Company Registration No. 07867790 (England and Wales)
Cupris Limited
Unaudited Financial Statements
for the year ended 31 December 2021
Cupris Limited
Unaudited Financial Statements
Contents
Cupris Limited
Company Information
for the year ended 31 December 2021
Directors
Mr Paul Thomas
Mr Khalid Elbiecy
Company Number
07867790 (England and Wales)
Registered Office
United House
North Road
London
N7 9DP
United Kingdom
Accountants
Adams O'Rourke Accountants Ltd
436 Woolton Road
Liverpool
L25 6JQ
Cupris Limited
Statement of financial position
as at 31 December 2021
Cash at bank and in hand
3,950
11,793
Creditors: amounts falling due within one year
(21,531)
(20,557)
Net current liabilities
(12,266)
(707)
Total assets less current liabilities
(12,266)
826
Provisions for liabilities
Net (liabilities)/assets
(12,266)
534
Called up share capital
373
373
Share premium
927,942
927,942
Profit and loss account
(940,581)
(927,781)
Shareholders' funds
(12,266)
534
For the year ending 31 December 2021 the company was entitled to exemption from audit 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 and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2022 and were signed on its behalf by
Mr Paul Thomas
Director
Company Registration No. 07867790
Cupris Limited
Notes to the Accounts
for the year ended 31 December 2021
Cupris Limited is a private company, limited by shares, registered in England and Wales, registration number 07867790. The registered office is United House, North Road, London, N7 9DP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 and depreciation
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:
Plant & machinery
4 years straight line basis
Computer equipment
3 years straight line basis
Other tangible fixed assets
3 years straight line basis
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.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
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.
Cupris Limited
Notes to the Accounts
for the year ended 31 December 2021
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.
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.
Contributions to defined contribution plans are expensed in the period to which they relate.
The loan carries interest at 5% per annum. The loan may be converted at the option of the lender into Ordinary shares of the Company.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The board are confident it has adequate resources to continue in operational existence for at least twelve months from the balance sheet date. Thus the directors adopt the going concern basis of accounting in preparing these financial statements.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2021
119,195
16,295
135,490
At 31 December 2021
119,195
16,295
135,490
At 1 January 2021
117,923
16,034
133,957
Charge for the year
1,272
261
1,533
At 31 December 2021
119,195
16,295
135,490
At 31 December 2020
1,272
261
1,533
Finished goods
4,789
5,073
Cupris Limited
Notes to the Accounts
for the year ended 31 December 2021
6
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
416
2,068
7
Creditors: amounts falling due within one year
2021
2020
Other creditors
20,557
19,578
8
Deferred taxation
2021
2020
Accelerated capital allowances
-
292
Provision at start of year
292
2,676
Credited to the profit and loss account
(292)
(2,384)
Provision at end of year
-
292
Allotted, called up and fully paid:
3,572,580 A Ordinary of £0.0001 each
357.25
357.25
161,994 B Investment of £0.0001 each
16.19
16.19
10
Average number of employees
During the year the average number of employees was 0 (2020: 0).
