REGISTERED NUMBER: SC039863 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

W. Livingstone Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Dr W R Livingstone

Mr R G Livingstone

Mr J J H Livingstone

Ms J M Livingstone

SECRETARY:

Ms J M Livingstone

REGISTERED OFFICE:

34 New Edinburgh Road

Uddingston

Glasgow

G71 6BS

REGISTERED NUMBER:

SC039863 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

1,300,042

663,750

CURRENT ASSETS

Stocks

791,277

713,059

Debtors

5

305,214

237,916

Cash at bank and in hand

624,705

637,579

1,721,196

1,588,554

CREDITORS

Amounts falling due within one year

6

901,548

737,358

NET CURRENT ASSETS

819,648

851,196

TOTAL ASSETS LESS CURRENT LIABILITIES

2,119,690

1,514,946

CREDITORS

Amounts falling due after more than one year

7

(59,134

)

(101,808

)

PROVISIONS FOR LIABILITIES

(60,560

)

(22,220

)

NET ASSETS

1,999,996

1,390,918

CAPITAL AND RESERVES

Called up share capital

9

10,000

10,000

Revaluation reserve

649,494

56,581

Capital redemption reserve

30,000

30,000

Retained earnings

1,310,502

1,294,337

SHAREHOLDERS' FUNDS

1,999,996

1,390,918

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

Mr R G Livingstone - Director

Ms J M Livingstone - Director

1.	STATUTORY INFORMATION

W. Livingstone Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and estimations

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements include estimation of the value of the stock particularly the used car stock.

Going concern - alternative basis of preparation

Since the financial year-end but prior to the date of signing the financial statements, the entire trade and assets of the company have been sold and as such, the company has ceased trading. Subsequently, the Directors have approved a plan which will result in the company entering members voluntary liquidation. Accordingly, the financial statements have been prepared on a basis other than going concern.

The company's fixed assets have been adjusted to reflect their estimated net realisable value. No provision has been made for costs expected to arise in connection with the members voluntary liquidation as the Directors do not expect these costs to be significant.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Car sales turnover is recognised when a sales contract is signed by the customer and workshop and forecourt turnover is recognised when the goods and services are delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% - 10% on cost

Fixed plant and equipment

-

10% - 20% on cost

Fixtures and fittings

-

10% - 20% on cost

Computer equipment

-

20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Land and buildings were revalued in 1998 and subsequently revalued in 2025. An amount equal to the excess of the annual depreciation charge on the new deemed cost over the notional historical cost depreciation charge is transferred annually from the revaluation reserve to the retained earnings reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2024 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Fixed

Fixtures

Freehold

plant and

and

Computer

property

equipment

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2025

739,182

213,155

40,866

59,325

1,052,528

Additions

-

24,041

25,350

256

49,647

Revaluations

417,818

-

-

-

417,818

At 31 December 2025

1,157,000

237,196

66,216

59,581

1,519,993

DEPRECIATION

At 1 January 2025

211,756

121,407

22,056

33,559

388,778

Charge for year

-

34,327

1,874

6,728

42,929

Revaluation adjustments

(211,756

)

-

-

-

(211,756

)

At 31 December 2025

-

155,734

23,930

40,287

219,951

NET BOOK VALUE

At 31 December 2025

1,157,000

81,462

42,286

19,294

1,300,042

At 31 December 2024

527,426

91,748

18,810

25,766

663,750

Cost or valuation at 31 December 2025 is represented by:

Fixed

Fixtures

Freehold

plant and

and

Computer

property

equipment

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2025

1,157,000

-

-

-

1,157,000

Cost

-

237,196

66,216

59,581

362,993

1,157,000

237,196

66,216

59,581

1,519,993

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

332,537

332,537

Aggregate depreciation

143,269

143,269

Land and buildings was revalued in 1998 and as permitted the 1998 revaluation value was frozen as a new deemed cost. Land and buildings have since been revalued post year-end on an open market basis by the Directors based upon recent independent third party offers for the land and buildings.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

240,783

199,237

Prepayments and accrued income

64,431

38,679

305,214

237,916

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

39,442

36,209

Other loans

35,006

126,275

Trade creditors

604,076

303,543

Tax

38,691

74,724

Social security and other taxes

34,887

35,233

VAT

54,916

33,018

Accruals and deferred income

94,530

128,356

901,548

737,358

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

39,442

36,209

Bank loans - 2-5 years

19,692

65,599

59,134

101,808

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

98,576

138,017

The Bank of Scotland has security arrangements in the form of a standard security over the company's land and buildings, a bond and floating charge over the whole assets of the company and assignation of a keyman policy over the life of Robin Livingstone.

9.	CALLED UP SHARE CAPITAL

2024

2023

£

£

3,602 (2023 - 3,602) A shares of £1.00 each

3,602

3,602

1,199 (2023 - 1,199) C shares of £1.00 each

1,199

1,199

3,199 (2023 - 3,199) D shares of £1.00 each

3,199

3,199

2,000 (2023 - 2,000) E shares of £1.00 each

2,000

2,000

10,000

10,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

Emphasis of matter

Financial statements prepared on a basis other than going concern

We draw attention to Note 2 of the financial statements which explains that the company has ceased trading and the Directors intend to enter a members voluntary liquidation. Accordingly, the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. As such, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.

The Report of the Auditors was unqualified.

Graham Cantlay CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	POST BALANCE SHEET EVENTS

Since the financial year-end, the company sold its entire trade and assets and ceased trading. The Directors intend to place the company into a members voluntary liquidation, which is detailed in Note 2 to the financial statements. The company's fixed assets have been adjusted to reflect their net realisable value. No provision has been made for anticipated future costs expected to be incurred as part of the aforementioned members voluntary liquidation as the Directors expect these costs to be insignificant.

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party of the company.