Registration number:
Cube 3 Construction Limited
for the Year Ended 31 December 2020
Cube 3 Construction Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Cube 3 Construction Limited
(Registration number: 07498832)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
102 |
102 |
|
Profit and loss account |
998,985 |
846,178 |
|
Shareholders' funds |
999,087 |
846,280 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
......................................... |
......................................... |
Cube 3 Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital incorporated in England and the company registration number is 07498832.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Cube 3 Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line basis |
Fixtures and fittings |
25% straight line basis |
Motor vehicles |
25% straight line basis |
Office equipment |
25% straight line basis |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company contributes to the directors' personal pension schemes and to a group pension plan for its employees. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cube 3 Construction Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 January 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
( |
At 31 December 2020 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2020 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 December 2020 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2020 |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
22,888 |
6,094 |
Total current trade and other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
79,143 |
38,600 |
|
|
|