Fit Cloud Technology Ltd - Period Ending 2014-04-30

FIT CLOUD TECHNOLOGY LTD - Company Information

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Registration number: 07216878

Fit Cloud Technology Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014

Nairne Son & Green Chartered Accountants
477 Chester Road
Manchester
M16 9HF

Fit Cloud Technology Ltd
Contents

Accountants' Report

Abbreviated Balance Sheet

2 to 3

Notes to the Abbreviated Accounts

4 to 6

Share capital re-organisation

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Fit Cloud Technology Ltd
for the Year Ended 30 April 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fit Cloud Technology Ltd for the year ended 30 April 2014 set out on pages 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 which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Fit Cloud Technology Ltd, 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 Fit Cloud Technology Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fit Cloud Technology Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Fit Cloud Technology Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Fit Cloud Technology Ltd. You consider that Fit Cloud Technology Ltd 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 Fit Cloud Technology Ltd. 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.

......................................

Nairne Son & Green Chartered Accountants
477 Chester Road
Manchester
M16 9HF

7 January 2015

Page 1

Fit Cloud Technology Ltd
(Registration number: 07216878)
Abbreviated Balance Sheet at 30 April 2014

	Note	2014 £	2013 £
Fixed assets
Intangible fixed assets		98,274	-
Tangible fixed assets		3,128	2,808
		101,402	2,808
Current assets
Debtors		10,514	7,751
Cash at bank and in hand		-	3,501
		10,514	11,252
Creditors: Amounts falling due within one year		(100,936)	(44,348)
Net current liabilities		(90,422)	(33,096)
Net assets/(liabilities)		10,980	(30,288)
Capital and reserves
Called up share capital	3	125	100
Share premium account		79,975	-
Profit and loss account		(69,120)	(30,388)
Shareholders' funds/(deficit)		10,980	(30,288)

For the year ending 30 April 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Fit Cloud Technology Ltd
(Registration number: 07216878)
Abbreviated Balance Sheet at 30 April 2014
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 6 January 2015 and signed on its behalf by:

.........................................
Mr J Malin
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Fit Cloud Technology Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Version Two of the software has an expected economic life of 36 months to December 2015. Costs of £114,000 which included £35,158 of salaries were capitalised during the year. The amortisation is calculated on a monthly basis and at the end of the period there were 20 months remaining. All salary costs released in the period are disclosed in wages and salaries and not within the amortisation charge.

Version Three is intended to launch in January 2015, therfore costs to date of £27,024 have been capitalised and not amortised in the period.

Asset class	Amortisation method and rate
Development Costs	33.33 % per year straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line method

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Page 4

Fit Cloud Technology Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 May 2013	-	4,680	4,680
Additions	141,024	1,570	142,594
At 30 April 2014	141,024	6,250	147,274
Depreciation
At 1 May 2013	-	1,872	1,872
Charge for the year	42,750	1,250	44,000
At 30 April 2014	42,750	3,122	45,872
Net book value
At 30 April 2014	98,274	3,128	101,402
At 30 April 2013	-	2,808	2,808

3	Share capital

Allotted, called up and fully paid shares

		2014		2013
	No.	£	No.	£

Ordinary shares of £1 each			100	100
Ordinary shares of £0.001 each	125,000	125
	125,000	125	100	100

Share capital re-organisation

At the start of the year the company had 100 ordinary shares of £1 each in issue. During the year these were re-organised and converted into 100,000 ordinary shares of £0.0010 each. At the year end 125,000 ordinary shares were allotted, called up and fully paid for. This included the new share allottment as below.

Page 5

Fit Cloud Technology Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

New shares allotted

During the year 25,000 Ordinary shares having an aggregate nominal value of ££25 were allotted for an aggregate consideration of £80,000. Share allotment.

Page 6