Registered number
11378041
Lewis & Willoughby Developments Ltd
Filleted Accounts
31 May 2024
Lewis & Willoughby Developments Ltd
Registered number: 11378041
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,184,798 1,185,931
Current assets
Debtors 4 600 -
Cash at bank and in hand 2,866 4,285
3,466 4,285
Creditors: amounts falling due within one year 5 (490,395) (540,035)
Net current liabilities (486,929) (535,750)
Total assets less current liabilities 697,869 650,181
Provisions for liabilities (135,006) (116,502)
Net assets 562,863 533,679
Capital and reserves
Called up share capital 1,200 1,200
Revaluation reserve 6 713,153 713,153
Profit and loss account (151,490) (180,674)
Shareholders' funds 562,863 533,679
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.
Owen Lewis
Director
Approved by the board on 13 August 2024
Lewis & Willoughby Developments Ltd
Notes to the Accounts
for the year ended 31 May 2024
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land & Buildings 0% depreciation
Plant & Machinery 25% Reducing balance
Fixtures, fittings, tools and equipment 20% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2023 1,170,000 32,643 1,202,643
Additions - 2,053 2,053
At 31 May 2024 1,170,000 34,696 1,204,696
Depreciation
At 1 June 2023 - 16,712 16,712
Charge for the year - 3,186 3,186
At 31 May 2024 - 19,898 19,898
Net book value
At 31 May 2024 1,170,000 14,798 1,184,798
At 31 May 2023 1,170,000 15,931 1,185,931
Freehold land and buildings: 2024 2023
£ £
Historical cost 456,847 456,847
Cumulative depreciation based on historical cost - -
456,847 456,847
Land and buildings was last valued on an open market basis on 31st May 2024 by the directors, Mr Owen Lewis & Mr Benjamin Willoughby.
4 Debtors 2024 2023
£ £
Trade debtors 600 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,909 2,902
Other creditors 488,486 537,133
490,395 540,035
6 Revaluation reserve 2024 2023
£ £
At 1 June 2023 713,153 -
Gain on revaluation of land and buildings - 713,153
At 31 May 2024 713,153 713,153
7 Basis of preparation
At the period end, the company’s balance sheet showed net current liabilities of £486,929 (2023: £535,750). This includes £458,218 (2023: £504,732) payable to Mr Benjamin Willoughby & Mr Owen Lewis, directors. The directors have indicated that they will continue to support the company financially until such time that it can afford to repay them. On this basis, the directors feel it is appropriate that the accounts are prepared on a going concern basis.
8 Related party transactions
At the period end the company owed £229,109 (2023: £252,366) to Mr Benjamin Willoughby, director. The Loan is interest free and repayable on demand.

At the period end the company owed £229,109 (2023: £252,366) to Mr Owen Lewis, director. The Loan is interest free and repayable on demand.
9 Controlling party
The company is ultimately controlled by Mr Owen Lewis and Mr Benjamin Willoughby, directors, who together own 100% of the issued share capital.
10 Other information
Lewis & Willoughby Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
67b Goonown
St. Agnes
Cornwall
TR5 0XG
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