Company No:
Contents
DIRECTORS | Mr S M Davidson |
Mr A R Hampton | |
Mr P D Savage | |
SECRETARY | Mr P D Savage |
REGISTERED OFFICE | Springfield House |
45 Welsh Back | |
Bristol | |
BS1 4AG | |
United Kingdom | |
COMPANY NUMBER | 06454855(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Liberty House (Nuneaton) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Liberty House (Nuneaton) Limited. You consider that Liberty House (Nuneaton) Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Liberty House (Nuneaton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Bristol
BS1 6FL
2021 | 2020 | |||
Note | £ | £ | ||
Fixed assets | ||||
Investment property | 3 |
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2,575,000 | 3,625,000 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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53,092 | 81,034 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (164,054) | (157,928) | ||
Total assets less current liabilities | 2,410,946 | 3,467,072 | ||
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.
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 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.
The functional currency of Liberty House (Nuneaton) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The company does not have any share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.
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.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
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.
The fair value is determined annually by either the directors or an external valuer, on an open market value for existing use basis.
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.
2021 | 2020 | ||
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 2020 |
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Disposals | (1,050,000) |
As at 31 March 2021 |
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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 2021 valuations were provided by the directors on an open market basis.
2021 | 2020 | ||
£ | £ | ||
Prepayments |
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2021 | 2020 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
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Trade creditors |
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Accruals and deferred income |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Bank loans (secured) |
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Other loans |
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282,097 | 1,411,244 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Transactions with owners holding a participating interest in the entity
2021 | 2020 | ||
£ | £ | ||
Amounts due to members | 145,499 | 220,500 |
The loans are interest free with no fixed date for repayment.