REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 30 June 2023 |
for |
Liberty Guard (UK) Limited |
REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 30 June 2023 |
for |
Liberty Guard (UK) Limited |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 4 |
Statement of Directors' Responsibilities | 5 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Liberty Guard (UK) Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
BANKERS: |
7th Floor |
3 St Pauls Place |
129 Norfolk Street |
Sheffield |
South Yorkshire |
S1 2JE |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Strategic Report |
for the Year Ended 30 June 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
During the year the company continued to manufacture, sell and hire out modular, portable buildings and site accommodation units. |
Group operations continued successfully during the year with further investment in hire fleet units, following a clear strategy to grow the eco-friendly fleet. The addition of generator-free welfare accommodation and marketing suites represented a notable step forward on our journey to reduced carbon operations. The expanded fleet has further improved our nationwide coverage which, along with an expanded sales team, will lead to improved results as we move in to 2023/24 and beyond. |
The ongoing world events and economic difficulties within the UK continue to present challenges however, the directors are pleased with how the business is responding to those challenges. Some sectors across our customer base are experiencing difficult trading periods yet hire income has reached record levels thanks to the expanded team and fleet. In addition, costs have been sensibly controlled to, in-part, counter some of the significant inflationary pressures we are experiencing in the UK. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Significant competition |
The company operates in an industry where there are a number of major competitors. |
The company responds to this risk by ensuring it has a modern versatile fleet available that is competitively priced and may be tailored to enable it to meet individual customer requirements. |
External influences |
A downturn in the construction industry or a decline in the requirement for hiring the company's products may |
result in a reduction in the prices that the company can charge for its services. The company responds to this by |
monitoring and assessing market capacity and looking at adapting to any changes by diversifying its supply |
both geographically and also across different markets. |
Human resources |
The company has a requirement for ensuring that its staff and the service they provide are of a high quality. The |
company responds to this by ensuring that all staff receive competitive remuneration packages and that all key |
personnel are aware of the company's commitment to providing a quality product backed up with quality service. |
Changes in prices of products and fuel |
The company purchases products from a number of suppliers. Many of these product prices are affected by |
market conditions and to a certain extent the policies of the European Union. Movements in the price levels can have a corresponding impact on the company's gross profit margins. The company, and in particular, its |
transportation arm, may also be affected by the fluctuations in fuel prices. The company responds to this by |
reviewing the competitive conditions and pricing methods employed in the markets in which the company |
operates and its ability to pass through these price increases is determined by the results of the review. |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Strategic Report |
for the Year Ended 30 June 2023 |
Unit | 2023 | 2022 |
Turnover | £ | 11,697,918 | 13,466,252 |
Turnover growth | % | (13) | 18 |
Gross profit margin | % | 59 | 57 |
Profit before tax | £ | 2,773,919 | 4,237,973 |
The company considers its main non-financial KPI's to be the number of units that are subject to customer hire contracts and the increasing availability of quality products for hire. |
The company's hire performance and related customer demands are monitored weekly and resources employed accordingly. |
ON BEHALF OF THE BOARD: |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Directors' Report |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale and hire of site cabins and related equipment. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
The total distribution of dividends for the year ended 30 June 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Statement of Directors' Responsibilities |
for the Year Ended 30 June 2023 |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Liberty Guard (UK) Limited |
Opinion |
We have audited the financial statements of Liberty Guard (UK) Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Directors' Report and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Liberty Guard (UK) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- minimal reliance was placed upon the operating effectiveness of internal controls in the design and performance of our substantive procedures; |
- discussions were held with management considering known or suspected non-compliance with laws, regulations and fraud; |
- journal entries were reviewed for any entries made outside the ordinary reporting process with particular emphasis on those with unusual account combinations, entries crediting revenue and those without specific descriptions; |
- management assumptions in their significant accounting estimates were challenged and scrutinised. |
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Liberty Guard (UK) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Income Statement |
for the Year Ended 30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,809,910 | 4,281,608 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Other Comprehensive Income |
for the Year Ended 30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Movement on hire fleet revaluation |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Balance Sheet |
30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Revaluation reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) |
Balance at 30 June 2023 |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Liberty Guard (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
Judgements |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty |
Tangible fixed assets are the single largest balance on the company's balance sheet and the method chosen to value the hire fleet assets has a material effect on the company's reporting position and performance. The hire fleet is carried at fair value and assessed annually by the directors opinion of its income generation and depreciated replacement cost. Factors which are taken into consideration in arriving at the valuation include current market value, condition, experience and age. |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods represents the manufacture and sale of site cabins and related equipment. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
Turnover from the sale of services represents the hire of site cabins and related equipment. |
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of service provided to date, based on the stage of completion of the contract activity at the balance sheet date. |
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included within creditors. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively, if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 |
30/6/23 | 30/6/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30/6/23 | 30/6/22 |
Production | 50 | 39 |
Administration and support | 7 | 7 |
Sales, marketing and distribution | 8 | 7 |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
30/6/23 | 30/6/22 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/6/23 | 30/6/22 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/6/23 | 30/6/22 |
£ | £ |
Interest payable | ( |
) |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30/6/23 | 30/6/22 |
£ | £ |
Current tax: |
UK corporation tax |
Under/over provision | 95,953 | - |
Total current tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 20.50% (2022 - 19%). |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30/6/23 | 30/6/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Group relief of tax losses | - | (95,966 | ) |
Deferred tax | 330,237 | 400,872 |
Under/over provision | 95,953 | - |
Total tax charge | 862,499 | 884,944 |
Tax effects relating to effects of other comprehensive income |
30/6/23 |
Gross | Tax | Net |
£ | £ | £ |
Movement on hire fleet revaluation | 137,014 | 270,871 |
30/6/22 |
Gross | Tax | Net |
£ | £ | £ |
Movement on hire fleet revaluation | 120,672 | 133,557 |
7. | DIVIDENDS |
30/6/23 | 30/6/22 |
£ | £ |
Ordinary share of 1 |
Final |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
Charge written back | (1,792,919 | ) | - | - | (1,792,919 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Within the plant and machinery asset category is the hire fleet which has a net book value of £16,127,653 (2022 - £15,306,264). |
The fair value of the company's hire fleet was revalued on 30 June 2023. An independent valuer was not involved. The hire fleet has been revalued at current fair value by the group finance director on an individual basis by reference to his opinion of its income generation and depreciated replacement cost. |
Had the hire fleet class of asset been measured on a historical cost basis, the carrying amount would have been £14,339,553 (2022 - £12,970,109). |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations | ( |
) | ( |
) |
Transfer to ownership | - | (343,648 | ) | (343,648 | ) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | - | (133,850 | ) | (133,850 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
9. | STOCKS |
30/6/23 | 30/6/22 |
£ | £ |
Stocks |
Work-in-progress |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Directors' current accounts | 29,165 | 45,833 |
Prepayments |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Hire purchase contracts (see note 13) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 257,026 | 304,071 |
Pension | 3,923 | 2,647 |
Accrued expenses |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Hire purchase contracts (see note 13) |
13. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30/6/23 | 30/6/22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
30/6/23 | 30/6/22 |
£ | £ |
Hire purchase contracts | 684,431 | 1,303,950 |
The hire purchase liabilities are secured against the related assets. |
The bank overdraft is secured by way of a legal charge over the trading property and there is also an un-limited inter company composite guarantee by and between each member of the group. |
15. | PROVISIONS FOR LIABILITIES |
30/6/23 | 30/6/22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Provided during year |
On revaluation of hire fleet | (137,014 | ) |
Balance at 30 June 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/23 | 30/6/22 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
17. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 12,751,493 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Other movements | 681,912 | (411,041 | ) | 270,871 |
At 30 June 2023 | 14,433,784 |
Revaluation reserve |
The revaluation reserve represents the revaluation of the company's hire fleet. |
Retained earnings |
Retained earnings includes all current and prior period profits and losses, net of dividends paid and other adjustments. |
18. | CAPITAL COMMITMENTS |
30/6/23 | 30/6/22 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Liberty Guard (UK) Limited (Registered number: 04553341) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
19. | OTHER FINANCIAL COMMITMENTS |
Amounts not provided for in the balance sheet |
The total amount of guarantees not included in the balance sheet is £nil (2022 - £nil). The company has provided an intercompany cross guarantee in respect of the bank borrowings of Liberty Group Holdings Limited, Pasuda Buildings Limited, Pasuda (Hire) Limited, Speakeasy Co Limited and Speakeasy Enterprises Limited. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022: |
30/6/23 | 30/6/22 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
21. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is Liberty Group Holdings Limited, incorporated in England & Wales. |
These financial statements are available upon request from The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX. |
The ultimate controlling party is Mr Gordon Jones and Mrs Susan Jones by virtue of their shareholdings in the parent company. |