Cube Projects Limited 07681202 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is graphic installation. Digita Accounts Production Advanced 6.30.9574.0 true true 07681202 2022-08-01 2023-07-31 07681202 2023-07-31 07681202 core:RetainedEarningsAccumulatedLosses 2023-07-31 07681202 core:ShareCapital 2023-07-31 07681202 core:CurrentFinancialInstruments 2023-07-31 07681202 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07681202 core:Non-currentFinancialInstruments 2023-07-31 07681202 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07681202 core:Goodwill 2023-07-31 07681202 core:FurnitureFittingsToolsEquipment 2023-07-31 07681202 core:MotorVehicles 2023-07-31 07681202 core:OtherPropertyPlantEquipment 2023-07-31 07681202 1 2023-07-31 07681202 bus:SmallEntities 2022-08-01 2023-07-31 07681202 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07681202 bus:FilletedAccounts 2022-08-01 2023-07-31 07681202 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07681202 bus:RegisteredOffice 2022-08-01 2023-07-31 07681202 bus:Director1 2022-08-01 2023-07-31 07681202 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07681202 core:Goodwill 2022-08-01 2023-07-31 07681202 core:FurnitureFittings 2022-08-01 2023-07-31 07681202 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 07681202 core:MotorVehicles 2022-08-01 2023-07-31 07681202 core:OfficeEquipment 2022-08-01 2023-07-31 07681202 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 07681202 core:PlantMachinery 2022-08-01 2023-07-31 07681202 countries:England 2022-08-01 2023-07-31 07681202 1 2022-08-01 2023-07-31 07681202 2022-07-31 07681202 core:Goodwill 2022-07-31 07681202 core:FurnitureFittingsToolsEquipment 2022-07-31 07681202 core:MotorVehicles 2022-07-31 07681202 core:OtherPropertyPlantEquipment 2022-07-31 07681202 1 2022-07-31 07681202 2021-08-01 2022-07-31 07681202 2022-07-31 07681202 core:RetainedEarningsAccumulatedLosses 2022-07-31 07681202 core:ShareCapital 2022-07-31 07681202 core:CurrentFinancialInstruments 2022-07-31 07681202 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07681202 core:Non-currentFinancialInstruments 2022-07-31 07681202 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 07681202 core:FurnitureFittingsToolsEquipment 2022-07-31 07681202 core:MotorVehicles 2022-07-31 07681202 core:OtherPropertyPlantEquipment 2022-07-31 07681202 1 2022-07-31 07681202 1 2021-08-01 2022-07-31 07681202 1 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 07681202

Cube Projects Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Cube Projects Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cube Projects Limited

Company Information

Director

J W Nevill

Registered office

Claydon House Business Centre
1 Edison Road
Aylesbury
Bucks
HP19 8TE

 

Cube Projects Limited

(Registration number: 07681202)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

11,861

16,619

Current assets

 

Debtors

6

307,992

348,830

Cash at bank and in hand

 

5,987

2,572

 

313,979

351,402

Creditors: Amounts falling due within one year

7

(352,389)

(347,460)

Net current (liabilities)/assets

 

(38,410)

3,942

Total assets less current liabilities

 

(26,549)

20,561

Creditors: Amounts falling due after more than one year

7

(18,336)

(28,336)

Provisions for liabilities

(2,076)

(2,941)

Net liabilities

 

(46,961)

(10,716)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(47,061)

(10,816)

Shareholders' deficit

 

(46,961)

(10,716)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 April 2024
 

.........................................
J W Nevill
Director

 

Cube Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital incorporated in England. The address of the registered office is given in the company information page of these financial statements.

2

Accounting policies

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.

Statement of compliance

These financial statements comply with Financial Reporting Standard 102 Section 1A small entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.The company recognises revenue when the amount of revenue can be reliably measured it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

The company recognises government grants on the accrual basis when it has reasonable assurance that the conditions attached to the grant have been met and when the grant has been received. Where the grant relates to revenue, it is recognised in revenue on a systematic basis over the periods in which the company recognises the related costs for which it is intended to compensate. Grants relating to assets are measured at fair value and recognised in income on a systematic basis over the expected useful life of the asset.

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.

 

Cube Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Furniture and fittings

20% reducing balance

Plant and machinery

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

This has been written off in full

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

Cube Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

10,000

10,000

At 31 July 2023

10,000

10,000

Amortisation

At 1 August 2022

10,000

10,000

At 31 July 2023

10,000

10,000

Carrying amount

At 31 July 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

16,330

88,395

4,600

109,325

Disposals

(1,374)

-

-

(1,374)

At 31 July 2023

14,956

88,395

4,600

107,951

Depreciation

At 1 August 2022

11,897

77,270

3,539

92,706

Charge for the year

666

2,781

212

3,659

Eliminated on disposal

(275)

-

-

(275)

At 31 July 2023

12,288

80,051

3,751

96,090

Carrying amount

At 31 July 2023

2,668

8,344

849

11,861

At 31 July 2022

4,433

11,125

1,061

16,619

 

Cube Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

debtors

Current

2023
£

2022
£

Trade debtors

102,688

144,249

Prepayments

8,186

10,472

Other debtors

197,118

194,109

 

307,992

348,830

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

9,998

118,817

Trade creditors

 

75,568

70,141

Taxation and social security

 

180,744

156,440

Accruals and deferred income

 

47

-

Other creditors

 

86,032

2,062

 

352,389

347,460

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

18,336

28,336

8

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 £16,558 (2022 - £26,246). The company entered into a new operating lease for equipment hired on 13/09/2021 the term is for 42 months in total.

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £94,356 (2022 - £118,817). There is a fixed and floating charge over the undertaking and all property and assets present and future.

 

Cube Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Related party transactions

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Loan movement to director during the year. Interest has been charged at the HMRC rate. The loan is repayable on demand.

145,098

19,801

(9,682)

155,217

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Loan movement to director during the year. Interest has been charged at the HMRC rate. The loan is repayable on demand.

115,065

33,958

(3,925)

145,098

 

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,336

28,336

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,998

9,998

Other borrowings

-

108,819

9,998

118,817