Caseware UK (AP4) 2023.0.135 2023.0.135 truetruetruetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Sale of paints, dyes and other chemicals2023-04-01false33truetrue 03890988 2023-04-01 2024-03-31 03890988 2022-04-01 2023-03-31 03890988 2024-03-31 03890988 2023-03-31 03890988 c:CompanySecretary1 2023-04-01 2024-03-31 03890988 c:Director3 2023-04-01 2024-03-31 03890988 c:Director4 2023-04-01 2024-03-31 03890988 c:Director5 2023-04-01 2024-03-31 03890988 c:RegisteredOffice 2023-04-01 2024-03-31 03890988 d:CurrentFinancialInstruments 2024-03-31 03890988 d:CurrentFinancialInstruments 2023-03-31 03890988 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03890988 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03890988 d:ShareCapital 2024-03-31 03890988 d:ShareCapital 2023-03-31 03890988 d:RetainedEarningsAccumulatedLosses 2024-03-31 03890988 d:RetainedEarningsAccumulatedLosses 2023-03-31 03890988 c:OrdinaryShareClass1 2023-04-01 2024-03-31 03890988 c:OrdinaryShareClass1 2024-03-31 03890988 c:OrdinaryShareClass1 2023-03-31 03890988 c:FRS102 2023-04-01 2024-03-31 03890988 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03890988 c:FullAccounts 2023-04-01 2024-03-31 03890988 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03890988










Liberty Chemcolor UK Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Liberty Chemcolor UK Limited
 

Company Information


Directors
Mr R G Ved 
Mrs P R Ved 
Miss R G Ved 




Company secretary
Mr R G Ved



Registered number
03890988



Registered office
2nd Floor
168 Shoreditch High Street

London

E1 6RA




Accountants
Kreston Reeves LLP
Chartered Accountants

2nd Floor

168 Shoreditch High Street

London

E1 6RA





 
Liberty Chemcolor UK Limited
Registered number: 03890988

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
27,891
103,951

Cash at bank and in hand
 6 
524,354
580,174

  
552,245
684,125

Creditors: amounts falling due within one year
 7 
(35,532)
(132,075)

Net current assets
  
 
 
516,713
 
 
552,050

Total assets less current liabilities
  
516,713
552,050

  

Net assets
  
516,713
552,050


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
515,713
551,050

  
516,713
552,050


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.




Mr R G Ved
Mrs P R Ved
Director
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Liberty Chemcolor UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

Liberty Chemcolour UK Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England and Wales. The address of its registered office is Second Floor, 168 Shoreditch High Street, London, E1 6RA. The principal place of business is Unit 1, Melbury Business Park, Shaftesbury, Dorset, SP7 0AF.

The Company's principal activity is that of trading in chemical products in United Kingdom and Europe on behalf of its Indian parent company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Liberty Export Pvt Limited as at 31 March 2024 and these financial statements may be obtained from 84, Jolly Maker Chambers No. 2, 225 Nariman Point, Mumbai, Maharashtra, 400021, India.

  
2.3

Cash flow exemption

The company has taken advantage of the exemption conferred by Section 7.1B of FRS 102 not to prepare a Statement of cash flows as a small sized entity.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. Sales are recognised on delivery of goods to the customer.

Page 2

 
Liberty Chemcolor UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 3

 
Liberty Chemcolor UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Stocks







5.


Debtors

2024
2023
£
£


Trade debtors
19,466
90,577

Other debtors
3,040
5,154

Prepayments and accrued income
-
3,100

Tax recoverable
5,385
5,120

27,891
103,951



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
524,354
580,174

524,354
580,174


Page 4

 
Liberty Chemcolor UK Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
23,317
14,732

Corporation tax
-
10,594

Other creditors
9,905
104,649

Accruals and deferred income
2,310
2,100

35,532
132,075



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1 each
1,000
1,000



9.


Ultimate parent undertaking and controlling party

The parent company is Liberty Exports Pvt Limited who hold 100% of the issued share capital. This company is incorporated in India. 
The company is controlled by Mr G Ved, by virtue of his majority shareholding in the parent company, Liberty Exports Pvt Limited.


Page 5