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REGISTERED NUMBER: 11953616 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Period 1 May 2023 to 31 December 2023

for

Bam Boom Cloud Limited

Bam Boom Cloud Limited (Registered number: 11953616)






Contents of the Financial Statements
for the Period 1 May 2023 to 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Notes to the Financial Statements 11


Bam Boom Cloud Limited

Company Information
for the Period 1 May 2023 to 31 December 2023







DIRECTORS: Mr M Lipfield
Mr J W F S Stam
M Do Carmo Correia





REGISTERED OFFICE: 10 Wardwick
Derby
DE1 1HA





REGISTERED NUMBER: 11953616 (England and Wales)





AUDITORS: Underwood Green Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

Bam Boom Cloud Limited (Registered number: 11953616)

Strategic Report
for the Period 1 May 2023 to 31 December 2023

The directors present their strategic report for the period 1 May 2023 to 31 December 2023.

REVIEW OF BUSINESS
The company's turnover for the period was £5.4 million (31 April 2023: £9.2 million). This represented a decrease on a pro-rate basis of 11.7% for the eight month period. (30 April 2023: increase of 8.2%).

The loss of the company, after taxation, increased in the period to £2,706,048 compared to the loss of £771,498 in the previous year.

The financial results for the period ended 31 December 2023 were in line with the board's expectations.

PRINCIPAL RISKS AND UNCERTAINTIES
The trading performance of the company to the period ended 31 December 2023 is in line with the directors' expectations.

The general uncertainty of the worldwide economy including the effect of equity markets, inflationary pressure and the worldwide energy markets are considered to be of greater risk to the business going forward. The directors and their management team are keeping all margins and costs under review.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors use turnover and operating profit as key performance indicators for the business.

ON BEHALF OF THE BOARD:





Mr J W F S Stam - Director


16 August 2024

Bam Boom Cloud Limited (Registered number: 11953616)

Report of the Directors
for the Period 1 May 2023 to 31 December 2023

The directors present their report with the financial statements of the company for the period 1 May 2023 to 31 December 2023.

DIVIDENDS
The loss for the year, after taxation, amounted to £2,706,048 (30 April 2023: £771,498).

Dividends of £Nil, (30 April 2023: £Nil) were declared during the period.

FUTURE DEVELOPMENTS
The trading performance to date in the period to 31 December 2023 had been in line with the directors expectations.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr M Lipfield
Mr J W F S Stam
M Do Carmo Correia

FINANCIAL INSTRUMENTS
Treasury operations
The company operates a centralised treasury function which is responsible for managing the liquidity and interest rate risks associated with the company's activities. The company's principal instruments are bank and cash balances. In addition the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the operations of the business.

Liquidity risk
The company manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst ensuring the the company has sufficient liquid resources to meet the operating needs of its business.

Foreign currency risk
The company does have foreign currency risk as it has three foreign subsidiaries.

Credit risk
Investments of cash surpluses are made with the company's main bankers. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have chosen to disclose the Review of the Business and Principal Risks and Uncertainties of the business within the company's Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Bam Boom Cloud Limited (Registered number: 11953616)

Report of the Directors
for the Period 1 May 2023 to 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Underwood Green Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J W F S Stam - Director


16 August 2024

Report of the Independent Auditors to the Members of
Bam Boom Cloud Limited

Opinion
We have audited the financial statements of Bam Boom Cloud Limited (the 'company') for the period ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bam Boom Cloud Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Bam Boom Cloud Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;
- The nature of the industry and sector, control environment and business performance
- The company's own assessment of the risks that irregularities may occur either as a result of fraud or error that was approved by the board
- Any matters identified having reviewed the company's procedures
- Matters discussed among our audit engagement team and other members of Underwood Green regarding how fraud might occur in the financial statements.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risks of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered included UK companies Act and tax legislation.

We also considered adherence to anti bribery laws, data protection employment law and health and safety regulations.

Audit response to risks identified
As a result of performing the above, we identified the disclosure of adjusting items in the financial statements.

In addition to the above, our procedures to respond to risks identified included;
- Reviewing the financial statement disclosures
- Enquiring of management concerning actual and potential litigation and claims
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journals and assessing whether judgements made in making accounting estimates are indicative of potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Bam Boom Cloud Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Gary Underwood (Senior Statutory Auditor)
for and on behalf of Underwood Green Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

16 August 2024

Bam Boom Cloud Limited (Registered number: 11953616)

Statement of Income and
Retained Earnings
for the Period 1 May 2023 to 31 December 2023

Period
1.5.23
to Year Ended
31.12.23 30.4.23
Notes £    £   

TURNOVER 4 5,444,008 9,253,116

Cost of sales 3,049,711 4,353,200
GROSS PROFIT 2,394,297 4,899,916

Administrative expenses 4,262,302 5,693,497
(1,868,005 ) (793,581 )

Other operating income 5 (836,353 ) 11,500
OPERATING LOSS 7 (2,704,358 ) (782,081 )


Interest payable and similar expenses 10 1,690 2,222
LOSS BEFORE TAXATION (2,706,048 ) (784,303 )

Tax on loss 11 - (12,805 )
LOSS FOR THE FINANCIAL PERIOD (2,706,048 ) (771,498 )

Retained earnings at beginning of period (349,521 ) 421,977

RETAINED EARNINGS AT END OF
PERIOD

(3,055,569

)

(349,521

)

Bam Boom Cloud Limited (Registered number: 11953616)

Balance Sheet
31 December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 1,168,750 1,218,750
Tangible assets 13 153,778 207,495
Investments 14 - 20,976
1,322,528 1,447,221

CURRENT ASSETS
Stocks 15 77,707 49,043
Debtors 16 1,580,675 2,578,831
Cash at bank and in hand 741,236 361,808
2,399,618 2,989,682
CREDITORS
Amounts falling due within one year 17 5,277,715 3,286,424
NET CURRENT LIABILITIES (2,878,097 ) (296,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,555,569

)

1,150,479

CAPITAL AND RESERVES
Called up share capital 19 15,000 15,000
Share premium 20 1,485,000 1,485,000
Retained earnings 20 (3,055,569 ) (349,521 )
SHAREHOLDERS' FUNDS (1,555,569 ) 1,150,479

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





Mr J W F S Stam - Director


Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements
for the Period 1 May 2023 to 31 December 2023

1. STATUTORY INFORMATION

Bam Boom Cloud Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Bam Boom Cloud Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Bamboo Cloud Holdings Limited, 10 Wardwick, Derby, United Kingdom, DE1 1HA.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised :

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Amortisation
Purchased goodwill is amortised on a straight line basis over 20 years, being the expected useful economic life of that asset.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Intangible assets
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Company's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of income and retained earnings over it's useful economic life.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and equipment-5% to 33.33% straight line
Leasehold improvements-20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Government grants
The company received income in regard to Apprenticeship Funding. These grants are recognised based on the amount received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them. The grants are shown in other income within the financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pensions
The Company contributes to a group personal pension scheme for the benefit of employees. Premiums are charged to the profit and loss account in the period to which they relate.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The limited company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from and to related parties and bank loans.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and bank deposits.

Trade debtors
Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities of the company does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date.If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have an increased risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Goodwill, intangible assets and amortisation
The Company establishes a reliable estimate of the useful life of intangible assets. The directors assess carrying value and impairment of intangible assets subject to amortisation, whenever events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all tangible fixed asset classes and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Recoverability of trade debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is considered to be uncertain.

Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Taxation
There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due.

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Provisions
A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

4. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Services 1,974,253 3,912,607
Sale of goods 3,469,755 5,340,509
5,444,008 9,253,116

An analysis of turnover by geographical market is given below:

Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
United Kingdom 5,236,825 8,862,365
Europe 87,582 118,115
Other 119,601 272,636
5,444,008 9,253,116

5. OTHER OPERATING INCOME

During the year the company received income in regard to Apprenticeship Funding grants of £6,500, (30 April 2023: £11,500). The amounts received are included in Other Operating Income.

6. EMPLOYEES AND DIRECTORS
Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Wages and salaries 2,951,212 3,925,264
Social security costs 291,297 503,536
Other pension costs 120,207 151,973
3,362,716 4,580,773

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period
1.5.23
to Year Ended
31.12.23 30.4.23

Sales and administration 22 93
Directors 3 3
25 96

Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Directors' remuneration - 73,278
Directors' pension contributions to money purchase schemes - 5,333

7. OPERATING LOSS

The operating loss is stated after charging:

Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Depreciation - owned assets 40,046 70,284
Depreciation - assets on hire purchase contracts 11,879 7,920
Loss on disposal of fixed assets 2,009 -
Goodwill amortisation 50,000 75,000

8. AUDITORS' REMUNERATION
Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

24,100

35,430
Auditors' remuneration for non audit work 8,092 19,440

Fees payable to the company's auditors for the audit of the company's financial statements include over and under-accrual movement of (£4,120), (30 April 2023: £14,030).

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

9. EXCEPTIONAL ITEMS
Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Exceptional items (842,853 ) -

A provision was made during the period for the potential non recoverability of amounts due from the company's subsidiaries.

10. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Other interest 1,690 2,222

11. TAXATION

Analysis of the tax credit
The tax credit on the loss for the period was as follows:
Period
1.5.23
to Year Ended
31.12.23 30.4.23
£    £   
Deferred tax - (12,805 )
Tax on loss - (12,805 )

If the profits for the company going forward exceed £250,000, the tax rate applicable will be 25%.

12. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 31 December 2023 1,500,000
AMORTISATION
At 1 May 2023 281,250
Amortisation for period 50,000
At 31 December 2023 331,250
NET BOOK VALUE
At 31 December 2023 1,168,750
At 30 April 2023 1,218,750

Goodwill arose on the purchase of the company's trade.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

13. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 May 2023 211,869 150,149 362,018
Additions - 216 216
Disposals - (25,491 ) (25,491 )
At 31 December 2023 211,869 124,874 336,743
DEPRECIATION
At 1 May 2023 52,863 101,660 154,523
Charge for period 28,250 23,675 51,925
Eliminated on disposal - (23,483 ) (23,483 )
At 31 December 2023 81,113 101,852 182,965
NET BOOK VALUE
At 31 December 2023 130,756 23,022 153,778
At 30 April 2023 159,006 48,489 207,495

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023
and 31 December 2023 35,638
DEPRECIATION
At 1 May 2023 21,779
Charge for period 11,879
At 31 December 2023 33,658
NET BOOK VALUE
At 31 December 2023 1,980
At 30 April 2023 13,859

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

14. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 31 December 2023 20,976
PROVISIONS

Provision for fair value write down 20,976
At 31 December 2023 20,976
NET BOOK VALUE
At 31 December 2023 -
At 30 April 2023 20,976

15. STOCKS
2023 2023
£    £   
Stocks 77,707 49,043

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 1,180,611 1,651,188
Amounts owed by group undertakings - 578,596
Other debtors 11,288 24,044
VAT 162,186 -
Tax 7,837 7,837
Prepayments and accrued income 218,753 317,166
1,580,675 2,578,831

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Hire purchase contracts (see note 18) 943 8,006
Trade creditors 1,480,362 1,172,584
Amounts owed to group undertakings 3,328,039 633,801
Social security and other taxes - 68,496
VAT - 437,485
Other creditors - 307
Accruals and deferred income 468,371 965,745
5,277,715 3,286,424

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2023
£    £   
Net obligations repayable:
Within one year 943 8,006

Non-cancellable operating leases
2023 2023
£    £   
Within one year 50,000 50,000
Between one and five years 93,750 127,083
143,750 177,083

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
750,000 Ordinary A 1p 7,500 7,500
750,000 Ordinary B 1p 7,500 7,500
15,000 15,000

The above shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

20. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2023 (349,521 ) 1,485,000 1,135,479
Deficit for the period (2,706,048 ) (2,706,048 )
At 31 December 2023 (3,055,569 ) 1,485,000 (1,570,569 )

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity.

At the period end the company owed £1,598,376 (30 April 2023: £388,976).

No dividends were paid to its immediate parent company in the current period or preceding year.

22. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Pax8 Inc., a company registered in the United States of America at 5500 South Quebec Street, Suite 350, Greenwood Village, CO 80111 United States.

Bam Boom Cloud Limited (Registered number: 11953616)

Notes to the Financial Statements - continued
for the Period 1 May 2023 to 31 December 2023

23. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund and amount to £120,207 (30 April 2023: £151,973).

Contributions totalling £Nil (30 April 2023: £22,210) were payable to the fund at the balance sheet date.

24. GOING CONCERN

Although the company has net liabilities the directors feel the going concern basis of preparation is appropriate as it is the intention of the ultimate holding company to continue support for the foreseeable future.

25. SUBSEQUENT EVENTS

Following the period end, in April 2024, the company sold the goodwill of its client base for a total consideration of £4m.