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Company No: 05768606 (England and Wales)

PHILIP LIVERTON LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PHILIP LIVERTON LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PHILIP LIVERTON LIMITED

BALANCE SHEET

As at 30 April 2024
PHILIP LIVERTON LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 15,000 22,500
Tangible assets 4 5,861,533 4,682,919
Investments 5 51 51
5,876,584 4,705,470
Current assets
Stocks 6 162,978 161,985
Debtors 7 451,811 475,995
Cash at bank and in hand 112,491 238,772
727,280 876,752
Creditors: amounts falling due within one year 8 ( 1,774,639) ( 1,072,622)
Net current liabilities (1,047,359) (195,870)
Total assets less current liabilities 4,829,225 4,509,600
Creditors: amounts falling due after more than one year 9 ( 1,398,939) ( 1,247,969)
Provision for liabilities 10 ( 639,827) ( 671,493)
Net assets 2,790,459 2,590,138
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,790,359 2,590,038
Total shareholders' funds 2,790,459 2,590,138

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Philip Liverton Limited (registered number: 05768606) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mrs B R Liverton
Director

31 January 2025

PHILIP LIVERTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PHILIP LIVERTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Philip Liverton Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 30 Harwich Road Ardleigh, Colchester, CO7 7LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Entitlements 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 20 years straight line
Leasehold improvements 20 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

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.

Basic financial assets
Basic financial assets, which include 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 27

3. Intangible assets

Goodwill Entitlements Total
£ £ £
Cost
At 01 May 2023 150,000 5,739 155,739
At 30 April 2024 150,000 5,739 155,739
Accumulated amortisation
At 01 May 2023 127,500 5,739 133,239
Charge for the financial year 7,500 0 7,500
At 30 April 2024 135,000 5,739 140,739
Net book value
At 30 April 2024 15,000 0 15,000
At 30 April 2023 22,500 0 22,500

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 May 2023 1,446,121 515,132 4,411,273 1,220,798 65,883 7,659,207
Additions 534,501 75,609 1,361,009 343,530 5,103 2,319,752
Disposals 0 0 ( 687,138) ( 105,200) 0 ( 792,338)
At 30 April 2024 1,980,622 590,741 5,085,144 1,459,128 70,986 9,186,621
Accumulated depreciation
At 01 May 2023 100,442 59,444 2,213,193 544,576 58,633 2,976,288
Charge for the financial year 10,581 26,643 680,180 190,407 4,674 912,485
Disposals 0 0 ( 494,297) ( 69,388) 0 ( 563,685)
At 30 April 2024 111,023 86,087 2,399,076 665,595 63,307 3,325,088
Net book value
At 30 April 2024 1,869,599 504,654 2,686,068 793,533 7,679 5,861,533
At 30 April 2023 1,345,679 455,688 2,198,080 676,222 7,250 4,682,919

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 May 2023 51 51
At 30 April 2024 51 51
Carrying value at 30 April 2024 51 51
Carrying value at 30 April 2023 51 51

6. Stocks

2024 2023
£ £
Finished goods 162,978 161,985

7. Debtors

2024 2023
£ £
Trade debtors 394,818 387,544
Prepayments 56,993 33,908
VAT recoverable 0 43,634
Other debtors 0 10,909
451,811 475,995

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 118,967 38,074
Trade creditors 230,289 367,498
Amounts owed to own subsidiaries 76,916 0
Amounts owed to directors 32,490 3,023
Accruals 37,347 7,800
Taxation and social security 161,943 18,660
Obligations under finance leases and hire purchase contracts 1,054,420 581,721
Other creditors 62,267 55,846
1,774,639 1,072,622

The bank loans and overdrafts are secured by fixed and floating charges over the company's assets. The fixed charges are over freehold property at Moat Farm, Framlingham, Whitehouse Farm, Ubbeston and 30 Harwich Road, Ardleigh.

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 808,046 582,733
Obligations under finance leases and hire purchase contracts 590,893 665,236
1,398,939 1,247,969

The bank loans and overdrafts are secured by fixed and floating charges over the company's assets. The fixed charges are over freehold property at Moat Farm, Framlingham, Whitehouse Farm, Ubbeston and 30 Harwich Road, Ardleigh.

Amounts owed in respect of hire purchase contracts are secured by charges over the respective assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 360,511 431,729

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 671,493) ( 388,100)
Credited/(charged) to the Profit and Loss Account 31,666 ( 283,393)
At the end of financial year ( 639,827) ( 671,493)

11. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 0 800
2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 800