SM Liberty Ltd
Registered number: 12129929
Balance Sheet
as at 30 June 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 249 374
Current assets
Debtors 4 49,940 49,940
Cash at bank and in hand 406 100
50,346 50,040
Creditors: amounts falling due within one year 5 (16,544) (5,718)
Net current assets 33,802 44,322
Total assets less current liabilities 34,051 44,696
Creditors: amounts falling due after more than one year 8 (50,000) (50,000)
Net liabilities (15,949) (5,304)
Capital and reserves
Called up share capital 100 100
Profit and loss account (16,049) (5,404)
Shareholder's funds (15,949) (5,304)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sunnya Nadeem Mir
Director
Approved by the board on 18 October 2023
SM Liberty Ltd
Notes to the Accounts
for the year ended 30 June 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
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 and from 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
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:
Plant and machinery over 5 years
Fixtures and fittings over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 1 July 2021 498 125 623
At 30 June 2022 498 125 623
Depreciation
At 1 July 2021 199 50 249
Charge for the year 100 25 125
At 30 June 2022 299 75 374
Net book value
At 30 June 2022 199 50 249
At 30 June 2021 299 75 374
4 Debtors 2022 2021
£ £
Other debtors 49,940 49,940
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 5
Director's account 16,544 5,713
16,544 5,718
6 Profit and loss account 2022
£
At 1 July 2021 (5,404)
Profit for the year (10,645)
Dividends -
At 30 June 2022 (16,049)
7 Dividends 2022 2021
£ £
Dividends for which the company became liable during the year:
Dividends paid - -
- -
8 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 50,000 50,000
9 Related party transactions
Included within the creditors at the year end is £16,544 (2021: £5,713) due to Sunnya Nadeem Mir, the company director. During the period the company paid £4,118 of expenses on behalf of the director and the director introduced £14,949.
10 Controlling party
The ultimate controlling party is the director Sunnya Nadeem Mir.
11 Other information
SM Liberty Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Christchurch Road
Ilford
IG1 4QY
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