Company Registration No. SC423700 (Scotland)
Cloudgine Limited
Abbreviated financial statements
for the year ended 31 December 2015
Cloudgine Limited
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated financial statements
3 - 4
Cloudgine Limited
Abbreviated balance sheet
as at 31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
28,112
34,981
Current assets
Debtors
696,279
402,669
Cash at bank and in hand
218,487
131,191
914,766
533,860
Creditors: amounts falling due within one year
(301,044)
(213,565)
Net current assets
613,722
320,295
Total assets less current liabilities
641,834
355,276
Provisions for liabilities
(5,089)
(6,678)
636,745
348,598
Capital and reserves
Called up share capital
3
126
126
Profit and loss account
636,619
348,472
Shareholders' funds
636,745
348,598
Cloudgine Limited
Abbreviated balance sheet (continued)
as at 31 December 2015
- 2 -
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 2 August 2016
Maurizio Sciglio
Director
Company Registration No. SC423700
Cloudgine Limited
Notes to the abbreviated financial statements
for the year ended 31 December 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Having considered the future operations of the company, the directors consider that the going concern basis is appropriate for the preparation of these financial statements.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
2 years straight line
Computer equipment
2 years straight line
Fixtures, fittings & equipment
3 years straight line
1.5
Taxation
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Cloudgine Limited
Notes to the abbreviated financial statements (continued)
for the year ended 31 December 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
66,716
Additions
27,981
At 31 December 2015
94,697
Depreciation
At 1 January 2015
31,735
Charge for the year
34,850
At 31 December 2015
66,585
Net book value
At 31 December 2015
28,112
At 31 December 2014
34,981
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
12,600 ordinary shares of 1p each
126
126
On 29 January 2015 the company subdivided the existing 126 £1 ordinary shares to 12,600 £0.01 ordinary shares.