1.
General Information
Liforme Ltd.
is a private company, limited by shares, incorporated in England & Wales, registered number
6745690
. The registered office is Forum 2N, Centro Forum, 74-80 Camden Street, London, NW1 0EG.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has paid and the goods delivered.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets relate to website and data build costs. They are amortised to profit and loss account over their estimated economic life of 4 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
2.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Liforme Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
2.6.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Turnover
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Sales of Goods | 14,374,546 | 11,989,612 | |
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 18,655 | 29,299 | ||
Liforme Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
5.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Research and Development Costs |
|
|
|
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by Arthur Han Associates Ltd's auditors and their associates during the year was as follow
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
8.
Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2024: 20)
9.
Director's remuneration
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
Liforme Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
10.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| Other interest receivable | - | 3,917 | |
| 24,197 | 17,723 | ||
11.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Prior period adjustment |
|
( |
|||
|
|
|
||||
| Deferred Tax | |||||
| Changes in tax rates |
|
|
|||
| Origination and reversal of timing differences |
( |
|
|||
| (27,967) | 80,426 | ||||
| Total tax charge for the period |
|
|
|||
|
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Profit before tax | 1,887,879 | 1,578,410 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
( |
|
|||
| Research and Development tax credit |
( |
( |
|||
| Prior period adjustment |
|
( |
|||
| Difference in tax rates |
|
|
|||
| Total tax charge for the period | 455,256 | 371,893 | |||
Liforme Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
12.
Intangible Assets
| Other | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 April 2024 |
|
||
| Additions |
|
||
| As at 31 March 2025 |
|
||
| Amortisation | |||
| As at 1 April 2024 |
|
||
| Provided during the period |
|
||
| As at 31 March 2025 |
|
||
| Net Book Value | |||
| As at 31 March 2025 |
|
||
| As at 1 April 2024 |
|
||
13.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
14.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Finished goods & consumable items |
|
|
|
Liforme Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
15.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 540,022 | 795,014 | |
|
|
|
||
16.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 124,737 | 94,141 | |
| Corporation tax |
|
|
|
| Taxation and social security | 249,122 | 21,030 | |
| Accruals and deferred income | 429,262 | 527,316 | |
|
|
|
||
17.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 103,920 | 131,887 | |
19.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
| Final dividend paid |
|
|
|
| 1,612,500 | - | ||
Dividends of £1,612,500 were made of the following: (1) £812,500 which was the final dividend proposed by the company for the year ended 31 March 2024. This was declared by the company and approved by the board on 7 April 2024 and paid to the shareholders thereafter; and (2) an interim dividend of £800,000 declared by the company and approved by the board on 8 April 2024 and paid to the shareholders thereafter.
Liforme Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
20.
Post Balance Sheet Events
For the year ended 31 March 2025 a final dividend of £1,400,000 was proposed by the company after the year end. The dividend was approved by the board of directors on 16 April 2025 and paid to the shareholders thereafter. On this basis, we are adding this as a note as a non-adjusting event.
21.
Prior Period Adjustment
The shareholders funds brought forward from 2024 have been restated as the dividends of £1,612,500 relates to a final dividend from 31 March 2024 and interim dividend from 31 March 2025 that were actually non adjusting events in that year and have been restated in the accounts for the year ended 31 March 2025 and the comparatives. These were included in other creditors in 2024. See Dividend note for full details.
|
Shareholders Funds on filed accounts
|
31 March 2024
|
£2,837,830
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|
|
Adjustment of dividend timing as above
|
£1,612,500
|
|
|
Shareholders funds revised
|
31 March 2024
|
£4,450,330
|
The adjustment does not impact the taxable profit or taxation for the year ended 31 March 2024.