BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The prinicpal activity of the company is that of software development and information technology consultancy. 24 September 2024 29 28 NI653568 2023-12-31 NI653568 2022-12-31 NI653568 2021-12-31 NI653568 2023-01-01 2023-12-31 NI653568 2022-01-01 2022-12-31 NI653568 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI653568 uk-curr:PoundSterling 2023-01-01 2023-12-31 NI653568 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI653568 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 NI653568 uk-core:ShareCapital 2023-12-31 NI653568 uk-core:ShareCapital 2022-12-31 NI653568 uk-core:SharePremium 2023-12-31 NI653568 uk-core:SharePremium 2022-12-31 NI653568 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI653568 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 NI653568 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI653568 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 NI653568 uk-bus:FRS102 2023-01-01 2023-12-31 NI653568 uk-core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI653568 2023-01-01 2023-12-31 NI653568 uk-bus:Director4 2023-01-01 2023-12-31 NI653568 uk-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI653568
 
 
Cloudsmith Ltd
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 December 2023
Cloudsmith Ltd
Company Registration Number: NI653568
ABRIDGED STATEMENT OF FINANCIAL POSITION
as at 31 December 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 5 91,366 76,597
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Current Assets
Receivables 1,415,502 1,127,373
Cash and cash equivalents 14,469,098 7,268,967
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15,884,600 8,396,340
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Creditors: amounts falling due within one year (1,620,653) (917,365)
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Net Current Assets 14,263,947 7,478,975
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Total Assets less Current Liabilities 14,355,313 7,555,572
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Capital and Reserves
Called up share capital 3 2
Share premium account 22,489,679 13,029,985
Retained earnings (8,134,369) (5,474,415)
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Equity attributable to owners of the company 14,355,313 7,555,572
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Income Statement and Directors' Report.
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 24 September 2024 and signed on its behalf by
           
           
           
________________________________          
Glenn Weinstein          
Director          
           



Cloudsmith Ltd
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Cloudsmith Ltd is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI653568. The registered office of the company is Scottish Provident Building, Donegall Square West, Belfast, BT1 6JH, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention.
 
Revenue
Revenue comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax. The company policy in relation to revenue recognition is to recognise revenue ratably over the term of the sales agreement for monthly service fees. Usage based revenue is recognised in the month pertaining to the customer's usage.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives at the following rates:
 
  Office Equipment and Computer Equipment - 33% Straight Line
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary, deferred, preferred ordinary, seed preferred, series A preferred  and series A2 preferred share capital of the company is presented as equity under capital and reserves.
   
3. Going concern
 
The Directors of Cloudsmith Ltd have reviewed the resources available and believe that the company has adequate resources to continue in operational existence for the foreseable future. Accordingly, Cloudsmith Ltd continue to adopt the going concern basis in preparing the financial statements.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was:
 
  2023 2022
  Number Number
 
Employees, including directors 29 28
  ═════════ ═════════
       
5. Property, plant and equipment
  Office Equipment and Total
  Computer Equipment  
     
  £ £
Cost
At 1 January 2023 139,020 139,020
Additions 63,285 63,285
Disposals (3,242) (3,242)
  ───────── ─────────
At 31 December 2023 199,063 199,063
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Depreciation
At 1 January 2023 62,423 62,423
Charge for the financial year 45,274 45,274
  ───────── ─────────
At 31 December 2023 107,697 107,697
  ───────── ─────────
Net book value
At 31 December 2023 91,366 91,366
  ═════════ ═════════
At 31 December 2022 76,597 76,597
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