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Registration number: 06600282

Rubix Solutions UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Rubix Solutions UK Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 10

 

Rubix Solutions UK Limited

(Registration number: 06600282)
Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)
2022
£

Fixed assets

 

Tangible assets

4

14,152

18,869

Current assets

 

Stocks

5

37,997

273,413

Debtors

6

74,235

414,830

Cash at bank and in hand

 

436,012

153,952

 

548,244

842,195

Creditors: Amounts falling due within one year

7

(163,157)

(512,142)

Net current assets

 

385,087

330,053

Net assets

 

399,239

348,922

Capital and reserves

 

Called up share capital

102

100

Profit and loss account

399,137

348,822

Total equity

 

399,239

348,922

For the financial year ending 30 June 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

Mr PW Luxton
Director

Mr NJ Murphy
Director

 
     
 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 4 Monks Dairy Workshops
Isle Brewers
Somerset
TA3 6QL

These financial statements were authorised for issue by the Board on 9 October 2023.

2

Accounting policies

Statement of compliance

These are the first financial statements prepared under FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The entity is adopting FRS 102 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' for the first time as it has now exceeded the requirements of FRS 105 'The Financial Reporting Standard applicable to the Micro entities Regime'.

The date of transition was 1 July 2021.

Comparative amounts have been restated upon transition, restated balances are disclosed in note 11.

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.

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.

Going concern

The directors of the company have considered the appropriateness of the going concern basis for the preparation of these financial statements and have concluded that they believe the company to be a going concern, with no material uncertainty relating to going concern existing. Therefore these financial statements have been prepared on a going concern basis.

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods

The estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:.

Contract valuation
The directors review the valuation of long term contracts on a regular basis. When the outcome of a service contract can be estimated reliably, revenue and costs associated with the contract are recognised by reference to the stage of completion and any expected losses are recognised immediately. The carrying amount is £37,997 (2022 -£273,413) is recognised in work in progress.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and value added tax.
When the outcome of a service contract can be estimated reliably, the company recognises contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the Balance Sheet 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

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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 2 (2022 - 2).

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

9,425

19,151

28,576

At 30 June 2023

9,425

19,151

28,576

Depreciation

At 1 July 2022

3,056

6,651

9,707

Charge for the year

1,592

3,125

4,717

At 30 June 2023

4,648

9,776

14,424

Carrying amount

At 30 June 2023

4,777

9,375

14,152

At 30 June 2022

6,369

12,500

18,869

5

Stocks

2023
£

2022
£

Work in progress

37,997

273,413

6

Debtors

Note

2023
£

(As restated)
2022
£

Trade debtors

 

48,709

408,586

Other debtors

 

20,413

-

Prepayments

 

1,575

1,527

Deferred tax assets

3,538

4,717

 

74,235

414,830

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

61,295

252,141

Amounts due to related parties

10

-

577

Social security and other taxes

 

45,327

105,827

Accruals

 

2,011

4,155

Corporation tax liability

54,524

112,974

Deferred income

 

-

36,468

 

163,157

512,142

8

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £60 (2022 - £Nil) per each Ordinary A share

 

33,000

 

-

Interim dividend of £Nil per each Ordinary B share

 

15,000

 

-

Interim dividend of £24,000 (2022 - £Nil) per each Ordinary C share

 

44,000

 

-

Interim dividend of £27,000 (2022 - £Nil) per each Ordinary D share

 

62,000

 

-

Interim dividend of £Nil (2022 - £1,739) per each Ordinary share

 

-

 

173,900

   

154,000

 

173,900

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,236 (2022 - £1,789).

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

(577)

(577)

Advanced

121,116

121,116

Repaid

(100,624)

(100,624)

At end of period

19,915

19,915

2022

Key management
£

Total
£

At start of period

(1,004)

(1,004)

Advanced

427

427

At end of period

(577)

(577)

Terms of loans to related parties

Loans to key management are subject to interest at the HMRC approved rate.
 

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Transition to FRS 102

The entity is adopting FRS 102 Section 1A 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' for the first time. The entity is transitioning from FRS 105 'The Financial Reporting Standard applicabe to the Micro entities Regime', which does not require the recognition of deferred tax. As a result, comparative amounts have been restated to recognise deferred tax balances.

Balance Sheet at 1 July 2021
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

22,062

-

-

22,062

Current assets

Stocks

2,330

-

-

2,330

Debtors

219,985

-

4,192

224,177

Cash at bank and in hand

32,803

-

-

32,803

255,118

-

4,192

259,310

Creditors: Amounts falling due within one year

(238,278)

-

-

(238,278)

Net current assets

16,840

-

4,192

21,032

Net assets

38,902

-

4,192

43,094

Capital and reserves

Called up share capital

(100)

-

-

(100)

Profit and loss account

(38,802)

-

(4,192)

(42,994)

Total equity

(38,902)

-

(4,192)

(43,094)

 

Rubix Solutions UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Balance Sheet at 30 June 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

18,869

-

-

18,869

Current assets

Stocks

273,413

-

-

273,413

Debtors

410,113

-

4,717

414,830

Cash at bank and in hand

153,952

-

-

153,952

837,478

-

4,717

842,195

Creditors: Amounts falling due within one year

(512,142)

-

-

(512,142)

Net current assets

325,336

-

4,717

330,053

Net assets

344,205

-

4,717

348,922

Capital and reserves

Called up share capital

100

-

-

100

Profit and loss account

344,105

-

4,717

348,822

Total equity

344,205

-

4,717

348,922