Registered number
13440899
Liberty Frozen Foods Limited
Filleted Accounts
31 August 2024
Liberty Frozen Foods Limited
Registered number: 13440899
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 245,477 252,699
Current assets
Stocks 282,359 170,612
Debtors 4 1,004,767 844,336
Cash at bank and in hand 144,305 528,507
1,431,431 1,543,455
Creditors: amounts falling due within one year 5 (974,026) (1,081,430)
Net current assets 457,405 462,025
Net assets 702,882 714,724
Capital and reserves
Called up share capital 100 100
Profit and loss account 702,782 714,624
Shareholders' funds 702,882 714,724
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.
M Yakub
Director
Approved by the board on 23 May 2025
Liberty Frozen Foods Limited
Notes to the Accounts
for the year ended 31 August 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.
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 15% reducing balance
Motor vehicles 20% reducing balance
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.
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 29 26
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 201,662 150,807 352,469
Additions 12,142 29,780 41,922
At 31 August 2024 213,804 180,587 394,391
Depreciation
At 1 September 2023 54,631 45,139 99,770
Charge for the year 22,055 27,089 49,144
At 31 August 2024 76,686 72,228 148,914
Net book value
At 31 August 2024 137,118 108,359 245,477
At 31 August 2023 147,031 105,668 252,699
4 Debtors 2024 2023
£ £
Trade debtors 975,703 821,989
Other debtors 29,064 22,347
1,004,767 844,336
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 866,743 901,470
Taxation and social security costs 60,187 108,766
Other creditors 47,096 71,194
974,026 1,081,430
6 Other information
Liberty Frozen Foods Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit B2
20 Lewisher Road
Leicester
LE4 9LR
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