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Registered number: 11397717










CUBE RETAIL PROJECT MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
REGISTERED NUMBER: 11397717

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 3 
868,000
868,000

  
868,000
868,000

Current assets
  

Debtors: amounts falling due within one year
 4 
62,676
52,941

Cash at bank and in hand
 5 
2,841
12,700

  
65,517
65,641

Creditors: amounts falling due within one year
 6 
(200,524)
(390,937)

Net current liabilities
  
 
 
(135,007)
 
 
(325,296)

Total assets less current liabilities
  
732,993
542,704

  

Net assets
  
732,993
542,704


Capital and reserves
  

Called up share capital 
 7 
1,000
1,000

Share premium account
  
93,255
93,255

Profit and loss account
  
638,738
448,449

  
732,993
542,704


Page 1

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
REGISTERED NUMBER: 11397717
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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: 




A Taylor
Director

Date: 8 November 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The entity is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the company is the provision of management services. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in pounds sterling, the functional currency of the company, rounded to the nearest £1.
Cube Retail Project Management Limited is the parent company of a small group. It is not required to prepare and it has not prepared group financial statements. These are the financial statements of the company, not the group.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company had net current liabilities of £135,007 (2023 - £325,296) at the balance sheet date, with overall net assets of £732,993 (2023 - £542,704). The financial statements have been prepared on a going concern basis as the directors and shareholders have confirmed their willingness and ability to support the company for at least twelve months from the date of approval of the financial statements.

 
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:

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.

Page 3

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.6

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 4

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
868,000



At 31 March 2024
868,000





4.


Debtors

2024
2023
£
£


Trade debtors
4,830
-

Other debtors
33,846
33,495

Prepayments and accrued income
24,000
19,446

62,676
52,941



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,841
12,700

2,841
12,700


Page 6

 
CUBE RETAIL PROJECT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Debenture loans
-
46,500

Other creditors
191,840
334,518

Accruals and deferred income
8,684
9,919

200,524
390,937


Debenture loans of £Nil (2023 - £46,500) are secured on the assets of the company.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


 
Page 7