Liberty Trails Ltd - Period Ending 2014-02-28

Registration number: 07963995

Liberty Trails Ltd

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2014
 

Tavistock Business Consultancy Limited
Chartered Accountants
28 Glanville Road
Tavistock
Devon
PL19 0EB

Liberty Trails Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Liberty Trails Ltd
for the Year Ended 28 February 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Liberty Trails Ltd for the year ended 28 February 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Liberty Trails Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Liberty Trails Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Liberty Trails Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Liberty Trails Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Liberty Trails Ltd. You consider that Liberty Trails Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Liberty Trails Ltd. 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 accounts.

......................................

Tavistock Business Consultancy Limited
Chartered Accountants
28 Glanville Road
Tavistock
Devon
PL19 0EB

25 November 2014

Page 1

Liberty Trails Ltd
(Registration number: 07963995)
Abbreviated Balance Sheet at 28 February 2014

		Note			28 February 2014 £			28 February 2013 £
Fixed assets
Tangible fixed assets					424			566
Current assets
Debtors					1,505			1,194
Cash at bank and in hand					1,901
					3,406			1,194
Creditors: Amounts falling due within one year					(9,390)			(6,170)
Net current liabilities					(5,984)			(4,976)
Total assets less current liabilities					(5,560)			(4,410)
Creditors: Amounts falling due after more than one year					(30,000)
Net liabilities					(35,560)			(4,410)
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					(35,561)			(4,411)
Shareholders' deficit					(35,560)			(4,410)

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Liberty Trails Ltd
(Registration number: 07963995)
Abbreviated Balance Sheet at 28 February 2014
......... continued

For the year ending 28 February 2014 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 November 2014 and signed on its behalf by:

.........................................
Mr R S Prior
Director

.........................................
Mrs E Prior
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Liberty Trails Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

The company relies upon support from the bank and the director for its day to day working capital. Both have confirmed their continued support for the company.

Page 4

Liberty Trails Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 March 2013		708			708
At 28 February 2014		708			708
Depreciation
At 1 March 2013		142			142
Charge for the year		142			142
At 28 February 2014		284			284
Net book value
At 28 February 2014		424			424
At 28 February 2013		566			566

3	Share capital

Allotted, called up and fully paid shares

	28 February 2014						28 February 2013
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

4

Control

The company is controlled by Mr R S Prior who holds 100% of the issued share capital.

Page 5