Lewis Homes (South Wales) Limited
Registered number: 05366776
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 734,457 685,723
Current assets
Stocks 2,239,765 1,130,578
Debtors 4 2,124,325 2,264,280
Cash at bank and in hand 584,430 287,981
4,948,520 3,682,839
Creditors: amounts falling due within one year 5 (2,889,850) (1,601,716)
Net current assets 2,058,670 2,081,123
Total assets less current liabilities 2,793,127 2,766,846
Creditors: amounts falling due after more than one year 6 (475,069) (493,065)
Provisions for liabilities (32,221) (20,241)
Net assets 2,285,837 2,253,540
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,285,737 2,253,440
Shareholders' funds 2,285,837 2,253,540
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M R Lewis
Director
Approved by the board on 6 November 2023
Lewis Homes (South Wales) Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the construction of residential properties.The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price.The carrying amount of stock used is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price).
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 534,000 420,866 109,308 1,064,174
Additions - - 100,274 100,274
Disposals - - (8,490) (8,490)
At 28 February 2023 534,000 420,866 201,092 1,155,958
Depreciation
At 1 March 2022 - 317,267 61,184 378,451
Charge for the year - 20,720 29,395 50,115
On disposals - - (7,065) (7,065)
At 28 February 2023 - 337,987 83,514 421,501
Net book value
At 28 February 2023 534,000 82,879 117,578 734,457
At 28 February 2022 534,000 103,599 48,124 685,723
4 Debtors 2023 2022
£ £
Trade debtors 1,695,360 2,264,280
Other debtors 428,965 -
2,124,325 2,264,280
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,750 3,437
Obligations under finance lease and hire purchase contracts 7,922 10,371
Trade creditors 1,127,050 931,345
Taxation and social security costs 215,445 66,624
Other creditors 1,529,683 589,939
2,889,850 1,601,716
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 464,900 474,974
Obligations under finance lease and hire purchase contracts 10,169 18,091
475,069 493,065
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M R Lewis
Loan - 428,965 - 428,965
8 Related party transactions
Debtors include £428,965 (2022 Nil) loan to a participant of the company. No interest has been charged.
9 Other information
Lewis Homes (South Wales) Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Bronheulwen
Porth
Mid Glamorgan
CF39 0BJ
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