LIBERTY GLASSES CIC

Company Registration Number:
13904455 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 9 February 2022

End date: 28 February 2023

LIBERTY GLASSES CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LIBERTY GLASSES CIC

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Principal activities of the company

The company's principal activity during the year was that of manufacturing and retailing spectacles.



Directors

The directors shown below have held office during the whole of the period from
9 February 2022 to 28 February 2023

Tanjit Singh Dosanjh
Kamalpreet Singh Bains
Gareth Morgan Hadley


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
31 August 2023

And signed on behalf of the board by:
Name: Tanjit Singh Dosanjh
Status: Director

LIBERTY GLASSES CIC

Profit And Loss Account

for the Period Ended 28 February 2023

13 months to 28 February 2023


£
Turnover: 7,432
Cost of sales: ( 19,916 )
Gross profit(or loss): (12,484)
Administrative expenses: ( 16,600 )
Other operating income: 100,000
Operating profit(or loss): 70,916
Profit(or loss) before tax: 70,916
Profit(or loss) for the financial year: 70,916

LIBERTY GLASSES CIC

Balance sheet

As at 28 February 2023

Notes 13 months to 28 February 2023


£
Fixed assets
Tangible assets: 3 26,660
Total fixed assets: 26,660
Current assets
Debtors: 4 100
Cash at bank and in hand: 45,091
Total current assets: 45,191
Net current assets (liabilities): 45,191
Total assets less current liabilities: 71,851
Creditors: amounts falling due after more than one year: 5 ( 835 )
Total net assets (liabilities): 71,016
Capital and reserves
Called up share capital: 100
Profit and loss account: 70,916
Total Shareholders' funds: 71,016

The notes form part of these financial statements

LIBERTY GLASSES CIC

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 31 August 2023
and signed on behalf of the board by:

Name: Tanjit Singh Dosanjh
Status: Director

The notes form part of these financial statements

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods andfrom the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Fixtures, fittings, tools and equipment 25% straight line

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    13 months to 28 February 2023
    Average number of employees during the period 4

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 29,680 29,680
Disposals
Revaluations
Transfers
At 28 February 2023 29,680 29,680
Depreciation
Charge for year 3,020 3,020
On disposals
Other adjustments
At 28 February 2023 3,020 3,020
Net book value
At 28 February 2023 26,660 26,660

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

13 months to 28 February 2023
£
Other debtors 100
Total 100

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due after more than one year note

13 months to 28 February 2023
£
Other creditors 835
Total 835

COMMUNITY INTEREST ANNUAL REPORT

LIBERTY GLASSES CIC

Company Number: 13904455 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

During the financial year 2022-2023, the company’s activities have helped the local community in a number of ways-We have performed almost 40 eye tests and contact lens checks on the University of Sussex campus, making eye care accessible and convenient for staff and students-The company has also provided customers with a more affordable alternative to other similar businesses in the area-We have provided part time employment to 3 students living on the University campus-The company also generated approximately £8000 in sales in the last financial year, enabling further development of the service we provide to the community.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
31 August 2023

And signed on behalf of the board by:
Name: Tanjit Singh Dosanjh
Status: Director