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REGISTERED NUMBER: 00931024 (England and Wales)














LIBMAN BRANDS UK LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


LIBMAN BRANDS UK LTD

COMPANY INFORMATION
for the Year Ended 30 JUNE 2024







DIRECTORS: A Libman
G Braine





SECRETARY:





REGISTERED OFFICE: 167 Turners Hill
Cheshunt
EN8 9BH





REGISTERED NUMBER: 00931024 (England and Wales)





AUDITORS: Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

STRATEGIC REPORT
for the Year Ended 30 JUNE 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The Company managed to bring in an improved result and profit for the year again despite challenging market conditions. Cost price increase across the boards from suppliers continued to cause concern but finally shipping costs started to come more in line with previous years. A pleasing improvement in turnover was the main contributor to this performance as the Company managed to maintain its indirect overhead costs more in line with previous years. The directors expect the Company's performance to continue to improve and grow in the forthcoming year, subject to ongoing market pressures.

PRINCIPAL RISKS AND UNCERTAINTIES
As with all industries the Company operates with a degree of uncertainty about the cost base of supplies but, the directors believe that the Company is well positioned to move forward without further impact to trading.

ON BEHALF OF THE BOARD:





G Braine - Director


12 November 2024

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

REPORT OF THE DIRECTORS
for the Year Ended 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturers of household cleaning products.

DIVIDENDS
Interim dividends per share were paid as follows:
112.64 - 26 July 2023
90 - 25 September 2023
120 - 19 December 2023
92 - 22 March 2024
414.64

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 1,036,599 .

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

A Libman
G Braine

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

REPORT OF THE DIRECTORS
for the Year Ended 30 JUNE 2024


AUDITORS
The auditors, Brindley Millen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Braine - Director


12 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LIBMAN BRANDS UK LTD

Opinion
We have audited the financial statements of Libman Brands UK Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other 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 30 June 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
LIBMAN BRANDS UK LTD


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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management and third parties. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether the was evidence of bias by the directors that represented a rick of material misstatement due to fraud.

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
LIBMAN BRANDS UK LTD


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.




Maurice Brindley (Senior Statutory Auditor)
for and on behalf of Brindley Millen Limited
Statutory Auditors
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

12 November 2024

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

INCOME STATEMENT
for the Year Ended 30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   

REVENUE 3 13,523,328 12,319,339

Cost of sales 8,738,194 7,656,712
GROSS PROFIT 4,785,134 4,662,627

Distribution costs 1,323,236 1,115,190
Administrative expenses 2,710,308 2,997,131
4,033,544 4,112,321
751,590 550,306

Other operating income 306,000 306,000
OPERATING PROFIT 5 1,057,590 856,306

Interest receivable and similar income 6,338 2,906
1,063,928 859,212

Interest payable and similar expenses 6 8,276 -
PROFIT BEFORE TAXATION 1,055,652 859,212

Tax on profit 7 257,545 331,942
PROFIT FOR THE FINANCIAL YEAR 798,107 527,270

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

OTHER COMPREHENSIVE INCOME
for the Year Ended 30 JUNE 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 798,107 527,270


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

798,107

527,270

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 190,472 207,335
Property, plant and equipment 10 2,540,466 2,373,838
2,730,938 2,581,173

CURRENT ASSETS
Inventories 11 1,360,289 1,656,498
Debtors 12 2,425,954 2,461,316
Cash at bank and in hand 911,348 619,740
4,697,591 4,737,554
CREDITORS
Amounts falling due within one year 13 5,015,389 4,692,932
NET CURRENT (LIABILITIES)/ASSETS (317,798 ) 44,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,413,140

2,625,795

PROVISIONS FOR LIABILITIES 16 577,255 551,418
NET ASSETS 1,835,885 2,074,377

CAPITAL AND RESERVES
Called up share capital 17 2,500 2,500
Capital redemption reserve 18 2,500 2,500
Retained earnings 18 1,830,885 2,069,377
SHAREHOLDERS' FUNDS 1,835,885 2,074,377

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by:





G Braine - Director


LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 JUNE 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 2,500 2,668,062 2,500 2,673,062

Changes in equity
Dividends - (1,125,955 ) - (1,125,955 )
Total comprehensive income - 527,270 - 527,270
Balance at 30 June 2023 2,500 2,069,377 2,500 2,074,377

Changes in equity
Dividends - (1,036,599 ) - (1,036,599 )
Total comprehensive income - 798,107 - 798,107
Balance at 30 June 2024 2,500 1,830,885 2,500 1,835,885

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

CASH FLOW STATEMENT
for the Year Ended 30 JUNE 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,550,778 2,006,172
Interest paid (8,276 ) -
Tax paid (308,578 ) (27,734 )
Net cash from operating activities 2,233,924 1,978,438

Cash flows from investing activities
Purchase of intangible fixed assets (8,647 ) (54,222 )
Purchase of tangible fixed assets (654,205 ) (227,946 )
Sale of tangible fixed assets - 1,500
Interest received 6,338 2,906
Net cash from investing activities (656,514 ) (277,762 )

Cash flows from financing activities
New loans in year 212,741 -
Loan repayments in year (475,215 ) (487,043 )
Equity dividends paid (1,036,599 ) (1,125,955 )
Net cash from financing activities (1,299,073 ) (1,612,998 )

Increase in cash and cash equivalents 278,337 87,678
Cash and cash equivalents at beginning of
year

2

619,740

532,062

Cash and cash equivalents at end of year 2 898,077 619,740

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.6.24 30.6.23
£    £   
Profit before taxation 1,055,652 859,212
Depreciation charges 513,087 708,757
Profit on disposal of fixed assets - (1,500 )
Finance costs 8,276 -
Finance income (6,338 ) (2,906 )
1,570,677 1,563,563
Decrease in inventories 296,209 458,958
Decrease in trade and other debtors 35,362 547,008
Increase/(decrease) in trade and other creditors 648,530 (563,357 )
Cash generated from operations 2,550,778 2,006,172

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 911,348 619,740
Bank overdrafts (13,271 ) -
898,077 619,740
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 619,740 532,062


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 619,740 291,608 911,348
Bank overdrafts - (13,271 ) (13,271 )
619,740 278,337 898,077
Total 619,740 278,337 898,077

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024

1. STATUTORY INFORMATION

Libman Brands UK Ltd 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.

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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Company Trademarks are amortised evenly over an estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line over 7 years
Office equipment - 20% - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost of Stock computed on a first in first out basis.

Work in Progress is manufactured to maintain Stock levels and not for Customer orders.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
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 rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors
Trade and other debtors are recognised at the settlement amounts. Prepayments are valued at the amount prepaid.

Cash at bank and in hand
Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.

Creditors
Creditors are recognised where the company has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

3. REVENUE

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

In the year to 30 June 2024 20.45% (2023: 13.19%) of the company's turnover was to markets outside of the United Kingdom.

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 4,069,247 3,742,363
Social security costs 230,021 227,761
Other pension costs 83,661 71,700
4,382,929 4,041,824

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.24 30.6.23

Directors 2 2
Administrative staff 36 33
Warehouse staff - 15
38 50

30.6.24 30.6.23
£    £   
Directors' remuneration 260,354 173,017

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
30.6.24
£   
Emoluments etc 260,354

5. OPERATING PROFIT

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

30.6.24 30.6.23
£    £   
Depreciation - owned assets 487,577 682,147
Profit on disposal of fixed assets - (1,500 )
Patents and licences amortisation 25,510 26,609
Auditors' remuneration 9,186 9,140
Foreign exchange differences 6,082 (11,048 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Loan 8,276 -

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 238,075 251,148
Adjust prior provision (6,368 ) -
Total current tax 231,707 251,148

Deferred tax 25,838 80,794
Tax on profit 257,545 331,942

8. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary shares of £1 each
Interim 1,036,599 1,125,955

9. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 July 2023 356,894
Additions 8,647
At 30 June 2024 365,541
AMORTISATION
At 1 July 2023 149,559
Amortisation for year 25,510
At 30 June 2024 175,069
NET BOOK VALUE
At 30 June 2024 190,472
At 30 June 2023 207,335

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

10. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Plant and Office
property machinery equipment Totals
£    £    £    £   
COST
At 1 July 2023 - 4,898,746 66,505 4,965,251
Additions 25,342 621,998 6,865 654,205
At 30 June 2024 25,342 5,520,744 73,370 5,619,456
DEPRECIATION
At 1 July 2023 - 2,544,392 47,021 2,591,413
Charge for year 3,294 473,095 11,188 487,577
At 30 June 2024 3,294 3,017,487 58,209 3,078,990
NET BOOK VALUE
At 30 June 2024 22,048 2,503,257 15,161 2,540,466
At 30 June 2023 - 2,354,354 19,484 2,373,838

11. INVENTORIES
30.6.24 30.6.23
£    £   
Stocks 1,360,289 1,656,498

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,875,369 1,919,816
Other debtors 361,950 362,322
Prepayments 188,635 179,178
2,425,954 2,461,316

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts (see note 14) 13,271 -
Trade creditors 1,930,379 1,530,566
Amounts owed to group undertakings 1,740,795 2,003,268
Tax 221,813 298,684
Social security and other taxes 100,030 139,406
Other creditors 256,739 221,602
Accrued expenses 752,362 499,406
5,015,389 4,692,932

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

14. LOANS

An analysis of the maturity of loans is given below:

30.6.24 30.6.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 13,271 -

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 304,930 298,136
Between one and five years 259,438 533,750
564,368 831,886

16. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 577,255 551,418

Deferred
tax
£   
Balance at 1 July 2023 551,418
Accelerated capital allowances 25,837
Balance at 30 June 2024 577,255

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
2,500 Ordinary £1 2,500 2,500

LIBMAN BRANDS UK LTD (REGISTERED NUMBER: 00931024)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 2,069,377 2,500 2,071,877
Profit for the year 798,107 798,107
Dividends (1,036,599 ) (1,036,599 )
At 30 June 2024 1,830,885 2,500 1,833,385

19. ULTIMATE PARENT COMPANY

The company's parent company is Innotrade Group Ltd, a company registered at 2a Lord Street, Douglas, IM99 1HP, Isle of Man.This company is a 100% subsidiary of Sabco Australia PTY Ltd which is in turn a 100% subsidiary of The Libman Company, an Illinois Corporation.

20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
30.6.24 30.6.23
£    £   
Sales 207,174 123,278
Purchases 18,484 13,087
Amount due from related party 10,000 7,500
Amount due to related party 154,114 153,087

Other related parties
30.6.24 30.6.23
£    £   
Sales 1,735,104 1,189,257
Amount due from related party 313,976 360,554
Amount due to related party 1,388,372 1,924,134

During the year, a total of key management personnel compensation of £ 302,069 (2023 - £ 281,767 ) was paid.

21. ULTIMATE CONTROLLING PARTY

The Libman Company is owned and run by the Libman Family.