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Registration number: 09824555

Kubix Media Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Kubix Media Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Kubix Media Limited

(Registration number: 09824555)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

62,400

47,252

Current assets

 

Debtors

6

208,038

185,513

Cash at bank and in hand

 

48,001

70,410

 

256,039

255,923

Creditors: Amounts falling due within one year

7

(225,750)

(253,062)

Net current assets

 

30,289

2,861

Total assets less current liabilities

 

92,689

50,113

Creditors: Amounts falling due after more than one year

7

(30,833)

(50,000)

Provisions for liabilities

(11,856)

-

Net assets

 

50,000

113

Capital and reserves

 

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 members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 29 July 2022 and signed on its behalf by:
 

.........................................
J D T Brown
Director

 

Kubix Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

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:
The Old Bank
1 Gibb Street
Birmingham
B9 4AA

These financial statements were authorised for issue by the Board on 29 July 2022.

2

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 28 (2021 - 28).

4

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

27,355

16,992

 

Kubix Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2021

99,012

99,012

Additions

43,973

43,973

Disposals

(1,940)

(1,940)

At 30 April 2022

141,045

141,045

Depreciation

At 1 May 2021

51,760

51,760

Charge for the year

27,355

27,355

Eliminated on disposal

(470)

(470)

At 30 April 2022

78,645

78,645

Carrying amount

At 30 April 2022

62,400

62,400

At 30 April 2021

47,252

47,252

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

55,530

28,431

Amounts owed by related parties

9

91,508

131,608

Prepayments

 

6,701

3,863

Other debtors

 

54,299

21,611

   

208,038

185,513

7

Creditors

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

10,000

-

Trade creditors

 

7,318

552

Taxation and social security

 

70,007

122,324

Other creditors

 

101,849

130,186

Accruals and deferred income

 

36,576

-

 

225,750

253,062

Due after one year

 

Loans and borrowings

8

30,833

50,000

 

Kubix Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

30,833

50,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

-

9

Related party transactions

Key management compensation

2022
£

2021
£

Salaries and other short term employee benefits

93,520

39,299

 

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

93,256

39,299

Contributions paid to money purchase schemes

264

-

93,520

39,299

Summary of transactions with parent

The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.
 

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.