It's the standard bandaged configuration. Here is what I did.
1. Took apart the old cube, took the minging stickers off and washed the whole thing. I took the face plates off and dismantled it all to tiny pieces.
2. Glued the required pieces together with superglue. The glue costs about �2.
3. Used Epoxy Putty, a two-part putty which dries very quickly, I puttied up the gaps between pieces. Epoxy putty was about �5.
4. Sanded it all down so that it was flush and smooth. Sand paper costs about �3 for a bunch, more than enough. You don't really need high quality sand paper because it's going to get wrecked anyway.
5. Painted it with black nail polish. I chose this route because I read it works pretty well (it does) and it's really cheap - the polish costs about �2 and there was enough to do several cubes and some nails too.
6. Stickered it with cubesmith stickers which cost me $9.50 aka six quid.
That's it! The solution is really difficult although there aren't many positions. The total cost of this project was about �18. You could do it for �25 if you bought the cube itself, plus you'd probably get slightly better results than I did. Or, you could just buy a factory produced bandaged cube, but what's the fun in that?