Liberty Guard (UK) Limited - Accounts to registrar (filleted) - small 18.2
Liberty Guard (UK) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 June 2020 |
| for |
| Liberty Guard (UK) Limited |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Liberty Guard (UK) Limited |
| Company Information |
| for the Year Ended 30 June 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Statutory Auditor |
| 68 Queen Street |
| Sheffield |
| South Yorkshire |
| S1 1WR |
| BANKERS: |
| 8th Floor |
| Fountain Precinct |
| Balm Green |
| Sheffield |
| South Yorkshire |
| S1 2JA |
| SOLICITORS: |
| 82 Cleveland Street |
| Doncaster |
| DN1 3DR |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Balance Sheet |
| 30 June 2020 |
| 30/6/20 | 30/6/19 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 9 |
| Retained earnings |
| 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 |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| Liberty Guard (UK) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Judgements |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Key sources of estimation uncertainty |
| Tangible fixed assets are the single largest balance on the company's balance sheet and the method chosen to value the hire fleet assets has a material effect on the company's reporting position and performance. The hire fleet is carried at fair value and assessed annually by the directors opinion of its income generation and depreciated replacement cost. |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover from the sale of goods represents the manufacture and sale of site cabins and related equipment. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
| Turnover from the sale of services represents the hire of site cabins and related equipment. |
| Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of service provided to date, based on the stage of completion of the contract activity at the balance sheet date. |
| Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included within creditors. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Government grants |
| Government grants relating to revenue expenditure are recognised in income on a systematic basis over the period in which the company recognises the related costs to which the grant is intended to compensate. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities. |
| 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. |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 July 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| Revaluations | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| Charge written back | (1,359,764 | ) | - | - | (1,359,764 | ) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| Within the plant and machinery asset category is the hire fleet which has a net book value of £12,907,209 (2019 - £10,470,893). |
| The fair value of the company's hire fleet was revalued on 30 June 2020. An independent valuer was not involved. The hire fleet has been revalued at current fair value by the group finance director on an individual basis by reference to his opinion of its income generation and depreciated replacement cost. |
| Had the hire fleet class of asset been measured on a historical cost basis, the carrying amount would have been £9,350,564 (2019 - £7,580,131). |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| Transfer to ownership | - | (286,334 | ) | (286,334 | ) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| Transfer to ownership | - | (143,928 | ) | (143,928 | ) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| 5. | DEBTORS |
| 30/6/20 | 30/6/19 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30/6/20 | 30/6/19 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30/6/20 | 30/6/19 |
| £ | £ |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30/6/20 | 30/6/19 |
| £ | £ |
| Hire purchase contracts | 280,783 | 269,240 |
| The hire purchase liabilities are secured against the related assets. |
| The bank overdraft is secured by way of a legal charge over the trading property and there is also an un-limited inter company composite guarantee by and between each member of the group. |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 July 2019 |
| Other movements | 481,550 |
| At 30 June 2020 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Liberty Guard (UK) Limited (Registered number: 04553341) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2020 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| Amounts not provided for in the balance sheet |
| The total amount of guarantees not included in the balance sheet is £2,889,712 (2019 - £2,168,137). The company has provided an intercompany cross guarantee in respect of the bank borrowings of Liberty Group Holdings Limited, Pasuda Buildings Limited, Pasuda Site Services Limited, Twelco Limited and Pasuda (Hire) Limited. |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2020 and 30 June 2019: |
| 30/6/20 | 30/6/19 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company's immediate parent is Liberty Group Holdings Limited, incorporated in England & Wales. |
| These financial statements are available upon request from The Old Airfield, Belton Road, Sandtoft, Doncaster DN8 5SX. |
| The ultimate controlling party is Mr Gordon Jones and Mrs Susan Jones by virtue of their shareholdings in the parent company. |