Registration number:
Kubix Media Limited
for the Year Ended 30 April 2022
Kubix Media Limited
(Registration number: 09824555)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
|
Fixed assets |
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Tangible assets |
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|
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Current assets |
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Debtors |
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|
|
Cash at bank and in hand |
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|
|
|
|
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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 |
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Called up share capital |
100 |
100 |
|
Retained earnings |
49,900 |
13 |
|
Shareholders' funds |
50,000 |
113 |
For the financial year ending 30 April 2022 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Kubix Media Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
General information |
The company is a private company limited by share capital incorporated in United Kingdom and the company registration number is 09824555.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
The financial statements have been prepared for the individual entity and are presented in sterling and rounded to the nearest pound.
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 sales/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.
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.
Kubix Media Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
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 |
Computer equipment |
25% straight line |
Fixtures and fittings |
25% straight line |
Plant and machinery |
15% reducing balance |
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.
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
Profit before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Kubix Media Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2021 |
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|
Additions |
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Disposals |
( |
( |
At 30 April 2022 |
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Depreciation |
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At 1 May 2021 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 30 April 2022 |
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|
Carrying amount |
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At 30 April 2022 |
|
|
At 30 April 2021 |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
|
|
|
Amounts owed by related parties |
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|
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Prepayments |
|
|
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Other debtors |
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Creditors |
Note |
2022 |
2021 |
|
Due within one year |
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Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
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Taxation and social security |
|
|
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Other creditors |
|
|
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Accruals and deferred income |
36,576 |
- |
|
|
|
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Due after one year |
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Loans and borrowings |
|
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Kubix Media Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
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Bank borrowings |
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|
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
|
- |
Related party transactions |
Key management compensation
2022 |
2021 |
|
Salaries and other short term employee benefits |
|
|
Kubix Media Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Directors' remuneration
The Directors' remuneration for the year was as follows:
2022 |
2021 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
- |
93,520 |
39,299 |
Summary of transactions with parent
Parent and ultimate parent company
The company's ultimate parent is Kubix Media Holdings Limited. Both companies are incorporated in the United Kingdom and have the same registered office.
The ultimate controlling party is the directors, who own 100% of the share capital in Kubix Media Holdings Limited.