Registered number
01678770
Libra Scale Company Limited
Filleted Accounts
30 June 2024
Libra Scale Company Limited
Registered number: 01678770
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 24,056 36,084
Tangible assets 5 87,214 142,301
111,270 178,385
Current assets
Stocks 1,970,246 1,381,888
Debtors 6 3,408,571 3,666,086
Cash at bank and in hand 38,447 490,388
5,417,264 5,538,362
Creditors: amounts falling due within one year 7 (1,002,823) (1,140,959)
Net current assets 4,414,441 4,397,403
Total assets less current liabilities 4,525,711 4,575,788
Creditors: amounts falling due after more than one year 8 (80,000) (120,000)
Provisions for liabilities
Deferred tax 11,927 (1,434)
Other provision (479,933) (479,933)
(468,006) (481,367)
Net assets 3,977,705 3,974,421
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,977,605 3,974,321
Shareholders' funds 3,977,705 3,974,421
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 members have 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.
P J McLaughlin
Director
Approved by the board on 21 March 2025
Libra Scale Company Limited
Notes to the Accounts
for the year ended 30 June 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 recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Other intangible fixed assets over 3 years
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:
Long-term leasehold property 20%
Plant and machinery 25%
Motor Vehicles 25%
Fixtures and fittings 25% - 33%
Computer equipment 17% - 33%
Investments property
Investment property is carried at fair value determined annually by the directors based on professional advice received and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks
Stocks comprise goods held for resale and 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 cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.
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 are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet
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
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet.The assets of the plan are held separately from the Company in independently administered funds.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 41 38
3 Taxation 2024 2023
£ £
Current year corporation tax charge 22,834 148,809
Prior year tax adjustment (6,407) -
Deferred Tax on timing differences (13,361) (215,000)
3,066 (66,191)
4 Intangible fixed assets
Computer software: £
Cost
At 1 July 2023 36,084
At 30 June 2024 36,084
Amortisation
Provided during the year 12,028
At 30 June 2024 12,028
Net book value
At 30 June 2024 24,056
At 30 June 2023 36,084
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 July 2023 330,848 448,239 7,700 350,094 1,136,881
Additions - - 15,915 10,397 26,312
At 30 June 2024 330,848 448,239 23,615 360,491 1,163,193
Depreciation
At 1 July 2023 298,352 394,924 7,700 293,604 994,580
Charge for the year 29,156 20,505 3,095 28,643 81,399
At 30 June 2024 327,508 415,429 10,795 322,247 1,075,979
Net book value
At 30 June 2024 3,340 32,810 12,820 38,244 87,214
At 30 June 2023 32,496 53,315 - 56,490 142,301
6 Debtors 2024 2023
£ £
Trade debtors 891,645 1,237,080
Other debtors 2,516,926 2,429,006
3,408,571 3,666,086
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 562,064 308,070
Trade creditors 63,575 327,523
Taxation and social security costs 286,071 331,475
Other creditors 91,113 173,891
1,002,823 1,140,959
Bank loans of £40,000 outstanding at 30 June 2024 (2023 - £40,000) are under the terms of the Governments Coronavirus Business Interuption Loan scheme and are therefore unsecured.
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 80,000 120,000
Bank loans of £80,000 outstanding at 30 June 2024 (2023 - £120,000) are under the terms of the Governments Coronavirus Business Interuption Loan scheme and are therefore unsecured.
9 Commitments under operating leases 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 552,760 826,169
10 Controlling party
The Libra Scale Holding Company Limited owns 100% of the shareholding of the company, the registered office of the company is 339 Exning Road, Newmarket, England, CB8 0AT. The ultimate controling party is P J Mclaughlin.
11 Other information
Libra Scale Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
339 Exning Road
Newmarket
England
CB8 0AT
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