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Registered number: 13176517
Livesey Brothers Limited
Financial Statements
For The Year Ended 31 October 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 13176517
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,071,803 2,348,044
Tangible Assets 5 1,732,403 2,449,008
3,804,206 4,797,052
CURRENT ASSETS
Stocks 6 275,214 292,482
Debtors 7 803,992 1,255,907
Cash at bank and in hand 14,854 3,985
1,094,060 1,552,374
Creditors: Amounts Falling Due Within One Year 8 (3,272,505 ) (3,912,006 )
NET CURRENT ASSETS (LIABILITIES) (2,178,445 ) (2,359,632 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,625,761 2,437,420
Creditors: Amounts Falling Due After More Than One Year 9 (912,330 ) (1,253,489 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (348,397 ) (289,529 )
NET ASSETS 365,034 894,402
CAPITAL AND RESERVES
Called up share capital 11 100 100
Share premium account 381,104 381,104
Profit and Loss Account (16,170 ) 513,198
SHAREHOLDERS' FUNDS 365,034 894,402
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Timothy Livesey
Director
30 October 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Livesey Brothers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13176517 . The registered office is Lower Fields Mushroom Farm Normanton Road, Packington, Ashby-De-La-Zouch, LE65 1XA.
The financial statements are presented in pound sterling (£) and rounded to the nearest whole £.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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.
Sale of goods
Revenue from the sale of agricultural produce is recognised upon dispatch.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight Line
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 20% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 
Livestock is valued at fair value less estimated costs to sell.
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2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
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. 
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. 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. 
2.10. Government Grant
Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure. 
2.11. Debtors and Creditors
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. 
2.12. 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. 
2.13. Loans and Borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 41 (2022: 50)
41 50
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4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2022 2,762,405
As at 31 October 2023 2,762,405
Amortisation
As at 1 November 2022 414,361
Provided during the period 276,241
As at 31 October 2023 690,602
Net Book Value
As at 31 October 2023 2,071,803
As at 1 November 2022 2,348,044
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 729,947 2,038,408 162,712 35,671 2,966,738
Additions - 412,569 9,751 - 422,320
Disposals (729,947 ) (47,880 ) - - (777,827 )
As at 31 October 2023 - 2,403,097 172,463 35,671 2,611,231
Depreciation
As at 1 November 2022 7,599 456,711 41,974 11,446 517,730
Provided during the period - 349,371 30,195 7,134 386,700
Disposals (7,599 ) (18,003 ) - - (25,602 )
As at 31 October 2023 - 788,079 72,169 18,580 878,828
Net Book Value
As at 31 October 2023 - 1,615,018 100,294 17,091 1,732,403
As at 1 November 2022 722,348 1,581,697 120,738 24,225 2,449,008
Included within freehold property is land of £318,398 which is not depreciated.
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Plant & Machinery 140,973 65,200
140,973 65,200
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6. Stocks
2023 2022
£ £
Raw materials 107,900 107,322
Livestock 135,696 160,500
Finished goods 31,618 24,660
275,214 292,482
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 705,920 772,480
Other debtors 98,072 483,427
803,992 1,255,907
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 17,271 18,750
Trade creditors 217,982 333,194
Bank loans and overdrafts 214,151 185,063
Corporation tax 132,773 -
Other taxes and social security 27,318 28,007
Other creditors 69,190 69,178
Accruals and deferred income 78,414 41,558
Director's loan account - 313,946
Amounts owed to group undertakings 2,515,406 2,922,310
3,272,505 3,912,006
Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
The bank loan is secured by way of a fixed and floating charge over all assets of the Company.
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 22,938 3,125
Bank loans 112,627 179,540
Other creditors 776,765 1,070,824
912,330 1,253,489
The bank loan is secured by way of a fixed and floating charge over all assets of the Company.
The Company has granted an unlimited multilateral guarentee with Livesey Property Holdings Limited and Brownacre Limited to HSBC UK Bank plc, dated 30 April 2021.
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10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,271 18,750
Later than one year and not later than five years 22,938 3,125
40,209 21,875
40,209 21,875
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Included within Other Creditors at the balance sheet date are unpaid contributions of £nil (2022: £nil) due to the fund.
13. Reserves
Share Premium Account
The share premium account records the amount above the nominal value received for shares issued by the company, less transaction costs.
Profit and Loss Account
The profit and loss account represents cumulative retained earnings net of dividends paid. 
14. Related Party Transactions
The Company has taken advantage of the exemption in Section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned.
During the year amounts of £313,946 (2022: £124,119) were repaid. The balance due to the director by the Company as at 31 October 2023 was NIL (2022: £313,946).
15. FRC's Ethical Standard - Provision Available for Small Entities
In common with 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.
16. Ultimate Controlling Party
The Company is controlled by Livesey Property Holdings Limited, the ultimate parent undertaking. The ultimate controlling party is Mr T Livesey .
17. Audit Information
The auditors report on the account of Livesey Brothers Limited for the year ended 31 October 2023 was unqualified
The auditor's report was signed by Taheer Afzal ACA (Senior Statutory Auditor) for and on behalf of BSS & Co (Accountancy Services) Ltd , Statutory Auditor
BSS & Co (Accountancy Services) Ltd
75 Aston Road
Shifnal
Shropshire
TF11 8DU
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