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Company registration number: 02860316
Lib One Limited
Unaudited filleted financial statements
30 September 2023
Lib One Limited
Contents
Statement of financial position
Notes to the financial statements
Lib One Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 100 100
_______ _______
100 100
Current assets
Debtors 6 380,668 380,668
Cash at bank and in hand 2,052 2,269
_______ _______
382,720 382,937
Creditors: amounts falling due
within one year 7 ( 2,400) ( 1,200)
_______ _______
Net current assets 380,320 381,737
_______ _______
Total assets less current liabilities 380,420 381,837
_______ _______
Net assets 380,420 381,837
_______ _______
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 280,420 281,837
_______ _______
Shareholders funds 380,420 381,837
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mukesh Shah
Director
Company registration number: 02860316
Lib One Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Scottish Provident House, 3rd Floor, 76-80 College Road, Harrow, Middlesex, HA1 1BQ. The principal activity of the company is that of a holding company and investments.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with his responsibilities as director, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with continuing financial support from the shareholders. Thus, the director continue to adopt the going concern basis of accounting in preparing the financial statements.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being 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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 October 2022 and 30 September 2023 100 100
_______ _______
Impairment
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 100 100
_______ _______
At 30 September 2022 100 100
_______ _______
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 380,668 380,668
_______ _______
Amount owed by group undertakings are due from MVP Investment Holdings Ltd and are unsecured, interest free and repayable on demand.
7. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 2,400 1,200
_______ _______
8. Controlling party
In the opinion of the director, the company is controlled by its ultimate parent company, MVP Investment Holdings Limited incorporated in England & Wales.