2021-10-082022-12-312022-12-31false13668590Libeo UK 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Libeo UK Limited

Registered Number
13668590
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2022

Libeo UK Limited
Company Information
for the period from 8 October 2021 to 31 December 2022

Directors

J Attuil
P Dutaret
P-A Glandier

Registered Address

10 John Street
London
WC1N 2EB

Registered Number

13668590 (England and Wales)
Libeo UK Limited
Statement of Financial Position
31 December 2022

Notes

2022

£

£

Fixed assets
Tangible assets85,209
5,209
Current assets
Debtors1028,472
Cash at bank and on hand15,074
43,546
Creditors amounts falling due within one year11(38,353)
Net current assets (liabilities)5,193
Total assets less current liabilities10,402
Net assets10,402
Capital and reserves
Called up share capital1
Profit and loss account10,401
Shareholders' funds10,402
The financial statements were approved and authorised for issue by the Board of Directors on 6 November 2023, and are signed on its behalf by:
J Attuil
Director
Registered Company No. 13668590
Libeo UK Limited
Notes to the Financial Statements
for the period ended 31 December 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company was incorporated on 8 October 2021 and commenced trading on the same date.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company for the period under review was that of developing a digital accounting software for managing accounts payable and accounts receivables for SME'S.
4.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention.
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in pound sterling (£), which is the company's functional currency, and figures are rounded to the nearest whole pound.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment policy
Tangible assets are stated at cost (or deemed cost), less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Straight line (years)
Office Equipment3
Revenue recognition policy
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 performance obligations performed to date to the total performance obligations to be completed over the contract.
Taxation policy
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 policy
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.
Foreign currency translation and operations policy
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Leases policy
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties, and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount is reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Going concern
The company incurred losses during the period and in April 2023 the board decided to cease trading through the company. The company is therefore not considered to be a going concern at 31 December 2022. The financial statements have been prepared on a basis other than the going concern basis in compliance with FRS 102 Section 1A. The directors have considered the carrying value of the fixed assets, current assets, and current liabilities at the statement of financial position date and do not consider any material impairment to be necessary. There are no material differences between these financial statements and the financial statements had they been prepared on the going concern basis.
6.Critical estimates and judgements
There have been no significant estimates or judgements applied to the information contained within these financial statements.
7.Employee information

2022
Average number of employees during the year6
8.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
Additions6,5326,532
At 31 December 226,5326,532
Depreciation and impairment
Charge for year1,3231,323
At 31 December 221,3231,323
Net book value
At 31 December 225,2095,209
At 07 October 21--
9.Description of nature of transactions and balances with related parties
The ultimate parent company is Libeo SAS, a company registered in France with its registered office situated at CS 60002 112 Avenue DE Paris, Vincennes Cedex, Paris, France, 94306. The directors consider there to be no ultimate controlling party.
10.Debtors

2022

£
Other debtors18,498
Prepayments and accrued income9,974
Total28,472
11.Creditors within one year

2022

£
Trade creditors / trade payables15,761
Taxation and social security17,116
Other creditors4,436
Accrued liabilities and deferred income1,040
Total38,353