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Registration number: 11994073

Kubu Smart Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Kubu Smart Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Kubu Smart Limited

Company Information

Director

Mr R Bromley

Registered office

4TH Floor Towers Point Towers Business Park
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UN

Accountants

Wychbury Greaves Station House
Station Road
Rugeley
Staffordshire
WS15 3HA

 

Kubu Smart Limited

(Registration number: 11994073)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

220

294

Current assets

 

Debtors

5,128

3,754

Cash at bank and in hand

 

9,206

4,543

 

14,334

8,297

Creditors: Amounts falling due within one year

(63,380)

(37,966)

Net current liabilities

 

(49,046)

(29,669)

Net liabilities

 

(48,826)

(29,375)

Capital and reserves

 

Called up share capital

5

800

800

Retained earnings

(49,626)

(30,175)

Shareholders' deficit

 

(48,826)

(29,375)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 February 2024
 

.........................................
Mr R Bromley
Director

 

Kubu Smart Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4TH Floor Towers Point Towers Business Park
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UN
England

These financial statements were authorised for issue by the director on 18 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Kubu Smart Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer Equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Kubu Smart Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 June 2023

400

400

At 31 May 2024

400

400

Depreciation

At 1 June 2023

106

106

Charge for the year

74

74

At 31 May 2024

180

180

Carrying amount

At 31 May 2024

220

220

At 31 May 2023

294

294

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

500

500

500

500

Ordinary B shares of £1 each

150

150

150

150

Ordinary C shares of £1 each

150

150

150

150

800

800

800

800

6

Related party transactions

Included in Other Creditors is a loan of £61,446 (2023 £35,978) from Avantis Hardware Limited, a company where Mr M Bromley is director who is also the majority shareholder of Kubu Smart Limited. The loan is repayable on demand and on a commercial basis.