Qube Developments Limited Company Accounts

QUBE DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05914556

Qube Developments Limited

Filleted Unaudited Financial Statements

For the year ended

31 August 2017

Qube Developments Limited

Financial Statements

Year ended 31 August 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4 to 6

Qube Developments Limited

Officers and Professional Advisers

The board of directors	Mr P J Dale
	Mr A D Fuller
	Mr M H Maynard

Registered office	238 Collier Row Lane
	Romford
	Essex
	RM5 3JB

Accountants	Tiffin Green Limited
	Chartered accountant
	11 Queens Road
	Brentwood
	Essex
	CM14 4HE

Qube Developments Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Qube Developments Limited

Year ended 31 August 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Qube Developments Limited for the year ended 31 August 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

Tiffin Green Limited Chartered accountant

11 Queens Road Brentwood Essex CM14 4HE

4 April 2018

Qube Developments Limited

Statement of Financial Position

31 August 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		2,064	2,752

Current assets

Debtors	5	3,021	23,844
Cash at bank and in hand		10,042	18,783
		--------	--------
		13,063	42,627

Creditors: amounts falling due within one year	6	14,896		39,879
		--------		--------
Net current (liabilities)/assets			( 1,833)	2,748
			-------	-------
Total assets less current liabilities			231	5,500
			----	-------
Net assets			231	5,500
			----	-------

Capital and reserves

Called up share capital	3	3
Profit and loss account	228	5,497
	----	-------
Shareholders funds	231	5,500
	----	-------

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 income statement has not been delivered.

For the year ending 31 August 2017 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 .

These financial statements were approved by the board of directors and authorised for issue on 30 March 2018 , and are signed on behalf of the board by:

Mr P J Dale	Mr A D Fuller
Director	Director

Mr M H Maynard
Director

Company registration number: 05914556

Qube Developments Limited

Notes to the Financial Statements

Year ended 31 August 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 238 Collier Row Lane, Romford, Essex, RM5 3JB.

2. 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 September 2016 and 31 August 2017	1,178	12,992	14,170
	-------	--------	--------
Depreciation
At 1 September 2016	871	10,547	11,418
Charge for the year	77	611	688
	-------	--------	--------
At 31 August 2017	948	11,158	12,106
	-------	--------	--------
Carrying amount
At 31 August 2017	230	1,834	2,064
	-------	--------	--------
At 31 August 2016	307	2,445	2,752
	-------	--------	--------

5. Debtors

	2017	2016
	£	£
Trade debtors	–	19,626
Other debtors	3,021	4,218
	-------	--------
	3,021	23,844
	-------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	5	8,624
Corporation tax	4,676	18,272
Social security and other taxes	2,010	983
Other creditors	8,205	12,000
	--------	--------
	14,896	39,879
	--------	--------