Company registration number 01410284 (England and Wales)
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
83,447
64,707
Investments
4
16,740
16,740
100,187
81,447
Current assets
Stocks
212,000
110,863
Debtors
5
400,212
432,900
Cash at bank and in hand
5,261
12,623
617,473
556,386
Creditors: amounts falling due within one year
6
(379,350)
(242,929)
Net current assets
238,123
313,457
Total assets less current liabilities
338,310
394,904
Creditors: amounts falling due after more than one year
7
(86,233)
(119,077)
Net assets
252,077
275,827
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
251,977
275,727
Total equity
252,077
275,827
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
I. Liversidge
J. Hamlin
Director
Director
Company registration number 01410284 (England and Wales)
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The immediate and ultimate parent company is Liversidge (Holdings) Limited, a company incorporated in England and Wales.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land
nil
Plant and machinery
25% reducing balance
Displays, fixtures and fittings
25% reducing balance
Computer equipment
331/3% on cost
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15
Company information

Liversidge (Windows & Double Glazing) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Belgrave Mill, Fitton Hill Road, off Honeywell Lane, Oldham, OL8 2LB.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
33
27
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
5,597
725,758
731,355
Additions
-
0
35,448
35,448
Disposals
-
0
(9,050)
(9,050)
At 31 December 2023
5,597
752,156
757,753
Depreciation and impairment
At 1 January 2023
-
0
666,648
666,648
Depreciation charged in the year
-
0
16,625
16,625
Eliminated in respect of disposals
-
0
(8,967)
(8,967)
At 31 December 2023
-
0
674,306
674,306
Carrying amount
At 31 December 2023
5,597
77,850
83,447
At 31 December 2022
5,597
59,110
64,707
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
16,740
16,740

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
123,714
72,852
Amounts owed by group undertakings
250,000
345,000
Other debtors
26,498
15,048
400,212
432,900
LIVERSIDGE (WINDOWS & DOUBLE GLAZING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
95,374
15,272
Trade creditors
131,351
93,671
Taxation and social security
97,730
22,642
Other creditors
54,895
111,344
379,350
242,929

Bank loans and overdrafts are secured on the assets of the company.

 

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
60,001
72,527
Other creditors
26,232
46,550
86,233
119,077

Bank loans and overdrafts are secured on the assets of the company.

 

8
Financial commitments, guarantees and contingent liabilities
The directors are not aware of any contingent liabilities.
9
Events after the reporting date
There have been no significant post balance sheet events.
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