Cube City Properties Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04533935 (England and Wales)
Cube City Properties Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Cube City Properties Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,696
Investment properties
4
1,223,000
1,223,000
1,224,696
1,223,000
Current assets
Debtors
5
15,708
234
Cash at bank and in hand
24,578
32,702
40,286
32,936
Creditors: amounts falling due within one year
6
(24,343)
(10,364)
Net current assets
15,943
22,572
Total assets less current liabilities
1,240,639
1,245,572
Creditors: amounts falling due after more than one year
7
(2,268,635)
(1,947,670)
Provisions for liabilities
(85,095)
(64,350)
Net liabilities
(1,113,091)
(766,448)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(1,113,093)
(766,450)
Total equity
(1,113,091)
(766,448)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
Cube City Properties Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
M J Thum
Director
Company Registration No. 04533935
Cube City Properties Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Cube City Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 51 Great Turnstile House, 13 Great Turnstile, London, WC1V 7HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
1.2
Going concern
The company made a loss in the year of £325,898 (2022: £32,207) and the balance sheet date had net liabilities of £1,113,091 (2022: £766,448). The company is dependent on the ongoing support of its directors to provide short term cash flow support and longer term finance. The directors have confirmed they intend to continue to provide such support for at least a year from the date of approval of these financial statements and accordingly the financial statements are prepared on a going concern basis.true
1.3
Turnover
Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
Over 3 years at 33.33% on straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Cube City Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.7
Debtors and creditors
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors 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.
Creditors
Short term trade creditors and other current creditors payable on demand 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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
Cube City Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
Additions
1,969
At 31 December 2023
1,969
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
273
At 31 December 2023
273
Carrying amount
At 31 December 2023
1,696
At 31 December 2022
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,223,000
A valuation of the investment property was made as at 31 December 2023 by the directors, on an open market basis. No depreciation is provided in respect of this property.
The historic cost of the investment property is £884,316 (2022: £884,316).
The company sold its stock of residential flats on 999 year leases in previous years and retains the freehold interest in relation to these properties. The directors consider that these interests have negligible value at 31 December 2023.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,380
Other debtors
3,576
-
Prepayments and accrued income
4,752
234
15,708
234
Cube City Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
1,039
Other creditors
5,433
-
Accruals and deferred income
18,910
9,325
24,343
10,364
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,268,635
1,947,670
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions
The company owed its directors £2,268,635 (2022: £1,947,670) at the year end. These loans are unsecured and interest free. The loans bear no fixed terms of repayment however the directors have agreed that they will not demand repayment of £2,268,635 before 31 December 2024.
10
Reserves
Profit and loss reserves include unrealised revaluation uplifts of £338,684 (2022: £338,684) and related deferred tax provisions thereon of £84,671 (2022: £64,350).