7 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 30,000 30,000 xbrli:pure xbrli:shares iso4217:GBP SC255987 2022-04-01 2023-03-31 SC255987 2023-03-31 SC255987 2022-03-31 SC255987 2021-04-01 2022-03-31 SC255987 2022-03-31 SC255987 core:MotorVehicles 2022-04-01 2023-03-31 SC255987 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC255987 bus:Director1 2022-04-01 2023-03-31 SC255987 core:NetGoodwill 2023-03-31 SC255987 core:MotorVehicles 2022-03-31 SC255987 core:MotorVehicles 2023-03-31 SC255987 core:WithinOneYear 2023-03-31 SC255987 core:WithinOneYear 2022-03-31 SC255987 core:AfterOneYear 2023-03-31 SC255987 core:AfterOneYear 2022-03-31 SC255987 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC255987 core:ShareCapital 2023-03-31 SC255987 core:ShareCapital 2022-03-31 SC255987 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC255987 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC255987 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 SC255987 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 SC255987 core:MotorVehicles 2022-03-31 SC255987 bus:SmallEntities 2022-04-01 2023-03-31 SC255987 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC255987 bus:FullAccounts 2022-04-01 2023-03-31 SC255987 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC255987 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC255987 bus:OrdinaryShareClass1 2023-03-31 SC255987 bus:OrdinaryShareClass1 2022-03-31 SC255987 core:NetGoodwill 2022-04-01 2023-03-31 SC255987 core:ComputerEquipment 2022-04-01 2023-03-31 SC255987 core:ComputerEquipment 2022-03-31 SC255987 core:ComputerEquipment 2023-03-31 SC255987 core:AllAssociates 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: SC255987
Liberty Fitting Service Limited
Filleted Unaudited Financial Statements
31 March 2023
Liberty Fitting Service Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
11,993
17,477
Current assets
Stocks
5,000
7,750
Debtors
8
10,081
32,254
Cash at bank and in hand
225,368
164,537
---------
---------
240,449
204,541
Creditors: amounts falling due within one year
9
95,391
108,642
---------
---------
Net current assets
145,058
95,899
---------
---------
Total assets less current liabilities
157,051
113,376
Creditors: amounts falling due after more than one year
10
17,500
24,500
Provisions
Taxation including deferred tax
2,998
3,032
---------
---------
Net assets
136,553
85,844
---------
---------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
136,453
85,744
---------
--------
Shareholders funds
136,553
85,844
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Liberty Fitting Service Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 October 2023 , and are signed on behalf of the board by:
Mr M. Conacher
Director
Company registration number: SC255987
Liberty Fitting Service Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The unaudited financial statements have been prepared under the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors are confident that the company can meet its financial liabilities therefore the accounts have been prepared on a Going Concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
18,000
12,200
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
30,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
30,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
7. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2022
36,009
8,900
44,909
Disposals
( 5,137)
( 5,137)
--------
-------
--------
At 31 March 2023
36,009
3,763
39,772
--------
-------
--------
Depreciation
At 1 April 2022
21,683
5,749
27,432
Charge for the year
3,582
416
3,998
Disposals
( 3,651)
( 3,651)
--------
-------
--------
At 31 March 2023
25,265
2,514
27,779
--------
-------
--------
Carrying amount
At 31 March 2023
10,744
1,249
11,993
--------
-------
--------
At 31 March 2022
14,326
3,151
17,477
--------
-------
--------
8. Debtors
2023
2022
£
£
Trade debtors
7,379
30,049
Other debtors
2,702
2,205
--------
--------
10,081
32,254
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
7,000
7,000
Trade creditors
10,917
32,699
Corporation tax
17,496
14,733
Social security and other taxes
25,817
24,716
Pension Fund
767
717
Net Wages
60
Other creditors
33,334
28,777
--------
---------
95,391
108,642
--------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,500
24,500
--------
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
2,998
3,032
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
2,998
3,032
-------
-------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Directors' advances, credits and guarantees
The company was under the control of Mr M Conacher and Mr T W McAuley throughout the current period.
14. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.