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COMPANY REGISTRATION NUMBER: 07249045
AJ Lewis Construction Ltd
Filleted Unaudited Financial Statements
31 May 2022
AJ Lewis Construction Ltd
Statement of Financial Position
31 May 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
35,954
Current assets
Debtors
7
24,037
5,712
Cash at bank and in hand
184
4,020
--------
-------
24,221
9,732
Creditors: amounts falling due within one year
8
20,827
14,775
--------
--------
Net current assets/(liabilities)
3,394
( 5,043)
-------
--------
Total assets less current liabilities
3,394
30,911
-------
--------
Net assets
3,394
30,911
-------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,392
30,909
-------
--------
Shareholders funds
3,394
30,911
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AJ Lewis Construction Ltd
Statement of Financial Position (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 11 August 2022 , and are signed on behalf of the board by:
Mr J S Lewis
Director
Company registration number: 07249045
AJ Lewis Construction Ltd
Notes to the Financial Statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Yr Hen Fferm, Penybryn, Corwen, Denbighshire, LL21 OBD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of goods and services provided during the year, and excludes Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
10% reducing balance
Motor Vehicles
-
10% reducing balance
Government grants - covid-19
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2021 and 31 May 2022
10,000
--------
Amortisation
At 1 June 2021 and 31 May 2022
10,000
--------
Carrying amount
At 31 May 2022
--------
At 31 May 2021
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2021
11,813
41,869
53,682
Disposals
( 11,813)
( 41,870)
( 53,683)
--------
--------
--------
At 31 May 2022
( 1)
( 1)
--------
--------
--------
Depreciation
At 1 June 2021
6,243
11,485
17,728
Disposals
( 6,243)
( 11,486)
( 17,729)
--------
--------
--------
At 31 May 2022
( 1)
( 1)
--------
--------
--------
Carrying amount
At 31 May 2022
--------
--------
--------
At 31 May 2021
5,570
30,384
35,954
--------
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
3,960
Other debtors
24,037
1,752
--------
-------
24,037
5,712
--------
-------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
531
2,486
Social security and other taxes
7,243
108
Other creditors
13,053
12,181
--------
--------
20,827
14,775
--------
--------
9. Director's advances, credits and guarantees
The director operated a current account with the company the opening balance of which was £10,768 in credit and the closing balance £24,037 in debit.