REGISTERED NUMBER: |
Fxcubic Ltd |
Abridged Unaudited Financial Statements |
for the period |
1 January 2023 to 25 October 2023 |
REGISTERED NUMBER: |
Fxcubic Ltd |
Abridged Unaudited Financial Statements |
for the period |
1 January 2023 to 25 October 2023 |
Fxcubic Ltd (Registered number: 10816787) |
Contents of the Financial Statements |
for the period 1 January 2023 to 25 October 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Fxcubic Ltd |
Company Information |
for the period 1 January 2023 to 25 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Fxcubic Ltd |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fxcubic Ltd for the period ended 25 October 2023 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Fxcubic Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fxcubic Ltd and state those matters that we have agreed to state to the Board of Directors of Fxcubic Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fxcubic Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Fxcubic Ltd 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 profit of Fxcubic Ltd. You consider that Fxcubic Ltd is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Fxcubic Ltd. 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. |
Chartered Accountants |
239-241 Kennington Lane |
London |
SE11 5QU |
Fxcubic Ltd (Registered number: 10816787) |
Statement of Financial Position |
25 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Fxcubic Ltd (Registered number: 10816787) |
Statement of Financial Position - continued |
25 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Fxcubic Ltd (Registered number: 10816787) |
Notes to the Financial Statements |
for the period 1 January 2023 to 25 October 2023 |
1. | STATUTORY INFORMATION |
Fxcubic Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is derived from the ordinary trading activities of the business and is recognised when the significant risks and rewards of ownership have been transferred to the customers. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The trademark, purchased in 2017, is being amortised evenly over its estimated useful life of ten years. |
The IBS intellectual property, purchased on 25th October 2023, is being amortised evenly over its estimated useful life of seven years. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Fxcubic Ltd (Registered number: 10816787) |
Notes to the Financial Statements - continued |
for the period 1 January 2023 to 25 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2023 |
Additions |
At 25 October 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for period |
At 25 October 2023 |
NET BOOK VALUE |
At 25 October 2023 |
At 31 December 2022 |
Fxcubic Ltd (Registered number: 10816787) |
Notes to the Financial Statements - continued |
for the period 1 January 2023 to 25 October 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 25 October 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
At 25 October 2023 |
NET BOOK VALUE |
At 25 October 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Fxcubic Ltd (Registered number: 10816787) |
Notes to the Financial Statements - continued |
for the period 1 January 2023 to 25 October 2023 |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 2,753 | 1,016 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during period |
Balance at 25 October 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 254 | 280 |
11. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 3,213,223 |
Profit for the period |
Purchase of own shares | (3,169,770 | ) | 26 | (3,169,744 | ) |
At 25 October 2023 | 2,804,805 |
12. | RELATED PARTY DISCLOSURES |
After the period end, all the shares of the company were acquired by another company. Included in other debtors are amounts owed from that new parent company at balance sheet date of £1,300,000 (2022: Nil). No interest is charged on this balance and it is repayable on demand. |