Qube Ceramics Limited Filleted accounts for Companies House (small and micro)

Qube Ceramics Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 07680963
Qube Ceramics Limited
Filleted Unaudited Financial Statements
31 March 2021
Qube Ceramics Limited
Statement of Financial Position
31 March 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
10,667
Current assets
Stocks
25,000
Debtors
5
36,970
94,490
Cash at bank and in hand
261
9,788
--------
---------
37,231
129,278
Creditors: amounts falling due within one year
6
912,452
933,544
---------
---------
Net current liabilities
875,221
804,266
---------
---------
Total assets less current liabilities
( 875,221)
( 793,599)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 875,222)
( 793,600)
---------
---------
Shareholders deficit
( 875,221)
( 793,599)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 August 2021 , and are signed on behalf of the board by:
Mr A R Tilbury
Director
Company registration number: 07680963
Qube Ceramics Limited
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Benson Waterfront, Wallingford, Oxford, OX10 6SJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: 6 ).
5. Debtors
2021
2020
£
£
Trade debtors
11
48,474
Other debtors
36,959
46,016
--------
--------
36,970
94,490
--------
--------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
23,828
Social security and other taxes
955
4,700
Other creditors
911,497
905,016
---------
---------
912,452
933,544
---------
---------
7. Director's advances, credits and guarantees
8. Related party transactions
The company is a 100% subsidiary of B North & Sons (West Wycombe) Limited.
9. Controlling party
The company is a 100% subsidiary of B North & Sons (West Wycombe) Limited.