Cleo Systems 24 Ltd
Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 07818176 (England and Wales)
Cleo Systems 24 Ltd
Company Information
Directors
D Brown
R Burton
M Cooke
A Catto
D Baines
A Karki
Dr P Perry
(Appointed 26 September 2023)
Company number
07818176
Registered office
Kingston House
The Long Barrow
Orbital Park
Ashford
Kent
United Kingdom
TN24 0GP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Cleo Systems 24 Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 8
Cleo Systems 24 Ltd
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,059
15,425
Tangible assets
5
27,022
11,968
37,081
27,393
Current assets
Debtors
6
252,630
326,450
Cash at bank and in hand
163,182
116,397
415,812
442,847
Creditors: amounts falling due within one year
7
(1,867,488)
(967,554)
Net current liabilities
(1,451,676)
(524,707)
Net liabilities
(1,414,595)
(497,314)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(1,414,605)
(497,324)
Total equity
(1,414,595)
(497,314)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 16 December 2024 and are signed on its behalf by:
A Catto
Director
Company Registration No. 07818176
Cleo Systems 24 Ltd
Notes to the Financial Statements
For the year ended 30 June 2024
Page 2
1
Accounting policies
Company information
Cleo Systems 24 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kingston House, The Long Barrow, Orbital Park, Ashford, Kent, TN24 0GP .
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the cash requirements of the company for a period of at least 12 months from the date of signing these financial statements. The company has received assurances from the directors of the parent company, Integrated Care 24, of their ability and intention to provide the required financial support over this 12 month period such that the company is able to meet its liabilities as they fall due. Further assurances have been received that the parent company will not seek repayment of any amounts owed by the company, which totalled £845,144 at the balance sheet date, until such time as the company is able to repay without compromising its ability to continue to trade and to meet its liabilities as they fall due.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes .
Revenue from software licences and support contracts is recognised on a straight-line basis over the term of the contract. Revenue from implementation and consultancy fees is recognised at the point of delivery.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Cleo Systems 24 Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 3
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Cleo Systems 24 Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Cleo Systems 24 Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 5
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
27
15
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax credit on losses for the current and prior period
(308,990)
(128,858)
The corporation tax credit represents taxable losses purchased via group relief by the parent company Integrated Care 24 and fellow group company Brightdoc 24 Limited, of £1,174,489 and £61,471 respectively at the main corporation tax rate of 25%.
Cleo Systems 24 Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
4
Intangible fixed assets
Other
£
Cost
At 1 July 2023 and 30 June 2024
26,157
Amortisation and impairment
At 1 July 2023
10,732
Amortisation charged for the year
5,366
At 30 June 2024
16,098
Carrying amount
At 30 June 2024
10,059
At 30 June 2023
15,425
5
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2023
14,093
Additions
29,847
Disposals
(13,829)
At 30 June 2024
30,111
Depreciation and impairment
At 1 July 2023
2,125
Depreciation charged in the year
4,710
Eliminated in respect of disposals
(3,746)
At 30 June 2024
3,089
Carrying amount
At 30 June 2024
27,022
At 30 June 2023
11,968
Cleo Systems 24 Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 7
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
187,640
275,974
Amounts owed by group undertakings
15,368
25,328
Other debtors
49,622
25,148
252,630
326,450
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,632
Amounts owed to group undertakings
845,144
765,743
Taxation and social security
102,636
59,773
Other creditors
12,863
5,757
Accruals
44,967
25,886
Deferred income
832,246
110,395
1,867,488
967,554
Included within other creditors are pension liabilities of £12,673 (2023: £5,757).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 shares at a value of 10p each
100
100
10
10
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Robert Kersse and the auditor was Moore Kingston Smith.
10
Related party transactions
The company has taken advantage of the exemption with section 33 of FRS102 to not disclose transactions with its parent company as it is wholly owned by the parent company disclosed in note 11.
Cleo Systems 24 Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 8
11
Parent company
The immediate and ultimate parent company is Integrated Care 24, a company limited by guarantee and registered in England and Wales, which is the parent company of both the smallest and largest group to consolidate these financial statements.
Copies of the consolidated financial statements of Integrated Care 24 may be obtained from the
company's registered office, Kingston House, Orbital Park, Ashford, TN24 0GP.