Red Cube Events Ltd
Registered number: 11721772
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,309 4,468
Financial assets 11,000 11,000
15,309 15,468
Current assets
Stocks 450 1,000
Debtors 5 31,238 40,531
Cash at bank and in hand 61,587 113,327
93,275 154,858
Creditors: amounts falling due within one year 6 (37,320) (78,375)
Net current assets 55,955 76,483
Total assets less current liabilities 71,264 91,951
Creditors: amounts falling due after more than one year 7 (14,215) (24,204)
Provisions for liabilities (819) (1,039)
Net assets 56,230 66,708
Capital and reserves
Called up share capital 100 100
Fair value reserve 8 808 808
Profit and loss account 55,322 65,800
Shareholders' funds 56,230 66,708
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Nijjar
Director
Approved by the board on 26 September 2024
Red Cube Events Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investments
Gold bullion is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when this is sold.
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Exceptional items 2023 2022
£ £
Value adjustments on fixed assets and current asset investments - (998)
- (998)
3 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 9,458
Additions 1,278
At 31 December 2023 10,736
Depreciation
At 1 January 2023 4,990
Charge for the year 1,437
At 31 December 2023 6,427
Net book value
At 31 December 2023 4,309
At 31 December 2022 4,468
5 Debtors 2023 2022
£ £
Other debtors 31,238 40,531
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,984 9,985
Trade creditors 1,102 63,210
Accruals 17,749 1,237
Corporation tax 1,977 3,687
Other taxes and social security costs 6,508 -
Other creditors - 256
37,320 78,375
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,215 24,204
8 Fair value reserve 2023 2022
£ £
At 1 January 2023 808 -
Gain on revaluation of investments - 998
Deferred taxation arising on the revaluation of investments - (190)
At 31 December 2023 808 808
9 Prior year adjustment
The comparative figures have been restated to incorporate the impact of missing purchase invoices not included in 2021 and 2022. The change has resulted in profits available for distribution decreasing after tax by £21,367.
Summary of prior year accounting impact:
£
Reduction in profits available for distribution 21,367
Reduction in corporation tax 4,480
Reduction in VAT liability 5,170
Reduction in other debtors 31,011
Increase in trade creditors 6
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Nijjar
Repayable on demand 1,866 - 1,866 -
1,866 - 1,866 -
11 Other information
Red Cube Events Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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