ACCOUNTS - Final Accounts preparation

CLOUDHQ UK LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 No description of principal activitytrue2022-01-01false126trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10150306 2022-01-01 2022-12-31 10150306 2021-01-01 2021-12-31 10150306 2022-12-31 10150306 2021-12-31 10150306 c:Director3 2022-01-01 2022-12-31 10150306 d:CurrentFinancialInstruments 2022-12-31 10150306 d:CurrentFinancialInstruments 2021-12-31 10150306 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10150306 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10150306 d:ShareCapital 2022-12-31 10150306 d:ShareCapital 2021-12-31 10150306 d:RetainedEarningsAccumulatedLosses 2022-12-31 10150306 d:RetainedEarningsAccumulatedLosses 2021-12-31 10150306 c:FRS102 2022-01-01 2022-12-31 10150306 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10150306 c:FullAccounts 2022-01-01 2022-12-31 10150306 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10150306 6 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure



	CloudHQ UK Limited












	Unaudited
	financial statements

	For the year ended 31 December 2022

	Registered number: 10150306


CloudHQ UK Limited - Registered number: 10150306

Statement of financial position

As at 31 December 2022

	2022	2022	2021	2021
Note	£	£	£	£

Fixed assets
Investments	4		33,277		24,511
			33,277		24,511
Current assets
Debtors: amounts falling due within one year	5	7,155,171		6,078,387
Cash at bank and in hand		2,690,963		284,008
		9,846,134		6,362,395
Creditors: amounts falling due within one year	6	(10,566,906)		(7,390,763)
Net current liabilities			(720,772)		(1,028,368)
Total assets less current liabilities			(687,495)		(1,003,857)

Net liabilities			(687,495)		(1,003,857)

Capital and reserves
Share capital	100	100
Profit and loss account	(687,595)	(1,003,957)
	(687,495)	(1,003,857)

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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CloudHQ UK Limited - Registered number: 10150306

Statement of financial position (continued)

As at 31 December 2022

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C A Warnke

Director

Date: 29 September 2023

The notes on pages 3 to 7 form part of these financial statements.

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CloudHQ UK Limited

Notes to the financial statements

For the year ended 31 December 2022

1.	General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and its principal place of business is Mutual House, 70 Conduit Street, London, W1S 2GF. The company registration number is 10150306.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, The Financial Reporting Standard applicable in UK and Republic of Ireland' ('FRS102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The company and the group headed by it, qualify as small as set out in section 383 of the Companies Act
2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
These financial statements therefore present information about the company as an individual undertaking
and not about its group.

The following principal accounting policies have been applied:

2.2

Going concern

At the reporting date, the company's liabilities exceeded its assets. The company has received assurance
from the shareholder that he will continue to give financial support to the company for a period of at least
twelve months from the date of signing of these financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern
basis. However, should the financial support mentioned above not be forthcoming, the going concern basis
used in preparing the company's financial statements may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amounts and to provide for any further liabilities which might be necessary should the basis not continue to be appropriate.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

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CloudHQ UK Limited

Notes to the financial statements

For the year ended 31 December 2022

2.Accounting policies (continued)

2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.5

Debtors

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.

2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Foreign currency translation

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.

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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CloudHQ UK Limited

Notes to the financial statements

For the year ended 31 December 2022

2.Accounting policies (continued)

2.11

Pensions

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.

2.12

Taxation

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, 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.

Employees

The average monthly number of employees, including the directors, during the year was 12 (2021 - 6).

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CloudHQ UK Limited

Notes to the financial statements

For the year ended 31 December 2022

4.	Investments

		Investments in subsidiary companies
		£
	At 1 January 2022	24,511
	Additions	8,766
	At 31 December 2022	33,277

Debtors

					2022	2021
					£	£

Trade debtors	1,145,512	753,209
Other debtors	414,412	217,661
Prepayments	25,218	6,998
Amounts recoverable on contracts	5,570,029	5,100,519
	7,155,171	6,078,387

6.	Creditors: amounts falling due within one year
		2022	2021
		£	£

Trade creditors	178,419	76,509
Other taxation and social security	64,999	37,825
Other creditors	10,126,135	7,241,073
Accruals	197,353	35,356
	10,566,906	7,390,763

7.	Pension commitments

The company operates a defined contribution 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 £51,887 (2021: £36,016). No contributions were payable to the fund at the reporting date.

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CloudHQ UK Limited

Notes to the financial statements

For the year ended 31 December 2022

8.	Related party transactions
	The company has taken advantage of the exemption to disclose related party transactions with other group companies conferred by FRS102 paragraph 33.1A "Related party disclosures" on the basis that it is a wholly owned subsidiary.

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