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Company No: 07227878 (England and Wales)

QUBE AUTOMOTIVE LTD

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

QUBE AUTOMOTIVE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

QUBE AUTOMOTIVE LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
QUBE AUTOMOTIVE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS S O'Donnell
M W Seymour
E A Seymour
REGISTERED OFFICE 10 Hollingworth Court Turkey Mill
Ashford Road
Maidstone
ME14 5PP
England
United Kingdom
COMPANY NUMBER 07227878 (England and Wales)
ACCOUNTANT Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
QUBE AUTOMOTIVE LTD

BALANCE SHEET

As at 31 March 2024
QUBE AUTOMOTIVE LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 56,058 116,216
Tangible assets 4 8,959 9,733
65,017 125,949
Current assets
Debtors 5 213,451 389,253
Cash at bank and in hand 472,204 469,785
685,655 859,038
Creditors: amounts falling due within one year 6 ( 142,128) ( 191,244)
Net current assets 543,527 667,794
Total assets less current liabilities 608,544 793,743
Net assets 608,544 793,743
Capital and reserves
Called-up share capital 7 320 320
Profit and loss account 608,224 793,423
Total shareholder's funds 608,544 793,743

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 Qube Automotive Ltd (registered number: 07227878) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

E A Seymour
Director
QUBE AUTOMOTIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
QUBE AUTOMOTIVE LTD

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

Qube Automotive Ltd (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 10 Hollingworth Court Turkey Mill, Ashford Road, Maidstone, ME14 5PP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Qube Automotive Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may significant cast doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these 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.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 4 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 % reducing balance
4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Research and development expenditure

Where expenditure relates to a clearly defined project and that project meets the following conditions, the
company’s research development activities is capitalised as an intangible asset:

an asset is created that can be identified;
the project from which the asset arises meets the company's criteria for assessing technical
feasibility;
it is probable that the asset created will generate future economic benefits; and
the development cost of the asset can be measured reliably.

Where no internally generated intangible asset can be recognised, research and development expenditure is recognised as an expense in the period in which it is incurred.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs 25% straight line

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 16

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 848,627 848,627
At 31 March 2024 848,627 848,627
Accumulated amortisation
At 01 April 2023 732,411 732,411
Charge for the financial year 60,158 60,158
At 31 March 2024 792,569 792,569
Net book value
At 31 March 2024 56,058 56,058
At 31 March 2023 116,216 116,216

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 39,690 39,690
Additions 3,545 3,545
At 31 March 2024 43,234 43,234
Accumulated depreciation
At 01 April 2023 29,957 29,957
Charge for the financial year 4,318 4,318
At 31 March 2024 34,275 34,275
Net book value
At 31 March 2024 8,959 8,959
At 31 March 2023 9,733 9,733

5. Debtors

2024 2023
£ £
Trade debtors 188,904 385,811
Other debtors 24,547 3,442
213,451 389,253

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 18,651 19,706
Taxation and social security 106,441 161,457
Other creditors 17,036 10,081
142,128 191,244

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
240 Ordinary A shares of £ 1.00 each 240 240
80 Ordinary B shares of £ 1.00 each 80 80
320 320

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 39,208 29,817
between one and five years 14,300 762
53,508 30,579

9. Ultimate controlling party

The parent company of Qube Automotive Ltd is Qubedata (Holdings) Limited whose registered office is 22
Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.