Company registration number 08408677 (England and Wales)
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
E Ellis
A Sykes
Company number
08408677
Registered office
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
Accountants
M J Goldman (Chartered Accountants)
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 8
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -
The directors present their annual report and financial statements for the year ended 28 February 2023.
Principal activities
The principal activity of the company continued to be that of a provider of information technology services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
E Ellis
A Sykes
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A Sykes
Director
27 February 2024
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIVEPOINT SOFTWARE SOLUTIONS LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Livepoint Software Solutions Limited for the year ended 28 February 2023 which comprise the statement of income and retained earnings, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Livepoint Software Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Livepoint Software Solutions Limited and state those matters that we have agreed to state to the board of directors of Livepoint Software Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Livepoint Software Solutions Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Livepoint Software Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Livepoint Software Solutions Limited. You consider that Livepoint Software Solutions Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Livepoint Software Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
M J Goldman (Chartered Accountants)
27 February 2024
Chartered Accountants
Hollinwood Business Centre
Albert Street
Oldham
Lancashire
OL8 3QL
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
2023
2022
Notes
£
£
Turnover
370,170
327,382
Cost of sales
(65,885)
(48,566)
Gross profit
304,285
278,816
Administrative expenses
(268,443)
(185,597)
Other operating income
417
Operating profit
35,842
93,636
Interest receivable and similar income
4
Interest payable and similar expenses
(1,157)
(516)
Profit before taxation
34,685
93,124
Tax on profit
22,483
7,285
Profit for the financial year
57,168
100,409
Retained earnings brought forward
39,112
18,703
Dividends
(77,000)
(80,000)
Retained earnings carried forward
19,280
39,112
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,451
12,213
Current assets
Debtors
4
102,677
87,293
Cash at bank and in hand
1,426
13,256
104,103
100,549
Creditors: amounts falling due within one year
5
(69,439)
(37,593)
Net current assets
34,664
62,956
Total assets less current liabilities
45,115
75,169
Creditors: amounts falling due after more than one year
6
(23,922)
(33,733)
Provisions for liabilities
(1,910)
(2,321)
Net assets
19,283
39,115
Capital and reserves
Called up share capital
7
1
2
Capital redemption reserve
2
1
Profit and loss reserves
19,280
39,112
Total equity
19,283
39,115
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2024 and are signed on its behalf by:
E Ellis
Director
Company registration number 08408677 (England and Wales)
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
1
Accounting policies
Company information
Livepoint Software Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hollinwood Business Centre, Albert Street, Oldham, Lancashire, OL8 3QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised as earned when, and to the extent that the company obtains the right to consideration in exchange for its performance of information technology services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.
Creditors payable after one year constitute commercial loans with a market rate of interest applied. These are recognised in full.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 7 -
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
33,461
Additions
1,074
At 28 February 2023
34,535
Depreciation and impairment
At 1 March 2022
21,248
Depreciation charged in the year
2,836
At 28 February 2023
24,084
Carrying amount
At 28 February 2023
10,451
At 28 February 2022
12,213
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
102,677
87,293
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
259
259
Taxation and social security
16,786
4,214
Other creditors
42,394
23,120
69,439
37,593
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,922
33,733
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
2 Ordinary Shares of £1 each
1
2
8
Directors' transactions
During the period, a director withdrew funds totalling £55,154.54 (2022: £65,098) from the company. After accounting for dividends issued during the year, as at the 28 February 2022, the director owed the company £54,140.07 (2022: 55,638). This is repayable on demand.
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023
LIVEPOINT SOFTWARE SOLUTIONS LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 28 FEBRUARY 2023
2023
2022
£
£
Administrative expenses
Wages and salaries
177,675
123,639
Social security costs
12,132
11,957
Staff training
635
772
Staff pension costs defined contribution
3,192
1,551
Directors' remuneration
11,653
8,839
Rent
435
387
Cleaning
-
35
Repairs and maintenance
388
548
Insurance
303
303
Hire of equipment (not operating lease)
4,034
1,936
Travelling expenses
3,757
903
Postage, courier and delivery charges
273
197
Subscriptions
407
347
Legal and professional fees
29
35
Consultancy fees
-
9,214
Accountancy
3,049
2,728
Charitable donations
-
60
Bank charges
594
700
Bad and doubtful debts
33,224
-
Printing and stationery
674
810
Advertising
11,100
13,077
Telecommunications
-
2,002
Entertaining
2,072
1,474
Sundry expenses
-
576
Depreciation
2,817
3,522
Profit or loss on disposal of intangible assets (non exceptional)
-
(15)
268,443
185,597
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