Liquidity-adjusted VaR with an exogenous bid-ask spread treats the spread as independent of your trade size. On a mid-marked book, the liquidation penalty is typically a one-way half-spread, so LVaR = VaR + (1/2) × S × P, where S is the bid-ask as a fraction of mid and P is position value. Adding a full spread double-counts because the entry half-spread is already in the mid mark. Do not annualize a one-day VaR by √250 and then bolt on a one-day spread without matching horizons.