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REGISTERED NUMBER: 04793167 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2024

FOR

LIBRA SYSTEMS LIMITED

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


LIBRA SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: Mr S J Scowcroft
Mr D A Rees
Mr D Berry
Mrs E P Scowcroft





SECRETARY: Mrs F J Scowcroft





REGISTERED OFFICE: Unit E
Halesfield 10
Telford
Shropshire
TF7 4QP





REGISTERED NUMBER: 04793167 (England and Wales)





AUDITORS: Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2024

The directors present their strategic report for the year ended 31st October 2024.

REVIEW OF BUSINESS
The company experienced another excellent year maintaining sales and profit at levels consistent with 2023. Gross margin increased to 19.4% from 18.3% (2023).

Overheads and raw material prices are closely observed and controlled. Due to internal efficiencies, we have again been able to improve the output per employee during the year, without negative impact to our capacity or service. Management have also implemented numerous mitigation strategies to limit the impact of rising costs.

The company has continued to invest in extensive fire, structural and acoustic testing to be able to support its product offering and maintain its advantage in the marketplace, with an increasing amount of work guaranteed through specifications.

Due to uncertainties in the UK economy, we expect the coming 12 months to present difficult trading conditions, however the company has welcomed many new customers, whilst positively maintaining its existing customer base.

We are striving to improve our sustainability as a business, having published our first Environmental Product Declaration in 2023, indicative of our intentions to become a greener manufacturer.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial assets are stock and trade debtors.

The company's product base is largely manufactured from raw steel and therefore the company is susceptible to variations in the global steel price. Management maintain a strong relationship with multiple suppliers and constantly monitor the purchase price of steel.

Credit risk is primarily attributable to the company's trade debtors. Overdue amounts are reviewed on a regular basis and queried with customers if they arise.

In order to maintain liquidity the company utilises an invoice discounting facility secured against its trade debtors. As a result of the invoice discounting facility the company is exposed to interest rate risk due to the variable interest charged on the facilities.

KEY PERFORMANCE INDICATORS
2024 2023
Turnover 9,637,397 11,180,324
Gross margin 19.4% 18.3%
Shareholders funds 3,142,844 2,872,074
Headcount 32 34

ON BEHALF OF THE BOARD:





Mr S J Scowcroft - Director


8th January 2025

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST OCTOBER 2024

The directors present their report with the financial statements of the company for the year ended 31st October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of partitioning and other metal products which serve the construction industry.

DIVIDENDS
Dividends of £70,000 (2023: £70,000) were declared during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st November 2023 to the date of this report.

Mr S J Scowcroft
Mr D A Rees
Mr D Berry

Other changes in directors holding office are as follows:

Mrs E P Scowcroft was appointed as a director after 31st October 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr S J Scowcroft - Director


8th January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIBRA SYSTEMS LIMITED

Opinion
We have audited the financial statements of Libra Systems Limited (the 'company') for the year ended 31st October 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIBRA SYSTEMS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIBRA SYSTEMS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, as outlined above, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and its likely future developments, including in relation to the legal and regulatory framework applicable and how the entity and is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- reviewing minutes of meetings of those charged with governance;
- assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with laws and regulations; and
- performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIBRA SYSTEMS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Darren Foot FCA (Senior Statutory Auditor)
for and on behalf of Stanton Ralph & Co Limited
Chartered Accountants
Statutory Auditor
The Old Police Station
Whitburn Street
Bridgnorth
Shropshire
WV16 4QP

8th January 2025

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST OCTOBER 2024

31.10.23 31.10.24
£    Notes £   

11,180,324 TURNOVER 3 9,637,397

9,086,035 Cost of sales 7,769,593
2,094,289 GROSS PROFIT 1,867,804

1,382,283 Administrative expenses 1,505,425
712,006 362,379

6,200 Other operating income 4 6,200
718,206 OPERATING PROFIT 6 368,579

141,779 Interest receivable and similar income 7 160,707
859,985 529,286

34,108 Interest payable and similar expenses 8 20,595
825,877 PROFIT BEFORE TAXATION 508,691

233,501 Tax on profit 9 8,708
592,376 PROFIT FOR THE FINANCIAL YEAR 499,983

- OTHER COMPREHENSIVE INCOME -
592,376 TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

499,983

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

BALANCE SHEET
31ST OCTOBER 2024

31.10.23 31.10.24
£    £    Notes £    £   
FIXED ASSETS
- Intangible assets 11 -
838,039 Tangible assets 12 935,554
838,039 935,554

CURRENT ASSETS
800,754 Stocks 13 727,226
4,519,124 Debtors 14 4,508,698
1,883 Cash at bank and in hand 505,071
5,321,761 5,740,995
CREDITORS
3,096,794 Amounts falling due within one year 15 3,334,065
2,224,967 NET CURRENT ASSETS 2,406,930
3,063,006 TOTAL ASSETS LESS CURRENT LIABILITIES 3,342,484

190,932 PROVISIONS FOR LIABILITIES 18 199,640
2,872,074 NET ASSETS 3,142,844

CAPITAL AND RESERVES
90 Called up share capital 19 90
2,871,984 Retained earnings 20 3,142,754
2,872,074 SHAREHOLDERS' FUNDS 3,142,844

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 8th January 2025 and were signed on its behalf by:





Mr S J Scowcroft - Director


LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st November 2022 90 2,491,387 2,491,477

Changes in equity
Dividends - (70,000 ) (70,000 )
Total comprehensive income - 592,376 592,376
Capital distribution - (141,779 ) (141,779 )
Balance at 31st October 2023 90 2,871,984 2,872,074

Changes in equity
Dividends - (70,000 ) (70,000 )
Total comprehensive income - 499,983 499,983
Capital distribution - (159,213 ) (159,213 )
Balance at 31st October 2024 90 3,142,754 3,142,844

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

31.10.23 31.10.24
£    Notes £   
Cash flows from operating activities
1,069,305 Cash generated from operations 1 834,897
(148,991 ) Tax paid (139,038 )
920,314 Net cash from operating activities 695,859

Cash flows from investing activities
(565,026 ) Purchase of tangible fixed assets (306,777 )
4,750 Sale of tangible fixed assets 32,500
(560,276 ) Net cash from investing activities (274,277 )

Cash flows from financing activities
(459,292 ) Loan repayments in year -
200,075 Invoice financing draw downs 172,201
(36,608 ) Invoice financing interest and charges (20,595 )
(70,000 ) Equity dividends paid (70,000 )
(365,825 ) Net cash from financing activities 81,606

(5,787 ) Increase/(decrease) in cash and cash equivalents 503,188
7,670 Cash and cash equivalents at beginning
of year

2

1,883

1,883 Cash and cash equivalents at end of
year

2

505,071

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.10.24 31.10.23
£    £   
Profit for the financial year 499,983 592,376
Depreciation charges 199,634 153,649
Profit on disposal of fixed assets (22,872 ) (3,666 )
Government grants (6,200 ) (6,200 )
Finance costs 20,595 34,108
Finance income (160,707 ) (141,779 )
Taxation 8,708 233,501
539,141 861,989
Decrease in stocks 73,528 117,416
Decrease/(increase) in trade and other debtors 10,426 (314,441 )
Increase in trade and other creditors 211,802 404,341
Cash generated from operations 834,897 1,069,305

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 505,071 1,883
Year ended 31st October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,883 7,670


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 1,883 503,188 505,071
1,883 503,188 505,071
Total 1,883 503,188 505,071

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024

1. STATUTORY INFORMATION

Libra Systems 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.

The values shown have been rounded to the nearest £1.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling and contain information about Libra Systems Limited as an individual company.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of value added tax, rebates and trade discounts. Revenue is recognised at the point at which economic benefits of the company's products pass to customer, normally on delivery of the goods.


Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and released to the profit and loss account over the expected useful lives of the relevant assets to which they relate.

All income relating to government grants is included within other operating income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, has been fully amortised in prior years.

Patent and licences
Patent costs, being the amount paid in connection with the acquisition of intellectual property rights, have been fully amortised in prior years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on cost, 25% on cost, 20% on cost, 10% on cost and 5% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Assets are depreciated from the date they are brought into use.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the costs of purchase on a first in, first out basis. Finished goods include labour and directly attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found,
an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the
difference between an asset's carrying amount and best estimate of the recoverable amount, which
is an approximation of the amount that the company would receive for the asset if it were to be sold at
the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. 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 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 year 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the spot rate of exchange. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Any differences are taken to the statement of comprehensive income.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Invoice financing
The company has entered into a sales invoice financing arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors, with amounts due to the finance company in creditors due within twelve months.

Group relief
The benefit of group relief is accounted for within the tax charge of the profit making undertaking. No payment is made for group relief between group undertakings.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.10.24 31.10.23
£    £   
United Kingdom 9,591,807 11,109,248
Rest of world 45,590 71,076
9,637,397 11,180,324

4. OTHER OPERATING INCOME
31.10.24 31.10.23
£    £   
Government grants 6,200 6,200

5. EMPLOYEES AND DIRECTORS
31.10.24 31.10.23
£    £   
Wages and salaries 992,254 1,047,286
Social security costs 105,164 98,636
Other pension costs 63,393 62,531
1,160,811 1,208,453

The average number of employees during the year was as follows:
31.10.24 31.10.23

Direct labour 19 20
Indirect labour 13 14
32 34

31.10.24 31.10.23
£    £   
Directors' remuneration 133,906 196,188
Directors' pension contributions to money purchase schemes 44,984 45,800

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.24 31.10.23
£    £   
Hire of plant and machinery 47,313 45,394
Depreciation - owned assets 199,634 153,649
Profit on disposal of fixed assets (22,872 ) (3,666 )
Auditors' remuneration 7,280 9,000
Foreign exchange losses - 444

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.10.24 31.10.23
£    £   
Deposit account interest 1,494 -
Interest receivable from group
undertakings

159,213

141,779
160,707 141,779

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.24 31.10.23
£    £   
Bank loan interest 20,544 19,292
Other interest payable 51 14,816
20,595 34,108

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.24 31.10.23
£    £   
Current tax:
UK corporation tax - 139,038
Over provision - (3,647 )
Total current tax - 135,391

Deferred tax 8,708 98,110
Tax on profit 8,708 233,501

UK corporation tax has been charged at 25% (2023 - 22.52%).

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.24 31.10.23
£    £   
Profit before tax 508,691 825,877
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 22.520%)

127,173

185,988

Effects of:
Expenses not deductible for tax purposes 3,470 3,991
Capital allowances in excess of depreciation (109,677 ) -
Adjustments to tax charge in respect of previous periods - (3,647 )
Capital additions qualifying for future capital allowances - 71,090
Group Relief (20,966 ) (32,373 )
Deferred taxation movement 8,708 -
Additional capital allowances claimed on qualifying assets - (1,280 )
Temporary timing differences expected to reverse at a higher rate of tax
-

9,732
Total tax charge 8,708 233,501

As a result of the increase in the rate of Corporation tax in the UK from 1 April 2023 the company has paid tax at an effective rate of 22.52% during the 2023 year.

The tax rate for the 2024 year is at an effective rate of 25%.

10. DIVIDENDS
31.10.24 31.10.23
£    £   
Ordinary shares of £1 each
Interim 70,000 70,000

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st November 2023
and 31st October 2024 4,500
AMORTISATION
At 1st November 2023
and 31st October 2024 4,500
NET BOOK VALUE
At 31st October 2024 -
At 31st October 2023 -

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

12. TANGIBLE FIXED ASSETS
Plant and Motor
Totals machinery vehicles
£    £    £   
COST
At 1st November 2023 2,235,740 2,035,707 200,033
Additions 306,777 288,444 18,333
Disposals (97,994 ) (83,086 ) (14,908 )
At 31st October 2024 2,444,523 2,241,065 203,458
DEPRECIATION
At 1st November 2023 1,397,701 1,367,572 30,129
Charge for year 199,634 148,816 50,818
Eliminated on disposal (88,366 ) (83,086 ) (5,280 )
At 31st October 2024 1,508,969 1,433,302 75,667
NET BOOK VALUE
At 31st October 2024 935,554 807,763 127,791
At 31st October 2023 838,039 668,135 169,904


13. STOCKS
31.10.24 31.10.23
£    £   
Raw materials 257,389 303,621
Finished goods 469,837 497,133
727,226 800,754

14. DEBTORS
31.10.24 31.10.23
£    £   
Amounts falling due within one year:
Trade debtors 2,455,027 2,485,982
Other debtors 312 193
Prepayments 138,569 122,509
2,593,908 2,608,684

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,914,790 1,910,440

Aggregate amounts 4,508,698 4,519,124

Included in trade debtors is an amount of £1,104,150 (2023: £926,873) against which the company has received an advance of £1,030,856 (2023: £858,655).

The company has entered into a legal agreement with its parent undertaking which confirms that at 31st October 2024 £1,914,790 (2023: £1,910,440) of debt due is repayable more than 12 months from the balance sheet date.

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 1,689,074 1,515,176
Tax - 139,038
Social security and other taxes 19,024 20,410
VAT 113,824 88,332
Other creditors 11,719 15,370
Invoice financing 1,030,856 858,655
Accrued expenses 465,951 449,996
Deferred government grants 3,617 9,817
3,334,065 3,096,794

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.24 31.10.23
£    £   
Within one year 219,497 229,357
Between one and five years 817,338 800,302
In more than five years 308,936 501,164
1,345,771 1,530,823

17. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Invoice financing 1,030,856 858,655

Invoice financing liabilities relate to amounts owed to Lloyds Bank Commercial Finance Limited (2023: HSBC Invoice Finance Limited) who hold a fixed charge over trade debtors, as security over amounts advanced and by an unlimited composite guarantee from the company and its fellow group companies, ASG Investments Limited and Simonsco Limited. A floating charge has also been given over all of the assets of the group.

A cross guarantee exists between group companies where compensating balances are off-set against each other.

18. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax 199,640 190,932

Deferred
tax
£   
Balance at 1st November 2023 190,932
Provided during year 8,708
Movement in year
Balance at 31st October 2024 199,640

LIBRA SYSTEMS LIMITED (REGISTERED NUMBER: 04793167)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
90 Ordinary £1 90 90

20. RESERVES

Retained earnings
Reserve contains the aggregate historic profits of the company less distributions to shareholders.

21. ULTIMATE PARENT COMPANY

Simonsco Limited is regarded by the directors as being the company's ultimate parent company.

The registered office of Simonsco Limited is Cherry Tree House, Bynd Lane, Billingsley, Bridgnorth, Shropshire, WV16 6PQ.

22. CONTINGENT LIABILITIES

The company has entered into an unlimited composite guarantee with its bankers in respect of its own and its fellow group companies, ASG Investments Limited and Simonsco Limited, liabilities. At 31st October 2024 the group's total indebtedness under this guarantee is £1,030,856 (2023: £858,655).

23. CAPITAL COMMITMENTS
31.10.24 31.10.23
£    £   
Contracted but not provided for in the
financial statements - 256,950

24. PENSION COMMITMENTS

The company operates and contributes to defined contribution pension schemes in respect of employees and directors. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £61,106 (2023: £62,531).

Amounts owing to the funds at the balance sheet were £4,561 (2023: £8,168).

25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within the group.

During the year, a total of key management personnel compensation of £ 236,494 (2023 - £ 309,598 ) was paid.

Key management are considered to be the directors of the company and other operational staff.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Mr S Scowcroft by virtue of his controlling interest in Simonsco Limited.