REGISTERED NUMBER: 03242687 (England and Wales) |
Group Strategic Report, Directors' Report and |
Consolidated Financial Statements for the Year Ended 30 June 2023 |
for |
Liberty Group Holdings Limited |
REGISTERED NUMBER: 03242687 (England and Wales) |
Group Strategic Report, Directors' Report and |
Consolidated Financial Statements for the Year Ended 30 June 2023 |
for |
Liberty Group Holdings Limited |
Liberty Group Holdings Limited (Registered number: 03242687) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Statement of Directors' Responsibilities | 6 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Liberty Group Holdings Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
BANKERS: | Handelsbanken |
7th Floor |
3 St Pauls Place |
129 Norfolk Street |
Sheffield |
South Yorkshire |
S1 2JE |
Liberty Group Holdings Limited (Registered number: 03242687) |
Group Strategic Report |
for the Year Ended 30 June 2023 |
The directors present their strategic report of the company and the group for the year ended 30 June 2023. |
REVIEW OF BUSINESS |
During the year the group 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. |
The hospitality sector saw a much-needed boost in activity in the spring and summer of 2023 improving results and confidence for future trading. The Government's decision to continue business rates relief within the sector, announced in the recent autumn statement, was very welcome. The sector still faces challenges including substantial increases in staff and property costs although results suggest that these challenges can be overcome. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Significant competition |
The group operates in an industry where there are a number of major competitors. The group 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 group's products may result in a reduction in the prices that the group can charge for its services. The group 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 group has a requirement for ensuring that its staff and the service they provide are of a high quality. The group responds to this by ensuring that all staff receive competitive remuneration packages and that all key personnel are aware of the group's commitment to providing a quality product backed up with quality service. |
Changes in prices of products and fuel |
The group 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 group's gross profit margins. The group, and in particular, its transportation arm, may also be affected by the fluctuations in fuel prices. The group responds to this by reviewing the competitive conditions and pricing methods employed in the markets in which the group operates and its ability to pass through these price increases is determined by the results of the review. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Group Strategic Report |
for the Year Ended 30 June 2023 |
KEY FINANCIAL AND OTHER PERFORMANCE INDICATORS |
Unit | 2023 | 2022 |
Turnover | £ | 17,342,902 | 20,475,032 |
Turnover growth | % | (15) | 28 |
Gross profit margin | % | 52 | 49 |
Profit before tax | £ | 2,783,478 | 4,496,987 |
The group 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 groups hire performance and related customer demands are monitored weekly and resources employed accordingly. |
ON BEHALF OF THE BOARD: |
Liberty Group Holdings Limited (Registered number: 03242687) |
Directors' Report |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the manufacture, sale and hire of site cabins and related equipment. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
Objectives and policies |
The group uses financial instruments other than derivatives comprising cash and bank balances, other liquid resources and various other items such as trade debtors and trade creditors that arise directly from its operations. the main purpose of these financial instruments is to finance the group's operations. |
Price risk, credit risk, liquidity risk and cash flow risk |
In respect of cash and bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of loans and overdrafts at fixed and floating rates of interest. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Directors' Report |
for the Year Ended 30 June 2023 |
AUDITORS |
The auditors, Landin Wilcock & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Liberty Group Holdings Limited (Registered number: 03242687) |
Statement of Directors' Responsibilities |
for the Year Ended 30 June 2023 |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 Group Holdings Limited |
Opinion |
We have audited the financial statements of Liberty Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2023 and of the group's 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 group 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 group's and the parent 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 Group 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. |
Report of the Independent Auditors to the Members of |
Liberty Group Holdings Limited |
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 Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Liberty Group Holdings Limited |
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. |
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 Group Holdings Limited (Registered number: 03242687) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
TURNOVER | 4 | 17,342,902 | 20,475,032 |
Cost of sales | (8,405,452 | ) | (10,371,514 | ) |
GROSS PROFIT | 8,937,450 | 10,103,518 |
Administrative expenses | (5,989,270 | ) | (5,329,612 | ) |
2,948,180 | 4,773,906 |
Other operating income | 27,191 | 42,533 |
OPERATING PROFIT | 6 | 2,975,371 | 4,816,439 |
Interest receivable and similar income | 3,089 | 5 |
2,978,460 | 4,816,444 |
Interest payable and similar expenses | 7 | (194,982 | ) | (319,457 | ) |
PROFIT BEFORE TAXATION | 2,783,478 | 4,496,987 |
Tax on profit | 8 | (953,840 | ) | (1,148,782 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,829,638 | 3,348,205 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,829,638 | 3,348,205 |
OTHER COMPREHENSIVE INCOME |
Movement on hire fleet revaluation | 267,378 | 300,270 |
Income tax relating to other comprehensive income |
177,769 |
136,856 |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
445,147 |
437,126 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,274,785 |
3,785,331 |
Total comprehensive income attributable to: |
Owners of the parent | 2,274,785 | 3,785,331 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Consolidated Balance Sheet |
30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 158,847 | 190,501 |
Tangible assets | 12 | 23,845,521 | 23,379,075 |
Investments | 13 | - | - |
24,004,368 | 23,569,576 |
CURRENT ASSETS |
Stocks | 14 | 851,046 | 984,719 |
Debtors | 15 | 3,671,280 | 4,523,447 |
Cash at bank and in hand | 882,931 | 711,982 |
5,405,257 | 6,220,148 |
CREDITORS |
Amounts falling due within one year | 16 | (4,062,279 | ) | (6,136,418 | ) |
NET CURRENT ASSETS | 1,342,978 | 83,730 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 25,347,346 | 23,653,306 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(143,411 |
) |
(840,683 |
) |
PROVISIONS FOR LIABILITIES | 21 | (2,027,143 | ) | (1,910,616 | ) |
NET ASSETS | 23,176,792 | 20,902,007 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 390,002 | 390,002 |
Revaluation reserve | 23 | 4,548,764 | 4,997,996 |
Retained earnings | 23 | 18,238,026 | 15,514,009 |
SHAREHOLDERS' FUNDS | 23,176,792 | 20,902,007 |
The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by: |
Mr Gordon Jones - Director |
Liberty Group Holdings Limited (Registered number: 03242687) |
Company Balance Sheet |
30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,162,438 | 1,956,771 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Liberty Group Holdings Limited (Registered number: 03242687) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 July 2021 | 390,002 | 11,265,935 | 5,960,739 |
Changes in equity |
Dividends | - | (500,000 | ) | - |
Total comprehensive income | - | 4,748,074 | (962,743 | ) |
390,002 | 15,514,009 | 4,997,996 |
Acquisition of non-controlling interest |
- |
- |
- |
Balance at 30 June 2022 | 390,002 | 15,514,009 | 4,997,996 |
Changes in equity |
Total comprehensive income | - | 2,724,017 | (449,232 | ) |
Balance at 30 June 2023 | 390,002 | 18,238,026 | 4,548,764 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 July 2021 | 17,616,676 | 106,885 | 17,723,561 |
Changes in equity |
Dividends | (500,000 | ) | - | (500,000 | ) |
Total comprehensive income | 3,785,331 | - | 3,785,331 |
20,902,007 | 106,885 | 21,008,892 |
Acquisition of non-controlling interest |
- |
(106,885 |
) |
(106,885 |
) |
Balance at 30 June 2022 | 20,902,007 | - | 20,902,007 |
Changes in equity |
Total comprehensive income | 2,274,785 | - | 2,274,785 |
Balance at 30 June 2023 | 23,176,792 | - | 23,176,792 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Company Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Consolidated Cash Flow Statement |
for the Year Ended 30 June 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,182,108 | 7,955,692 |
Interest paid | (148,552 | ) | (255,557 | ) |
Interest element of hire purchase payments paid |
(46,430 |
) |
(63,900 |
) |
Tax paid | (651,747 | ) | (806,414 | ) |
Net cash from operating activities | 4,335,379 | 6,829,821 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (5,200 | ) | - |
Purchase of tangible fixed assets | (4,291,842 | ) | (5,129,011 | ) |
Sale of tangible fixed assets | 1,126,898 | 1,440,712 |
Acquisition of non controlling interests | - | (105,000 | ) |
Interest received | 3,089 | 5 |
Net cash from investing activities | (3,167,055 | ) | (3,793,294 | ) |
Cash flows from financing activities |
Capital repayments in year | (981,574 | ) | (1,394,098 | ) |
Equity dividends paid | - | (500,000 | ) |
Net cash from financing activities | (981,574 | ) | (1,894,098 | ) |
Increase in cash and cash equivalents | 186,750 | 1,142,429 |
Cash and cash equivalents at beginning of year |
2 |
696,181 |
(446,248 |
) |
Cash and cash equivalents at end of year | 2 | 882,931 | 696,181 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/6/23 | 30/6/22 |
£ | £ |
Profit before taxation | 2,783,478 | 4,496,987 |
Depreciation charges | 2,850,522 | 2,640,325 |
Loss on disposal of fixed assets | 149,608 | 75,276 |
Finance costs | 194,982 | 319,457 |
Finance income | (3,089 | ) | (5 | ) |
5,975,501 | 7,532,040 |
Decrease/(increase) in stocks | 133,673 | (97,815 | ) |
Decrease in trade and other debtors | 852,167 | 96,221 |
(Decrease)/increase in trade and other creditors | (1,779,233 | ) | 425,246 |
Cash generated from operations | 5,182,108 | 7,955,692 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 882,931 | 711,982 |
Bank overdrafts | - | (15,801 | ) |
882,931 | 696,181 |
Year ended 30 June 2022 |
30/6/22 | 1/7/21 |
£ | £ |
Cash and cash equivalents | 711,982 | 96,786 |
Bank overdrafts | (15,801 | ) | (543,034 | ) |
696,181 | (446,248 | ) |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 June 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/7/22 | Cash flow | At 30/6/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 711,982 | 170,949 | 882,931 |
Bank overdrafts | (15,801 | ) | 15,801 | - |
696,181 | 186,750 | 882,931 |
Debt |
Finance leases | (1,519,639 | ) | 724,907 | (794,732 | ) |
Debts falling due within 1 year | (256,667 | ) | 221,667 | (35,000 | ) |
Debts falling due after 1 year | (35,000 | ) | 35,000 | - |
(1,811,306 | ) | 981,574 | (829,732 | ) |
Total | (1,115,125 | ) | 1,168,324 | 53,199 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Liberty Group Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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" and the Companies Act 2006. The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. |
Exemptions have been taken in relation to the presentation of an individual cash flow statement. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The group 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 requirement of paragraph 33.7. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2023. |
A subsidiary undertaking is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. |
Inter-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. |
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination. |
Business combinations |
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group, in exchange for control of the acquisition, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes an estimated amount of that adjustment in the cost of the combination at the acquisition date, if the adjustment is probable and can be measured reliably. |
Going concern |
The directors have prepared budgets and cash flow forecasts for all group companies for the medium term. Based on these forecasts, early performance against these forecasts in 2023/24, and the continued good health of the of the group, the directors are comfortable that the group has adequate resources to continue to operate for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
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 group's balance sheet and the method chosen to value the hire fleet assets has a material effect on the group's reporting position and performance. The hire fleet is carried at fair value, amounting to £19,362,448 (2022- £18,809,265) 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. |
Turnover |
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. |
Turnover from the sale of goods represents the manufacture and sale of site cabins and related equipment, and also the sale of food and beverages. Turnover from the sale of goods is recognised when the goods are physically delivered or provided 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. |
Goodwill |
Purchased goodwill represents the excess of the purchase price of business acquisitions compared with the fair value of nets assets, and is being amortised over 10 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. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent impairment losses. The hire fleet is carried at fair value, assessed by the directors opinion of its income generation. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
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. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets |
Trade and other debtors: |
Trade and other debtors are initially measured at the transaction price. Trade and other debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
A provision for impairment of trade and other debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit and loss for the excess of the carrying value of the trade and other debtors over the present value of the future cash flows discounted using the original effective rate of interest. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit and loss. |
Financial liabilities and equity |
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. |
Equity instruments: |
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
Trade and other creditors: |
Trade and other creditors payable are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amount settled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
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. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
30/6/23 | 30/6/22 |
£ | £ |
Sale & hire of site cabins | 15,634,542 | 19,079,671 |
Operation of bars & restaurant | 1,708,360 | 1,395,361 |
17,342,902 | 20,475,032 |
An analysis of turnover by geographical market is given below: |
30/6/23 | 30/6/22 |
£ | £ |
United Kingdom | 17,342,902 | 20,475,032 |
17,342,902 | 20,475,032 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | EMPLOYEES AND DIRECTORS |
30/6/23 | 30/6/22 |
£ | £ |
Wages and salaries | 3,706,851 | 3,475,529 |
Social security costs | 370,866 | 334,568 |
Other pension costs | 99,757 | 78,512 |
4,177,474 | 3,888,609 |
The average number of employees during the year was as follows: |
30/6/23 | 30/6/22 |
Production | 75 | 72 |
Administration and support | 22 | 22 |
Sales, marketing and distribution | 8 | 8 |
Hospitality | 43 | 43 |
30/6/23 | 30/6/22 |
£ | £ |
Directors' remuneration | 164,662 | 111,936 |
Directors' pension contributions to money purchase schemes | 31,570 | 11,560 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
30/6/23 | 30/6/22 |
£ | £ |
Other operating leases | 179,026 | 147,535 |
Depreciation - owned assets | 2,446,588 | 2,357,941 |
Depreciation - assets on hire purchase contracts | 227,691 | 223,703 |
Loss on disposal of fixed assets | 149,608 | 75,276 |
Goodwill amortisation | 33,672 | 33,672 |
Computer software amortisation | 582 | - |
Auditors' remuneration | 43,304 | 45,445 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/6/23 | 30/6/22 |
£ | £ |
Bank interest | - | 105 |
Bank loan interest | 7,607 | 13,689 |
Directors loan interest | 144,344 | 237,207 |
Interest payable | (3,399 | ) | 4,556 |
Hire purchase | 46,430 | 63,900 |
194,982 | 319,457 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | 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 | 563,436 | 682,777 |
Under/over provision | 95,953 | - |
Total current tax | 659,389 | 682,777 |
Deferred tax | 294,451 | 466,005 |
Tax on profit | 953,840 | 1,148,782 |
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 | 2,783,478 | 4,496,987 |
Profit multiplied by the standard rate of corporation tax in the UK of 20.496 % (2022 - 19 %) |
570,502 |
854,428 |
Effects of: |
Expenses not deductible for tax purposes | 4,437 | 5,288 |
Capital allowances in excess of depreciation | (72,935 | ) | (176,939 | ) |
Deferred tax | 294,451 | 466,005 |
Losses carried forward | 61,432 | - |
Under provision - reverse group relief claim | 95,953 | - |
Total tax charge | 953,840 | 1,148,782 |
Tax effects relating to effects of other comprehensive income |
30/6/23 |
Gross | Tax | Net |
£ | £ | £ |
Movement on hire fleet revaluation | 267,378 | 177,769 | 445,147 |
30/6/22 |
Gross | Tax | Net |
£ | £ | £ |
Movement on hire fleet revaluation | 300,270 | 136,856 | 437,126 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
There were dividends paid during the year amounting to £nil (2022 - £500,000). |
11. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 July 2022 | 302,969 | - | 302,969 |
Additions | - | 5,200 | 5,200 |
Grants | - | (2,600 | ) | (2,600 | ) |
At 30 June 2023 | 302,969 | 2,600 | 305,569 |
AMORTISATION |
At 1 July 2022 | 112,468 | - | 112,468 |
Amortisation for year | 33,672 | 582 | 34,254 |
At 30 June 2023 | 146,140 | 582 | 146,722 |
NET BOOK VALUE |
At 30 June 2023 | 156,829 | 2,018 | 158,847 |
At 30 June 2022 | 190,501 | - | 190,501 |
Individually material intangible assets |
Intangible fixed assets represents goodwill. The carrying amount of these assets is £156,829 (2022 - £190,501). |
Goodwill of £85,579 represents goodwill acquired in 2018 from the acquisition of a new subsidiary and the remaining amortisation period is 4 years and 7 months. |
Goodwill of £71,250 represents goodwill acquired in 2021 from the acquisition of a new subsidiary and the remaining amortisation period is 4 years and 9 months. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 3,414,453 | 210,114 | 19,186,327 |
Additions | 12,163 | - | 3,871,245 |
Disposals | - | - | (1,230,690 | ) |
Revaluations | - | - | (2,026,241 | ) |
At 30 June 2023 | 3,426,616 | 210,114 | 19,800,641 |
DEPRECIATION |
At 1 July 2022 | 162,259 | 198,114 | 280,427 |
Charge for year | 68,094 | 1,000 | 2,205,933 |
Eliminated on disposal | - | - | (7,768 | ) |
Charge written back | - | - | (2,151,630 | ) |
At 30 June 2023 | 230,353 | 199,114 | 326,962 |
NET BOOK VALUE |
At 30 June 2023 | 3,196,263 | 11,000 | 19,473,679 |
At 30 June 2022 | 3,252,194 | 12,000 | 18,905,900 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2022 | 464,686 | 2,062,963 | 25,338,543 |
Additions | 103,341 | 305,093 | 4,291,842 |
Disposals | (35,899 | ) | (224,489 | ) | (1,491,078 | ) |
Revaluations | - | - | (2,026,241 | ) |
At 30 June 2023 | 532,128 | 2,143,567 | 26,113,066 |
DEPRECIATION |
At 1 July 2022 | 265,186 | 1,053,482 | 1,959,468 |
Charge for year | 81,673 | 317,579 | 2,674,279 |
Eliminated on disposal | (35,470 | ) | (171,334 | ) | (214,572 | ) |
Charge written back | - | - | (2,151,630 | ) |
At 30 June 2023 | 311,389 | 1,199,727 | 2,267,545 |
NET BOOK VALUE |
At 30 June 2023 | 220,739 | 943,840 | 23,845,521 |
At 30 June 2022 | 199,500 | 1,009,481 | 23,379,075 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Within the plant and machinery asset category is the hire fleet which has a net book value of £19,362,448 (2022 - £18,809,265). |
The fair value of the groups 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 this class of asset been measured on a historical cost basis, the carrying amount would have been £17,018,812 (2022 - £15,760,495). |
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 | 1,629,456 | 1,077,818 | 2,707,274 |
Additions | - | 22,500 | 22,500 |
Disposals | - | (56,641 | ) | (56,641 | ) |
Revaluations | (147,484 | ) | - | (147,484 | ) |
Transfer to ownership | - | (360,648 | ) | (360,648 | ) |
At 30 June 2023 | 1,481,972 | 683,029 | 2,165,001 |
DEPRECIATION |
At 1 July 2022 | - | 240,691 | 240,691 |
Charge for year | - | 227,691 | 227,691 |
Eliminated on disposal | - | (13,535 | ) | (13,535 | ) |
Transfer to ownership | - | (149,079 | ) | (149,079 | ) |
At 30 June 2023 | - | 305,768 | 305,768 |
NET BOOK VALUE |
At 30 June 2023 | 1,481,972 | 377,261 | 1,859,233 |
At 30 June 2022 | 1,629,456 | 837,127 | 2,466,583 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2022 |
Disposals | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
Registered office: The Old Airfield, Belton Road, Sandtoft,Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
This company is entitled to exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 30 June 2023. |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: The Old Airfield, Belton Road, Sandtoft,Doncaster DN8 5SX |
Nature of business: |
% |
Class of shares: | holding |
30/6/23 | 30/6/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
This company is entitled to exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 30 June 2023. |
14. | STOCKS |
Group |
30/6/23 | 30/6/22 |
£ | £ |
Stocks | 671,855 | 724,335 |
Work-in-progress | 179,191 | 260,384 |
851,046 | 984,719 |
15. | DEBTORS |
Group | Company |
30/6/23 | 30/6/22 | 30/6/23 | 30/6/22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,316,248 | 4,158,590 |
Amounts owed by group undertakings | - | - |
Other debtors | 191,425 | 206,026 |
Tax | 2,148 | 2,148 |
Prepayments | 157,644 | 154,148 |
3,667,465 | 4,520,912 |
Amounts falling due after more than one | year: |
Trade debtors | 245 | 2,535 |
Other debtors | 3,570 | - |
3,815 | 2,535 |
Aggregate amounts | 3,671,280 | 4,523,447 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/6/23 | 30/6/22 | 30/6/23 | 30/6/22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 35,000 | 272,468 |
Hire purchase contracts (see note 19) | 651,321 | 713,956 |
Trade creditors | 1,616,505 | 2,033,859 |
Amounts owed to group undertakings | - | - |
Tax | 427,232 | 422,035 |
Social security and other taxes | 83,034 | 87,329 |
VAT | 492,106 | 523,435 | 48,261 | 24,356 |
Other creditors | 23,005 | 14,027 |
Directors' loan accounts | 364,792 | 1,789,573 | 364,792 | 1,789,573 |
Accrued expenses | 369,284 | 279,736 |
4,062,279 | 6,136,418 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30/6/23 | 30/6/22 | 30/6/23 | 30/6/22 |
£ | £ | £ | £ |
Bank loans (see note 18) | - | 35,000 |
Hire purchase contracts (see note 19) | 143,411 | 805,683 |
143,411 | 840,683 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
30/6/23 | 30/6/22 | 30/6/23 | 30/6/22 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 15,801 |
Bank loans | 35,000 | 256,667 |
35,000 | 272,468 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | - | 35,000 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30/6/23 | 30/6/22 |
£ | £ |
Net obligations repayable: |
Within one year | 651,321 | 713,956 |
Between one and five years | 143,411 | 805,683 |
794,732 | 1,519,639 |
Company |
Hire purchase contracts |
30/6/23 | 30/6/22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable | operating leases |
30/6/23 | 30/6/22 |
£ | £ |
Within one year | 48,000 | 37,500 |
Between one and five years | 192,000 | - |
In more than five years | 240,000 | - |
480,000 | 37,500 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30/6/23 | 30/6/22 |
£ | £ |
Bank overdraft | - | 15,801 |
Bank loans | 35,000 | 291,667 |
Hire purchase contracts | 794,732 | 1,519,639 |
829,732 | 1,827,107 |
The hire purchase liabilities are secured against the related assets. |
The bank overdraft and loan are secured by way of a legal charge over the trading property (The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX) and there is also an un-limited inter company composite guarantee by and between each member of the group. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
30/6/23 | 30/6/22 | 30/6/23 | 30/6/22 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 2,014,299 | 1,644,532 |
Other timing differences | 12,844 | 266,084 | - | - |
2,027,143 | 1,910,616 | - | 19,573 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2022 | 1,910,616 |
Charge to Income Statement during year | 294,451 |
On revaluation of hire fleet | (177,924 | ) |
Balance at 30 June 2023 | 2,027,143 |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2023 |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/23 | 30/6/22 |
value: | £ | £ |
Ordinary | 390,002 | 390,002 | 390,002 |
Called up share capital represents the nominal value of shares that have been issued. |
23. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 15,514,009 | 4,997,996 | 20,512,005 |
Profit for the year | 1,829,638 | 1,829,638 |
Other movements | 894,379 | (449,232 | ) | 445,147 |
At 30 June 2023 | 18,238,026 | 4,548,764 | 22,786,790 |
Company |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
At 30 June 2023 |
Group and company |
Revaluation reserve |
The revaluation reserve represents the revaluation of the group's hire fleet and elimination of the inter-group profit on construction of the hire fleet. |
Retained earnings |
Retained earnings includes all current and prior period profits and losses, net of dividends paid and other adjustments. |
24. | CAPITAL COMMITMENTS |
30/6/23 | 30/6/22 |
£ | £ |
Contracted but not provided for in the |
financial statements | 893,895 | - |
25. | RELATED PARTY DISCLOSURES |
Liberty Group Holdings Limited (Registered number: 03242687) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2023 |
Other related parties |
The Pasuda Self Administered Pension Scheme |
A group director and his wife are the sole beneficiaries of the scheme, and the scheme owns the groups trading premises at Highfield Lane, Orgreave, Sheffield S13 9NA |
During the year the group paid rental charges of £48,000 (2022 - £40,000) in respect of the above property. |
As at the balance sheet date the amount due to The Pasuda Self Administered Pension Scheme was £nil (2022 - nil). |
26. | ULTIMATE CONTROLLING PARTY |
The controlling party is Gordon & Sue Jones. |
The ultimate controlling party is Gordon & Sue Jones. |