REGISTERED NUMBER:
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QUBIX INTERNATIONAL LIMITED |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2022 |
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REGISTERED NUMBER:
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QUBIX INTERNATIONAL LIMITED |
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REPORT OF THE DIRECTORS AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2022 |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2022 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Income Statement | 3 |
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Other Comprehensive Income | 4 |
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Balance Sheet | 5 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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QUBIX INTERNATIONAL LIMITED |
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COMPANY INFORMATION |
for the year ended 30 June 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Station House |
Connaught Road |
Brookwood |
Woking |
Surrey |
GU24 0ER |
QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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REPORT OF THE DIRECTORS |
for the year ended 30 June 2022 |
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The directors present their report with the financial statements of the company for the year ended 30 June 2022. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of software development consultancy. |
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DIRECTORS |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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INCOME STATEMENT |
for the year ended 30 June 2022 |
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2022 | 2021 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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964,716 | 135,326 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Income from shares in group undertakings |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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OTHER COMPREHENSIVE INCOME |
for the year ended 30 June 2022 |
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2022 | 2021 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Purchase of own share | ( |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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BALANCE SHEET |
30 June 2022 |
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2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
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Tangible assets | 7 |
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Investments | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 12 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 13 |
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Share premium | 14 |
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Capital redemption reserve | 14 |
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Retained earnings | 14 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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BALANCE SHEET - continued |
30 June 2022 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 June 2022 |
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Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
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Balance at 1 July 2020 |
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Changes in equity |
Profit for the year | - | 143,756 | - | - | 143,756 |
Total comprehensive income | - |
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Dividends | - | ( |
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Issue of share capital |
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Balance at 30 June 2021 |
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Changes in equity |
Profit for the year | - | 1,962,311 | - | - | 1,962,311 |
Other comprehensive income | - | (412,100 | ) | - |
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(331,917 | ) |
Total comprehensive income | - |
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Dividends | - | ( |
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Issue of share capital |
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Balance at 30 June 2022 |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2022 |
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1. | STATUTORY INFORMATION |
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Qubix International Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents income earned during the year arising from services delivered. |
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Income derived from maintenance contracts is recognised evenly over the period of the contract. |
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Income is recognised upon uncompleted work at the balance sheet date based on the un-invoiced time expended valued at its normal invoice value, or recoverable value if lower. |
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Intellectual property |
Intellectual Property is comprised of two elements, purchased intellectual property bought in Nov 2013 which is being amortised over three years and internet related services which are being built by the company is amortised evenly over its estimated useful life of five years. |
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Tangible fixed assets |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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Intellectual Property amortisation |
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5. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
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Corporation tax overprovided | (13,983 | ) | - |
Research and Development tax credits | (358,564 | ) | - |
Total current tax | ( |
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Deferred tax | ( |
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Tax on profit | ( |
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Tax effects relating to effects of other comprehensive income |
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2022 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own share | ( |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2022 |
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6. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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AMORTISATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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Other intangible assets relates to purchased intellectual property and software development. |
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7. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
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COST |
At 1 July 2021 |
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Additions |
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At 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2022 |
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8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2021 |
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Disposals | ( |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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During the year, an investment valued at £412,100 (Original cost £22.40) was sold to a director in exchange for 801,830 of his shares valued at £0.513949341 per share |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Uninvoiced work | 805,970 | 899,453 |
Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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Included within the amounts owed by group undertakings within one year is £45,862 which is repayable on demand. |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 422,363 | 337,609 |
Other creditors |
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Directors' current accounts | - | 122 |
Deferred income |
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Accrued expenses |
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QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2022 |
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11. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
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Between one and five years |
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12. | PROVISIONS FOR LIABILITIES |
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2022 | 2021 |
£ | £ |
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Deferred Tax | 38,127 | 40,787 |
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Deferred |
tax |
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Balance at 1 July 2021 | 40,787 |
Released during the year | (2,660) |
Balance at 30 June 2022 | 38,127 |
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13. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
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Number | Class | Nominal value | 2022 | 2021 |
£ | £ |
8,786,156 | Ordinary | 10p | 878,615.60 | 958,798.60 |
380 | A | 10p | 38.00 | 38.00 |
11,628 | B | 10p | 1,162.80 | 1,162.80 |
C | 10p | 0.30 | 0.30 |
2 | D | 10p | 0.20 | 0.20 |
1 | E | 10p | 0.10 | 0.10 |
2,400,000 | F | 10p | 240,000.00 | 52,875.00 |
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1,119,817.00 | 1,012,875.00 |
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Shares issued during the year were as follows: |
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A new issue of F shares were made |
1,871,250 F share at 10p were issued for 20p per share. |
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During the year, the company bought back 801,830 shares for £0.513949341 per share (originally purchased for 0.10p per share). The company purchased the shares from a director as consideration for a disposal of an investment held by the company. |
QUBIX INTERNATIONAL LIMITED (REGISTERED NUMBER: 04783753) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2022 |
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14. | RESERVES |
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Capital |
Retained | Share | Redemption |
earnings | premium | Reserve | Totals |
£ | £ | £ | £ |
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At 1 July 2021 | 546,749 | 30,375 | 200,000 | 777,124 |
Profit for the year | 1,962,311 | 1,962,311 |
Dividends | (1,329,929 | ) | (1,329,929 | ) |
Purchase of own shares | (412,000 | ) | 80,183 | (331,917 | ) |
Premium arising on share issue | 187,125 | 187,125 |
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At 30 June 2022 | 767,031 | 217,500 | 280,183 | 1,264,714 |
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15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 June 2022 and 30 June 2021: |
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2022 | 2021 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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