Registration number: 07681202

Cube Projects Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 10

Cube Projects Limited

Company Information

Director

J W Nevill

Registered office

Claydon House Business Centre 1 Edison Road Aylesbury Bucks HP19 8TE

Cube Projects Limited

(Registration number: 07681202)
Balance Sheet as at 31 July 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	42,875	11,861
Current assets
Debtors	6	355,659	307,992
Cash at bank and in hand		762	5,987
		356,421	313,979
Creditors: Amounts falling due within one year	7	(407,486)	(352,389)
Net current liabilities		(51,065)	(38,410)
Total assets less current liabilities		(8,190)	(26,549)
Creditors: Amounts falling due after more than one year	7	(41,812)	(18,336)
Provisions for liabilities		(8,146)	(2,076)
Net liabilities		(58,148)	(46,961)
Capital and reserves
Called up share capital		100	100
Retained earnings		(58,248)	(47,061)
Shareholders' deficit		(58,148)	(46,961)

For the financial year ending 31 July 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 2 April 2025
 

......................................... J W Nevill Director

Cube Projects Limited

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

1	General information

The company is a private company limited by share capital incorporated in England. The address of the registered office is given in the company information page of these financial statements.

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 comply 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.

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.

Going concern

The financial statements have been prepared on the basis that the company is a going concern.

The director has assessed the company's ability to continue as a going concern, taking into account the company's financial position, its current cash flow, and future prospects.

For the year ended 31 July 2024, the company had a deficit of £58,148 (2023: £46,961). Despite the deficit the director is confident that the company will return to profitability in the near future. The director believes that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.

The directors are taking active steps to improve the company's financial performance. Based on the plans and the company's financial projections, the director is satisfied that the company will be able to meet its liabilities as they fall due and continue to operate as a going concern for the 12 months following the approval of the financial statements.

As a result, the financial statements have been prepared on the going concern basis.

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.

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.

Cube Projects Limited

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

Cube Projects Limited

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

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
Motor vehicles	25% reducing balance
Office equipment	20% reducing balance
Furniture and fittings	20% reducing balance
Plant and machinery	20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	This has been written off in full

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Cube Projects Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

Cube Projects Limited

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

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 August 2023	10,000	10,000
At 31 July 2024	10,000	10,000
Amortisation
At 1 August 2023	10,000	10,000
At 31 July 2024	10,000	10,000
Carrying amount
At 31 July 2024	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2023	14,956	88,395	4,600	107,951
Additions	-	44,399	630	45,029
At 31 July 2024	14,956	132,794	5,230	152,980
Depreciation
At 1 August 2023	12,288	80,051	3,751	96,090
Charge for the year	533	13,186	296	14,015
At 31 July 2024	12,821	93,237	4,047	110,105
Carrying amount
At 31 July 2024	2,135	39,557	1,183	42,875
At 31 July 2023	2,668	8,344	849	11,861

Cube Projects Limited

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

6

debtors

Current	2024 £	2023 £
Trade debtors	124,666	102,688
Prepayments	8,351	8,186
Other debtors	222,642	197,118
	355,659	307,992

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	18,731	9,998
Trade creditors		89,690	75,568
Taxation and social security		201,790	180,744
Accruals and deferred income		349	47
Other creditors		96,926	86,032
		407,486	352,389

Unpaid liability with HMRC

As at the balance sheet date, the company has an outstanding liability to HMRC of £197,469 (2023: £171,047), which relates to VAT.

The company has been in making payments to HMRC and the company is committed to paying off the debt.

In light of this, the director believes that the company is able to meet this liability in the normal course of business, and there is no indication that the company will be unable to pay the debt. The outstanding liability has been included in the financial statements under taxation and social security.

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	41,812	18,336

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,999 (2023 - £16,558). The company entered into a new operating lease for equipment hired on 09/08/2021 the term is for 48 months in total.

Cube Projects Limited

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

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £136,729 (2023 - £112,691). The company uses a factoring agent which holds a floating and fixed charge over all of the freehold and leasehold property now vested in the company including, but not limited to, the properties short particulars of which is or are set out in schedule 1 of the debenture. All buildings and fixtures (including trade fixtures, tenant's fixtures and fixed plant and equipment) on all freehold and leasehold property or interest of the company in any of the same mortgaged or charged under the debenture and includes any part of it.. Goodwill (which shall include all brand names), licenses, trademarks and service marks, patents, patent applications, designs, copyrights, confidential information, know-how, computer software and all other intellectual or intangible property or rights now and from time to time belonging to the company. The amount outstanding at the balance sheet date is £76,189 (2023: £84,359)

The company entered into a loan agreement on 17 May 2020 for a total consideration of £50,000 with a repayment term of 72 months with an inital 12 months repayment holiday. The amount outstanding at the balance sheet date is £18,332 (2023: £28,332)

The company entered into a hire purchase agreement on 15 May 2024 for a total consideration of £61,315 with a repayment term of 60 months. The amount outstanding at the balance sheet date is £42,208 (2023: £nil)

9	Related party transactions

Transactions with the director

2024	At 1 August 2023 £	Advances to director £	At 31 July 2024 £
Loan movement to director during the year. Interest has been charged at the HMRC rate. The loan is repayable on demand.	155,217	15,305	170,522

2023	At 1 August 2022 £	Advances to director £	Repayments by director £	At 31 July 2023 £
Loan movement to director during the year. Interest has been charged at the HMRC rate. The loan is repayable on demand.	145,098	19,801	(9,682)	155,217

Cube Projects Limited

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

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	8,336	18,336
HP and finance lease liability 1 (2-5yrs)	33,476	-
	41,812	18,336

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	9,998	9,998
HP liability 1 (under 1yr)	8,733	-
	18,731	9,998