REGISTERED NUMBER: |
Lewis Properties (1985) Limited |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
Lewis Properties (1985) Limited |
Unaudited Financial Statements |
for the Year Ended 30 June 2023 |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Lewis Properties (1985) Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Balance Sheet - continued |
30 June 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Proft and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | GENERAL INFORMATION |
The company is a private company limited by share capital, incorporated in England and Wales. |
The address of its registered office is: |
Compass House |
50 Gosport Street |
Lymington |
Hampshire |
SO41 9BB |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARATION |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. |
The company's functional and presentational currency is pound sterling. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES |
The principal accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all the years presented, unless otherwise stated. |
STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A. |
- The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. |
EXEMPTION FROM PREPARING GROUP ACCOUNTS |
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts. |
TANGIBLE ASSETS |
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated |
depreciation and subsequent accumulated impairment losses. |
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and |
installation. |
Depreciation |
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
Asset class | Depreciation method and rate |
Freehold / long leasehold properties | Not depreciated |
Short leasehold properties | Straight line over the life of the lease |
Fixtures and fittings | 25% reducing balance basis |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
INVESTMENT PROPERTY |
Investment properties are carried at fair value, determined annually by the directors. The valuers use observable market data, adjusted if necessary for any difference in the nature, location or condition of the specific asset.Changes in fair value are recognised in profit or loss. |
Fair value gains and losses along with the associated deferred tax are transferred to a separate revaluation |
reserve as shown in the statement of changes in equity. |
FIXED ASSET INVESTMENTS |
Fixed asset investments are stated at historical cost less provision for any diminution in value. |
CURRENT ASSET INVESTMENTS |
Current asset investments are included in the accounts at market value. Gains and losses are recognised in the profit and loss account or the statement of total recognised gains and losses. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Proft and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
GOING CONCERN |
The financial statements have been prepared on a going concern basis. |
REVENUE RECOGNITION |
Turnover comprises the fair value of the consideration received or receivable in respect of rent and services |
provided in the UK in the ordinary course of the company’s activities. Turnover is shown net of sales/value |
added tax, returns, rebates and discounts and after eliminating sales within the company. |
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
HIRE PURCHASE AND LEASING |
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Revaluation |
The fair value of the company's freehold and long leasehold investment properties was revalued on 4 June 2012 by Burgoyne Johnston Evans, Chartered Surveyors, who is external to the company. The basis of this valuation was open market. The class of assets has a current value of £1,667,872 (2021 - £1,667,872) and a carrying amount at historical cost of £431,468 (2021 - £431,468). |
The directors believe that the valuation dated 4 June 2012 remains an accurate reflection of the market value of the properties as at 30 June 2022. |
The last full valuation of freehold and long leasehold investment properties was carried out on 4 June 2012. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Lewis Properties (1985) Limited (Registered number: 01927261) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | INVESTMENT PROPERTY - continued |
Details of undertakings |
Details of the investments (including principal place of business of unincorporated entities) in which the |
company holds 20% or more of the nominal value of any class of share capital are as follows: |
Undertaking | Registered office | Holding | Proportion of voting rights and shares held |
2021 | 2020 |
Subsidiary undertakings |
A.E. Lewis & Son Limited | Compass House, | Ordiniary | 100% | 100% |
50 Gosport Street, | shares |
Lymington, |
Hampshire, |
SO41 9BB |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Sales control account | 23,494 | 8,200 |
VAT | (4,641 | ) | 2,248 |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other tax |
Other creditors |
Directors' current accounts | 4,500 | 2,815 |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 600 | 600 |