Cube-i Limited - Filleted accounts

Cube-i Limited - Filleted accounts

INVOLVED EVENTS LTD - Company Information

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Registered number
08643374
Cube-i Limited
Filleted Accounts
31 December 2017
Cube-i Limited
Registered number: 08643374
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Intangible assets 3 88,200 102,900
Tangible assets 4 86,003 110,493
174,203 213,393
Current assets
Debtors 5 125,692 68,386
Cash at bank and in hand 255,359 238,712
381,051 307,098
Creditors: amounts falling due within one year 6 (66,957) (68,749)
Net current assets 314,094 238,349
Total assets less current liabilities 488,297 451,742
Provisions for liabilities (14,257) (18,509)
Net assets 474,040 433,233
Capital and reserves
Called up share capital 2 2
Profit and loss account 474,038 433,231
Shareholders' funds 474,040 433,233
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sean Barnard
Director
Approved by the board on 30 July 2018
Cube-i Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Computer Equipment 25% straight line
Motor Vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
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.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2017 147,000
At 31 December 2017 147,000
Amortisation
At 1 January 2017 44,100
Provided during the year 14,700
At 31 December 2017 58,800
Net book value
At 31 December 2017 88,200
At 31 December 2016 102,900
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Computer Equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2017 226,896 20,999 247,895
Additions 46,534 - 46,534
At 31 December 2017 273,430 20,999 294,429
Depreciation
At 1 January 2017 127,073 10,329 137,402
Charge for the year 68,357 2,667 71,024
At 31 December 2017 195,430 12,996 208,426
Net book value
At 31 December 2017 78,000 8,003 86,003
At 31 December 2016 99,823 10,670 110,493
5 Debtors 2017 2016
£ £
Trade debtors 117,696 54,884
Rent deposit 2,000 2,000
Other debtors and prepayments 5,996 11,502
125,692 68,386
6 Creditors: amounts falling due within one year 2017 2016
£ £
Directors' Loan account 732 732
Corporation tax 22,757 22,033
Other taxes and social security costs 39,145 43,854
Accruals 4,323 2,130
66,957 68,749
7 Related party transactions 2017 2016
£ £
Langley Professional Services Ltd
Consultancy contract
The company signed a consultancy agreement for Langley Professional Services Ltd to provide the consultancy services of the directors listed below to the company as follows:
Sean Barnard 60,975 111,381
8 Controlling party
The Company is under the control of its Directors due to their shareholdings.
9 Other information
Cube-i Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
The Old Mill Stoke Road
Blisworth
Northampton
NN7 3DB
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