Cubbit Antiques Limited - Filleted accounts

Registered number

08356477

Cubbit Antiques Limited

Filleted Accounts

For the year ended 29 February 2024

Cubbit Antiques Limited
Registered number:		08356477
Balance Sheet
as at 29 February 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		190,949			197,205

Current assets
Stocks		59,100			70,000
Debtors	4	18,440			255
Cash at bank and in hand		24			559
		77,564			70,814

Creditors: amounts falling due within one year	5	(96,966)			(123,379)

Net current liabilities			(19,402)			(52,565)

Total assets less current liabilities			171,547			144,640

Creditors: amounts falling due after more than one year	6		(164,233)			(124,046)

Provisions for liabilities			(11,329)			(11,329)


Net (liabilities)/assets			(4,015)			9,265

Capital and reserves
Called up share capital			1,000			1,000
Profit and loss account			(5,015)			8,265

Shareholders' funds			(4,015)			9,265

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Matthew James Wise
Director
Approved by the board on 10 June 2026

Cubbit Antiques Limited
Notes to the Accounts
for the year ended 29 February 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			over 50 years
	Leasehold land and buildings			over the lease term
	Plant and machinery			over 5 years
	Fixtures, fittings, tools and equipment			over 5 years

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					0		0


3	Tangible fixed assets
		Freehold property		Fixtures fittings & equipment		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 March 2023	149,092		55,000		26,240		230,332
	At 29 February 2024	149,092		55,000		26,240		230,332

	Depreciation
	At 1 March 2023	5,964		11,000		16,163		33,127
	Charge for the year	1,491		2,750		2,015		6,256
	At 29 February 2024	7,455		13,750		18,178		39,383

	Net book value
	At 29 February 2024	141,637		41,250		8,062		190,949
	At 28 February 2023	143,128		44,000		10,077		197,205


4	Debtors					2024		2023
£							£

	Trade debtors					255		255
	Director's loan account					18,185		-
						18,440		255


5	Creditors: amounts falling due within one year					2024		2023
£							£

	Bank loans and overdrafts					9,788		50,371
	Obligations under finance lease and hire purchase contracts					3,610		3,610
	Director's loan account					-		201
	Taxation and social security costs					65,285		55,993
	Other creditors					18,283		13,204
						96,966		123,379


6	Creditors: amounts falling due after one year					2024		2023
£							£

	Bank loans					161,521		116,891
	Obligations under finance lease and hire purchase contracts					2,712		7,155
						164,233		124,046


7	Other information

	Cubbit Antiques Limited is a private company limited by shares and incorporated in England. Its registered office is:
	38 High Street
	Bagshot
	England
	GU19 5AZ