Silverfin false false 31/08/2024 11/08/2023 31/08/2024 M Levey 11/08/2023 07 May 2025 The principal activity of the company is sound insulation consulting services.

The company was incorporated on 11 August 2023 and commenced trading on the same date.
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Company No: 15065528 (England and Wales)

QUBI ACOUSTICS LTD

Unaudited Financial Statements
For the financial period from 11 August 2023 to 31 August 2024
Pages for filing with the registrar

QUBI ACOUSTICS LTD

Unaudited Financial Statements

For the financial period from 11 August 2023 to 31 August 2024

Contents

QUBI ACOUSTICS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
QUBI ACOUSTICS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 31.08.2024
£
Fixed assets
Tangible assets 3 319
319
Current assets
Debtors 4 2,275
Cash at bank and in hand 828
3,103
Creditors: amounts falling due within one year 5 ( 18,658)
Net current liabilities (15,555)
Total assets less current liabilities (15,236)
Net liabilities ( 15,236)
Capital and reserves
Called-up share capital 6 100
Profit and loss account ( 15,336 )
Total shareholder's deficit ( 15,236)

For the financial period ending 31 August 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 financial statements of Qubi Acoustics LTD (registered number: 15065528) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Levey
Director

07 May 2025

QUBI ACOUSTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 11 August 2023 to 31 August 2024
QUBI ACOUSTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 11 August 2023 to 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Qubi Acoustics LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, United Kingdom, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

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

Financial assets
Basic financial assets, including other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
11.08.2023 to
31.08.2024
Number
Monthly average number of persons employed by the company during the period, including the director 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 11 August 2023 0 0
Additions 441 441
At 31 August 2024 441 441
Accumulated depreciation
At 11 August 2023 0 0
Charge for the financial period 122 122
At 31 August 2024 122 122
Net book value
At 31 August 2024 319 319

4. Debtors

31.08.2024
£
VAT recoverable 2,029
Other debtors 246
2,275

5. Creditors: amounts falling due within one year

31.08.2024
£
Trade creditors 4,729
Other creditors 13,929
18,658

6. Called-up share capital and reserves

31.08.2024
£
Presented as follows:
Called-up share capital presented as equity 100

On incorporation, 100 Ordinary shares of £1 were issued at par.