Registration number:
Prepared for the registrar
for the
Year Ended 30 September 2024
IT Services Livonia Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
IT Services Livonia Limited
Company Information
Directors |
E Bullard G Russell A Hajialexandrou |
Registered office |
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Auditors |
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IT Services Livonia Limited
(Registration number: 07819576)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
603,175 |
603,175 |
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Share premium reserve |
177,381 |
177,381 |
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Capital redemption reserve |
8,522 |
8,522 |
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Retained earnings |
3,770,002 |
3,793,293 |
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Shareholders' funds |
4,559,080 |
4,582,371 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
IT Services Livonia Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The company has adopted Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', taking advantage of the small company exemptions to produce reduced disclosure accounts under section 1A of FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Group accounts not prepared
Going concern
The directors have prepared forecasts for the next 12 months and beyond. After reviewing those forecasts and projections, the directors have a reasonable expectation that the Company has access to adequate resources via its subsidiary to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
No significant judgements or key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
IT Services Livonia Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
2 |
Accounting policies (continued) |
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Share based payments
The group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as a expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
IT Services Livonia Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
2 |
Accounting policies (continued) |
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 October 2023 and at 30 September 2024 |
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Provision for impairment |
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At 1 October 2023 and at 30 September 2024 |
( |
Carrying amount |
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At 1 October 2023 and at 30 September 2024 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
IT Services Livonia Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
4 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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England and Wales |
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Subsidiary undertakings |
Wavex Technology Limited The principal activity of Wavex Technology Limited is |
Creditors |
2024 |
2023 |
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Due within one year |
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Amounts due to related parties |
2,450,671 |
2,427,381 |
Accrued expenses |
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Other creditors |
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Reserves |
Called up share capital
Called up share capital is made up of shares which have been issued and fully paid.
Share premium reserve
The share premium reserve is made up of the excess paid on the nominal value of shares.
Capital redemption reserve
The capital redemption reserve is made up of the redemption or purchase of a company's own shares.
Profit and loss account
Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary 'A' shares of £0.10 each |
1,750,000 |
175,000.00 |
1,750,000 |
175,000.00 |
Ordinary 'B' shares of £0.10 each |
3,887,573 |
388,757.30 |
3,887,573 |
388,757.30 |
Ordinary 'C' shares of £0.10 each |
394,181 |
39,418.10 |
394,181 |
39,418.10 |
6,031,754 |
603,175 |
6,031,754 |
603,175 |
The classes of share referred to above carry separate rights to dividends but in all other respects rank pari passu.
IT Services Livonia Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Share Based Payments |
Effects of share-based payments on the profit or loss and financial position
No expense has been recognised in the profit and loss for the year or liability arising from share based payments included on the balance sheet on the basis that neither are considered material to the results for they year or financial position at the year end.
Related party transactions |
Summary of transactions with other related parties
Included within creditors is a loan of £2,450,671 (2023 - £2,427,381) from Wavex Technology Limited, a subsidiary company. The loan is interest free and is repayable on demand.
Parent and ultimate parent undertaking |
The company is controlled by G Russell.
Audit report |