Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31falsefalse2023-09-29No description of principal activity1true 15175475 2023-09-28 15175475 2023-09-29 2024-01-31 15175475 2023-01-01 2023-09-28 15175475 2024-01-31 15175475 1 2023-09-29 2024-01-31 15175475 d:Director1 2023-09-29 2024-01-31 15175475 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-29 2024-01-31 15175475 c:ComputerSoftware 2024-01-31 15175475 c:CurrentFinancialInstruments 2024-01-31 15175475 c:CurrentFinancialInstruments c:WithinOneYear 2024-01-31 15175475 c:ShareCapital 2024-01-31 15175475 c:SharePremium 2024-01-31 15175475 c:RetainedEarningsAccumulatedLosses 2024-01-31 15175475 d:OrdinaryShareClass1 2023-09-29 2024-01-31 15175475 d:OrdinaryShareClass1 2024-01-31 15175475 d:FRS102 2023-09-29 2024-01-31 15175475 d:Audited 2023-09-29 2024-01-31 15175475 d:FullAccounts 2023-09-29 2024-01-31 15175475 d:PrivateLimitedCompanyLtd 2023-09-29 2024-01-31 15175475 d:SmallCompaniesRegimeForAccounts 2023-09-29 2024-01-31 15175475 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-09-29 2024-01-31 15175475 c:ComputerSoftware c:OwnedIntangibleAssets 2023-09-29 2024-01-31 15175475 e:PoundSterling 2023-09-29 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 15175475









CLOUDSINC LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JANUARY 2024

 
CLOUDSINC LIMITED
REGISTERED NUMBER: 15175475

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2024
Note
£
£

Fixed assets
  

Intangible assets
  
90,222

  
90,222

Current assets
  

Debtors: amounts falling due within one year
 6 
7

Cash at bank and in hand
 7 
147,259

  
147,266

Creditors: amounts falling due within one year
 8 
(119,178)

Net current assets
  
 
 
28,088

Total assets less current liabilities
  
118,310

  

Net assets
  
118,310


Capital and reserves
  

Called up share capital 
  
100

Share premium account
  
174,900

Profit and loss account
  
(56,690)

  
118,310


Page 1

 
CLOUDSINC LIMITED
REGISTERED NUMBER: 15175475
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D M Crispini
Director

Date: 7 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CLOUDSINC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

1.


General information

Cloudsinc Limited is a private company, limited by shares, registered in England and Wales. The company’s registered number and registered office address are available on the company information page.
Cloudsinc Limited is developing a self-service reconciliation tool primarily for banks and funds. The company is currently in the R&D/start-up phase.

  
1.1

Reporting Period

The current reporting period covers approx 4 months from 29th September 2023 to 31 January 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The funds to meet the commitments and obligation of the company are provided by the parent company and the parent company has confirmed that it will continue to provide such funding as the Company may need to meet its financial obligations for the foreseeable future.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. 

 The estimated useful lives range as follows:

Intellectual Property
-
3
years

Page 3

 
CLOUDSINC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 4

 
CLOUDSINC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, management is required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Provisions: Provisions are measured at the management’s best estimate of the expenditure required to settle the obligation at the end of the reporting period. These estimates are based on current legal and constructive obligations and may require the use of assumptions about future events.

Page 5

 
CLOUDSINC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

4.


Employees

The average monthly number of employees, including directors, during the period was 1.


5.


Intangible assets



Computer software

£



Cost


Additions
101,500



At 31 January 2024

101,500



Amortisation


Charge for the period on owned assets
11,278



At 31 January 2024

11,278



Net book value



At 31 January 2024
90,222




6.


Debtors

2024
£


Other debtors
7

7



7.


Cash and cash equivalents

2024
£

Cash at bank and in hand
147,259

147,259


Page 6

 
CLOUDSINC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
101,500

Other taxation and social security
3,302

Other creditors
6,266

Accruals and deferred income
8,110

119,178



9.


Share capital

2024
£
Authorised, allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100




10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £110. As at the balance sheet date, contributions amounting £293.52 had not been paid over to the fund and are included within creditors.


11.Share Premium

In consideration for its shares, Kaizen Regtech Group Limited agreed to pay Cloudsinc £700k in stage payments. As at the Balance Sheet date £175k had been paid and since then a further £50k has been paid in line with funding requirements and processed through Kaizen Reporting Ltd.  The balance will be paid in line with future funding requirements


12.


Related party transactions

No disclosure has been made for transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35


13.


Post balance sheet events

 There were no post balance sheet events that require disclosure in the financial statements.

Page 7

 
CLOUDSINC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

14.


Controlling party

The company’s ultimate parent company and controlling party is Kaizen Regtech Holdings Limited which effectively holds 70% of the share capital of the company. Its registered office address is 30 St. Mary Axe, London, England, EC3A 8BF.


15.


Auditors' information

The auditors' report on the financial statements for the period ended 31 January 2024 was unqualified.

The audit report was signed on 7 March 2025 by Michael Lerman (Senior Statutory Auditor) on behalf of Halkin Lerman Davis Ltd.

 
Page 8