Registered number
11405895
Liber Systems Limited
Filleted Accounts
31 May 2024
Liber Systems Limited
Registered number: 11405895
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 213,763 153,054
Tangible assets 4 255,139 149,888
468,902 302,942
Current assets
Stocks 530,638 225,155
Debtors 5 205,857 92,300
Cash at bank and in hand 392,272 628,107
1,128,767 945,562
Creditors: amounts falling due within one year 6 (681,362) (496,082)
Net current assets 447,405 449,480
Total assets less current liabilities 916,307 752,422
Provisions for liabilities (63,785) (37,472)
Net assets 852,522 714,950
Capital and reserves
Called up share capital 200 200
Profit and loss account 852,322 714,750
Shareholder's funds 852,522 714,950
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Phillips
Director
Approved by the board on 17 February 2025
Liber Systems Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
IP Addresses:
Cost
At 1 June 2023 215,977
Additions 98,392
At 31 May 2024 314,369
Amortisation
At 1 June 2023 62,923
Provided during the year 37,683
At 31 May 2024 100,606
Net book value
At 31 May 2024 213,763
At 31 May 2023 153,054
IP addresses are being written off in equal annual instalments over their estimated economic life of 7 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 252,067
Additions 198,623
At 31 May 2024 450,690
Depreciation
At 1 June 2023 102,179
Charge for the year 93,372
At 31 May 2024 195,551
Net book value
At 31 May 2024 255,139
At 31 May 2023 149,888
5 Debtors 2024 2023
£ £
Trade debtors 205,533 91,976
Amounts owed by group undertakings and undertakings in which the company has a participating interest 324 324
205,857 92,300
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 23,445 23,265
Taxation and social security costs 622,079 437,889
Directors' loan account 1,398 775
Other creditors 34,440 34,153
681,362 496,082
7 Related party transactions
During the year ended 31 May 2024, the company incurred consultancy services totalling £361,733 (2023: £347,288) from Liv3d Media Limited, a company under the control of a director of Liber Systems Limited. The company also paid £230,500 (2023: £210,000) for consultancy services from Mr J Miller , a director of Liber Systems Limited. At 31 May 2024, no amounts were outstanding (2023: £nil).
8 Controlling party
Liber Systems Limited is a wholly owned subsidiary of Liber Holdings Limited. By the nature of their relationship, Liber Holdings Limited is the controlling party.
9 Other information
Liber Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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