Registered number
07686167
1st Cloud Accountants Limited
Filleted Accounts
31 July 2024
1st Cloud Accountants Limited
Registered number: 07686167
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 48,633 77,813
Tangible assets 4 31,848 44,267
80,481 122,080
Current assets
Stocks 50,339 61,748
Debtors 5 108,008 92,620
Cash at bank and in hand 62,107 1,107
220,454 155,475
Creditors: amounts falling due within one year 6 (148,433) (148,124)
Net current assets 72,021 7,351
Total assets less current liabilities 152,502 129,431
Creditors: amounts falling due after more than one year 7 (8,348) (18,357)
Provisions for liabilities (7,962) (10,447)
Net assets 136,192 100,627
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 135,192 99,627
Shareholders' funds 136,192 100,627
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Tuckwell
Director
Approved by the board on 28 April 2025
1st Cloud Accountants Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Fixtures and fittings over 4 to 7 years
Equipments over 3 to 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 15
3 Intangible fixed assets £
Goodwill and Software :
Cost
At 1 August 2023 283,840
At 31 July 2024 283,840
Amortisation
At 1 August 2023 206,027
Provided during the year 29,180
At 31 July 2024 235,207
Net book value
At 31 July 2024 48,633
At 31 July 2023 77,813
Intangible assets are written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Fixtures and fittings Equipments Total
£ £ £
Cost
At 1 August 2023 34,294 76,829 111,123
Additions 3,135 1,030 4,165
At 31 July 2024 37,429 77,859 115,288
Depreciation
At 1 August 2023 23,033 43,823 66,856
Charge for the year 4,172 12,412 16,584
At 31 July 2024 27,205 56,235 83,440
Net book value
At 31 July 2024 10,224 21,624 31,848
At 31 July 2023 11,261 33,006 44,267
5 Debtors 2024 2023
£ £
Trade debtors 76,109 58,317
Other debtors 31,899 34,303
108,008 92,620
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,801 23,430
Trade creditors 9,401 6,457
Directors loan account 6,997 45,220
Taxation and social security costs 98,144 54,061
Other creditors 22,090 18,956
148,433 148,124
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,348 18,357
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director
Interest Free Loan - 100,000 (100,000) -
- 100,000 (100,000) -
9 Related party transactions
On 16th February 2024, an interest-free, unsecured loan facility of £100,000 was provided to a director of the company. The full amount was advanced over of months and subsequently repaid in full by 31st July 2024. No interest was charged on the loan, and no balance was outstanding at the year end. This loan is separate from the director's current account, which remained in credit throughout the year. No amounts were written off during the year.
10 Other information
1st Cloud Accountants Limited is a private company limited by shares and incorporated in England. Its registered office is:
Analysis House
119 Sea Road
Sunderland
Tyne and Wear
SR6 9EQ
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