Cube 19 Limited Company Accounts

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Company Registration Number: 07677269

Cube 19 Limited

Unaudited Financial Statements

Year Ended

31 December 2016

Wilson Stevens

Accountants

4th Floor

100 Fenchurch Street

London

Ec3m 5jd

Cube 19 Limited

Financial Statements

Year Ended 31st December 2016

Contents	Page

Officers and Professional Advisers	1

Statement of Financial Position	2

Statement of Changes in Equity	4

Accounting Policies	5

Notes to the Financial Statements	7

Cube 19 Limited

Officers and Professional Advisers

The Board of Directors	Mr D McGuire
	Mr R Clements
	Mr G J Palfery-Smith

Registered Office	4th Floor
	100 Fenchurch Street
	London
	EC3M 5JD

Accountants	Wilson Stevens
	Accountants
	4th Floor
	100 Fenchurch Street
	London
	EC3M 5JD

Cube 19 Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£	£

Fixed Assets

Intangible assets	5	1,183,877	1,185,149
Tangible assets	6	26,336	17,904
		------------	------------
		1,210,213	1,203,053

Current Assets

Debtors	7	298,929	364,597
Cash at bank and in hand		68,801	11,527
		---------	---------
		367,730	376,124

Creditors: Amounts Falling due Within One Year	8	569,490		569,113
		---------		---------
Net Current Liabilities			201,760		192,989
			------------		------------
Total Assets Less Current Liabilities			1,008,453		1,010,064

Creditors: Amounts Falling due after More than One Year	9	311,666	217,236
		------------	------------
Net Assets		696,787	792,828
		------------	------------

Capital and Reserves

Called Up Share Capital	340	333
Share Premium Account	2,731,506	2,544,013
Profit and Loss Account	( 2,035,059)	( 1,751,518)
	------------	------------
Members Funds	696,787	792,828
	------------	------------

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 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 comprehensive income has not been delivered.

For the year ending 31st December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Cube 19 Limited

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 8 March 2017 , and are signed on behalf of the board by:

Mr D McGuire Director

Company registration number: 07677269

Cube 19 Limited

Statement of Changes in Equity

Year Ended 31st December 2016

	Called Up Share Capital	Share Premium Account	Profit and Loss Account	Total
Note	£	£	£	£

At 1st January 2015 (as Previously Reported)		320	2,182,031	( 2,065,603)	116,748
Prior period adjustments	10	–	–	616,835	616,835
		----	------------	------------	---------
At 1st January 2015 (Restated)		320	2,182,031	( 1,448,768)	733,583
		----	------------	------------	---------

Loss for the year				( 302,750)	( 302,750)
		----	------------	------------	---------
Total Comprehensive Income for the Year		–	–	( 302,750)	( 302,750)

Issue of shares		13	361,982	–	361,995
		----	------------	------------	---------
Total Investments by and Distributions to Owners		13	361,982	–	361,995

At 31st December 2015		333	2,544,013	( 1,751,518)	792,828

Loss for the year				( 283,541)	( 283,541)
		----	------------	------------	---------
Total Comprehensive Income for the Year		–	–	( 283,541)	( 283,541)

Issue of shares		7	187,493	–	187,500
		----	---------	----	---------
Total Investments by and Distributions to Owners		7	187,493	–	187,500

		----	------------	------------	---------
At 31st December 2016		340	2,731,506	( 2,035,059)	696,787
		----	------------	------------	---------

Cube 19 Limited

Accounting Policies

Year Ended 31st December 2016

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Disclosure Exemptions

The financial statements have been prepared in accordance with the provision of FRS 102 Section 1A for small entities. There were no material departures from the standard.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue Recognition

Turnover represents the total value of sales made during the year, excluding Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

Intangible Assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and Development

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or five years.

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:

	Office equipment	-	25% reducing balance

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Cube 19 Limited

Notes to the Financial Statements

Year Ended 31st December 2016

1. General Information

The company is a private company limited by shares, registered in . The address of the registered office is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.

2. Statement of Compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Operating Profit

Operating profit or loss is stated after charging:

	2016	2015
	£	£

Amortisation of intangible assets	504,875	389,438
Depreciation of tangible assets	6,014	4,818
Foreign exchange differences	( 2,164)	1,467
	---------	---------

4. Staff Numbers

The average number of persons employed by the company during the year, including the directors, amounted to 19 (2015: 17).

5. Intangible Assets

	Development costs
	£

Cost
At 1st January 2016	2,199,935
Additions	503,603
	------------
At 31st December 2016	2,703,538
	------------
Amortisation
At 1st January 2016	1,014,786
Charge for the year	504,875
	------------
At 31st December 2016	1,519,661
	------------
Carrying amount
At 31st December 2016	1,183,877
	------------
At 31st December 2015	1,185,149
	------------

6. Tangible Assets

	Equipment
	£

Cost
At 1st January 2016	36,453
Additions	14,446
	--------
At 31st December 2016	50,899
	--------
Depreciation
At 1st January 2016	18,549
Charge for the year	6,014
	--------
At 31st December 2016	24,563
	--------
Carrying amount
At 31st December 2016	26,336
	--------
At 31st December 2015	17,904
	--------

7. Debtors

	2016	2015
	£	£

Trade debtors	163,096	212,324
Other debtors	135,833	152,273
	---------	---------
	298,929	364,597
	---------	---------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£

Bank loans and overdrafts	53,213	–
Trade creditors	99,171	101,072
Social security and other taxes	152,382	158,257
Other creditors	264,724	309,784
	---------	---------
	569,490	569,113
	---------	---------

9. Creditors: amounts falling due after more than one year

	2016	2015
	£	£

Bank loans and overdrafts	210,688	–
Other creditors	100,978	217,236
	---------	---------
	311,666	217,236
	---------	---------

10. Prior Period Errors

The prior year adjustment in the previous year is made up of the following

	December 2015	Periods to December 2014
	£	£
Interest on director's loan	–	(27,069)
Development wages capitalised	–	932,587
Amortisation	–	(288,683)
	----	---------
	–	616,835
	----	---------

The prior year adjustment relates to overcharged interest on the loan from a director amounting to £27,069 in the periods to 31st December 2014. A further adjustment has been made in relation to the capitalisation of development wages. The adjustment increases the net book value in the periods to 31st December 2014 by £643,905.

11. Operating Leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2016	2015
	£	£

Not later than 1 year	101,520	48,767
Later than 1 year and not later than 5 years	42,300	–
	---------	--------
	143,820	48,767
	---------	--------

12. Directors' Advances, Credits and Guarantees

There were no directors advances, credits and guarantees to disclose during the period .

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.

No transitional adjustments were required in equity or profit or loss for the year.