REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2023 |
for |
W. Livingstone Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
W. Livingstone Limited (Registered number: SC039863) |
Statement of Financial Position - continued |
31 December 2023 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Fixed plant and equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 45,460 | 9,501 |
Accruals and deferred income |
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 |
Bank loans - 2-5 years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
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. |
for and on behalf of |
11. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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. |