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Registered number: 13108033 (England and Wales)














C-CUBED INNOVATIONS (UK) LIMITED
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
M A Pollins 
J Green 
A Ruttenberg 
R Sreenivasan 




Company secretary
ZEDRA CoSec (UK) Limited



Registered number
13108033



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdon

EC3V 9DU




Accountants
ZEDRA Corporate Reporting Services (UK) Limited





 
C-CUBED INNOVATIONS (UK) LIMITED
 

CONTENTS



Page
Directors' Report
 
1
Accountants' Report
 
2
Statement of Comprehensive Income
 
3
Balance Sheet
 
4 - 5
Statement of Changes in Equity
 
6
Notes to the Financial Statements
 
7 - 9


 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

M A Pollins 
J Green 
A Ruttenberg 
R Sreenivasan 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


J Green
Director

Date: 1 October 2024

Page 1

 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF C-CUBED INNOVATIONS (UK) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C-Cubed Innovations (UK) Limited for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of C-Cubed Innovations (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of C-Cubed Innovations (UK) Limited  and state those matters that we have agreed to state to the Board of Directors of C-Cubed Innovations (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C-Cubed Innovations (UK) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that C-Cubed Innovations (UK) Limited 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 loss of C-Cubed Innovations (UK) Limited. You consider that C-Cubed Innovations (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of C-Cubed Innovations (UK) Limited. 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.

  



ZEDRA Corporate Reporting Services (UK) Limited
Birchin Court
5th Floor
19-25 Birchin Lane
London
United Kingdom
EC3V 9DU
11 October 2024
Page 2

 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
649,343
776,044

Cost of sales
  
(65,382)
(133,385)

Gross profit
  
583,961
642,659

Administrative expenses
  
(816,348)
(912,256)

Operating loss
  
(232,387)
(269,597)

Interest receivable and similar income
  
770
-

Loss before tax
  
(231,617)
(269,597)

Tax on loss
  
-
-

Loss for the financial year
  
(231,617)
(269,597)

There was no other comprehensive income in 2023 (2022: £NIL)

Page 3

 
C-CUBED INNOVATIONS (UK) LIMITED
REGISTERED NUMBER:13108033

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
923
100

Bank and cash balances
  
70,753
62,601

  
71,676
62,701

Creditors: amounts falling due within one year
 4 
(15,354)
(22,167)

Net current assets
  
 
 
56,322
 
 
40,534

Total assets less current liabilities
  
56,322
40,534

  

Net assets
  
56,322
40,534

Page 4

 
C-CUBED INNOVATIONS (UK) LIMITED
REGISTERED NUMBER:13108033
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Capital contribution reserve
 5 
854,600
607,195

Profit and loss account
 5 
(798,378)
(566,761)

  
56,322
40,534


The directors consider 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 directors acknowledge their 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 were approved and authorised for issue by the board and were signed on its behalf by: 

J Green
Director

Date: 1 October 2024

The notes on pages 7 to 9 form part of these financial statements.

Page 5

 
C-CUBED INNOVATIONS (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
256,606
(297,164)
(40,458)


Comprehensive income for the year

Loss for the year
-
-
(269,597)
(269,597)

Capital Contribution
-
350,589
-
350,589



At 1 January 2023
100
607,195
(566,761)
40,534


Comprehensive income for the year

Loss for the year
-
-
(231,617)
(231,617)

Capital contribution
-
247,405
-
247,405


At 31 December 2023
100
854,600
(798,378)
56,322


Page 6

 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company has received written confirmation from its parent company, Lupl, Inc., that it will continue to provide  financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 10% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

Page 7

 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
1.5

Interest income

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

 
1.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

 
1.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.8

Creditors

Short term creditors are measured at the transaction price. 


2.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 4).

Page 8

 
C-CUBED INNOVATIONS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
100
100

Tax recoverable
823
-

923
100



4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
878
628

Accruals
14,476
21,539

15,354
22,167



5.


Reserves

Capital contribution

The capital contribution reserve represents funding amounts received from the parent company which are not seen as repayable.


6.


Controlling party

Lupl, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is Reston Virginia 20190-5640, United States.


7.


Post balance sheet events

There were no adjusting or non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.

Page 9