Company registration number 09647002 (England and Wales)
NICHOLAS SPENCER LEWIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
NICHOLAS SPENCER LEWIS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
NICHOLAS SPENCER LEWIS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,602
2,204
Investment property
4
600,000
690,000
602,602
692,204
Current assets
Debtors
5
9,572
-
0
Cash at bank and in hand
65,193
107,171
74,765
107,171
Creditors: amounts falling due within one year
6
(401,859)
(210,211)
Net current liabilities
(327,094)
(103,040)
Total assets less current liabilities
275,508
589,164
Creditors: amounts falling due after more than one year
7
-
0
(192,786)
Provisions for liabilities
8
-
0
(21,229)
Net assets
275,508
375,149
Capital and reserves
Called up share capital
9
270,200
270,200
Revaluation reserve
54,420
121,919
Profit and loss reserves
(49,112)
(16,970)
Total equity
275,508
375,149

The directors of the company have elected not to include a copy of the income statement 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.

NICHOLAS SPENCER LEWIS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mr D Nicholas
Director
Company registration number 09647002 (England and Wales)
NICHOLAS SPENCER LEWIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Nicholas Spencer Lewis Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 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 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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on a going concern basis even though the company has net current liabilities of £true327,094 (2022: £103,040). The validity of the going concern concept is dependent on the continuing support from the shareholders. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due.

1.3
Turnover

Turnover represents rents receivable from properties held for investment.

 

Rent receivable represents rental income and ground rent receivable from investment properties and is measured at fair value. Rental income is recognised in the period to which it arises on an accruals basis and in accordance with the terms of the lease. It is included within operating profit.

1.4
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:

Fixtures, fittings & equipment
25% reducing balance basis
Computer equipment
25% reducing balance basis

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

NICHOLAS SPENCER LEWIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash at bank.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

NICHOLAS SPENCER LEWIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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.

1.10
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 income statement 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 income statement, 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.

NICHOLAS SPENCER LEWIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
6,393
Additions
949
At 30 June 2023
7,342
Depreciation and impairment
At 1 July 2022
4,189
Depreciation charged in the year
551
At 30 June 2023
4,740
Carrying amount
At 30 June 2023
2,602
At 30 June 2022
2,204
4
Investment property
2023
£
Fair value
At 1 July 2022
690,000
Revaluations
(90,000)
At 30 June 2023
600,000

The fair value of investment properties at the reporting date was based on a valuation carried out by the directors, who are not professionally qualified valuers. The valuation has been made on an open market value on an existing use basis. No depreciation has been provided on these properties.

 

On a historical cost basis the investment properties would have been included at an original cost of £538,282 (2022: £538,282).

NICHOLAS SPENCER LEWIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
8,400
-
0
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,172
-
0
Total debtors
9,572
-
0
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
401,859
210,211

 

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
192,786

 

8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
-
0
21,229
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100 Ordinary "A" shares of £1 each
100
100
200
200
NICHOLAS SPENCER LEWIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Called up share capital
2023
2022
£
£
(Continued)
- 8 -
Preference share capital
Issued and fully paid
270,000 10% redeemable non-Cumulative preference shares of £1 each
270,000
270,000
Total equity share capital
270,200
270,200
2023-06-302022-07-01false22 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMrs D Loudan-NicholasMr D Nicholasfalsefalse096470022022-07-012023-06-30096470022023-06-30096470022022-06-3009647002core:OtherPropertyPlantEquipment2023-06-3009647002core:OtherPropertyPlantEquipment2022-06-3009647002core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3009647002core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3009647002core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3009647002core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3009647002core:ShareCapital2023-06-3009647002core:ShareCapital2022-06-3009647002core:RevaluationReserve2023-06-3009647002core:RevaluationReserve2022-06-3009647002core:RetainedEarningsAccumulatedLosses2023-06-3009647002core:RetainedEarningsAccumulatedLosses2022-06-3009647002core:ShareCapitalOrdinaryShares2023-06-3009647002core:ShareCapitalOrdinaryShares2022-06-3009647002bus:Director22022-07-012023-06-3009647002core:FurnitureFittings2022-07-012023-06-3009647002core:ComputerEquipment2022-07-012023-06-30096470022021-07-012022-06-3009647002core:OtherPropertyPlantEquipment2022-06-3009647002core:OtherPropertyPlantEquipment2022-07-012023-06-30096470022022-06-3009647002core:CurrentFinancialInstruments2023-06-3009647002core:CurrentFinancialInstruments2022-06-3009647002core:AfterOneYear2023-06-3009647002core:AfterOneYear2022-06-3009647002core:Non-currentFinancialInstruments2023-06-3009647002core:Non-currentFinancialInstruments2022-06-3009647002bus:PrivateLimitedCompanyLtd2022-07-012023-06-3009647002bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3009647002bus:FRS1022022-07-012023-06-3009647002bus:AuditExemptWithAccountantsReport2022-07-012023-06-3009647002bus:Director12022-07-012023-06-3009647002bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP