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Registration number: 08150022

Cubik Innovation Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

Cubik Innovation Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Cubik Innovation Ltd

Company Information

Directors

P Mullen

S Beard

Registered office

Bristol & Bath Science Park
Dirac Crescent
Emersons Green
Bristol
BS16 7FR

Registered number

08150022

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Cubik Innovation Ltd

(Registration number: 08150022)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

108,293

126,659

Current assets

 

Stocks

6

162,535

209,610

Debtors

7

267,299

86,696

Cash at bank and in hand

 

129,919

417,887

 

559,753

714,193

Creditors: Amounts falling due within one year

8

(275,849)

(346,151)

Net current assets

 

283,904

368,042

Total assets less current liabilities

 

392,197

494,701

Creditors: Amounts falling due after more than one year

8

(91,836)

(165,846)

Provisions for liabilities

(12,000)

(29,000)

Net assets

 

288,361

299,855

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

74,910

74,910

Profit and loss account

213,351

224,845

Total equity

 

288,361

299,855

 

Cubik Innovation Ltd

(Registration number: 08150022)
Balance Sheet as at 31 March 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
P Mullen
Director

.........................................
S Beard
Director

 
     
 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bristol & Bath Science Park
Dirac Crescent
Emersons Green
Bristol
BS16 7FR

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and believe that the company is able to meet liabilities as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Plant and machinery

15% on reducing balance

Fixtures and fittings

25% on reducing balance

Office equipment

33% on cost

Research and development costs

Expenditure on research and development is written off to the profit or loss during the year in which it is incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 23).

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Short term timing differences

12,000

12,000

2023

Liability
£

Short term timing differences

29,000

29,000

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible fixed assets

Fixtures and fittings
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

44,018

58,226

199,887

302,131

Additions

-

993

463

1,456

At 31 March 2024

44,018

59,219

200,350

303,587

Depreciation

At 1 April 2023

35,188

54,405

85,879

175,472

Charge for the year

2,206

1,149

16,467

19,822

At 31 March 2024

37,394

55,554

102,346

195,294

Carrying amount

At 31 March 2024

6,624

3,665

98,004

108,293

At 31 March 2023

8,830

3,821

114,008

126,659

6

Stocks

2024
£

2023
£

Stocks

95,535

186,410

Work in progress

67,000

23,200

162,535

209,610

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

76,746

46,600

Accrued income

87,137

-

Prepayments

66,195

39,846

Corporation tax

27,434

-

Directors' loan accounts

9,787

250

267,299

86,696

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Note

2024
£

2023
£

Amounts falling due within one year

 

Loans and borrowings

60,327

56,610

Hire purchase and finance lease liabilities

13,683

13,263

Trade creditors

 

103,271

39,502

Taxation and social security

 

65,920

77,623

Other creditors

 

7,603

9,933

Accruals and deferred income

 

43,710

115,209

Directors' loan accounts

8,769

8,769

Corporation tax

 

(27,434)

25,242

 

275,849

346,151

Note

2024
£

2023
£

Due after one year

 

Bank loan

72,171

132,498

Hire purchase and finance lease liabilities

19,665

33,348

 

91,836

165,846

Loans and borrowings include two loans of £72,473 (2023: £96,849) and £60,025 (2023: £92,259). The first loan is a CBILS loan, repayable in January 2026 with an interest rate of 5%. The second loan is repayable in October 2026 with an interest rate of 8.9%.

 

Cubik Innovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

90

90

95

95

Ordinary B shares of £1 each

10

10

5

5

 

100

100

100

100

On 1 April 2023 5 Ordinary A shares were reclassified as 5 Ordinary B shares.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

12,821

14,042

The amount of non-cancellable operating lease payments recognised as an expense during the year was £53,523 (2023 - £57,186).

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Director

(250)

(10,050)

513

(9,787)

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director

-

(250)

-

(250)