P.J. Livesey Group Limited - Limited company accounts 20.1
P.J. Livesey Group Limited - Limited company accounts 20.1
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2020 |
FOR |
P.J. LIVESEY GROUP LIMITED |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
P.J. LIVESEY GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
BANKERS: |
298 Deansgate |
Manchester |
M3 4HH |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2020 |
The directors present their strategic report for the year ended 30th June 2020. |
REVIEW OF BUSINESS |
The company is an intermediate parent company and has not traded in the current and previous year. |
The bank loan in the financial statements has been utilised by other companies in the group to fund developments in those companies. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risk facing the company is the ability to repay the bank loan financing. The directors believe there are sufficient assets within the group to enable the repayment of this loan. |
FINANCIAL INSTRUMENTS RISKS |
The directors meet regularly to discuss financial instrument risks. In particular, the directors aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level. |
ON BEHALF OF THE BOARD: |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
The directors present their report with the financial statements of the company for the year ended 30th June 2020. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th June 2020. |
FUTURE DEVELOPMENTS |
No changes to the company's dormant status are anticipated. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2019 to the date of this report. |
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. |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
AUDITORS |
The auditors, Ainsworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
P.J. LIVESEY GROUP LIMITED |
Opinion |
We have audited the financial statements of P.J. Livesey Group Limited (the 'company') for the year ended 30th June 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 30th June 2020; |
- | 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 Auditors' 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 |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
P.J. LIVESEY GROUP LIMITED |
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 page three, 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
P.J. LIVESEY GROUP LIMITED |
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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2020 |
30.6.20 | 30.6.19 |
Notes | £ | £ |
TURNOVER |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH JUNE 2020 |
30.6.20 | 30.6.19 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
BALANCE SHEET |
30TH JUNE 2020 |
30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2020 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2018 |
Changes in equity |
Balance at 30th June 2019 |
Changes in equity |
Balance at 30th June 2020 |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2020 |
1. | STATUTORY INFORMATION |
P.J. Livesey Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company is dormant and therefore has not been impacted by the global Coronavirus pandemic. As a consequence, these financial statements continue to be prepared on a going concern basis. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about P.J. Livesey Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, P J Livesey Holdings Limited, Ashburton Park, Ashburton Road West, Trafford Park, Manchester, M17 1AF. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Preparation of the financial statements requires management to consider any significant judgements and estimates. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2020 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
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. |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
The following assets and liabilities are classified as financial instruments: |
Investments in subsidiaries, trade debtors, trade creditors, hire purchase contracts, bank loans, directors' loans and inter group balances. |
Trade debtors, trade creditors, and directors' loans and inter group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
Hire purchase contracts and bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently at amortised cost using the effective interest method. |
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If |
objective evidence of impairment is found an impairment loss is recognised in profit and loss. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30th June 2020 nor for the year ended 30th June 2019. |
The average number of employees and directors during the year was 7 (2019 - 7). |
4. | OPERATING PROFIT |
Auditors' remuneration is recognised in the Income Statement of the ultimate parent company, P. J. Livesey Holdings Limited. |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30th June 2020 nor for the year ended 30th June 2019. |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2020 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2019 |
and 30th June 2020 |
NET BOOK VALUE |
At 30th June 2020 |
At 30th June 2019 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Ashburton Park, Ashburton Road West, Trafford Park, Manchester, M17 1AF |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Ashburton Park, Ashburton Road West, Trafford Park, Manchester, M17 1AF |
Nature of business: |
% |
Class of shares: | holding |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Amounts owed by group undertakings |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.20 | 30.6.19 |
£ | £ |
Bank loans and overdrafts (see note 9) |
VAT | 5 | - |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2020 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.20 | 30.6.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
The bank loan has been disclosed as repayable in less than one year as the repayments are linked to the sales of properties, the timing of which cannot be accurately ascertained. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.20 | 30.6.19 |
£ | £ |
Bank loans |
The bank borrowings are secured by way of fixed and floating charges over its assets and property, and the assets and property of its subsidiaries. Additionally the loan has been guaranteed by its parent company, P.J. Livesey Holdings Limited. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.20 | 30.6.19 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
12. | RESERVES |
Retained |
earnings |
£ |
Profit for the year |
At 30th June 2020 |
13. | ULTIMATE PARENT COMPANY |
The ultimate parent company is P. J. Livesey Holdings Limited, a company which is incorporated in England. Copies of the financial statements of the company are available from Companies House. |
P.J. LIVESEY GROUP LIMITED (REGISTERED NUMBER: 05942887) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2020 |
14. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the director, Mr P J Livesey, by virtue of his controlling interest in the ultimate parent company, P.J. Livesey Holdings Limited. |