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Registered number: 13176387
Livesey Property Holdings Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—6
Consolidated Statement of Comprehensive Income 7
Consolidated Balance Sheet 8—9
Company Balance Sheet 10—11
Consolidated Statement of Changes in Equity 12
Company Statement of Changes in Equity 13
Consolidated Statement of Cash Flows 14
Notes to the Consolidated Statement of Cash Flows 15
Notes to the Financial Statements 16—27
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 October 2023.
Review of the Business
Wage and energy inflation are very much the focus of the business now with ongoing investment to mitigate some of these pressures.
Principal Risks and Uncertainties
Sales have been under pressure as the economy tightens.
Financial Key Performance Indicators
Turnover is considered to be the most important financial performance indicator for the business. Turnover for the year has been consistent to the previous year and was was £7.6m (2022: £7.6m). 
On behalf of the board
Mr Timothy Livesey
Director
30 October 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 October 2023.
Principal Activity
The group's principal activity continues to be that of the supply of agricultural produce.
The company's principal activity continues to be that of a holding company.
Dividends
The profit for the year, after taxation amounted to £122,361 (2022: £357,947).
The value of dividends paid amounted to £110,690 (2022: £79,119).
Directors
The directors who held office during the year were as follows:
Mr Timothy Livesey
Mrs Louise Livesey
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
On behalf of the board
Mr Timothy Livesey
Director
30 October 2024
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Livesey Property Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 October 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 October 2023 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). 
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting, taxation legislation, data protection, employment and health and safety legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to making enquiries of management and inspecting legal correspondence.  We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
  • Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 
  • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we:
  • Performed analytical procedures to identify any unusual or unexpected relationships
  • Tested the appropriateness of journal entries and other adjustments
  • Assessed whether the judgements made in making accounting estimates were indicative of a potential bias
  • Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
  • Agreeing financial statement disclosures to underlying supporting documentation
  • Enquiring of management as to actual and potential litigation and claims; and 
  • Reviewing correspondence with HMRC and any other relevant regulators as required.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Previous year financial statements were audited by another firm of chartered accountants who expressed unmodified opinion thereon vide it’s report dated 6 June 2023. We were appointed as auditors of the company on 8th August 2024 and thus did not observe the counting of the physical inventories at the beginning of the year. 
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 5
Page 6
Taheer Afzal ACA (Senior Statutory Auditor)
for and on behalf of BSS & Co (Accountancy Services) Ltd , Statutory Auditor
30 October 2024
BSS & Co (Accountancy Services) Ltd
75 Aston Road
Shifnal
Shropshire
TF11 8DU
Page 6
Page 7
Consolidated Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 3 7,598,010 7,579,126
Cost of sales (3,791,899 ) (3,973,764 )
GROSS PROFIT 3,806,111 3,605,362
Distribution costs (540,702 ) (559,272 )
Administrative expenses (2,842,825 ) (2,544,212 )
Other operating income 15,135 21,512
Fair value gains on investment properties 1,177,652 -
OPERATING PROFIT 5 1,615,371 523,390
Profit on disposal of fixed assets 16,123 50,526
Other interest receivable and similar income 10 6,084 46
Interest payable and similar charges 11 (40,095 ) (13,806 )
PROFIT BEFORE TAXATION 1,597,483 560,156
Tax on Profit (523,859 ) (202,208 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,073,624 357,948
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,073,624 357,948
There was no other comprehensive income for 2023 (2022: Nil).
The notes on pages 15 to 27 form part of these financial statements.
Page 7
Page 8
Consolidated Balance Sheet
Registered number: 13176387
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 2,071,803 2,348,044
Tangible Assets 13 3,503,452 4,345,450
Investment Properties 14 2,373,500 -
7,948,755 6,693,494
CURRENT ASSETS
Stocks 16 767,278 732,334
Debtors 17 1,595,673 1,267,797
Cash at bank and in hand 150,693 47,940
2,513,644 2,048,071
Creditors: Amounts Falling Due Within One Year 18 (1,232,226 ) (1,301,065 )
NET CURRENT ASSETS (LIABILITIES) 1,281,418 747,006
TOTAL ASSETS LESS CURRENT LIABILITIES 9,230,173 7,440,500
Creditors: Amounts Falling Due After More Than One Year 19 (2,579,721 ) (2,115,989 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 22 (726,901 ) (363,894 )
NET ASSETS 5,923,551 4,960,617
CAPITAL AND RESERVES
Called up share capital 23 10,000 10,000
Other reserves 2,375,405 2,375,405
Fair Value Reserve 27 883,239 -
Profit and Loss Account 2,654,907 2,575,212
SHAREHOLDERS' FUNDS 5,923,551 4,960,617
Page 8
Page 9
The financial statements were approved by the board of directors on 30 October 2024 and were signed on its behalf by:
Mr Timothy Livesey
Director
30 October 2024
The notes on pages 15 to 27 form part of these financial statements.
Page 9
Page 10
Company Balance Sheet
Registered number: 13176387
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 55,000 55,000
Investment Properties 14 2,373,500 -
Investments 15 1,019,999 1,019,999
3,448,499 1,074,999
CURRENT ASSETS
Debtors 17 771,380 117,001
Cash at bank and in hand 17,523 4,112
788,903 121,113
Creditors: Amounts Falling Due Within One Year 18 (330,322 ) (84,212 )
NET CURRENT ASSETS (LIABILITIES) 458,581 36,901
TOTAL ASSETS LESS CURRENT LIABILITIES 3,907,080 1,111,900
Creditors: Amounts Falling Due After More Than One Year 19 (1,667,391 ) (862,500 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 22 (294,413 ) -
NET ASSETS 1,945,276 249,400
CAPITAL AND RESERVES
Called up share capital 23 10,000 10,000
Fair Value Reserve 27 883,239 -
Profit and Loss Account 1,052,037 239,400
SHAREHOLDERS' FUNDS 1,945,276 249,400
Page 10
Page 11
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,073,624 (2022: £204,401).
On behalf of the board
Mr Timothy Livesey
Director
30 October 2024
The notes on pages 15 to 27 form part of these financial statements.
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Page 12
Consolidated Statement of Changes in Equity
Share Capital Other reserves Fair Value Reserve Profit and Loss Account Total
£ £ £ £ £
As at 1 November 2021 10,000 2,375,405 - 2,296,383 4,681,788
Profit for the year and total comprehensive income - - - 357,948 357,948
Dividends paid - - - (79,119) (79,119)
As at 31 October 2022 and 1 November 2022 10,000 2,375,405 - 2,575,212 4,960,617
Profit for the year and total comprehensive income - - - 1,073,624 1,073,624
Dividends paid - - - (110,690) (110,690)
Transfer to/from Fair value reserve - - - (883,239) (883,239)
Transfer to/from Profit & Loss Account - - 883,239 - 883,239
As at 31 October 2023 10,000 2,375,405 883,239 2,654,907 5,923,551
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Company Statement of Changes in Equity
Share Capital Fair Value Reserve Profit and Loss Account Total
£ £ £ £
As at 1 November 2021 10,000 - 114,118 124,118
Profit for the year and total comprehensive income - - 204,401 204,401
Dividends paid - - (79,119) (79,119)
As at 31 October 2022 and 1 November 2022 10,000 - 239,400 249,400
Profit for the year and total comprehensive income - - 1,806,566 1,806,566
Dividends paid - - (110,690) (110,690)
Transfer to/from Fair value reserve - - (883,239) (883,239)
Transfer to/from Profit & Loss Account - 883,239 - 883,239
As at 31 October 2023 10,000 883,239 1,052,037 1,945,276
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Consolidated Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,720,897 983,171
Interest paid (40,095 ) (13,806 )
Tax paid (138,001 ) (123,570 )
Net cash generated from operating activities 1,542,801 845,795
Cash flows from investing activities
Purchase of tangible assets (2,100,967 ) (1,171,756 )
Proceeds from disposal of tangible assets 768,348 51,500
Interest received 6,084 46
Net cash used in investing activities (1,326,535 ) (1,120,210 )
Cash flows from financing activities
Equity dividends paid (110,690 ) (79,119 )
Proceeds from new bank borrowings 845,357 -
Repayment of bank borrowings - (82,303 )
Repayment of finance leases 18,334 15,949
Amount withdrawn by directors (904,626) -
Net cash used in financing activities (151,625 ) (145,473 )
Increase/(decrease) in cash and cash equivalents 64,641 (419,888 )
Cash and cash equivalents at beginning of year 2 (44,907 ) 374,981
Cash and cash equivalents at end of year 2 19,734 (44,907 )
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 1,073,624 357,948
Adjustments for:
Tax on profit 523,859 202,208
Interest expense 40,095 13,806
Interest income (6,084 ) (46 )
Amortisation of intangible assets 276,241 276,240
Depreciation of tangible assets 994,892 926,138
Profit on disposal of tangible assets (16,123) (50,526)
Net fair value gains recognised in profit or loss (1,177,652) -
Movements in working capital:
Increase in stocks (34,944 ) (23,191 )
Decrease/(increase) in trade and other debtors 443,268 (457,898 )
Decrease in trade and other creditors (396,279 ) (261,508 )
Net cash generated from operations 1,720,897 983,171
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 150,693 47,940
Overdraft facilities repayable on demand (130,959 ) (92,847 )
Cash and cash equivalents as stated in the Statement of Cash Flows 19,734 (44,907)
3. Analysis of changes in net debt
As at 1 November 2022 Cash flows As at 31 October 2023
£ £ £
Cash at bank and in hand 47,940 102,753 150,693
Overdraft facilities repayable on demand (92,847) (38,112) (130,959)
Cash and cash equivalents (44,907 ) 64,641 19,734
Finance leases (21,875) (18,334) (40,209)
Debts falling due within one year (92,216 ) (57,379) (149,595 )
Debts falling due after more than one year (179,540) (787,978) (967,518)
(338,538) (799,050) (1,137,588)
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Notes to the Financial Statements
1. General Information
Livesey Property Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13176387 . The registered office is Lower Fields Mushroom Farm Normanton Road, Packington, Ashby-De-La-Zouch, LE65 1XA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2.3). 
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. 
The financial statements are presented in Sterling which is the functional currency of the Group and are rounded to the nearest £1. 
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 October 2023.
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 
Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. 
Acquisitions made by share issue, for example by share for share exchange, account for the difference between fair value and nominal value of the share or shares issued by the Company or a subsidiary Company as a separate reserve termed the merger relief reserve. Acquisitions are accounted for under the acquisition accounting method. 
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgments, 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.
There are no significant judgments (apart from those involving estimates) which have had an effect on the amounts recognised in the financial statements.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Goodwill - the company established a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on factors such as the expected use of the acquired business and the expected useful life of the cash generating units to which the goodwill is attributed.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of agricultural produce is recognised upon dispatch.
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2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. 
Goodwill is amortised on a straight-line basis to the consolidated statement of comprehensive income over its useful economic life. 
The period chosen for writing off goodwill is 10 years. 
2.6. 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
Leasehold 10% Straight Line
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 20% Straight Line
2.7. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.8. Leasing and Hire Purchase Contracts
Assets obtained under 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.
2.9. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. 
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. 
2.10. 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. 
In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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2.11. Foreign Currencies
Functional and Presentation Currency 
The Group's functional and presentational currency is GBP. 
Transactions and Balances 
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. 
At each period end foreign currency monetary items are translated using the closing rate. Non­monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 
2.12. Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income. 
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: 
  • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
  • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
  • Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 
2.13. Pensions
The group operates a defined pension contribution scheme. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group 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 group in independently administered funds. 
2.14. 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 consolidated statement of comprehensive income in the same period as the related expenditure. 
2.15. Debtors and Creditors Receivable/Payable within One Year
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. 
2.16. 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. 
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2.17. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. 
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Compost Sales 1,931 2,582
Sale of Livestock 92,631 92,632
Sale of Produce 7,501,876 7,478,117
Shop Sales 1,572 5,795
7,598,010 7,579,126
4. Other Operating Income
2023 2022
£ £
Grant income 15,135 21,512
15,135 21,512
5. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 994,892 926,138
Amortisation of intangible fixed assets 276,241 276,240
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 15,790 16,600
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 1,756,619 1,839,576
Social security costs 178,149 138,304
Other pension costs 210,322 128,876
2,145,090 2,106,756
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8. Average Number of Employees
Group
Average number of employees for the group, including directors, during the year was: 54 (2022: 57)
Company
The company has no employees other than the directors. 54 (2022: 57)
54 57
54 57
9. Directors' remuneration
2023 2022
£ £
Emoluments 123,936 18,076
Company contributions to money purchase pension schemes 179,348 96,563
303,284 114,639
During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes. 
Information regarding the highest paid director was as follows:
2023 2022
£ £
Emoluments 60,023 -
Company contributions to money purchase pension schemes 102,273 -
162,296 -
10. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 2,524 46
Other interest receivable type A 3,560 -
6,084 46
11. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 39,482 13,806
Finance charges payable under finance leases and hire purchase contracts 613 -
40,095 13,806
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12. Intangible Assets
Group
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
Company
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
13. Tangible Assets
Group
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost or Valuation
As at 1 November 2022 784,947 2,415,215 4,769,055 162,712
Additions - 63,545 802,224 39,350
Disposals (729,947 ) - (47,880 ) -
As at 31 October 2023 55,000 2,478,760 5,523,399 202,062
Depreciation
As at 1 November 2022 7,599 1,287,699 2,473,432 41,974
Provided during the period - 196,935 754,708 36,115
Disposals (7,599 ) - (18,003 ) -
As at 31 October 2023 - 1,484,634 3,210,137 78,089
Net Book Value
As at 31 October 2023 55,000 994,126 2,313,262 123,973
As at 1 November 2022 777,348 1,127,516 2,295,623 120,738
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Computer Equipment Total
£ £
Cost or Valuation
As at 1 November 2022 35,671 8,167,600
Additions - 905,119
Disposals - (777,827 )
As at 31 October 2023 35,671 8,294,892
Depreciation
As at 1 November 2022 11,446 3,822,150
Provided during the period 7,134 994,892
Disposals - (25,602 )
As at 31 October 2023 18,580 4,791,440
Net Book Value
As at 31 October 2023 17,091 3,503,452
As at 1 November 2022 24,225 4,345,450
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
Company
Land & Property
Freehold
£
Cost or Valuation
As at 1 November 2022 55,000
As at 31 October 2023 55,000
Net Book Value
As at 31 October 2023 55,000
As at 1 November 2022 55,000
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14. Investment Property
Group
2023
£
Fair Value
As at 1 November 2022 -
Additions 1,195,848
Revaluations 1,177,652
As at 31 October 2023 2,373,500
Company
2023
£
Fair Value
As at 1 November 2022 -
Additions 1,195,848
Revaluations 1,177,652
As at 31 October 2023 2,373,500
15. Investments
Company
Subsidiaries
£
Cost
As at 1 November 2022 1,019,999
As at 31 October 2023 1,019,999
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 1,019,999
As at 1 November 2022 1,019,999
Subsidiaries
Details of the company's subsidiaries as at 31 October 2023 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Livesey Brothers Limited Lowerfields Mushroom Farm Ordinary 100.00% -
Brownacre Limited Lowerfields Mushroom Farm Ordinary 100.00% -
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16. Stocks
2023 2022
£ £
Raw materials 261,643 231,068
Livestock 135,696 160,500
Finished goods and gods for resale 31,618 24,660
Work in progress 338,321 316,106
767,278 732,334
17. Debtors
Group Company
2023 2022 2023 2022
£ £ £ £
Due within one year
Trade debtors 705,920 772,480 - -
Amounts owed by group undertakings - - 236 117,000
Other debtors 709,290 495,317 590,681 1
1,415,210 1,267,797 590,917 117,001
Due after more than one year
Other debtors 180,463 - 180,463 -
1,595,673 1,267,797 771,380 117,001
18. Creditors: Amounts Falling Due Within One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Net obligations under finance lease and hire purchase contracts 17,271 18,750 - -
Trade creditors 314,369 415,779 - -
Bank loans and overdrafts 280,554 185,063 66,404 -
Other creditors 119,190 433,123 50,000 50,000
Corporation tax 354,409 151,095 209,095 29,387
Taxation and social security 52,334 40,153 - -
Accruals and deferred income 94,099 57,102 4,823 4,825
1,232,226 1,301,065 330,322 84,212
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 group. 
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19. Creditors: Amounts Falling Due After More Than One Year
Group Company
2023 2022 2023 2022
£ £ £ £
Net obligations under finance lease and hire purchase contracts 22,938 3,125 - -
Bank loans 967,518 179,540 854,891 -
Other creditors 1,589,265 1,933,324 812,500 862,500
2,579,721 2,115,989 1,667,391 862,500
The bank loan is secured by way of a fixed and floating charge over all assets of the group. 
The company has granted an unlimited multilateral guarantee with Livesey Brothers Limited and Brownacre Limited to HSBC UK Bank plc, dated 30 April 2021.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
Group Company
2023 2022 2023 2022
£ £ £ £
Net obligations under finance lease and hire purchase contracts 533,703 162,500 - 162,500
20. Loans
An analysis of the maturity of loans is given below:
Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 149,595 92,216 66,404 -
Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due between one and five years:
Bank loans 967,518 179,540 854,891 -
21. Obligations Under Finance Leases and Hire Purchase
Group
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
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22. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2023 2022 2023 2022
£ £ £ £
Other timing differences 726,901 363,894 294,413 -
23. Share Capital
2023 2022
Allotted, called up and fully paid £ £
10,000 Ordinary Shares of £ 1.00 each 10,000 10,000
24. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £210,322 (2022: £128,876).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
25. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Timothy Livesey (313,945 ) 904,626 - - 590,681
The above loan is unsecured, interest is being charged at 2.25% and repayable on demand.
26. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 110,690 79,119
27. Reserves
Group
Merger Reserve
The merger reserve is formed when subsidiaries are acquired into the group. It is the difference between the fair value of acquired subsidiaries and the nominal value of the shares issued on acquisition.
Profit and Loss Account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
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28. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
All key management personnel who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. Total remuneration in respect of these individuals during the period was £357,255 (2022: £125,034) for short-­term employment benefits and £262,127 (2022: £97,884) for post-employment benefits.
During the year amounts £590,681 (2022: £124,119) were repaid. The balance due to the director by the Company as at 31 October 2023 was £590,681 (2022: £313,946).
29. Controlling Parties
The company's ultimate controlling party is Mr T Livesey by virtue of their interest in the share capital of the company.
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