Libman Brands UK Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00931024 (England and Wales)

LIBMAN BRANDS UK LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Libman

G Braine

SECRETARY:

REGISTERED OFFICE:

167 Turners Hill

Cheshunt

EN8 9BH

REGISTERED NUMBER:

00931024 (England and Wales)

AUDITORS:

Brindley Millen Limited

Statutory Auditors

167 Turners Hill

Cheshunt

Hertfordshire

EN8 9BH

FIXED ASSETS

Intangible assets

4

193,302

180,327

Property, plant and equipment

5

2,528,880

1,800,508

2,722,182

1,980,835

CURRENT ASSETS

Inventories

988,861

689,407

Debtors

6

3,050,763

2,199,230

Cash at bank and in hand

899,617

1,082,238

4,939,241

3,970,875

CREDITORS

Amounts falling due within one year

7

4,602,615

2,985,585

NET CURRENT ASSETS

336,626

985,290

TOTAL ASSETS LESS CURRENT LIABILITIES

3,058,808

2,966,125

PROVISIONS FOR LIABILITIES

432,965

284,142

NET ASSETS

2,625,843

2,681,983

CAPITAL AND RESERVES

Called up share capital

2,500

2,500

Capital redemption reserve

2,500

2,500

Retained earnings

2,620,843

2,676,983

SHAREHOLDERS' FUNDS

2,625,843

2,681,983

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 for the year ended 30 June 2021 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 2 December 2021 and were signed on its behalf by:

G Braine - Director

1.	STATUTORY INFORMATION

Libman Brands UK Ltd 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.

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.

Turnover

Revenue 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.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Company Trademarks are amortised evenly over an estimated useful life of seven 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

-

20% on reducing balance

Office equipment

-

20% - 33% on cost

Stocks

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

Cost of Stock computed on a first in first out basis.

Work in Progress is manufactured to maintain Stock levels and not for Customer orders.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors

Trade and other debtors are recognised at the settlement amounts. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash, current bank accounts and deposit bank accounts with no withdrawal limitations.

Creditors

Creditors are recognised where the company has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2020 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 July 2020

254,650

Additions

35,294

At 30 June 2021

289,944

AMORTISATION

At 1 July 2020

74,323

Amortisation for year

22,319

At 30 June 2021

96,642

NET BOOK VALUE

At 30 June 2021

193,302

At 30 June 2020

180,327

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 July 2020

3,762,123

44,097

3,806,220

Additions

1,129,158

23,807

1,152,965

At 30 June 2021

4,891,281

67,904

4,959,185

DEPRECIATION

At 1 July 2020

1,969,576

36,136

2,005,712

Charge for year

415,707

8,886

424,593

At 30 June 2021

2,385,283

45,022

2,430,305

NET BOOK VALUE

At 30 June 2021

2,505,998

22,882

2,528,880

At 30 June 2020

1,792,547

7,961

1,800,508

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

2,502,145

1,845,329

Other debtors

450,012

135,508

Tax

-

84,265

Prepayments

98,606

134,128

3,050,763

2,199,230

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade creditors

1,736,141

1,695,961

Amounts owed to group undertakings

2,019,931

639,682

Tax

75,209

-

Social security and other taxes

222,655

273,179

Other creditors

96,770

74,965

Accrued expenses

451,909

301,798

4,602,615

2,985,585

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

The Report of the Auditors was unqualified.

Maurice Brindley (Senior Statutory Auditor)

for and on behalf of Brindley Millen Limited

9.	ULTIMATE CONTROLLING PARTY

The company's parent company is Innotrade Group Ltd, a company registered at 2a Lord Street, Douglas, IM99 1HP, Isle of Man.This company is a 100% subsidiary of Sabco Australia PTY Ltd which is in turn a 100% subsidiary of The Libman Company, an Illinois Corporation. The Libman Company is owned and run by the Libman Family.