Company Registration No. 06418013 (England and Wales)
CUBIC STUDIOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CUBIC STUDIOS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CUBIC STUDIOS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2022
30 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
1,049
Current assets
Debtors
4
125,411
256,968
Cash at bank and in hand
100
30
125,511
256,998
Creditors: amounts falling due within one year
5
(3,000)
(109,018)
Net current assets
122,511
147,980
Total assets less current liabilities
122,511
149,029
Capital and reserves
Called up share capital
75
75
Capital redemption reserve
25
25
Profit and loss reserves
122,411
148,929
Total equity
122,511
149,029

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 27 September 2023
M Q Gilbertson
Director
Company Registration No. 06418013
CUBIC STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 2 -
1
Accounting policies
Company information

Cubic Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Hewer Street, London, W10 6DU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a break-up basis due to cessation of trade in March 2023.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Revenue is recognised on a percentage of completion basis when the contract's outcome can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
33% straight line
Fixtures, fittings & equipment
25% straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CUBIC STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.8
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
4
CUBIC STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 December 2021
15,428
5,266
20,694
Disposals
(15,428)
(5,266)
(20,694)
At 30 November 2022
-
0
-
0
-
0
Depreciation and impairment
At 1 December 2021
14,379
5,266
19,645
Depreciation charged in the year
517
-
0
517
Eliminated in respect of disposals
(14,896)
(5,266)
(20,162)
At 30 November 2022
-
0
-
0
-
0
Carrying amount
At 30 November 2022
-
0
-
0
-
0
At 30 November 2021
1,049
-
0
1,049
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
-
0
8,694
Corporation tax recoverable
6,014
-
0
Other debtors
119,397
165,377
Prepayments and accrued income
-
0
82,897
125,411
256,968
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
-
0
744
Trade creditors
-
0
10,455
Corporation tax
-
0
10,202
Other taxation and social security
-
0
70,593
Other creditors
3,000
13,227
Accruals
-
0
3,797
3,000
109,018
CUBIC STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 5 -
6
Post Balance Sheet events

Post year end the company paid a dividend of £115,019 which was cleared by the assignment of the debt due to the company by Pryors Properties LLP.

7
Related party transactions

The director has an interest in Pryors Properties LLP and the balances due from Pryors Properties LLP included in trade debtors is £Nil (2021: £1,733), and other debtors is £115,019 (2021: £161,759).

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