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Registration number: 05289854

Hardcloud Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Hardcloud Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Hardcloud Limited

Company Information

Directors

Mr RW Moon

Mr IP Madden

Company secretary

Mr IP Madden

Registered office

Unit M3
Hilton Park
East Wittering
Chichester
West Sussex
PO20 8RL

Accountants

Blue Spire Limited
Chartered AccountantsCawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hardcloud Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hardcloud Limited for the year ended 30 June 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hardcloud Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hardcloud Limited and state those matters that we have agreed to state to the Board of Directors of Hardcloud Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hardcloud Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hardcloud Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hardcloud Limited. You consider that Hardcloud Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hardcloud Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

24 January 2025

 

Hardcloud Limited

(Registration number: 05289854)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

25,869

38,803

Tangible assets

5

2,461

3,040

 

28,330

41,843

Current assets

 

Stocks

6

213,279

297,209

Debtors

7

88,307

51,325

Cash at bank and in hand

 

217,252

320,846

 

518,838

669,380

Creditors: Amounts falling due within one year

8

(512,718)

(669,454)

Net current assets/(liabilities)

 

6,120

(74)

Total assets less current liabilities

 

34,450

41,769

Creditors: Amounts falling due after more than one year

8

(9,640)

(19,908)

Net assets

 

24,810

21,861

Capital and reserves

 

Called up share capital

9

70

70

Capital redemption reserve

20

20

Retained earnings

24,720

21,771

Shareholders' funds

 

24,810

21,861

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 and 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 24 January 2025 and signed on its behalf by:
 

.........................................
Mr RW Moon
Director

.........................................
Mr IP Madden
Company secretary and director

 
     
 

Hardcloud 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.

The address of its registered office is:
Unit M3
Hilton Park
East Wittering
Chichester
West Sussex
PO20 8RL

These financial statements were authorised for issue by the Board on 24 January 2025.

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.

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.

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.

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.

 

Hardcloud Limited

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

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:

Asset class

Depreciation method and rate

Furniture, fittings & equipment

25% RB

Office equipment

25% RB

Plant & machinery

20% SL

Amortisation

Asset class

Amortisation method and rate

Other intangible assets

4 Yrs SL

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

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.

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.

 

Hardcloud Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

92,737

92,737

At 30 June 2024

92,737

92,737

Amortisation

At 1 July 2023

53,934

53,934

Amortisation charge

12,934

12,934

At 30 June 2024

66,868

66,868

Carrying amount

At 30 June 2024

25,869

25,869

At 30 June 2023

38,803

38,803

 

Hardcloud Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

102,269

102,269

Additions

280

280

At 30 June 2024

102,549

102,549

Depreciation

At 1 July 2023

99,229

99,229

Charge for the year

859

859

At 30 June 2024

100,088

100,088

Carrying amount

At 30 June 2024

2,461

2,461

At 30 June 2023

3,040

3,040

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

213,279

297,209

7

Debtors

Current

2024
£

2023
£

Prepayments

12,614

17,339

Other debtors

75,693

33,986

 

88,307

51,325

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,268

10,015

Trade creditors

 

389,577

512,892

Taxation and social security

 

73,965

27,014

Accruals and deferred income

 

2,097

22,250

Other creditors

 

36,811

97,283

 

512,718

669,454

 

Hardcloud Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

9,640

19,908

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

70

70

70

70

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,640

19,908

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,268

10,015

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,300.00 (2023 - £2,328.57) per each Ordinary shares

91,000

163,000

 

 

12

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr IP Madden

Balance owed (to)/ from director

12,906

71,621

(49,927)

34,600

Mr RW Moon

Balance owed (to)/ from director

21,082

69,700

(49,687)

41,094

 

Hardcloud Limited

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

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr IP Madden

Balance owed (to)/ from director

19,635

81,000

(87,729)

12,906

Mr RW Moon

Balance owed (to)/ from director

28,427

79,000

(86,345)

21,082