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Registered number: 07626499
Blue Cube Bars Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
2 Vat Ladies Ltd T/A CMS Pub Accountancy
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—7
Page 1
Balance Sheet
Registered number: 07626499
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,999 29,249
Tangible Assets 5 123,521 119,494
149,520 148,743
CURRENT ASSETS
Stocks 6 16,385 15,624
Debtors 7 14,965 13,254
Cash at bank and in hand 28,614 32,807
59,964 61,685
Creditors: Amounts Falling Due Within One Year 8 (115,888 ) (72,719 )
NET CURRENT ASSETS (LIABILITIES) (55,924 ) (11,034 )
TOTAL ASSETS LESS CURRENT LIABILITIES 93,596 137,709
Creditors: Amounts Falling Due After More Than One Year 9 (9,809 ) (14,540 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,403 ) (16,565 )
NET ASSETS 67,384 106,604
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 67,382 106,602
SHAREHOLDERS' FUNDS 67,384 106,604
Page 1
Page 2
For the year ending 31 May 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
Mr LEE FREEMAN
Director
12/02/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 2 187,695 187,697
Loss for the year and total comprehensive income - (77,093 ) (77,093)
Dividends paid - (4,000) (4,000)
As at 31 May 2023 and 1 June 2023 2 106,602 106,604
Loss for the year and total comprehensive income - (39,220 ) (39,220)
As at 31 May 2024 2 67,382 67,384
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Blue Cube Bars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07626499 . The registered office is 1 Duchess Street, London, W1W 6AN.
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 - Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten 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 6.67% Straight Line
Fixtures & Fittings 5% Reducing Balance
Computer Equipment 25% Straight Line
Leasehold depreciation estimate has been changed from 5% Reducing Balance to 6.67% Straight Line during the year resulting from the renewal of a 15 year lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 4
Page 5
2.6. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
2.7. 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.
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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 14)
13 14
Page 5
Page 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 32,499
As at 31 May 2024 32,499
Amortisation
As at 1 June 2023 3,250
Provided during the period 3,250
As at 31 May 2024 6,500
Net Book Value
As at 31 May 2024 25,999
As at 1 June 2023 29,249
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 37,381 143,746 1,794 182,921
Additions 7,466 3,365 - 10,831
As at 31 May 2024 44,847 147,111 1,794 193,752
Depreciation
As at 1 June 2023 16,532 45,101 1,794 63,427
Provided during the period 1,755 5,049 - 6,804
As at 31 May 2024 18,287 50,150 1,794 70,231
Net Book Value
As at 31 May 2024 26,560 96,961 - 123,521
As at 1 June 2023 20,849 98,645 - 119,494
6. Stocks
2024 2023
£ £
Stock - Wet & Dry 16,385 15,624
Page 6
Page 7
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 10,320 11,330
Directors' loan accounts - 1,924
10,320 13,254
Due after more than one year
Security Deposit 4,645 -
14,965 13,254
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 39,971 39,354
Other taxes and social security 1,698 2,806
VAT 21,910 20,802
Pension Contributions 25 11
Other creditors (1) 246 -
Accruals and deferred income 5,813 9,746
Directors' loan accounts 46,225 -
115,888 72,719
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 9,809 14,540
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr LEE FREEMAN 961 - 961 - -
Mr STEVE COCKERHAM 961 - 961 - -
The above loan is unsecured, interest free and repayable on demand.
Page 7