Silverfin false false 31/07/2023 01/08/2022 31/07/2023 R M L Dors 23/07/2021 J M Sinclair 23/07/2021 J M Wilson 23/07/2021 T M Wilson 27/07/2023 24 October 2023 The principal activity of the Company during the financial year was that of property development. 13528273 2023-07-31 13528273 bus:Director1 2023-07-31 13528273 bus:Director2 2023-07-31 13528273 bus:Director3 2023-07-31 13528273 bus:Director4 2023-07-31 13528273 2022-07-31 13528273 core:CurrentFinancialInstruments 2023-07-31 13528273 core:CurrentFinancialInstruments 2022-07-31 13528273 core:ShareCapital 2023-07-31 13528273 core:ShareCapital 2022-07-31 13528273 core:RetainedEarningsAccumulatedLosses 2023-07-31 13528273 core:RetainedEarningsAccumulatedLosses 2022-07-31 13528273 core:CurrentFinancialInstruments 1 2023-07-31 13528273 core:CurrentFinancialInstruments 1 2022-07-31 13528273 bus:OrdinaryShareClass1 2023-07-31 13528273 2022-08-01 2023-07-31 13528273 bus:FilletedAccounts 2022-08-01 2023-07-31 13528273 bus:SmallEntities 2022-08-01 2023-07-31 13528273 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 13528273 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 13528273 bus:Director1 2022-08-01 2023-07-31 13528273 bus:Director2 2022-08-01 2023-07-31 13528273 bus:Director3 2022-08-01 2023-07-31 13528273 bus:Director4 2022-08-01 2023-07-31 13528273 2021-07-23 2022-07-31 13528273 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 13528273 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 13528273 bus:OrdinaryShareClass1 2021-07-23 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13528273 (England and Wales)

LIBERTY LANE DEVELOPMENTS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

LIBERTY LANE DEVELOPMENTS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

LIBERTY LANE DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
LIBERTY LANE DEVELOPMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
31.07.2023 31.07.2022
£ £
Current assets
Stocks 1,231,861 902,767
Debtors 3 9,509 1,217
Cash at bank and in hand 81,694 197,656
1,323,064 1,101,640
Creditors: amounts falling due within one year 4 ( 1,351,579) ( 1,114,950)
Net current liabilities (28,515) (13,310)
Total assets less current liabilities (28,515) (13,310)
Net liabilities ( 28,515) ( 13,310)
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account ( 28,517 ) ( 13,312 )
Total shareholders' deficit ( 28,515) ( 13,310)

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Liberty Lane Developments Ltd (registered number: 13528273) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

J M Wilson
Director
LIBERTY LANE DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
LIBERTY LANE DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Liberty Lane Developments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Villings, South Liberty Lane, Bristol, BS3 2UQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £28,515. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.07.2023
Period from
23.07.2021 to
31.07.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Debtors

31.07.2023 31.07.2022
£ £
Prepayments 374 2
VAT recoverable 9,135 1,215
9,509 1,217

4. Creditors: amounts falling due within one year

31.07.2023 31.07.2022
£ £
Trade creditors 188,829 2,700
Amounts owed to Group undertakings 580,000 555,000
Amounts owed to connected companies 500,000 500,000
Amounts owed to directors 80,000 55,000
Accruals 2,750 2,250
1,351,579 1,114,950

There are no amounts included above in respect of which any security has been given by the small entity.

5. Called-up share capital

31.07.2023 31.07.2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

6. Related party transactions

Other related party transactions

31.07.2023 31.07.2022
£ £
Amount owed to connected companies at the year end. 1,080,000 1,055,000
Amounts owed to directors at the year end. 80,000 55,000

The loans are interest free and there are no fixed dates for repayment.