1 February 2022 v2023.25.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP041427562022-02-012023-01-31041427562023-01-31041427562022-01-3104142756core:WithinOneYear2023-01-3104142756core:WithinOneYear2022-01-3104142756core:AfterOneYear2023-01-3104142756core:AfterOneYear2022-01-3104142756core:ShareCapital2023-01-3104142756core:ShareCapital2022-01-3104142756core:RetainedEarningsAccumulatedLosses2023-01-3104142756core:RetainedEarningsAccumulatedLosses2022-01-3104142756bus:Director12022-02-012023-01-3104142756bus:RegisteredOffice2022-02-012023-01-3104142756core:FurnitureFittings2022-02-012023-01-3104142756core:OfficeEquipment2022-02-012023-01-31041427562021-02-012022-01-3104142756core:LandBuildings2022-02-0104142756core:PlantMachinery2022-02-01041427562022-02-0104142756core:PlantMachinery2022-02-012023-01-3104142756core:LandBuildings2022-02-012023-01-3104142756core:LandBuildings2023-01-3104142756core:PlantMachinery2023-01-3104142756core:LandBuildings2022-01-3104142756core:PlantMachinery2022-01-310414275612022-02-012023-01-3104142756countries:EnglandWales2022-02-012023-01-3104142756bus:AuditExempt-NoAccountantsReport2022-02-012023-01-3104142756bus:PrivateLimitedCompanyLtd2022-02-012023-01-3104142756bus:SmallEntities2022-02-012023-01-3104142756bus:FullAccounts2022-02-012023-01-31
Company registration number:
04142756
Libran Lettings Limited
Unaudited Filleted Financial Statements for the year ended
31 January 2023
Libran Lettings Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Libran Lettings Limited
Year ended
31 January 2023
As described on the statement of financial position, the Board of Directors of
Libran Lettings Limited
are responsible for the preparation of the
financial statements
for the year ended
31 January 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Date:
24 October 2023
Libran Lettings Limited
Statement of Financial Position
31 January 2023
20232022
Note££
Fixed assets    
Tangible assets 5
943,259
 
876,992
 
Current assets    
Debtors 6
597
 
517
 
Cash at bank and in hand
5,407
 
1,487
 
6,004
 
2,004
 
Creditors: amounts falling due within one year 7
(19,794
)
(27,399
)
Net current liabilities
(13,790
)
(25,395
)
Total assets less current liabilities 929,469   851,597  
Creditors: amounts falling due after more than one year 8
(296,000
)
(296,000
)
Provisions for liabilities
(96,126
)
(83,396
)
Net assets
537,343
 
472,201
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
537,243
 
472,101
 
Shareholders funds
537,343
 
472,201
 
For the year ending
31 January 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
24 October 2023
, and are signed on behalf of the board by:
K Brierley
Director
Company registration number:
04142756
Libran Lettings Limited
Notes to the Financial Statements
Year ended
31 January 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Office 16, Hamilton Davies House
,
117c Liverpool Road
,
Cadishead
,
Manchester
,
M44 5BG
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for rents due on the properties

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
15% straight line
Office equipment
20% straight line

Investment properties

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

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.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
2.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 February 2022
874,722
 
18,051
 
892,773
 
Additions -  
119
 
119
 
Revaluations
67,000
  -  
67,000
 
At
31 January 2023
941,722
 
18,170
 
959,892
 
Depreciation      
At
1 February 2022
-  
15,781
 
15,781
 
Charge -  
852
 
852
 
At
31 January 2023
-  
16,633
 
16,633
 
Carrying amount      
At
31 January 2023
941,722
 
1,537
 
943,259
 
At 31 January 2022
874,722
 
2,270
 
876,992
 

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2023
£
Carrying amount at
1 February 2022
874,722
 
Fair value adjustments
67,000.00
 
Carrying amount at
31 January 2023
941,722
 

6 Debtors

20232022
££
Other debtors
597
 
517
 

7 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
4,124
 
2,508
 
Other creditors
15,670
 
24,891
 
19,794
 
27,399
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
296,000
 
296,000
 

9 Directors' advances, credit and guarantees

The directors have always maintained credit balances on their accounts