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Registered number: 13834733
Cube Direct Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13834733
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,913 2,609
Tangible Assets 5 30,791 33,270
32,704 35,879
CURRENT ASSETS
Debtors 6 126,486 368,348
Cash at bank and in hand 184,488 108,591
310,974 476,939
Creditors: Amounts Falling Due Within One Year 7 (180,682 ) (392,009 )
NET CURRENT ASSETS (LIABILITIES) 130,292 84,930
TOTAL ASSETS LESS CURRENT LIABILITIES 162,996 120,809
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,395 ) -
NET ASSETS 157,601 120,809
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 157,501 120,709
SHAREHOLDERS' FUNDS 157,601 120,809
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Valerie Babington
Director
3 December 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Cube Direct Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13834733 . The registered office is Unit 1p Westpark 26, Chelston, Wellington, Somerset, TA21 9AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the period of the lease
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was 9 (2023: 3)
9 3
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 3,479
As at 31 March 2024 3,479
Amortisation
As at 1 April 2023 870
Provided during the period 696
As at 31 March 2024 1,566
Net Book Value
As at 31 March 2024 1,913
As at 1 April 2023 2,609
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 14,280 10,259 9,011 7,597 41,147
Additions - 311 - 2,987 3,298
As at 31 March 2024 14,280 10,570 9,011 10,584 44,445
Depreciation
As at 1 April 2023 1,339 2,565 2,380 1,593 7,877
Provided during the period 1,071 1,579 1,470 1,657 5,777
As at 31 March 2024 2,410 4,144 3,850 3,250 13,654
Net Book Value
As at 31 March 2024 11,870 6,426 5,161 7,334 30,791
As at 1 April 2023 12,941 7,694 6,631 6,004 33,270
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6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 71,374 161,724
Prepayments and accrued income 4,939 4,957
Other debtors 6,525 6,525
Payments on account 34,407 168,331
VAT 9,116 26,811
Directors' loan accounts 125 -
126,486 368,348
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 111,888 165,651
Corporation tax 50,365 40,012
Other taxes and social security 3,495 3,323
Pension creditor 4,308 2,612
Accruals and deferred income 10,626 9,053
Directors' loan accounts - 159,900
Amounts owed to related parties - 11,458
180,682 392,009
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Valerie Babington - 75 - - 75
Mr James Ward - 50 - - 50
The above loans are unsecured, interest free and repayable on demand.
9. Related Party Transactions
During the year the company maintained loans with companies owned by the Directors, which were subsequently written off. At the balance sheet date the amount due by the company was £nil (2023: £11,458).
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