CLOUD LAT AM PARTNERS LIMITED

• ⚠

  Material uncertainty over going concern

  Xertica Mexico continues to face a risk of dissolution under local regulations due to its negative reserves. As the group's largest revenue-contributing subsidiary its dissolution would significantly impact the group's operations. Accordingly, the Directors consider that this therefore indicates a material uncertainty that could cast significant doubt on the group's ability to continue as a going concern. However, Xertica Mexico has returned to profitability and benefits from the Group's full support. Its negative reserves are decreasing, and as a result, the likelihood of dissolution is considered remote.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Xertica Mexico continues to face a risk of dissolution under local regulations due to its negative reserves. As the group's largest revenue-contributing subsidiary its dissolution would significantly impact the group's operations. Accordingly, the Directors consider that this therefore indicates a material uncertainty that could cast significant doubt on the group's ability to continue as a going concern. However, Xertica Mexico has returned to profitability and benefits from the Group's full support. Its negative reserves are decreasing, and as a result, the likelihood of dissolution is considered remote.”

Group structure

1. CLOUD LAT AM PARTNERS LIMITED · parent
   1. Xertica Labs, Inc. 100% · USA · IT consultancy and sale of software
   2. Xertica Labs SAC 100% · Perú · IT consultancy and sale of software
   3. Xertica Colombia SA 100% · Colombia · IT consultancy and sale of software
   4. Xertica EC SA 99% · Ecuador · IT consultancy and sale of software
   5. Xertica SRL de CV 99% · Mexico · IT consultancy and sale of software
   6. Xertica SRL 100% · Argentina · IT consultancy and sale of software
   7. Blein Consulting, S. de RL DE CV 100% · Mexico · IT consultancy and sale of software
   8. Global Dinamics CHC, S de RL DE CV 100% · Mexico · provision of back-office services
   9. Xertica Chile SPA 100% · Chile · IT consultancy and sale of software
   10. XerticaSAS SAS 100% · Ecuador · IT consultancy and sale of software
   11. Xertica SAC 100% · Perú · IT consultancy and sale of software
   12. XerticaSAS 100% · Ecuador · IT consultancy and sale of software
   13. Xertica Ltda 100% · Brasil · IT consultancy and sale of software
   14. Cloud Labs SAS 1% · Colombia · IT consultancy and sale of software

Significant events

• “The total of GWS (Google Workspace) licenses revenue decreased to $53.14M (vs. $62.35M), representing a 14.8% reduction on an annual basis, mainly due to competitive pressures.”
• “GCP (Google Cloud Platform) consumption showed an annual growth rate of 28.3%, increasing from $13.93M in 2023 to $17.88M in 2024.”
• “Professional Services and Solutions increased to $11.22M (vs. previous year $3.44M), representing a 226% increase.”
• “In Mexico, opened a credit line of $2.0M with FREEDOM TO SCALE, S.A. de C.V., or "Fairplay", a provider of revenue-based financing, whose outstanding amount is $0.8M at the end of 2024.”
• “Fully repaid the existing previous credit facility of $0.69M, and opened a new one for $0.6M. The previous credit facilities of $0.53M still has an outstanding amount to be repaid of $0.13M. In May 2024 opened an additional credit line of $0.3M. At the end of 2024, the total outstanding due amount to Bancolombia SA is $0.78M.”
• “Banco de Bogota: at the end of 2023 the amount due was $0.55M; in October 2024 the existing credit line was augmented to a total of $0.88M due; At the end of 2024, the total outstanding due amount to Banco de Bogota is $0.75M.”
• “Fully repaid outstanding debt with Capchase, US-based provider of revenue-based financing, reducing exposure from $1.8M at the end of 2023 to $0M at the end of 2024”
• “In July 2023, the Group initiated operations in Brazil through its wholly-owned subsidiary, Xertica Brasil LTDA. After its first year of operations in the country, the Group achieved revenue of $12.3M, of which $5.6M from professional services and solutions.”
• “The Group cash & cash equivalents at the end of 2024 amounted to $5.5M (vs. $2.8M at the end of 2023).”
• “Operating income declined despite revenue growth, primarily due to increased investment in human capital. This is reflected in the higher average number of employees during the period, aimed at strengthening the Group's capacity to support future growth.”
• “The Group has commenced conversations with potential lenders for additional credit lines; a credit line of $3.5M has been approved by Bancolombia and is available to the Group already. Additionally, the Group has a $5.0M credit line available with Fairplay.”
• “Total financial debt has been reduced significantly, going from a total of $9.3M at the beginning of 2024 to $5.1M at the end of December of the same year. The repayment due amounts to $4.1M at the end of June 2025.”
• “In December 2023, a portion of the share capital of Xertica EC SA in Ecuador was split off, amounting to USD 500,000, and a new company was created where the ownership is 100% owned by Cloud Lat Am Partners. The newly created company is Xertica SAS.”
• “In December 2024, a PYME (small and medium-sized enterprises) company was formed. This new entity was created to serve businesses with the government. Cloud Labs SAS is directly consolidated with Xertica Colombia SAS due to joint control and local regulatory requirements.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

5

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +3.9%

  £63,433,987 → £65,915,557

• Cash

  +103.2%

  £1,970,359 → £4,003,475

• Net assets

  -4.4%

  -£10,253,166 → -£10,700,859

• Employees

  +32.7%

  196 → 260

• Operating profit

  -91.2%

  £2,814,416 → £247,695

• Profit before tax

  -14,419.1%

  -£7,196 → -£1,044,792

• Wages

  +4.2%

  £3,978,094 → £4,145,928

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers