Liberty Child Care Property (Elgin) Ltd Accounts

LIBERTY CHILD CARE PROPERTY (ELGIN) LIMITED - Company Information






Liberty Child Care Property (Elgin) Ltd

	Company No. SC407180
		Information for Filing with The Registrar
		30 September 2019

at	30 September 2019
Company No.		SC407180	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		3	14,786	18,482


				14,786	18,482
Current assets

	Debtors		4	-	11,322

	Cash at bank and in hand			235	224
				235	11,546
Creditors: Amount falling due within one year			5	(406,948)	(418,168)
Net current liabilities				(406,713)	(406,622)
Total assets less current liabilities				(391,927)	(388,140)




Net liabilities				(391,927)	(388,140)

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		6	(391,928)	(388,141)

Total equity				(391,927)	(388,140)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 16 June 2020
And signed on its behalf by:
I. Robertson
Director
16 June 2020

for the year ended 30 September 2019

General information

Its registered number is: SC407180

Its registered office is:

7 Howe Street

Edinburgh

EH3 6TE

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

3	Tangible fixed assets
			Land and buildings	Total
			£	£
		Cost or revaluation
		At 1 October 2018	260,523	260,523




		At 30 September 2019	260,523	260,523
		Depreciation
		At 1 October 2018	242,041	242,041
		Charge for the year	3,696	3,696



		At 30 September 2019	245,737	245,737
		Net book values
		At 30 September 2019	14,786	14,786
		At 30 September 2018	18,482	18,482

4	Debtors
			2019	2018
			£	£







		Prepayments and accrued income	-	11,322
			-	11,322

5	Creditors:
		amounts falling due within one year
			2019	2018
			£	£








		Loans from directors	28,198	39,420
		Other creditors	378,749	378,749
		Accruals and deferred income	1	(1)
			406,948	418,168

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.