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Registration number: 04155619

CLOUD BOOKING LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

CLOUD BOOKING LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

CLOUD BOOKING LIMITED

Company Information

Directors

P G Brennan

C Brennan

S L Copplestone

J B Jarrett

Registered office

4th Floor
49 St James's Street
London
SW1A 1AH

Accountants

K&S Professionals Limited
Chartered Certified Accountants
41 Rivington Crescent
Mill Hill
London
NW7 2LF

 

CLOUD BOOKING LIMITED

(Registration number: 04155619)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,694,972

3,969,444

Tangible assets

5

63,709

69,027

 

3,758,681

4,038,471

Current assets

 

Stocks

6

-

17,036

Debtors

7

1,229,936

1,786,197

Cash at bank and in hand

 

15,234

61,939

 

1,245,170

1,865,172

Creditors: Amounts falling due within one year

8

(4,887,032)

(5,666,452)

Net current liabilities

 

(3,641,862)

(3,801,280)

Total assets less current liabilities

 

116,819

237,191

Creditors: Amounts falling due after more than one year

8

(1,559,193)

(2,032,210)

Provisions for liabilities

(17,257)

(17,257)

Net liabilities

 

(1,459,631)

(1,812,276)

Capital and reserves

 

Called up share capital

9

821

821

Share premium reserve

450

450

Retained earnings

(1,460,902)

(1,813,547)

Shareholders' deficit

 

(1,459,631)

(1,812,276)

For the financial year ending 30 June 2024 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 December 2024 and signed on its behalf by:
 

 

CLOUD BOOKING LIMITED

(Registration number: 04155619)
Balance Sheet as at 30 June 2024

.........................................
P G Brennan
Director

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4th Floor
49 St James's Street
London
SW1A 1AH

These financial statements were authorised for issue by the Board on 1 December 2024.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The directors have considered the company’s financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the
period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.


Rendering of services
The majority of the company's turnover arises from the sale of licence agreements to clients. These licence agreements are of a fixed term, typically twelve months, but occassionally longer. The ompany recognises revenue arising from the sale of such licence fees over the period to which the licence fee relates.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing balance method

Computer equipment

25% Straight Line method

Development costs

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, 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.

Borrowings

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 59 (2023 - 67).

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2023

5,199,869

5,199,869

Additions acquired separately

266,894

266,894

At 30 June 2024

5,466,763

5,466,763

Amortisation

At 1 July 2023

1,230,425

1,230,425

Amortisation charge

541,366

541,366

At 30 June 2024

1,771,791

1,771,791

Carrying amount

At 30 June 2024

3,694,972

3,694,972

At 30 June 2023

3,969,444

3,969,444

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

144,754

98,617

243,371

Additions

1,832

-

1,832

At 30 June 2024

146,586

98,617

245,203

Depreciation

At 1 July 2023

125,661

48,677

174,338

Charge for the year

5,234

1,922

7,156

At 30 June 2024

130,895

50,599

181,494

Carrying amount

At 30 June 2024

15,691

48,018

63,709

At 30 June 2023

19,087

49,940

69,027

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

-

17,036

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

876,252

1,190,946

Amounts owed by related parties

11

244,859

244,859

Prepayments

 

108,825

127,913

Other debtors

 

-

222,479

   

1,229,936

1,786,197

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

421,356

421,356

Trade creditors

 

554,170

447,827

Taxation and social security

 

800,226

665,782

Accruals and deferred income

 

2,458,735

2,828,638

Other creditors

 

652,545

1,302,849

 

4,887,032

5,666,452

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,559,193

2,032,210

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

821

821

821

821

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,028,950

1,127,355

Hire purchase contracts

32,766

49,090

Other borrowings

497,477

855,765

1,559,193

2,032,210

Current loans and borrowings

 

CLOUD BOOKING LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Bank borrowings

412,769

412,769

Hire purchase contracts

8,587

8,587

421,356

421,356

The secured debt relates to a bank loan in relation to which the bank has fixed and floating charge over the leasehold property and the undertakings of the company.

11

Related party transactions

Included within debtor due within one year is an amount of £244,859 (2023: 244,859) due from related company.

This balance arose as a result of financing transactions during the year.

12

Ultimate Controlling Party

The controlling party is Cloud (Holdings) Limited.

The ultimate controlling party is P. G. Brennan and C. Brennan.