REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
12 Melcombe Place |
London |
NW1 6JJ |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
PRINCIPAL ACTIVITIES |
The principal activity of the Company is the provision of property services in the United Kingdom. From 1 January 2023 all of the company's contracts have been novated to a 100% subsidiary business (Savills Resources Management Ltd) which in turn is a 100% subsidiary of Savills plc, a Company under common control. The Company, Liverpool One Management Services Limited, is a private company limited by shares, incorporated and domiciled in England and Wales in the UK with its registered office at 33 Margaret Street, London, W1G 0JD. |
RESULTS |
The loss for the financial year after tax was £11,592 (2023: £1,543). The net assets of the Company as at 31 March 2024 were £8,672 (2023: £20,264). |
PRINCIPAL DEVELOPMENTS |
On the 3 August 2018 the Company was acquired, and became a wholly owned subsidiary of Savills (UK) Limited and became a constituent of the Savills plc group of companies. A review of operations is provided on pages 4 to 17 in the December 2023 Annual Report and Accounts of Savills plc. |
PRINCIPAL RISKS AND UNCERTAINTIES |
From the perspective of the Company, the principal risks and uncertainties are integrated with the principal risks and uncertainties of Savills plc Group ("the Group") and are not managed separately. Accordingly, the principal risks and uncertainties of the Group, which include those of the Company, are discussed on pages 30 to 36 of the Savills plc December 2023 Annual Report and Accounts, which does not form part of this report. |
KEY PERFORMANCE INDICATORS (KPIS) |
The Directors of Savills plc manage the Group's operations on a divisional basis. For this reason, the Company's Directors believe that analysis using KPIs for the Company is not necessary or appropriate for an understanding of the development, performance or position of the business of the Company. The development, performance and position of the Group, which includes the Company, are discussed on pages 18 to 19 of the Savills plc December 2023 Annual Report and Accounts, which does not form part of this report. |
FUTURE DEVELOPMENTS |
The Directors have undertaken a review of the services provided and ceased all contracts with effects from 1st January 2023. The contracts have been novated to a 100% subsidiary business (Savills Resources Management Ltd) which in turn is a 100% subsidiary of Savills plc, the ultimate holding company of the Savills Group. |
ON BEHALF OF THE BOARD: |
24 January 2025 |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
A dividend of nil was paid during the year (2023: nil). |
FUTURE DEVELOPMENTS |
From 1st January 2023 the contracts have been novated to a 100% subsidiary business (Savills Resources Management Ltd), a Company under common control. More information can be found in the Strategic Report. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
EMPLOYEES |
The Directors recognise that the quality, commitment and motivation of Savills staff is a key element to the success of the Group; see Savills plc December 2023 Annual Report and Accounts, which does not form part of this report. |
INDEMNIFICATION OF DIRECTORS |
In accordance with the Company's Articles of Association, and to the extent permitted by law, the Directors and the Group Legal Director & Company Secretary are granted indemnity, in respect of any liabilities incurred as a result of their holding office. Such indemnities were in force during the financial year to 31 March 2024 and up to the date of this Report. The Company also maintains appropriate insurance cover in respect of legal action against its Directors and Officers. |
FINANCIAL RISKS |
The Group has financial risk management policies which cover financial risks considered material to the Group's operations and results. These policies are subject to continuous review in light of developing regulation, accounting standards and practice. Compliance with these policies is mandatory for all Group companies and is reviewed regularly by the Board. Refer to the financial statements for further information on financial risk management. |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
|
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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED |
Opinion |
We have audited the financial statements of Liverpool One Management Services Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 101 'Reduced Disclosure Framework' (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 31 March 2024 and of its loss 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 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 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 Strategic Report and the Report of the Directors, 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. |
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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED |
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 Report of the Directors. |
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, 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 Statement of Directors' Responsibilities set out on pages three and four, 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 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. |
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. |
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. |
There are inherent limitations in our audit procedures. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED |
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 |
Chartered Accountants and Statutory Auditors |
12 Melcombe Place |
London |
NW1 6JJ |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( | ) |
GROSS PROFIT |
Administrative expenses | ( | ) | ( | ) |
OPERATING LOSS | ( | ) | ( | ) |
Interest receivable and similar income |
LOSS BEFORE TAXATION | 4 | ( | ) | ( | ) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL YEAR | ( | ) | ( | ) |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( | ) | ( | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | ( | ) | ( | ) |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive loss | - | ( | ) | ( | ) |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive loss | - | ( | ) | ( | ) |
Balance at 31 March 2024 |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Liverpool One Management Services Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group. |
Critical accounting judgements and key sources of estimation uncertainty |
|
Turnover |
|
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
|
Deferred tax is provided on items that may become taxable at a later date, on the temporary difference between the balance sheet value and tax base value, on an undiscounted basis. |
Going concern |
The Directors have undertaken a review of the services provided and ceased all contracts with effects from 1st January 2023. The contracts have been novated to a 100% subsidiary business (Savills Resources Management Ltd) which in turn is a 100% subsidiary of Savills plc, the ultimate holding company of the Savills Group. |
The Company remains solvent as at the balance sheet date of 31st March 2024 and will meet all liabilities that fall due. The Directors intend to undertake a Members' Voluntary Liquidation in 2025. |
Creditors |
Creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers and are recognised at cost. |
Impairment of trade receivables |
Trade receivables are shown after deducting a provision for bad and doubtful debts. The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. |
3. | EMPLOYEES AND DIRECTORS |
No directors received any remuneration for service to the company during the year (2023: nil). The services provided were of negligible value. |
Average monthly number of employees, excluding directors, of the company during the year was nil (2023: nil). |
4. | LOSS BEFORE TAXATION |
Auditors' remuneration |
A charge of £3,500 is payable to Websters (2023: £7,150) in respect of the audit of the financial statements. |
5. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
LIVERPOOL ONE MANAGEMENT SERVICES |
LIMITED (REGISTERED NUMBER: 06714116) |
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 |
Tax |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | CONTINGENT LIABILITIES |
The company is jointly and severally liable with the ultimate holding company and fellow subsidiaries for all monies falling due under the group VAT registration. |
10. | EVENTS AFTER THE REPORTING PERIOD |
The Directors have undertaken a review of the services provided and ceased all contracts with effects from 1st January 2023. The contracts have been novated to a 100% subsidiary business (Savills Resources Management Ltd) which in turn is a 100% subsidiary of Savills plc, the ultimate holding company of the Savills Group. |
The Company remains solvent as at the balance sheet date of 31st March 2024 and will meet all liabilities that fall due. The Directors intend to undertake a Members' Voluntary Liquidation in 2025. |
11. | IMMEDIATE PARENT AND ULTIMATE HOLDING COMPANY |
The immediate parent company is Savills UK Limited. |
The ultimate holding company is Savills plc, which is incorporated in the United Kingdom and registered in England and Wales. Savills plc is the smallest and largest group for which financial statements are available and which include the company. Group financial statements for Savills plc are available on request from 33 Margaret Street, London, W1G 0JD. |