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Registration number: 09923021

Cubic (London) Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Cubic (London) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

Cubic (London) Limited

(Registration number: 09923021)
Balance Sheet as at 31 December 2023

Note

2023

(As restated)

2022

Fixed assets

 

Tangible assets

6

405

939

Investments

7

274,680,724

274,680,724

 

274,681,129

274,681,663

Current assets

 

Debtors

8

6,354,703

7,479,592

Cash at bank and in hand

 

143,255

86,849

 

6,497,958

7,566,441

Creditors: Amounts falling due within one year

9

(711,876)

(1,763,306)

Net current assets

 

5,786,082

5,803,135

Net assets

 

280,467,211

280,484,798

Capital and reserves

 

Called up share capital

10

23,000

23,000

Share premium reserve

253,937,770

253,937,770

Retained earnings

26,506,441

26,524,028

Shareholders' funds

 

280,467,211

280,484,798

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 June 2024 and signed on its behalf by:
 

.........................................
A De Salinas
Director

.........................................
C A Mendez De Vigo
Director

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

Principal activity

The principal activity of the Company is that of investing in listed investments.

The address of its registered office is:
84 Brook Street
London
W1K 5EH
United Kingdom

These financial statements were authorised for issue by the Board on 17 June 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in Euros. As the majority of the company's transactions are in Euros, the functional currency of the company is considered to be Euros. The Euro/Sterling exchange rate as at 31 December 2023 is 1.1534 (2022 - €1.1276).

Group accounts not prepared

The company is exempt from preparing consolidated financial statements under section 401 of the Companies Act 2006 because it is consolidated into the financial statements of its parent company, MVJ GmbH & Co KG.

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 investment of shares 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.

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

The Carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Computer equipment

4 years straight line

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


Recognition and measurement
Investments in listed shares are measure at fair value through the profit and loss. Financial assets at fair value through profit or loss are financial assets held for trading. These assets are available-for-sale financial assets and are non-derivatives that are either designated in this category or not classified in any other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period.

Investments

Investments in listed shares are stated in the balance sheet at fair value through the profit and loss.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Prior period errors
During the year it was identified that costs from a legal invoice should have been included in 2022. The invoice was received late and therefore was not accrued.

The table below shows the effect of removing the expense from 2023.

Effect on 2023

Retained earnings

125,500

Other professional services

(125,500)

The table below shows the effect of the restatement on the 2022 financial statements.
 

Effect on 2022

Other professional services

125,500

Accruals

(125,500)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

Investment impairment

The Directors assets the investment valuation at each year end date to determine whether an impairment is required. This review considers that no impairment is required as the net assets of the investment are in excess of the carrying value of the investments. As at the year end the carrying value of the investments is €274,680,724 (2022: €274,680,724).

Deferred tax

Deferred tax is deemed to be a judgement because it is not guaranteed that the company will perform in line with the Directors' forecasts and so the amount of tax payable or recoverable may differ to the amount calculated as at the year end. As at the year end the provision for deferred tax is €nil (2022: €788,196).

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 17 June 2024 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 3 (2022 - 3).

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Office equipment

Total

Cost or valuation

At 1 January 2023

1,425

1,425

Disposals

(862)

(862)

At 31 December 2023

563

563

Depreciation

At 1 January 2023

486

486

Charge for the year

210

210

Eliminated on disposal

(538)

(538)

At 31 December 2023

158

158

Carrying amount

At 31 December 2023

405

405

At 31 December 2022

939

939

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Investments

2023

2022

Investments in subsidiaries

274,680,724

274,680,724

Subsidiaries

Cost or valuation

At 1 January 2023

274,680,724

Provision

Carrying amount

At 31 December 2023

274,680,724

At 31 December 2022

274,680,724

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

C-Quadrat Investment AG

Schottenfeldgasse 20
1070 Vienna

Austria

Ordinary shares

100%

100%

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Debtors

Current

Note

2023

2022

Trade debtors

 

27,960

27,960

Amounts owed by related parties

13

10,382

10,110

Prepayments

 

3,792

3,078

Other debtors

 

6,312,569

7,438,444

   

6,354,703

7,479,592

9

Creditors

Creditors: amounts falling due within one year

Note

2023

(As restated)

2022

Due within one year

 

Trade creditors

 

217,084

3,932

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

13

387,101

-

Taxation and social security

 

88,378

1,508,952

Accruals and deferred income

 

18,893

173,365

Other creditors

 

420

77,057

 

711,876

1,763,306

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary shares of €1 each

23,000

23,000

23,000

23,000

       

11

Dividends

Interim dividends paid

2023

2022

Interim dividend of €154.35 (2022 - €1,191.30) per each ordinary share

3,550,000

27,481,505

 

 

12

Contingent liabilities

Following the squeeze-out by Cubic (London) Limited of C-Quadrat Investment AG, several former minority shareholders filed for a court review, seeking an increase in the cash compensation paid. At the date of these accounts the matter is still under review by the Austrian courts. Management consider the risk of additional compensation having to be paid as remote.

 

Cubic (London) Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Related party transactions

Other transactions with directors

C A Mendez De Vigo
(Director)
During the year the company made advances to the Director totalling €91,503 (2022: €701,972) and received repayments totalling €451,000 (2022: €nil). At the year end the amount owed to the company by the director was €3,513,064 (2022: €3,872,561).

A De Salinas
(Director)
During the year the company made advances to the Director totalling €nil (2022: (€1,708)) and received repayments totalling €109 (2022: €nil). Advances were made to the company from the director totalling €259 (2022: €nil). At the year end the amount owed to the company to the director was €259 (2022: -€109).

G A Schutz
(Shareholder)
During the year the company granted a loan to the Shareholder for €nil (2022: €nil) with the previous loan held having an interest rate of 2%. No repayments were received during the year. At the year end the amount to the company by the director, including interest charges, was €1,270,925 (2022: €1,245,759).

14

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is MVJ GmbH & Co KG, incorporated in Austria.

The address of MVJ GmbH & Co KG is:
Schottenfeldgasse 20, 1070 Vienna, Austria.