IRIS Accounts Production v24.3.2.46 06682631 Board of Directors 1.4.23 30.3.24 30.3.24 Medium entities true false true true false false false true false Auditors Opinion These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. A Ordinary 1.00000 Ordinary B 1.00000 'C' ordinary 1.00000 'D' Ordinary 1.00000 E Ordinary 1.00000 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REGISTERED NUMBER: 06682631 (England and Wales)























Strategic Report, Report of the Directors and

Audited Financial Statements

for the Period 1 April 2023 to 30 March 2024

for

Livesey Contracting & Maintenance
Limited

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Contents of the Financial Statements
for the Period 1 April 2023 to 30 March 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


Livesey Contracting & Maintenance
Limited

Company Information
for the Period 1 April 2023 to 30 March 2024







DIRECTORS: Mr A J W Rhodes
Mr P Livesey
Mr R Gray
Mr P James
Mrs A J Hughes
Mr M Tomaszewski
Mr K R Carey BA (Hons) ACA





REGISTERED OFFICE: 1 Wyder Court
Ribbleton
Preston
Lancashire
PR2 5BW





REGISTERED NUMBER: 06682631 (England and Wales)





AUDITORS: Rushtons
Chartered Accountants & Business Advisers
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Strategic Report
for the Period 1 April 2023 to 30 March 2024


The directors present their strategic report for the period 1 April 2023 to 30 March 2024.

REVIEW OF BUSINESS
The business has had a stable year in terms of growth and although the Sales have not significantly grown this year a lot of ground work for the future has been and is being put in place.

Several projects have been undertaken that would in the past have not been possible. New customers and existing customers requesting quotation and tenders for larger construction work has been a good sign for the future.

The company has strengthened its management team which has helped with staff inclusion. Additional help from specialist outside consultants on areas not yet covered internally has been necessary.

The biggest internal project this year was the transfer of computer systems - although this has caused a number of issues both internally and externally it was necessary in light of the potential future work that was in the pipe line for 24/25.

The number and variety of customers has increased, and the type of work done for these clients has increased. The type of work we can currently provide has increased to include fire and security, CCTV and high level access etc.

The company is aiming to be a "one stop shop" for our customers, including design & build and maintenance of buildings.


Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Strategic Report
for the Period 1 April 2023 to 30 March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
External Risks

The ongoing risk in the Construction Sector is the uncertainty around the larger construction economic position. The lack of staff available at certain times combined with price increases on material and labour cost is a concern.

Price increases in materials and labour has resulted in increased costs, in order to maintain being competitive the Purchasing Department has been increased. This has helped maintain a reasonable gross profit margin.

In order to mitigate the general construction sector risk, the company has significantly increased the customer base. With new customers being added every month.

We are also predominately involved in market sectors that up to date are less affected by the potential "recession" that may or may not happen. The Board have made operational decisions that are to help future proof the business.

The continued opportunity to take on good quality customers who appreciate the "one stop shop" approach and service levels has so far resulted in a good level of work post year end.

Another area of risk externally is the availability of vans for the business, as a result of this difficulty the company has had to get vans required when available rather than following a capital expenditure plan. As a result the motor expenses have increased with the slightly older van fleet. The purchasing team are looking to go back to the capital expenditure plan as soon as the van market becomes less volatile.

Internal Risks

The internal risks include the integrated computer system, and setting up the overall system of customer management, this has for many years not been as integrated as expected. The board have taken steps in 2023/2024 to look at potential solutions to the problem. We have invested into a new integrated computer system. It was expected to be introduced in April 2024, this was however delayed until October 2024. The new integrated system has caused a lot of internal problems and is still being reviewed and improved. A specialist consultant has been used in order to improve the transition.

KEY PERFORMANCE INDICATORS
The principle Key Performance Indicators are


Growth in Year - Nil
Growth in Repairs & Maintenance was 12%. (although growth in contract work was negative - this was due to 1 large contract undertaken last year)
Gross Profit Margin - 21.7% (2023 - 20.5%)
Net Profit Margin was 3.6% compared to 3.6% last year
Profit Before Tax grew from £590,844 to £1,017,081.

The company has continued to grow in all areas in 2024/25 with our two largest quarters for sales in the history of the company.

ON BEHALF OF THE BOARD:





Mr P Livesey - Director


26 February 2025

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Report of the Directors
for the Period 1 April 2023 to 30 March 2024


The directors present their report with the financial statements of the company for the period 1 April 2023 to 30 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of construction including - building and property maintenance.

DIVIDENDS
The total distribution of dividends for the period ended 30 March 2024 will be £ 368,803 .

RESEARCH AND DEVELOPMENT
Although R & D accrued in 2022, no such claim was made for 2023 and 2024.
This is being reviewed by the Directors with the guidance of a specialist R&D company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr A J W Rhodes
Mr P Livesey
Mr R Gray
Mr P James
Mrs A J Hughes
Mr M Tomaszewski
Mr K R Carey BA (Hons) ACA

Other changes in directors holding office are as follows:

Mr S Topping - resigned 10 November 2023

POLITICAL & CHARITABLE DONATIONS AND EXPENDITURE
The company has made a number of charitable donations to help support charity work being undertaken at both local and national charities.
Donations in the year - 2024 - £10,386 (2023-£12,756)

The company will continue to support charities both locally and nationally in the forthcoming year.

The company has made no political donations.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Report of the Directors
for the Period 1 April 2023 to 30 March 2024

DIRECTORS' RESPONSIBILITIES STATEMENT - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Rushtons, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P Livesey - Director


26 February 2025

Report of the Independent Auditors to the Members of
Livesey Contracting & Maintenance
Limited


Qualified Opinion
We have audited the financial statements of Livesey Contracting & Maintenance Limited (the 'company') for the period ended 30 March 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 March 2024, and of its profit 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 qualified opinion
The evidence available to retrospectively audit the material balances from the comparative period was limited. As a consequence it was not possible for us to perform the audit procedures necessary to obtain sufficient appropriate evidence as regard to the opening balances. Any adjustments to these figures would have a consequential effect on the profit for the period ended 30 March 2024.

In order to reconcile the 30 March 2024 balances, the client had to post journals to the profit and loss in relation to debtor balances totalling £557,135, creditor balances totalling £984,789 and unknown differences on the main bank account totalling £261,489. The net impact of these journals was a £166,166 decrease to profit in this financial year. This may have related to several previous accounting periods. As explained above, we were unable to obtain sufficient appropriate evidence as regards to these journals.

The company has since moved to a new accounting system to improve the reconciling of these balances going forward.

We have also been unable to obtain sufficient appropriate evidence in the following areas:
We were unable to test in detail the work in progress amount of £1,256,371 due to inaccurate reports that were provided around the year end. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

We were unable to verify for certain the ownership of the freehold property of £875,000. See Note 10 in the financial statements for further information. We can therefore not be certain around the ownership of this property in the company at 30 March 2024 and are unable to determine whether any adjustment to this amount was necessary.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified opinion.

Report of the Independent Auditors to the Members of
Livesey Contracting & Maintenance
Limited


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 company's ability to continue as a going concern for a period of at least twelve 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
As described in the basis for the qualified opinion section of our report, we were unable to satisfy ourselves concerning the opening balances of the company, which may have an impact of the financial information detailed in the Strategic Report.

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.

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 course of 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.

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
Arising from the limitation on the scope of our work relating to opening balances and write offs to balance sheet items referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made.

Report of the Independent Auditors to the Members of
Livesey Contracting & Maintenance
Limited


Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 4, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered a number of issues, such as the nature of the company's industry, their control environment and business performance. We also discussed amongst our engagement team how and where fraud might occur and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in and focussed our attention on any laws and regulations which might be considered as "showstoppers". We also looked at internal controls in place at the company, established to mitigate risks related to fraud or non-compliance with laws and regulations.

In response to other identified risks, we reviewed the financial statement disclosures, we made enquiries of the company as to potential litigation and claims, we performed analytical procedures to look for unusual trends or unexpected relationships and we read any available meeting minutes.

We attempted to address the risk of fraud through management override of controls by testing appropriate journal entries and other adjustments. However this was not something the client was able to provide to us and forms part of our qualification. We also assessed accounting estimates and considered any significant transactions that might be considered unusual in the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Livesey Contracting & Maintenance
Limited


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 we are required to state to them in a Report of the Auditors 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.




Adam Calvert ACA (Senior Statutory Auditor)
for and on behalf of Rushtons
Chartered Accountants & Business Advisers
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB

26 February 2025

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Income Statement
for the Period 1 April 2023 to 30 March 2024

Period
1.4.23
to Year Ended
30.3.24 31.3.23
Notes £    £   

TURNOVER 3 19,139,924 18,686,652

Cost of sales 14,988,422 14,852,659
GROSS PROFIT 4,151,502 3,833,993

Administrative expenses 3,093,562 3,268,043
1,057,940 565,950

Other operating income 4,400 36,048
OPERATING PROFIT 5 1,062,340 601,998

Interest receivable and similar income - 695
1,062,340 602,693

Interest payable and similar expenses 6 45,259 11,849
PROFIT BEFORE TAXATION 1,017,081 590,844

Tax on profit 7 336,812 (95,463 )
PROFIT FOR THE FINANCIAL PERIOD 680,269 686,307

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Other Comprehensive Income
for the Period 1 April 2023 to 30 March 2024

Period
1.4.23
to Year Ended
30.3.24 31.3.23
Notes £    £   

PROFIT FOR THE PERIOD 680,269 686,307


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

680,269

686,307

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Statement of Financial Position
30 March 2024

30.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,962,568 1,856,150
Investments 11 427,550 324,978
2,390,118 2,181,128

CURRENT ASSETS
Stocks 12 1,273,734 1,710,000
Debtors 13 3,032,131 4,219,592
Cash at bank and in hand 276,829 197,658
4,582,694 6,127,250
CREDITORS
Amounts falling due within one year 14 3,593,013 5,468,382
NET CURRENT ASSETS 989,681 658,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,379,799

2,839,996

CREDITORS
Amounts falling due after more than one
year

15

(374,788

)

(226,225

)

PROVISIONS FOR LIABILITIES 18 (238,125 ) (158,354 )
NET ASSETS 2,766,886 2,455,417

CAPITAL AND RESERVES
Called up share capital 19 425,113 425,110
Capital redemption reserve 20 106,274 106,274
Retained earnings 20 2,235,499 1,924,033
SHAREHOLDERS' FUNDS 2,766,886 2,455,417

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





Mr P Livesey - Director


Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Statement of Changes in Equity
for the Period 1 April 2023 to 30 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 425,102 1,549,051 106,274 2,080,427

Changes in equity
Issue of share capital 8 - - 8
Dividends - (311,325 ) - (311,325 )
Total comprehensive income - 686,307 - 686,307
Balance at 31 March 2023 425,110 1,924,033 106,274 2,455,417

Changes in equity
Issue of share capital 3 - - 3
Dividends - (368,803 ) - (368,803 )
Total comprehensive income - 680,269 - 680,269
Balance at 30 March 2024 425,113 2,235,499 106,274 2,766,886

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Statement of Cash Flows
for the Period 1 April 2023 to 30 March 2024

Period
1.4.23
to Year Ended
30.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,270,901 450,647
Interest element of hire purchase
payments paid

(45,259

)

(11,849

)
Tax paid (86,956 ) 100,997
Net cash from operating activities 1,138,686 539,795

Cash flows from investing activities
Purchase of tangible fixed assets (659,642 ) (509,010 )
Purchase of fixed asset investments (102,572 ) (19,008 )
Sale of tangible fixed assets 920 -
Revaluation of Investments (56,671 ) -
Interest received - 695
Net cash from investing activities (817,965 ) (527,323 )

Cash flows from financing activities
New HP in year 475,294 277,196
Capital repayments in year (283,550 ) (258,091 )
Amount introduced by directors 212,572 106,600
Amount withdrawn by directors (277,066 ) (162,351 )
Share issue 3 8
Equity dividends paid (368,803 ) (311,325 )
Net cash from financing activities (241,550 ) (347,963 )

Increase/(decrease) in cash and cash equivalents 79,171 (335,491 )
Cash and cash equivalents at
beginning of period

2

197,658

533,149

Cash and cash equivalents at end of
period

2

276,829

197,658

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Statement of Cash Flows
for the Period 1 April 2023 to 30 March 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Profit before taxation 1,017,081 590,844
Depreciation charges 369,728 275,223
Loss on disposal of fixed assets 182,573 -
Loss on revaluation of fixed assets 56,673 -
Finance costs 45,259 11,849
Finance income - (695 )
1,671,314 877,221
Decrease/(increase) in stocks 436,266 (558,000 )
Decrease/(increase) in trade and other debtors 1,185,709 (1,280,305 )
(Decrease)/increase in trade and other creditors (2,022,388 ) 1,411,731
Cash generated from operations 1,270,901 450,647

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 30 March 2024
30.3.24 1.4.23
£    £   
Cash and cash equivalents 276,829 197,658
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 197,658 533,149


Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Statement of Cash Flows
for the Period 1 April 2023 to 30 March 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 30.3.24
£    £    £   
Net cash
Cash at bank and in hand 197,658 79,171 276,829
197,658 79,171 276,829
Debt
Finance leases (445,423 ) (191,744 ) (637,167 )
(445,423 ) (191,744 ) (637,167 )
Total (247,765 ) (112,573 ) (360,338 )

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements
for the Period 1 April 2023 to 30 March 2024


1. STATUTORY INFORMATION

Livesey Contracting & Maintenance 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

Basis of preparation - going concern
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These accounts are prepared for the company as an individual company, not as a group.

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 £.

Going concern
The financial statements have been prepared on a going concern basis. The directors are of the opinion that the company will continue its business in the foreseeable future. Comment has been made within the strategic report regarding the results for the year.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.

In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred on respect of the transaction can be measured reliably.

Goodwill
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life of 10 years.

Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property - Nil depreciation
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Freehold land & property
No depreciation has been provided on the business property.
This is contrary to the Companies Act, the Directors believe that the property value far exceeds the value in the Financial Statements. With the improvements in the property and the maintenance done to the building that depreciation would not give a true and fair view of the asset value.
The property has a historic cost of £874,943 - it is estimated that the land would be worth at least £200,000 and if the Property was depreciated over 40 years the charge would be £16,873, and the Directors consider that the cost is immaterial.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


2. ACCOUNTING POLICIES - continued

Fixed asset investments
Fixed Asset Investments are shown at Valuation or cost with any change in value being written off to the Profit and Loss Account.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Contract Sales 10,579,676 11,050,187
Maintenance Sales 8,560,248 7,636,465
19,139,924 18,686,652

4. EMPLOYEES AND DIRECTORS
Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Wages and salaries 4,277,956 3,448,090
Social security costs 11,797 16,262
Other pension costs 48,336 194,215
4,338,089 3,658,567

The average number of employees during the period was as follows:
Period
1.4.23
to Year Ended
30.3.24 31.3.23

Administration & Office 49 42
Other - Non Office Staff 69 50
118 92

Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Directors' remuneration 169,113 184,172

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


4. EMPLOYEES AND DIRECTORS - continued

Highest Paid Director

The highest paid Director received emoluments of £34,281 (2023 £41,000).

Pension Contributions
The company operates an Auto Enrolment pension and any Director can take part in this, they are treated as with any normal employee and the contributions paid on behalf of the Directors are included within the Profit & Loss Account along with all the other employees.

Retirement Benefits
No Director is in receipt of separate Retirement Benefits.

5. OPERATING PROFIT

The Operating profit is stated after charging:


Period1.4.23Year Ended
to 30.03.2431.3.23
££
Depreciation on assets held under Hire Purchase Agreements232,612160,000
Depreciation on owned assets137,116115,224
Loss on disposal of fixed assets182,573
Auditors Remuneration25,000


6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Hire purchase 45,259 11,849

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the period was as follows:
Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 257,041 52,764
Over/under provn corp tax - (194,439 )
Total current tax 257,041 (141,675 )

Deferred tax 79,771 46,212
Tax on profit 336,812 (95,463 )

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.23
to Year Ended
30.3.24 31.3.23
£    £   
Profit before tax 1,017,081 590,844
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

254,270

112,260

Effects of:
Expenses not deductible for tax purposes 16,461 12,641
Capital allowances in excess of depreciation (28,802 ) (72,138 )
Adjustments to tax charge in respect of previous periods 15,112 -
Deferred Tax 79,771 46,213
Research & Development Tax Credit Refund - (194,439 )
Total tax charge/(credit) 336,812 (95,463 )

8. DIVIDENDS

Dividends Paid 2024 2023
£ £
Total Paid to Directors £288,793 £272,525

Non Directors £80,010 £38,800

Total Paid £368,803 £311,325

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 30 March 2024 75,000
AMORTISATION
At 1 April 2023
and 30 March 2024 75,000
NET BOOK VALUE
At 30 March 2024 -
At 31 March 2023 -

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 874,943 346,529 200,083 1,581,628 3,003,183
Additions - 22,085 9,519 628,038 659,642
Disposals - (145,179 ) (132,554 ) (667,921 ) (945,654 )
At 30 March 2024 874,943 223,435 77,048 1,541,745 2,717,171
DEPRECIATION
At 1 April 2023 - 71,945 162,583 912,505 1,147,033
Charge for period - 36,863 41,921 290,947 369,731
Eliminated on disposal - (66,327 ) (132,554 ) (563,280 ) (762,161 )
At 30 March 2024 - 42,481 71,950 640,172 754,603
NET BOOK VALUE
At 30 March 2024 874,943 180,954 5,098 901,573 1,962,568
At 31 March 2023 874,943 274,584 37,500 669,123 1,856,150

The freehold property was acquired and is in the name of the Managing Director. The Managing Director holds the property in a Trust Deed on behalf of the company. This Trust deed has not been filed at Land Registry.See further reference to this in the auditors report.

11. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
30.3.24 31.3.23
£    £   
Investments 427,550 324,978

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


12. STOCKS
30.3.24 31.3.23
£    £   
Stocks 17,363 -
Work-in-progress 1,256,371 1,710,000
1,273,734 1,710,000

13. DEBTORS
30.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 2,352,834 3,573,686
Retentions 182,369 342,322
Other Debtors 80,059 -
Directors' loan accounts 198,248 200,000
Tax 49,532 49,532
Prepayments 126,875 54,042
2,989,917 4,219,582

Amounts falling due after more than one year:
Other debtors 42,214 10

Aggregate amounts 3,032,131 4,219,592

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.24 31.3.23
£    £   
Hire purchase contracts (see note 16) 262,379 219,198
Trade creditors 1,674,193 1,750,351
Tax 257,041 86,956
Social security and other taxes 134,788 100,664
VAT 648,319 819,851
Other creditors 571,308 2,366,199
Sundry creditors 9,449 8,380
Directors' loan accounts 10,536 76,783
Accrued expenses 25,000 40,000
3,593,013 5,468,382

The company has in place an invoice financing facility and the balance at the end of the period was £570,310 (2023: £2,366,199) disclosed under creditors falling due within one year. They are secured by fixed and floating charges containing a negative pledge and covers all the property or undertaking of the company.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.3.24 31.3.23
£    £   
Hire purchase contracts (see note 16) 374,788 226,225

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 262,379 219,198
Between one and five years 374,788 226,225
637,167 445,423

17. SECURED DEBTS

The following secured debts are included within creditors:

30.3.24 31.3.23
£    £   
Hire purchase contracts 637,167 445,423
Finance Agreement 570,310 2,336,199
1,207,477 2,781,622

The Finance Company has a fixed and floating charges against all the assets of the company. The finance agreement also has a Personal Guarantee from Mr Paul Livesey
Any debts uncollected after 90 days are passed back to the company for collection.

18. PROVISIONS FOR LIABILITIES
30.3.24 31.3.23
£    £   
Deferred tax 238,125 158,354

Deferred
tax
£   
Balance at 1 April 2023 158,354
Provided during period 79,771
Balance at 30 March 2024 238,125

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.3.24 31.3.23
value: £    £   
340,079 A Ordinary £1 340,079 340,079
85,021 Ordinary B £1 85,021 85,021
1 'C' ordinary £1 1 1
1 'D' Ordinary £1 1 1
1 E Ordinary £1 1 1
1 F Ordinary £1 1 1
1 G Ordinary £1 1 1
1 H Ordinary £1 1 1
1 I Ordinary £1 1 1
1 J Ordinary £1 1 1
1 K Ordinary £1 1 1
1 L Ordinary £1 1 1
1 M Ordinary £1 1 -
1 N Ordinary £1 1 -
1 O Ordinary £1 1 -
425,113 425,110

The following shares were issued during the period for cash at par :

1 M Ordinary share of £1
1 N Ordinary share of £1
1 O Ordinary share of £1

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 1,924,033 106,274 2,030,307
Profit for the period 680,269 680,269
Dividends (368,803 ) (368,803 )
At 30 March 2024 2,235,499 106,274 2,341,773

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 March 2024 and the year ended 31 March 2023:

30.3.24 31.3.23
£    £   
Mr A J W Rhodes
Balance outstanding at start of period (68,225 ) (23,225 )
Amounts advanced 168,833 -
Amounts repaid (101,750 ) (45,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (1,142 ) (68,225 )

Mr P Livesey
Balance outstanding at start of period 200,000 98,691
Amounts advanced 77,082 156,309
Amounts repaid (78,834 ) (55,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 198,248 200,000

Mr R Gray
Balance outstanding at start of period (277 ) (2,200 )
Amounts advanced 18,097 23,923
Amounts repaid (20,000 ) (22,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (2,180 ) (277 )

Mr P James
Balance outstanding at start of period (2,677 ) (4,000 )
Amounts advanced 4,446 3,123
Amounts repaid (4,000 ) (1,800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (2,231 ) (2,677 )

Mrs A J Hughes
Balance outstanding at start of period (1,017 ) (1,800 )
Amounts advanced 2,021 2,583
Amounts repaid (3,000 ) (1,800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (1,996 ) (1,017 )

Livesey Contracting & Maintenance
Limited (Registered number: 06682631)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 30 March 2024


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr S Topping
Balance outstanding at start of period (1,500 ) -
Amounts advanced 2,793 -
Amounts repaid (1,400 ) (1,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (107 ) (1,500 )

Mr M Tomaszewski
Balance outstanding at start of period (3,087 ) -
Amounts advanced 2,207 -
Amounts repaid (2,000 ) (3,087 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (2,880 ) (3,087 )

All Directors loans are interest free and repayable on demand.

22. RELATED PARTY DISCLOSURES

During the period, total dividends of £288,793 were paid to the directors .

Mr Kevin Carey the Part Time Finance Director is also a Director of McDade Roberts Chartered Accountants. During the year the company paid McDade Roberts Accountants Limited £56,000 with the amount owing as at 31st March 2024 £3,600 (as at 31/03/2023 £nil) These fees are included within Professional fees)

Invoice finance facility Personal Guarantee
The invoice finance facility has a personal guarantee from Mr Paul Livesey the Managing Director. The maximum guarantee is £1.8m.

23. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P Livesey.