
At 31 March 2023 109,208

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 85,271
Additions 3,179
Disposals (20,743 )
At 31 March 2024 67,707
DEPRECIATION
At 1 April 2023 26,957
Charge for year 15,780
Eliminated on disposal (18,657 )
At 31 March 2024 24,080
NET BOOK VALUE
At 31 March 2024 43,627
At 31 March 2023 58,314

VectorCloud Ltd (Registered number: SC343767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 59,995
DEPRECIATION
At 1 April 2023 6,249
Charge for year 13,437
At 31 March 2024 19,686
NET BOOK VALUE
At 31 March 2024 40,309
At 31 March 2023 53,746

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 120,647 114,516
Amounts owed by group undertakings 97,433 -
Other debtors 4,291 11,599
222,371 126,115

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 3,732 9,675
Hire purchase contracts 9,096 9,096
Trade creditors 99,207 83,989
Taxation and social security 91,167 70,014
Other creditors 3,274 10,279
206,476 183,053

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 21,954 24,365
Hire purchase contracts 38,530 47,625
60,484 71,990

VectorCloud Ltd (Registered number: SC343767)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 14,490 -

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 47,626 56,721

Hire purchase debts are secured over the assets to which they relate.

10. ULTIMATE PARENT ENTITY

VectorCloud Holdings Ltd is registered in Scotland under registration number SC617181. The registered office is Unit 5 Gateway Business Park, Beancross Road, Grangemouth, FK3 8WX.