REGISTERED NUMBER: OC366044 (England and Wales)

REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2025

FOR

LIBERTY PACKAGING SYSTEMS LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Statement of Financial Position

4

Notes to the Financial Statements

6

DESIGNATED MEMBERS:

P Fiorentini

K McPheat

REGISTERED OFFICE:

21 Mead Park Ind Estate

Riverway

Harlow

Essexs

CM20 2SE

REGISTERED NUMBER:

OC366044 (England and Wales)

ACCOUNTANTS:

Cook & Partners Limited

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

The members present their report with the financial statements of the LLP for the year ended 5th April 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of the sale of label printing systems.

DESIGNATED MEMBERS

The designated members during the year under review were:

P Fiorentini

K McPheat

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £10,615 (2024 - £7,002 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

K McPheat - Designated member

18th July 2025

TURNOVER

138,262

165,119

Cost of sales

67,427

105,825

GROSS PROFIT

70,835

59,294

Administrative expenses

60,220

52,292

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

10,615

7,002

FIXED ASSETS

Tangible assets

4

1

1

CURRENT ASSETS

Stocks

36,727

44,259

Debtors

5

29,402

31,032

Cash at bank

8,437

11,518

74,566

86,809

CREDITORS

Amounts falling due within one year

6

41,056

49,915

NET CURRENT ASSETS

33,510

36,894

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

33,511

36,895

LOANS AND OTHER DEBTS DUE TO MEMBERS

7

33,511

36,895

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

7

33,511

36,895

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 5th April 2025.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 18th July 2025 and were signed by:

P Fiorentini - Designated member

K McPheat - Designated member

1.	STATUTORY INFORMATION

Liberty Packaging Systems LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going Concern Justification

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 05 April 2021 have been prepared using the going concern basis of accounting.

Revenue

Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leased assets

Where assets are financed by leasing agreements that give rights approximately to ownership ("finance leases") the assets are treated as if they had been purchased outright. The amount capitalised is the fair value of the asset concerned. The corresponding liability to the leasing company is included as an obligation under finance leases. Depreciation of leased assets is charged to the profit and loss account over the short of the lease terms and their useful lives. Leasing payments are treated as consisting of capital and interest elements, and interest is charged to the profit and loss account on a straight line basis which is considered to be a reasonable approximation to a constant rate of charge on the outstanding balance.

All other leases are treated as "operating leases" and the relevant annual rentals are charged to the profit and loss account on a straight line basis over the lease term; unless they relate to vacant leasehold properties in which case provision is made on a discounted basis for the net obligation under the lease. The unwinding of the discount is disclosed within interest payable and similar charges.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard (1 January 2014) to continue to be charged over the period to the first market rent review rather than the term of the lease. For leases entered into on or after 1 January 2014, reverse premiums and similar incentives

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2024 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 6th April 2024

and 5th April 2025

3,615

DEPRECIATION

At 6th April 2024

and 5th April 2025

3,614

NET BOOK VALUE

At 5th April 2025

1

At 5th April 2024

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

20,169

27,426

Other debtors

-

10

Prepayments

9,233

3,596

29,402

31,032

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

11,981

7,222

Social security and other taxes

599

-

VAT

1,721

2,350

Other creditors

613

157

Accruals and deferred income

4,942

8,573

Accrued expenses

21,200

31,613

41,056

49,915

7.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.

There is no provision for specific legally enforceable protection afforded to creditors in such an event.

There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests