REGISTERED NUMBER: 03943189 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CLEAR SKIES SOFTWARE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T Darbyshire

S R Ferry

REGISTERED OFFICE:

Queens Court

Wilmslow Road

Alderley Edge

Cheshire

SK9 7QD

REGISTERED NUMBER:

03943189 (England and Wales)

AUDITORS:

Christian Douglass Accountants Limited

Chartered Accountants

Statutory Auditor

2 Jordan Street

Knott Mill

Manchester

M15 4PY

FIXED ASSETS

Intangible assets

4

28,500

12,000

Tangible assets

5

1,741

23,573

30,241

35,573

CURRENT ASSETS

Debtors

6

985,550

783,893

Investments

7

-

1

Cash at bank

19,208

64,179

1,004,758

848,073

CREDITORS

Amounts falling due within one year

8

334,477

393,418

NET CURRENT ASSETS

670,281

454,655

TOTAL ASSETS LESS CURRENT LIABILITIES

700,522

490,228

CAPITAL AND RESERVES

Called up share capital

6,320

6,320

Retained earnings

694,202

483,908

700,522

490,228

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:

T Darbyshire - Director

1.	STATUTORY INFORMATION

Clear Skies Software Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03943189 and tis registered office is at Queens Court, Wilmslow Road, Alderley Edge, Cheshire, SK9 7QD.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amount derived from ordinary activities, and is stated after trade discounts, other sales tax and value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. In respect of the latter, turnover represents a proportion of total expected contract revenue, calculated to match the same proportion of total expected costs incurred as at the balance sheet date. The resultant provisions for unbilled income or income billed in advance are included in notes 6 and 8 respectively as amounts recoverable on contracts and deferred income.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Costs incurred in the development of assets derive from purchase invoices.

Development costs

Development of products is capitalised when it meets the following conditions:

i) It is technically feasible to complete the research or development so that the product will be available for use or sale.

ii) It is intended to use or sell the product being developed.

iii) The Company is able to use or sell the product.

iv) It can be demonstrated that the product will generate probable future economic benefits.

v) Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold.

vi) Expenditure attributable to the research and development work can be reliably measured.

All other research and development expenditure is recognised as an expense in the period in which it is incurred.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25%-33% on cost

Tangible fixed assets are stated at historical invoice cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are stated at cost less impairment for permanent diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

22,055

Additions

18,000

At 31 December 2024

40,055

AMORTISATION

At 1 January 2024

10,055

Charge for year

1,500

At 31 December 2024

11,555

NET BOOK VALUE

At 31 December 2024

28,500

At 31 December 2023

12,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

53,432

13,690

67,122

Disposals

(53,432

)

-

(53,432

)

At 31 December 2024

-

13,690

13,690

DEPRECIATION

At 1 January 2024

33,523

10,026

43,549

Charge for year

255

1,923

2,178

Eliminated on disposal

(33,778

)

-

(33,778

)

At 31 December 2024

-

11,949

11,949

NET BOOK VALUE

At 31 December 2024

-

1,741

1,741

At 31 December 2023

19,909

3,664

23,573

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

107,897

118,690

Amounts owed by group undertakings

833,544

628,893

Amounts recoverable on contract

35,390

29,394

Other debtors

8,719

6,916

985,550

783,893

7.	CURRENT ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Unlisted investments

-

1

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

363

Trade creditors

39,928

8,820

Taxation and social security

9,761

29,597

Other creditors

284,788

354,638

334,477

393,418

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Deborah Burton FCA (Senior Statutory Auditor)

for and on behalf of Christian Douglass Accountants Limited

10.	CONTINGENT LIABILITIES

Since 12 July 2024, the company has been party to cross guarantees in favour of ultimate parent, IEG Group Limited's, bankers and other group financiers. The cross guarantees are supported by debentures. The debt so guaranteed at the balance sheet date was £10,461,160.

11.	ULTIMATE PARENT UNDERTAKING

The company's parent undertaking is Agile Applications Group Limited and its ultimate parent undertaking, from 12 July 2024, is IEG Group Limited. Both companies are registered at Queens Court, Wilmslow Road, Alderley Edge, Cheshire, SK9 7QD and are exempt from the requirement to prepare group accounts.