IRIS Accounts Production v24.1.4.33 SC039863 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 29.7.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0398632022-12-31SC0398632023-12-31SC0398632023-01-012023-12-31SC0398632021-12-31SC0398632022-01-012022-12-31SC0398632022-12-31SC039863ns15:Scotland2023-01-012023-12-31SC039863ns14:PoundSterling2023-01-012023-12-31SC039863ns10:Director12023-01-012023-12-31SC039863ns10:Director22023-01-012023-12-31SC039863ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC039863ns10:SmallEntities2023-01-012023-12-31SC039863ns10:Audited2023-01-012023-12-31SC039863ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC039863ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC039863ns10:FullAccounts2023-01-012023-12-31SC039863ns10:Director32023-01-012023-12-31SC039863ns10:Director42023-01-012023-12-31SC039863ns10:CompanySecretary12023-01-012023-12-31SC039863ns10:RegisteredOffice2023-01-012023-12-31SC039863ns5:CurrentFinancialInstruments2023-12-31SC039863ns5:CurrentFinancialInstruments2022-12-31SC039863ns5:Non-currentFinancialInstruments2023-12-31SC039863ns5:Non-currentFinancialInstruments2022-12-31SC039863ns5:ShareCapital2023-12-31SC039863ns5:ShareCapital2022-12-31SC039863ns5:RevaluationReserve2023-12-31SC039863ns5:RevaluationReserve2022-12-31SC039863ns5:CapitalRedemptionReserve2023-12-31SC039863ns5:CapitalRedemptionReserve2022-12-31SC039863ns5:RetainedEarningsAccumulatedLosses2023-12-31SC039863ns5:RetainedEarningsAccumulatedLosses2022-12-31SC039863ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-31SC039863ns5:PlantMachinery2023-01-012023-12-31SC039863ns5:FurnitureFittings2023-01-012023-12-31SC039863ns5:ComputerEquipment2023-01-012023-12-31SC039863ns5:LandBuildings2022-12-31SC039863ns5:PlantMachinery2022-12-31SC039863ns5:FurnitureFittings2022-12-31SC039863ns5:ComputerEquipment2022-12-31SC039863ns5:LandBuildings2023-01-012023-12-31SC039863ns5:LandBuildings2023-12-31SC039863ns5:PlantMachinery2023-12-31SC039863ns5:FurnitureFittings2023-12-31SC039863ns5:ComputerEquipment2023-12-31SC039863ns5:LandBuildings2022-12-31SC039863ns5:PlantMachinery2022-12-31SC039863ns5:FurnitureFittings2022-12-31SC039863ns5:ComputerEquipment2022-12-31SC039863ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC039863ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC039863ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-31SC039863ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-31SC039863ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-31SC039863ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-31SC039863ns5:Secured2023-12-31SC039863ns5:Secured2022-12-31
REGISTERED NUMBER: SC039863 (Scotland)















Financial Statements For The Year Ended 31 December 2023

for

W. Livingstone Limited

W. Livingstone Limited (Registered number: SC039863)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


W. Livingstone Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Dr W R Livingstone
Mr R G Livingstone
Mr J J H Livingstone
Ms J M Livingstone





SECRETARY: Ms J M Livingstone





REGISTERED OFFICE: 34 New Edinburgh Road
Uddingston
Glasgow
G71 6BS





REGISTERED NUMBER: SC039863 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

W. Livingstone Limited (Registered number: SC039863)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 654,305 496,204

CURRENT ASSETS
Stocks 920,040 876,423
Debtors 5 552,688 174,622
Cash at bank and in hand 210,078 524,256
1,682,806 1,575,301
CREDITORS
Amounts falling due within one year 6 906,347 630,332
NET CURRENT ASSETS 776,459 944,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,430,764

1,441,173

CREDITORS
Amounts falling due after more than one year 7 (139,287 ) (160,000 )

PROVISIONS FOR LIABILITIES (27,415 ) (24,357 )
NET ASSETS 1,264,062 1,256,816

CAPITAL AND RESERVES
Called up share capital 9 10,000 25,000
Revaluation reserve 57,817 59,053
Capital redemption reserve 30,000 15,000
Retained earnings 1,166,245 1,157,763
SHAREHOLDERS' FUNDS 1,264,062 1,256,816

W. Livingstone Limited (Registered number: SC039863)

Statement of Financial Position - continued
31 December 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2024 and were signed on its behalf by:




Mr R G Livingstone - Director



Ms J M Livingstone - Director


W. Livingstone Limited (Registered number: SC039863)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

W. Livingstone Limited is a private company, limited by shares , registered in Scotland. 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.

Critical accounting judgements and estimated
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements include estimation of the value of the stock particularly the used car stock and the estimation of the residual value of the freehold property.

Going concern
In their assessment of going concern the Directors have considered the impact on the business as a result of the COVID-19 virus. The COVID-19 pandemic has had a significant impact on business operations during 2020 and a reducing impact in 2021 & 2022. The Directors consider that, going forward, there will be no further material detriment to the operation of the business. Processes introduced over the last 3 years such as remote working, online ordering and contactless purchasing are now well established and can be implemented quickly as required.

The Directors have also considered the impact on the business of a reduced supply of new cars in 2022 and 2023 due to a global shortage of semi-conductors. These components are an essential aspect to manufacture of motor vehicles and the shortage has resulted in reduced availability of new vehicle stock. Although did negatively impact turnover and by association, retained profit over the last 2 years, the shortages are now negligible and new car manufacturing has almost returned to normal levels

The company has adequate resources to continue in operational existence for the foreseeable future and it is therefore appropriate to prepare the financial statements on a going concern basis.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Car sales turnover is recognised when a sales contract is signed by the customer and workshop and forecourt turnover is recognised when the goods and services are delivered to the customer.

W. Livingstone Limited (Registered number: SC039863)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% - 10% on cost
Fixed plant and equipment - 10% - 20% on cost
Fixtures and fittings - 10% - 20% on cost
Computer equipment - 20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Land and buildings were revalued in 1998 and as permitted the 1998 revaluation value has been frozen as a new deemed cost. An amount equal to the excess of the annual depreciation charge on the new deemed cost over the notional historical cost depreciation charge is transferred annually from the revaluation reserve to the retained earnings reserve.

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
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

W. Livingstone Limited (Registered number: SC039863)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 26 ) .

W. Livingstone Limited (Registered number: SC039863)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixed Fixtures
Freehold plant and and Computer
property equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 564,261 174,824 25,140 30,766 794,991
Additions 169,739 27,464 - 6,116 203,319
Disposals - (10,739 ) (3,861 ) - (14,600 )
At 31 December 2023 734,000 191,549 21,279 36,882 983,710
DEPRECIATION
At 1 January 2023 171,300 79,027 24,428 24,032 298,787
Charge for year 18,862 22,040 201 4,115 45,218
Eliminated on disposal - (10,739 ) (3,861 ) - (14,600 )
At 31 December 2023 190,162 90,328 20,768 28,147 329,405
NET BOOK VALUE
At 31 December 2023 543,838 101,221 511 8,735 654,305
At 31 December 2022 392,961 95,797 712 6,734 496,204

Land and buildings were revalued in 1998 and as permitted the 1998 revaluation value has been frozen as a new deemed cost.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 536,491 156,602
Prepayments and accrued income 16,197 18,020
552,688 174,622

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 34,693 40,000
Other loans 22,450 -
Trade creditors 614,251 462,103
Tax 38,637 16,976
Social security and other taxes 34,617 33,262
VAT 45,460 9,501
Accruals and deferred income 116,239 68,490
906,347 630,332

W. Livingstone Limited (Registered number: SC039863)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 34,693 40,000
Bank loans - 2-5 years 104,594 120,000
139,287 160,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 173,980 200,000

The Bank of Scotland has security arrangements in the form of a standard security over the company's land and buildings, a bond and floating charge over the whole assets of the company and assignation of a keyman policy over the life of Robin Livingstone.

9. CALLED UP SHARE CAPITAL

2023 2022
£    £   
3,602 (2022 - 3,602) A shares of £1.00 each 3,602 3,602
0 (2022 - 15,000) B shares of £1.00 each - 15,000
1,199 (2022 - 1,199) C shares of £1.00 each 1,199 1,199
3,199 (2022 - 3,199) D shares of £1.00 each 3,199 3,199
2,000 (2022 - 2,000) E shares of £1.00 each 2,000 2,000
10,000 25,000




During the year, the company repurchased and subsequently cancelled 15,000 B shares of £1.00 each.

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

The Report of the Auditors was unqualified.

Graham Cantlay CA (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 11,617 182,749

W. Livingstone Limited (Registered number: SC039863)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of the company.