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REGISTERED NUMBER: 10346367 (England and Wales)

















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

CUBICO GROUP LIMITED

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 11

Consolidated Income Statement 15

Consolidated Other Comprehensive Income 16

Consolidated Balance Sheet 17

Company Balance Sheet 18

Consolidated Statement of Changes in Equity 19

Company Statement of Changes in Equity 20

Consolidated Cash Flow Statement 21

Notes to the Consolidated Cash Flow Statement 22

Notes to the Consolidated Financial Statements 23


CUBICO GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTORS: Ms L K Green
C A Waddington
S P Browett
S J Tattersley
A Marsh





SECRETARY: Ms L K Green





REGISTERED OFFICE: Peel Avenue
Calder Business Park
Wakefield
West Yorkshire
WF2 7UA





REGISTERED NUMBER: 10346367 (England and Wales)





AUDITORS: Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

The directors present their strategic report of the company and the group for the year ended 29th February 2024.

PRINCIPAL ACTIVITIES
During the year, the principal activities of the group included the sale of bathrooms products and tiles through our network of stores, as well as wholesale and online sales channels.

INDUSTRY OVERVIEW
The bathroom industry in the UK undoubtedly benefitted from the impact of the COVID-19 pandemic in 2020 and the associated actions taken by the UK Government to implement 'lockdowns', with the market seeing two consecutive years of uplift in spend due to increased spend on home improvements and renovations. As expected, in the 12-month period to 29th February 2024, there was a natural slowdown in customer spending and a normalisation of the bathroom market, as the pandemic's effects wore off. This, coupled with rising interest rates and pressure on customers personal finances, further added to the challenges faced by the group and the industry as a whole, as customers reduced discretionary spend on items which may be considered a non-essential or luxury expense for some consumers.

Despite these obstacles, the group feels it has weathered the storm reasonably well and the board are broadly satisfied with the results and the year-on-year improvement.

REVIEW OF BUSINESS
As of 29th February 2024, the net assets of the group amounted to £8,962,801 (2023: £9,536,599).

The results for the trading subsidiary show an operating profit of £1,021,398 for the period to 29th February 2024 and turnover of £103,497,256 for the same period.

For operational reasons, in the previous accounting period the company extended its reporting period by 3 months, moving from 30th November 2022 to 28th February 2023. A comparison of like-for-like trading figures in the trading subsidiary (March 2022 to February 2023) show an operating profit of £1,021,398 v an operating loss of £(1,560,056) in the 12 months to 28th February 2023 and turnover of £103,497,256 v turnover of £89,166,375 in the 12 months to February 2023 (an increase of 16%).

In December 2021, the group moved to a purpose-built 330,000 sq. ft. facility at Calder Park in Wakefield, in which the group invested £8.3m to ensure it becomes the state-of-the-art HQ and distribution centre needed to support further growth. Alongside its showrooms across the UK, it will mean the group's physical footprint exceeds 1 million sq. ft, making Easy Bathrooms the largest retailer with stores within the UK bathroom market.

The group expects significant operational and financial efficiencies to result from the move to the new HQ in the mid to long-term, however, there have undoubtedly been some inefficiencies as we settled into the new facility, negatively impacting EBITDA.

While we have made progress year-on-year, the operational usage of the facility is still under 60% and the group recognises that further growth and cost control is required to make the facility financially efficient. There have also been operational challenges, which the business is working hard to resolve, to ensure we meet our internal performance metrics and ensure we are delivering the best service to our customers. These challenges have resulted in increased costs, which we are trying to mitigate going forward.

We remain committed to reinvesting, where appropriate, to cement our position as the one of the leading bathroom retailers in the UK and to ensure that we can bring revenues to appropriate levels to support the running costs of the new HQ. As of February 2024, the company operates 138 retail outlets, through which 87% of total revenues flowed during the period, with the remainder coming from business-to-business and online revenue streams.

7 new stores were opened during the 12 months to 29th February 2024 (down from 35 in the prior reporting period), with total investment in stores opened during the period valued at £2.4m (£10.2m in prior reporting period).

The group has taken a strategic approach by temporarily scaling back on new store openings to prioritise improving core operations and explore new revenue opportunities, such as additional online platforms and, more significantly, our new installation service, which was introduced in January 2024.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

REVIEW OF BUSINESS (CONT..)
Resources previously used for opening new stores have been redirected to a new refurbishment programme, to maintain the quality and appeal of existing stores and ensure that they continue to offer a fresh, modern buying experience with up-to-date product lines.

The group is also investing further in its product portfolio to ensure we stay competitive and meet changing customer preferences, with the introduction of 1500 + new live SKUs during the reporting period.

Additionally, there has been further investment in both technology and staff during the period. Continued investment has allowed the business to create 71 new job roles across the business in various geographical locations during the period (an uplift of 10%).

KEY PERFORMANCE INDICATORS
The group is focused on regular reviews of Key Performance Indicators (KPIs) and has robust reporting tools for all levels of staff. This allows every staff member to manage expectations and achieve targets.

Progress is monitored by the board by reference to the following KPIs, among others:

2024 2023 Change
(12 months ) (15 months )

Turnover £103.5m £107.6m £(4.1m )

Gross Profit £65.7m £63.0m £2.7m
Gross Profit % 63.5% 58.6% 4.9

Operating Profit / (Loss) £1.0m £(0.9m ) £1.9m
Operating Profit / (Loss) % 1.0% (0.8% ) 1.8

EBITDA £7.0m £5.2m £1.8m

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the group's growth strategy are subject to several risks.

The directors ensure that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks. The directors have set out below the principal risks facing the business:

Economic and market risk
The immediate risk to the business is a fall in activity in the bathroom market. Where possible, the business will continue to increase its footprint across the UK to gain more market share, whilst keeping a close eye on the economic influences. The business is highly cash generative, given that most sales are paid for before despatch, which allows us time to react to changing market conditions by slowing down store openings or normalising the stock levels to compensate.

Supply risk
Given the ongoing uncertainty in the Ukraine and the Middle East the group continues to keep its supply chain under close review, ensuring additional lead times are factored in. Relationships have been developed with alternative providers, in case they are required, and regular dialogues are in place with current suppliers to track changes in market conditions.

'Cost of living' crisis
Since the war in Ukraine began, economic growth projections for Europe have been revised down and inflation estimates ratcheted up, with recent results in the UK falling short of expectations. The Bank of England has warned that the impact of the conflicts in both the Ukraine and the Middle East continue to cause economic uncertainty. Further base rate increases during the reporting period (from 4.00% to 5.25%) have resulted in increased pressure on UK borrowers. Specific sensitivity analysis has been performed to ensure the ongoing viability of the group and contingency plans have been put in place should we need to react, including the slowing down of store openings or normalisation of stock levels.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES (CONT..)
Competition in the bathroom market
The bathroom and tile markets are highly competitive, and the group keeps a close eye on actions of its competitors in both industries, ensuring we are keeping up to date and ahead of key product trends, that we are pricing competitively and that our overall offering, including our customer service levels, are superior to those of our competitors.

Price risk
The group currently purchases an element of its stock ranges in USD and EUR, both of which have been subject to fluctuations in recent years. The group has managed this risk through close monitoring of exchange rates, using forward contracts and careful negotiation with suppliers to limit the exposure.

Credit risk
The majority of revenue is through sales to the end consumer where goods are paid for prior to despatch. The group reduces its credit risk by actively monitoring credit accounts to ensure that debts do not become bad. This risk is also mitigated by the regular review of customer accounts to ensure that they do not exceed the agreed credit limits and terms.

Liquidity risk
The group mitigates liquidity risk by actively managing cash collection days and closely monitoring stock levels and turns on all SKUs.

IT systems and infrastructure
Our IT systems and infrastructure are fundamental to ensuring the continuity of trading across our stores and head office functions. If a major incident occurred affecting this infrastructure, it could have a detrimental impact on the businesses ability to operate effectively. To reduce this risk, and to reduce the impact of such an event if it were to happen, the group has invested significantly in developing robust recovery plans and systems, including a disaster recovery plan and use of leading cloud services.

FUTURE DEVELOPMENTS
Despite the continuing uncertainty and challenging economic and political environment, turnover has reached record levels. The Directors remain confident in the group's strategy and continue to explore opportunities for new store locations as part of our long-term plan to expand coverage across key areas of the UK.

Turnover is expected to grow year-on-year as the stores gain traction and become more established. Additional new revenue streams are also being added to further diversify the group's offering. In the short-term, the opening of new stores will continue at current rates, while the group focuses on optimising operations at the new HQ and making sure we are driving operational efficiencies. The key focus is on warehousing and distribution functions to ensure a high level of customer service and further cement our position in the UK bathroom market.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

SECTION 172(1) STATEMENT
The Board of Directors of the Cubico Group consider, both individually and together, that they have acted in the way they consider would be most likely to promote the success of the company for the benefit of its members (having regard to the stakeholders and matters set out in s 172(1) (a)-(f) of the Companies Act 2006) in the decisions taken during the period ended 29th February 2024.

Long-Term Decision Making
A substantial portion of our turnover comes from customers purchasing domestic bathroom and related products. As such, a downturn in this sector could significantly impact turnover. To ensure long-term sustainability, the directors actively monitor market trends and economic conditions. Strategies to mitigate potential downturns include diversifying product offerings, exploring new customer segments and revenue streams, and investing in new product lines. The company is also focused on improving its financial position to navigate periods of economic uncertainty effectively.

Interests of Employees
The group recognises that its employees are fundamental to its success. We aim to be a responsible employer in our approach to the pay and benefits our staff receive. The directors engage with employees regularly through internal communications and feedback mechanisms to ensure that they remain informed about business developments. Training and development programs are provided to equip employees with the necessary skills to succeed in their roles. Additionally, the company takes proactive measures to support employee well-being, job security, and professional growth.

The health, safety and well-being of our staff and customers is one of our primary considerations in the way we manage our business. The company has bought a significant part of managing Health and Safety in-house in 2022 and this team has expanded during the reporting period, with several new roles created to support. The team continue to introduce new safety measures and learning platforms to its stores and HQ, whilst ensuring that existing guidance is being followed.

Relationships with Suppliers, Customers, and Other Stakeholders
Maintaining strong relationships with suppliers and customers is critical to the group's continued success. The directors engage regularly with key suppliers to secure competitive pricing and ensure the stability of supply chains. We hold reviews with our major partners regularly throughout the year and take appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery, and breaches of competition law. The group also works closely with customers to understand changing preferences, ensuring that its product range remains relevant and competitive. Furthermore, it prioritises excellent customer service and after-sales support to enhance customer loyalty and satisfaction. We monitor customer satisfaction through a combination of reviews, surveys and direct feedback, which allows us to address areas for improvement where necessary.

Impact on the Community and the Environment
The group is committed to minimising its environmental impact and operating in a socially responsible manner. It continues to explore eco-friendly plumbing options to meet consumer demand for sustainable products. Efforts are also made to source materials responsibly and implement waste reduction initiatives. Additionally, the group engages with local charitable organisations where appropriate.

Through our initiatives, we have achieved a year-on-year reduction in our intensity rating (CO2 emissions reporting), particularly since settling into our new HQ. We remain committed to identifying further opportunities for improvement.

Reputation and High Standards of Business Conduct
As a board of directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that maintaining a high reputation is fundamental to our continuing ability to achieve sustainable profitable growth for the benefit of all our stakeholders in the future.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

SECTION 172(1) STATEMENT (CONT..)
Fairness between members of the group
The directors acknowledge their responsibility to act fairly in the interests of all shareholders. Regular updates are provided to shareholders, ensuring transparency in decision-making and corporate strategy. The directors strive to balance short-term financial performance with long-term value creation, considering the interests of all stakeholders.

ON BEHALF OF THE BOARD:





Ms L K Green - Director


12th March 2025

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

The directors present their report with the financial statements of the company and the group for the year ended 29th February 2024.

DIVIDENDS
No dividends will be distributed for the year ended 29th February 2024.

FUTURE DEVELOPMENTS
The future developments of the group are set out in the Strategic Report in accordance with s414C(11) of the Companies Act 2006 as the directors consider this to be of strategic importance to the group.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st March 2023 to the date of this report.

Ms L K Green
C A Waddington
S P Browett
S J Tattersley
A Marsh

DISABLED EMPLOYEES
The group's policy is to give fair consideration to the employment of disabled persons having regard to their particular aptitude and ability. If an existing employee becomes disabled every effort is made to ensure continuity of employment and appropriate training is given.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
The group has adopted the corporate governance principles for large private companies developed by James Wates (the "Wates Principles") as published by the Financial Reporting Council. These principles act as a framework to report the company's governance policies via six principles:

Purpose and Leadership
The board has developed an in-depth strategic plan to deliver sustainable growth in the business and to add value for the stakeholders and is ultimately responsible to ensure that it is delivered in line with group values.

Board Composition
The details of the board members can be found on page 1 of the financial statements. Our board is structured to reflect a diverse range of expertise and perspectives, enabling well-informed discussions on stakeholder interests. The board meets regularly and plays a key role in all strategic decisions. All shareholders either serve on the board or have representation, with the major stakeholder currently holding the position of Chairman. The board's composition and effectiveness are reviewed periodically, with ongoing succession planning to ensure strong leadership and continuity.

Director Responsibilities
Each board member has clearly defined responsibilities aligned with their skill set and is accountable for delivering the group's strategic objectives while ensuring compliance with legal and regulatory requirements. To support key decision-making, the directors receive regular financial information, supplemented by key performance indicators (KPIs) that are measured across the business.

Opportunity and Risk
A strategic plan has been developed and is regularly reviewed by the board to ensure alignment of stakeholders across the business with key targets and responsibilities. The strategic report outlines both risks and opportunities, providing a clear framework for informed decision-making.

Remuneration
As a responsible employer, we are committed to fair and competitive pay and benefits for our staff. This approach enables us to attract and retain high-quality talent across all business functions, including board and management levels. Our remuneration structure is performance-driven, considering both individual contributions and overall business success, and is reviewed at least annually. For more details on our commitment to pay equity, including our Gender Pay Report, please visit our website.

Stakeholder Relationships and Engagement
We recognise that effective stakeholder engagement is fundamental to long-term success, resilience, and sustainable growth. The board encourages open dialogue and maintains communication with its stakeholders through various methods, not limited to direct dialogue, regular meetings, newsletters, email updates and employee engagement meetings. Ongoing feedback enables the board to carefully consider the impact of its activities and decisions on current and future stakeholders, as well as the company's brand and reputation The board is committed to actively building and maintaining positive relationships with all relevant stakeholders.

CARBON ENERGY REPORTING
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1st March 2023 to 29th February 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)' issued by DEFRA, using DEFRA's 2019 conversion factors.

In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.

The table below includes total energy consumption and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29TH FEBRUARY 2024


2024 2023
(12 months ) (15 Months )

Total Energy Consumption - Used for Emissions 5,835,667 7,950,930
Average per operational site 43,388 65,235

Scope 1: Gas Combustion Emissions (tCO2e) 2.5 1.0
Scope 1: Vehicle Fuel Combustion Emissions (tCO2e) 343.3 687.0
Scope 3: Emissions from business travel in
employee-owned vehicles where the company repaid
mileage claims (tCO2e)


4.6




0.0
Scope 2: Purchased Electricity Emissions (tCO2e) 916.5 1,446.0

Total Gross Reported Emissions (tCO2e) 1,266.7 2,133

Intensity Ratio: Turnover (tCO2e per £1 million) 12.24 19.82

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29TH FEBRUARY 2024


AUDITORS
The auditors, Cresswells Accountants (UK) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Ms L K Green - Director


12th March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUBICO GROUP LIMITED

Opinion
We have audited the financial statements of Cubico Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29th February 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29th February 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUBICO GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page nine, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUBICO GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- we identified the laws and regulations applicable to the group through discussions with the directors and other informed management which we considered may have a direct material effect on the financial statements tor the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls. we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiries of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal and other professional advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CUBICO GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Dakin BSc FCA (Senior Statutory Auditor)
for and on behalf of Cresswells Accountants (UK) Limited
Chartered Accountants
and Statutory Auditors
12 Market Street
Hebden Bridge
West Yorkshire
HX7 6AD

12th March 2025

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

Period
1.12.21
Year ended to
29.2.24 28.2.23
Notes £    £   

TURNOVER 103,497,256 107,550,584

Cost of sales 37,765,324 44,568,725
GROSS PROFIT 65,731,932 62,981,859

Administrative expenses 64,700,118 62,890,479
1,031,814 91,380

Other operating income 34,608 8,500
Gain/loss on revaluation of assets (102,623 ) (1,012,000 )
OPERATING PROFIT/(LOSS) 4 963,799 (912,120 )


Interest payable and similar expenses 5 1,549,595 992,780
LOSS BEFORE TAXATION (585,796 ) (1,904,900 )

Tax on loss 6 (11,998 ) (19,491 )
LOSS FOR THE FINANCIAL YEAR (573,798 ) (1,885,409 )
Loss attributable to:
Owners of the parent (573,798 ) (1,885,409 )

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29TH FEBRUARY 2024

Period
1.12.21
Year ended to
29.2.24 28.2.23
Notes £    £   

LOSS FOR THE YEAR (573,798 ) (1,885,409 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(573,798

)

(1,885,409

)

Total comprehensive income attributable to:
Owners of the parent (573,798 ) (1,885,409 )

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

CONSOLIDATED BALANCE SHEET
29TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 158,390 215,989
Tangible assets 9 29,672,967 29,600,334
Investments 10 - -
29,831,357 29,816,323

CURRENT ASSETS
Stocks 11 15,442,605 15,563,084
Debtors 12 4,494,334 6,150,601
Cash at bank and in hand 5,044,103 6,065,464
24,981,042 27,779,149
CREDITORS
Amounts falling due within one year 13 31,098,079 31,411,558
NET CURRENT LIABILITIES (6,117,037 ) (3,632,409 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,714,320

26,183,914

CREDITORS
Amounts falling due after more than
one year

14

(12,230,448

)

(14,228,867

)

PROVISIONS FOR LIABILITIES 18 (2,521,071 ) (2,418,448 )
NET ASSETS 8,962,801 9,536,599

CAPITAL AND RESERVES
Called up share capital 19 50 50
Capital redemption reserve 20 5 5
Retained earnings 20 8,962,746 9,536,544
SHAREHOLDERS' FUNDS 8,962,801 9,536,599

The financial statements were approved by the Board of Directors and authorised for issue on 12th March 2025 and were signed on its behalf by:





Ms L K Green - Director


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

COMPANY BALANCE SHEET
29TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 1,487,672 1,487,672
1,487,672 1,487,672

CREDITORS
Amounts falling due within one year 13 1,479,906 1,484,906
NET CURRENT LIABILITIES (1,479,906 ) (1,484,906 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,766

2,766

CAPITAL AND RESERVES
Called up share capital 19 50 50
Capital redemption reserve 20 5 5
Retained earnings 20 7,711 2,711
SHAREHOLDERS' FUNDS 7,766 2,766

Company's profit for the financial year 5,000 -

The financial statements were approved by the Board of Directors and authorised for issue on 12th March 2025 and were signed on its behalf by:





Ms L K Green - Director


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29TH FEBRUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st December 2021 50 11,421,953 5 11,422,008

Changes in equity
Total comprehensive income - (1,885,409 ) - (1,885,409 )
Balance at 28th February 2023 50 9,536,544 5 9,536,599

Changes in equity
Total comprehensive income - (573,798 ) - (573,798 )
Balance at 29th February 2024 50 8,962,746 5 8,962,801

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29TH FEBRUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st December 2021 50 2,711 5 2,766

Changes in equity
Balance at 28th February 2023 50 2,711 5 2,766

Changes in equity
Total comprehensive income - 5,000 - 5,000
Balance at 29th February 2024 50 7,711 5 7,766

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

Period
1.12.21
Year ended to
29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 8,408,755 11,628,772
Interest paid (1,073,840 ) (766,372 )
Interest element of hire purchase
payments paid

(475,755

)

(226,408

)
Tax paid 262,849 (490,919 )
Net cash from operating activities 7,122,009 10,145,073

Cash flows from investing activities
Purchase of tangible fixed assets (6,125,925 ) (20,003,020 )
Sale of tangible fixed assets - 16
Net cash from investing activities (6,125,925 ) (20,003,004 )

Cash flows from financing activities
New loans in year - 13,000,000
Loan repayments in year (1,466,335 ) (8,959,775 )
New HP contracts in year - 3,817,255
Capital repayments in year (551,110 ) (282,212 )
Amount introduced by directors - 3,950,000
Net cash from financing activities (2,017,445 ) 11,525,268

(Decrease)/increase in cash and cash equivalents (1,021,361 ) 1,667,337
Cash and cash equivalents at
beginning of year

2

6,065,464

4,398,127

Cash and cash equivalents at end
of year

2

5,044,103

6,065,464

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Loss before taxation (585,796 ) (1,904,900 )
Depreciation charges 6,070,140 6,128,724
Loss on disposal of fixed assets 40,751 25,190
Movement on other provisions 102,623 1,012,000
Finance costs 1,549,595 992,780
7,177,313 6,253,794
Decrease in stocks 120,479 275,877
Decrease/(increase) in trade and other debtors 1,405,416 (1,094,227 )
(Decrease)/increase in trade and other creditors (294,453 ) 6,193,328
Cash generated from operations 8,408,755 11,628,772

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29th February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 5,044,103 6,065,464
Period ended 28th February 2023
28.2.23 1.12.21
£    £   
Cash and cash equivalents 6,065,464 4,398,127


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 6,065,464 (1,021,361 ) 5,044,103
6,065,464 (1,021,361 ) 5,044,103
Debt
Finance leases (3,535,043 ) 551,110 (2,983,933 )
Debts falling due within 1 year (4,590,226 ) (54,917 ) (4,645,143 )
Debts falling due after 1 year (6,667,841 ) 1,521,252 (5,146,589 )
(14,793,110 ) 2,017,445 (12,775,665 )
Total (8,727,646 ) 996,084 (7,731,562 )

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

Cubico Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The functional and presentation currency of Cubico Group Limited is considered to be pound sterling (£) because that is the currency of the primary economic environment in with the company operates. the financial statements have been prepared using round pounds only.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The Board has full expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

The group's forecasts demonstrate that, barring any significant disruption, it will be able to operate within its current facilities and will therefore have sufficient liquidity to meet its liabilities as they fall due in the period to 28th February 2025.

Furthermore, the group has stress-tested its forecasts to determine what scenario would result in headroom being insufficient and the Board is satisfied the likelihood of such a scenario occurring, which involves a significant reduction in the group's revenue and cash levels, is unlikely.

Prior to the filing of the February 2024 accounts, the group experienced some significant disruption to supply due to the crisis in the Red Sea, which had a direct impact on revenues in the first half of the 2024/25 financial year. This resulted in the business breaching some covenants attached to our lending facilities with Lloyds Bank plc. These breaches have since been formally waived. Additionally, as the covenant calculations are based on Last Twelve Months (LTM) performance, we have worked with Lloyds to adjust future covenant targets through to May 2025 and the group is confident it will meet these revised targets. Lending facilities due to expire before February 2025 have been formally extended to December 2025.

Accordingly, the financial statements for the period ended 29th February 2024 have been prepared on the going concern basis.

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported tor assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

(i) Useful economic lives of tangible assets
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Stock provisions
In determining the need for the impairment of stock the directors have made significant judgements as to the saleability of the stock that is being held in the company, together with the costs to complete and make that sale.

(iii) Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age ink profile of debtors and historical experience.

(iv) Provisions
In determining the need for, and value of, provisions the directors have made significant judgements as to the likelihood that the group will be required to transfer economic benefits in order to settle the obligation and also with regards the estimation of any such obligation. The directors will then review any such provisions at each balance sheet date and determine whether the obligation still exists based on associated activity during the accounting period and also known events after the balance sheet date.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the risks and rewards of ownership of the goods has been transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over 10 years
Plant and machinery - 15% on reducing balance and over 3 years
Display stock - over 3 years

Fixed assets are initially recorded at cost.

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell, and after making due allowance for obsolete and slow moving items. Cost is based on the cost of the purchase on a first in, first out basis. Costs include all costs incurred in bringing each product to its present location and condition. This includes the purchase cost of the products and import duties.

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.

Financial instruments
The Company only enters in basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised costs using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected t be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment f a trade debt deferred beyond normal business terms or finance at a rate of interest that is not a market rate or in the case of an out-right short-term loan nor at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in order to settle the obligation; and where the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense in the Income Statement. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in the Income Statement unless the provision was originally recognised as part of the cost of an asset.

3. EMPLOYEES AND DIRECTORS
Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Wages and salaries 23,402,666 23,260,827
Social security costs 2,045,519 2,229,879
Other pension costs 429,254 457,322
25,877,439 25,948,028

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1.12.21
Year ended to
29.2.24 28.2.23

Directors 5 5
Staff 783 680
788 685

The average number of employees by undertakings that were proportionately consolidated during the year was 788 (2023 - 685 ) .

Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Directors' remuneration 427,905 531,883
Directors' pension contributions to money purchase schemes 5,377 47,115

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 2

Information regarding the highest paid director is as follows:
Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Emoluments etc 157,532 180,750
Pension contributions to money purchase schemes 2,348 44,400

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Other operating leases 11,829,714 10,879,186
Depreciation - owned assets 5,783,282 6,020,002
Depreciation - assets on hire purchase contracts 229,259 60,106
Loss on disposal of fixed assets 40,751 25,190
Goodwill amortisation 57,599 57,598
Auditors' remuneration 32,500 44,500

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Other interest charges 51,258 -
Interest on unsecured loans 181,084 21,250
Interest on bank borrowings 841,498 745,122
Interest on hire purchase agreements 475,755 226,408
1,549,595 992,780

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax (11,998 ) (164,134 )

Deferred tax - 144,643
Tax on loss (11,998 ) (19,491 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.12.21
Year ended to
29.2.24 28.2.23
£    £   
Loss before tax (585,796 ) (1,904,900 )
Loss multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 19 %)

(146,449

)

(361,931

)

Effects of:
Expenses not deductible for tax purposes - 11,285
Capital allowances in excess of depreciation (628,647 ) -
Depreciation in excess of capital allowances - 103,295
Amortisation of goodwill on consolidation 14,400 10,944
Losses carried forward 748,698 216,916
Total tax credit (11,998 ) (19,491 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st March 2023
and 29th February 2024 575,977
AMORTISATION
At 1st March 2023 359,988
Amortisation for year 57,599
At 29th February 2024 417,587
NET BOOK VALUE
At 29th February 2024 158,390
At 28th February 2023 215,989

9. TANGIBLE FIXED ASSETS

Group
Improvements
to Plant and Display
property machinery stock Totals
£    £    £    £   
COST
At 1st March 2023 21,184,048 9,838,911 10,407,998 41,430,957
Additions 3,775,008 316,244 2,034,673 6,125,925
Disposals - - (702,221 ) (702,221 )
At 29th February 2024 24,959,056 10,155,155 11,740,450 46,854,661
DEPRECIATION
At 1st March 2023 4,013,545 1,670,464 6,146,614 11,830,623
Charge for year 2,325,391 935,258 2,751,892 6,012,541
Eliminated on disposal - - (661,470 ) (661,470 )
At 29th February 2024 6,338,936 2,605,722 8,237,036 17,181,694
NET BOOK VALUE
At 29th February 2024 18,620,120 7,549,433 3,503,414 29,672,967
At 28th February 2023 17,170,503 8,168,447 4,261,384 29,600,334

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st March 2023
and 29th February 2024 3,915,927
DEPRECIATION
At 1st March 2023 60,106
Charge for year 229,259
At 29th February 2024 289,365
NET BOOK VALUE
At 29th February 2024 3,626,562
At 28th February 2023 3,855,821

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st March 2023
and 29th February 2024 1,487,672
NET BOOK VALUE
At 29th February 2024 1,487,672
At 28th February 2023 1,487,672

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cubico (UK) Limited
Registered office: Peel Avenue, Calder Business Park, Wakefield, West Yorkshire, England, WF2 7UA
Nature of business: Sale of bathroom furniture and accessories
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 10,284,316 10,805,515
Loss for the year/period (516,199 ) (1,822,811 )


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

11. STOCKS

Group
2024 2023
£    £   
Stocks 15,442,605 15,563,084

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 1,314,602 1,802,815
Other debtors 888,070 2,595,994
Tax 385,669 636,520
Prepayments and accrued income 1,905,993 1,115,272
4,494,334 6,150,601

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15)
4,645,143

4,590,226

-

-
Hire purchase contracts (see note 16) 793,992 674,017 - -
Trade creditors 15,422,064 16,313,762 - -
Amounts owed to group undertakings - - 1,474,906 1,479,906
Social security and other taxes 520,438 387,005 - -
VAT 315,685 2,154,817 - -
Other creditors 100,423 337,936 - -
Accrued expenses 9,300,334 6,953,795 5,000 5,000
31,098,079 31,411,558 1,479,906 1,484,906

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 15) 5,146,589 6,667,841
Hire purchase contracts (see note 16) 2,189,941 2,861,026
Unsecured loans 700,000 700,000
4% unsecured loans notes 4,000,000 4,000,000
Accruals and deferred income 193,918 -
12,230,448 14,228,867

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 4,645,143 4,590,226
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,701,958 1,645,144
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,444,631 5,022,697

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 793,992 674,017
Between one and five years 2,189,941 2,861,026
2,983,933 3,535,043

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 11,280,411 6,892,965
Between one and five years 39,279,323 22,726,970
In more than five years 37,644,428 11,489,642
88,204,162 41,109,577

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 9,791,732 11,258,067
Hire purchase contracts 2,983,933 3,535,043
12,775,665 14,793,110

Bank loans are secured by way of a fixed and floating charge over all the property or undertaking of the company.

Obligations under hire purchase are secured against the assets to which they relate.

CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,406,448 1,406,448

Other provisions 1,114,623 1,012,000

Aggregate amounts 2,521,071 2,418,448

Group
Deferred Other
tax provisions
£    £   
Balance at 1st March 2023 1,406,448 1,012,000
Provided during year - 102,623
Balance at 29th February 2024 1,406,448 1,114,623

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,691 A Ordinary 1p 31 31
672 B Ordinary 1p 8 8
1,637 C Ordinary 1p 11 11
50 50

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st March 2023 9,536,544 5 9,536,549
Deficit for the year (573,798 ) (573,798 )
At 29th February 2024 8,962,746 5 8,962,751

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st March 2023 2,711 5 2,716
Profit for the year 5,000 5,000
At 29th February 2024 7,711 5 7,716


CUBICO GROUP LIMITED (REGISTERED NUMBER: 10346367)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year, directors provided funds to the group by way of 4% unsecured loan notes and further unsecured loans. At 29th February 2024, the amounts owed to the directors by the group was £4,893,918 (2023: £4,700,000). During the year the interest charged on these loans amounted to £181,084 (2023: £21,250).

During the year the group sold goods to directors or their close family at a rate lower than market value to an amount of £1,935 (2023: £5,742).

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director C A Waddington who owns 53.8% (2023 - 53.8%) of the issued share capital.