KUBER VENTURES LIMITED

KUBER VENTURES LIMITED - Company Information

2020-05-012021-04-302021-04-30false08693809KUBER VENTURES 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Registered Number
08693809
(England and Wales)

Unaudited Financial Statements for the Year Ended
30 April 2021

KUBER VENTURES LIMITED

Company Information
for the year from 1 May 2020 to 30 April 2021


Directors	FAULKNER, James Peter
	KARTASHOV, Andrey Alexandrovich
	MOSS, David Parker
	VELOCITY CORPORATE DIRECTORS LIMITED


Registered Address	7 Bell Yard
	London
	WC2A 2JR


Registered Number	08693809 (England and Wales)

KUBER VENTURES LIMITED

Statement of Financial Position
30 April 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Intangible assets	5		1,272,457		1,179,334
Tangible assets	6		519		211
			1,272,976		1,179,545
Current assets
Debtors		185,783		237,616
Cash at bank and on hand		164,850		139,103
		350,633		376,719
Creditors amounts falling due within one year	8	(86,900)		(220,386)
Net current assets (liabilities)			263,733		156,333
Total assets less current liabilities			1,536,709		1,335,878
Creditors amounts falling due after one year	9		(1,233,665)		(551,561)
Net assets			303,044		784,317
Capital and reserves
Called up share capital			4,530		84,948
Share premium			3,461,156		3,461,156
Profit and loss account			(3,162,642)		(2,761,787)
Shareholders' funds			303,044		784,317

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 31 May 2021, and are signed on its behalf by:

KARTASHOV, Andrey Alexandrovich
Director
Registered Company No. 08693809

KUBER VENTURES LIMITED

Notes to the Financial Statements
for the year ended 30 April 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	ACCOUNTING POLICIES

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Functional and presentation currency policy

The financial statements are presented in sterling and this is the functional currency of the company. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

	Turnover policy
	Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. 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.

Turnover policy

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. 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.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

		Straight line (years)
	Plant and machinery	3
	Fixtures and fittings	4
	Office Equipment	3

	Intangible assets policy
	Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are being amortised evenly over their estimated useful life of ten years.

	Revenue recognition policy
	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.

Revenue recognition policy

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.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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 policy

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

	Research and development policy
	Expenditure on research and development is written off in the year in which it is incurred.

	Foreign currency translation and operations policy
	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.

Foreign currency translation and operations policy

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.

	Government grants and other government assistance policy
	Government grants are recognised only where it is reasonably certain that an entity will comply with conditions attached to the grant. Grants are recognised as income over the period necessary to match them with related costs for which they are intended to compensate.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Employee benefits policy
	The company makes payments to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

	Going concern
	The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. The directors consider that the company is a going concern on the basis that they will continue to provide financial support for the foreseeable future.

4.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	13		18

5.	INTANGIBLE ASSETS

		Total £
	Cost or valuation
	At 01 May 20	2,079,998
	Additions	335,677
	At 30 April 21	2,415,676
	Amortisation and impairment
	At 01 May 20	900,664
	Charge for year	242,554
	At 30 April 21	1,143,219
	Net book value
	At 30 April 21	1,272,457
	At 30 April 20	1,179,334

6.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 May 20	34,162
	Additions	691
	At 30 April 21	1,824
	Depreciation and impairment
	At 01 May 20	33,951
	Charge for year	383
	At 30 April 21	1,305
	Net book value
	At 30 April 21	519
	At 30 April 20	211

7.	DEBTORS WITHIN ONE YEAR

	2021 £	2020 £
Trade debtors / trade receivables	51,724	56,455
Other debtors	9,820	12,079
Prepayments and accrued income	12,291	-
Deferred tax asset, debtors	111,948	169,082
Total	185,783	237,616

8.	CREDITORS WITHIN ONE YEAR
	Included within other creditors is an amount of £0 (2019: £100,000) which represents a loan from B Forster. This was fully repaid within the year.

	2021 £	2020 £
Trade creditors / trade payables	19,644	108,573
Taxation and social security	15,450	1,813
Other creditors	2,966	106,000
Accrued liabilities and deferred income	48,840	4,000
Total	86,900	220,386

9.	CREDITORS AFTER ONE YEAR
	The £1,233,665 balance in long term creditors represents the following: Prior year loans from Mr D Campbell and Mr A Kartashov (£551,561), directors of the company and their wives. There is no interest payable on the loans and the maturation date of the loans is 31 March 2025; Additional loan from Mr A Kartashov and his wife of £120,000. Interest is payable at 18% per annum (accrued monthly) on the loan and the maturation date of the loan is 31 March 2025; CBILS loan of £50,000, maturing 14 November 2026; Future Fund loan of £480,000 made up of £240,000 from the Future Fund, £240,000 from Mr A Kartashov and Mr B Forster, directors of the company and their wives. Interest is payable at 10% per annum (accrued monthly) on the loans and the maturation date of the loan is 13/10/2023.

CREDITORS AFTER ONE YEAR

The £1,233,665 balance in long term creditors represents the following:
Prior year loans from Mr D Campbell and Mr A Kartashov (£551,561), directors of the company and their wives. There is no interest payable on the loans and the maturation date of the loans is 31 March 2025;
Additional loan from Mr A Kartashov and his wife of £120,000. Interest is payable at 18% per annum (accrued monthly) on the loan and the maturation date of the loan is 31 March 2025;
CBILS loan of £50,000, maturing 14 November 2026;
Future Fund loan of £480,000 made up of £240,000 from the Future Fund, £240,000 from Mr A Kartashov and Mr B Forster, directors of the company and their wives. Interest is payable at 10% per annum (accrued monthly) on the loans and the maturation date of the loan is 13/10/2023.

		2021 £		2020 £
	Other creditors	1,233,665		551,561
	Total	1,233,665		551,561