SILVER CLOUD HR LIMITED

Company Registration Number:
07042483 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 November 2022

End date: 31 December 2023

SILVER CLOUD HR LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes

SILVER CLOUD HR LIMITED

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The principal activity of the company continued to be the provision of HR and payroll systems consultancy.



Directors

The director shown below has held office during the whole of the period from
1 November 2022 to 31 December 2023

H E Armstrong


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
19 September 2024

And signed on behalf of the board by:
Name: H E Armstrong
Status: Director

SILVER CLOUD HR LIMITED

Balance sheet

As at 31 December 2023

Notes 14 months to 31 December 2023 2022


£

£
Fixed assets
Tangible assets: 3 102,020 143,146
Total fixed assets: 102,020 143,146
Current assets
Debtors: 4 897,791 733,150
Cash at bank and in hand: 198,529 178,484
Total current assets: 1,096,320 911,634
Creditors: amounts falling due within one year: 5 ( 695,045 ) ( 598,649 )
Net current assets (liabilities): 401,275 312,985
Total assets less current liabilities: 503,295 456,131
Creditors: amounts falling due after more than one year: 6 ( 78,766 ) ( 105,962 )
Provision for liabilities: ( 24,745 ) ( 35,065 )
Total net assets (liabilities): 399,784 315,104
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 399,783 315,103
Total Shareholders' funds: 399,784 315,104

The notes form part of these financial statements

SILVER CLOUD HR LIMITED

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 19 September 2024
and signed on behalf of the board by:

Name: H E Armstrong
Status: Director

The notes form part of these financial statements

SILVER CLOUD HR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings over 3 years Computers over 3 years Motor vehicles 20% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

    Other accounting policies

    Cash and cash equivalents policy Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financial instruments policy The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments policy Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. Taxation policy The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. Employee benefits policy The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Retirement benefits policy Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Leases policy Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. Government grants policy In the prior year the company received grants under the Coronavirus Job Retention Scheme (CJRS) during the year for applicable employees. Income under these schemes is classified as a government grant and is accounted for under IAS 20 Government Grants. Such grants are recognised in the Profit and Loss Account in the year in which associated costs for which the grants are intended to compensate are incurred. The grant income is reported as 'Other income' in the Profit and Loss Account. Foreign exchange policy 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.

SILVER CLOUD HR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    14 months to 31 December 2023 2022
    Average number of employees during the period 34 28

SILVER CLOUD HR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 November 2022 167,820 0 0 0 167,820
Additions 0 0 8,653 0 8,653
Disposals 0 0 ( 465 ) 0 ( 465 )
Revaluations
Transfers 167,820 4,516 52,304 111,000 0
At 31 December 2023 0 4,516 60,492 111,000 176,008
Depreciation
At 1 November 2022 24,674 0 0 0 24,674
Charge for year 0 1,201 24,404 24,174 49,779
On disposals 0 0 ( 465 ) 0 ( 465 )
Other adjustments 24,674 1,895 15,379 7,400 0
At 31 December 2023 0 3,096 39,318 31,574 73,988
Net book value
At 31 December 2023 0 1,420 21,174 79,426 102,020
At 31 October 2022 143,146 0 0 0 143,146

The net book value of Motor vehicles assets held under finance leases or hire purchase contracts, included above, was £79,426 (2022 - nil). The net book value of Plant & machinery assets held under finance leases or hire purchase contracts, included above, was nil (2022 - £103,600).

SILVER CLOUD HR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

14 months to 31 December 2023 2022
£ £
Trade debtors 761,129 579,467
Prepayments and accrued income 33,601 0
Other debtors 103,061 153,683
Total 897,791 733,150

SILVER CLOUD HR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

14 months to 31 December 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Amounts due under finance leases and hire purchase contracts 12,529 0
Trade creditors 140,159 30,525
Taxation and social security 356,529 389,171
Accruals and deferred income 155,474 0
Other creditors 20,354 168,953
Total 695,045 598,649

SILVER CLOUD HR LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due after more than one year note

14 months to 31 December 2023 2022
£ £
Bank loans and overdrafts 14,088 26,667
Amounts due under finance leases and hire purchase contracts 64,678 0
Other creditors 0 79,295
Total 78,766 105,962

Bank loans consists of a Bounce Back loan, which is backed by a government guarantee.