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COMPANY REGISTRATION NUMBER: NI035327
The Cloud Simplified Limited
Filleted Financial Statements
31 December 2023
The Cloud Simplified Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
The Cloud Simplified Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
487,004
386,165
Current assets
Debtors
6
3,723,198
2,924,778
Cash at bank and in hand
320,478
322,798
------------
------------
4,043,676
3,247,576
Creditors: amounts falling due within one year
7
628,949
608,582
------------
------------
Net current assets
3,414,727
2,638,994
------------
------------
Total assets less current liabilities
3,901,731
3,025,159
Provisions
117,831
69,738
------------
------------
Net assets
3,783,900
2,955,421
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
3,783,800
2,955,321
------------
------------
Shareholders funds
3,783,900
2,955,421
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2024 , and are signed on behalf of the board by:
Mr I O'Kane
Director
Company registration number: NI035327
The Cloud Simplified Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o Xperience, 11 Ferguson Drive, Lisburn, County Antrim, Northern Ireland, BT28 2EX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
72,206
884,557
956,763
Additions
213,600
213,600
--------
------------
------------
At 31 December 2023
72,206
1,098,157
1,170,363
--------
------------
------------
Depreciation
At 1 January 2023
72,206
498,392
570,598
Charge for the year
112,761
112,761
--------
------------
------------
At 31 December 2023
72,206
611,153
683,359
--------
------------
------------
Carrying amount
At 31 December 2023
487,004
487,004
--------
------------
------------
At 31 December 2022
386,165
386,165
--------
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
243,274
212,253
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,470,454
2,704,453
Other debtors
9,470
8,072
------------
------------
3,723,198
2,924,778
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
114,208
133,342
Amounts owed to group undertakings and undertakings in which the company has a participating interest
392,876
424,816
Social security and other taxes
62,079
21,664
Other creditors
59,786
28,760
---------
---------
628,949
608,582
---------
---------
On 9 February 2023, a charge was registered by Investec Bank Limited being a fixed and floating charge over the property or undertaking of the company.
8. Summary audit opinion
The auditor's report dated 26 June 2024 was unqualified .
The senior statutory auditor was Ms E Mulholland , for and on behalf of Johnston Graham Limited .
9. Related party transactions
During the year, goods and services in the amount of £595,656 were purchased in the normal course of trade and at commercial rates from fellow subsidiaries and outstanding balances at 31 December 2023 are included in note 9 of these financial statements.
10. Controlling party
Since 14 December 2022, the ultimate parent company has been Accelerate Topco Limited, a company registered in England and Wales.