Libatis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09256151 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Libatis Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Child

G Child

REGISTERED OFFICE:

First Floor Cef Building

Broomhill Way

Torquay

Devon

TQ2 7QN

BUSINESS ADDRESS:

1 Barton Terrace

Dawlish

Devon

EX7 9QH

REGISTERED NUMBER:

09256151 (England and Wales)

ACCOUNTANTS:

Mark Ward Chartered Certified Accountants

First Floor Cef Building

Broomhill Way

Torquay

Devon

TQ2 7QN

FIXED ASSETS

Intangible assets

4

120,125

139,345

Tangible assets

5

40,709

46,413

160,834

185,758

CURRENT ASSETS

Stocks

1,500

1,500

Debtors

6

100

100

Cash at bank

11,644

8,608

13,244

10,208

CREDITORS

Amounts falling due within one year

7

27,120

64,784

NET CURRENT LIABILITIES

(13,876

)

(54,576

)

TOTAL ASSETS LESS CURRENT LIABILITIES

146,958

131,182

PROVISIONS FOR LIABILITIES

1,740

1,508

NET ASSETS

145,218

129,674

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

145,118

129,574

SHAREHOLDERS' FUNDS

145,218

129,674

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 23 November 2019 and were signed on its behalf by:

Mrs S Child - Director

1.	STATUTORY INFORMATION

Libatis Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

In applying the company's accounting policies, the directors are required to make judgements, estimates and

assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

Stocks

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

slow moving items.

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 and 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

The company holds the following financial instruments:

- Short term trade and other debtors and creditors;

- Bank loans; and

- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the

instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets

expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of

liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs,

and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be

paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried

at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2018 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

192,200

AMORTISATION

At 1 April 2018

52,855

Charge for year

19,220

At 31 March 2019

72,075

NET BOOK VALUE

At 31 March 2019

120,125

At 31 March 2018

139,345

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

71,712

Additions

1,474

At 31 March 2019

73,186

DEPRECIATION

At 1 April 2018

25,299

Charge for year

7,178

At 31 March 2019

32,477

NET BOOK VALUE

At 31 March 2019

40,709

At 31 March 2018

46,413

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

100

100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Taxation and social security

18,999

21,524

Other creditors

8,121

43,260

27,120

64,784