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Registered number: 13009914 (England and Wales)














CLOUDVANE LTD.

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
CLOUDVANE LTD.
 

 
COMPANY INFORMATION


Directors
D Capan 
M Mrljic 




Registered number
13009914



Registered office
6th Floor
One London Wall

London

United Kingdom

EC2Y 5EB




Independent auditor
ZEDRA Corporate Reporting Services (UK) Limited






 
CLOUDVANE LTD.
 


CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 6



 
CLOUDVANE LTD.
REGISTERED NUMBER:13009914


BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
226,398
127,251

  
226,398
127,251

  

Cash at bank and in hand
  
-
-

  
-
-

Creditors: amounts falling due within one year
 5 
(333,786)
(169,214)

Net current liabilities
  
 
 
(333,786)
 
 
(169,214)

Total assets less current liabilities
  
(107,388)
(41,963)

  

Net liabilities
  
(107,388)
(41,963)


Capital and reserves
  

Called up share capital 
 6 
1,000
1,000

Profit and loss account
  
(108,388)
(42,963)

  
(107,388)
(41,963)


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 statement of comprehensive income 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 Capan
Director

Date: 27 March 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 1


 
CLOUDVANE LTD.
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
(10,214)
(9,214)



Loss for the year
-
(32,749)
(32,749)



At 1 January 2023 (as previously stated)
1,000
(38,173)
(37,173)

Prior year adjustment
-
(4,790)
(4,790)


At 1 January 2023 (as restated)
1,000
(42,963)
(41,963)



Loss for the year
-
(65,425)
(65,425)


At 31 December 2023
1,000
(108,388)
(107,388)


Page 2


 
CLOUDVANE LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

Cloudvane Ltd, is in the early stages of its development and as such is wholly reliant on their parent company for financial support. As such the Company has received written confirmation from its parent company, Neos d.o.o, that it will continue to provide financial support for a period of at least 12 months from the date of approval of these financial statements. Through a review of the parent company's financial position and expected future outlook the directors have determined that they can continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. 

 
1.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Page 3


 
CLOUDVANE LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

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. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
4 years

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. 

 
1.7

Creditors

Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand. 


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

In the prior period, the Company did not require an audit and as such the comparatives are unaudited. 

The audit report was signed on 28 March 2025 by Edward Wallis ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees




The Company has no employees (2022: 0). 

Page 4


 
CLOUDVANE LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


Prior Year Adjustment
127,251


At 1 January 2023 (as restated)
127,251


Additions
130,960



At 31 December 2023

258,211



Amortisation


At 1 January 2023
-


Charge for the year on owned assets
31,813



At 31 December 2023

31,813



Net book value



At 31 December 2023
226,398



At 31 December 2022 (as restated)
127,251




5.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Amounts owed to group undertakings
323,961
160,724

Accruals and deferred income
9,825
8,490

333,786
169,214


Page 5


 
CLOUDVANE LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



7.


Prior year adjustment

During the year, misstatements were identified in relation to intangible assets and accruals that were not included within balances as of 31 December 2022. 
Intangible assets: 
Computer software assets were omitted from the financial statements, an adjustment has been made to include an intangible asset of £127,251 with the corresponding entry to increase the amounts owed to group undertakings by the same amount. 
Accruals:
Accruals were understated by £4,790 in relation to accounting and tax fees due for the prior year. An adjustment has been made to increase accruals by £4,790 and decrease the profit and loss reserve brought forward by the same amount. 


8.


Controlling party

Neos d.o.o. is the parent company of the group of which the Company is a member. The registered office ZAGREB, Ulica kneza Ljudevita Posavskog 31.  


9.


Post balance sheet events

There were no adjusting or non-adjusting post balance sheet events occuring between the end of the reporting period and the date these financial statements were approved.

 
Page 6