Liberate HR Limited Small abridged accounts

LIBERATE HR LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Liberate HR Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07601200

Liberate HR Limited

Filleted Unaudited Abridged Financial Statements

30 April 2017

Liberate HR Limited

Abridged Financial Statements

Year ended 30 April 2017

Contents	Page

Report to the director on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Liberate HR Limited

Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Liberate HR Limited

Year ended 30 April 2017

As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 30 April 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

BRAINWAVES

Adur Business Centre, Ropetackle Little High Street Shoreham-by-Sea West Sussex BN43 5EG

2 August 2017

Liberate HR Limited

Abridged Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	918	1,071
Tangible assets	6	1,819	3,078
		-------	-------
		2,737	4,149

Current assets

Debtors	29,319	5,606
Cash at bank and in hand	34,872	38,870
	--------	--------
	64,191	44,476

Creditors: amounts falling due within one year	16,695		17,512
	--------		--------
Net current assets		47,496	26,964
		--------	--------
Total assets less current liabilities		50,233	31,113
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	50,232	31,112
	--------	--------
Members funds	50,233	31,113
	--------	--------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Liberate HR Limited

Abridged Statement of Financial Position (continued)

30 April 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 2 August 2017 , and are signed on behalf of the board by:

Mrs J H Wood
Director

Company registration number: 07601200

Liberate HR Limited

Notes to the Abridged Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Adur Business Centre, Ropetackle, Little High Street, Shoreham-by-Sea, West Sussex, BN43 5EG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

The turnover shown in the profit and loss account represents amounts earned during the year (exclusive of Value Added Tax) having regard to the fulfilment of contractual obligations

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

All intangible assets are initially recorded at cost less any permanent diminution in value. The director has evaluated that the trademarks applied for not be amortised in the current year in order to give a true and fair view.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trademarks	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

All fixed assets are initially recorded at cost less any permanent diminution in value.

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:

Office Equipment	-	25% straight line
Fixtures & Fittings	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Intangible assets

	£
Cost
At 1 May 2016 and 30 April 2017	1,530
	-------
Amortisation
At 1 May 2016	459
Charge for the year	153
	-------
At 30 April 2017	612
	-------
Carrying amount
At 30 April 2017	918
	-------
At 30 April 2016	1,071
	-------

6. Tangible assets

	£
Cost
At 1 May 2016	10,939
Additions	708
	--------
At 30 April 2017	11,647
	--------
Depreciation
At 1 May 2016	7,861
Charge for the year	1,967
	--------
At 30 April 2017	9,828
	--------
Carrying amount
At 30 April 2017	1,819
	--------
At 30 April 2016	3,078
	--------

7. Related party transactions

The company was under the control of Mrs J H wood throughout the current and previous year. Mrs J H Wood is the director and sole shareholder controlling 100% of the company. At the financial statement date, the company owed Mrs J H Wood £294, (2016: £5,883). In the period, dividends were paid to the director in her capacity as shareholder. In the year the company lent money to two companies that Mrs J H Wood is the person with significant control of. Wood Memorial Benches Ltd which owed the company £6,000 at the financial statement date, (last: £5,000). Liberate Training Academy Ltd which owed the company £23,134 at the financial statement date.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.