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Registered number: 11739826














CUBIX DEVELOPMENT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
CUBIX DEVELOPMENT LIMITED
 

CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 4

 
CUBIX DEVELOPMENT LIMITED
REGISTERED NUMBER:11739826

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
2,000
2,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,089,000
991,000

Cash at bank and in hand
  
29
266,737

  
1,089,029
1,257,737

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(998,250)
(1,166,211)

Net current assets
  
 
 
90,779
 
 
91,526

Net assets
  
92,779
93,526


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Profit and loss account
  
91,779
92,526

  
92,779
93,526


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




C O Chartouni
Director

The notes on pages 2 to 4 form part of these financial statements.
Page 1

 
CUBIX DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Cubix Development Limited is a private limited liability company, incorporated in England and Wales with it's registered office at 1 Hampstead Gate, 1a Frognal, London, United Kingdom, NW3 6AL. 
The principal activity is that of an investment holding company.
The functional and presentation reporting currency is £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.5

Investments in Associates

Investments in associates are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans 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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price.
Page 2

 
CUBIX DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Fixed asset investments





Investments in associates

£



Cost 


At 1 January 2023
2,000



At 31 December 2023
2,000


5.


Debtors

2023
2022
£
£

Other loans
1,089,000
991,000


Other loans of £1,089,000 (2022 - £991,000), are unsecured, interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
997,000
1,162,611

Accruals and deferred income
1,250
3,600

998,250
1,166,211


Other creditors include amounts due to shareholder of £997,000 (2022 - £1,162,611) which are unsecured, interest free and repayable on demand.

Page 3

 
CUBIX DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1 each
1,000
1,000


 
Page 4