ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

Caseware UK (AP4) 2014.0.91 2014.0.91 2016-12-312016-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueCommunity pharmacyfalse2016-01-01 07069190 2016-01-01 2016-12-31 07069190 2016-12-31 07069190 2015-12-31 07069190 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-12-31 07069190 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2015-01-01 2015-12-31 07069190 d:Director1 2016-01-01 2016-12-31 07069190 c:MotorVehicles 2016-01-01 2016-12-31 07069190 c:MotorVehicles 2016-12-31 07069190 c:MotorVehicles 2015-12-31 07069190 c:MotorVehicles c:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 07069190 c:FurnitureFittings 2016-01-01 2016-12-31 07069190 c:FurnitureFittings 2016-12-31 07069190 c:FurnitureFittings 2015-12-31 07069190 c:FurnitureFittings c:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 07069190 c:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 07069190 c:Goodwill 2016-01-01 2016-12-31 07069190 c:Goodwill 2016-12-31 07069190 c:Goodwill 2015-12-31 07069190 c:CurrentFinancialInstruments 2016-12-31 07069190 c:CurrentFinancialInstruments 2015-12-31 07069190 c:Non-currentFinancialInstruments 2016-12-31 07069190 c:Non-currentFinancialInstruments 2015-12-31 07069190 c:CurrentFinancialInstruments c:WithinOneYear 2016-12-31 07069190 c:CurrentFinancialInstruments c:WithinOneYear 2015-12-31 07069190 c:Non-currentFinancialInstruments c:AfterOneYear 2016-12-31 07069190 c:Non-currentFinancialInstruments c:AfterOneYear 2015-12-31 07069190 c:ShareCapital 2016-12-31 07069190 c:ShareCapital 2015-12-31 07069190 c:RetainedEarningsAccumulatedLosses 2016-12-31 07069190 c:RetainedEarningsAccumulatedLosses 2015-12-31 07069190 c:AcceleratedTaxDepreciationDeferredTax 2016-12-31 07069190 d:OrdinaryShareClass1 2016-01-01 2016-12-31 07069190 d:OrdinaryShareClass1 2016-12-31 07069190 d:OrdinaryShareClass1 2015-12-31 07069190 d:OrdinaryShareClass2 2016-01-01 2016-12-31 07069190 d:OrdinaryShareClass2 2016-12-31 07069190 d:OrdinaryShareClass3 2016-01-01 2016-12-31 07069190 d:OrdinaryShareClass3 2016-12-31 07069190 d:OrdinaryShareClass4 2016-01-01 2016-12-31 07069190 d:OrdinaryShareClass4 2016-12-31 07069190 d:OrdinaryShareClass5 2016-01-01 2016-12-31 07069190 d:OrdinaryShareClass5 2016-12-31 07069190 d:FRS102 2016-01-01 2016-12-31 07069190 d:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 07069190 d:AbridgedAccounts 2016-01-01 2016-12-31 07069190 d:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 07069190 c:WithinOneYear 2016-12-31 07069190 c:WithinOneYear 2015-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07069190

FIVEQUBE LIMITED

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

SILVER LEVENE LLP

CHARTERED CERTIFIED ACCOUNTANTS

37 WARREN STREET

LONDON W1T 6AD

FIVEQUBE LIMITED

REGISTERED NUMBER: 07069190

BALANCE SHEET

AS AT 31 DECEMBER 2016

		2016		2015
Note		£		£

Fixed assets
Intangible assets	2		107,652		251,871
Tangible assets	3		39,133		37,664
			146,785		289,535
Current assets
Stocks	4	46,519		50,389
Debtors: amounts falling due within one year	5	137,062		148,229
Cash at bank and in hand		92,296		94,282
		275,877		292,900
Creditors: amounts falling due within one year	6	(228,775)		(194,299)
Net current assets			47,102		98,601
Total assets less current liabilities			193,887		388,136
Creditors: amounts falling due after more than one year	7		(75,337)		(118,298)
Provisions for liabilities
Deferred tax	8	(7,030)		-
			(7,030)		-
Net assets			111,520		269,838

Capital and reserves
Called up share capital	9	100	100
Profit and loss account		111,420	269,738
		111,520	269,838

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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.

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FIVEQUBE LIMITED

REGISTERED NUMBER: 07069190

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2016

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A Mahmood

Director

Date: 13 July 2017

The notes on pages 3 to 13 form part of these financial statements.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

·the Company has transferred the significant risks and rewards of ownership to the buyer;

·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the transaction; and

·the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies (continued)

1.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Goodwill

years

1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Motor vehicles	-	25%	reducing balance
				Fixtures & fittings	-	15%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies (continued)

1.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

1.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.Accounting policies (continued)

1.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2016	358,833
	At 31 December 2016	358,833
	Amortisation
	At 1 January 2016	106,962
	Charge for the year	144,220
	At 31 December 2016	251,182
	Net book value
	At 31 December 2016	107,651
	At 31 December 2015	251,871

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

3.	Tangible fixed assets

	Motor vehicles	Fixtures & fittings	Total
	£	£	£
Cost or valuation
At 1 January 2016	7,977	58,032	66,009
Additions	-	8,665	8,665
At 31 December 2016	7,977	66,697	74,674
Depreciation
At 1 January 2016	5,508	22,836	28,344
Charge for the year on owned assets	617	6,579	7,196
At 31 December 2016	6,125	29,415	35,540
Net book value
At 31 December 2016	1,852	37,282	39,134
At 31 December 2015	2,468	35,196	37,664

4.	Stocks
		2016	2015
		£	£

Finished goods and goods for resale	46,519	50,389
	46,519	50,389

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Debtors

					2016	2015
					£	£


Trade debtors	61,224	77,243
Other debtors	74,333	70,986
Prepayments and accrued income	1,505	-
	137,062	148,229

6.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Bank loans	36,400	39,808
Trade creditors	130,203	123,671
Corporation tax	12,748	17,309
Other taxation and social security	1,438	1,051
Directors' loan account	47,986	12,460
	228,775	194,299

7.	Creditors: Amounts falling due after more than one year
		2016	2015
		£	£

Bank loan	75,337	118,298
	75,337	118,298

Secured loans

The bank loan is secured by director's personal guarantee and personal life insurance.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

8.	Deferred taxation

		2016
		£

	Charged to profit or loss	(7,030)
	At end of year	(7,030)

	The deferred taxation balance is made up as follows:
					2016
					£

	Accelerated capital allowances	(7,030)
		(7,030)

Allotted, called up and fully paid

15 (2015 - 85) A Ordinary shares of £1 each	15	85
15 B Ordinary shares of £1 each	15	15
15 C Ordinary shares of £1 each	15	-
15 D Ordinary shares of £1 each	15	-
30 E Ordinary shares of £1 each	30	-
10 F Ordinary shares of £1 each	10	-

	100	100

On 11 May 2016, the company reclassified its 85 A Ordinary shares into 15 C Ordinary shares, 15 D Ordinary shares, 30 E Ordinary shares and 10 F Ordinary shares of £1 each.

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

	Not later than 1 year	6,000	6,000
		6,000	6,000

11.	Related party transactions
	During the year, the company paid dividends to the following directors:

		2016	2015
		£	£

Mr A Mahmood	31,500	20,000
Mrs S Jan	28,500	11,000
	60,000	31,000

The balance on directors' loan account of Mr A Mahmood and Mrs S Jan was £47,986 (2015 - £12,460) at 31 December 2016.

12.	Controlling party

There is no controlling party.

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FIVEQUBE LIMITED

13.	First time adoption of FRS 102
	The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 January 2015. The impact of the transition to FRS 102 is as follows:
		As previously stated 31 December 2015	Effect of transition 31 December 2015	FRS 102 (as restated) 31 December 2015
	Note	£	£	£

Fixed assets	289,535	-	289,535
Current assets	292,900	-	292,900
Creditors: amounts falling due within one year	(194,299)	-	(194,299)
Net current assets	98,601	-	98,601
Total assets less current liabilities	388,136	-	388,136

Creditors: amounts falling due after more than one year	(118,298)	-	(118,298)
Provisions for liabilities	-	(7,013)	(7,013)
Net assets	388,136	(7,013)	381,123

Capital and reserves

388,136

(7,013)

381,123

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FIVEQUBE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

13.First time adoption of FRS 102 (continued)

		As previously stated 31 December 2015	Effect of transition 31 December 2015	FRS 102 (as restated) 31 December 2015
	Note	£	£	£

Turnover	820,868	-	820,868
Cost of sales	(582,371)	-	(582,371)
	238,497	-	238,497
Administrative expenses	(173,598)	-	(173,598)
Other operating income	13,314	-	13,314
Operating profit	78,213	-	78,213
Interest receivable and similar income	320	-	320
Interest payable and similar charges	(4,433)	-	(4,433)
Taxation	(17,309)	(7,013)	(24,322)
Profit on ordinary activities after taxation and for the financial year	56,791	(7,013)	49,778

Explanation of changes to previously reported profit and equity:

Deferred tax was not provided for the year ended 31 December 2015.

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