Qube Developments Limited Company Accounts

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 period ended
5 June 2018
Qube Developments Limited
Financial Statements
Period from 1 September 2017 to 5 June 2018
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
Period from 1 September 2017 to 5 June 2018
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 period ended 5 June 2018, 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
23 July 2018
Qube Developments Limited
Statement of Financial Position
5 June 2018
5 Jun 18
31 Aug 17
Note
£
£
£
Fixed assets
Tangible assets
5
–
2,064
Current assets
Debtors
6
5,238
4,111
Cash at bank and in hand
2,045
10,042
-------
--------
7,283
14,153
Creditors: amounts falling due within one year
7
7,000
15,986
-------
--------
Net current assets/(liabilities)
283
( 1,833)
----
-------
Total assets less current liabilities
283
231
----
----
Net assets
283
231
----
----
Capital and reserves
Called up share capital
3
3
Profit and loss account
280
228
----
----
Shareholders funds
283
231
----
----
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 income and retained earnings has not been delivered.
For the period ending 5 June 2018 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 period 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 12 July 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
Period from 1 September 2017 to 5 June 2018
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. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3 (2017: 3 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 September 2017
1,178
12,992
14,170
Disposals
( 1,178)
( 12,992)
( 14,170)
-------
--------
--------
At 5 June 2018
–
–
–
-------
--------
--------
Depreciation
At 1 September 2017
948
11,158
12,106
Disposals
( 948)
( 11,158)
( 12,106)
-------
--------
--------
At 5 June 2018
–
–
–
-------
--------
--------
Carrying amount
At 5 June 2018
–
–
–
-------
--------
--------
At 31 August 2017
230
1,834
2,064
-------
--------
--------
6. Debtors
5 Jun 18
31 Aug 17
£
£
Other debtors
5,238
4,111
-------
-------
7. Creditors: amounts falling due within one year
5 Jun 18
31 Aug 17
£
£
Trade creditors
–
5
Corporation tax
1,078
4,676
Social security and other taxes
–
2,010
Other creditors
5,922
9,295
-------
--------
7,000
15,986
-------
--------
8. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
5 Jun 18
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P J Dale
( 2,295)
1,513
( 782)
Mr A D Fuller
545
2,674
3,219
Mr M H Maynard
545
1,474
2,019
-------
-------
-------
( 1,205)
5,661
4,456
-------
-------
-------
31 Aug 17
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P J Dale
( 2,267)
( 28)
( 2,295)
Mr A D Fuller
( 367)
912
545
Mr M H Maynard
( 366)
911
545
-------
-------
-------
( 3,000)
1,795
( 1,205)
-------
-------
-------