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REGISTERED NUMBER: 06060850 (England and Wales)















Financial Statements

for the Year Ended 31 January 2024

for

KUBE HOMES LIMITED

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Contents of the Financial Statements
for the year ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KUBE HOMES LIMITED

Company Information
for the year ended 31 January 2024







Director: Mr K Kilikita





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: 06060850 (England and Wales)





Accountants: Duncan & Toplis Limited
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Balance Sheet
31 January 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 29,666 39,555
Investments 5 191,341 191,341
Investment property 6 1,850,000 1,850,000
2,071,007 2,080,896

Current assets
Debtors 7 10,075 10,075
Cash at bank and in hand 10,289 111,828
20,364 121,903
Creditors
Amounts falling due within one year 8 136,363 264,388
Net current liabilities (115,999 ) (142,485 )
Total assets less current liabilities 1,955,008 1,938,411

Creditors
Amounts falling due after more than one year 9 (792,183 ) (797,483 )

Provisions for liabilities (164,806 ) (164,905 )
Net assets 998,019 976,023

Capital and reserves
Called up share capital 10 100 100
Revaluation reserve 11 714,812 714,812
Retained earnings 283,107 261,111
Shareholders' funds 998,019 976,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





Mr K Kilikita - Director


KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Notes to the Financial Statements
for the year ended 31 January 2024


1. Statutory information

Kube Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

Turnover
Turnover represents net invoiced sales of services excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Depreciation in only provided on freehold buildings where the director considers that the remaining useful life is less than 50 years. Provision for depreciation on freehold buildings where the estimated life exceeds 50 years is not considered to be necessary as it is the company's policy to maintain its properties in good condition which prolongs their useful life and any depreciation involved would not be material. Costs of repairs and maintenance are charged against revenue in the year in which they are incurred.

Investment property
Investment properties are included in the balance sheet at their open market value, and the aggregate surplus or deficit is recognised in the profit and loss account and transferred to the fair value reserves. No depreciation is provided.

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Creditors are subsequently measured at amortised cost using the effective interest rate method.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the yearyear comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Investments
Investments are included in the balance sheet at their open market value, and the aggregate surplus or deficit is recognised in the profit and loss account and transferred to the fair value reserves. No depreciation is provided.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


4. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 February 2023
and 31 January 2024 5,450 1,025 90,808 1,633 98,916
Depreciation
At 1 February 2023 4,904 843 52,498 1,116 59,361
Charge for year 137 45 9,578 129 9,889
At 31 January 2024 5,041 888 62,076 1,245 69,250
Net book value
At 31 January 2024 409 137 28,732 388 29,666
At 31 January 2023 546 182 38,310 517 39,555

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£
Cost
At 1 February 2023
and 31 January 2024 90,808
Depreciation
At 1 February 2023 52,498
Charge for year 9,578
At 31 January 2024 62,076
Net book value
At 31 January 2024 28,732
At 31 January 2023 38,310

5. Fixed asset investments
Interest in
joint
venture
£
Cost
At 1 February 2023
and 31 January 2024 191,341
Net book value
At 31 January 2024 191,341
At 31 January 2023 191,341

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


6. Investment property
Total
£
Fair value
At 1 February 2023
and 31 January 2024 1,850,000
Net book value
At 31 January 2024 1,850,000
At 31 January 2023 1,850,000

Fair value at 31 January 2024 is represented by:
£
Valuation in 2017 94,578
Valuation in 2023 788,108
Cost 967,314
1,850,000

Investment property was valued at fair market value by the director of the company on 31 January 2024.

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 700 700
Other debtors 9,375 9,375
10,075 10,075

8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 18,795 18,795
Trade creditors - 122
Taxation and social security 9,490 8,876
Other creditors 108,078 236,595
136,363 264,388

Bank overdrafts and bank loans are secured by way of fixed and floating charge over the company's assets and undertaking.

9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 779,821 779,821
Other creditors 12,362 17,662
792,183 797,483

KUBE HOMES LIMITED (REGISTERED NUMBER: 06060850)

Notes to the Financial Statements - continued
for the year ended 31 January 2024


9. Creditors: amounts falling due after more than one year - continued
2024 2023
£ £
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 704,640 704,640
Bounce back loan 12,362 17,662
717,002 722,302

Bank overdrafts and bank loans are secured by way of fixed and floating charge over the company's assets and undertaking.

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

11. Reserves
Revaluation
reserve
£
At 1 February 2023
and 31 January 2024 714,812