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Registered number: 10019500 (England and Wales)














CLOUDBEES UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
CLOUDBEES UK LIMITED
 
 
COMPANY INFORMATION


Directors
X Zhao 
Cloudbees, Inc. 




Registered number
10019500



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
CLOUDBEES UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 8

 
CLOUDBEES UK LIMITED
REGISTERED NUMBER:10019500

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,783
52,377

  
43,783
52,377

Current assets
  

Debtors: amounts falling due within one year
 5 
3,573,266
3,323,479

Bank and cash balances
  
32,783
311,479

  
3,606,049
3,634,958

Creditors: amounts falling due within one year
 6 
(515,021)
(1,078,011)

Net current assets
  
 
 
3,091,028
 
 
2,556,947

Total assets less current liabilities
  
3,134,811
2,609,324

  

Net assets
  
3,134,811
2,609,324

Page 1

 
CLOUDBEES UK LIMITED
REGISTERED NUMBER:10019500
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 7 
639,067
591,775

Profit and loss account
  
2,495,743
2,017,548

  
3,134,811
2,609,324


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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

X Zhao
Director

Date: 18 November 2024

The notes on pages 4 to 8 form part of these financial statements.
Page 2

 
CLOUDBEES UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
1
244,642
1,782,673
2,027,316



Profit for the year
-
-
234,875
234,875

Share based payments
-
347,133
-
347,133



At 1 February 2023
1
591,775
2,017,548
2,609,324



Profit for the year
-
-
478,195
478,195

Share based payments
-
47,292
-
47,292


At 31 January 2024
1
639,067
2,495,743
3,134,811
Page 3

 
CLOUDBEES UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company is in a net asset position primarily supported by an amount due from its parent company. This balance has arisen as the Company's business model is based on a transfer pricing agreement with the parent company.
The Company has received written confirmation from its parent company, and also its ultimate parent company, CloudBees, Inc., that they will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. Management has assessed the cashflow of the parent and ultimate parent companies and are satisifed that sufficient funds are available to support all group companies. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 10% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
CLOUDBEES UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
1.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
1.8

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.

Page 5

 
CLOUDBEES UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)


1.8
Tangible fixed assets (continued)

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.

The estimated useful lives range as follows:

Computer equipment
-
3
years

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 profit or loss.

 
1.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. No interest is charged on these loans, which are repayable on demand.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.11

Creditors

Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. No interest is charged on these loans, which are repayable on demand.

 
1.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 6

 
CLOUDBEES UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 19 November 2024 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 40 (2023 - 37).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2023
99,865


Additions
26,269


Disposals
(27,326)



At 31 January 2024

98,808



Depreciation


At 1 February 2023
47,488


Charge for the year on owned assets
30,939


Disposals
(23,402)



At 31 January 2024

55,025



Net book value



At 31 January 2024
43,783



At 31 January 2023
52,377

Page 7

 
CLOUDBEES UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,492,257
3,258,724

Other debtors
57,007
64,603

Prepayments and accrued income
24,002
152

3,573,266
3,323,479



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
12,952
38,814

Amounts owed to group undertakings
101,745
104,185

Corporation tax
99,028
27,012

Other taxation and social security
-
273,174

Other creditors
237
463

Accruals and deferred income
301,059
634,363

515,021
1,078,011



7.


Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options over the shares in the Company's ultimate parent company. The options are granted at an independently determined fair value and 25% of the options are exercisable one year after the date of grant and then vest monthly for each of the three years thereafter. The options expire ten years after the date of grant and the employees are required to be an employee of the Company at the date they exercise any options.
An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve.


8.


Controlling party

CloudBees International SA is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is: Fbg de l'Hôpital 18, 2000 Neuchatel, Switzerland.


9.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
Page 8