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REGISTERED NUMBER: 10119472 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Liberty Leisure Limited

Liberty Leisure Limited (Registered number: 10119472)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Liberty Leisure Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr C Laxton-Kane
Ms S M Scott
Mrs S Paterson
Mr D Bagshaw
Mr S G Dannheimer





REGISTERED OFFICE: C/O Broxtowe Borough Council
Foster Avenue
Beeston
Nottingham
Nottinghamshire
NG9 1AB





REGISTERED NUMBER: 10119472 (England and Wales)





ACCOUNTANTS: Haines Watts
Cliffe Hill House
22-26 Nottingham Road
Stapleford
Nottingham
NG9 8AA

Liberty Leisure Limited (Registered number: 10119472)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,917 3,890
Tangible assets 5 20,401 29,792
23,318 33,682

CURRENT ASSETS
Stocks 11,584 6,770
Debtors 6 145,029 92,929
Cash at bank and in hand 714,415 548,950
871,028 648,649
CREDITORS
Amounts falling due within one year 7 446,483 189,043
NET CURRENT ASSETS 424,545 459,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,863

493,288

PROVISIONS FOR LIABILITIES (5,830 ) (6,399 )

PENSION LIABILITY 9 - (46,000 )
NET ASSETS 442,033 440,889

RESERVES
Pensions reserve 8 - (46,000 )
Income and expenditure account 8 442,033 486,889
442,033 440,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Liberty Leisure Limited (Registered number: 10119472)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2024 and were signed on its behalf by:





Mr D Gammons - Director


Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Liberty Leisure Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

From 1 October 2016, the company has taken over responsibility for the defined benefit pension scheme in respect of the employees transferred over from Broxtowe Borough Council. The Councils actuaries Barnett Waddingham have valued the pension scheme to be £NIL as at 31 March 2024.

Liberty Leisure Limited is owned by Broxtowe Borough Council who are committed to continuing to support the provision of leisure opportunities for the residents of the Borough.

The Directors of Liberty Leisure Limited have reviewed the current and future operations for the company and consider it to be a going concern.

Broxtowe Borough Council is fully committed to ensure the success of Liberty Leisure Limited. Broxtowe Borough Council have a strategic interest in the continued development of Liberty Leisure Limited and are prepared to provide the necessary support to facilitate operations.

We are confident in Liberty Leisure Limited ability to generate sufficient cash flow to meet its ongoing operational needs. However Broxtowe Borough Council are prepared to step in and provide assistance if unforeseen circumstances arise.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
Retirement benefits to employees of the company are provided by the Local Government Pension Scheme ("LGPS") which is a defined benefit scheme.

The LGPS is a funded scheme and the assets are held separately from those of the company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The amounts charged to the Income Statement are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Income Statement and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the return on the scheme assets is recognised in the Income Statement. Actuarial gains and losses are recognised immediately in the Income Statement.

The actuary has produced the pension disclosures based upon IAS19. The resulting pension scheme liability has been transferred to a separate Pension reserve in order ring fence the liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2023 - 116 ) .

Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 4,862
AMORTISATION
At 1 April 2023 972
Charge for year 973
At 31 March 2024 1,945
NET BOOK VALUE
At 31 March 2024 2,917
At 31 March 2023 3,890

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 126,156
DEPRECIATION
At 1 April 2023 96,364
Charge for year 9,391
At 31 March 2024 105,755
NET BOOK VALUE
At 31 March 2024 20,401
At 31 March 2023 29,792

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 127,798 44,742
Other debtors - 25,743
Prepayments 17,231 22,444
145,029 92,929

Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 11,634 45,738
VAT 70,014 31,467
Accruals and deferred income 364,835 111,838
446,483 189,043

8. RESERVES
Income
and
expenditure Pensions
account reserve Totals
£    £    £   

At 1 April 2023 486,889 (46,000 ) 440,889
Surplus for the year 503,144 - 503,144
Transfer to pension reserve (548,000 ) 46,000 (502,000 )
At 31 March 2024 442,033 - 442,033

The actuary has produced the pension disclosures based upon IAS19. The resulting pension scheme liability has been transferred to a separate Pension reserve in order ring fence the liability.

Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. EMPLOYEE BENEFIT OBLIGATIONS

The amounts recognised in the balance sheet are as follows:

Defined benefit pension plans
31.3.2431.3.23
££
Present value of funded obligations(7,815,000)(7,492,000)
Fair value of plan assets 8,586,0007,446,000
771,0000 771,000
Asset ceiling impact(771,000)(771,000)
Surplus/(Deficit)Nil(46,000)
Net asset/(liability)Nil(46,000)



The amounts recognised in surplus or deficit are as follows:
Defined benefit pension plans
31.3.2431.3.23
££
Current service cost282,000890,000
Net interest from net defined benefit
asset/liability


(8,000

)


167,000
Past service cost--
Administration expenses4,0003,000
278,0001,060,000

Actual return on plan assets369,000(145,000)



Changes in the present value of the defined benefit obligation are as follows:
Defined benefit pension plans
31.3.2431.3.23
££
Opening defined benefit obligation7,492,00013,566,000
Current service costs282,000890,000
Contribution by scheme participants103,000107,000
Interest costs361,000345,000
Benefits paid(57,000)(220,000)
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions(90,000)(682,000)
Actuarial (gains)/losses from changes in
financial assumptions(316,000)(8,172,000)
Oblig other remeasurement40,0001,658,000
7,815,0007,492,000



Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
Changes in the fair value of scheme assets are as follows:
Defined benefit pension plans
31.3.2431.3.23
££
Opening fair value of scheme assets7,446,0006,857,000
Contributions by employer447,000391,000
Contribution by scheme participants103,000107,000
Expected return369,000178,000
Actuarial gains/(losses)-459,000
Benefits paid(57,000)(220,000)
Administration expenses(4,000)(3,000)
Return on plan assets (excluding interest282,000(323,000)
income)
8,586,0007,446,000


The amounts recognised in the other comprehensive income are as follows:
Defined benefit pension plans
31.3.2431.3.23
££
Actuarial (gains)/losses from changes in
demographic assumptions90,000682,000
Actuarial (gains)/losses from changes in
financial assumptions316,0008,172,000
Oblig other remeasurement(40,000)(1,658,000)
Return on plan assets (excluding interest
income)282,000(323,000)
Actuarial gains/(losses)-459,000
Asset ceiling impact(771,000)-
(123,000)7,332,000
The major categories of the scheme assets as a percentage of total scheme assets are as follows:
Defined benefit pension plans
31.3.2431.3.23
££
Equities - UK17%17%
Equities - Overseas43%41%
Fixed interest govt securities2%2%
Bonds - Uk1%1%
Bonds - Overseas5%5%
Credit3%3%
Property11%12%
Private equity3%4%
Infrastructure8%8%
Inflation linked5%5%
Cash/temporary investments2%2%
100%100%

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.3.2431.3.23
££
Discount rate4.95%4.80%
Future salary increases3.90%3.90%
Future pension increases2.90%2.90%

Liberty Leisure Limited (Registered number: 10119472)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

Life expectancy from age 65 (years)
31.03.202431.03.2023
Retiring today Males20.4%20.7%

Females


23.3%

23.5%


Retiring in 20 years Males21.7%22.0%
Females24.7%25.0%

10. RELATED PARTY DISCLOSURES

Broxtowe Borough Council act as guarantors for Liberty Leisure Limited.

During the period Broxtowe Borough Council re-charged administration costs of £230,330 (2023 - £240,586) to Liberty Leisure Limited.

During the period Liberty Leisure Limited charged Broxtowe Borough Council £519,000 (2023 - £700,000) for management charges.

At 31 March 2024 Broxtowe Borough Council owed Liberty Leisure Limited £125,330 (2023 - £9,744).

At 31 March 2024 Liberty Leisure Limited owed Broxtowe Borough Council £128,394 (2023 - £3,896) which is included in trade creditors, other creditors and accruals.

All transactions were completed on normal commercial terms and all outstanding balances are repayable on demand.

On 1 October 2016, the company's employees were transferred over from Broxtowe Borough Council under TUPE. As part of that transfer, the company also took on responsibility for the defined benefit pension scheme, which at 1 October 2016 was valued by the actuaries at a deficit of £4,621,000.

The actuary has produced the pension disclosures based upon IAS19. The resulting pension scheme liability of £NIL at 31 March 2024 has been transferred to a separate Pension reserve in order ring fence the liability.

As part of the transfer Broxtowe Borough Council have guaranteed that should the company cease to trade the pension scheme deficit would revert back to itself.

The company operates its trading activity from facilities owned by Broxtowe Borough Council. No charge for the use of these facilities has been made.

11. ULTIMATE CONTROLLING PARTY

Liberty Leisure Limited is a private company, limited by guarantee, and is ultimately controlled by Broxtowe Borough Council.