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Registration number: 01536810

Cloud Electronics Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Cloud Electronics Limited

(Registration number: 01536810)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

737,214

743,444

Current assets

 

Stocks

2,193,641

1,755,577

Debtors

4

4,354,065

4,231,858

Cash at bank and in hand

 

1,193,646

1,184,523

 

7,741,352

7,171,958

Creditors: Amounts falling due within one year

5

(377,538)

(564,076)

Net current assets

 

7,363,814

6,607,882

Total assets less current liabilities

 

8,101,028

7,351,326

Provisions for liabilities

(52,500)

(52,500)

Net assets

 

8,048,528

7,298,826

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

8,048,428

7,298,726

Shareholders' funds

 

8,048,528

7,298,826

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 Statement of Comprehensive Income 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 Limited

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

1

Accounting policies

Statutory information

Cloud Electronics Limited is a private company, limited by shares, domiciled in England and Wales, company number 01536810. 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.

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. Turnover is recognised when goods and services are provided to clients.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

 

Cloud Electronics Limited

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

1

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, less their estimated residual values, over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cloud Electronics Limited

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

1

Accounting policies (continued)

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 charges as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2022 - 22).

3

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

687,410

318,985

16,495

1,022,890

Additions

5,479

29,314

-

34,793

Disposals

-

(32,639)

-

(32,639)

At 31 December 2023

692,889

315,660

16,495

1,025,044

Depreciation

At 1 January 2023

69,033

200,877

9,536

279,446

Charge for the year

13,742

20,114

1,740

35,596

Eliminated on disposal

-

(27,212)

-

(27,212)

At 31 December 2023

82,775

193,779

11,276

287,830

Carrying amount

At 31 December 2023

610,114

121,881

5,219

737,214

At 31 December 2022

618,377

118,108

6,959

743,444

Included within the net book value of land and buildings above is £610,114 (2022 - £618,377) in respect of long leasehold land and buildings.
 

 

Cloud Electronics Limited

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

4

Debtors

Note

2023
£

2022
£

Trade debtors

 

608,786

629,745

Amounts owed by group undertakings

7

3,441,979

3,153,473

Prepayments

 

284,588

215,039

Other debtors

 

18,712

233,601

 

4,354,065

4,231,858

5

Creditors

2023
£

2022
£

Due within one year

Bank loans

-

127,559

Trade creditors

142,019

138,590

Taxation and social security

217,509

188,605

Accruals and deferred income

18,010

109,322

377,538

564,076

6

Financial commitments, guarantees and contingencies

Operating leases
As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £6,888 (2022 - £23,775).

Guarantees

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

7

Related party transactions

Summary of transactions with other related parties

Cloud Electronics Holdings Limited (Controlling party)

 Management charges payable amounted to £264,000 (2022 - £264,000). At the balance sheet date the amount due from Cloud Electronics Holdings Limited was £3,441,979 (2022 - £3,153,473).

No interest is charged on group balances.