REGISTERED NUMBER: 10119472 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Liberty Leisure Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S M Scott

Mr D Gammons

Mr S G Dannheimer

Mr R E Bofinger

Mr C J Carr

REGISTERED OFFICE:

C/O Broxtowe Borough Council

Foster Avenue

Beeston

Nottingham

Nottinghamshire

NG9 1AB

REGISTERED NUMBER:

10119472 (England and Wales)

ACCOUNTANTS:

TC Group

Cliffe Hill House

22-26 Nottingham Road

Stapleford

Nottingham

NG9 8AA

FIXED ASSETS

Intangible assets

4

1,945

2,917

Tangible assets

5

19,041

20,401

20,986

23,318

CURRENT ASSETS

Stocks

9,042

11,584

Debtors

6

18,712

145,029

Cash at bank and in hand

562,691

714,415

590,445

871,028

CREDITORS

Amounts falling due within one year

7

164,986

446,483

NET CURRENT ASSETS

425,459

424,545

TOTAL ASSETS LESS CURRENT LIABILITIES

446,445

447,863

PROVISIONS FOR LIABILITIES

3,618

5,830

NET ASSETS

442,827

442,033

RESERVES

Income and expenditure account

8

442,827

442,033

442,827

442,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 30 June 2025 and were signed on its behalf by:

Mr D Gammons - Director

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.

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. Where a pension scheme liability exists a separate Pension reserve is maintained in order ring fence the liability.Where a surplus exists the financial position is restricted to £NIL as the company does not have the right to a refund of surplus.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2024 - 69 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

4,862

AMORTISATION

At 1 April 2024

1,945

Charge for year

972

At 31 March 2025

2,917

NET BOOK VALUE

At 31 March 2025

1,945

At 31 March 2024

2,917

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

126,156

DEPRECIATION

At 1 April 2024

105,755

Charge for year

1,360

At 31 March 2025

107,115

NET BOOK VALUE

At 31 March 2025

19,041

At 31 March 2024

20,401

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

3,700

127,798

Prepayments

15,012

17,231

18,712

145,029

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

19,181

11,634

VAT

23,299

70,014

Accruals and deferred income

122,506

364,835

164,986

446,483

8.

RESERVES

Income

and

expenditure

account

£

At 1 April 2024

442,033

Deficit for the year

(229,206

)

Other comprehensive income

230,000

At 31 March 2025

442,827

9.	EMPLOYEE BENEFIT OBLIGATIONS

The amounts recognised in the balance sheet are as follows:

Defined benefit pension plans

31.3.25

31.3.24

£

£

Present value of funded obligations

(6,346,000

)

(7,815,000

)

Fair value of plan assets

8,872,000

8,586,000

2,526,0000

771,000

Asset ceiling impact

(2,526,000

)

(771,000

)

Surplus/(Deficit)

Nil

Nil

Net asset/(liability)

Nil

Nil

The amounts recognised in surplus or deficit are as follows:

Defined benefit pension plans

31.3.25

31.3.24

£

£

Current service cost

185,000

282,000

Net interest from net defined benefit asset/liability

(6,000

)

(8,000

)

Past service cost

-

-

Administration expenses

4,000

4,000

183,000

278,000

Actual return on plan assets

429,000

369,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit pension plans

31.3.25

31.3.24

£

£

Opening defined benefit obligation

7,815,000

7,492,000

Current service costs

185,000

282,000

Contribution by scheme participants

72,000

103,000

Interest costs

385,000

361,000

Benefits paid

(164,000

)

(57,000

)

Remeasurements:

Actuarial (gains)/losses from changes in

demographic assumptions

(17,000

)

(90,000

)

Actuarial (gains)/losses from changes in

financial assumptions

(1,923,000

)

(316,000

)

Oblig other remeasurement

(7,000

)

40,000

6,346,000

7,815,000

Changes in the fair value of scheme assets are as follows:

Defined benefit pension plans

31.3.25

31.3.24

£

£

Opening fair value of scheme assets

8,586,000

7,446,000

Contributions by employer

237,000

447,000

Contribution by scheme participants

72,000

103,000

Expected return

429,000

369,000

Actuarial gains/(losses)

-

-

Benefits paid

(164,000

)

(57,000

)

Administration expenses

(4,000

)

(4,000

)

Return on plan assets (excluding interest

(284,000

)

282,000

income)

8,872,000

8,586,000

The amounts recognised in the other comprehensive income are as follows:

Defined benefit pension plans

31.3.25

31.3.24

£

£

Actuarial (gains)/losses from changes in

demographic assumptions

17,000

90,000

Actuarial (gains)/losses from changes in

financial assumptions

1,923,000

316,000

Oblig other remeasurement

7,000

(40,000

)

Return on plan assets (excluding interest

income)

(284,000

)

282,000

Actuarial gains/(losses)

-

-

Asset ceiling impact

(1,717,000

)

(771,000

)

(54,000

)

(123,000

)

The major categories of the scheme assets as a percentage of total scheme assets are as follows:

Defined benefit pension plans

31.3.25

31.3.24

£

£

Equities - UK

15%

17%

Equities - Overseas

40%

43%

Fixed interest govt securities

2%

2%

Bonds - Uk

3%

1%

Bonds - Overseas

5%

5%

Credit

3%

3%

Property

10%

11%

Private equity

3%

3%

Infrastructure

8%

8%

Inflation linked

7%

5%

Cash/temporary investments

2%

2%

100%

100%

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

31.3.25

31.3.24

£

£

Discount rate

5.95%

4.95%

Future salary increases

3.85%

3.90%

Future pension increases

2.85%

2.90%

Life expectancy from age 65 (years)

31.03.2025

31.03.2024

Retiring today Males

20.4%

20.4%

Females

23.3%

23.3%

Retiring in 20 years Males

21.7%

21.7%

Females

24.7%

24.7%

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 £219,758 (2024 - £230,330) to Liberty Leisure Limited.

During the period Liberty Leisure Limited charged Broxtowe Borough Council £246,000 (2024 - £519,000) for management charges.

At 31 March 2025 Broxtowe Borough Council owed Liberty Leisure Limited £NIL (2024 - £125,330).

At 31 March 2025 Liberty Leisure Limited owed Broxtowe Borough Council £2,295 (2024 - £128,394) 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 2025 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.