Company registration number 06526912 (England and Wales)
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
450,076
493,236
Current assets
Stocks
6,411,179
5,948,044
Debtors
7
1,085,459
1,014,098
Cash at bank and in hand
34,187
49,973
7,530,825
7,012,115
Creditors: amounts falling due within one year
8
(10,369,687)
(9,554,352)
Net current liabilities
(2,838,862)
(2,542,237)
Net liabilities
(2,388,786)
(2,049,001)
Capital and reserves
Called up share capital
300,100
300,100
Profit and loss reserves
(2,688,886)
(2,349,101)
Total equity
(2,388,786)
(2,049,001)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Ms J Watson
Director
Company registration number 06526912 (England and Wales)
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
300,100
(265,084)
35,016
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(2,084,017)
(2,084,017)
Balance at 31 December 2022
300,100
(2,349,101)
(2,049,001)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(339,785)
(339,785)
Balance at 31 December 2023
300,100
(2,688,886)
(2,388,786)
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Guardian Global Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Merlin House, Brunel Court, Village Farm Industrial Estate, Pyle, Bridgend, United Kingdom, CF33 6BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Core Laboratories Inc. These consolidated financial statements are available from its registered office, Core Laboratories Inc, Corporation Trust Centre, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods or services provided. Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
Straight line over 5 years or 10 years
Fixtures, fittings & equipment
Straight line over 5 years or 7 years
Computer equipment
Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Expenditure on research and development is written off in the year in which it is incurred.
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock valuation
At 31 December 2023 the company held stock of £6,411,179 (2022: £5,948,044). Stocks are valued at the lower cost and net realisable value. Cost includes the cost of materials, direct costs and production overheads using an appropriate absorption rate. This requires judgement. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment trends. This also involves significant judgement.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
40
38
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
117,123
113,958
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,974,029
757,830
88,340
2,820,199
Additions
71,900
71,900
Disposals
(129,436)
(129,436)
At 31 December 2023
1,916,493
757,830
88,340
2,762,663
Depreciation and impairment
At 1 January 2023
1,481,256
757,367
88,340
2,326,963
Depreciation charged in the year
114,386
463
114,849
Eliminated in respect of disposals
(129,225)
(129,225)
At 31 December 2023
1,466,417
757,830
88,340
2,312,587
Carrying amount
At 31 December 2023
450,076
450,076
At 31 December 2022
492,773
463
493,236
6
Subsidiaries
These financial statements are separate company financial statements for Guardian Global Technologies Limited.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
GGT Guardian Texas LLC
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
GGT Guardian Texas LLC
(3,022,447)
(270,240)
The registered office of GGT Guardian Texas LLC is 6316 Windfern Road, Houston, TX 77040, USA.
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
904,449
734,303
Corporation tax recoverable
79,159
Other debtors
181,010
200,636
1,085,459
1,014,098
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
292,817
177,768
Amounts owed to group undertakings
9,805,187
9,192,473
Taxation and social security
45,482
42,076
Other creditors
226,201
142,035
10,369,687
9,554,352
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
24 September 2024
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
65,277
323,948
GUARDIAN GLOBAL TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Related party transactions
Remuneration of key management personnel
Remuneration of key management personnel is £345,791 (2022: £328,349).
Key management personnel are remunerated by the company for their services to the Guardian Holdings Limited group as a whole. It is not practicable to allocate their remuneration between services to the company and other entities in the group,
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the period the company incurred interest of £711,090 (2022: £nil) from Core Laboratories Inc. and £nil (2022: £362,773) from Core Laboratories NV as per note .
12
Parent company
The immediate parent company is Guardian Global Technology Group Limited, a company incorporated in England and Wales. The intermediate parent company is Guardian Holdings Limited, a company incorporated in England and Wales. The ultimate parent company is Core Laboratories Inc., a company incorporated in the USA.
The group is not considered to have a single controlling party.
Core Laboratories Inc. is the parent of the smallest and largest group of which the company is a member and for which consolidated accounts are prepared. Consolidated accounts of Core Laboratories Inc. are available to the public and may be obtained from Core Laboratories Inc, Corporation Trust Centre, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.
2023-12-312023-01-01false24 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMs J WatsonMr J K FloodMr L A WeisnerTmf Corporate Administration Services Limitedfalsefalse065269122023-01-012023-12-31065269122023-12-31065269122022-12-3106526912core:PlantMachinery2023-12-3106526912core:FurnitureFittings2023-12-3106526912core:MotorVehicles2023-12-3106526912core:PlantMachinery2022-12-3106526912core:FurnitureFittings2022-12-3106526912core:MotorVehicles2022-12-3106526912core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106526912core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106526912core:CurrentFinancialInstruments2023-12-3106526912core:CurrentFinancialInstruments2022-12-3106526912core:ShareCapital2023-12-3106526912core:ShareCapital2022-12-3106526912core:RetainedEarningsAccumulatedLosses2023-12-3106526912core:RetainedEarningsAccumulatedLosses2022-12-3106526912core:ShareCapital2021-12-3106526912core:RetainedEarningsAccumulatedLosses2021-12-31065269122021-12-3106526912bus:Director12023-01-012023-12-31065269122022-01-012022-12-3106526912core:PlantMachinery2023-01-012023-12-3106526912core:FurnitureFittings2023-01-012023-12-3106526912core:MotorVehicles2023-01-012023-12-3106526912core:PlantMachinery2022-12-3106526912core:FurnitureFittings2022-12-3106526912core:MotorVehicles2022-12-31065269122022-12-310652691212023-01-012023-12-3106526912core:WithinOneYear2023-12-3106526912core:WithinOneYear2022-12-3106526912bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106526912bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106526912bus:FRS1022023-01-012023-12-3106526912bus:Audited2023-01-012023-12-3106526912bus:Director22023-01-012023-12-3106526912bus:Director32023-01-012023-12-3106526912bus:CompanySecretary12023-01-012023-12-3106526912bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP