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2018-05-31
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No description of principal activities is disclosed
2017-06-01
Sage Accounts Production 18.30 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
05822029
2017-06-01
2018-05-31
05822029
2018-05-31
05822029
2017-05-31
05822029
2016-06-01
2017-05-31
05822029
2017-05-31
05822029
core:PlantMachinery
2017-06-01
2018-05-31
05822029
core:FurnitureFittingsToolsEquipment
2017-06-01
2018-05-31
05822029
core:MotorVehicles
2017-06-01
2018-05-31
05822029
bus:Director1
2017-06-01
2018-05-31
05822029
core:PlantMachinery
2017-05-31
05822029
core:FurnitureFittingsToolsEquipment
2017-05-31
05822029
core:MotorVehicles
2017-05-31
05822029
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-05-31
05822029
core:PlantMachinery
2018-05-31
05822029
core:FurnitureFittingsToolsEquipment
2018-05-31
05822029
core:MotorVehicles
2018-05-31
05822029
core:WithinOneYear
2018-05-31
05822029
core:WithinOneYear
2017-05-31
05822029
core:ShareCapital
2018-05-31
05822029
core:ShareCapital
2017-05-31
05822029
core:RetainedEarningsAccumulatedLosses
2018-05-31
05822029
core:RetainedEarningsAccumulatedLosses
2017-05-31
05822029
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-05-31
05822029
core:PlantMachinery
2017-05-31
05822029
core:FurnitureFittingsToolsEquipment
2017-05-31
05822029
core:MotorVehicles
2017-05-31
05822029
bus:SmallEntities
2017-06-01
2018-05-31
05822029
bus:AuditExempt-NoAccountantsReport
2017-06-01
2018-05-31
05822029
bus:FullAccounts
2017-06-01
2018-05-31
05822029
bus:SmallCompaniesRegimeForAccounts
2017-06-01
2018-05-31
05822029
bus:PrivateLimitedCompanyLtd
2017-06-01
2018-05-31
Company registration number:
05822029
J. W. Libera & Son Limited
Unaudited filleted financial statements
31 May 2018
J. W. Libera & Son Limited
Contents
Statement of financial position
Notes to the financial statements
J. W. Libera & Son Limited
Statement of financial position
31 May 2018
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2018
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2017
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Note
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£
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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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Tangible assets
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|
5
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26,989
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|
30,451
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|
|
|
|
|
_______
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|
|
|
_______
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|
|
|
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|
26,989
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|
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|
30,451
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|
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|
Current assets
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Stocks
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18,123
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18,119
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Debtors
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|
6
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1,031
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|
|
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1,939
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|
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Cash at bank and in hand
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18,109
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24,619
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|
|
|
_______
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|
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|
_______
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|
|
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37,263
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|
|
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44,677
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|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
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within one year
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7
|
(
20,390)
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|
|
|
(
28,308)
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|
|
|
|
|
_______
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_______
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|
Net current assets
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16,873
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|
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16,369
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|
|
|
|
|
_______
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|
|
_______
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Total assets less current liabilities
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43,862
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46,820
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|
|
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Provisions for liabilities
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(
1,858)
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(
2,517)
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|
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_______
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_______
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Net assets
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42,004
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44,303
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|
|
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|
|
_______
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_______
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Capital and reserves
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Called up share capital
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1
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1
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Profit and loss account
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42,003
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44,302
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|
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_______
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_______
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Shareholders funds
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42,004
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44,303
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_______
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_______
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For the year ending 31 May 2018 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
15 August 2018
, and are signed on behalf of the board by:
Mr Stephen Joseph Libera
Director
Company registration number:
05822029
J. W. Libera & Son Limited
Notes to the financial statements
Year ended 31 May 2018
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is J. W. Libera & Son Limited, 127 Cleethorpe Road, Grimsby, North East Lincolnshire, DN31 3EW.
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'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
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Plant and machinery
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-
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25 %
|
reducing balance
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Fittings fixtures and equipment
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-
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33 %
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straight line
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Motor vehicles
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-
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25 %
|
reducing balance
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|
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4.
Staff costs
The average number of persons employed by the company during the year amounted to
2
(2017:
2
).
5.
Tangible assets
|
|
Freehold property
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Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
£
|
£
|
£
|
£
|
£
|
|
|
|
Cost
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At 1 June 2017 and 31 May 2018
|
17,207
|
12,300
|
603
|
21,900
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52,010
|
|
|
|
|
_______
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_______
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_______
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_______
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_______
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Depreciation
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At 1 June 2017
|
-
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10,034
|
403
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11,122
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21,559
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Charge for the year
|
-
|
567
|
200
|
2,695
|
3,462
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|
|
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_______
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_______
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_______
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_______
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_______
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At 31 May 2018
|
-
|
10,601
|
603
|
13,817
|
25,021
|
|
|
|
|
_______
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_______
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_______
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_______
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_______
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Carrying amount
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|
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|
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At 31 May 2018
|
17,207
|
1,699
|
-
|
8,083
|
26,989
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 May 2017
|
17,207
|
2,266
|
200
|
10,778
|
30,451
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
-
|
1,220
|
|
Other debtors
|
|
1,031
|
719
|
|
|
|
_______
|
_______
|
|
|
|
1,031
|
1,939
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
490
|
820
|
|
Corporation tax
|
|
3,637
|
5,323
|
|
Social security and other taxes
|
|
485
|
988
|
|
Other creditors
|
|
15,778
|
21,177
|
|
|
|
_______
|
_______
|
|
|
|
20,390
|
28,308
|
|
|
|
_______
|
_______
|
|
|
|
|
|