REGISTERED NUMBER: 03195231 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
FOR |
P.J. LIVESEY HOLDINGS LIMITED |
REGISTERED NUMBER: 03195231 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
FOR |
P.J. LIVESEY HOLDINGS LIMITED |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Financial Statements | 22 |
P.J. LIVESEY HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Charter House |
Stansfield Street |
Nelson |
Lancashire |
BB9 9XY |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
The directors present their strategic report of the company and the group for the year ended 30th June 2023. |
REVIEW OF BUSINESS |
The principal activity of the Group is that of the construction of residential properties, through specialist restoration and new build developments. |
The property industry is experiencing well documented turbulent economic pressures on many fronts. The rising cost of materials, supply chain problems, wage increases, plus UK inflationary issues leading to Bank of England interest rate increases impacting mortgage lending options for existing and prospective homeowners, have all combined to create a perfect storm. |
The Group has not been immune to the effects of these economic pressures, and we have seen our site costs rise markedly whilst at the same time, sale prices have been decreasing resulting in falling site margins. To preserve the same high quality builds we strive for has meant that where some cost increases could have been mitigated by use of cheaper alternatives, we have held firm in our commitment to buy quality materials to deliver quality homes to our customers. |
Part of the Group strategy put in place to weather the storm has meant escalating sales rates by reducing selling prices, prioritising the speed of completions with lower returns, over a strategy of holding out for maximum selling prices with slower sales rates and therefore completions. The year to 30th June 2023 delivered 83 plot completions which fell some way short of our initial plan for 105 completions, however the sales strategies put in place during the year means the Group has significantly improved on the 57 plots completions for the year to 30th June 2022. |
The Directors have reviewed the Group investment portfolio, divesting of an asset which had been generating trading losses but yielded a significant amount of cash plus a profit on disposal of the asset itself. The annual evaluation of the investment property portfolio revealed the ground rent assets were valued at more than fair market value and these have been rectified, contributing to the Group losses. Furthermore, the undeveloped land held on an older site was also concluded on review to be higher than current market value and has been written down to market value which was a significant contributory factor to the Group losses in the year. |
In conclusion we have navigated through a challenging period for the sector and the actions taken have enabled the Group to strengthen the cash position. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
KEY PERFORMANCE INDICATORS |
The three key performance indicators of the Group are as follows: |
1. Shareholders' funds |
The directors aim to be able to declare a modest dividend to the shareholders each year whilst also enabling shareholders' funds to grow year on year. Shareholders' funds decreased in the year to £39,411,413 from £44,794,512. The Group realised a loss in the year due to the aforementioned challenges. |
2. Cash at bank |
The directors look to maintain a healthy cash balance so that there is good availability for furthering developments, acquiring sites and in case of an economic downturn. The availability of cash at bank has increased during the year from £5,455,453 to £9,664,211 due to the completion of some existing developments, as shown by the corresponding reduction in stocks in the Statement of Financial Position, and also as a direct action of the Board's mitigating actions stated above during a challenging time.. |
3. Gearing |
The directors target a modest level of gearing so as to limit their exposure in times of an economic downturn or housing crash. The gearing level is calculated as debt as a percentage of debt plus equity. The gearing level has increased modestly from 26.7% to 28.3% during the year. The directors are pleased that debt has reduced in the year and a modest gearing level has been maintained. |
Overall the directors believe that despite the Group's financial performance in the year, it is in a stable financial position with a healthy asset base and low gearing from which to generate future profits and increase shareholders' funds in future accounting periods. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The major risks and uncertainties facing the Group are related to the future of the property market, availability of suitable sites and the availability of finance. The directors believe that the group is in a strong position to mitigate these risks. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
SECTION 172(1) STATEMENT |
Statement by the directors in performance of their statutory duties in accordance with Section 172(1) of the Companies Act 2006: |
We the board of directors, of P.J. Livesey Holdings Limited consider, both individually and together, that we have acted in the way we consider, in good faith, would most likely promote the success of the group for the benefit of our members as a whole in the decisions taken during the year ended 30th June 2023. The following details how we have had regard to the matters set out in s.172(1) (a) to (f) as highlighted in bold below: |
The likely consequences of any decision in the long term |
The long term success of the Group is always considered in making decisions and this is aligned with the strategy and the risk management procedures within our group. An important factor to achieving this is with the Livesey family (the Group founders) being at the forefront of the strategic decision making, as this is where the passion and drive for excellence originated. |
The interests of the group's employees |
The board recognises that its employees are fundamental to the success of our business. The health, safety and wellbeing of our employees continues to be a priority. |
We aim to maintain a working environment that respects the diversity of staff and enables them to achieve their full potential, to contribute fully, and to derive maximum benefit and enjoyment from their involvement in the Group. |
The need to foster the company's business relationship with suppliers, customers and others |
Stakeholder relationships have been and continue to be a key source of value to our business and key to delivering our strategy. |
We seek to promote our values throughout all our stakeholder engagements and consider shared values to be an important factor when engaging with new and existing stakeholders. We conduct regular reviews of current suppliers to ensure that standards are adhered to. |
Partnerships are a key cornerstone in our success, and over the years we have formed excellent relationships with local authorities and other property development companies. |
For customers, a P J Livesey home allows you to make the most of your life. This comes from always thinking about, and listening to, how people are living their lives before putting pen to plan, and that makes for a home that's designed with real individuality as well as genuine practicality. |
The impact of the company's operations on the community and environment |
We believe we have a responsibility to protect and care for the environment, and we take our responsibilities seriously. |
The centrepiece of every P J Livesey Group development is a period building, and every home we create is built on previously developed land, which means we protect the green and pleasant land surrounding us. |
In addition, through our careful and detailed restoration processes we estimate that a great deal of the existing materials within the existing buildings are reused - true sustainable development. |
The desirability of the company maintaining a reputation of high standards of business conduct |
If there is one area where the P J Livesey Group stand head and shoulders above the competition it is our commitment to quality. |
Our continual strive for excellence even extends to the furniture fitted in our developments. Every piece is designed, hand crafted and then installed by our expert in-house team, meaning no compromise is made to quality. |
Every employee and contractor working for us maintains the highest standards of professionalism, and as a testament to this we have won numerous NHBC (National House-Building Council), Premier and LABC quality awards. |
The need to act fairly between members of the company |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
After considering all the relevant factors, we consider which course of action best enables delivery of our strategy, taking into consideration the financial reward to our shareholders and the impact on stakeholders and our employees. In doing so, the application of ethical and sustainable policies is highly promoted. |
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: |
27th March 2024 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30th June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the construction of residential properties, through specialist restoration and new build developments. |
DIVIDENDS |
An interim dividend of 3000 per share was paid on 10th March 2023. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30th June 2023 will be £ 300,000 . |
FUTURE DEVELOPMENTS |
No changes to the Group's business are anticipated. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st July 2022 to the date of this report. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Other changes in directors holding office are as follows: |
STREAMLINED ENERGY AND CARBON REPORTING |
The energy consumption and carbon dioxide emissions information below is consolidated for the whole Group. |
2023 | 2022 |
Energy performance |
Energy consumption (kWh) |
1,546,166 |
1,523,875 |
Carbon performance |
Carbon Dioxide equivalent emissions (t/co2e) |
Scope 1 & 2 emissions |
357 |
351 |
Intensity ratio |
t/co2e per £100,000 of revenue |
Scope 1 & 2 emissions |
0.90 |
1.16 |
The directors are satisfied that the emissions per £100,000 of revenue has reduced by 22% demonstrating the Group's commitment to embracing sustainability. |
Energy efficiency actions and initiatives taken during the year: |
- | The Group policy for choosing new fleet vehicles encourages the consideration of the environmental impact the vehicles will have both in terms of emissions and fuel economy. Take up of all electric vehicles has increased to 12% of fleet (up from 10%) and hybrid vehicles now account for 56% of fleet (up from 42%). Due to the distances involved in travelling to the various construction sites, take up of all electric vehicles has been limited but as the mileage range of electric vehicles continue to improve and the charging infrastructure also improves there will be more emphasis placed on the use of all electric cars; |
- | The Group has implemented a Head Office Energy Management Policy which is a formal Energy Management Policy commissioned by P J Livesey in order to monitor, control and reduce Carbon Emissions and energy consumption at Head Office. Such initiatives include:- In the shorter term, solar panels have already been installed at Head Office and specific energy reduction targets are being set;- In the medium term, the Group intends to procure goods and services from organisations demonstrating active energy reduction and who have environmental policies;- In the longer term, it is our intention to remove fossil fuels from our Scope 1 emissions profile. |
- | " The Going Green Steering Group has been established as a integral part of our pathway to net zero in our properties by 2030 and the Future Homes Standard. We have already implemented changes to the specification on schemes with new build houses including fitting PV panels, triple glazing, waster water heat recovery systems and air source heat pumps. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
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 HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of P.J. Livesey Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30th June 2023 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group 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 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 the audit: |
- | the information given in the Group 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 Group 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 HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 eight, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
P.J. LIVESEY HOLDINGS LIMITED |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Group and the nature of the sector in which it operates, we have identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006 and tax legislation. |
We have evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to: inappropriate journal entries and management bias in accounting estimates and judgements. Our audit procedures designed to address these risks included, but were not limited to: |
- | Enquires with management, regarding any known or suspected instances of non-compliance with laws and regulations, and fraud; |
- | Agreement of the financial statement disclosures to the underlying supporting documentation; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- | Challenging assumptions and judgements made by management in their significant accounting estimates, in particular, those in relation to provisions and future performance; |
- | Auditing the risk of management override of controls, including through the testing journal entries and other adjustments for appropriateness; |
- | Obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- | Obtaining an understanding of internal controls 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 controls. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment by misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 HOLDINGS 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 HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 39,636,200 | 30,328,275 |
Cost of sales | 42,782,013 | 27,426,701 |
GROSS (LOSS)/PROFIT | (3,145,813 | ) | 2,901,574 |
Distribution costs | 666,380 | 708,611 |
Administrative expenses | 2,672,864 | 4,096,069 |
3,339,244 | 4,804,680 |
(6,485,057 | ) | (1,903,106 | ) |
Other operating income | 65,491 | 71,584 |
OPERATING LOSS | 5 | (6,419,566 | ) | (1,831,522 | ) |
Exceptional items | 6 | 200,000 | (993,070 | ) |
(6,219,566 | ) | (2,824,592 | ) |
Interest receivable and similar income | 2,027 | 2,077 |
(6,217,539 | ) | (2,822,515 | ) |
Gain/loss on revaluation of investment property |
(325,200 |
) |
- |
(6,542,739 | ) | (2,822,515 | ) |
Interest payable and similar expenses | 7 | 40,344 | 130,786 |
LOSS BEFORE TAXATION | (6,583,083 | ) | (2,953,301 | ) |
Tax on loss | 8 | (1,500,747 | ) | (383,244 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (5,082,336 | ) | (2,570,057 | ) |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
LOSS FOR THE YEAR | (5,082,336 | ) | (2,570,057 | ) |
OTHER COMPREHENSIVE INCOME |
Revaluation of fixed assets | - | 2,486,774 |
Foreign currency translation adjustment | (763 | ) | 2,600 |
Income tax relating to components of other comprehensive income |
- |
(517,871 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(763 |
) |
1,971,503 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(5,083,099 |
) |
(598,554 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (5,083,099 | ) | (598,554 | ) |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
CONSOLIDATED BALANCE SHEET |
30TH JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 4,047,636 | 9,325,586 |
Investments | 12 | - | - |
Investment property | 13 | 1,322,100 | 1,547,300 |
5,369,736 | 10,872,886 |
CURRENT ASSETS |
Stocks | 14 | 44,913,075 | 52,753,343 |
Debtors | 15 | 2,890,499 | 2,304,544 |
Cash at bank and in hand | 9,664,211 | 5,455,453 |
57,467,785 | 60,513,340 |
CREDITORS |
Amounts falling due within one year | 16 | 22,598,690 | 24,903,611 |
NET CURRENT ASSETS | 34,869,095 | 35,609,729 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
40,238,831 |
46,482,615 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(63,308 |
) |
(143,750 |
) |
PROVISIONS FOR LIABILITIES | 21 | (764,110 | ) | (1,544,353 | ) |
NET ASSETS | 39,411,413 | 44,794,512 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 100 |
Revaluation reserve | 23 | 2,451,891 | 1,958,870 |
Foreign currency translation reserve | 23 | 9,730 | 10,493 |
Retained earnings | 23 | 36,949,692 | 42,825,049 |
SHAREHOLDERS' FUNDS | 39,411,413 | 44,794,512 |
The financial statements were approved by the Board of Directors and authorised for issue on 27th March 2024 and were signed on its behalf by: |
Mrs G A Lynch - Director |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
COMPANY BALANCE SHEET |
30TH JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 21 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Revaluation reserve | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (6,239,529 | ) | (1,153,993 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Foreign |
Called up | currency |
share | Retained | Revaluation | translation | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1st July 2021 | 100 | 45,385,073 | - | 7,893 | 45,393,066 |
Changes in equity |
Total comprehensive income | - | (2,560,024 | ) | 1,958,870 | 2,600 | (598,554 | ) |
Balance at 30th June 2022 | 100 | 42,825,049 | 1,958,870 | 10,493 | 44,794,512 |
Changes in equity |
Dividends | - | (300,000 | ) | - | - | (300,000 | ) |
Total comprehensive income | - | (5,575,357 | ) | 493,021 | (763 | ) | (5,083,099 | ) |
Balance at 30th June 2023 | 100 | 36,949,692 | 2,451,891 | 9,730 | 39,411,413 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30TH JUNE 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st July 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 30th June 2022 | 100 | 43,384,382 | 1,958,870 | 45,343,352 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30th June 2023 | 100 | 36,351,832 | 2,451,891 | 38,803,823 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (1,778,586 | ) | (12,331,783 | ) |
Interest paid | (37,654 | ) | (130,786 | ) |
Interest element of hire purchase payments paid |
(2,690 |
) |
- |
Government grants | - | 26,773 |
Tax paid | (185,579 | ) | (80,156 | ) |
Net cash from operating activities | (2,004,509 | ) | (12,515,952 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (316,825 | ) | (25,842 | ) |
Sale of tangible fixed assets | 7,543,665 | - |
Interest received | 2,027 | 2,077 |
Net cash from investing activities | 7,228,867 | (23,765 | ) |
Cash flows from financing activities |
New loans in year | 10,820,201 | 13,259,218 |
Loan repayments in year | (11,545,065 | ) | (11,204,826 | ) |
Amount withdrawn by directors | 9,264 | (304,430 | ) |
Equity dividends paid | (300,000 | ) | - |
Net cash from financing activities | (1,015,600 | ) | 1,749,962 |
Increase/(decrease) in cash and cash equivalents | 4,208,758 | (10,789,755 | ) |
Cash and cash equivalents at beginning of year |
2 |
5,455,453 |
16,245,208 |
Cash and cash equivalents at end of year | 2 | 9,664,211 | 5,455,453 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.23 | 30.6.22 |
£ | £ |
Loss before taxation | (6,583,083 | ) | (2,953,301 | ) |
Depreciation charges | 301,857 | 313,101 |
Profit on disposal of fixed assets | (2,250,747 | ) | - |
Loss on revaluation of fixed assets | 325,200 | - |
Equity difference on foreign currency | (763 | ) | 2,600 |
Provisions | (228,960 | ) | 993,070 |
Transfer of stock to investment property | (100,000 | ) | - |
Government grants | - | (26,773 | ) |
Finance costs | 40,344 | 130,786 |
Finance income | (2,027 | ) | (2,077 | ) |
(8,498,179 | ) | (1,542,594 | ) |
Decrease/(increase) in stocks | 7,840,268 | (10,390,474 | ) |
Decrease/(increase) in trade and other debtors | 460,584 | (311,009 | ) |
Decrease in trade and other creditors | (1,581,259 | ) | (87,706 | ) |
Cash generated from operations | (1,778,586 | ) | (12,331,783 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30th June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 9,664,211 | 5,455,453 |
Year ended 30th June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 5,455,453 | 16,245,208 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30TH JUNE 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 5,455,453 | 4,208,758 | 9,664,211 |
5,455,453 | 4,208,758 | 9,664,211 |
Debt |
Finance leases | - | (83,300 | ) | (83,300 | ) |
Debts falling due within 1 year | (16,138,459 | ) | 664,414 | (15,474,045 | ) |
Debts falling due after 1 year | (143,750 | ) | 143,750 | - |
(16,282,209 | ) | 724,864 | (15,557,345 | ) |
Total | (10,826,756 | ) | 4,933,622 | (5,893,134 | ) |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2023 |
1. | STATUTORY INFORMATION |
P.J. Livesey Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the company and its subsidiary undertakings. |
Significant judgements and estimates |
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Stocks |
Stocks are valued in accordance with the accounting policy given. Costs incurred in pursuing the acquisition of prospective sites are initially recognised as work in progress. Management make judgements at regular milestones as to whether such costs should be expensed to the income statement or carried forwards as work in progress based on the likelihood of prospective sites being acquired, planning permission being granted and subsequently progressing into future developments. |
The following are the Group's key sources of estimation uncertainty: |
Revaluation of investment properties |
The Group carries its investment property at fair value, with changes in fair value being recognised in the income statement. The Group values its investment property using an estimated yield applied to the income generated by the investment property. The estimated yield is based on anticipated market yields. |
Estimation of future income and costs to complete |
In order to determine the profit the Group is able to recognise on its developments in a particular period, it has to estimate costs to complete on such developments and make estimates relating to future sales price margins on those developments. In making these assessments there is a degree of inherent uncertainty. The Group has developed internal controls to assess and review carrying values and the appropriateness of the estimates made. |
If estimated future income is anticipated to be lower than costs incurred to date plus costs to complete, then full provision is made in the period in which such a loss is first foreseen. If costs are incurred on completed developments that exceed provisions for future costs, then such costs are recognised in the Consolidated Income Statement as an expense at that point. |
Provisions |
The Group provisions relate to specific fire safety issues on a legacy scheme. Such provisions are based on quotations obtained and the directors' own assessments of these costs. Any variation between actual costs incurred and the provision recognised will be debited or credited to the Income Statement immediately when identified. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of property is recognised on legal completion. |
Rental income is primarily generated from short term hires of the group's fleet. The income is recognised as the fleet is utilised by renters. |
Ground rent received on investment properties is recognised on an accruals basis. |
Tangible fixed assets |
Freehold property | - |
Workshop plant and machinery | - |
Office fixtures and fittings | - |
Fleet | - |
Site vehicles, plant and machinery | - |
Tangible fixed assets are capitalised at cost and are written off over their estimated useful life to their residual value. |
Investment property |
Investment property consists of freehold ground rent assets and are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Consolidated Income Statement. Any gain or loss arising on disposal is recognised in the Consolidated Income Statement. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of overheads. |
Net realisable value is based on estimated selling price less all further costs to completion and disposal. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the group 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 group 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 Consolidated Income Statment, 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in Consolidated Other Comprehensive Income Statement 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the Consolidated Income Statement in the period to which they relate. |
Payments in respect of other post-retirement benefits are charged to Consolidated Income Statement in the period to which they relate. |
Construction contracts |
Turnover is recognised on construction contracts on issue of building valuation certificates. |
Costs incurred on construction contracts are recognised as work in progress and transferred to the Consolidated Income Statement when a building valuation certificate is issued. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment in the individual financial statements. |
3. | TURNOVER |
An analysis of turnover by class of business is given below: |
30.06.23 | 30.06.22 |
£ | £ |
Sale of residential property | 39,561,676 | 29,340,205 |
Lease rentals | - | 923,396 |
Ground rents | 74,524 | 64,674 |
39,487,152 | 30,328,275 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
4. | EMPLOYEES AND DIRECTORS |
30.06.23 | 30.06.22 |
£ | £ |
Wages and salaries | 4,927,184 | 5,140,645 |
Social security costs | 569,824 | 565,866 |
Other pension costs | 81,452 | 78,617 |
5,578,460 | 5,785,128 |
The average monthly number of employees during the year was as follows: |
30.06.23 | 30.06.22 |
Office and management | 67 | 66 |
Production and sales | 27 | 37 |
94 | 103 |
Remuneration in respect of directors was as follows: |
30.06.23 | 30.06.22 |
£ | £ |
Directors' remuneration | 984,548 | 1,142,165 |
Defined contribution pension schemes | 5,393 | 6,604 |
989,941 | 1,148,769 |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined contribution pension schemes | 5 | 5 |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
30.6.23 | 30.6.22 |
£ | £ |
Hire of plant and machinery | 3,640 | 3,640 |
Other operating leases | 24,909 | 28,562 |
Depreciation - owned assets | 278,949 | 313,101 |
Depreciation - assets on hire purchase contracts | 22,908 | - |
Profit on disposal of fixed assets | (2,250,747 | ) | - |
Foreign exchange differences | 21,084 | 14,334 |
Auditors' remuneration - company | 3,750 | 3,500 |
Auditors' remuneration - subsidiaries | 29,000 | 26,975 |
Auditors' remuneration - taxation compliance services | 2,250 | 2,000 |
Auditors' remuneration - non-audit services | 1,753 | 1,672 |
Operating lease rentals | 326,010 | 351,793 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
6. | EXCEPTIONAL ITEMS |
30.6.23 | 30.6.22 |
£ | £ |
Exceptional items | 200,000 | (993,070 | ) |
The Company has always demonstrated its commitment to upholding the standard of both current and legacy developments and fulfilling any obligations to do so. Costs which were unexpected in nature have arisen in relation to specific fire safety issues on a legacy scheme. The costs are not expected to reoccur and are considered to be exceptional in nature. |
The amount credited to the income statement in the year was £200,000 (2022: debit of £993,070) in respect of a reduction (2022: increase) in the quantum of the provision required. The provision at 30th June 2023 was £764,110 (2022: £993,070). |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.23 | 30.6.22 |
£ | £ |
Bank interest | 11,954 | 40,878 |
Other interest | 2,760 | 51,119 |
Loan interest | 22,940 | 38,789 |
Hire purchase | 2,690 | - |
40,344 | 130,786 |
During the year, interest payable amounting to £736,949 (2022: £325,456) has been capitalised within the development cost of properties for resale. |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
Prior year UK corporation tax | - | (106,339 | ) |
Deferred tax | (1,500,747 | ) | (276,905 | ) |
Tax on loss | (1,500,747 | ) | (383,244 | ) |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.23 | 30.6.22 |
£ | £ |
Loss before tax | (6,583,083 | ) | (2,953,301 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(1,645,771 |
) |
(561,127 |
) |
Effects of: |
Expenses not deductible for tax purposes | - | 2,046 |
Utilisation of tax losses | (217,442 | ) | - |
Other items | (9,959 | ) | 23,189 |
Depreciation of non-qualifying assets | 18,750 | 7,872 |
Current year losses not yet deductible | 428,267 | 209,703 |
Changes in the tax rates | (429 | ) | (64,927 | ) |
Indexation allowance | (74,163 | ) | - |
Total tax credit | (1,500,747 | ) | (383,244 | ) |
Tax effects relating to effects of other comprehensive income |
30.6.23 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of fixed assets |
Foreign currency translation adjustment | (763 | ) | - | (763 | ) |
(763 | ) | - | (763 | ) |
30.6.22 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of fixed assets | 2,486,774 | (517,871 | ) | 1,968,903 |
Foreign currency translation adjustment | 2,600 | - | 2,600 |
2,489,374 | (517,871 | ) | 1,971,503 |
The Group has trading losses amounting to £6.5m (2022: £2.9m) available to be utilised against future trading profits. A deferred tax asset of £949,464 (2022: £215,811) has been recognised in respect of some of these losses. In the prior year consolidated accounts, the deferred tax asset was offset against the deferred tax liability. |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
10. | DIVIDENDS |
30.6.23 | 30.6.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | 300,000 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Office |
Workshop | fixtures |
Freehold | plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 | 3,750,000 | 721,567 | 1,311,182 |
Additions | - | 286,150 | 30,675 |
Disposals | - | - | - |
At 30th June 2023 | 3,750,000 | 1,007,717 | 1,341,857 |
DEPRECIATION |
At 1st July 2022 | 17,260 | 692,951 | 1,253,187 |
Charge for year | 75,000 | 35,336 | 24,584 |
Eliminated on disposal | - | - | - |
At 30th June 2023 | 92,260 | 728,287 | 1,277,771 |
NET BOOK VALUE |
At 30th June 2023 | 3,657,740 | 279,430 | 64,086 |
At 30th June 2022 | 3,732,740 | 28,616 | 57,995 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Site |
vehicles, |
plant and |
Fleet | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 | 7,100,752 | 457,277 | 13,340,778 |
Additions | - | - | 316,825 |
Disposals | (7,020,180 | ) | - | (7,020,180 | ) |
At 30th June 2023 | 80,572 | 457,277 | 6,637,423 |
DEPRECIATION |
At 1st July 2022 | 1,613,583 | 438,211 | 4,015,192 |
Charge for year | 147,871 | 19,066 | 301,857 |
Eliminated on disposal | (1,727,262 | ) | - | (1,727,262 | ) |
At 30th June 2023 | 34,192 | 457,277 | 2,589,787 |
NET BOOK VALUE |
At 30th June 2023 | 46,380 | - | 4,047,636 |
At 30th June 2022 | 5,487,169 | 19,066 | 9,325,586 |
Cost or valuation at 30th June 2023 is represented by: |
Office |
Workshop | fixtures |
Freehold | plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | 3,750,000 | - | - |
Cost | - | 1,007,717 | 1,341,857 |
3,750,000 | 1,007,717 | 1,341,857 |
Site |
vehicles, |
plant and |
Fleet | machinery | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 3,750,000 |
Cost | 80,572 | 457,277 | 2,887,423 |
80,572 | 457,277 | 6,637,423 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 1,570,000 | 1,570,000 |
Aggregate depreciation | 345,400 | 314,000 |
Freehold land and buildings were valued on an open market basis on 7th April 2022 by an independent professional valuer . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Workshop |
plant and |
machinery |
£ |
COST OR VALUATION |
Additions | 124,950 |
At 30th June 2023 | 124,950 |
DEPRECIATION |
Charge for year | 22,908 |
At 30th June 2023 | 22,908 |
NET BOOK VALUE |
At 30th June 2023 | 102,042 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Office |
Workshop | fixtures |
Freehold | plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 |
Additions |
Disposals |
At 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
Eliminated on disposal |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
Site |
vehicles, |
plant and |
Fleet | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Cost or valuation at 30th June 2023 is represented by: |
Office |
Workshop | fixtures |
Freehold | plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | 3,750,000 | - | - |
Cost | - | 435,531 | 1,341,857 |
3,750,000 | 435,531 | 1,341,857 |
Site |
vehicles, |
plant and |
Fleet | machinery | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 3,750,000 |
Cost | 80,572 | 457,277 | 2,315,237 |
80,572 | 457,277 | 6,065,237 |
If freehold property had not been revalued it would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 1,570,000 | 1,570,000 |
Aggregate depreciation | 345,400 | 314,000 |
Freehold property was valued on an open market basis on 7th April 2022 by an independent professional valuer . |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st July 2022 |
Additions |
Return of capital | ( |
) |
Reversal of impairments |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Name of company |
Class of shares |
% Holding |
Nature of business |
P J Livesey South Limited | Ordinary | 100.00 | Intermediate parent company |
P J Livesey North Limited | Ordinary | 100.00 | Intermediate parent company |
P J Livesey Group Limited | Ordinary | 100.00 | Intermediate parent company |
P J Livesey (Manufacturing) Limited | Ordinary | 100.00 | Manufacture of furniture |
P J Livesey Living Space Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Country Homes Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Country Homes (Merseyside) |
Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (12) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Country Homes (Eastern) Limited |
Ordinary |
100.00 |
Construction of residential property |
P J Livesey Heritage Homes North West |
Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (North) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (11) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey South Eastern Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (1) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (5) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (6) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Living Space (9) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (1) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (2) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (3) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (4) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (5) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (6) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (7) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (8) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (9) Limited | Ordinary | 100.00 | Construction of residential property |
P J Livesey Homes (10) Limited | Ordinary | 100.00 | Construction of residential property |
The registered office for all of the above subsidiaries is that of the Company and can be found on the Company Information page. |
In addition, the Company has control of a Limited Partnership, The Livesey Twilight LP, whose registered office address is the First Floor, Jubilee Buildings, Victoria Street, Douglas, Isle of Man, IM1 2SH. Control is established by virtue of its 100% profit share, in favour of the Company. The nature of business is that of an asset leasing company. |
The Livesey Twilight LP owns 100% of the share capital of Livesey Twilight Malta Limited. The registered office of this company is Level 2, Progetta House, Tower Street, Swatar, Birkirkara BKR 4012, Malta. The Company's nature of business is that of asset management. Livesey Twilight Malta Limited entered into liquidation on 26 June 2023. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1st July 2022 | 1,547,300 |
Additions | 100,000 |
Revaluations | (325,200 | ) |
At 30th June 2023 | 1,322,100 |
NET BOOK VALUE |
At 30th June 2023 | 1,322,100 |
At 30th June 2022 | 1,547,300 |
As at the balance sheet date, certain property amounting to £990,300 (2022: £1,170,300) had been pledged as security against bank loans, as detailed in note 20. |
Fair value at 30th June 2023 is represented by: |
£ |
Valuation in 2023 | 1,322,100 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 1,647,300 | 1,547,300 |
Investment property was valued on a fair value basis on 30th June 2023 by the directors . |
14. | STOCKS |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Stocks | 41,275 | 43,541 |
Raw materials | 168,770 | 176,664 |
Work-in-progress | 44,703,030 | 52,533,138 |
44,913,075 | 52,753,343 |
As at the balance sheet date, certain property amounting to £43,307,561 (2022: £47,031,439) had been pledged as security against bank loans, as detailed in note 20. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
15. | DEBTORS |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 486,825 | 1,277,367 |
Amounts owed by group undertakings | - | - |
Other debtors | 231,229 | 25,690 |
Directors' current accounts | 285,311 | 294,575 | 285,311 | 294,575 |
Tax | 106,339 | - |
VAT | 330,338 | 158,851 |
Prepayments and accrued income | 221,622 | 519,076 |
Prepayments | 250,386 | - |
1,912,050 | 2,275,559 |
Amounts falling due after more than one | year: |
Trade debtors | 28,985 | 28,985 |
Tax | 949,464 | - |
978,449 | 28,985 |
Aggregate amounts | 2,890,499 | 2,304,544 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 15,474,045 | 11,418,505 |
Other loans (see note 18) | - | 4,719,954 |
Hire purchase contracts (see note 19) | 19,992 | - |
Trade creditors | 6,578,515 | 8,192,363 |
Tax | - | 79,240 |
Social security and other taxes | 215,976 | 233,526 |
Other creditors | 44,960 | 68,248 |
Accruals and deferred income | 265,202 | 191,775 |
22,598,690 | 24,903,611 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30.6.23 | 30.6.22 |
£ | £ |
Other loans (see note 18) | - | 143,750 |
Hire purchase contracts (see note 19) | 63,308 | - |
63,308 | 143,750 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 15,474,045 | 11,418,505 |
Other loans | - | 4,719,954 |
15,474,045 | 16,138,459 |
Amounts falling due between one and two | years: |
Other loans | - | 143,750 |
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. |
Of other loans, an amount of £nil (2022: £718,750) is secured (see below) and is repayable over the period until September 2023. The interest on the loan is 3.75% per annum. |
The balance of other loans in 2022 (£4,144,954) was in respect of a development that was funded by the owner of the land that was being developed. The loan did not bear interest but instead the land owner participated in a share of the profits that the development generated. The loan was disclosed as repayable in less than one year as the repayments were linked to the sales of properties, the timing of which could not be accurately ascertained. This loan was repaid in the year ended 30 June 2023. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.6.23 | 30.6.22 |
£ | £ |
Net obligations repayable: |
Within one year | 19,992 | - |
Between one and five years | 63,308 | - |
83,300 | - |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans | 15,474,045 | 11,418,505 |
Hire purchase contracts | 83,300 | - |
Other loans | - | 718,750 |
15,557,345 | 12,137,255 |
The loans are secured by way of fixed and floating charges and debentures over certain assets held within the Group. |
Hire purchase contracts are secured on the assets to which they relate. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.6.23 | 30.6.22 | 30.6.23 | 30.6.22 |
£ | £ | £ | £ |
Deferred tax |
Deferred tax | - | 892,602 | - | 1,102,976 |
Losses carried forwards | - | (341,319 | ) | - | (335,882 | ) |
- | 551,283 | - | 767,094 |
Other provisions | 764,110 | 993,070 | - | - |
Aggregate amounts | 764,110 | 1,544,353 | - | 767,094 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1st July 2022 | 551,283 | 993,070 |
Credit to Income Statement during year | (551,283 | ) | (228,960 | ) |
Charge to Other Comprehensive |
Income during the year |
Utilisation of tax losses |
Balance at 30th June 2023 | - | 764,110 |
Company |
Deferred |
tax |
£ |
Balance at 1st July 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 30th June 2023 |
Group |
Other provisions |
The Group has always demonstrated its commitment to upholding the standard of both current and legacy developments and fulfilling any obligations to do so. Costs which were unexpected in nature have arisen in relation to specific fire safety issues on a legacy scheme. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
23. | RESERVES |
Group |
Foreign |
currency |
Retained | Revaluation | translation |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1st July 2022 | 42,825,049 | 1,958,870 | 10,493 | 44,794,412 |
Deficit for the year | (5,082,336 | ) | (5,082,336 | ) |
Dividends | (300,000 | ) | (300,000 | ) |
Movement in the year | - | - | (763 | ) | (763 | ) |
Transfer | (493,021 | ) | 493,021 | - | - |
At 30th June 2023 | 36,949,692 | 2,451,891 | 9,730 | 39,411,313 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1st July 2022 | 43,384,382 | 1,958,870 | 45,343,252 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Transfer | (493,021 | ) | 493,021 | - |
At 30th June 2023 | 36,351,832 | 2,451,891 | 38,803,723 |
24. | PENSION COMMITMENTS |
The Group operates a defined contribution scheme for the benefit of certain employees. The assets of the scheme are administered by trustees in a fund independent from those of the group. |
The total contribution paid in the year amounted to £81,452 (2022: £78,564) |
25. | CONTINGENT LIABILITIES |
The Company has guaranteed the bank borrowings of some of its subsidiaries. There is a fixed charge over the freehold property of the Company in respect of these borrowings. |
At 30th June 2023 the net bank borrowings were £15,457,544 (2021: £11,411,343). These liabilities are included in the consolidated financial statements. |
P.J. LIVESEY HOLDINGS LIMITED (REGISTERED NUMBER: 03195231) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2023 |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30th June 2023 and 30th June 2022: |
30.6.23 | 30.6.22 |
£ | £ |
P J Livesey and Mrs D A Livesey |
Balance outstanding at start of year | 234,799 | - |
Amounts advanced | 173,737 | 234,799 |
Amounts repaid | (240,000 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 168,536 | 234,799 |
Mrs G A Lynch |
Balance outstanding at start of year | 59,776 | - |
Amounts advanced | 66,999 | 59,776 |
Amounts repaid | (60,000 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 66,775 | 59,776 |
C D Lynch |
Balance outstanding at start of year | - | - |
Amounts advanced | 50,000 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 50,000 | - |
Directors loans are unsecured, interest free and repayable on demand. |
27. | ULTIMATE CONTROLLING PARTY |
The Group is controlled by the director, Mr P J Livesey, by virtue of his majority shareholding. |