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Company registration number: 10550943
Libera IT Limited
Unaudited filleted financial statements
31 January 2024
Libera IT Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Libera IT Limited
Directors and other information
Director C Bill
Company number 10550943
Registered office Unit 2 - The Loose Box
Clifton Fields
Preston
Lancashire
PR4 0XG
Business address Unit 2 - The Loose Box
Clifton Fields
Preston
Lancashire
PR4 0XG
Accountants Turner and Brown Limited
105 Garstang Road
Preston
lancashire
PR1 1LD
Libera IT Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Libera IT Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Libera IT Limited for the year ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Libera IT Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Libera IT Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Libera IT Limited and its director as a body for our work or for this report.
It is your duty to ensure that Libera IT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Libera IT Limited. You consider that Libera IT Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Libera IT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
lancashire
PR1 1LD
Libera IT Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,268 1,110
Investments 6 490,761 -
_______ _______
492,029 1,110
Current assets
Debtors 7 573,105 1,026,483
Cash at bank and in hand 16,322 53,275
_______ _______
589,427 1,079,758
Creditors: amounts falling due
within one year 8 ( 779,793) ( 364,862)
_______ _______
Net current (liabilities)/assets ( 190,366) 714,896
_______ _______
Total assets less current liabilities 301,663 716,006
Creditors: amounts falling due
after more than one year 9 ( 68,756) ( 102,557)
Provisions for liabilities ( 317) ( 278)
_______ _______
Net assets 232,590 613,171
_______ _______
Capital and reserves
Called up share capital 5 5
Profit and loss account 232,585 613,166
_______ _______
Shareholders funds 232,590 613,171
_______ _______
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
C Bill
Director
Company registration number: 10550943
Libera IT Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2 - The Loose Box, Clifton Fields, Preston, Lancashire, PR4 0XG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is recognised as the amount receivable for services supplied net of discounts and Value Added Tax. Sales are recognised for services when the company becomes legally entitled to receive these amounts from the customer. This is usually on the date that the invoice is raised to the customer.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33.3% reducing balance on computer equipment
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2023 2,543 2,543
Additions 583 583
_______ _______
At 31 January 2024 3,126 3,126
_______ _______
Depreciation
At 1 February 2023 1,433 1,433
Charge for the year 425 425
_______ _______
At 31 January 2024 1,858 1,858
_______ _______
Carrying amount
At 31 January 2024 1,268 1,268
_______ _______
At 31 January 2023 1,110 1,110
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 February 2023 - -
Additions 2,238,601 2,238,601
Disposals ( 1,060,217) ( 1,060,217)
Fair value adjustment (687,623) (687,623)
_______ _______
At 31 January 2024 490,761 490,761
_______ _______
Carrying amount
At 31 January 2024 490,761 490,761
_______ _______
At 31 January 2023 - -
_______ _______
The original cost of the Other investments other than loans at 31 January 2024 is £1,178,384.
7. Debtors
2024 2023
£ £
Trade debtors 327,280 195,750
Other debtors 245,825 830,733
_______ _______
573,105 1,026,483
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 283,985 172,931
Trade creditors 35,510 356
Social security and other taxes 446,241 179,425
Other creditors 14,057 12,150
_______ _______
779,793 364,862
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 68,756 102,557
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
C Bill 829,383 915,287 ( 1,503,096) 241,574
_______ _______ _______ _______
The loans to the director were interest-free and repayable on demand.