Registered number: 00421605
Lewis Freegard Investments Limited
Unaudited
Directors' report and financial statements
For the Year Ended 31 March 2023
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Lewis Freegard Investments Limited
Company Information
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Lewis Freegard Investments Limited
Contents
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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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.
The directors who served during the year were:
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.
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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 2023. Our 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
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Lewis Freegard Investments Limited
Statement of comprehensive income
For the Year Ended 31 March 2023
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Interest receivable and similar income
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Profit for the financial year
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 6 to 12 form part of these financial statements.
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Page 3
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Lewis Freegard Investments Limited
Registered number: 00421605
Balance sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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:
The notes on pages 6 to 12 form part of these financial statements.
Page 4
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Lewis Freegard Investments Limited
Statement of changes in equity
For the Year Ended 31 March 2023
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Investment property revaluation reserve
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 6 to 12 form part of these financial statements.
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Page 5
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
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
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Basis of preparation of financial statements
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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:
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Page 6
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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Current and deferred taxation
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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.
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.
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.
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Cash and cash equivalents
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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.
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
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
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Provisions for liabilities
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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.
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.
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
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
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The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
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Current tax on profits for the year
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Factors affecting tax charge for the year
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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:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
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Total tax charge for the year
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Page 9
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
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Freehold investment property
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Annual revaluation surplus/(deficit):
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Annual revaluation surplus/(deficit):
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Prior years revaluation surpluses
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The 2018 valuations were made by Harrisons, Chartered Surveyors, on an open market value for existing use basis.
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Prepayments and accrued income
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Current asset investments
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Cash and cash equivalents
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Page 10
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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The provision for deferred taxation is made up as follows:
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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
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Lewis Freegard Investments Limited
Notes to the financial statements
For the Year Ended 31 March 2023
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Commitments under operating leases
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At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company's key management personnel received remuneration and benefits from the company of £1,300 (2022 - £1,300).
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The company has no single controlling party.
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