Company registration number 14053941 (England and Wales)
CLOUD9 INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CLOUD9 INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CLOUD9 INVESTMENTS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
329,652
399,304
Current assets
Debtors
4
189
Cash at bank and in hand
16,492
381
16,492
570
Creditors: amounts falling due within one year
5
(230,437)
(228,417)
Net current liabilities
(213,945)
(227,847)
Total assets less current liabilities
115,707
171,457
Creditors: amounts falling due after more than one year
6
(190,000)
(190,000)
Net liabilities
(74,293)
(18,543)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(74,294)
(18,544)
Total equity
(74,293)
(18,543)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
G Tranckle
Director
Company Registration No. 14053941
CLOUD9 INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Cloud9 Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 71a Newcross Park, Kingsteignton, Devon, UK, TQ12 3TH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CLOUD9 INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023
399,304
Additions
73,376
Disposals
(143,028)
At 31 March 2024
329,652
Investment property comprises the costs associated with purchasing and developing the property as at 31 March 2024. As at this date the costs incurred are an accurate reflection of the fair value of the property.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
189
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,093
29,467
Other creditors
229,344
198,950
230,437
228,417
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
190,000
190,000
Other creditors includes a loan of £90,000 which is not expected to be repaid within the next 12 months
A loan of £100,000 which is secured against the investment property being developed, interest is charged at 10% per annum the loan will be repaid in full by the end of 2025.