2022-12-012023-11-302023-11-30false10580454LIBERTY MAY 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LIBERTY MAY LIMITED

Registered Number
10580454
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

LIBERTY MAY LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

MUGE, David

Registered Address

Petwell House
319 Station Road
Hayes
UB3 4JF

Registered Number

10580454 (England and Wales)
LIBERTY MAY LIMITED
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investments47777
Investment property31,600,0001,600,000
1,600,0771,600,077
Current assets
Debtors5169,919254,912
Cash at bank and on hand3,88528,946
173,804283,858
Creditors amounts falling due within one year6(363,201)(364,815)
Net current assets (liabilities)(189,397)(80,957)
Total assets less current liabilities1,410,6801,519,120
Creditors amounts falling due after one year7(424,916)(457,759)
Net assets985,7641,061,361
Capital and reserves
Called up share capital200200
Profit and loss account985,5641,061,161
Shareholders' funds985,7641,061,361
The financial statements were approved and authorised for issue by the Director on 8 August 2024, and are signed on its behalf by:
MUGE, David
Director
Registered Company No. 10580454
LIBERTY MAY LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
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.
Statement of compliance
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.
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 (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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.
Investments
Investments in subsidiary undertakings are recognised at cost less any disposal made in current year.
Investment property
The Company carries its investment properties at fair value, with changes in fair values being recognised in the income statement. In addition, it measures land and buildings at revalued amounts with changes in fair value being recognised in other comprehensive income. Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. If a property interest held under a lease is classified as investment property, the item accounted for at fair value is that interest and not the underlying property. Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of investment property, is recognised in the income statement in the period of de-recognition. Transfers are made to or from investment property only when there is a change in use.
2.Average number of employees

20232022
Average number of employees during the year00
3.Investment property

£
Fair value at 01 December 221,600,000
At 30 November 231,600,000
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 December 227777
At 30 November 237777
Net book value
At 30 November 237777
At 30 November 227777

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2023

2022

££
Amounts owed by group undertakings119,647119,647
Other debtors50,272135,265
Total169,919254,912
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.
6.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts62,34762,347
Taxation and social security38,87442,594
Other creditors259,580258,674
Accrued liabilities and deferred income2,4001,200
Total363,201364,815
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.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts424,916457,759
Total424,916457,759
8.Directors advances, credits and guarantees
Included in other Creditors is an amount of £906 Cr (2022: £23,390 Dr) relates to director David Muge.
9.Related party transactions
At the year-end, Amounts owed by/(to) group undertakings balance includes £119,647 (2022: £119,647) due from Animals Are Us Ltd, where Mr. David Muge is also director of the company. Other debtors balance includes £50,271 (2022: £103,980) due from Allivet Ltd, where Mr. David Mwangi is director of the company.