Company registration number 12892405 (England and Wales)
LIBERTY CHEESESTEAK HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LIBERTY CHEESESTEAK HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LIBERTY CHEESESTEAK HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
630
430
Current assets
Debtors
4
81,431
17,521
Cash at bank and in hand
2,306
428
83,737
17,949
Creditors: amounts falling due within one year
5
(407,075)
(81,013)
Net current liabilities
(323,338)
(63,064)
Net liabilities
(322,708)
(62,634)
Capital and reserves
Called up share capital
7
139
139
Share premium account
399,596
399,596
Profit and loss reserves
(722,443)
(462,369)
Total equity
(322,708)
(62,634)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 August 2025
Mr J P Teti
Director
Company Registration No. 12892405
LIBERTY CHEESESTEAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
Liberty Cheesesteak Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Main Course Associates, 9th Floor, One Canada Square, London, United Kingdom, E14 5AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
As at 30 November 2024 the company had net current liabilities of £323,338 (2023: £63,064) and net liabilities of £322,708 (2023: £62,634). After reviewing the company's forecasts and projections and taking into account the economic conditions and possible changes in trading performance, the director hatrues a reasonable expectation that the company has adequate resources to continue in operational existence. The Director further confirms that related group undertakings will continue to support the company for the forseeable future. The Director therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LIBERTY CHEESESTEAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
LIBERTY CHEESESTEAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Share-based payments
The company operates an Enterprise Management Incentive Scheme ('EMI Scheme').
FRS102 requires the company to determine the fair value of the options granted each year and to make a charge to the profit and loss account based on the fair value determined.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
630
430
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
430
Additions
200
At 30 November 2024
630
Carrying amount
At 30 November 2024
630
At 30 November 2023
430
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
74,742
8,951
Other debtors
6,689
8,570
81,431
17,521
LIBERTY CHEESESTEAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,920
9,648
Amounts owed to group undertakings
361,038
49,138
Other creditors
40,117
22,227
407,075
81,013
6
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 December 2023
Granted
580
383.50
Outstanding at 30 November 2024
580
383.50
Exercisable at 30 November 2024
Of the total number of options outstanding, none had vested or were exercisable at the end of the year.
The share options are only exercisable in the event of a company sale or similar event. With such an event not considered probable by the directors, no share based remuneration expense was recognised in the year. The options outstanding had a remaining contractual life of 9.5 years at the balance sheet date.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
13,907
13,907
139
139
8
Related party transactions
At the year end there is a balance due to the director of £nil (2023 - £1,620), this is shown within other creditors.
The company has taken advantage of exemptions, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group companies.