Registration number:
Cubicstone Capital Management Limited
for the Year Ended 31 December 2025
Cubicstone Capital Management Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
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MIFIDPRU 8 Disclosure |
Cubicstone Capital Management Limited
Company Information
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Directors |
S F Figueredo S Haskan |
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Registered office |
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Auditors |
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Cubicstone Capital Management Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is investment management.
Fair review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth in the business to continue for the foreseeable future.
Financial key performance indicators
The Directors are of the opinion that the relevant KPIs for an assessment and measurement of the Company's performance and financial position include net asset value growth and cash generation, the information for which is available in the accompanying financial statements.
The company's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover |
£ |
437,885 |
386,832 |
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Profit/(loss) for the year |
£ |
37,670 |
48,299 |
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Net assets |
£ |
132,348 |
124,678 |
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Cash at bank |
£ |
101,089 |
102,154 |
Non financial key performance indicators
The business relies on the Company's profile and relations with clients to be maintained at a high standard. The Company continues to provide services to its main clients, indicating its success in this area, and is also managing to attract new clients and thus grow assets under management.
Principal risks and uncertainties
Political
A general election occurred in 2024 with a change in government and thus government policy. Changes to personal taxation particularly to tax efficient savings vehicles such as pensions and ISAs could impact negatively on our business. In addition, the current government plans to abolish the tax benefits of the Resident non Domiciled status. This may affect some existing clients and may make it more difficult to attract non UK nationals as clients.
Market related
A market crash, whilst not affecting our financial position directly, will likely cause clients to be more cautious about investing additional sums into the market.
Economic
A prolonged downturn in the economy might reduce the savings rate of clients or even cause them to draw down on their savings which would reduce our income.
Cubicstone Capital Management Limited
Strategic Report for the Year Ended 31 December 2025
Section 172(1) statement
Directors' statement of compliance with duty to promote the success of the Company
The Directors are well aware of their duty under section 172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
- the likely consequences of any decision in the long term;
- the interests of the Company's employees;
- the need to foster the Company's business relationships with suppliers, customers, and others;
- the impact of the Company's operations on the community and the environment;
- the desirability of the Company maintaining a reputation for high standards of business conduct; and
- the need to act fairly as between members of the Company.
The Board always takes decisions for the long term, and individually and collectively aims to uphold the highest standards of conduct. Similarly, the Board understands that the Company can only prosper over the long term if it understands the needs of the Company and respects the views and needs of its customers, distributors, employees, suppliers, and the wider community in which it operates. A firm understanding of investors' needs of the Company is vital also to the Company's success along with a sustainable and environmentally responsible culture.
The Directors are fully aware of their responsibilities to promote the success of the Company in accordance with Section 172 of the Companies Act 2006.
The Board considers the Company's major stakeholders to include employees, suppliers, partners, and shareholders. When making decisions, the interest of each stakeholder group individually and collectively is considered. Certain decisions require more weight attached to some stakeholders than to others and while generally seeing the long term interest of the shareholders is of primary importance, the Directors consider those interests are served best by having regard to the interests of the other key stakeholder groups and, in fact, to all the section 172 considerations.
Long term value
The aim of all business resources allocations is to create long term value and relationships with our clients.
Our people
Given the size of the Company and the nature of the business, the only employees are the directors themselves. The Board considers the Company's employees essential to the success of the Company.
Business relationships
The Company endeavours to maintain good relationships with its suppliers by contracting on their standard business terms and paying them promptly, within agreed and reasonable terms.
Community and environment
As a relatively small organisation the Company's impact on the community and the environment is modest but the Board endeavours to ensure that the business acts ethically and in an environmentally conscious manner.
Cubicstone Capital Management Limited
Strategic Report for the Year Ended 31 December 2025
Business conduct
The Board recognises its responsibility for setting and maintaining a high standard of behaviour and business conduct. This is underpinned by the aim to have full regulatory compliance, and to treat clients fairly. There is no special treatment for any stakeholders and all material information is disseminated through appropriate channels.
Shareholders
The Directors are committed to treating all shareholders equally. As part of its decision making process, the Board considers the interests of shareholders as a whole.
Approved and authorised by the
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Cubicstone Capital Management Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The directors recommend no final dividend payment be made in respect of the financial year ended 31 December 2025. No dividend has been recognised as a liability in the financial statements.
Financial instruments
Objectives and policies
The major source of Company liquidity for the year was cash generated from operations which is likely also to be its key source for liquidity for the foreseeable future. The Company seeks to operate within any agreed facilities provided by the bank.
Price risk, credit risk, liquidity risk and cash flow risk
The Company's policy on liquidity risk is to ensure that sufficient cash is available to fund continuing operations.
Post balance sheet events
There have been no significant events affecting the company since the year end.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors, Sterlings Ltd will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved and authorised by the
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Cubicstone Capital Management Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Cubicstone Capital Management Limited
Independent Auditor's Report to the Members of Cubicstone Capital Management Limited
Opinion
We have audited the financial statements of Cubicstone Capital Management Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 31 December 2025 and of its profit 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Cubicstone Capital Management Limited
Independent Auditor's Report to the Members of Cubicstone Capital Management Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 6, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Cubicstone Capital Management Limited
Independent Auditor's Report to the Members of Cubicstone Capital Management Limited
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’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;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs, relevant regulators, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more remote 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Cubicstone Capital Management Limited
Independent Auditor's Report to the Members of Cubicstone Capital Management 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 an auditor’s report 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.
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For and on behalf of
Albert Place
London
N3 1QA
Cubicstone Capital Management Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Turnover |
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|
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Cost of sales |
( |
( |
|
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
- |
|
|
1,208 |
1,204 |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
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|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Cubicstone Capital Management Limited
Statement of Comprehensive Income for the Year Ended 31 December 2025
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2025 |
2024 |
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Profit for the year |
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Total comprehensive income for the year |
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Cubicstone Capital Management Limited
(Registration number: 10503741)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Tangible assets |
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|
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
|
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
100,100 |
100,100 |
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Profit and loss account |
32,248 |
24,578 |
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Shareholders' funds |
132,348 |
124,678 |
Approved and authorised by the
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Cubicstone Capital Management Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Profit and loss account |
Total |
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At 1 January 2025 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2025 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
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|
|
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Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2024 |
100,100 |
24,578 |
124,678 |
Cubicstone Capital Management Limited
Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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(Profit)/loss on disposal of tangible assets |
( |
|
|
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Finance income |
( |
( |
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Finance costs |
|
- |
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
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Decrease/(increase) in trade debtors |
|
( |
|
|
(Decrease)/increase in trade creditors |
( |
|
|
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Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
- |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
- |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
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Cash and cash equivalents at 31 December |
101,089 |
102,154 |
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Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
8-9 Northumberland Street
3rd Floor Office
London
WC2N 5DA
England
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.
The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis.
The Directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements.
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Post balance sheet events
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There have been no significant events affecting the company since the year end. |
Judgements
In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates. |
Estimates and any underlying assumptions used are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current period and subsequent periods. |
Revenue recognition
Turnover is the amount derived from the provision of services and is stated net of VAT.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes. The following criteria must be met also before revenue is recognised:
Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Finance income and costs policy
Interest income is recognised in profit or loss using the effective interest method.
Foreign currency transactions and balances
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.
Tax
The tax expense for the period comprises corporation tax and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is recognised also in other comprehensive income or directly in equity respectively.
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
25% reducing balance |
Depreciation is not charged on a tangible fixed asset until it is brought into use.
Cash and cash equivalents
Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Trade 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Borrowings
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
Provisions
Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 1 January 2019 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Financial instruments
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
Recognition and measurement
Impairment
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Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2025 |
2024 |
|
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Rendering of services |
|
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All turnover arose within the United Kingdom and was one type of class.
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
- |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/(loss) on disposal of Tangible assets |
|
( |
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Other operating lease rentals |
10,493 |
11,507 |
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
- |
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of tax losses |
- |
( |
|
Tax increase from depreciation |
|
|
|
Effect of non deductible expenses |
( |
( |
|
Tax decrease from other tax effects |
( |
- |
|
Total tax charge |
|
|
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
Disposals |
( |
( |
|
At 31 December 2025 |
|
|
|
Depreciation |
||
|
At 1 January 2025 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
- |
|
|
|
Other debtors |
|
|
|
|
Accrued income |
|
|
|
|
Corporation tax asset |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Amounts due to related parties |
|
- |
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
9,449 |
4,052 |
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Provisions used |
( |
( |
|
At 31 December 2025 |
|
|
|
|
||
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
41,700 |
|
41,700 |
|
|
|
41,700 |
|
41,700 |
|
|
|
16,700 |
|
16,700 |
|
|
|
|
|
|
There was a single class of ordinary shares. On 26 June 2023 1,000,000 Ordinary shares of £0.01 were allotted called up and fully paid at par. On 25 October 2023 the 6,010,000 Ordinary shares of £0.01 were redesignated as 2,170,000 A Ordinary shares of £0.01, 2,170,000 B Ordinary shares of £0.01, and 1,670,000 C Ordinary shares of £0.01. On 15 December 2023 2,000,000 A Ordinary shares of £0.01 and 2,000,000 B Ordinary shares of £0.01 were allotted called up and fully paid at par.
The A Ordinary shares, B Ordinary shares, and C Ordinary shares rank pari passu except with regard to entitlement to dividends which may vary. There are no restrictions on the distribution of dividends and the repayment of capital.
Cubicstone Capital Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Reserves |
Profit and loss account
The profit and loss account represents retained profits and losses.
Capital risk management
The company is subject to the capital requirements imposed by the Financial Conduct Authority (FCA). The FCA requires the company to maintain a minimum level of capital of €50,000 which was complied with throughout the year.
|
Dividends |
The directors do not propose the payment of a final dividend. No dividend has been accrued in the Balance Sheet.
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend |
30,000 |
28,000 |
||
|
Commitments |
Commitments under operating leases
The Company had no commitments under non-cancellable operating leases as at the balance sheet date.
|
Related party transactions |
During the year the Company paid consultancy fees of £339,553 (2024 - £199,117) and waived a balance of £Nil (2024 - £85,900) with HandB Capital Partners Limited, a company in which Mr S Haskan is a director and shareholder. The company advanced £Nil (2024 - £29,964) to Mr S Haskan which was repaid during the year and interest was charged on the loan amounting to £394 (2024 - £nil).
|
Financial instruments |
Categorisation of financial instruments
|
2025 |
2024 |
|
|
Financial assets measured at fair value through profit or loss |
|
|
Financial assets measured at fair value through the profit and loss account comprise cash at bank.
|
Control |
The controlling party to the reporting entity is any two of S F Figueredo, J R Soper, and S Haskan acting in concert.
Cubicstone Capital Management Limited
MIFIDPRU 8 Disclosure for the Year Ended 31 December 2025
1. Introduction
1.1 Background
Cubicstone Capital Management Limited (“the Firm”) is prudentially regulated as an SNI MIFIDPRU Investment Firm. The Firm is authorised as an Investment Firm and acts as a discretionary portfolio manager. It is permitted to act for Professional and Retail customers. The Firm is authorised and regulated under UK legislation by the Financial Conduct Authority (“FCA”).
1.2 Scope of Application
This disclosure has been prepared on an individual basis.
1.3 Disclosure Policy
This Disclosure is in line with the most recent published financial statements for the Firm as at 31 December 2025.
The MIFIDPRU Disclosure obligations, under MIFIDPRU chapter 8, require publication on an annual basis. The FCA expects this to be published on the Firm’s website or through an alternative method, such as via publicly available financial statements if the Firm does not maintain a website.
This Disclosure has been approved by the governing body of the Firm and is not subject to audit, except where they are prepared under accounting requirements for publication.
2. Remuneration
2.1 Approach to Remuneration
The Firm does not link remuneration directly to the performance of the Firm, rather, the Firm’s performance may be a factor in determining variable remuneration. The Firm also considers its non-financial criteria when assessing remuneration. Examples of non-financial criteria may include, but are not limited to, measures relating to building and maintaining positive customer relationships and outcomes, such as:
• Positive customer feedback;
• Performance in line with Firm strategy or values, for example, by displaying leadership, teamwork or creativity;
• Adherence to the Firm’s risk management and compliance policies; and
• Achieving targets relating to environmental, social and governance factors and diversity and inclusion.
Any discretionary bonus scheme pools are calculated by reference to the Firm’s net operating profit, where the underlying revenue is not subject to recovery or downward adjustment. Employees are not encouraged, and the Firm’s remuneration schemes do not reward, the taking of market or trading risks. The Firm operates a Remuneration Policy, which is reviewed periodically or upon material change.
When determining the variable remuneration paid to any employee, the Firm considers a number of factors covering the Firm as a whole, individual business units, and the individual employees as appropriate. The Firm’s overall profitability, the absolute and relative performance of an employee and (as applicable) their business unit, the employee’s conduct and adherence to the Firm’s values, any disciplinary action taken against the employee and the results of the employee’s performance review will be taken into account.
The discretion held by the Board of the Firm ensures that the Firm is able to retain employees in executive positions who are vital to the Firm’s strategic development. The Firm has no obligation to pay variable remuneration other than out of realised profits which are not subject to later reduction (after subtracting all expenses relating to running the business) to allow for a fully flexible policy. Accordingly, the Firm’s total variable remuneration does not limit its ability to strengthen its capital base.
Cubicstone Capital Management Limited
MIFIDPRU 8 Disclosure for the Year Ended 31 December 2025
2.2 Remuneration Objectives
The Firm's financial incentives are designed to attract and retain employees with the appropriate skills, knowledge and expertise to enable the Firm to deliver its long-term strategic goals, widen its client base and expand into similar areas of business as and when the appropriate opportunities arise, in each case in a manner which is consistent with and which promotes effective risk management and does not expose the Firm to excessive risk.
2.3 Remuneration Governance
The Firm has in place a Remuneration Policy which is approved by the Board.
The Firm does not meet the criteria to form a Remuneration Committee under SYSC 19G. The Board has oversight of the Firm’s remuneration policies and refers to its remuneration Terms of Reference and the MIFIDPRU remuneration code. Furthermore, the Firm ensures that the Firm’s standards, fairness, compliance objectives, corporate governance and maintaining a sound capital base are not compromised by its remuneration incentives. The Firm has used external consultants to assist in the development of its remuneration policies and practices.
2.4 Quantitative Remuneration Disclosure
For the financial year ended 31 December 2025, the Firm did not pay any fixed or variable remuneration. The Firm’s directors were remunerated solely through dividend distributions.