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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Devoteam G Cloud UK Ltd (the "Company") is a private company, limited by shares, registered in England and Wales. The address of the registered office is 5th Floor, Cottons Centre, Hay's Lane, London, England, SE1 2QG.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 current year financial statements cover the period from 1 January 2024 to 31 December 2024. The prior period covered the period from 1 May 2023 to 31 December 2023, which was a shorter accounting period. As a result, the comparative amounts presented in the profit and loss account and related notes are not directly comparable to the results for the current year.
The following principal accounting policies have been applied:
Management has considered the cash flow requirements for the Company for a period of at least 12 months from the date of approval of these financial statements as part of their going concern assessment using information available to the date of issue of these financial statements. As of the date of signing these financial statements the Company does not foresee an impact on its ability to continue as a going concern as the Company expects to be able to meet its obligations as and when they fall due for a period of at least 12 months from the date of approval of the financial statements.
In reaching this conclusion, the directors have made enquiries of the parent company and received a letter from the parent company which confirms the parent’s intention to continue to provide the financial and non-financial support which this company may require. While the letter confirms only the current intention of the parent company, the directors have no reason to believe any such support, if it is required, will not be received.
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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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FOREIGN CURRENCY TRANSLATION
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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 except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within Administrative expenses.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
DEFINED CONTRIBUTION PENSION PLAN
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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TANGIBLE FIXED ASSETS (CONTINUED)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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PROVISIONS FOR LIABILITIES
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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The average monthly number of employees, including directors, during the year was 7 (2023, 8 month period 10).
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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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Credited to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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DEVOTEAM G CLOUD UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ALLOTTED, CALLED UP AND FULLY PAID
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10,000 (2023: 10,000) Ordinary share shares of £1.00 each
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,121 (2023: £25,413). Contributions totaling £NIL (2023: £NIL) were payable to the fund at the reporting date and are included in creditors.
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RELATED PARTY TRANSACTIONS
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The Company has taken the exemption available under FRS 102 from disclosing the details of transactions between wholly owned members of the same group. The details below relate to fellow group undertakings which are not wholly owned.
Included in trade creditors are balances due to fellow subsidiaries of £530,491 (2023: £202,019).
Included in trade debtors are balances due from fellow subsidiaries of £48,285 (2023: £15,751).
During the year, the Company made sales to other group entities of £258,002 (2023: £229,085) and purchases from other group entities of £1,599,475 (8 months ended 2023: £1,543,621).
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The company is a subsidiary of Devoteam Group SAS which is the ultimate parent company, incorporated in France. The largest and smallest group in which the results of the company are consolidated is that headed by Devoteam Group SAS. Copies of Devoteam Group SAS's consolidated financial statements can be obtained from 73 Rue Anatole France, 92300 Levallois-Perret, France.
The intermediate parent company is Fourcast Group NV, a company incorporated in Belgium.
There is no ultimate controlling party.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 2 October 2025 by Stuart Crisp BSc FCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.
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