REGISTERED NUMBER: 09753873 (England and Wales)

Audited Financial Statements

for the Period 1 October 2023 to 31 March 2025

for

Core to Cloud Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P J Cunningham

P Howe

REGISTERED OFFICE:

Lower Ground Floor

The Barracks

Cecily Hill

Cirencester

GL7 2EF

REGISTERED NUMBER:

09753873 (England and Wales)

AUDITORS:

Haines Watts Swindon Limited

Chartered Accountants & Statutory Auditors

Old Station House

Station Approach

Newport Street

Swindon

Wiltshire

SN1 3DU

FIXED ASSETS

Tangible assets

4

172,094

255,581

CURRENT ASSETS

Debtors

5

5,577,350

3,878,450

Cash at bank

98,316

645,882

5,675,666

4,524,332

CREDITORS

Amounts falling due within one year

6

7,692,795

4,212,140

NET CURRENT (LIABILITIES)/ASSETS

(2,017,129

)

312,192

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,845,035

)

567,773

CREDITORS

Amounts falling due after more than one year

7

(94,143

)

(272,413

)

PROVISIONS FOR LIABILITIES

10

-

(55,734

)

NET (LIABILITIES)/ASSETS

(1,939,178

)

239,626

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

(1,939,278

)

239,526

SHAREHOLDERS' FUNDS

(1,939,178

)

239,626

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

P J Cunningham - Director

1.	STATUTORY INFORMATION

Core to Cloud Ltd is a private company, limited by shares, registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the pound sterling (£). The financial statements are rounded to the nearest pound.

The current accounting period being reported on is 18 months long. This has been done to align the company year end to match the parent company's year end. The comparative period is 12 months long therefore not wholly comparable.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when (or as) the Company satisfies a performance obligation by transferring control of a promised good or service to the customer, in an amount that reflects the consideration to which the Company expects to be entitled.

The Company generates revenue from a number of streams, including indirect software licence sales, hardware sales, and internally provided consulting services.

For each contract, the Company assesses whether it is acting as principal or agent in the provision of goods or services to customers. The Company is considered to be acting as principal where it controls the specified good or service before it is transferred to the customer.

When acting as principal, revenue is recognised on a gross basis. When acting as agent, revenue is recognised on a net basis, representing the margin earned.

In assessing whether the Company controls the specified good or service before transfer, the Company considers indicators including primary responsibility for fulfilment, discretion in establishing pricing, and exposure to credit risk.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% on cost

Financial instruments

Cash and cash equivalents in the statement of financial position comprise cash at banks. Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Judgements and estimates

In preparing these financial statements, the directors have exercised judgement in determining whether the Company acts as principal or agent in respect of its revenue streams, as this assessment affects whether revenue is recognised on a gross or net basis.

The directors have concluded that the Company acts as principal in respect of:

- indirect software licence sales;

- hardware sales; and

- internally provided consulting services.

In forming this judgement, the directors considered the following factors:

- responsibility for fulfilment and customer relationship: The Company contracts directly with customers and is responsible for managing the overall customer relationship, including order processing, invoicing, and customer support.

- exposure to credit risk: The Company invoices customers directly and is responsible for the collection of amounts due. Accordingly, the Company bears the risk of customer non-payment for these revenue streams.

- pricing discretion: The Company has discretion in determining the selling price charged to customers, including the margin applied to amounts charged by third-party vendors where applicable.

Based on these factors, the directors concluded that the Company controls the specified goods or services prior to transfer to the customer and therefore recognises revenue on a gross basis for these revenue streams.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 34 (2023 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2023

447,710

Additions

31,454

Disposals

(3,095

)

At 31 March 2025

476,069

DEPRECIATION

At 1 October 2023

192,129

Charge for period

114,941

Eliminated on disposal

(3,095

)

At 31 March 2025

303,975

NET BOOK VALUE

At 31 March 2025

172,094

At 30 September 2023

255,581

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

30.9.23

£

£

Trade debtors

4,023,697

2,955,918

Amounts owed by group undertakings

-

123,030

Other debtors

1,553,653

799,502

5,577,350

3,878,450

Amounts owed by group undertakings relate to an inter-company debtor balance with SCOM Group Limited and an inter-company debtor balance with SCOM Services Limited. The amounts are interest-free and repayable on demand. A bad debt provision of £251,974 has been provided against the intercompany debtor balance.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

30.9.23

£

£

Bank loans and overdrafts

89,027

61,282

Hire purchase contracts (see note 8)

52,039

43,020

Trade creditors

2,915,988

2,564,820

Taxation and social security

170,222

217,673

Other creditors

4,465,519

1,325,345

7,692,795

4,212,140

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

30.9.23

£

£

Bank loans

12,795

115,022

Hire purchase contracts (see note 8)

81,348

157,391

94,143

272,413

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.3.25

30.9.23

£

£

Net obligations repayable:

Within one year

52,039

43,020

Between one and five years

81,348

157,391

133,387

200,411

Non-cancellable

operating leases

31.3.25

30.9.23

£

£

Within one year

88,051

176,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

30.9.23

£

£

Bank loans

82,281

176,304

Hire purchase contracts

133,387

200,411

Other creditors

871,801

-

1,087,469

376,715

Hire purchase liabilities are secured on the assets being financed. Bank loans and overdrafts are secured by a debenture over the company's assets. Other creditors are secured by a first fixed charge over the company's trade debtors and bank accounts.

10.	PROVISIONS FOR LIABILITIES

30.9.23

£

Deferred tax

Accelerated capital allowances

55,734

Deferred tax

£

Balance at 1 October 2023

55,734

Future taxable profits

(385,276

)

Accelerated capital allowances

(23,036

)

Balance at 31 March 2025

(352,578

)

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

30.9.23

value:

£

£

100

Ordinary

1

100

100

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

The Report of the Auditors was unqualified.

Emma Skinner FCCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Swindon Limited

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2025 and the year ended 30 September 2023:

31.3.25

30.9.23

£

£

M D Liddle

Balance outstanding at start of period

98,656

9,978

Amounts advanced

24,066

250,755

Amounts repaid

(122,722

)

(162,077

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

98,656

P J Cunningham

Balance outstanding at start of period

164,822

9,977

Amounts advanced

98,763

245,505

Amounts repaid

(25,247

)

(90,660

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

238,338

164,822

K Allen

Balance outstanding at start of period

9,997

(4,950

)

Amounts advanced

1,650

29,797

Amounts repaid

(11,647

)

(14,850

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

9,997

P Howe

Balance outstanding at start of period

9,900

(4,950

)

Amounts advanced

1,650

29,700

Amounts repaid

-

(14,850

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

11,550

9,900

All director advances are interest-free with the company. The advances are unsecured, have no fixed repayment terms and are repayable on demand.

14.	RELATED PARTY DISCLOSURES

The company is owned by SCOM Group Limited. At the end of the year Core to Cloud Limited was owed £9,659.50 (2023 £9,659.50) by SCOM Group Limited in respect of a loan made to them.

During the year the company made loan advances of £128,944.38 to SCOM Services Limited, the parent company of SCOM Group Limited. At the end of the year Core to Cloud Limited was owed £242,314.38 (2023 £113,370.00) by SCOM Services Limited.

A bad debt provision of £251,973.88 has been provided against these intercompany debtor balances.

15.	ULTIMATE CONTROLLING PARTY

The immediate parent is SCOM Group Limited. The registered office is The Barracks Lower Ground Floor, Cecily Hill, Cirencester, GL7 2EF.

The ultimate parent is Core to Cloud Services Limited. The registered office is The Barracks Lower Ground Floor, Cecily Hill, Cirencester, GL7 2EF.