Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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2,575,000 | 2,575,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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45,194 | 45,078 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (16,250) | (160,077) | ||
Total assets less current liabilities | 2,558,750 | 2,414,923 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net assets |
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Reserves | ||||
Profit and loss account |
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Total reserves |
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Directors' responsibilities:
The financial statements of Liberty House (Nuneaton) Limited (registered number:
Mr A R Hampton
Director |
Mr S M Davidson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Liberty House (Nuneaton) Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, 45 Welsh Back, Bristol, BS1 4AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
In accordance with the Memorandum of Association, the company acts as a nominee for the members. All profits accruing are treated as accruing directly to the members and will be taxed on them accordingly.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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As at 31 March 2023 |
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Valuation
The company does not have beneficial ownership of the Freehold investment properties but hold them on trust for the members and directors of the company. The members and directors have beneficial title under a co-ownership agreement.
The Freehold and leasehold properties are held for investment purposes and are included in the Statement of Financial Position at open market value. They are revalued annually and depreciation is not provided.
The 2023 valuations were provided by the directors on an open market basis.
Historic cost
If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 2,159,130 | 2,159,130 |
2023 | 2022 | ||
£ | £ | ||
Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Accruals and deferred income |
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Other taxation and social security |
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2023 | 2022 | ||
£ | £ | ||
Other loans |
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The members of the Liberty House (Nuneaton) Limited have undertaken to contribute a sum not exceeding £5 each to meet the liabilities of the Company if it should be wound up.
Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Amounts due to members | 55,499 | 100,499 |
The loans are interest free with no fixed date for repayment.