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Registration number: 11036961

Libby's of Chesterfield Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Libby's of Chesterfield Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Detailed Profit and Loss Account

8 to 10

 

Libby's of Chesterfield Ltd

Company Information

Director

Mrs Elizabeth Morris

Registered office

479 Chatsworth Road
Chesterfield
Derbyshire
S40 3AD

Accountants

M.G. Walker & Co. Limited
119a High Street
Clay Cross
Chesterfield
Derbyshire
S45 9DZ

 

Libby's of Chesterfield Ltd

(Registration number: 11036961)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,335

6,390

Current assets

 

Stocks

5

18,000

23,880

Debtors

6

-

3,127

Cash at bank and in hand

 

1,664

54,504

 

19,664

81,511

Creditors: Amounts falling due within one year

7

(11,747)

(45,443)

Net current assets

 

7,917

36,068

Total assets less current liabilities

 

12,252

42,458

Provisions for liabilities

(57)

(223)

Net assets

 

12,195

42,235

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

12,095

42,135

Shareholders' funds

 

12,195

42,235

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 

.........................................
Mrs Elizabeth Morris
Director

 

Libby's of Chesterfield Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
479 Chatsworth Road
Chesterfield
Derbyshire
S40 3AD
England

These financial statements were authorised for issue by the director on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Libby's of Chesterfield Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line basis

Plant and machinery

15-30% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Libby's of Chesterfield Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

 

Libby's of Chesterfield Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

11,830

5,724

17,554

At 31 December 2023

11,830

5,724

17,554

Depreciation

At 1 January 2023

6,613

4,551

11,164

Charge for the year

1,183

872

2,055

At 31 December 2023

7,796

5,423

13,219

Carrying amount

At 31 December 2023

4,034

301

4,335

At 31 December 2022

5,217

1,173

6,390

Included within the net book value of land and buildings above is £4,034 (2022 - £5,217) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

18,000

23,880

6

Debtors

Current

2023
£

2022
£

Prepayments

-

807

Other debtors

-

2,320

 

Libby's of Chesterfield Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

1,551

2,193

Accruals and deferred income

2,800

2,860

Other creditors

7,396

40,390

11,747

45,443

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Dividends

 

Libby's of Chesterfield Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
 £

2022
 £

turnover (analysed below)

47,264

119,170

Cost of sales (analysed below)

(49,858)

(100,212)

Gross (loss)/profit

(2,594)

18,958

Gross profit (%)

(5.49)%

15.91%

Administrative expenses

Employment costs (analysed below)

(9,823)

-

Establishment costs (analysed below)

(6,016)

(21,828)

General administrative expenses (analysed below)

(9,523)

(13,825)

Finance charges (analysed below)

(195)

(1,335)

Depreciation costs (analysed below)

(2,055)

(3,201)

Other expenses (analysed below)

-

3,368

(27,612)

(36,821)

Operating loss

(30,206)

(17,863)

Loss before tax

(30,206)

(17,863)

 

Libby's of Chesterfield Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

47,080

99,123

Other revenue

-

20,000

Interest received

184

47

47,264

119,170

   

Cost of sales

Purchases

(37,231)

(75,975)

Wages and salaries (excluding directors)

(2,459)

(12,866)

Directors remuneration

-

(11,041)

Directors NIC (Employers)

-

(186)

Directors pensions (Defined contribution)

-

(144)

Subcontract cost

(10,168)

-

(49,858)

(100,212)

   

Employment costs

Directors remuneration

(9,524)

-

Directors NIC (Employers)

(153)

-

Directors pensions (Defined contribution)

(146)

-

(9,823)

-

   

Establishment costs

Rent

(1,452)

(6,080)

Rates

336

-

Light, heat and power

(1,484)

(6,657)

Insurance

(1,297)

(1,534)

Repairs and maintenance

(2,119)

(7,557)

(6,016)

(21,828)

   

General administrative expenses

Telephone and fax

(433)

(885)

Computer software and maintenance costs

(1,575)

(2,104)

Printing, postage and stationery

(115)

(46)

Sundry expenses

(104)

-

Motor expenses

(3,290)

(2,653)

Travel and subsistence

(256)

(44)

Advertising

(210)

(92)

Accountancy fees

(3,540)

(4,620)

Legal and professional fees

-

(3,381)

(9,523)

(13,825)

   

Finance charges

Bank charges

(195)

(1,335)

 

Libby's of Chesterfield Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Depreciation costs

Depreciation of freehold property

(1,183)

(1,990)

Depreciation of plant and machinery (owned)

(872)

(1,211)

(2,055)

(3,201)

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

-

3,368