Company registration number 08398514 (England and Wales)
IT CLOUD SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
IT CLOUD SOLUTIONS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
IT CLOUD SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
1
1
Current assets
Trade and other receivables
4
13,000
2,652
Cash and cash equivalents
131
23,548
13,131
26,200
Current liabilities
5
(15,300)
(15,049)
Net current (liabilities)/assets
(2,169)
11,151
Total assets less current liabilities
(2,168)
11,152
Non-current liabilities
6
(12,506)
(21,837)
Net liabilities
(14,674)
(10,685)
Equity
Called up share capital
7
2
2
Retained earnings
(14,676)
(10,687)
Total equity
(14,674)
(10,685)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 29 February 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 27 February 2025
P Cooney
Director
Company registration number 08398514 (England and Wales)
IT CLOUD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

IT Cloud Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At 29 February 2024 the company had net liabilities of £14,674. Notwithstanding this, the director has reviewed the company’s financing facilities and at the time of approving the financial statements, has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director has adopted the going concern basis of accounting in preparing the financial statements.

1.3
Property, plant and equipment

Property, plant and equipment 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:

Computer equipment
Straight line basis over 3 years

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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

IT CLOUD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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.

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 trade and other payables, 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.

1.6
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.

1.7
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

2
Employees

The company had no employees during the current or prior years.

IT CLOUD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
3,015
Depreciation and impairment
At 1 March 2023 and 29 February 2024
3,014
Carrying amount
At 29 February 2024
1
At 28 February 2023
1
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
1,245
Other receivables
13,000
1,407
13,000
2,652
5
Current liabilities
2024
2023
£
£
Bank loans
9,350
9,349
Other payables
5,950
5,700
15,300
15,049
6
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
12,506
21,837

 

IT CLOUD SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Directors' transactions

During the year under review, the company made advances of £20,420 (2023: £14,500) to the director. In the year, the company paid expenses on behalf of the director of £243 (2023: £316) and the director repaid the company £9,470. Whilst the loan was outstanding, interest was charged at 2.25% with the total interest income from the loan for the year being £296 (2023: £436). As at 29 February 2024, the amount owing to the company was £12,213 (2023: £724).

 

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