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Company No: 10839889 (England and Wales)

LIBROCUBE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LIBROCUBE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LIBROCUBE LIMITED

BALANCE SHEET

As at 31 March 2024
LIBROCUBE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 3,875,572 3,798,511
3,875,572 3,798,511
Current assets
Debtors 4 11,498 49,190
Cash at bank and in hand 6,113,214 3,967,088
6,124,712 4,016,278
Creditors: amounts falling due within one year 5 ( 6,660) ( 59,796)
Net current assets 6,118,052 3,956,482
Total assets less current liabilities 9,993,624 7,754,993
Net assets 9,993,624 7,754,993
Capital and reserves
Called-up share capital 6 1,700 1,700
Share premium account 3,154,150 3,154,150
Profit and loss account 6,837,774 4,599,143
Total shareholders' funds 9,993,624 7,754,993

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Librocube Limited (registered number: 10839889) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

K Blount
Director
LIBROCUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LIBROCUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Librocube Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom. The principal place of business is Heron Creek, Old Tram Road, Devoran, Truro, TR3 6NF.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 3,177,413
At 31 March 2024 3,177,413
Carrying value at 31 March 2024 3,177,413
Carrying value at 31 March 2023 3,177,413

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:

Literature and Latte Limited
Registered office:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
England

Holdings: Ordinary
Proportion of voting rights and shares held 2024 - 85% (2023 - 85%)

Literature & Latte USA, Inc
Registered office:
State of Delaware
1013 Centre Road
Suite 403s
Wilmington
New Castle
19805
United States of America

The principal activity of Literature and Latte Limited is internet sale of computer software.
The principal activity of Literature & Latte USA, Inc is production software.

Holdings: Ordinary
Proportion of voting rights and shares held 2024 - 85% (2023- 85%)

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 April 2023 610,938 10,160 621,098
Additions 71,302 9,149 80,451
Disposals ( 69,180) 0 ( 69,180)
Movement in fair value 65,790 0 65,790
At 31 March 2024 678,850 19,309 698,159
Carrying value at 31 March 2024 678,850 19,309 698,159
Carrying value at 31 March 2023 610,938 10,160 621,098

The investments consist of funds held with stockbrokers. The funds are included within the accounts at market value at 31 March 2024, as valued by the fund manager, Brewin Dolphin.

4. Debtors

2024 2023
£ £
Corporation tax 4,447 0
Other debtors 7,051 49,190
11,498 49,190

5. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals 1,750 1,750
Taxation and social security 0 53,136
Other creditors 4,910 4,910
6,660 59,796

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,700 Ordinary shares of £ 1.00 each 1,700 1,700

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Director's loan account 372 45,366

During the year K Blount and J Pierce had a directors loan account with the company. In the year the company advanced the directors £nil (2023 - £nil) and the directors repaid £44,994 (2023 - £315,391). Interest was charged at 2.25% on the balance.