REGISTERED NUMBER: |
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 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: | 1 Wyder Court |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Chartered Accountants & Business Advisers |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
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 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,057,940 | 565,950 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
1,062,340 | 602,693 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
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 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 March 2024 |
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 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (102,572 | ) | (19,008 | ) |
Sale of tangible fixed assets |
Revaluation of Investments | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New HP in year | 475,294 | 277,196 |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 212,572 | 106,600 |
Amount withdrawn by directors | (277,066 | ) | (162,351 | ) |
Share issue |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
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 |
Depreciation charges |
Loss on disposal of fixed assets |
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 | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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 |
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 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
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: |
Period1.4.23 | Year Ended |
to 30.03.24 | 31.3.23 |
£ | £ |
Depreciation on assets held under Hire Purchase Agreements | 232,612 | 160,000 |
Depreciation on owned assets | 137,116 | 115,224 |
Loss on disposal of fixed assets | 182,573 |
Auditors Remuneration | 25,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.4.23 |
to | Year Ended |
30.3.24 | 31.3.23 |
£ | £ |
Hire purchase |
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 |
Over/under provn corp tax | - | (194,439 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
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 |
AMORTISATION |
At 1 April 2023 |
and 30 March 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 March 2024 |
NET BOOK VALUE |
At 30 March 2024 |
At 31 March 2023 |
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 |
Work-in-progress |
13. | DEBTORS |
30.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Retentions |
Other Debtors | 80,059 | - |
Directors' loan accounts | 198,248 | 200,000 |
Tax |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 648,319 | 819,851 |
Other creditors |
Sundry creditors | 9,449 | 8,380 |
Directors' loan accounts | 10,536 | 76,783 |
Accrued expenses |
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) |
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 |
Between one and five years |
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 |
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 |
Provided during period |
Balance at 30 March 2024 |
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: | £ | £ |
A Ordinary | £1 | 340,079 | 340,079 |
Ordinary B | £1 | 85,021 | 85,021 |
'C' ordinary | £1 | 1 | 1 |
'D' Ordinary | £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 | 2,030,307 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 30 March 2024 | 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 |
£ | £ |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
Balance outstanding at start of period | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
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 |
Balance outstanding at start of period | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
Balance outstanding at start of period | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
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. |