GUARDIAN_HOLDINGS_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Guardian Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Merlin House, Brunel Court, Village Farm Industrial Estate, Pyle, Bridgend, United Kingdom, CF33 6BL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company's accounting period end date changed in the prior year in line with the ultimate parent company Core Laboratories N.V. following an acquisition during the prior period. Therefore prior period figures are presented for a nine month period and as such comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 balance sheet 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.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

The average monthly number of persons (including directors) employed by the company during the year was:

These financial statements are separate company financial statements for Guardian Holdings Limited.

Details of the company's subsidiaries at 31 December 2019 are as follows:

The registered office of both Guardian Global Technologies Limited and Guardian Global Technology Group Limited is Merlin House Brunel Court, Village Farm Industrial Estate, Pyle, Bridgend, CF33 6BL.

The registered office of GGT Guardian Texas LLC is 6316 Windfern Road, Houston, TX 77040, USA.

Guardian Global Technologies Limited is a subsidiary of Guardian Global Technology Group Limited.

GGT Guardian Texas LLC is a subsidiary of Guardian Global Technologies Limited.

During the prior period the company received a capital contribution of £14,653,550 from its immediate parent company Core Laboratories Coöperatief U.A., this was credited to the profit and loss reserve.

During the prior period the company made a capital contribution of £3,392,988 to its indirect subsidiary company Guardian Global Technologies Limited, this was debited to fixed asset investments, see note 4.

The capital contribution received was to settle loan notes plus interest of £12.5 million plus liabilities in the company's subsidiary Guardian Global Technologies Limited.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

During March 2020 the novel coronavirus disease 2019 (“COVID-19”) spread across the globe and resulted in government mandated shut-downs, home sheltering and social distancing efforts to mitigate the spread of the virus. The COVID-19 mitigation actions also caused a sharp decrease in the consumption and demand for crude-oil, and led to a sharp decrease in current and projected crude oil prices. These events have resulted in sharp decreases to the valuation of companies associated with the energy industry, including Core Laboratories. As a result, we determined that it was more likely than not that the fair value of our reporting units was less than their carrying value, which triggered the Company to perform an updated impairment assessment.

As the result of this assessment, we concluded that the investment associated with our Production Enhancement segment which includes, the company’s subsidiary Guardian Global Technologies Limited was fully impaired, which will result in a £10.5 million impairment charge in the financial statements for the year ended 31 December 2020.

The immediate parent company is Core Laboratories Coöperatief U.A. a company incorporated in the Netherlands. The ultimate parent company is Core Laboratories N.V., a company incorporated in the Netherlands.

The company is not considered to have a single controlling party.

Core Laboratories N.V. is the parent of the smallest and largest group of which the company is a member and for which consolidated accounts are prepared. Consolidated accounts of Core Laboratories N.V. are available to the public and may be obtained from Core Laboratories N.V., Stoomloggerweg 12 3133KT, Vlaardingen.