REGISTERED NUMBER: 06682631 (England and Wales)

LIVESEY CONTRACTING & MAINTENANCE

LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

R P Gray

A J Hughes

P James

P Livesey

A J W Rhodes

M Tomaszewski

REGISTERED OFFICE:

1 Wyder Court

Ribbleton

Preston

Lancashire

PR2 5BW

REGISTERED NUMBER:

06682631 (England and Wales)

AUDITORS:

Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

The directors present their strategic report for the year ended 30 March 2025.

Livesey Contracting & Maintenance Limited ("LCM Group") is a UK-based construction and property services business offering integrated design, build, and maintenance solutions across the public and private sectors. The company aims to deliver a "one-stop shop" for clients - while continuing to build on its core strengths in refurbishment and responsive maintenance.

The business has continued to strengthen its platform, focusing on management capability, systems integration, client diversification, and delivery at scale.

REVIEW OF BUSINESS

FY25 has been a record-breaking year for LCM Group, with the company achieving its highest-ever sales, alongside growth in profitability and service offering:

Key Financials

FY25

FY24

Turnover

£21.99 Million

£19.14 Million

Gross Profit Margin

22.2%

21.7%

Net Profit Margin

5.3%

5.3%

Profit before Tax

£1.16 Million

£1.02 Million

Net Assets

£3.11 Million

£2.77 Million

Staff Headcount

118

118

- Gross margin improved due to tighter purchasing controls and cost discipline.

- PBT increased 14%, demonstrating operational efficiency and scalability.

- Liquidity remains stable with positive cash and controlled liabilities.

PRINCIPAL RISKS AND UNCERTAINTIES

Category:

Risks:

Mitigating Actions:

External

- Economic uncertainty in construction

- Focus on resilient market sectors

- Labour and material inflation

- Expanded Purchasing team

Internal

- Operational complexity from service line expansion

- Use of external consultants

- IT transition challenges

- Ongoing staff training & process review

KEY PERFORMANCE INDICATORS (KPI'S)

KPI

FY25 Result

Revenue Growth

14.9%

Gross Profit Margin

22.2% (Up from 21.7%)

Net profit margin

5.3% (Up from 5.3%)

Profit before tax

£1,162,331 (Up 17%)

Order book growth

Positive - record post-year-end

Client diversification

Significant increase in FY25

Staff retention & inclusion

Improved through leadership focus

IT system integration status

Live; optimisation ongoing

STRATEGIC PRIORITIES (2025-2027)

A. Maximise Return on New Systems

Complete stabilisation of the integrated IT platform to unlock efficiency in scheduling, reporting, and customer management.

B. Grow Recurring Revenue

Expand long-term maintenance and service-level agreements to balance project-based income.

C. Strengthen Procurement & Supply Chain

Continue to mitigate inflation and supplier volatility through strategic sourcing and cost control.

D. Workforce Development

Invest in training, safety, and employee engagement to support growth and mitigate labour availability risk.

OUTLOOK

Looking ahead, the Board remains confident in LCM's position. The investments made during FY24 and delivered in FY25 - across management, systems, client relationships, and service breadth - have placed the company in a strong position for sustainable, profitable growth.

The company's "one-stop-shop" model, trusted delivery, and disciplined financial management continue to underpin its reputation and performance.

ON BEHALF OF THE BOARD:

P Livesey - Director

9 December 2025

The directors present their report with the financial statements of the company for the year ended 30 March 2025.

DIVIDENDS

The directors have declared dividends totalling £425,625 (2024: £368,803) during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 31 March 2024 to the date of this report.

R P Gray

A J Hughes

P James

P Livesey

A J W Rhodes

M Tomaszewski

Other changes in directors holding office are as follows:

K R Carey ceased to be a director after 30 March 2025 but prior to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE

Other

£243

Just Giving

£375

Tough Mudder

£698

Charity Conference

£2,484

Landaid Charitable Trust

£9,015

£12,815

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

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:

P Livesey - Director

9 December 2025

Qualified opinion

We have audited the financial statements of Livesey Contracting & Maintenance Limited (the 'company') for the year ended 30 March 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 March 2025 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 us at the previous period end of 30 March 2024 was limited, which resulted in the auditor's report in that period containing a qualified audit opinion. As a direct result of this, the opening balances must be qualified for the current year end to 30 March 2025.

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.

Emphasis of matter

We draw attention to Note 10 in the financial statements, which describes the process by which the property has been disposed of in the current year. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

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

-	adequate accounting records have not been kept, or 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; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 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 also addressed the risk of fraud through management override of controls by testing appropriate journal entries and other adjustments. 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.

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 FCA (Senior Statutory Auditor)

for and on behalf of Rushtons

Chartered Accountants

Statutory Auditors

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

9 December 2025

TURNOVER

3

21,985,634

19,139,924

Cost of sales

17,114,485

14,988,422

GROSS PROFIT

4,871,149

4,151,502

Administrative expenses

3,691,672

3,093,562

1,179,477

1,057,940

Other operating income

64,869

4,400

OPERATING PROFIT

5

1,244,346

1,062,340

Interest payable and similar expenses

6

82,015

45,259

PROFIT BEFORE TAXATION

1,162,331

1,017,081

Tax on profit

7

384,020

336,812

PROFIT FOR THE FINANCIAL YEAR

778,311

680,269

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,202,705

1,962,568

Investments

11

407,676

427,550

1,610,381

2,390,118

CURRENT ASSETS

Stocks

12

1,588,052

1,273,734

Debtors

13

4,250,346

3,032,131

Cash at bank

1,144,733

276,829

6,983,131

4,582,694

CREDITORS

Amounts falling due within one year

14

4,526,183

3,593,013

NET CURRENT ASSETS

2,456,948

989,681

TOTAL ASSETS LESS CURRENT LIABILITIES

4,067,329

3,379,799

CREDITORS

Amounts falling due after more than one year

15

(666,959

)

(374,788

)

PROVISIONS FOR LIABILITIES

18

(280,798

)

(238,125

)

NET ASSETS

3,119,572

2,766,886

CAPITAL AND RESERVES

Called up share capital

19

425,113

425,113

Capital redemption reserve

20

106,274

106,274

Retained earnings

20

2,588,185

2,235,499

3,119,572

2,766,886

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

P Livesey - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 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

Changes in equity

Dividends

-

(425,625

)

-

(425,625

)

Total comprehensive income

-

778,311

-

778,311

Balance at 30 March 2025

425,113

2,588,185

106,274

3,119,572

Cash flows from operating activities

Cash generated from operations

1

1,789,706

1,271,008

Interest paid

(20,415

)

-

Interest element of hire purchase payments paid

(61,600

)

(45,259

)

Tax paid

(244,028

)

(86,956

)

Net cash from operating activities

1,463,663

1,138,793

Cash flows from investing activities

Purchase of tangible fixed assets

(725,692

)

(659,642

)

Purchase of fixed asset investments

-

(102,572

)

Sale of tangible fixed assets

1,133,797

920

Sale of fixed asset investments

(88,626

)

-

-

(56,671

)

Net cash from investing activities

319,479

(817,965

)

Cash flows from financing activities

New loans in year

804,287

475,294

Capital repayments in year

(349,673

)

(283,549

)

Amount introduced by directors

216,304

1,752

Amount withdrawn by directors

(1,160,531

)

(66,354

)

Share issue

-

3

Equity dividends paid

(425,625

)

(368,803

)

Net cash from financing activities

(915,238

)

(241,657

)

Increase in cash and cash equivalents

867,904

79,171

Cash and cash equivalents at beginning of year

2

276,829

197,658

Cash and cash equivalents at end of year

2

1,144,733

276,829

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

Period

1.4.23

Year Ended

to

30.3.25

30.3.24

£

£

Profit before taxation

1,162,331

1,017,081

Depreciation charges

307,996

369,728

Loss on disposal of fixed assets

152,262

182,573

Loss on revaluation of fixed assets

-

56,673

Finance costs

82,015

45,259

1,704,604

1,671,314

(Increase)/decrease in stocks

(314,318

)

436,266

(Increase)/decrease in trade and other debtors

(164,578

)

1,185,709

Increase/(decrease) in trade and other creditors

563,998

(2,022,281

)

Cash generated from operations

1,789,706

1,271,008

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 March 2025

30.3.25

31.3.24

£

£

Cash and cash equivalents

1,144,733

276,829

Period ended 30 March 2024

30.3.24

1.4.23

£

£

Cash and cash equivalents

276,829

197,658

3.	ANALYSIS OF CHANGES IN NET DEBT

At 31.3.24

Cash flow

At 30.3.25

£

£

£

Net cash

Cash at bank

276,829

867,904

1,144,733

276,829

867,904

1,144,733

Debt

Finance leases

(637,167

)

(454,614

)

(1,091,781

)

(637,167

)

(454,614

)

(1,091,781

)

Total

(360,338

)

413,290

52,952

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 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary values 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Nil

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Freehold land and property

In the previous year, no depreciation had been provided on the freehold property, which was contrary to Companies Act. However, as can be seen in the tangible fixed assets note to the accounts, the freehold property has been disposed of in the current year.

The land and property had a historic cost of £874,943. It was estimated that the land would be worth at least £200,000 and if the property was depreciated over 40 years, the annual charge would be £16,873, which the directors considered immaterial in both years.

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 year 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 balance sheet date.