Youths defence of trophy comes to an end at Anfield
Liverpool had taken the lead with their first real effort on goal, Paul Anderson firing a shot under Pétursson from just outside the area.
Town then rallied and equalised in spectacular fashion when Stuart Ainsley fired a 25 yard left foot drive on 62.
Ten mintues later and the Liverpudlians regained the advantage through a corner, Ryan Flynn stabbing the ball home.
Then Town became a flurry of brave attempts to keep their cup hopes alive but Leabon's effort was ruled out and Liverpool 'keeper, Dave Roberts put in a man of the match display, as Joe Royle looked on.