Lewis Moberly Limited
Unaudited Financial Statements
For the year ended 30 June 2023
Pages for Filing with Registrar
Company Registration No. 01817465 (England and Wales)
Lewis Moberly Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Lewis Moberly Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
108,679
67,523
Current assets
Debtors
5
1,083,337
1,053,089
Cash at bank and in hand
2,905,781
2,603,987
3,989,118
3,657,076
Creditors: amounts falling due within one year
6
(641,897)
(697,770)
Net current assets
3,347,221
2,959,306
Total assets less current liabilities
3,455,900
3,026,829
Creditors: amounts falling due after more than one year
7
(416,122)
(416,122)
Provisions for liabilities
(22,409)
(9,800)
Net assets
3,017,369
2,600,907
Capital and reserves
Called up share capital
8
50,000
50,000
Profit and loss reserves
2,967,369
2,550,907
Total equity
3,017,369
2,600,907
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Lewis Moberly Limited
Balance Sheet (Continued)
As at 30 June 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
R Moberly
Director
Company Registration No. 01817465
Lewis Moberly Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 3
1
Accounting policies
Company information
Lewis Moberly Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 Gresse Street, London, W1T 1QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
Over the life of the lease
Plant and machinery
25% straight line
Fixtures and fittings
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
Lewis Moberly Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 4
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
Lewis Moberly Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
1.11
Patents are value at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
19
3
Intangible fixed assets
Patents
£
Cost
At 1 July 2022 and 30 June 2023
33,328
Amortisation and impairment
At 1 July 2022 and 30 June 2023
33,328
Carrying amount
At 30 June 2023
At 30 June 2022
Lewis Moberly Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
273,557
212,878
486,435
Additions
75,864
75,864
Disposals
(18,184)
(18,184)
At 30 June 2023
273,557
270,558
544,115
Depreciation and impairment
At 1 July 2022
273,557
145,355
418,912
Depreciation charged in the year
34,577
34,577
Eliminated in respect of disposals
(18,053)
(18,053)
At 30 June 2023
273,557
161,879
435,436
Carrying amount
At 30 June 2023
108,679
108,679
At 30 June 2022
67,523
67,523
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
560,184
595,841
Other debtors
523,153
457,248
1,083,337
1,053,089
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
111,190
110,780
Corporation tax
163,227
185,024
Other taxation and social security
118,233
101,811
Other creditors
6,776
7,507
Accruals and deferred income
242,471
292,648
641,897
697,770
Lewis Moberly Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 7
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
416,122
416,122
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
110,000
112,500
Between two and five years
27,500
140,625
137,500
253,125
10
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
Other debtors includes £74,898 (2022: £74,898) due from Lewis Moberly Employee Benefits Trust.
At the year end date, the company was owed £188,837 (2022: £129,428) from a director of the company.
11
Controlling party
The ultimate parent company is Lewis Moberly Holdings Limited, a company incorporated in England and Wales, by virtue of its shareholding.
The ultimate controlling party is P Lewis, a director of the company, by virtue of her majority shareholding in Lewis Moberly Holdings Limited.