REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017 |
FOR |
PJ LIVESEY SOUTH LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017 |
FOR |
PJ LIVESEY SOUTH LIMITED |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2017 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
PJ LIVESEY SOUTH LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2017 |
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 |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2017 |
The directors present their strategic report for the year ended 30th June 2017. |
REVIEW OF BUSINESS |
The company is an intermediate parent company and has not traded during the current year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors believe there are negligible external risks to which the company is exposed as the only debtor relates to an |
amount due from a fellow subsidiary within the group. |
ON BEHALF OF THE BOARD: |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2017 |
The directors present their report with the financial statements of the company for the year ended 30th June 2017. |
DIVIDENDS |
No dividends will be distributed for the year ended 30th June 2017. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2016 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. |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2017 |
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 |
PJ LIVESEY SOUTH LIMITED |
Opinion |
We have audited the financial statements of PJ Livesey South Limited (the 'company') for the year ended 30th June 2017 |
on pages seven to fourteen. 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). |
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. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30th June 2017; |
- | 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 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, 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. |
Opinion 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 |
PJ LIVESEY SOUTH 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. |
Our 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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2017 |
30.6.17 | 30.6.16 |
Notes | £ | £ |
TURNOVER |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH JUNE 2017 |
30.6.17 | 30.6.16 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
BALANCE SHEET |
30TH JUNE 2017 |
30.6.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
Investment property | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors on |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2017 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st July 2015 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Balance at 30th June 2016 | ( |
) | ( |
) |
Changes in equity |
Balance at 30th June 2017 | ( |
) | ( |
) |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2017 |
1. | STATUTORY INFORMATION |
PJ Livesey South Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes that the company will be |
able to meet its liabilities as they fall due. The ultimate parent company, P.J. Livesey Holdings Limited, has |
confirmed that it will provide support for at least 12 months following the approval of these financial statements. |
If the company were unable to continue to trade, adjustments would have to be made to reduce the value of the |
assets to their recoverable amounts, to provide for any further liabilities that may arise, and to reclassify fixed |
assets and any long term liabilities as current assets and liabilities respectively. |
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 PJ Livesey South 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. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30th June 2017 nor for the year ended 30th June 2016. |
The average number of employees and directors during the year was 7 (2016 - 7). |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2017 |
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 2017 nor for the year ended |
30th June 2016. |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2016 |
and 30th June 2017 |
NET BOOK VALUE |
At 30th June 2017 |
At 30th June 2016 |
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 |
Registered office: Ashburton Park, Ashburton Road West, Trafford Park, Manchester, M17 1AF |
Nature of business: |
% |
Class of shares: | holding |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2017 |
6. | FIXED ASSET INVESTMENTS - continued |
Registered office: Ashburton Park, Ashburton Road West, Trafford Park, Manchester, M17 1AF |
Nature of business: |
% |
Class of shares: | holding |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st July 2016 |
and 30th June 2017 |
NET BOOK VALUE |
At 30th June 2017 |
At 30th June 2016 |
The freehold ground rents were valued by the directors on 30th June 2017 at £8,960 (2016: £8,960) on the basis |
of fair value. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Amounts owed to group undertakings |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.17 | 30.6.16 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1st July 2016 | ( |
) |
Profit for the year |
At 30th June 2017 | ( |
) |
11. | 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 are available from Companies House. |
PJ LIVESEY SOUTH LIMITED (REGISTERED NUMBER: 04293486) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2017 |
12. | CONTINGENT LIABILITIES |
The company has guaranteed the bank borrowings of parent undertakings and some of its fellow subsidiaries. |
There are fixed and floating charges over all property of the company in respect of these bank borrowings. At |
30th June 2017 the net bank borrowings were £nil (2016: £3,670,781). |
13. | 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. |