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REGISTERED NUMBER: 00480877 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

L.Livesey & Sons(Horwich)Limited

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)






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


L.Livesey & Sons(Horwich)Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: E L Finch
D M Finch





SECRETARY: D M Finch





REGISTERED OFFICE: Marton
Chorley Old Road
Horwich
Lancashire
BL6 6PT





REGISTERED NUMBER: 00480877 (England and Wales)





ACCOUNTANTS: M J Miller & Co. Ltd
Chartered Certified Accountants
56 Gidlow Lane
Gidlow
Wigan
Lancashire
WN6 7DP

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 27,550 1,499
Investments 5 5,000 5,000
Investment properties 6 3,280,000 3,280,000
3,312,550 3,286,499

CURRENT ASSETS
Debtors 7 4,726 3,743
Cash at bank and in hand 36,485 40,712
41,211 44,455
CREDITORS
Amounts falling due within one year 8 105,221 110,682
NET CURRENT LIABILITIES (64,010 ) (66,227 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,248,540

3,220,272

CREDITORS
Amounts falling due after more than
one year

9

(299,877

)

(322,172

)

PROVISIONS FOR LIABILITIES 11 (522,609 ) (516,096 )
NET ASSETS 2,426,054 2,382,004

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

Statement of Financial Position - continued
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
CAPITAL AND RESERVES
Called up share capital 5,500 5,500
Revaluation reserve 12 78,294 78,294
Profit and loss reserves 2,342,260 2,298,210
2,426,054 2,382,004

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 10 September 2024 and were signed on its behalf by:





D M Finch - Director


L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

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

1. STATUTORY INFORMATION

L.Livesey & Sons(Horwich)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

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 principle accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover
The turnover shown in the statement of comprehensive income represents the value of rent receivable during the year. Rent is recongnised on the accruals basis.

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

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 basis:

Fixtures, fittings and equipment 20% reducing balance
Motor vehicles 20% 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.

Investments in subsidiaries
Interests in subsidiaries 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

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

2. ACCOUNTING POLICIES - continued

Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss.

Taxation
The tax expense represents the sum of the current tax expense and the deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit and loss.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

For non-depreciable assets measured using the revaluation model and investment properties measured at fair value (except investment property with a limited useful life held by the company to consume substantially all of its economic benefit), deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

Going concern
The director has concluded that it is appropriate to prepare the accounts on a going concern basis as the company had adequate cash resources to indicate that the company will continue to trade within its existing bank facilities.

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

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

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and amounts owed to fellow group companies and are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.





L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

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

2. ACCOUNTING POLICIES - continued
Equity instruments

Equity instruments issued by the company are recorded at the fair value of 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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 January 2023 6,303
Additions 32,939
At 31 December 2023 39,242
DEPRECIATION
At 1 January 2023 4,804
Charge for year 6,888
At 31 December 2023 11,692
NET BOOK VALUE
At 31 December 2023 27,550
At 31 December 2022 1,499

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 5,000
NET BOOK VALUE
At 31 December 2023 5,000
At 31 December 2022 5,000

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

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

6. INVESTMENT PROPERTIES
Total
£
FAIR VALUE
At 1 January 2023
and 31 December 2023 3,280,000
NET BOOK VALUE
At 31 December 2023 3,280,000
At 31 December 2022 3,280,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out 31 December 2020 by the directors. The valuation was made on a n open market value basis by reference to market evidence of transaction prices for similar properties.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Other debtors 4,726 3,743

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Bank loans 46,364 49,758
Hire purchase contracts (see note 10)
3,968

-
Trade creditors 2,942 3,050
Amounts owed to group undertakings 18,684 18,684
Corporation tax 16,062 20,646
Other creditors 17,201 18,544
105,221 110,682

The bank loan is secured by a charge over the assets of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£ £
Bank loans and overdrafts 279,201 322,172
Hire purchase contracts (see note 10)
20,676

-
299,877 322,172

The bank loan is secured by a charge over the assets of the company.

L.Livesey & Sons(Horwich)Limited (Registered number: 00480877)

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

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year 3,968 -
Between one and five years 20,676 -
24,644 -

Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year - 1,075

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£ £
Deferred tax 522,609 516,096

Deferred tax
£
Balance at 1 January 2023 516,096
Charge to Income Statement during year 6,513
Balance at 31 December 2023 522,609

12. RESERVES
Revaluation
reserve
£
At 1 January 2023
and 31 December 2023 78,294

13. RELATED PARTY TRANSACTIONS

Included within creditors at the year end is an amount of £6,889 (2022: £6,577) owed to the director of the company. During the year the director introduced £312 into the company and withdrew £nil from the company.

The company is related to Livesey Funeral Service Limited, a company which shares the same directors. Included in sales is an amount of £12,000 (2022: £13,000) which related to expenses recharged.