Larsen Howie Group Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09883099 (England and Wales)

Financial Statements for the Year Ended 31 January 2020

for

Larsen Howie Group Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J D R Twining

M A Castellucci

G McKernan

REGISTERED OFFICE:

9 Miller Court

Severn Drive

Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8DN

REGISTERED NUMBER:

09883099 (England and Wales)

SENIOR STATUTORY AUDITOR:

Charles Hinitt FCCA

AUDITORS:

Charles Hinitt & Associates Limited

Chartered Certified Accountants &

Statutory Auditors

48 Belle Vue Terrace

Malvern

Worcestershire

WR14 4QG

FIXED ASSETS

Investments

4

866,500

76,500

CURRENT ASSETS

Debtors

19,852

215,501

Cash at bank

209

20,061

215,710

CREDITORS

Amounts falling due within one year

876,612

282,261

NET CURRENT LIABILITIES

(856,551

)

(66,551

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,949

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

8,949

9,949

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 6 October 2020 and were
signed on its behalf by:

J D R Twining - Director

1.	STATUTORY INFORMATION

Larsen Howie Group Limited 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 Pound Sterling (£).

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 Larsen Howie Group Limited 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 undertakings are included by full consolidation in the consolidated financial statements of its

ultimate holding company Kingsbridge Group Limited, 9 Miller Court, Severn Drive, Tewkesbury Business

Park, Tewkesbury GL20 8DN.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Going concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is

inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the

Directors have also considered the Company’s ability to meet its liabilities as they fall due.

The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated

impact on the Company.

The Directors have therefore reviewed the current and future financial position of the Company, its cash flows,

and its liquidity position, specifically in respect of the above and the potential disruption to the business arising

from a prolonged period of economic downturn, and any impact that this may have on the future of the industry

both on the markets specifically targeted by the company and the industry as a whole.

Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of

approval of the financial statements, the Directors were confident that the existing reserves and support from

within the Kingsbridge Group together with external facilities will provide sufficient headroom to meet the

forecast cash requirements that may arise from a downturn in activity as a result of the COVID-19 pandemic.

As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern

basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 February 2019

76,500

Additions

790,000

At 31 January 2020

866,500

NET BOOK VALUE

At 31 January 2020

866,500

At 31 January 2019

76,500

5.	SECURED DEBTS

NatWest Markets plc held a fixed and floating charge over the assets of the company. The charge was satisfied

on 16 April 2020.

Royal Bank of Scotland also holds a fixed and floating charge over the assets of the company together with

certain intellectual property and trademarks owned by the Kingsbridge Group. The charge was satisfied on 16

April 2020.

Ares Capital Corporation hold a fixed and floating charges over the assets and undertakings of the Company.

The charge was created on 5 June 2020 and registered at Companies House on 8 June 2020.

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

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)

for and on behalf of Charles Hinitt & Associates Limited

7.	RELATED PARTY DISCLOSURES

Intercompany - KRS Lion Bidco Limited

A company under common control.

At the balance sheet date Larsen Howie Group Limited owed £876,352 to KRS Lion Bidco Limited (2019:

£282,001). This is included within Creditors due within one year.

The loan carries no liability to interest and is repayable on demand.

Intercompany - Larsen Howie Limited

A 100% owned subsidiary of Larsen Howie Group Limited.

At the balance sheet date Larsen Howie Group Limited is owed £19,852 by Larsen Howie Limited (2019 :

£215,501) which was included in Other Debtors under the heading Debtors.

The loan carried no liability to interest and is repayable on demand.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is KRS Lion Bidco Limited.

The ultimate controlling party is Kingsbridge Group Limited

Larsen Howie Group Limited - Accounts to registrar (filleted) - small 18.2

Larsen Howie Group Limited - Accounts to registrar (filleted) - small 18.2