Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30truetruetruetruetrue2022-10-01falseHolding company00truefalse 04843035 2022-10-01 2023-09-30 04843035 2021-10-01 2022-09-30 04843035 2023-09-30 04843035 2022-09-30 04843035 2021-10-01 04843035 2 2022-10-01 2023-09-30 04843035 2 2021-10-01 2022-09-30 04843035 d:CompanySecretary1 2022-10-01 2023-09-30 04843035 d:Director1 2022-10-01 2023-09-30 04843035 d:Director2 2022-10-01 2023-09-30 04843035 d:Director3 2022-10-01 2023-09-30 04843035 d:Director4 2022-10-01 2023-09-30 04843035 d:RegisteredOffice 2022-10-01 2023-09-30 04843035 e:Goodwill 2023-09-30 04843035 e:Goodwill 2022-09-30 04843035 e:CurrentFinancialInstruments 2023-09-30 04843035 e:CurrentFinancialInstruments 2022-09-30 04843035 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 04843035 e:CurrentFinancialInstruments e:WithinOneYear 2022-09-30 04843035 e:SharePremium 2022-10-01 2023-09-30 04843035 e:SharePremium 2023-09-30 04843035 e:SharePremium 2021-10-01 2022-09-30 04843035 e:SharePremium 2022-09-30 04843035 e:SharePremium 2021-10-01 04843035 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 04843035 e:RetainedEarningsAccumulatedLosses 2023-09-30 04843035 e:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 04843035 e:RetainedEarningsAccumulatedLosses 2022-09-30 04843035 e:RetainedEarningsAccumulatedLosses 2021-10-01 04843035 d:OrdinaryShareClass1 2022-10-01 2023-09-30 04843035 d:OrdinaryShareClass1 2023-09-30 04843035 d:OrdinaryShareClass1 2022-09-30 04843035 d:FRS102 2022-10-01 2023-09-30 04843035 d:Audited 2022-10-01 2023-09-30 04843035 d:FullAccounts 2022-10-01 2023-09-30 04843035 d:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04843035 e:Subsidiary1 2022-10-01 2023-09-30 04843035 e:Subsidiary1 1 2022-10-01 2023-09-30 04843035 e:Subsidiary2 2022-10-01 2023-09-30 04843035 e:Subsidiary2 1 2022-10-01 2023-09-30 04843035 e:Subsidiary3 2022-10-01 2023-09-30 04843035 e:Subsidiary3 1 2022-10-01 2023-09-30 04843035 e:Subsidiary4 2022-10-01 2023-09-30 04843035 e:Subsidiary4 1 2022-10-01 2023-09-30 04843035 e:Subsidiary5 2022-10-01 2023-09-30 04843035 e:Subsidiary5 1 2022-10-01 2023-09-30 04843035 e:Subsidiary6 2022-10-01 2023-09-30 04843035 e:Subsidiary6 1 2022-10-01 2023-09-30 04843035 e:Subsidiary7 2022-10-01 2023-09-30 04843035 e:Subsidiary7 1 2022-10-01 2023-09-30 04843035 e:Subsidiary8 2022-10-01 2023-09-30 04843035 e:Subsidiary8 1 2022-10-01 2023-09-30 04843035 e:Subsidiary9 2022-10-01 2023-09-30 04843035 e:Subsidiary9 1 2022-10-01 2023-09-30 04843035 6 2022-10-01 2023-09-30 04843035 f:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04843035









LIQUIDITY SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
LIQUIDITY SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
W P Angrick III 
M Shaffer 
J Daunt 
N Taylor 




Company secretary
Corporation Service Company (UK) Limited



Registered number
04843035



Registered office
C/O Corporation Service Company (UK) Limited
5 Churchill Place

10th Floor

London

E14 5HU




Independent auditors
Clifford Fry & Co LLP

St Mary's House

Netherhampton

Salisbury

Wiltshire

SP2 8PU





 
LIQUIDITY SERVICES LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11 - 12
Notes to the financial statements
13 - 20


 
LIQUIDITY SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The Company is a wholly owned subsidiary of Liquidity Services, Inc. (LQDT) and operates as a holding company.

Future developments
 
The Company will continue to invest in its subsidiaries and look for future investments that will provide benefits for the Company's shareholders.  

Principal risks and uncertainties
 
The Company is a wholly owned subsidiary of Liquidity Services, Inc. and as such the principal risks and uncertainties of the entity relate to the recoverability of loans to subsidiaries and the investment carrying value in those subsidiaries. The Company manages this risk through guarantees of intercompany amounts from the ultimate parent company and the close monitoring of the performance and strategy of subsidiaries.

Going concern
 
Management (including the Directors) regularly prepares and reviews financial forecasts to manage the business and make investment decisions. Management has used these practices to continue to take proactive actions to conserve resources and maximise opportunities for revenue generation. 

To the extent necessary, the Company continues to have the financial support of its parent company, Liquidity Services, Inc. The parent company has the available financial resources to provide any necessary support and has provided a support letter expressing its intent to continue to provide any financial support required through 12 months from the issuance of the financial statements.

Based upon these considerations, the Directors continue to adopt the going concern basis in preparing the annual report and financial statements.

 



This report was approved by the board on 14 August 2024 and signed on its behalf.





................................................
N Taylor
Director

Page 1

 
LIQUIDITY SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The Directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £431 thousand (2022 - loss of £876 thousand).

The Directors do not recommend a final dividend (2022: £Nil).

Directors

The Directors who served during the year and their interests in the Company's issued share capital were:

Ordinary shares
of £1 each

30/9/23

1/10/22


W P Angrick III 
-
-
M Shaffer 
-
-
J Daunt 
-
-
N Taylor 
-
-


Future developments

The Company will continue to invest in its subsidiaries and look for future investments that will provide benefits for the Company's shareholders.  

Page 2

 
LIQUIDITY SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsClifford Fry & Co LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 August 2024 and signed on its behalf.
 





................................................
N Taylor
Director

Page 3

 
LIQUIDITY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIQUIDITY SERVICES LIMITED
 

Opinion


We have audited the financial statements of Liquidity Services Limited (the 'Company') for the year ended 30 September 2023, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 September 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
LIQUIDITY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIQUIDITY SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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.


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 in relation to which 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 Directors' responsibilities statement set out on page 2, 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 is 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.


Page 5

 
LIQUIDITY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIQUIDITY SERVICES LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to,  the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and enquiries with management.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


Page 6

 
LIQUIDITY SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LIQUIDITY SERVICES LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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.





Simon Allenby FCA (Senior statutory auditor)
  
for and on behalf of
Clifford Fry & Co LLP (Statutory auditors)
 
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

14 August 2024
Page 7

 
LIQUIDITY SERVICES LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£000
£000

  

Administrative expenses
  
528
(779)

Operating profit/(loss)
 4 
528
(779)

Interest payable and similar expenses
 7 
(97)
(97)

Profit/(loss) before tax
  
431
(876)

Profit/(loss) for the financial year
  
431
(876)

The notes on pages 13 to 20 form part of these financial statements.

Page 8

 
LIQUIDITY SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£000
£000


Profit/(loss) for the financial year

  

431
(876)

Other comprehensive income
  

Total comprehensive income for the year
  
431
(876)

The notes on pages 13 to 20 form part of these financial statements.

Page 9

 
LIQUIDITY SERVICES LIMITED
REGISTERED NUMBER: 04843035

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£000
£000

  

  

Creditors: amounts falling due within one year
 11 
(23,069)
(23,500)

Net current liabilities
  
 
 
(23,069)
 
 
(23,500)

Total assets less current liabilities
  
(23,069)
(23,500)

  

Net liabilities
  
(23,069)
(23,500)


Capital and reserves
  

Share premium account
 13 
4,490
4,490

Profit and loss account
 13 
(27,559)
(27,990)

  
(23,069)
(23,500)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2024.




................................................
N Taylor
Director

The notes on pages 13 to 20 form part of these financial statements.

Page 10

 
LIQUIDITY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 October 2022
4,490
(27,990)
(23,500)


Comprehensive income for the year

Profit for the year

-
431
431


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
431
431


Total transactions with owners
-
-
-


At 30 September 2023
4,490
(27,559)
(23,069)


The notes on pages 13 to 20 form part of these financial statements.

Page 11

 
LIQUIDITY SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 October 2021
4,490
(27,114)
(22,624)


Comprehensive income for the year

Loss for the year

-
(876)
(876)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(876)
(876)


Total transactions with owners
-
-
-


At 30 September 2022
4,490
(27,990)
(23,500)


The notes on pages 13 to 20 form part of these financial statements.

Page 12

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Liquidity Services Limited is a private company limited by share capital, incorporated and registered in England and Wales. The registered office is C/O Corporation Service Company (UK) Limited, 5 Churchill Place, 10th Floor, London, E14 5HU. The Company's principal place of business is 1 King William Street, London, EC4N 7AR. The principal activity of the Company throughout the year was that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the Company and rounded to the nearest £'000.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Liquidity Services, Inc. as at 30 September 2022 and these financial statements may be obtained from 6931 Arlington Road Suite 200, Bethesda, Maryland, 20814, United States of America.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 13

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Creditors

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

Page 14

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The company considers whether investments in subsidiary undertakings are impaired. Where an indication of impairment is identified the estimation of recoverable value requires an assessment of the recoverable value of cash generating units (CGUs), which in turn requires assumptions to be made about future cash flows from the CGUs and the appropriate discount rates in order to calculate the net present value of those cash flows.  This represented the only critical judgement but all investments have now been fully impaired.


4.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2023
2022
£000
£000

Exchange differences
(528)
779


5.


Auditors' remuneration

All fees and charges relating to Auditors' remuneration for audit services is charged to Liquidity Services UK Limited and satisfied on the Company's behalf.


6.


Employees




The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £Nil).


7.


Interest payable and similar expenses

2023
2022
£000
£000


Other loan interest payable
97
97

97
97

Page 15

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Taxation


2023
2022
£000
£000



Deferred tax


Taxation on profit on ordinary activities
-
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% to 31 March 2023 and 25% from 1 April 2023 (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit/(loss) on ordinary activities before tax
431
(876)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
95
(166)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
166

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(95)
-

Total tax charge for the year
-
-

No deferred tax asset has been recognised in respect of trading losses as the directors cannot forsee with sufficient certainty the period over which these differences are expected to be utilised. 


Factors that may affect future tax charges

At Budget 2023, the government announced that the Corporation Tax main rate (for all profits except ring fence profits) for the years starting 1 April 2023 would increase to 25%.

Page 16

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Intangible assets




Goodwill

£000



Cost


At 1 October 2022
8,186



At 30 September 2023

8,186



Amortisation


At 1 October 2022
8,186



At 30 September 2023

8,186



Net book value



At 30 September 2023
-



At 30 September 2022
-



Page 17

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 October 2022
11,848



At 30 September 2023

11,848



Impairment


At 1 October 2022
11,848



At 30 September 2023

11,848



Net book value



At 30 September 2023
-



At 30 September 2022
-

Page 18

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Liquidity Services UK Limited
C/O Corporation Service Company (UK) Limited, 5 Churchill Place, 10th Floor, London, E14 5HU
Ordinary
100%
LSI Liquidity Services Canada Limited
155 Dynamic Drive, Toronto, ON, M1V L8, Canada
Ordinary
100%
Liquidity Services (Asia) Limited
Room 1104, ChinaChem Leighton Plaza, 29 Leighton Road, Causeway Bay, Hong Kong
Ordinary
100%
GoIndustry-Dovebid Limited
C/O Corporation Service Company (UK) Limited, 5 Churchill Place, 10th Floor, London, E14 5HU
Ordinary
100%
Goindustry DoveBid (Shanghai) Co Limited
Tower 1, Kerry Overbright City, No. 218 Tianmu Road West, Zhabei District, Shanghai 200070, China
Ordinary
100%
GoIndustry DoveBid Philippines Inc.
Unit 6B, 6th Floor, 1100 Citibank-Frabelle Building, Madrigal Business Park, Alabang-Zapote Road, Muntilupa City 1770, Philippines
Ordinary
100%
Liquidity Services (Hong Kong) Limited
Room 1104, ChinaChem Leighton Plaza, 29 Leighton Road, Causeway Bay, Hong Kong
Ordinary
100%
Liquidity Services Global Solutions (Pty) Limited
Suite 11, 30 English Street, Essendon Fields, Victora 3041, Australia
Ordinary
100%
Liquidity Services (Shanghai) Trading Co., Limited
Tower 1, Kerry Overbright City, No. 218 Tianmu Road West, Zhabei District, Shanghai 200070, China
Ordinary
100%

Page 19

 
LIQUIDITY SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Amounts owed to group undertakings
23,069
23,500

23,069
23,500



12.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
-
-



13.


Reserves

Share premium account

Represents consideration received for the Company's shares above their nominal value.

Profit and loss account

Includes all current and prior period retained profits and losses. 


14.


Related party transactions

The Company has taken advantage of the exemption under FRS 8 "Related Party Transactions" not to disclose transactions with other group companies that are 100% owned by the ultimate parent undertaking. 


15.


Controlling party

The Company is a wholly owned subsidiary of Liquidity Services, Inc, a company registered in the United States of America. The ultimate parent undertaking is Liquidity Services, Inc. The address of the largest and smallest group in which the results of the company are available from is 6931 Arlington Road Suite 200, Bethesda, Maryland, 20814, United States of America. 
The controlling party is W P Angrick III.
 
The Company is exempt from the requirement to prepare group financial statements by virtue of section 401 of the Companies Act 2006.

 
Page 20