Registration number:
Cubik Innovation Ltd
for the Year Ended 31 March 2023
Pages for filing with Registrar
Cubik Innovation Ltd
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Cubik Innovation Ltd
Company Information
|
Directors |
P Mullen S Beard |
|
Registered office |
|
|
Registered number |
08150022 |
|
Accountants |
|
Cubik Innovation Ltd
(Registration number: 08150022)
Balance Sheet as at 31 March 2023
|
Note |
2023 |
2022 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
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 |
|||
|
Called up share capital |
|
100 |
|
|
Share premium reserve |
|
74,910 |
|
|
Profit and loss account |
|
147,117 |
|
|
Total equity |
|
222,127 |
Cubik Innovation Ltd
(Registration number: 08150022)
Balance Sheet as at 31 March 2023
For the financial year ending 31 March 2023 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 for issue by the
|
......................................... |
......................................... |
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
|
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.
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 value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.
Government grants
Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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 tax
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.
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Plant and machinery |
15% on reducing balance |
|
Fixtures and fittings |
25% on reducing balance |
|
Office equipment |
33% on cost |
Research and development costs
Expenditure on research and development is written off to the profit or loss during the year in which it is incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised initially at the transaction price.
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Taxation |
Deferred tax
Deferred tax assets and liabilities
|
2023 |
Liability |
|
Short term timing differences |
|
|
|
|
2022 |
Liability |
|
Short term timing differences |
|
|
|
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
|
Tangible fixed assets |
|
Fixtures and fittings |
Office equipment |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
( |
( |
( |
( |
|
At 31 March 2023 |
|
|
|
|
|
Depreciation |
||||
|
At 1 April 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
( |
( |
( |
|
At 31 March 2023 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2023 |
|
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
Stocks |
|
2023 |
2022 |
|
|
Stocks |
|
|
|
Work in progress |
|
|
|
|
|
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
|
Debtors: amounts falling due within one year |
|
2023 |
2022 |
|
|
Trade debtors |
|
|
|
Other debtors |
- |
450 |
|
Prepayments |
39,846 |
32,262 |
|
Directors' loan accounts |
250 |
- |
|
|
|
|
Creditors |
|
Note |
2023 |
2022 |
|
|
Amounts falling due within one year |
|||
|
Loans and borrowings |
56,610 |
55,271 |
|
|
Hire purchase and finance lease liabilities |
13,263 |
22,985 |
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
77,623 |
64,360 |
|
|
Other creditors |
9,933 |
13,108 |
|
|
Accruals and deferred income |
115,209 |
57,288 |
|
|
Directors' loan accounts |
8,769 |
12,078 |
|
|
Corporation tax |
25,242 |
- |
|
|
|
|
|
Note |
2023 |
2022 |
|
|
Due after one year |
|||
|
Bank loan |
132,498 |
189,108 |
|
|
Hire purchase and finance lease liabilities |
33,348 |
46,611 |
|
|
165,846 |
235,719 |
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
|
Loans and borrowings |
|
2023 |
2022 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
Directors' loan accounts |
|
|
|
|
|
|
|
2023 |
2022 |
|
|
Non-current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2023 |
2022 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
95 |
|
95 |
|
|
|
5 |
|
5 |
|
|
|
|
|
|
Cubik Innovation Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2023 |
2022 |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
|
Transactions with directors |
|
2023 |
At 1 April 2022 |
Advances to director |
Repayments by director |
At 31 March 2023 |
|
Director |
- |
( |
- |
( |
|
2022 |
At 1 April 2021 |
Advances to director |
Repayments by director |
At 31 March 2022 |
|
Director |
|
- |
( |
- |