Liberty Chemcolor UK Limited
Notes to the financial statements
For the year ended 31 March 2024
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
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Basis of preparation of financial statements
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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:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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.
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.
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.
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