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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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CUBE PRECISION ENGINEERING LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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CUBE PRECISION ENGINEERING LIMITED |
CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Contents of the Financial Statements |
for the year ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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CUBE PRECISION ENGINEERING LIMITED |
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Company Information |
for the year ended 31 December 2019 |
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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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5-6 Greenfield Crescent |
Edgbaston |
Birmingham |
B15 3BE |
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Bankers: |
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Ariel House |
2138 Coventry Road |
Sheldon |
B26 3JW |
CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Statement of Financial Position |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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( |
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Provisions for liabilities | 10 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings |
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Shareholders' funds |
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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. |
CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Statement of Financial Position - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Notes to the Financial Statements |
for the year ended 31 December 2019 |
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1. | Statutory information |
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Cube Precision Engineering Limited is a
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The company's registered number and registered office address can be found on the Company Information |
page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to property - 15% straight line |
Plant and machinery - 15% straight line |
Motor vehicles - 25% straight line |
Office equipment - 25% straight line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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 statement of financial position 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 |
statement of financial position 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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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CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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4. | Tangible fixed assets |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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Depreciation |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2019 |
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Net book value |
At 31 December 2019 |
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At 31 December 2018 |
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Included within the net book value of £898,941 is £285,632 (2018 - £436,681) relating to assets held under hire |
purchase agreements. The depreciation charged to the financial statements in the year in respect of such |
assets amounted to £127,0491 (2018 - £146,561). |
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5. | Stocks |
2019 | 2018 |
£ | £ |
Raw materials |
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6. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts recoverable on long |
term contracts | 815,892 | 457,601 |
Tax |
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Prepayments and accrued income |
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7. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Social security and other taxes |
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VAT | 186,215 | 101,599 |
Other creditors |
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Directors' loan accounts | 120 | 120 |
Accruals and deferred income |
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CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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8. | Creditors: amounts falling due after more than one year |
2019 | 2018 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts (see note 9) |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 17,732 | 48,618 |
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Secured loans |
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The amounts included within hire purchase contracts for the purchase of machines are secured on those |
machines purchased, which are included in plant and machinery as shown within note 6. |
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Invoice finance advances received under the sales finance agreement included within other creditors are |
secured on trade debtors as shown in note 8 and assets. |
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The loans included within other creditors for the purchase of machines are secured on those machines which |
are included in plant and machinery and shown in note 6. |
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9. | Leasing agreements |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year |
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Between one and five years |
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10. | Provisions for liabilities |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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CUBE PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 06715305) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2019 |
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10. | Provisions for liabilities - continued |
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Deferred tax |
£ |
Balance at 1 January 2019 |
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Provided during year | ( |
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Balance at 31 December 2019 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | 1 | 150 | 150 |
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12. | Related party disclosures |
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Included in debtors is a balance of £262,669 (2018 - £215,772) due from Cube Investments Group Limited. |
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Included in debtors is a balance of £56,008 (2018 - £63,192) due from GFP Tools Limited. |
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Included within other creditors is a balance of £nil due to Cube Aerospace Engineering Limited, (2018 - |
£24,008). |
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Included within other creditors are balances totalling £312,772 (2018 - £490,803) due to P V & S Clifton. |
Included within trade creditors is a balance of £32,512 (2018 - £18,991) due to P V & S Clifton. |
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Included within other creditors is a balance of £120 (2018 - £120) due to N Clifton. |
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13. | Ultimate controlling party |
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The controlling party is Cube Investments Group Limited. |