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REGISTERED NUMBER: 07115987 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Liberty Express Limited

Liberty Express Limited (Registered number: 07115987)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Liberty Express Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: G A Smith
Mrs E Smith





SECRETARY: Mrs E Smith





REGISTERED OFFICE: Foxhols, Foxhols Farm, Lyne Lane
Lyne
Chertsey
Surrey
KT16 0AN





REGISTERED NUMBER: 07115987 (England and Wales)





ACCOUNTANTS: Braywood Ltd
35 Station Approach
West Byfleet
Surrey
KT14 6NF

Liberty Express Limited (Registered number: 07115987)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 734,542 908,921
734,542 908,921

CURRENT ASSETS
Debtors 5 377,124 816,499
Cash at bank and in hand 995,959 1,856,539
1,373,083 2,673,038
CREDITORS
Amounts falling due within one year 6 487,105 1,597,138
NET CURRENT ASSETS 885,978 1,075,900
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,620,520

1,984,821

CREDITORS
Amounts falling due after more than one year 7 (71,587 ) (131,803 )

PROVISIONS FOR LIABILITIES (86,593 ) (140,033 )
NET ASSETS 1,462,340 1,712,985

CAPITAL AND RESERVES
Called up share capital 15,000 15,000
Retained earnings 1,447,340 1,697,985
1,462,340 1,712,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Liberty Express Limited (Registered number: 07115987)

Balance Sheet - continued
31 March 2024


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 13 August 2024 and were signed on its behalf by:




Mrs E Smith - Director



G A Smith - Director


Liberty Express Limited (Registered number: 07115987)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Liberty Express 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 directors expect that trading over the next twelve months will generative positive cash flows and have therefore adopted the going concern basis of preparation.

Turnover
Turnover represents net invoiced sales of freight and logistics services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.33% on cost, 25% on cost, 20% on cost and 10% 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Liberty Express Limited (Registered number: 07115987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 29 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 1,905,939
Additions 61,904
Disposals (42,412 )
At 31 March 2024 1,925,431
DEPRECIATION
At 1 April 2023 997,018
Charge for year 233,283
Eliminated on disposal (39,412 )
At 31 March 2024 1,190,889
NET BOOK VALUE
At 31 March 2024 734,542
At 31 March 2023 908,921

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 374,942
Transfer to ownership (98,792 )
At 31 March 2024 276,150
DEPRECIATION
At 1 April 2023 150,838
Charge for year 71,694
Transfer to ownership (98,792 )
At 31 March 2024 123,740
NET BOOK VALUE
At 31 March 2024 152,410
At 31 March 2023 224,104

Liberty Express Limited (Registered number: 07115987)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 336,890 506,016
Other debtors 40,234 310,483
377,124 816,499

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 60,216 68,449
Payments on account 2,808 -
Trade creditors 287,690 1,080,889
Taxation and social security 116,387 293,425
Other creditors 20,004 154,375
487,105 1,597,138

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 71,587 131,803

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 131,803 200,252

The HP agreement is secured on the vehicles & machinery being purchased through the HP agreements. The net book value of the equipment is £152,410 (2023 £224,104)

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £400,000 (2023 - £636,000) were paid to the directors .

The directors have charged a market rent for the warehouse premises and parking spaces of £228,000 (2023 £228,000).

10. ULTIMATE CONTROLLING PARTY

E Smith and G Smith, who are both directors and shareholders, are the ultimate controlling party.