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Sage Accounts Production 24.0 - FRS102_2024
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08737985
2024-04-01
2025-03-31
08737985
2025-03-31
08737985
2024-03-31
08737985
2023-04-01
2024-03-31
08737985
2024-03-31
08737985
2023-03-31
08737985
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2024-04-01
2025-03-31
08737985
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2025-03-31
08737985
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2024-03-31
08737985
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2025-03-31
08737985
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2024-03-31
08737985
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2025-03-31
08737985
core:ShareCapital
2024-03-31
08737985
core:RetainedEarningsAccumulatedLosses
2025-03-31
08737985
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2024-03-31
08737985
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
08737985
core:DisposalsRepaymentsInvestments
core:Non-currentFinancialInstruments
2025-03-31
08737985
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2024-03-31
08737985
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2024-04-01
2025-03-31
08737985
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2024-04-01
2025-03-31
08737985
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2024-04-01
2025-03-31
08737985
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2024-04-01
2025-03-31
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2024-04-01
2025-03-31
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2025-03-31
Company registration number:
08737985
Liberty Aldenham Limited
Unaudited filleted financial statements
31 March 2025
Liberty Aldenham Limited
Contents
Statement of financial position
Notes to the financial statements
Liberty Aldenham Limited
Statement of financial position
31 March 2025
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2025 |
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2024 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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|
|
|
|
|
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Investments |
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5 |
- |
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1,000 |
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|
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|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
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- |
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1,000 |
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|
|
|
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|
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Current assets |
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|
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Stocks |
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840,010 |
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796,118 |
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|
Debtors |
|
6 |
1,300 |
|
|
|
344,760 |
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|
|
Cash at bank and in hand |
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3,713 |
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23,783 |
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_______ |
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_______ |
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845,023 |
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1,164,661 |
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Creditors: amounts falling due |
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within one year |
|
7 |
(
8,875) |
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|
|
(
588,101) |
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|
|
|
|
_______ |
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_______ |
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Net current assets |
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836,148 |
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576,560 |
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_______ |
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_______ |
|
Total assets less current liabilities |
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836,148 |
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577,560 |
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Creditors: amounts falling due |
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after more than one year |
|
8 |
|
|
(
963,000) |
|
|
|
(
663,259) |
|
|
|
|
|
_______ |
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|
|
_______ |
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Net liabilities |
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|
(
126,852) |
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(
85,699) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
|
|
|
1,000 |
|
|
|
1,000 |
|
Profit and loss account |
|
|
|
|
(
127,852) |
|
|
|
(
86,699) |
|
|
|
|
|
_______ |
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|
_______ |
|
Shareholders deficit |
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|
|
(
126,852) |
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(
85,699) |
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_______ |
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_______ |
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For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 May 2025
, and are signed on behalf of the board by:
Mahesh Gosrani
Director
Company registration number:
08737985
Liberty Aldenham Limited
Notes to the financial statements
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Scottish Provident House, 3rd Floor, 76-80 College Road, Harrow, Middlesex, HA1 1BQ.
The principal activity of the company is that of development of land for commercial purposes.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis
. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.The directors have reviewed the shareholders deficit at the balance sheet date. However, with the continuing financial support from the shareholders by way of shareholders loans to the company which are in excess of the shareholders deficit, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property sales and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Development properties are stated at the lower of cost and net realisable value. Cost comprises of property price (including option payment), acquisition and development costs.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2024:
4
).
This represents the directors.
5.
Investments
|
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 April 2024 |
1,000 |
1,000 |
|
|
|
|
|
Disposals |
(
1,000) |
(
1,000) |
|
|
|
|
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|
_______ |
_______ |
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At 31 March 2025 |
- |
- |
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_______ |
_______ |
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Impairment |
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At 1 April 2024 and 31 March 2025 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2025 |
- |
- |
|
|
|
|
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|
_______ |
_______ |
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|
|
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At 31 March 2024 |
1,000 |
1,000 |
|
|
|
|
|
|
_______ |
_______ |
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During the year, the company disposed 100% of its shares in the subsidiary company.
6.
Debtors
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings |
|
- |
342,100 |
|
Other debtors |
|
1,300 |
2,660 |
|
|
|
_______ |
_______ |
|
|
|
1,300 |
344,760 |
|
|
|
_______ |
_______ |
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Amounts owed by group undertakings were unsecured, interest free and repayable on demand
.
7.
Creditors: amounts falling due within one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loan |
|
- |
5,091 |
|
Trade creditors |
|
375 |
9,010 |
|
Other creditors |
|
8,500 |
574,000 |
|
|
|
_______ |
_______ |
|
|
|
8,875 |
588,101 |
|
|
|
_______ |
_______ |
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In 2024, other creditors include amounts due to connected companies amounting to £571,000 which were unsecured, interest free and repayable on demand.
8.
Creditors: amounts falling due after more than one year
|
|
|
2025 |
2024 |
|
|
|
£ |
£ |
|
Bank loan |
|
- |
6,159 |
|
Other creditors |
|
963,000 |
657,100 |
|
|
|
_______ |
_______ |
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|
|
963,000 |
663,259 |
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|
|
_______ |
_______ |
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|
Bank loan represents an unsecured bounce back loan which is interest bearing at 2.5% p.a. and is repayable upto 2 June 2026. This loan was repaid in the year.Other creditors represent amounts due to shareholders amounting to £963,000 (2024: £657,100), which are unsecured, interest free and not repayable on demand
.
9.
Contingent liabilities
During the year, the company obtained planning permission to develop its land, subject to a S106 agreement between the company, Hertsmere Borough Council, Hertfordshire County Council and Jewel of Hertsmere Ltd (JoHL). JoHL is the Reservoir Freeholder. The S106 agreement has various conditions which will require funding from the company for costs to be incurred by JoHL. During the year, the company entered into a Collaboration Deed with JoHL to enable the company to comply with various obligations within the provisions of the S106 agreement for a fee payable by the company to JoHL. Under the Deed, the company is obligated to pay a fee to JoHL, based on a percentage of the gross sale price on the transfer of the company shares to a third party.The company has entered into an Option Agreement (valid up to 20 April 2026) with a third party which gives rise to a maximum payment of £500,000 (inclusive of VAT). In the opinion of the directors, in view of the above planning permission granted, either a sale of the land with planning permission or the company undertaking the land development, will trigger this payment. As at 31 March 2025, the trigger event had not occurred and accordingly no adjustment has been made in the financial statements.The company has entered into an asset management agreement with a connected company for which fees are payable in the event of, either the sale of the land, or sale of the company, or gross development valuation post completion of the development by the company. Fees are based on a percentage basis.The company has entered into an agreement with a real estate advisory company for which fees are payable in the event of either the sale of the land or sale of the company. Fees are based on a percentage basis
.
10.
Related party transactions
During the year, the company sold at cost its 100% shareholding in its subsidiary to a company which is controlled by the directors. Following which, the loan by the company to this subsidiary was assigned to its new parent company.During the year, a loan from a connected company was assigned to shareholders
.
11.
Controlling party
In the opinion of the directors, there is no single controlling party
.
12.
Group financial statements
The company is entitled to the exemption under Section 399 of the Companies Act 2006 from the obligation to prepare group financial statements.