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CubanEight Limited
Filleted accounts
31 May 2023
Company registration number: 06869272
CubanEight Limited
Directors and other information
Directors B J M Craigie
E Rule
Company number 06869272
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
CubanEight Limited
Balance sheet
31st May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,008 2,856
_______ _______
2,008 2,856
Current assets
Debtors 6 169,767 74,936
Cash at bank and in hand 171,619 85,820
_______ _______
341,386 160,756
Creditors: amounts falling due
within one year 7 ( 120,525) ( 75,811)
_______ _______
Net current assets 220,861 84,945
_______ _______
Net assets 222,869 87,801
_______ _______
Capital and reserves
Called up share capital 8 746 746
Capital redemption reserve 254 254
Profit and loss account 221,869 86,801
_______ _______
Shareholders funds 222,869 87,801
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 November 2023 , and are signed on behalf of the board by:
B J M Craigie
Director
Company registration number: 06869272
CubanEight Limited
Notes to the financial statements
Year ended 31st May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of public relations consultants .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - Straight line basis over 3 years
Office equipment - Reducing balance basis at 25% per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 5 ).
5. Tangible assets
Equipment Total
£ £
Cost
At 1st June 2022 7,103 7,103
Additions 323 323
_______ _______
At 31st May 2023 7,426 7,426
_______ _______
Depreciation
At 1st June 2022 4,247 4,247
Charge for the year 1,171 1,171
_______ _______
At 31st May 2023 5,418 5,418
_______ _______
Carrying amount
At 31st May 2023 2,008 2,008
_______ _______
At 31st May 2022 2,856 2,856
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 46,100 66,790
Other debtors 123,667 8,146
_______ _______
169,767 74,936
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 60,484 12,663
Social security and other taxes 46,641 47,442
Other creditors 13,400 15,706
_______ _______
120,525 75,811
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 746 746 746 746
_______ _______ _______ _______
9. Controlling party
The company is under the control of Tyto Public Relations Limited which who owns 100% of the issued share capital.