Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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GOINDUSTRY-DOVEBID LIMITED
COMPANY INFORMATION
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GOINDUSTRY-DOVEBID LIMITED
CONTENTS
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GOINDUSTRY-DOVEBID LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company is a wholly owned subsidiary of Liquidity Services Limited and operates as a holding company. The ultimate parent undertaking is Liquidity Services, Inc.
The Company will continue to invest in its subsidiaries and look for future investments that will provide benefits for the Company's shareholders.
The Company is a wholly owned subsidiary of Liquidity Services Limited 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.
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 ultimate parent undertaking, Liquidity Services, Inc. The ultimate parent undertaking 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.
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GOINDUSTRY-DOVEBID 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.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
The profit for the year, after taxation, amounted to £211 thousand (2022 - £319 thousand).
The Directors do not recommend a final dividend (2022: £nil).
The Directors who served during the year and their interests in the Company's issued share capital were:
The Company will continue to invest in its subsidiaries and look for future investments that will provide benefits for the Company's shareholders.
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GOINDUSTRY-DOVEBID LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, Clifford Fry & Co LLP (Statutory auditors), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GOINDUSTRY-DOVEBID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOINDUSTRY-DOVEBID LIMITED
We have audited the financial statements of GoIndustry-Dovebid Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, 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).
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.
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.
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GOINDUSTRY-DOVEBID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOINDUSTRY-DOVEBID LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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GOINDUSTRY-DOVEBID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOINDUSTRY-DOVEBID LIMITED (CONTINUED)
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.
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GOINDUSTRY-DOVEBID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOINDUSTRY-DOVEBID LIMITED (CONTINUED)
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 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.
for and on behalf of
St Mary's House
Netherhampton
Wiltshire
SP2 8PU
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GOINDUSTRY-DOVEBID LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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GOINDUSTRY-DOVEBID LIMITED
REGISTERED NUMBER: 05381812
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 16 form part of these financial statements.
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GOINDUSTRY-DOVEBID LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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GOINDUSTRY-DOVEBID LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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GOINDUSTRY-DOVEBID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
GoIndustry-Dovebid Limited is a private company limited by share capital, registered and incorporated in England and Wales. The registered address 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
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:
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.
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.
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GOINDUSTRY-DOVEBID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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GOINDUSTRY-DOVEBID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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%.
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GOINDUSTRY-DOVEBID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
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GOINDUSTRY-DOVEBID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company is a wholly owned subsidiary of Liquidity Services Limited, a company incorporated and registered in the United Kingdom. The registered address of Liquidity Services Limited is C/O Corporation Service Company (UK) Limited, 5 Churchill Place, 10th Floor, London, E14 5HU.
The ultimate parent undertaking is Liquidity Services Inc., a company registered in the United States of America. 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.
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