Liberty Guard (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04553341 (England and Wales)

Financial Statements for the Year Ended 30 June 2021

for

Liberty Guard (UK) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr Gordon Jones

Mr Alexander Gordon Jones

Mrs Emma Louise Jones Mackie

Mr Darren Wasilewski

SECRETARY:

Mr John Bamford

REGISTERED OFFICE:

The Old Airfield

Belton Road

Sandtoft

Doncaster

South Yorkshire

DN8 5SX

REGISTERED NUMBER:

04553341 (England and Wales)

INDEPENDENT AUDITORS:

Landin Wilcock & Co

Statutory Auditor

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

Handelsbanken

8th Floor

Fountain Precinct

Balm Green

Sheffield

South Yorkshire

S1 2JA

FIXED ASSETS

Tangible assets

4

13,842,419

13,309,236

CURRENT ASSETS

Stocks

289,477

5,900

Debtors

5

3,205,393

2,170,482

Cash at bank and in hand

34,320

1,211,218

3,529,190

3,387,600

CREDITORS

Amounts falling due within one year

6

5,546,180

7,638,998

NET CURRENT LIABILITIES

(2,016,990

)

(4,251,398

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,825,429

9,057,838

CREDITORS

Amounts falling due after more than one year

7

(793,492

)

(80,456

)

PROVISIONS FOR LIABILITIES

(1,767,029

)

(1,278,636

)

NET ASSETS

9,264,908

7,698,746

CAPITAL AND RESERVES

Called up share capital

1

1

Revaluation reserve

9

2,114,132

2,880,882

Retained earnings

7,150,775

4,817,863

9,264,908

7,698,746

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 18 March 2022 and were signed on its behalf by:

Mr Gordon Jones - Director

1.	STATUTORY INFORMATION

Liberty Guard (UK) 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 as modified by the revaluation of certain assets.

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. Factors which are taken into consideration in arriving at the valuation include current market value, condition, experience and age.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost and 10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost and straight line over 7 years

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 and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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 52 (2020 - 50 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 July 2020

13,027,311

60,946

842,874

13,931,131

Additions

2,824,003

6,289

629,713

3,460,005

Disposals

(351,449

)

-

(289,470

)

(640,919

)

Revaluations

(2,268,720

)

-

-

(2,268,720

)

At 30 June 2021

13,231,145

67,235

1,183,117

14,481,497

DEPRECIATION

At 1 July 2020

90,515

38,275

493,105

621,895

Charge for year

1,553,315

9,326

114,958

1,677,599

Eliminated on disposal

-

-

(126,657

)

(126,657

)

Charge written back

(1,533,759

)

-

-

(1,533,759

)

At 30 June 2021

110,071

47,601

481,406

639,078

NET BOOK VALUE

At 30 June 2021

13,121,074

19,634

701,711

13,842,419

At 30 June 2020

12,936,796

22,671

349,769

13,309,236

Within the plant and machinery asset category is the hire fleet which has a net book value of £13,069,025 (2020 - £12,907,209).

The fair value of the company's hire fleet was revalued on 30 June 2021. 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 £10,250,182 (2020 - £9,350,564).

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 2020

268,250

410,064

678,314

Additions

1,289,922

405,774

1,695,696

Transfer to ownership

-

(255,979

)

(255,979

)

At 30 June 2021

1,558,172

559,859

2,118,031

DEPRECIATION

At 1 July 2020

-

141,815

141,815

Charge for year

-

45,959

45,959

Transfer to ownership

-

(117,255

)

(117,255

)

At 30 June 2021

-

70,519

70,519

NET BOOK VALUE

At 30 June 2021

1,558,172

489,340

2,047,512

At 30 June 2020

268,250

268,249

536,499

5.

DEBTORS

30.6.21

30.6.20

£

£

Amounts falling due within one year:

Trade debtors

3,099,979

2,051,247

Other debtors

105,414

116,435

3,205,393

2,167,682

Amounts falling due after more than one year:

Other debtors

-

2,800

Aggregate amounts

3,205,393

2,170,482

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts

522,530

200,327

Trade creditors

1,209,809

507,020

Amounts owed to group undertakings

2,791,006

6,260,967

Taxation and social security

801,871

515,280

Other creditors

220,964

155,404

5,546,180

7,638,998

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts

793,492

80,456

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Hire purchase contracts

1,316,022

280,783

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 2020

2,880,882

Other movements

(766,750

)

At 30 June 2021

2,114,132

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

The Report of the Auditors was unqualified.

Robert Hampstead (Senior Statutory Auditor)

for and on behalf of Landin Wilcock & Co

11.	OTHER FINANCIAL COMMITMENTS

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £1,165,724 (2020 - £2,889,712). 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, Pasuda (Hire) Limited, Speakeasy Co Limited and Speakeasy Enterprises Limited.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

30.6.21

30.6.20

£

£

Mr Alexander Gordon Jones

Balance outstanding at start of year

50,000

50,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

50,000

50,000

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.