Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01falsefalseNo description of principal activity33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00421605 2022-04-01 2023-03-31 00421605 2021-04-01 2022-03-31 00421605 2023-03-31 00421605 2022-03-31 00421605 2021-04-01 00421605 c:CompanySecretary1 2022-04-01 2023-03-31 00421605 c:Director1 2022-04-01 2023-03-31 00421605 c:Director2 2022-04-01 2023-03-31 00421605 c:RegisteredOffice 2022-04-01 2023-03-31 00421605 d:FreeholdInvestmentProperty 2023-03-31 00421605 d:FreeholdInvestmentProperty 2022-03-31 00421605 d:CurrentFinancialInstruments 2023-03-31 00421605 d:CurrentFinancialInstruments 2022-03-31 00421605 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00421605 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00421605 d:UKTax 2022-04-01 2023-03-31 00421605 d:UKTax 2021-04-01 2022-03-31 00421605 d:ShareCapital 2023-03-31 00421605 d:ShareCapital 2022-03-31 00421605 d:ShareCapital 2021-04-01 00421605 d:RevaluationReserve 2023-03-31 00421605 d:RevaluationReserve 2022-03-31 00421605 d:RevaluationReserve 2021-04-01 00421605 d:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2023-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2022-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2021-04-01 00421605 c:FRS102 2022-04-01 2023-03-31 00421605 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00421605 c:FullAccounts 2022-04-01 2023-03-31 00421605 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00421605 d:WithinOneYear 2023-03-31 00421605 d:WithinOneYear 2022-03-31 00421605 d:BetweenOneFiveYears 2023-03-31 00421605 d:BetweenOneFiveYears 2022-03-31 00421605 d:MoreThanFiveYears 2023-03-31 00421605 d:MoreThanFiveYears 2022-03-31 00421605 d:OtherDeferredTax 2023-03-31 00421605 d:OtherDeferredTax 2022-03-31 00421605 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00421605










Lewis Freegard Investments Limited








Unaudited

Directors' report and financial statements

For the Year Ended 31 March 2023





 
Lewis Freegard Investments Limited
 

Company Information


Directors
Mrs A M Humphreys 
Mrs J H Walker 




Company secretary
C D Walker



Registered number
00421605



Registered office
Montague Place
Quayside

Chatham Maritime

Kent

ME4 4QU




Accountants
Kreston Reeves LLP
Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU





 
Lewis Freegard Investments Limited
 

Contents



Page
Directors' report
1
Accountant's report
2
Statement of comprehensive income
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 12


 
Lewis Freegard Investments Limited
 

 
Directors' report
For the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors

The directors who served during the year were:

Mrs A M Humphreys 
Mrs J H Walker 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C D Walker
Secretary

Date: 17 October 2023

Page 1

 
Lewis Freegard Investments Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Lewis Freegard Investments Limited for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lewis Freegard Investments Limited for the year ended 31 March 2023 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 Lewis Freegard Investments Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of Lewis Freegard Investments Limited  and state those matters that we have agreed to state to the Board of directors of Lewis Freegard Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lewis Freegard Investments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Lewis Freegard Investments 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 Lewis Freegard Investments Limited. You consider that Lewis Freegard Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lewis Freegard Investments 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Chatham Maritime
2 November 2023
Page 2

 
Lewis Freegard Investments Limited
 

Statement of comprehensive income
For the Year Ended 31 March 2023

2023
2022
Note
£
£

  

Turnover
  
35,000
35,000

Cost of sales
  
(4,375)
(4,375)

Gross profit
  
30,625
30,625

Administrative expenses
  
(5,180)
(5,180)

Operating profit
  
25,445
25,445

Interest receivable and similar income
  
1,055
444

Profit before tax
  
26,500
25,889

Tax on profit
 4 
(5,035)
(4,919)

Profit for the financial year
  
21,465
20,970

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 6 to 12 form part of these financial statements.

Page 3

 
Lewis Freegard Investments Limited
Registered number: 00421605

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
470,000
470,000

  
470,000
470,000

Current assets
  

Debtors: amounts falling due within one year
 6 
9,844
9,844

Current asset investments
 7 
54,970
54,318

Cash at bank and in hand
 8 
23,940
23,711

  
88,754
87,873

Creditors: amounts falling due within one year
 9 
(17,266)
(17,150)

Net current assets
  
 
 
71,488
 
 
70,723

Total assets less current liabilities
  
541,488
540,723

Provisions for liabilities
  

Deferred tax
 10 
(69,344)
(69,344)

Net assets
  
472,144
471,379


Capital and reserves
  

Called up share capital 
  
1,800
1,800

Revaluation reserve
 11 
392,853
392,853

Profit and loss account
 11 
77,491
76,726

  
472,144
471,379


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs J H Walker
Director

Date: 17 October 2023

The notes on pages 6 to 12 form part of these financial statements.

Page 4

 
Lewis Freegard Investments Limited
 

Statement of changes in equity
For the Year Ended 31 March 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
1,800
392,853
76,096
470,749



Profit for the year
-
-
20,970
20,970

Dividends: Equity capital
-
-
(20,340)
(20,340)



At 1 April 2022
1,800
392,853
76,726
471,379



Profit for the year
-
-
21,465
21,465

Dividends: Equity capital
-
-
(20,700)
(20,700)


At 31 March 2023
1,800
392,853
77,491
472,144


The notes on pages 6 to 12 form part of these financial statements.

Page 5

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

1.


General information

Lewis Freegard Investments Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 00421605.  The address of the registered office is Montague Place, Quayside, Chatham Maritime, Kent ME4 4QU.
The company is an investment company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.  Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
5,035
4,919


Total current tax
5,035
4,919


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
26,500
25,889


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
5,035
4,919

Effects of:

Total tax charge for the year
5,035
4,919

Page 9

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
470,000



At 31 March 2023
470,000


Comprising


Cost
7,803

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

Prior years revaluation surpluses
317,197

2018 revaluation surplus
145,000

At 31 March 2023
470,000

The 2018 valuations were made by Harrisons, Chartered Surveyors, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
8,750
8,750

Prepayments and accrued income
1,094
1,094

9,844
9,844



7.


Current asset investments

2023
2022
£
£

Cash on term deposit
54,970
54,318



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
23,940
23,711


Page 10

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
5,035
4,919

Accruals and deferred income
12,231
12,231

17,266
17,150



10.


Deferred taxation




2023
2022


£

£






At beginning of year
69,344
69,344



At end of year
69,344
69,344

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation surplus
69,344
69,344


11.


Reserves

Investment property revaluation reserve

The company carries its investment properties at current valuation.  This non-distributable reserve is used to record increases in the fair value of the the properties less any related provision for deferred tax.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

Page 11

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

12.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
4,375
4,375

Later than 1 year and not later than 5 years
17,500
17,500

Later than 5 years
184,844
189,219

206,719
211,094


13.


Related party transactions

The company's key management personnel received remuneration and benefits from the company of £1,300 (2022 - £1,300).


14.


Controlling party

The company has no single controlling party.


Page 12