Company registration number 05286542 (England and Wales)
LIVECO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
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
Directors' responsibilities statement
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 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025. 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 16.52% to £11,168,483 in the current year. However gross margins increased due to a few large contracts with a higher margin than would normally be obtained. This meant that gross profit increased to £2,318,813 compared to £1,766,984 in the previous year.

The resultant profit after tax was £1,107,023 (2024 - £873,944) which increased shareholders' funds to £7,567,145 (2024 - £6,531,340).

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 2025
- 2 -

On behalf of the board

Mr G Vest
Director
14 May 2026
LIVECO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

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
Acquisition of own shares

During the year the company bought back 400 Ordinary shares and 150 Ordinary A shares for £52,993 & £18,224 respectively.

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.

On behalf of the board
Mr G Vest
Director
14 May 2026
LIVECO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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.

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 2025 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:

- give a true and fair view of the state of the company's affairs as at 30 November 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 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:

- the information given in the strategic report and the directors' r eport 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.

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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

- 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 directors' r esponsibilities s tatement, 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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind any identified significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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, Statutory Auditor
Chartered Accountants
5 Henson Close
South Church Enterprise Park
Bishop Auckland
Co Durham
DL14 6WA
14 May 2026
LIVECO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
11,168,483
13,379,271
Cost of sales
(8,849,670)
(11,612,287)
Gross profit
2,318,813
1,766,984
Administrative expenses
(1,117,518)
(924,758)
Other operating income
48,070
44,675
Operating profit
4
1,249,365
886,901
Interest receivable and similar income
8
175,741
173,322
Interest payable and similar expenses
9
(21)
-
0
Change in fair value of investments
10
24,459
49,782
Profit before taxation
1,449,544
1,110,005
Tax on profit
11
(342,521)
(236,061)
Profit for the financial year
1,107,023
873,944

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 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
121,295
181,815
Investment property
13
362,000
362,000
Investments
14
2
2
483,297
543,817
Current assets
Debtors
16
1,240,401
2,956,730
Investments
17
3,644,940
2,416,915
Cash at bank and in hand
5,303,589
3,794,869
10,188,930
9,168,514
Creditors: amounts falling due within one year
18
(3,044,848)
(3,105,627)
Net current assets
7,144,082
6,062,887
Total assets less current liabilities
7,627,379
6,606,704
Provisions for liabilities
Deferred tax liability
19
60,234
75,364
(60,234)
(75,364)
Net assets
7,567,145
6,531,340
Capital and reserves
Called up share capital
21
11,500
12,050
Share premium account
77,350
77,350
Capital redemption reserve
9,150
8,600
Profit and loss reserves
22
7,469,145
6,433,340
Total equity
7,567,145
6,531,340

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 14 May 2026 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 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 December 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
21
650
77,350
-
-
78,000
Balance at 30 November 2024
12,050
77,350
8,600
6,433,340
6,531,340
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
-
1,107,023
1,107,023
Own shares acquired
-
-
-
(71,218)
(71,218)
Redemption of shares
21
(550)
-
0
550
-
0
-
0
Balance at 30 November 2025
11,500
77,350
9,150
7,469,145
7,567,145
LIVECO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
2,775,111
(1,395,043)
Interest paid
(21)
-
0
Income taxes paid
(166,284)
(827,500)
Net cash inflow/(outflow) from operating activities
2,608,806
(2,222,543)
Investing activities
Purchase of tangible fixed assets
(1,543)
(72,017)
Proceeds from disposal of tangible fixed assets
500
6,748
Interest received
175,741
173,322
Net cash generated from investing activities
174,698
108,053
Financing activities
Proceeds from issue of shares
-
0
78,000
Purchase of ordinary shares
(71,218)
-
0
Net cash (used in)/generated from financing activities
(71,218)
78,000
Net increase/(decrease) in cash and cash equivalents
2,712,286
(2,036,490)
Cash and cash equivalents at beginning of year
5,948,861
7,985,351
Cash and cash equivalents at end of year
8,661,147
5,948,861
Relating to:
Cash at bank and in hand
5,303,589
3,794,869
Short term deposits included in current asset investments
3,357,558
2,153,992
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 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 a mounts 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

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he 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 are recover able.

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 2025
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 a t 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 2025
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 paymen ts 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. A m ounts 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 2025
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
As lessee

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 lease s asset are consumed.

As lessor

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 receive d 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.

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
11,168,483
13,379,271
2025
2024
£
£
Other revenue
Interest income
175,741
173,322
Grants received
17,938
16,109
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(17,938)
(16,109)
Depreciation of owned tangible fixed assets
61,450
64,355
Loss/(profit) on disposal of tangible fixed assets
113
(3,811)
Operating lease charges
46,559
25,000
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,000
4,650
For other services
All other non-audit services
8,922
10,065
6
Employees

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

2025
2024
Number
Number
34
41
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,801,453
1,820,177
Social security costs
183,183
155,179
Pension costs
36,022
91,771
2,020,658
2,067,127
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
542,374
260,353
Company pension contributions to defined contribution schemes
8,320
61,878
550,694
322,231

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
218,805
51,085
Company pension contributions to defined contribution schemes
-
55,000
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
164,457
172,882
Other interest income
11,284
440
Total income
175,741
173,322
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
21
-
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
10
Change in fair value of investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
24,459
22,782
Other gains/(losses)
Changes in the fair value of investment properties
-
27,000
24,459
49,782
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
357,651
228,129
Deferred tax
Origination and reversal of timing differences
(15,130)
7,932
Total tax charge
342,521
236,061

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:

2025
2024
£
£
Profit before taxation
1,449,544
1,110,005
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
362,386
277,501
Tax effect of expenses that are not deductible in determining taxable profit
-
0
13,755
Effect of revaluations of investments
(6,115)
(5,696)
Rounding
-
0
1
Previous year's Pension contributions taxable in current year
(13,750)
(49,500)
Taxation charge for the year
342,521
236,061
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
12
Tangible fixed assets
Fixtures, fittings & equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2024
2,840
57,276
423,972
484,088
Additions
-
0
1,543
-
0
1,543
Disposals
-
0
-
0
(25,236)
(25,236)
At 30 November 2025
2,840
58,819
398,736
460,395
Depreciation and impairment
At 1 December 2024
2,797
46,835
252,641
302,273
Depreciation charged in the year
9
5,088
56,353
61,450
Eliminated in respect of disposals
-
0
-
0
(24,623)
(24,623)
At 30 November 2025
2,806
51,923
284,371
339,100
Carrying amount
At 30 November 2025
34
6,896
114,365
121,295
At 30 November 2024
43
10,441
171,331
181,815
13
Investment property
2025
£
Fair value
At 1 December 2024 and 30 November 2025
362,000

The investment properties were valued on the 30 November 2025 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.

14
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
15
2
2
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

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
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
15
Subsidiaries
(Continued)
- 21 -
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
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
455,733
2,591,974
Gross amounts owed by contract customers
741,227
238,315
Corporation tax recoverable
-
0
83,121
Other debtors
15
515
Prepayments and accrued income
43,426
42,805
1,240,401
2,956,730
17
Current asset investments
2025
2024
£
£
Other investments
3,644,940
2,416,915
18
Creditors: amounts falling due within one year
2025
2024
£
£
Payments received on account
-
0
52,356
Trade creditors
603,252
648,695
Corporation tax
108,246
-
0
Other taxation and social security
232,466
414,498
Other creditors
76,542
4,807
Accruals and deferred income
2,024,342
1,985,271
3,044,848
3,105,627
LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
30,324
45,454
Tax losses
(467)
(467)
Revaluations
30,377
30,377
60,234
75,364
2025
Movements in the year:
£
Liability at 1 December 2024
75,364
Credit to profit or loss
(15,130)
Liability at 30 November 2025
60,234
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,022
91,771

The company operates several defined contribution pension scheme s 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 £978 (202 4: £56,000) at the year end in relation to those schemes.

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,000
11,400
11,000
11,400
Ordinary A shares of £1 each
500
650
500
650
11,500
12,050
11,500
12,050

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

During the year the company bought back 400 Ordinary shares and 150 Ordinary A shares for £52,993 & £18,224 respectively.

LIVECO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
22
Profit and loss reserves

Included in the profit and loss account reserve is £121,507 (2024: £121,507) which is not distributable as it relates to the increase in fair value of investment property.

23
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit after taxation
1,107,023
873,944
Adjustments for:
Taxation charged
342,521
236,061
Finance costs
21
-
0
Investment income
(175,741)
(173,322)
Loss/(gain) on disposal of tangible fixed assets
113
(3,811)
Fair value gain on investment properties
-
0
(27,000)
Depreciation and impairment of tangible fixed assets
61,450
64,355
Other gains and losses
(24,459)
(22,782)
Movements in working capital:
Decrease/(increase) in debtors
1,633,208
(581,553)
Decrease in creditors
(169,025)
(1,760,935)
Cash generated from/(absorbed by) operations
2,775,111
(1,395,043)
24
Analysis of changes in net funds
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash and cash equivalents
5,948,861
2,712,286
8,661,147
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