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REGISTERED NUMBER: 10690951 (England and Wales)



Financial Statements for the Year Ended 31 March 2023

for

Libya Desk Consulting Limited

Libya Desk Consulting Limited (Registered number: 10690951)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Libya Desk Consulting Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: L O Gramazio
M A O Durda





REGISTERED OFFICE: 1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ





REGISTERED NUMBER: 10690951 (England and Wales)





ACCOUNTANTS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Libya Desk Consulting Limited (Registered number: 10690951)

Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,841 1,099

CURRENT ASSETS
Debtors 5 27,104 9,517
Cash at bank and in hand 8,911 109,258
36,015 118,775
CREDITORS
Amounts falling due within one year 6 (42,627 ) (65,137 )
NET CURRENT (LIABILITIES)/ASSETS (6,612 ) 53,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,771

)

54,737

CREDITORS
Amounts falling due after more than one year 7 (35,833 ) (45,833 )
NET (LIABILITIES)/ASSETS (40,604 ) 8,904

CAPITAL AND RESERVES
Called up share capital 9 6 6
Retained earnings 10 (40,610 ) 8,898
SHAREHOLDERS' FUNDS (40,604 ) 8,904

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Libya Desk Consulting Limited (Registered number: 10690951)

Statement of Financial Position - continued
31 March 2023


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:




L O Gramazio - Director



M A O Durda - Director


Libya Desk Consulting Limited (Registered number: 10690951)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Libya Desk Consulting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a transaction can be estimated reliably, turnover from the provision of service is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to contractual agreements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Libya Desk Consulting Limited (Registered number: 10690951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at Insert detail.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

Libya Desk Consulting Limited (Registered number: 10690951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022 1,704
Additions 1,557
At 31 March 2023 3,261
DEPRECIATION
At 1 April 2022 605
Charge for year 815
At 31 March 2023 1,420
NET BOOK VALUE
At 31 March 2023 1,841
At 31 March 2022 1,099

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 14,155 8,216
Directors' current accounts 1,278 1,301
Tax 11,671 -
27,104 9,517

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Payments on account 13,222 9,993
Trade creditors 4 9,762
Tax 13,213 14,856
Social security and other taxes 11,390 1,625
Pension Payable - 257
Directors' current accounts - 24,570
Accrued expenses 4,798 4,074
42,627 65,137

Libya Desk Consulting Limited (Registered number: 10690951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 8) 35,833 45,833

8. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due between two and five years:
Bank loans 35,833 45,833

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
6 Ordinary £1 6 6

10. RESERVES
Retained
earnings
£   

At 1 April 2022 8,898
Deficit for the year (49,508 )
At 31 March 2023 (40,610 )

11. RELATED PARTY DISCLOSURES

Included in debtors is a balance owed by the director Mr Gramazio to the company of £1,278 (2022: £1,302 ).
The Loan was repaid within 9 months of the year end.