LIBERTY GLASSES CIC

Company Registration Number:
13904455 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2024

Period of accounts

Start date: 1 March 2023

End date: 28 February 2024

LIBERTY GLASSES CIC

Contents of the Financial Statements

for the Period Ended 28 February 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LIBERTY GLASSES CIC

Directors' report period ended 28 February 2024

The directors present their report with the financial statements of the company for the period ended 28 February 2024

Principal activities of the company

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. This report was approved by the board on and signed on its behalf



Directors

The directors shown below have held office during the whole of the period from
1 March 2023 to 28 February 2024

Tanjit Dosanjh
Kamalpreet Bains


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
6 September 2024

And signed on behalf of the board by:
Name: Tanjit Dosanjh
Status: Director

LIBERTY GLASSES CIC

Profit And Loss Account

for the Period Ended 28 February 2024

2024 13 months to 28 February 2023


£

£
Turnover: 5,529 7,432
Cost of sales: ( 1,270 ) ( 19,916 )
Gross profit(or loss): 4,259 (12,484)
Distribution costs: ( 44,763 ) ( 16,600 )
Other operating income: 175,000 100,000
Operating profit(or loss): 134,496 70,916
Profit(or loss) before tax: 134,496 70,916
Profit(or loss) for the financial year: 134,496 70,916

LIBERTY GLASSES CIC

Balance sheet

As at 28 February 2024

Notes 2024 13 months to 28 February 2023


£

£
Fixed assets
Tangible assets: 3 19,240 26,660
Total fixed assets: 19,240 26,660
Current assets
Debtors: 4 100 100
Cash at bank and in hand: 186,172 45,091
Total current assets: 186,272 45,191
Creditors: amounts falling due within one year: 5 ( 835 )
Net current assets (liabilities): 186,272 44,356
Total assets less current liabilities: 205,512 71,016
Total net assets (liabilities): 205,512 71,016
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 205,412 70,916
Total Shareholders' funds: 205,512 71,016

The notes form part of these financial statements

LIBERTY GLASSES CIC

Balance sheet statements

For the year ending 28 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 6 September 2024
and signed on behalf of the board by:

Name: Tanjit Dosanjh
Status: Director

The notes form part of these financial statements

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Fixtures, fittings, tools and equipment 25% straight line

    Other accounting policies

    Debtors: 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 Creditors: 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 Taxation: A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted Provisions: Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 2. Employees

    2024 13 months to 28 February 2023
    Average number of employees during the period 4 4

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 29,680 29,680
Additions
Disposals
Revaluations
Transfers
At 28 February 2024 29,680 29,680
Depreciation
At 1 March 2023 3,020 3,020
Charge for year 7,420 7,420
On disposals
Other adjustments
At 28 February 2024 10,440 10,440
Net book value
At 28 February 2024 19,240 19,240
At 28 February 2023 26,660 26,660

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

4. Debtors

2024 13 months to 28 February 2023
£ £
Trade debtors 100 100
Total 100 100

LIBERTY GLASSES CIC

Notes to the Financial Statements

for the Period Ended 28 February 2024

5. Creditors: amounts falling due within one year note

  13 months to 28 February 2023
  £
Other creditors 835
Total   835

COMMUNITY INTEREST ANNUAL REPORT

LIBERTY GLASSES CIC

Company Number: 13904455 (England and Wales)

Year Ending: 28 February 2024

Company activities and impact

During the financial year 2023-2024, the company’s activities have helped the local community in a number of ways We have performed almost 40 eye tests and contact lens checks on the University of Sussex campus, making eye care accessible and convenient for staff and students The company has also provided customers with a more affordable alternative to other similar businesses in the area We have provided part time employment to 3 students living on the University campus The company also generated approximately £8000 in sales in the last financial year, enabling further development of the service we provide to the community.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
6 September 2024

And signed on behalf of the board by:
Name: Tanjit Dosanjh
Status: Director