Company registration number 05286542 (England and Wales)
LIVECO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
LIVECO LIMITED
COMPANY INFORMATION
Directors
Mr G Vest
Mrs J Vest
Mr G Atkinson
Mr R Mearman
Secretary
Mr G Vest
Company number
05286542
Registered office
2 Henson Close
South Church Enterprise Park
Bishop Auckland
Co Durham
DL14 6WA
Auditor
Allen Sykes Audit Limited
5 Henson Close
South Church Enterprise Park
Bishop Auckland
Co Durham
DL14 6WA
LIVECO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 23
LIVECO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024. The company's principal activity continued to be that of the development of building projects.

Business Review & Key Performance Indicators

We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size, structure and operations of the business and is written in the context of the risks and uncertainties it faces.

 

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, those being turnover, gross margin and balance sheet strength as defined by the total of shareholders' funds.

 

Overall the directors remain satisfied with the level of turnover and profits generated by the company during the year. Turnover reduced during the year by 14.95% to £13,379,271 in the current year. Gross margins also returned to normal levels after an exceptional year in 2023 due to a few large contracts with a higher margin than would normally be obtained. This meant that gross profit decreased to £1,766,984 compared to £3,579,446 in the previous year.

 

The resultant profit after tax was £873,944 (2023 - £1,553,061) which increased shareholders' funds to £6,531,340 (2023 - £5,579,396).

 

Having traded for a number of years, the company now has a well established reputation and customer base and the company continues to trade profitably and has significant distributable reserves, which demonstrates the company's continued strength.

Business Risks

The company holds or issues financial instruments in order to achieve three main objectives, being:

 

(a) to finance its operations;

 

(b) to manage its exposure to interest risks arising from its operations and from its sources of finance; and

 

(c) for trading purposes.

 

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

 

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

 

Interest rate risk

 

The company had no financial instruments that are exposed to interest rate risk. The assets and liabilities of the company, investment properties and banking facilities, are not likely to be impacted on due to a change in interest rates imposed by the Bank of England in the foreseeable future.

 

Credit risk

 

The company monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to credit risk.The company expects to trade profitably again in the forthcoming year, however, as always the level of turnover will be dependent upon the availability of contracts.

Future Developments

The company expects to trade profitably again in the forthcoming year, however, as always the level of turnover will be dependent upon the availability of contracts.

LIVECO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

On behalf of the board

Mr G Vest
Director
19 August 2025
LIVECO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G Vest
Mrs J Vest
Mr G Atkinson
Mr R Mearman
Post reporting date events

On 20 December 2024 the company bought back 400 Ordinary shares of £1 each for £52,993.

On 23 December 2024 the company bought back 150 Ordinary A shares of £1 each for £18,224.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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:

 

 

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.

Strategic Report

The directors' performance review, assessment of risks and future developments of the company are included in the strategic report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

LIVECO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
On behalf of the board
Mr G Vest
Director
19 August 2025
LIVECO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIVECO LIMITED
- 5 -
Opinion

We have audited the financial statements of Liveco Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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

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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LIVECO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIVECO LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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 or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

LIVECO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIVECO LIMITED (CONTINUED)
- 7 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

LIVECO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIVECO LIMITED (CONTINUED)
- 8 -

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John P Yarrow FCA
Senior Statutory Auditor
For and on behalf of Allen Sykes Audit Limited
19 August 2025
Chartered Accountants
Statutory Auditor
5 Henson Close
South Church Enterprise Park
Bishop Auckland
Co Durham
DL14 6WA
LIVECO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
13,379,271
15,731,761
Cost of sales
(11,612,287)
(12,152,315)
Gross profit
1,766,984
3,579,446
Administrative expenses
(924,758)
(1,665,300)
Other operating income
44,675
49,442
Operating profit
4
886,901
1,963,588
Interest receivable and similar income
8
173,322
109,951
Change in fair value of investments
9
49,782
3,875
Profit before taxation
1,110,005
2,077,414
Tax on profit
10
(236,061)
(524,353)
Profit for the financial year
873,944
1,553,061

The income statement has been prepared on the basis that all operations are continuing operations.

LIVECO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
181,815
177,090
Investment property
12
362,000
335,000
Investments
13
2
2
543,817
512,092
Current assets
Debtors
15
2,956,730
2,292,056
Investments
16
2,416,915
2,306,813
Cash at bank and in hand
3,794,869
5,918,679
9,168,514
10,517,548
Creditors: amounts falling due within one year
17
(3,105,627)
(5,382,812)
Net current assets
6,062,887
5,134,736
Total assets less current liabilities
6,606,704
5,646,828
Provisions for liabilities
Deferred tax liability
18
75,364
67,432
(75,364)
(67,432)
Net assets
6,531,340
5,579,396
Capital and reserves
Called up share capital
20
12,050
11,400
Share premium account
77,350
-
0
Capital redemption reserve
8,600
8,600
Profit and loss reserves
21
6,433,340
5,559,396
Total equity
6,531,340
5,579,396

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 August 2025 and are signed on its behalf by:
Mr G Vest
Director
Company registration number 05286542 (England and Wales)
LIVECO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 2022
11,400
-
0
8,600
4,006,335
4,026,335
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
-
1,553,061
1,553,061
Balance at 30 November 2023
11,400
-
0
8,600
5,559,396
5,579,396
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
873,944
873,944
Issue of share capital
20
650
77,350
-
-
78,000
Balance at 30 November 2024
12,050
77,350
8,600
6,433,340
6,531,340
LIVECO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(1,395,043)
3,323,177
Income taxes paid
(827,500)
(188,013)
Net cash (outflow)/inflow from operating activities
(2,222,543)
3,135,164
Investing activities
Purchase of tangible fixed assets
(72,017)
(78,897)
Proceeds from disposal of tangible fixed assets
6,748
1,667
Interest received
173,322
109,951
Net cash generated from investing activities
108,053
32,721
Financing activities
Proceeds from issue of shares
78,000
-
0
Net cash generated from/(used in) financing activities
78,000
-
Net (decrease)/increase in cash and cash equivalents
(2,036,490)
3,167,885
Cash and cash equivalents at beginning of year
7,985,351
4,817,466
Cash and cash equivalents at end of year
5,948,861
7,985,351
Relating to:
Cash at bank and in hand
3,794,869
5,918,679
Short term deposits included in current asset investments
2,153,992
2,066,672
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
1
Accounting policies
Company information

Liveco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Henson Close, South Church Enterprise Park, Bishop Auckland, Co Durham, DL14 6WA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts as its only subsidiary is dormant and has never traded therefore is not required to be included in consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% reducing balance
Office equipment
33% straight line
Motor vehicles
33% reducing balance

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.

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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 current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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.

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.

 

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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16

Current asset investments

Current asset investments are measured at fair value with changes in fair value being recognised in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
13,379,271
15,731,761
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other revenue
Interest income
173,322
109,951
Grants received
16,109
18,681
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(16,109)
(18,681)
Depreciation of owned tangible fixed assets
64,355
50,244
Profit on disposal of tangible fixed assets
(3,811)
(1,467)
Operating lease charges
25,000
25,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,650
4,500
For other services
All other non-audit services
10,065
7,015
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
41
38

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,820,177
2,094,733
Social security costs
155,179
207,508
Pension costs
91,771
293,277
2,067,127
2,595,518
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
260,353
702,153
Company pension contributions to defined contribution schemes
61,878
261,931
322,231
964,084

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
51,085
393,635
Company pension contributions to defined contribution schemes
55,000
140,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
172,882
109,951
Other interest income
440
-
0
Total income
173,322
109,951
9
Change in fair value of investments
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
22,782
3,875
Other gains/(losses)
Changes in the fair value of investment properties
27,000
-
49,782
3,875
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
228,129
516,250
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
7,932
8,103
Total tax charge
236,061
524,353

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,110,005
2,077,414
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
277,501
478,013
Tax effect of expenses that are not deductible in determining taxable profit
13,755
45,656
Permanent capital allowances in excess of depreciation
-
0
1,556
Effect of revaluations of investments
(5,696)
(891)
Rounding
1
19
2023 Pension contributions taxable in 2024
(49,500)
-
0
Taxation charge for the year
236,061
524,353
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
11
Tangible fixed assets
Fixtures, fittings & equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
2,840
53,323
403,486
459,649
Additions
-
0
3,953
68,064
72,017
Disposals
-
0
-
0
(47,578)
(47,578)
At 30 November 2024
2,840
57,276
423,972
484,088
Depreciation and impairment
At 1 December 2023
2,787
42,444
237,328
282,559
Depreciation charged in the year
10
4,391
59,954
64,355
Eliminated in respect of disposals
-
0
-
0
(44,641)
(44,641)
At 30 November 2024
2,797
46,835
252,641
302,273
Carrying amount
At 30 November 2024
43
10,441
171,331
181,815
At 30 November 2023
53
10,879
166,158
177,090
12
Investment property
2024
£
Fair value
At 1 December 2023
335,000
Net gains or losses through fair value adjustments
27,000
At 30 November 2024
362,000

The investment properties were valued on the 30 November 2024 at the amounts shown above by the directors. The directors believe the amounts fairly reflect the current market value as they used commercially available market prices when assessing the current value.

 

13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
2
2
14
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
14
Subsidiaries
(Continued)
- 21 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Vest Construction Limited
2 Henson Close, South Church Enterprise Park, Bishop Auckland, County Durham, DL14 6WA
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Vest Construction Limited
2
-
0
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,591,974
1,962,741
Gross amounts owed by contract customers
238,315
298,619
Corporation tax recoverable
83,121
-
0
Other debtors
515
5
Prepayments and accrued income
42,805
30,691
2,956,730
2,292,056
16
Current asset investments
2024
2023
£
£
Other investments
2,416,915
2,306,813
17
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
52,356
-
0
Trade creditors
648,695
937,690
Corporation tax
-
0
516,250
Other taxation and social security
414,498
465,303
Other creditors
4,807
1,690
Accruals and deferred income
1,985,271
3,461,879
3,105,627
5,382,812
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
45,454
44,272
Tax losses
(467)
(467)
Revaluations
30,377
23,627
75,364
67,432
2024
Movements in the year:
£
Liability at 1 December 2023
67,432
Charge to profit or loss
7,932
Liability at 30 November 2024
75,364
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
91,771
293,277

The company operates several defined contribution pension schemes for qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds. There were contributions outstanding of £56,000 (2023: £199,000) at the year end in relation to those schemes.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,400
11,400
11,400
11,400
Ordinary A shares of £1 each
650
0
650
-
0
12,050
11,400
12,050
11,400

The Ordinary A shares carry the same rights as the Ordinary shares.

 

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
21
Profit and loss reserves

Included in the profit and loss account reserve is £121,507 (2023: £94,507) which is not distributable as it relates to the increase in fair value of investment property.

22
Events after the reporting date

On 20 December 2024 the company bought back 400 Ordinary shares of £1 each for £52,993.

On 23 December 2024 the company bought back 150 Ordinary A shares of £1 each for £18,224.

23
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
873,944
1,553,061
Adjustments for:
Taxation charged
236,061
524,353
Investment income
(173,322)
(109,951)
Gain on disposal of tangible fixed assets
(3,811)
(1,467)
Fair value gain on investment properties
(27,000)
-
0
Depreciation and impairment of tangible fixed assets
64,355
50,244
Other gains and losses
(22,782)
(3,875)
Movements in working capital:
Increase in debtors
(581,553)
(377,856)
(Decrease)/increase in creditors
(1,760,935)
1,688,668
Cash (absorbed by)/generated from operations
(1,395,043)
3,323,177
24
Analysis of changes in net funds
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash and cash equivalents
7,985,351
(2,036,490)
5,948,861
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