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CLOUDTECH24 LTD

Registered Number
10272763
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

CLOUDTECH24 LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

BIRD, Craig Robert

Registered Address

C/O Smooth Accounting Limited
Building 1000 Lakeside North Harbour
Western Road
PO6 3EN

Registered Number

10272763 (England and Wales)
CLOUDTECH24 LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets34,3204,860
Tangible assets423,55026,002
27,87030,862
Current assets
Debtors6101,616228,719
Cash at bank and on hand233,786419,611
335,402648,330
Creditors amounts falling due within one year7(320,826)(442,005)
Net current assets (liabilities)14,576206,325
Total assets less current liabilities42,446237,187
Creditors amounts falling due after one year8-(29,923)
Provisions for liabilities9(5,888)(6,501)
Net assets36,558200,763
Capital and reserves
Called up share capital100100
Profit and loss account36,458200,663
Shareholders' funds36,558200,763
The financial statements were approved and authorised for issue by the Director on 16 April 2025, and are signed on its behalf by:
BIRD, Craig Robert
Director
Registered Company No. 10272763
CLOUDTECH24 LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings25-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year2721
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 August 235,4005,400
At 31 July 245,4005,400
Amortisation and impairment
At 01 August 23540540
Charge for year540540
At 31 July 241,0801,080
Net book value
At 31 July 244,3204,320
At 31 July 234,8604,860
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 2376,44676,446
Additions18,57118,571
At 31 July 2495,01795,017
Depreciation and impairment
At 01 August 2350,44450,444
Charge for year21,02321,023
At 31 July 2471,46771,467
Net book value
At 31 July 2423,55023,550
At 31 July 2326,00226,002
5.Stocks
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables45,446100,389
Other debtors12,00380,021
Prepayments and accrued income44,16748,309
Total101,616228,719
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables96,330106,493
Taxation and social security100,972140,673
Other creditors10,996188,566
Accrued liabilities and deferred income112,5286,273
Total320,826442,005
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts-29,923
Total-29,923
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)5,8886,501
Total5,8886,501