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Registration number: 05823800

Jim Livesey & Associates Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2023

Pages for filing with Registrar

 

Jim Livesey & Associates Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Jim Livesey & Associates Limited

Company Information

Directors

Mr J D Livesey

Mrs M H Livesey

Company secretary

Mrs M H Livesey

Registered office

23 Meadowside Avenue
Clayton le Moors
Accrington
BB5 5XF

 

Jim Livesey & Associates Limited

(Registration number: 05823800)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

893

1,735

Current assets

 

Debtors

3,300

-

Cash at bank and in hand

 

102,547

83,981

 

105,847

83,981

Prepayments and accrued income

 

997

967

Creditors: Amounts falling due within one year

(46,276)

(52,543)

Net current assets

 

60,568

32,405

Total assets less current liabilities

 

61,461

34,140

Provisions for liabilities

(170)

(330)

Accruals and deferred income

 

(629)

(572)

Net assets

 

60,662

33,238

Capital and reserves

 

Called up share capital

10

10

Retained earnings

60,652

33,228

Shareholders' funds

 

60,662

33,238

 

Jim Livesey & Associates Limited

(Registration number: 05823800)
Abridged Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

.........................................
Mr J D Livesey
Director

 

Jim Livesey & Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Meadowside Avenue
Clayton le Moors
Accrington
BB5 5XF

These financial statements were authorised for issue by the Board on 11 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
(a) The amount of revenue can be reliably measured;
(b) it is probable that future economic benefits will flow to the entity; and
(c) specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Jim Livesey & Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance

Computer equipment

33% straight line

Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Jim Livesey & Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Jim Livesey & Associates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023 (continued)

4

Tangible assets

Total
£

Cost or valuation

At 1 June 2022

3,910

Additions

125

Disposals

(140)

At 31 May 2023

3,895

Depreciation

At 1 June 2022

2,175

Charge for the year

869

Eliminated on disposal

(42)

At 31 May 2023

3,002

Carrying amount

At 31 May 2023

893

At 31 May 2022

1,735

5

Related party transactions

Loans to related parties

2022

Key management
£

At start of period

4,470

Advanced and repaid

(4,470)

Terms of loans to related parties

Loans owed by key management are repayable on demand.