| Cloud Benefits Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 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. |
|
|
Going Concern |
|
The company reported a deficiency on net assets at 31 March 2025 of £658,989 (2024 - £761,424). This figure includes amounts owing to the directors of £2,086,398 (2024 - £2,149,008). The Directors have prepared forecasts for a period greater than one year from the date of signature of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and, accordingly, continue to adopt the going concern basis in preparing these financial statements. |
|
|
Consolidation |
|
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. |
|
|
Goodwill |
|
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
|
|
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
|
|
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
|
|
Goodwill |
|
|
10% straight line |
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
|
|
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: |
|
|
Equipment |
33% straight line |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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. |
|
|
Provisions |
|
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
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, with any gains or losses being taken to the profit and loss account. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Profit before taxation |
2025 |
|
2024 |
| £ |
£ |
|
Profit before taxation is stated after charging: |
|
|
Amortisation of intangible assets |
83,472 |
|
105,462 |
|
Depreciation of tangible assets |
11,446 |
|
13,797 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
25 |
|
25 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2024 |
823,927 |
|
Additions |
25,908 |
|
At 31 March 2025 |
849,835 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2024 |
192,250 |
|
Provided during the year |
83,472 |
|
At 31 March 2025 |
275,722 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
574,113 |
|
At 31 March 2024 |
631,677 |
|
|
|
|
|
|
|
|
|
|
Goodwill costing £823,927 relates to the purchase price paid to acquire the customer database of One Employee Benefits LLP. New business costing £25,908 was purchased during the year. All goodwill is being amortised over 10 years on a straight line basis. |
|
| 5 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Equipment |
| £ |
|
Cost |
|
At 1 April 2024 |
32,295 |
|
Additions |
6,538 |
|
At 31 March 2025 |
38,833 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2024 |
19,164 |
|
Charge for the year |
11,446 |
|
At 31 March 2025 |
30,610 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
8,223 |
|
At 31 March 2024 |
13,131 |
|
|
| 6 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
|
At 1 April 2024 |
838,710 |
|
Adjustment to consideration |
(12,500) |
|
|
At 31 March 2025 |
826,210 |
|
|
On 20 October 2023, the company purchased 100% of the share capital of Via Vita Health Limited, a company registered in England and Wales. |
|
|
| 7 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
232,016 |
|
117,068 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
15,793 |
|
787 |
|
Other debtors |
63,126 |
|
61,898 |
|
|
|
|
|
|
310,935 |
|
179,753 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
67,528 |
|
27,075 |
|
Taxation and social security costs |
76,644 |
|
62,710 |
|
Other creditors |
2,118,757 |
|
1,919,149 |
|
|
|
|
|
|
2,262,929 |
|
2,008,934 |
|
|
|
|
|
|
|
|
|
|
Included in Other Creditors was £1,544,398 (2024 - £1,514,508) in respect of amounts owed to the Directors. Of this amount, interest is being paid/accrued monthly on £110,000 at 0.5% per month. Also included in Other creditors is another loan of £90,000 (2024: £130,000) on which interest is also being paid/accrued at 0.5% per month. Finally, within Other Creditors there is deferred consideration due of £292,000 (2024: £197,500) in relation to the purchase of the share capital of Via Vita Limited. |
|
|
| 9 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Other creditors |
250,000 |
|
437,000 |
|
|
|
|
|
|
|
|
|
|
Other creditors relates to the remaining deferred consideration in relation to the purchase of the share capital of Via Vita Limited, which is payable in October 2026. |
|
| 10 |
Other financial commitments |
2025 |
|
2024 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
159,360 |
|
66,045 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Other information |
|
|
Cloud Benefits Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suite 4 Courtyard Offices |
|
Braxted Park |
|
Witham |
|
Essex |
|
CM8 3GA |