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REGISTERED NUMBER: 11478862 (England and Wales)















Financial Statements for the Year Ended 31 March 2022

for

Liberty AM Holdings (UK) Ltd

Liberty AM Holdings (UK) Ltd (Registered number: 11478862)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Liberty AM Holdings (UK) Ltd

Company Information
for the Year Ended 31 March 2022







DIRECTOR: Sanjeev Gupta





REGISTERED OFFICE: C/O Liberty Speciality Steels Ltd
1st Floor, 3 More London Place
London
SE1 2RE





REGISTERED NUMBER: 11478862 (England and Wales)





AUDITORS: MGA Accountants LLP
3rd Floor, Sovereign House
1 Albert Place
London
N3 1QB

Liberty AM Holdings (UK) Ltd (Registered number: 11478862)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes $    $    $    $   
FIXED ASSETS
Investments 4 80,147,237 67,440,711

CURRENT ASSETS
Debtors 5 60,670,165 57,759,593
Cash at bank 16,001 15,835
60,686,166 57,775,428
CREDITORS
Amounts falling due within one year 6 9,709,238 3,794,347
NET CURRENT ASSETS 50,976,928 53,981,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

131,124,165

121,421,792

CREDITORS
Amounts falling due after more than one year 7 133,747,481 122,633,005

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (2,623,317 ) (1,211,214 )
(2,623,316 ) (1,211,213 )
131,124,165 121,421,792

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 director and authorised for issue on 30 April 2025 and were signed by:





Sanjeev Gupta - Director


Liberty AM Holdings (UK) Ltd (Registered number: 11478862)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Liberty AM Holdings (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).


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.

Preparation of consolidated financial statements
The financial statements contain information about Liberty AM Holdings (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Liberty AM Holdings Pte. Ltd., 8 Marina View, 40-06 Asia Square Tower 1, Singapore, 018960.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group unless considered appropriate.

Investments in subsidiaries
Investments in subsidiaries are shown at cost less any permanent impairment.

Liberty AM Holdings (UK) Ltd (Registered number: 11478862)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

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 statement of financial position 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.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in in the statement of comprehensive income.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.



Liberty AM Holdings (UK) Ltd (Registered number: 11478862)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

Liberty AM Holdings (UK) Ltd (Registered number: 11478862)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
$   
COST
At 1 April 2021 67,440,711
Additions 12,706,526
At 31 March 2022 80,147,237
NET BOOK VALUE
At 31 March 2022 80,147,237
At 31 March 2021 67,440,711

5. DEBTORS
31.3.22 31.3.21
$    $   
Amounts falling due within one year:
Other debtors 5,920,165 3,009,593

Amounts falling due after more than one year:
Amounts owed by group undertakings 54,750,000 54,750,000

Aggregate amounts 60,670,165 57,759,593

Included within debtors falling due within one year is an amount of $5,620,772 (2021: $2,867,883) due from group companies. Also, included within debtors falling due after more than one year is an amount of $54,750,000 (2021: $54,750,000) due from a group company.

Liberty AM Holdings (UK) Ltd (Registered number: 11478862)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
$    $   
Other creditors 9,709,238 3,794,347

Included within creditors falling due within one year is an amount of $2,000 (2021: $3,772,824) due to group companies.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
$    $   
Other creditors 133,747,481 122,633,005

Included within creditors falling due after one year is an amount of $Nil (2021: $122,633,005) due to a group company.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


We draw attention to Note 4 in the financial statements, which indicates that the company incurred a net loss of $1,412,103 during the year ended 31 March 2022 and, as of that date, the Company's current liabilities exceeded its current assets by $3,773,072. As stated in Note 4, these events and conditions, along with other matters as set forth in Note 4, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Mital Gandhi (Senior Statutory Auditor)
for and on behalf of MGA Accountants LLP