Jim Livesey & Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Meadowside Avenue
Clayton le Moors
Accrington
BB5 5XF

These financial statements were authorised for issue by the Board on 9 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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" Section 1A for small entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
(a) The amount of revenue can be reliably measured;
(b) it is probable that future economic benefits will flow to the entity; and
(c) specific criteria have been met for each of the company's activities.

Jim Livesey & Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2025 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	15% reducing balance
Computer equipment	33% straight line

Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Jim Livesey & Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2025 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Jim Livesey & Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2025 (continued)

4	Tangible assets

	Computer & Office Equipment  £	Total £
Cost or valuation
At 1 June 2024	5,325	5,325
Additions	635	635
At 31 May 2025	5,960	5,960
Depreciation
At 1 June 2024	4,112	4,112
Charge for the year	562	562
At 31 May 2025	4,674	4,674
Carrying amount
At 31 May 2025	1,286	1,286
At 31 May 2024	1,213	1,213

5

Debtors

Current	2025 £	2024 £
Prepayments	1,197	1,360
Other debtors	193	-
	1,390	1,360

Jim Livesey & Associates Limited

Notes to the Financial Statements for the Year Ended 31 May 2025 (continued)

6

Creditors

Creditors: amounts falling due within one year

	Note	2025  £	2024  £
Trade creditors		193	530
Other taxation and social security		2,504	28,707
Other payables		22,865	22,599
Accruals and deferred income		-	629
		25,562	52,465