Company registration number 11654848 (England and Wales)
TERACLOUD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TERACLOUD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TERACLOUD LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
594
696
Cash at bank and in hand
48,802
20,903
49,396
21,599
Creditors: amounts falling due within one year
5
(70,574)
(55,013)
Net current liabilities
(21,178)
(33,414)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(21,179)
(33,415)
Total equity
(21,178)
(33,414)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
D O Dickie
Director
Company Registration No. 11654848
TERACLOUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Teracloud Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Baker Street, London, United Kingdom, W1U 7EU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going Concern

The company has net liabilities at the year end of £21,178 (2022: £33,414). The company recharges expenditure to its intermediate Parent company and it is therefore reliant on the Parent company for its funding and working capital. As described in note 5, the company owes £37,329 (2022: £38,471) to its Parent.

The Parent company has provided the company with an undertaking that it will, for at least 12 months from the date of the approval of these financial statements, continue to make available such funds as are needed by the company which should enable to company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue.

However, there is confidence that the Parent will be able to financially support the company, the financial statements have been prepared on a going concern basis.

1.3
Trade and other debtors

Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

1.4
Turnover

Turnover is primarily earned through consulting arrangements with related parties. Turnover is recognised at the fair value of the consideration received or receivable for consulting services provided in the normal course of business to related parties, and is shown net of VAT and other sales related taxes.

1.5
Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

TERACLOUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years.

 

The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
594
696
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
197
1,982
Amounts owed to group undertakings
37,329
38,471
Other creditors
33,048
14,560
70,574
55,013
TERACLOUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 4 -

At the balance sheet date, the company had unpaid defined contribution pension payable of £5,572 (2022: £Nil).

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Alison Nayler BSc FCA
Statutory Auditor:
Azets Audit Services
7
Related party transactions

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.

8
Parent company

The directors regard Kapitalen ApS as the ultimate parent company. Teracloud ApS is the immediate parent company.

 

The registered offices of the immediate parent company is Bryghuspladsen 8, 4. 402,1473 Copenhagen, Denmark. The registered office of the ultimate parent company is Bryghuspladsen 8, 4, København K, 1473, Denmark.

 

The largest group of undertakings for which group financial statements have been drawn up is that headed by Kapitalen ApS . Copies of the group financial statements may be obtained from CVR, the Danish State's Master Register of Business Information.

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