Company registration number 10181459 (England and Wales)
CABU LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CABU LIMITED
COMPANY INFORMATION
Directors
O R A Hutchinson
J P Ledwidge
Company number
10181459
Registered office
23-25 Great Sutton Street
London
England
EC1V 0DN
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
23-25 Great Sutton Street
London
England
EC1V 0DN
CABU LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
CABU LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Principal activities
The principal activity of the company continued to be that of the design, construction and operation of holiday accomodation.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
O R A Hutchinson
J P Ledwidge
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J P Ledwidge
Director
6 March 2024
CABU LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CABU LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cabu Limited for the year ended 30 June 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Cabu Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cabu Limited and state those matters that we have agreed to state to the Board of Directors of Cabu Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cabu Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Cabu Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cabu Limited. You consider that Cabu Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cabu Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Begbies
6 March 2024
Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
CABU LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2023
2022
£
£
Turnover
160,000
200,000
Cost of sales
(6,823)
Gross profit
153,177
200,000
Administrative expenses
(97,487)
(55,730)
Operating profit
55,690
144,270
Interest payable and similar expenses
(289,551)
(Loss)/profit before taxation
(233,861)
144,270
Tax on (loss)/profit
(Loss)/profit for the financial year
(233,861)
144,270
The income statement has been prepared on the basis that all operations are continuing operations.
CABU LIMITED
STATEMENT OF FINANCIAL POSITION
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,444
7,260
Investments
5
102
102
5,546
7,362
Current assets
Debtors
6
13,244,629
218,742
Cash at bank and in hand
9,277
3,140
13,253,906
221,882
Creditors: amounts falling due within one year
7
(213,192)
(6,518)
Net current assets
13,040,714
215,364
Total assets less current liabilities
13,046,260
222,726
Creditors: amounts falling due after more than one year
8
(13,463,203)
(405,808)
Net liabilities
(416,943)
(183,082)
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(417,043)
(183,182)
Total equity
(416,943)
(183,082)
For the financial year ended 30 June 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.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
O R A Hutchinson
J P Ledwidge
Director
Director
Company registration number 10181459 (England and Wales)
CABU LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
100
(327,452)
(327,352)
Year ended 30 June 2022:
Profit and total comprehensive income
-
144,270
144,270
Balance at 30 June 2022
100
(183,182)
(183,082)
Year ended 30 June 2023:
Loss and total comprehensive income
-
(233,861)
(233,861)
Balance at 30 June 2023
100
(417,043)
(416,943)
CABU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information
Cabu Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23-25 Great Sutton Street, London, England, EC1V 0DN.
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 except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Turnover
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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:
Fixtures and fittings
25% Reducing balance
Computers
25% Reducing balance
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CABU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged
or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
CABU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 8 -
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and 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 of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
30,606
Depreciation and impairment
At 1 July 2022
23,346
Depreciation charged in the year
1,816
At 30 June 2023
25,162
Carrying amount
At 30 June 2023
5,444
At 30 June 2022
7,260
CABU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
102
102
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,000
Amounts owed by group undertakings
13,186,901
50
Other debtors
32,728
218,692
13,244,629
218,742
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,860
2,519
Amounts owed to group undertakings
2
Taxation and social security
55
Other creditors
202,275
3,999
213,192
6,518
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans from parent undertaking and related parties
13,463,203
405,808
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Going concern
The liabilities of the company are in excess of its assets. Companies controlled by the directors, which are the main creditors of the company have agreed to continue their support for the foreseeable future. Consequently, these financial statements have been prepared on a going concern basis.