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REGISTERED NUMBER: 03083720 (England and Wales)















Livewire Electronic Components Limited

Unaudited Financial Statements for the Year Ended 31 July 2023






Livewire Electronic Components Limited (Registered number: 03083720)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Livewire Electronic Components Limited

Company Information
for the Year Ended 31 July 2023







Directors: Mr R J Cowburn
Mrs C L Cowburn





Registered office: Cwm Barn
Llantrisant
Usk
Monmouthshire
NP15 1LG





Registered number: 03083720 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Livewire Electronic Components Limited (Registered number: 03083720)

Balance Sheet
31 July 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 3,592 4,940

Current assets
Stocks 50,220 61,680
Debtors 5 35,440 27,555
Cash at bank 45,969 80,817
131,629 170,052
Creditors
Amounts falling due within one year 6 (43,084 ) (42,609 )
Net current assets 88,545 127,443
Total assets less current liabilities 92,137 132,383

Creditors
Amounts falling due after more than one
year

7

(9,057

)

(13,863

)
Net assets 83,080 118,520

Capital and reserves
Called up share capital 9 2 2
Retained earnings 10 83,078 118,518
Shareholders' funds 83,080 118,520

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 23 January 2024 and were signed on its behalf by:





Mrs C L Cowburn - Director


Livewire Electronic Components Limited (Registered number: 03083720)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. Statutory information

Livewire Electronic Components 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.

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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

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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months of less.

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

3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

Livewire Electronic Components Limited (Registered number: 03083720)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 August 2022
and 31 July 2023 8,942 6,662 8,228 23,832
Depreciation
At 1 August 2022 4,002 6,662 8,228 18,892
Charge for year 1,348 - - 1,348
At 31 July 2023 5,350 6,662 8,228 20,240
Net book value
At 31 July 2023 3,592 - - 3,592
At 31 July 2022 4,940 - - 4,940

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 35,440 27,555

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 5,229 5,229
Trade creditors 29,191 27,641
Tax 307 6,378
VAT 6,542 1,546
Accrued expenses 1,815 1,815
43,084 42,609

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 5,229 5,229
Bank loans - 2-5 years 3,828 8,634
9,057 13,863

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 14,286 19,092

The Bounce Back Loan Scheme is one of a number of government-backed lending schemes designed to support businesses affected by COVID-19

Livewire Electronic Components Limited (Registered number: 03083720)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. Reserves
Retained
earnings
£   

At 1 August 2022 118,518
Deficit for the year (440 )
Dividends (35,000 )
At 31 July 2023 83,078

11. Pension commitments

The company operates a defined contribution pension scheme. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £12,000 (2022: £15,500).