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Registration number: 06519028

Cloud Electronics Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Cloud Electronics Holdings Limited

(Registration number: 06519028)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

3

4,334,093

4,334,093

Current assets

 

Cash at bank and in hand

 

1,063

1,065

Creditors: Amounts falling due within one year

4

(3,766,542)

(3,585,020)

Net current liabilities

 

(3,765,479)

(3,583,955)

Net assets

 

568,614

750,138

Capital and reserves

 

Called up share capital

100,000

100,000

Capital redemption reserve

250

250

Profit and loss account

468,364

649,888

Total equity

 

568,614

750,138

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................

S R Curtis
Company secretary and director

 

Cloud Electronics Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Statutory information

Cloud Electronics Holdings Limited is a private company, limited by shares, domiciled in England and Wales, company number 06519028. The registered office is at 140 Staniforth Road, Darnall, Sheffield, S9 3HF.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There has been no material departure from this standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling. The financial statements are those of the company as an individual entity.

Group accounts exemption

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Cloud Electronics Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Cloud Electronics Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

3

Investments

2023
£

2022
£

Investments in subsidiaries

4,334,093

4,334,093

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

4,334,093

Carrying amount

At 31 December 2022 and 31 December 2023

4,334,093

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Cloud Electronics Limited

United Kingdom

Ordinary

100%

100%

 

     

4

Creditors

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings

6

3,441,979

3,153,473

Taxation and social security

 

74,854

61,844

Accruals and deferred income

 

249,709

369,703

 

3,766,542

3,585,020

 

Cloud Electronics Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Financial commitments, guarantees and contingencies

Group guarantee

The total amount of guarantees is £Nil (2022 - £127,559). The guarantee relates to the cross guarantees between the company and Cloud Electronic Limited guaranteeing all amounts due to the Royal Bank of Scotland plc.

6

Related party transactions

Summary of transactions with all subsidiaries

Cloud Electronics Limited 100% owned subsidiary

 Management charges received amounted to £264,000 (2022 - £264,000). At the balance sheet date the amount due to Cloud Electronics Limited was £3,441,979 (2022 - £3,153,473). No interest is charged on group balances.