0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP OC426134 2023-03-01 2024-02-29 OC426134 2024-02-29 OC426134 2023-02-28 OC426134 2022-03-01 2023-02-28 OC426134 2023-02-28 OC426134 2022-02-28 OC426134 core:MotorVehicles 2023-03-01 2024-02-29 OC426134 bus:Director3 2023-03-01 2024-02-29 OC426134 core:MotorVehicles 2023-02-28 OC426134 core:MotorVehicles 2024-02-29 OC426134 core:WithinOneYear 2024-02-29 OC426134 core:WithinOneYear 2023-02-28 OC426134 core:AfterOneYear 2024-02-29 OC426134 core:AfterOneYear 2023-02-28 OC426134 core:MotorVehicles 2023-02-28 OC426134 bus:Director1 2023-03-01 2024-02-29 OC426134 bus:SmallEntities 2023-03-01 2024-02-29 OC426134 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 OC426134 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 OC426134 bus:LimitedLiabilityPartnershipLLP 2023-03-01 2024-02-29 OC426134 bus:FullAccounts 2023-03-01 2024-02-29 OC426134 core:OfficeEquipment 2023-03-01 2024-02-29 OC426134 core:OfficeEquipment 2023-02-28 OC426134 core:OfficeEquipment 2024-02-29
REGISTERED NUMBER: OC426134
Kube Architecture LLP
Filleted Unaudited Financial Statements
29 February 2024
Kube Architecture LLP
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kube Architecture LLP
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
73,094
39,713
Current assets
Debtors
5
101
Cash at bank and in hand
29,981
15,903
--------
--------
29,981
16,004
Creditors: amounts falling due within one year
6
9,088
8,949
--------
--------
Net current assets
20,893
7,055
--------
--------
Total assets less current liabilities
93,987
46,768
Creditors: amounts falling due after more than one year
7
46,419
27,490
--------
--------
Net assets
47,568
19,278
--------
--------
Represented by:
Loans and other debts due to members
Other amounts
8
47,568
15,278
Members' other interests
Members' capital classified as equity
4,000
Other reserves
--------
--------
47,568
19,278
--------
--------
Total members' interests
Loans and other debts due to members
8
47,568
15,278
Members' other interests
4,000
--------
--------
47,568
19,278
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Kube Architecture LLP
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the members and authorised for issue on 18 October 2024 , and are signed on their behalf by:
Mr K Eddy
Designated Member
Registered number: OC426134
Kube Architecture LLP
Notes to the Financial Statements
Year ended 29 February 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss accounts in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 March 2023
44,993
7,957
52,950
Additions
70,586
70,586
Disposals
( 44,993)
( 44,993)
--------
-------
--------
At 29 February 2024
70,586
7,957
78,543
--------
-------
--------
Depreciation
At 1 March 2023
11,248
1,989
13,237
Charge for the year
9,204
1,989
11,193
Disposals
( 18,981)
( 18,981)
--------
-------
--------
At 29 February 2024
1,471
3,978
5,449
--------
-------
--------
Carrying amount
At 29 February 2024
69,115
3,979
73,094
--------
-------
--------
At 28 February 2023
33,745
5,968
39,713
--------
-------
--------
5.
Debtors
2024
2023
£
£
Other debtors
101
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
2,427
3,007
Other creditors
6,661
5,942
-------
-------
9,088
8,949
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
46,419
27,490
--------
--------
8.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
47,568
15,278
--------
--------