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Registered number: 11222335









M-CUBE UK DIGITAL ENGAGEMENT LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
REGISTERED NUMBER: 11222335

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
594,920
764,702

  
594,920
764,702

Current assets
  

Stocks
 5 
115,583
186,657

Debtors: amounts falling due within one year
 6 
1,020,833
656,504

Cash at bank and in hand
 7 
290,673
1,173,697

  
1,427,089
2,016,858

Creditors: amounts falling due within one year
 8 
(1,917,854)
(3,025,387)

Net current liabilities
  
 
 
(490,765)
 
 
(1,008,529)

Total assets less current liabilities
  
104,155
(243,827)

  

Net assets/(liabilities)
  
104,155
(243,827)


Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Profit and loss account
  
94,155
(253,827)

  
104,155
(243,827)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Manlio Romanelli
Director

Date: 31 October 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

M-Cube UK Digital Engagement Limtied is a private company limited by shares and incorporated in England and Wales, registered number 11222335. It's registered office is 2 Leman Street, London, E1 8FA

2.Accounting policies

 
2.1

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities and is dependent on the support of its parent company. The parent company, M-Cube SpA, has confirmed that they intend to continue to support this company and will do so for a period of at least 12 months. 
On this basis, the director believes that it is appropriate to prepare the financial statements on a going concern basis, which assumes that the company will continue in operational existence with the support of the parent undertaking. 
If the company is unable to continue in operational existence for the forseeable future, adjustments would have to be made to reduce further liabilties that may rise. 

Page 2

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
 

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

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 the Statement of Income and Retained Earnings within 'other operating income'.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
5
5

Page 5

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment
Total

£
£



Cost or valuation


At 1 January 2023
1,437,065
1,437,065


Additions
251,771
251,771


Disposals
(2,936)
(2,936)



At 31 December 2023

1,685,900
1,685,900



Depreciation


At 1 January 2023
672,363
672,363


Charge for the year on owned assets
420,302
420,302


Disposals
(1,685)
(1,685)



At 31 December 2023

1,090,980
1,090,980



Net book value



At 31 December 2023
594,920
594,920



At 31 December 2022
764,702
764,702


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
115,583
186,657

115,583
186,657


Page 6

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
870,144
537,531

Amounts owed by group undertakings
-
15,410

Other debtors
7,518
19,165

Prepayments and accrued income
143,171
84,398

1,020,833
656,504



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
290,673
1,173,697

290,673
1,173,697



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
577,690
966,917

Amounts owed to group undertakings
884,201
1,775,791

Other taxation and social security
10,220
5,022

Other creditors
32,441
18,063

Accruals and deferred income
413,302
259,594

1,917,854
3,025,387



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1 each
10,000
10,000


Page 7

 
M-CUBE UK DIGITAL ENGAGEMENT LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,757 (2022: £4,183). Contributions totalling £959 (2022: £863) were payable to the fund at the reporting date and are included in creditors. 


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



12.


Related party transactions

The company is a wholly owned subsidiary of M-Cube SpA, and as such is exempt from the requirements to disclose transactions with this parent company. 


13.


Controlling party

The parent company of the smallest group for which group financial statements are prepared is M-Cube SpA, with registered office at Via San Galdino 6 Milano, 20154 Italy. The ultimate parent undertaking is HLD Europe S.C.A, incorporated in Luxembourg.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 November 2024 by Edward Passmore FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 8