Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-0110false9truetrue 04220985 2022-01-01 2022-12-31 04220985 2021-01-01 2021-12-31 04220985 2022-12-31 04220985 2021-12-31 04220985 c:Director1 2022-01-01 2022-12-31 04220985 c:Director2 2022-01-01 2022-12-31 04220985 d:Buildings 2022-01-01 2022-12-31 04220985 d:Buildings 2022-12-31 04220985 d:Buildings 2021-12-31 04220985 d:Buildings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04220985 d:FurnitureFittings 2022-01-01 2022-12-31 04220985 d:FurnitureFittings 2022-12-31 04220985 d:FurnitureFittings 2021-12-31 04220985 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04220985 d:ComputerEquipment 2022-01-01 2022-12-31 04220985 d:ComputerEquipment 2022-12-31 04220985 d:ComputerEquipment 2021-12-31 04220985 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04220985 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04220985 d:CurrentFinancialInstruments 2022-12-31 04220985 d:CurrentFinancialInstruments 2021-12-31 04220985 d:Non-currentFinancialInstruments 2022-12-31 04220985 d:Non-currentFinancialInstruments 2021-12-31 04220985 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04220985 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 04220985 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04220985 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 04220985 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04220985 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 04220985 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 04220985 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 04220985 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 04220985 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 04220985 d:ShareCapital 2022-12-31 04220985 d:ShareCapital 2021-12-31 04220985 d:RetainedEarningsAccumulatedLosses 2022-12-31 04220985 d:RetainedEarningsAccumulatedLosses 2021-12-31 04220985 c:OrdinaryShareClass1 2022-01-01 2022-12-31 04220985 c:OrdinaryShareClass1 2022-12-31 04220985 c:OrdinaryShareClass1 2021-12-31 04220985 c:FRS102 2022-01-01 2022-12-31 04220985 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 04220985 c:FullAccounts 2022-01-01 2022-12-31 04220985 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04220985 6 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04220985











CUBE COMMUNICATIONS (UK) LIMITED


UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022

 

CUBE COMMUNICATIONS (UK) LIMITED
REGISTERED NUMBER:04220985

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
512,053
522,063

  
512,053
522,063

Current assets
  

Debtors: amounts falling due within one year
 5 
833,561
526,478

Current asset investments
 6 
-
3,353

Cash at bank and in hand
  
66,831
51,463

  
900,392
581,294

Creditors: amounts falling due within one year
 7 
(644,358)
(446,927)

Net current assets
  
 
 
256,034
 
 
134,367

Total assets less current liabilities
  
768,087
656,430

Creditors: amounts falling due after more than one year
 8 
(280,202)
(291,678)

  

Net assets
  
487,885
364,752


Capital and reserves
  

Called up share capital 
 10 
160
160

Profit and loss account
  
487,725
364,592

  
487,885
364,752


Page 1

 

CUBE COMMUNICATIONS (UK) LIMITED
REGISTERED NUMBER:04220985
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2023.




................................................
J Gabbani
................................................
C Mitchell
Director
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 

CUBE COMMUNICATIONS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Cube Communications (UK) Limited is a private company limited by shares and is incorporated in the United Kingdom. The company is registered in England and Wales under company registration number 04220985. The registered office address is 1 Cobden Mews, 90 The Broadway, Wimbledon, London, SW19 1RH.
The financial statements of the company are prepared for the year ended 31 December 2021. The presentation currency is in sterling and figures are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3


 
CUBE COMMUNICATIONS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.



 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4


 
CUBE COMMUNICATIONS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line on the cost of the building
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5


 
CUBE COMMUNICATIONS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2021 - 9).

Page 6

 

CUBE COMMUNICATIONS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
608,994
8,107
11,980
629,081


Additions
-
-
4,537
4,537



At 31 December 2022

608,994
8,107
16,517
633,618



Depreciation


At 1 January 2022
91,865
7,476
7,677
107,018


Charge for the year on owned assets
12,180
157
2,210
14,547



At 31 December 2022

104,045
7,633
9,887
121,565



Net book value



At 31 December 2022
504,949
474
6,630
512,053



At 31 December 2021
517,129
631
4,303
522,063

Page 7

 

CUBE COMMUNICATIONS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
346,946
339,371

Other debtors
64,142
23,950

Prepayments and accrued income
422,473
163,157

833,561
526,478



6.


Current asset investments

2022
2021
£
£

Unlisted investments
-
3,353

-
3,353


The unlisted investment has been sold this year. 


7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
9,666
11,564

Trade creditors
222,204
129,440

Corporation tax
128,334
130,284

Other taxation and social security
47,473
9,011

Other creditors
62,226
82,687

Accruals and deferred income
174,455
83,941

644,358
446,927


Page 8

 

CUBE COMMUNICATIONS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
280,202
291,678

280,202
291,678


Secured loans
The loan of £289,867 (2021 - £303,242) is secured on the freehold property owned by the company and by a personal guarantee from the directors, of £35,000. Interest is charged on the loan at 2.35% per annum over the Bank of England base rate.


9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
9,666
11,564


9,666
11,564

Amounts falling due 1-2 years

Bank loans
9,924
11,963


9,924
11,963

Amounts falling due 2-5 years

Bank loans
34,710
38,420


34,710
38,420

Amounts falling due after more than 5 years

Bank loans
235,567
241,295

235,567
241,295

289,867
303,242


Page 9

 

CUBE COMMUNICATIONS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



160 (2021 - 160) Ordinary shares shares of £1.00 each
160
160



11.


Prior year adjustment

A dividend of £21,290 declared in the year ended 31 December 2021 was not recorded in the financial statements prepared for the year ended 31 December 2021. This has been included as a prior year adjustment in these financial statements:
- increasing the directors' loan account within other creditors by £21,290; and
- increasing the dividends paid by £21,290, reducing the retained earnings by the same amount.


12.


-

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £110,470 (2021 - £105,666). At the 31 December 2022 £25,624 (2021 - £1,166) was payable to the pension scheme.

 
Page 10