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COMPANY REGISTRATION NUMBER: 1310950
Lewis & Co. (Fabrics) Limited
Unaudited Financial Statements
30 April 2023
Lewis & Co. (Fabrics) Limited
Financial Statements
Year ended 30th April 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Lewis & Co. (Fabrics) Limited
Directors' Report
Year ended 30th April 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2023 .
Directors
The directors who served the company during the year were as follows:
B Earing
V I Lewis
J M Lewis
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 October 2023 and signed on behalf of the board by:
V I Lewis
J M Lewis
Director
Director
Registered office:
Suite 1, First Floor
1 Duchess Street
London
England
W1W 6AN
Lewis & Co. (Fabrics) Limited
Statement of Income and Retained Earnings
Year ended 30th April 2023
2023
2022
Note
£
£
Turnover
4,940,379
4,972,156
Cost of sales
2,733,572
2,748,076
------------
------------
Gross profit
2,206,807
2,224,080
Distribution costs
108,129
97,032
Administrative expenses
1,535,496
1,509,061
Other operating income
84,696
------------
------------
Operating profit
563,182
702,683
Other interest receivable and similar income
21,044
450
Interest payable and similar expenses
100,799
59,979
------------
------------
Profit before taxation
5
483,427
643,154
Tax on profit
97,865
136,298
---------
---------
Profit for the financial year and total comprehensive income
385,562
506,856
---------
---------
Dividends paid and payable
( 350,000)
( 450,000)
Retained earnings at the start of the year
3,425,254
3,368,398
------------
------------
Retained earnings at the end of the year
3,460,816
3,425,254
------------
------------
All the activities of the company are from continuing operations.
Lewis & Co. (Fabrics) Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
874,163
911,015
Investments
7
1,000
1,000
---------
---------
875,163
912,015
Current assets
Stocks
955,720
750,614
Debtors
8
611,261
592,659
Cash at bank and in hand
4,926,760
4,687,606
------------
------------
6,493,741
6,030,879
Creditors: amounts falling due within one year
9
3,277,926
2,859,037
------------
------------
Net current assets
3,215,815
3,171,842
------------
------------
Total assets less current liabilities
4,090,978
4,083,857
Creditors: amounts falling due after more than one year
10
41,162
69,603
Provisions
Other provisions
9,000
9,000
------------
------------
Net assets
4,040,816
4,005,254
------------
------------
Capital and reserves
Called up share capital
580,000
580,000
Profit and loss account
3,460,816
3,425,254
------------
------------
Shareholders funds
4,040,816
4,005,254
------------
------------
These financial statements have been prepared 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'.
For the year ending 30th April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Lewis & Co. (Fabrics) Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
V I Lewis
J M Lewis
Director
Director
Company registration number: 1310950
Lewis & Co. (Fabrics) Limited
Notes to the Financial Statements
Year ended 30th April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Freehold property
-
2% straight line
Plant, fixtures and fittings
-
20% & 33.3% per annum
Motor vehicles
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2022: 36 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
79,560
79,828
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st May 2022
845,784
78,385
416,442
1,340,611
Additions
12,171
81,085
93,256
Disposals
( 132,102)
( 132,102)
---------
--------
---------
------------
At 30th April 2023
845,784
90,556
365,425
1,301,765
---------
--------
---------
------------
Depreciation
At 1st May 2022
236,785
48,226
144,585
429,596
Charge for the year
16,920
6,849
55,791
79,560
Disposals
( 81,554)
( 81,554)
---------
--------
---------
------------
At 30th April 2023
253,705
55,075
118,822
427,602
---------
--------
---------
------------
Carrying amount
At 30th April 2023
592,079
35,481
246,603
874,163
---------
--------
---------
------------
At 30th April 2022
608,999
30,159
271,857
911,015
---------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th April 2023
231,063
---------
At 30th April 2022
259,201
---------
7. Investments
Shares in group undertakings
£
Cost
At 1st May 2022 and 30th April 2023
1,000
-------
Impairment
At 1st May 2022 and 30th April 2023
-------
Carrying amount
At 30th April 2023
1,000
-------
At 30th April 2022
1,000
-------
8. Debtors
2023
2022
£
£
Trade debtors
501,685
490,147
Other debtors
109,576
102,512
---------
---------
611,261
592,659
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
937,590
428,249
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,000
1,000
Corporation tax
97,865
136,298
Social security and other taxes
149,917
232,000
Other creditors
2,091,554
2,061,490
------------
------------
3,277,926
2,859,037
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
41,162
69,603
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
32,220
31,986
Later than 1 year and not later than 5 years
128,880
120,169
Later than 5 years
22,500
52,500
---------
---------
183,600
204,655
---------
---------
12. Related party transactions
There is no controlling party of the company. Sunbury Investments is a partnership of which the directors V I Lewis and J M Lewis are partners. During the year the company had the following transactions with related parties:
2023 2022
£ £
Rent Payable:
Sunbury Investments 33,000 30,000
Interest Payable:
Directors Loan Accounts 98,543 56,747
Interest is payable on these loans at 3.5% above bank base rates and is accrued but not paid at the year end. At the year end there were the following balances with related parties: Included within other creditors:
2023 2022
Loan accounts
Mr V I Lewis 1,365,967 1,294,796
Mr J M Lewis 388,308 457,883
Mr B Lewis 54,372 45,919
Mr J Lewis 10,000