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REGISTERED NUMBER: 08946656 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

FOR

LIBERATE WEALTH (THORNTON) LIMITED

LIBERATE WEALTH (THORNTON) LIMITED (REGISTERED NUMBER: 08946656)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LIBERATE WEALTH (THORNTON) LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023







DIRECTORS: M A Howlett
Ms J Savonina
S Thapar





REGISTERED OFFICE: 1-3 Kipping Lane
Thornton
Bradford
West Yorkshire
BD13 3EL





REGISTERED NUMBER: 08946656 (England and Wales)





ACCOUNTANTS: AC Partners LLP
Chartered Accountants
869 High Road
London
N12 8QA

LIBERATE WEALTH (THORNTON) LIMITED (REGISTERED NUMBER: 08946656)

BALANCE SHEET
31 DECEMBER 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 96,200 137,400
Tangible assets 5 11,397 38,541
107,597 175,941

CURRENT ASSETS
Debtors 6 139,356 129,392
Cash at bank 143,274 254,932
282,630 384,324
CREDITORS
Amounts falling due within one year 7 260,817 123,941
NET CURRENT ASSETS 21,813 260,383
TOTAL ASSETS LESS CURRENT LIABILITIES 129,410 436,324

CREDITORS
Amounts falling due after more than one year 8 - (7,571 )

PROVISIONS FOR LIABILITIES - (3,776 )
NET ASSETS 129,410 424,977

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 129,310 424,877
129,410 424,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 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.

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 19 September 2024 and were signed on its behalf by:




S Thapar - Director



M A Howlett - Director


LIBERATE WEALTH (THORNTON) LIMITED (REGISTERED NUMBER: 08946656)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

Liberate Wealth (Thornton) 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.

TURNOVER
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

GOODWILL
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost

TAXATION
Taxation for the period 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 period 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.

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.

LIBERATE WEALTH (THORNTON) LIMITED (REGISTERED NUMBER: 08946656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 31 December 2023 618,000
AMORTISATION
At 1 May 2023 480,600
Charge for period 41,200
At 31 December 2023 521,800
NET BOOK VALUE
At 31 December 2023 96,200
At 30 April 2023 137,400

LIBERATE WEALTH (THORNTON) LIMITED (REGISTERED NUMBER: 08946656)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 May 2023 89,018
Additions 3,593
Disposals (32,393 )
At 31 December 2023 60,218
DEPRECIATION
At 1 May 2023 50,477
Charge for period 7,792
Eliminated on disposal (9,448 )
At 31 December 2023 48,821
NET BOOK VALUE
At 31 December 2023 11,397
At 30 April 2023 38,541

6. DEBTORS
2023 2023
£    £   
Amounts falling due within one year:
Trade debtors - 17,603
Amounts owed by group undertakings 11,327 -
Other debtors 33,029 16,789
44,356 34,392

Amounts falling due after more than one year:
Amounts owed by group undertakings 95,000 95,000

Aggregate amounts 139,356 129,392

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 3,696 9,564
Amounts owed to group undertakings 118,845 -
Taxation and social security 75,672 69,412
Other creditors 62,604 44,965
260,817 123,941

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2023
£    £   
Other creditors - 7,571