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Company Registration No. 09533400 (England and Wales)
Cloudpipes Ltd Unaudited accounts for the year ended 30 April 2024
Cloudpipes Ltd Unaudited accounts Contents
Page
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Cloudpipes Ltd Company Information for the year ended 30 April 2024
Directors
Rob Aliabadi Shannon Bracken Kim Eaton Mike Donovan Edward Vincent Jennings
Company Number
09533400 (England and Wales)
Registered Office
86-90 Paul Street London EC2A 4NE
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
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Cloudpipes Ltd Statement of financial position as at 30 April 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
3,990 
6,887 
Current assets
Debtors
2,196,295 
1,388,593 
Cash at bank and in hand
151,912 
189,082 
2,348,207 
1,577,675 
Creditors: amounts falling due within one year
(122,163)
(86,626)
Net current assets
2,226,044 
1,491,049 
Total assets less current liabilities
2,230,034 
1,497,936 
Creditors: amounts falling due after more than one year
(4,167,016)
(3,769,935)
Net liabilities
(1,936,982)
(2,271,999)
Capital and reserves
Called up share capital
1,000 
1,000 
Capital contribution reserve
347,375 
- 
Profit and loss account
(2,285,357)
(2,272,999)
Shareholders' funds
(1,936,982)
(2,271,999)
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by
Edward Vincent Jennings Director Company Registration No. 09533400
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Cloudpipes Ltd Notes to the Accounts for the year ended 30 April 2024
1
Statutory information
Cloudpipes Ltd is a private company, limited by shares, registered in England and Wales, registration number 09533400. The registered office is 86-90 Paul Street, London, EC2A 4NE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 years
Computer equipment
3 years
Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Cloudpipes Ltd Notes to the Accounts for the year ended 30 April 2024
Prior Year adjustment
The prior year adjustment relates to intercompany sales, where a markup on the interest expense of 8% was incorrectly calculated and included in the monthly transfer pricing invoice. This discrepancy was identified during the current year as part of a review of the company's accounting policies. The adjustment was required due to an updated accounting policy that corrects the treatment of the sales mark up on intercompany interest expenses. In accordance with FRS 102, the adjustment has been applied retrospectively, resulting in restated comparative balances. The impact of the adjustment has been reflected in the closing balance of retained earnings as of 30 April 2023 and relevant comparative figures for the prior year. A decreasing adjustment of £63,003.88 has been applied to the revenue in 2023 balances. The tax position of the company has not been affected by this adjustment due to the presence of significant accumulated losses, which offset any potential tax liabilities.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 May 2023
3,712 
28,253 
31,965 
At 30 April 2024
3,712 
28,253 
31,965 
Depreciation
At 1 May 2023
3,004 
22,074 
25,078 
Charge for the year
177 
2,720 
2,897 
At 30 April 2024
3,181 
24,794 
27,975 
Net book value
At 30 April 2024
531 
3,459 
3,990 
At 30 April 2023
708 
6,179 
6,887 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
12,058 
16,002 
Amounts due from group undertakings etc.
- 
1,235,722 
Accrued income and prepayments
- 
17,573 
Other debtors
1,035 
119,296 
13,093 
1,388,593 
Amounts falling due after more than one year
Amounts due from group undertakings etc.
1,871,460 
- 
Accrued income and prepayments
311,742 
- 
2,183,202 
- 
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Cloudpipes Ltd Notes to the Accounts for the year ended 30 April 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
7,683 
5,973 
Taxes and social security
56,192 
35,591 
Other creditors
4,604 
7,334 
Accruals
53,684 
37,728 
122,163 
86,626 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Amounts owed to group undertakings and other participating interests
4,167,016 
3,769,935 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000 
1,000 
9
Transactions with related parties
A balance of £381,378 (2023: £381,378) is due to Cloudpipes Bulgaria which shares directors. No interest is charged. A balance of £4,155,162 (2023: £3,372,540) is due to Cloudpipes Group Ltd which shares directors. Interest is charged at a rate of 16.5% per annum. A balance of £1,871,460 (2023: £1,235,720) is due from QuickBase Inc which shares directors. Invoices are raised monthly on a cost + 8% basis.
10
Controlling party
The controlling party of Cloudpipes Ltd is Cloudpipes Group Ltd who owns 100% of the Share Capital in the company.
11
Average number of employees
During the year the average number of employees was 10 (2023: 10).
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