Company Registration No. 09390552 (England and Wales)
LIBERTY VAULTS LIMITED
Unaudited accounts
for the year ended 28 April 2024
LIBERTY VAULTS LIMITED
Unaudited accounts
Contents
LIBERTY VAULTS LIMITED
Company Information
for the year ended 28 April 2024
Director
Christopher Iain Johnston
Company Number
09390552 (England and Wales)
Registered Office
128 CITY ROAD
LONDON
EC1V 2NX
UNITED KINGDOM
Accountants
Smart Accounting & Finance Services LLP
128 City Road
London
EC1V 2NX
LIBERTY VAULTS LIMITED
Statement of financial position
as at 28 April 2024
Intangible assets
281,478
293,864
Cash at bank and in hand
356
-
Creditors: amounts falling due within one year
(6,494,631)
(6,323,254)
Net current liabilities
(6,465,081)
(6,301,675)
Total assets less current liabilities
(6,183,288)
(6,007,345)
Creditors: amounts falling due after more than one year
(45,787)
(45,787)
Net liabilities
(6,229,075)
(6,053,132)
Called up share capital
292
292
Share premium
880,240
880,240
Revaluation reserve
245,667
245,667
Profit and loss account
(7,355,274)
(7,179,331)
Shareholders' funds
(6,229,075)
(6,053,132)
For the year ending 28 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 January 2025 and were signed on its behalf by
Christopher Iain Johnston
Director
Company Registration No. 09390552
LIBERTY VAULTS LIMITED
Notes to the Accounts
for the year ended 28 April 2024
LIBERTY VAULTS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09390552. The registered office is 128 CITY ROAD, LONDON, EC1V 2NX, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years
Other intangible assets are patents. They are amortised to profit and loss account up to the patent expiry date which is 23 February 2032.
The director has confirmed that he will continue to make funds available to the company to support its day-to-day working capital requirements for a period of at least twelve months from the date of approval of the financial statements.
4
Intangible fixed assets
Other
Charge for the year
20,720
LIBERTY VAULTS LIMITED
Notes to the Accounts
for the year ended 28 April 2024
5
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Other debtors
18,929
18,929
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
16,471
4,213
Taxes and social security
-
(373,472)
Other creditors
988,813
988,813
Loans from directors
5,489,347
5,688,904
8
Creditors: amounts falling due after more than one year
2024
2023
LIBERTY VAULTS LIMITED
Notes to the Accounts
for the year ended 28 April 2024
9
Transactions with related parties
Shareholder Loans
Included in other creditors (amounts due within one year and amounts due over one year) are the present values of interest-free loans received from shareholders. These loans have been discounted to the present value using a best estimate market interest rate of 6%.
The amount due to shareholders as at 28 April 2022 was £94,281 (30 March 2021: £91,418).
Companies Under Common Control
At the year-end, an amount of £480,931 was owed to companies under common control and included in other creditors (30 March 2021: £339,387).
Directors Loans
Included in the director's loan account is the present value of an interest-free loan. This loan has been discounted to the present value using a best estimate market interest rate of 10%.
The amount due to the director as at 28 April 2022 was £4,856,211 (30 March 2021: £3,243,761).
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Average number of employees
During the year the average number of employees was 1 (2023: 1).