Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01truefalseDesign, implementation and management of logistics solutions.11truetruefalse 09583785 2024-01-01 2024-12-31 09583785 2023-01-01 2023-12-31 09583785 2024-12-31 09583785 2023-12-31 09583785 c:Director2 2024-01-01 2024-12-31 09583785 d:OfficeEquipment 2024-01-01 2024-12-31 09583785 d:OfficeEquipment 2024-12-31 09583785 d:OfficeEquipment 2023-12-31 09583785 d:CurrentFinancialInstruments 2024-12-31 09583785 d:CurrentFinancialInstruments 2023-12-31 09583785 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 09583785 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09583785 d:ShareCapital 2024-12-31 09583785 d:ShareCapital 2023-12-31 09583785 d:RetainedEarningsAccumulatedLosses 2024-12-31 09583785 d:RetainedEarningsAccumulatedLosses 2023-12-31 09583785 c:OrdinaryShareClass1 2024-01-01 2024-12-31 09583785 c:OrdinaryShareClass1 2024-12-31 09583785 c:OrdinaryShareClass1 2023-12-31 09583785 c:FRS102 2024-01-01 2024-12-31 09583785 c:Audited 2024-01-01 2024-12-31 09583785 c:FullAccounts 2024-01-01 2024-12-31 09583785 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09583785 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09583785 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09583785














BCUBE LOGISTICS UK LTD





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024

 
BCUBE LOGISTICS UK LTD
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3 - 8


 
BCUBE LOGISTICS UK LTD
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and


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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
BCUBE LOGISTICS UK LTD
REGISTERED NUMBER: 09583785

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

Tangible assets
 5 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 6 
103,461
306,329

Cash at bank and in hand
 7 
2,205
3,464

  
105,666
309,793

Creditors: amounts falling due within one year
 8 
(807,876)
(825,383)

Net current liabilities
  
 
 
(702,210)
 
 
(515,590)

Total assets less current liabilities
  
(702,210)
(515,590)

  

Net liabilities
  
(702,210)
(515,590)


Capital and reserves
  

Called up share capital 
 9 
73
73

Profit and loss account
  
(702,283)
(515,663)

  
(702,210)
(515,590)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Nicolis Di Robilant
Director

Date: 28 July 2025

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
BCUBE LOGISTICS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

BCube Logistics UK Ltd (the `company`) is a limited liability company incorporated in the United Kingdom. The registered office is Waverley House, 7-12 Noel Street, London, W1F 8GQ.
The principal activity of the company is the design, implementation and management of logistics solutions.

2.Accounting policies

 
2.1

Going concern

At 31 December 2024 the company has net liabilities of £702,210 (2023 - £515,590) which would indicate a material uncertainty around going concern. Included within these liabilities is a creditor due to the parent company, BCube S.p.A., of £798,427 (2023 - £815,934). The directors of BCube S.p.A. have confirmed their intention to continue to support the company and not call for repayment of this debt due while it continues to support the company. 
The director has confirmed that the parent company will provide support to met the ongoing obligations of the company on the basis that the balance due to the parent company is not repaid and this will remain the case even if the overdue debtor referred to in note 3 and 6 is not recovered. 
The contract for services with the company's main customer came to an end in August 2018. The directors are therefore assessing other opportunities available that would allow the company to continue to trade beyond this period whilst acknowledging there is a level of uncertainty. There have been no adjustments to the financial statements to reflect that the company may cease trading as the directors continue to explore other options to continue the business.
The directors have given due consideration to the impact of current world events on future operations and the ability of the company to continue as a going concern. The directors recognise that the situation remains slightly uncertain but making more accurate forecasts has been possible and trading has picked up again with restrictions easing. 

 
2.2

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
BCUBE LOGISTICS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
BCUBE LOGISTICS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements, requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance sheet date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements.
Debtor recoverability
Included in trade debtors is an amount of £612,657 (2023 - £612,657) which is considered due from a customer but is beyond its payment terms.  The directors have used their judgement and have included a bad debt provision of £509,196 (2023 - £306,328) at the year end which has been reflected in the trade debtor balance. In the event that the company fails to collect the debt, the net liability position of the company will increase by a further £103,461 (2023 - £306,329). 


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1 ).

Page 5

 
BCUBE LOGISTICS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
1,672



At 31 December 2024

1,672



Depreciation


At 1 January 2024
1,672



At 31 December 2024

1,672



Net book value



At 31 December 2024
-



At 31 December 2023
-
Page 6

 
BCUBE LOGISTICS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
103,461
306,329

103,461
306,329


In relation to trade debtors the directors do not believe a provision is required for the remaining trade debtor  balance and consider the amount to be recoverable in full. As mentioned in Note 3, trade debtors include £612,657 (2023 - £612,657) due by a customer which is overdue and beyond its payment terms. The directors have used their judgement and have provided for a bad debt provision of £509,196 (2023 - £306,328).
A deferred tax asset of £167,830 (2023 - £121,175) has not been recognised due to uncertainty over its future recoverability.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,205
3,464

2,205
3,464



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
798,427
815,934

Accruals and deferred income
9,449
9,449

807,876
825,383


Amounts owed to group companies are interest free and repayable on demand.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of 1.00 each
73
73


Page 7

 
BCUBE LOGISTICS UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Related party transactions

During the year the company entered into transactions, in the  normal course of business, with related parties. The company has taken advantage of the exemption available in FRS 102 Section 1AC.35 to not disclose transactions with 100% owned group companies.


11.


Controlling party

Throughout the current period the company was controlled by the parent company BCube S.p.A., a company registered in Italy. The ultimate parent company is Ellisse Compagnia Finanziaria S.R.L., a company incorporated in Italy, registered at the address Via Del Commercio 12, Oderzo 31046.
Ellisse Compagnia Finanziaria S.R.L. is under the control of the Bonzano family.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern
We draw attention to note 2.1 in the financial statements, which indicates that the company is reliant on the ongoing financial support from its parent company to continue as a going concern. As stated in note 2.1, these events or conditions, along with the other matters described in the note 2.1 indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 30 July 2025 by Christopher Masson (Senior statutory auditor) on behalf of AAB Audit & Accountancy Limited.


Page 8