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COMPANY REGISTRATION NUMBER: 12673153
Cubic Storage Limited
Filleted Unaudited Financial Statements
30 June 2022
Cubic Storage Limited
Statement of Financial Position
30 June 2022
2022
2021
Note
£
£
Current assets
Stocks
3,894
Debtors
4
48,394
2
Cash at bank and in hand
30,949
28,408
--------
--------
83,237
28,410
Creditors: amounts falling due within one year
5
( 39,792)
( 5,835)
--------
--------
Net current assets
43,445
22,575
--------
--------
Total assets less current liabilities
43,445
22,575
--------
--------
Net assets
43,445
22,575
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
43,443
22,573
--------
--------
Shareholders funds
43,445
22,575
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2022 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 financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
G Norris
T M Phillips
Director
Director
Company registration number: 12673153
Cubic Storage Limited
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ashdown, Windmill Lane, Henfield, West Sussex, BN5 9UW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Debtors
2022
2021
£
£
Trade debtors
41,942
Other debtors
6,452
2
--------
----
48,394
2
--------
----
5. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
22,046
Corporation tax
14,278
5,295
Social security and other taxes
2,928
Other creditors
540
540
--------
-------
39,792
5,835
--------
-------
6. Controlling party
The company is controlled by its directors who are also the shareholders.