Cloud Trade Technologies Limited - Period Ending 2017-03-31
Cloud Trade Technologies Limited - Period Ending 2017-03-31
Registration number:
for the Year Ended
Cloud Trade Technologies Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Notes to the Financial Statements |
Cloud Trade Technologies Limited
Company Information
Directors |
Mr D A Cocks Mr R A Develyn Mr R A J Manson |
Company secretary |
Mrs E Toma |
Registered office |
|
Accountants |
|
Page 1 |
Cloud Trade Technologies Limited
Directors' Report for the Year Ended 31 March 2017
The directors present their report and the financial statements for the year ended 31 March 2017.
Directors of the company
The directors who held office during the year were as follows:
Business Review
Through FY 2016/17, Cloud Trade continued its growth. We maintained services for all our customers from previous years, and acquired new customers in Europe, Australia and North America. Both transactions and revenue grew again by greater than 40% from the previous year.
Highlights of the year, include:
• Completing our patent application for the use of Artificial Intelligence (AI) in the search of document data and categorisation of document semantics, now granted in Europe, Australia and US.
• Further project successes with UK-based Advanced where we are rolling out simple electronic invoicing across the English NHS making substantial back office cost saving so that scarce NHS resources can be focused on patient care.
• An exciting new partnership with IBM as we start introducing CloudTrade services into their Fortune 500 accounts across the world interfacing to IBM's robotic process automation (RPA) and new Blockchain services.
• Many new projects with Californian "unicorn" Taulia where CloudTrade enables their highly successful supply chain finance program bring welcome cashflow relief to thousands of SMEs.
CloudTrade invests heavily in R&D using our first-class technical skills and our second-to-none domain expertise to make practical use of AI to solve real world business issues. We have acheived this by a continuous program of enhancements to our unique technology.
We look forward to an even more exciting year in 2017-18.
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
Mr D A Cocks
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Accounts of
Cloud Trade Technologies Limited
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cloud Trade Technologies Limited for the year ended 31 March 2017 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements.
This report is made solely to the Board of Directors of Cloud Trade Technologies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cloud Trade Technologies Limited and state those matters that we have agreed to state to the Board of Directors of Cloud Trade Technologies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cloud Trade Technologies Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cloud Trade Technologies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cloud Trade Technologies Limited. You consider that Cloud Trade Technologies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Cloud Trade Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
Redcliffe Way
Bristol
BS1 6NL
Page 3 |
Cloud Trade Technologies Limited
Profit and Loss Account for the Year Ended 31 March 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(180) |
(59) |
||
Profit before tax |
|
|
|
Taxation |
|
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Cloud Trade Technologies Limited
(Registration number: 07039186)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 5 |
Cloud Trade Technologies Limited
(Registration number: 07039186)
Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
.........................................
Mr R A J Manson
Director
Page 6 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
2 - 6 Boundary Row
London
SE1 8HP
These financial statements were authorised for issue by the
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.
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 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.
Tax
The tax expense for the period comprises current and deferred 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.
Page 7 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% on cost |
Computer equipment |
33% on cost |
Intangible assets
Separately acquired licences are shown at historical cost.
Licences (including software) and customer-related intangible assets acquired in a business combination before the date of transition are recognised at historical cost thereby applying a transitional exemption from the requirement to value at fair value at the acquisition date.
Licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents and licences |
straight line over three years |
Intellectual property |
straight line over ten years |
Computer software |
straight line over three years |
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.
Page 8 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Intangible assets |
Intellectual property |
Patents and licences |
Computer software |
Total |
|
Cost or valuation |
||||
At 1 April 2016 |
|
|
|
|
Additions acquired separately |
- |
|
- |
|
At 31 March 2017 |
|
|
|
|
Amortisation |
||||
At 1 April 2016 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 31 March 2017 |
|
|
|
|
Carrying amount |
||||
At 31 March 2017 |
|
|
|
|
At 31 March 2016 |
|
|
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
Page 10 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2016 |
|
|
|
Additions |
|
|
|
Disposals |
- |
( |
( |
At 31 March 2017 |
|
|
|
Depreciation |
|||
At 1 April 2016 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 31 March 2017 |
|
|
|
Carrying amount |
|||
At 31 March 2017 |
|
|
|
At 31 March 2016 |
|
|
|
Debtors |
2017 |
2016 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
16,252 |
2,200 |
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
8,140 |
6,355 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
- |
|
Page 11 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Other borrowings |
- |
|
Dividends |
2017 |
2016 |
|
£ |
£ |
|
Interim dividend of £ |
15,800 |
117,236 |
Related party transactions |
Transactions with directors |
2016 |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
34,088 |
30,483 |
Other transactions with directors |
Dividends have been paid to the directors amounting to £13,750 (2016 - £102,025).
The directors have loans outstanding and owed by the company amounting to £59,325 (2016 - £51,825). The loans are interest free and are repayable on demand.
Page 12 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Transition to FRS 102 |
Balance Sheet at 1 April 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
36,927 |
- |
(10,695) |
26,232 |
|
Tangible assets |
10,967 |
- |
- |
10,967 |
|
47,894 |
- |
(10,695) |
37,199 |
||
Current assets |
|||||
Debtors |
102,751 |
- |
- |
102,751 |
|
Cash at bank and in hand |
33,430 |
- |
- |
33,430 |
|
136,181 |
- |
- |
136,181 |
||
Creditors: Amounts falling due within one year |
(89,188) |
- |
- |
(89,188) |
|
Net current assets |
46,993 |
- |
- |
46,993 |
|
Total assets less current liabilities |
94,887 |
- |
(10,695) |
84,192 |
|
Creditors: Amounts falling due after more than one year |
(3,600) |
- |
- |
(3,600) |
|
Provisions for liabilities |
(1,925) |
- |
- |
(1,925) |
|
Net assets/(liabilities) |
89,362 |
- |
(10,695) |
78,667 |
|
Capital and reserves |
|||||
Called up share capital |
316 |
- |
- |
316 |
|
Profit and loss account |
89,046 |
- |
(10,695) |
78,351 |
|
Total equity |
89,362 |
- |
(10,695) |
78,667 |
Page 13 |
Cloud Trade Technologies Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Balance Sheet at 31 March 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Intangible assets |
32,638 |
- |
(13,547) |
19,091 |
|
Tangible assets |
13,582 |
- |
- |
13,582 |
|
46,220 |
- |
(13,547) |
32,673 |
||
Current assets |
|||||
Debtors |
137,777 |
- |
- |
137,777 |
|
Cash at bank and in hand |
37,325 |
- |
- |
37,325 |
|
175,102 |
- |
- |
175,102 |
||
Creditors: Amounts falling due within one year |
(81,746) |
- |
- |
(81,746) |
|
Net current assets |
93,356 |
- |
- |
93,356 |
|
Total assets less current liabilities |
139,576 |
- |
(13,547) |
126,029 |
|
Creditors: Amounts falling due after more than one year |
(37,425) |
- |
- |
(37,425) |
|
Provisions for liabilities |
(2,437) |
- |
- |
(2,437) |
|
Net assets/(liabilities) |
99,714 |
- |
(13,547) |
86,167 |
|
Capital and reserves |
|||||
Called up share capital |
316 |
- |
- |
316 |
|
Profit and loss account |
99,398 |
- |
(13,547) |
85,851 |
|
Total equity |
99,714 |
- |
(13,547) |
86,167 |
Page 14 |