2 false false false false false false false false false false true false false false false false false No description of principal activity 2021-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 79,896 274,786 354,682 354,682 79,896 839,339 38,320 877,659 877,659 839,339 xbrli:pure xbrli:shares iso4217:GBP 11616791 2021-11-01 2022-10-31 11616791 2022-10-31 11616791 2021-10-31 11616791 2020-11-01 2021-10-31 11616791 2021-10-31 11616791 2020-10-31 11616791 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 11616791 bus:Director1 2021-11-01 2022-10-31 11616791 core:LandBuildings core:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 11616791 core:WithinOneYear 2022-10-31 11616791 core:WithinOneYear 2021-10-31 11616791 core:ShareCapital 2022-10-31 11616791 core:ShareCapital 2021-10-31 11616791 core:RetainedEarningsAccumulatedLosses 2022-10-31 11616791 core:RetainedEarningsAccumulatedLosses 2021-10-31 11616791 core:CostValuation core:Non-currentFinancialInstruments 2021-10-31 11616791 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-10-31 11616791 core:CostValuation core:Non-currentFinancialInstruments 2022-10-31 11616791 core:Non-currentFinancialInstruments 2022-10-31 11616791 core:Non-currentFinancialInstruments 2021-10-31 11616791 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-31 11616791 core:LandBuildings core:OwnedOrFreeholdAssets 2021-10-31 11616791 core:LandBuildings core:OwnedOrFreeholdAssets 2021-10-31 11616791 bus:SmallEntities 2021-11-01 2022-10-31 11616791 bus:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 11616791 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-31 11616791 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 11616791 bus:FullAccounts 2021-11-01 2022-10-31 11616791 bus:OrdinaryShareClass1 2022-10-31 11616791 bus:OrdinaryShareClass1 2021-10-31
COMPANY REGISTRATION NUMBER: 11616791
LIBITUM LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2022
LIBITUM LTD
BALANCE SHEET
31 October 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
354,682
79,896
Investments
6
877,659
839,339
-----------
--------
1,232,341
919,235
Current assets
Debtors
7
3,019
2,488
Cash at bank and in hand
134,495
82,740
--------
-------
137,514
85,228
Creditors: amounts falling due within one year
8
( 1,191,767)
( 927,473)
-----------
--------
Net current liabilities
( 1,054,253)
( 842,245)
-----------
--------
Total assets less current liabilities
178,088
76,990
--------
-------
Net assets
178,088
76,990
--------
-------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
178,087
76,989
--------
-------
Shareholders funds
178,088
76,990
--------
-------
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 profit and loss account has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
S Holland
Director
Company registration number: 11616791
LIBITUM LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, HP18 0RA, England.
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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to ail years presented unless otherwise stated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.
Income 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, which include other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment, if an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables and loans from group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Freehold property
£
Cost
At 1 November 2021
79,896
Additions
274,786
--------
At 31 October 2022
354,682
--------
Depreciation
At 1 November 2021 and 31 October 2022
--------
Carrying amount
At 31 October 2022
354,682
--------
At 31 October 2021
79,896
--------
6. Investments
Other investments other than loans
£
Cost
At 1 November 2021
839,339
Additions
38,320
--------
At 31 October 2022
877,659
--------
Impairment
At 1 November 2021 and 31 October 2022
--------
Carrying amount
At 31 October 2022
877,659
--------
At 31 October 2021
839,339
--------
7. Debtors
2022
2021
£
£
Other debtors
3,019
2,488
------
------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
3
3
Trade creditors
88,810
34,798
Amounts owed to group undertakings
768,098
768,098
Corporation tax
33,391
18,674
Other creditors
301,465
105,900
-----------
--------
1,191,767
927,473
-----------
--------
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
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