Cloudrisk Limited - Period Ending 2020-12-31
Cloudrisk Limited - Period Ending 2020-12-31
Registration number:
Cloudrisk Limited
for the Year Ended 31 December 2020
Cloudrisk Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Cloudrisk Limited
(Registration number: 07889348)
Statement of Financial Position as at 31 December 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Profit and loss account |
103,797 |
196,553 |
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Shareholders' funds |
104,797 |
197,553 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Director
Cloudrisk Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
In March 2020, the World Health Organization characterized the coronavirus (“COVID-19”) as a pandemic, and the Prime Minister of the United Kingdom declared COVID-19 as the biggest threat this country has faced for decades. The rapid spread of the pandemic, and the continuously evolving responses to combat it, have had an increasingly negative impact on the global economy and our business. Due to the widespread impact of the COVID-19 pandemic and the Government’s instructions to the British people and businesses, the Company implemented measures to allow the Company’s operations to continue.
Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. However, we expect our results from operations and cash flows for the remainder of financial year 2021 to be adversely impacted by the pandemic.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cloudrisk Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Government grants
Government grants received are credited to the profit and loss account on an accruals basis.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
33.3% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Cloudrisk Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Debtors |
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2020 |
2019 |
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Other debtors |
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- |
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- |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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