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Registered number: 12566966










LEWIS & SCOTT RETIREMENT LIVING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
REGISTERED NUMBER: 12566966

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,219
2,536

Investments
 5 
2
-

  
2,221
2,536

Current assets
  

Stocks
  
1,341,444
1,138,686

Debtors: amounts falling due within one year
 6 
340,743
371,643

Cash at bank and in hand
  
25,827
6,268

  
1,708,014
1,516,597

Creditors: amounts falling due within one year
 7 
(1,907,579)
(1,670,154)

Net current liabilities
  
 
 
(199,565)
 
 
(153,557)

Total assets less current liabilities
  
(197,344)
(151,021)

  

Net liabilities
  
(197,344)
(151,021)


Capital and reserves
  

Called up share capital 
 8 
1,093
1,000

Share premium account
 9 
313,093
-

Profit and loss account
  
(511,530)
(152,021)

  
(197,344)
(151,021)


Page 1

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
REGISTERED NUMBER: 12566966
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Scott
Director

Date: 11 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Lewis & Scott Retirement Living Limited is a private company limited by shares and incorporated in England and Wales, registration number 12566966. The registered office is 1 Claydon Business Park, Great Blakenham, Ipswich, Suffolk, IP6 0NL.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have indicated their willingness to continue to support the Company and have confirmed that whilst the loans are repayable on demand, continued support is assured. The Company will also continue to receive funding in the next 12 months from equity investments from third parties.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existance for the forseeable future and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

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.

Page 4

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Creditors

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.

 
2.13

Financial instruments

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023: 4).  


4.


Intangible assets




Trademarks

£



Cost


At 1 April 2023
3,170



At 31 March 2024

3,170



Amortisation


At 1 April 2023
634


Charge for the year on owned assets
317



At 31 March 2024

951



Net book value



At 31 March 2024
2,219



At 31 March 2023
2,536



Page 5

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
2



At 31 March 2024
2





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
337,942
355,400

Other debtors
240
13,502

Prepayments
2,561
2,741

340,743
371,643



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
463,094
406,898

Trade creditors
630
52,162

Amounts owed to group undertakings
1
-

Other taxation and social security
22,418
3,046

Other creditors
1,417,461
1,204,773

Accruals
3,975
3,275

1,907,579
1,670,154


The balance included in other loans is secured by a fixed and floating charge over the land at Halstead, as well as a general debenture and personal guarantee provided by the director. 

Page 6

 
LEWIS & SCOTT RETIREMENT LIVING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,093 (2023 - 1,000) Ordinary shares of £1.00 each
1,093
1,000


On 15 June 2023 the Company issued 93 Ordinary C shares to a third party for £313,186.


9.


Reserves

Share premium account

The share premium account includes all amounts paid for issued share capital in excess of the nominal value of those shares. 


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,932 (2023 - £nil). Contributions totalling £1,421 (2023 - £nil) were payable to the fund at the reporting date and are included in creditors.


11.


Related party transactions

Included in other creditors is a balance due to a director totalling £1,409,550 (2023 - £1,200,643). The balance is unsecured, interest-free and repayable on demand.


12.


Post balance sheet events

On 26 April 2024, Islandbridge Property Holdings Limited acquired 97.5% of the share capital of Lewis & Scott Retirement Living Limited. 

 
Page 7