21 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,788 459 10,247 5,100 835 5,935 4,312 4,688 xbrli:pure xbrli:shares iso4217:GBP 07427051 2022-12-01 2023-11-30 07427051 2023-11-30 07427051 2022-11-30 07427051 2021-12-01 2022-11-30 07427051 2022-11-30 07427051 2021-11-30 07427051 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-01 2023-11-30 07427051 core:PlantMachinery 2022-12-01 2023-11-30 07427051 core:FurnitureFittings 2022-12-01 2023-11-30 07427051 core:MotorVehicles 2022-12-01 2023-11-30 07427051 bus:Director2 2022-12-01 2023-11-30 07427051 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 07427051 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-30 07427051 core:PlantMachinery 2022-11-30 07427051 core:FurnitureFittings 2022-11-30 07427051 core:MotorVehicles 2022-11-30 07427051 core:PlantMachinery 2023-11-30 07427051 core:FurnitureFittings 2023-11-30 07427051 core:MotorVehicles 2023-11-30 07427051 core:WithinOneYear 2023-11-30 07427051 core:WithinOneYear 2022-11-30 07427051 core:AfterOneYear 2023-11-30 07427051 core:AfterOneYear 2022-11-30 07427051 core:ShareCapital 2023-11-30 07427051 core:ShareCapital 2022-11-30 07427051 core:CapitalRedemptionReserve 2023-11-30 07427051 core:CapitalRedemptionReserve 2022-11-30 07427051 core:RetainedEarningsAccumulatedLosses 2023-11-30 07427051 core:RetainedEarningsAccumulatedLosses 2022-11-30 07427051 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-30 07427051 core:PlantMachinery 2022-11-30 07427051 core:FurnitureFittings 2022-11-30 07427051 core:MotorVehicles 2022-11-30 07427051 bus:SmallEntities 2022-12-01 2023-11-30 07427051 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07427051 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07427051 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07427051 bus:FullAccounts 2022-12-01 2023-11-30 07427051 bus:Director2 1 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 07427051
Livetec Systems Limited
Filleted Unaudited Financial Statements
30 November 2023
Livetec Systems Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Livetec Systems Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
4,312
4,688
Tangible assets
6
330,646
564,143
---------
---------
334,958
568,831
Current assets
Stocks
179,069
59,303
Debtors
7
4,809,748
2,170,960
Cash at bank and in hand
3,613,177
2,984,977
------------
------------
8,601,994
5,215,240
Creditors: amounts falling due within one year
8
658,776
2,790,457
------------
------------
Net current assets
7,943,218
2,424,783
------------
------------
Total assets less current liabilities
8,278,176
2,993,614
Creditors: amounts falling due after more than one year
9
23,250
51,150
Provisions
Taxation including deferred tax
76,813
22,458
------------
------------
Net assets
8,178,113
2,920,006
------------
------------
Capital and reserves
Called up share capital
2
2
Capital redemption reserve
1
1
Profit and loss account
8,178,110
2,920,003
------------
------------
Shareholders funds
8,178,113
2,920,006
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Livetec Systems Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mr G Samet
Director
Company registration number: 07427051
Livetec Systems Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including tranction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 20 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 December 2022
9,788
Additions
459
--------
At 30 November 2023
10,247
--------
Amortisation
At 1 December 2022
5,100
Charge for the year
835
--------
At 30 November 2023
5,935
--------
Carrying amount
At 30 November 2023
4,312
--------
At 30 November 2022
4,688
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
773,879
76,230
209,394
1,059,503
Additions
23,965
26,382
50,347
---------
---------
---------
------------
At 30 November 2023
797,844
102,612
209,394
1,109,850
---------
---------
---------
------------
Depreciation
At 1 December 2022
369,916
51,146
74,298
495,360
Charge for the year
193,723
23,248
66,873
283,844
---------
---------
---------
------------
At 30 November 2023
563,639
74,394
141,171
779,204
---------
---------
---------
------------
Carrying amount
At 30 November 2023
234,205
28,218
68,223
330,646
---------
---------
---------
------------
At 30 November 2022
403,963
25,084
135,096
564,143
---------
---------
---------
------------
7. Debtors
2023
2022
£
£
Trade debtors
235,482
2,134,763
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,995,200
Other debtors
579,066
36,197
------------
------------
4,809,748
2,170,960
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
466,280
1,343,911
Corporation tax
414,453
Social security and other taxes
17,897
709,448
Charge Card Account
9,094
20,880
Other creditors
165,505
301,765
---------
------------
658,776
2,790,457
---------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,250
51,150
--------
--------
10. Directors' advances, credits and guarantees
At the year end the company owed directors £76,851 (2022: £207,390). At the year end directors owed the company £13,699 (2022: £Nil).