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Company No: 09857937 (England and Wales)

LEWIS-ONE PROPERTY INVESTMENTS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

LEWIS-ONE PROPERTY INVESTMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

LEWIS-ONE PROPERTY INVESTMENTS LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2023
LEWIS-ONE PROPERTY INVESTMENTS LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 2,203,792 2,005,000
2,203,792 2,005,000
Current assets
Debtors 4 5,403 12,531
Cash at bank and in hand 5,462 1,781
10,865 14,312
Creditors: amounts falling due within one year 5 ( 1,404,512) ( 1,126,779)
Net current liabilities (1,393,647) (1,112,467)
Total assets less current liabilities 810,145 892,533
Creditors: amounts falling due after more than one year 6 ( 709,088) ( 833,305)
Provision for liabilities 7 ( 3,604) 0
Net assets 97,453 59,228
Capital and reserves
Called-up share capital 8 100 100
Fair value reserve 103,104 58,104
Profit and loss account ( 5,751 ) 1,024
Total shareholders' funds 97,453 59,228

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Lewis-One Property Investments Ltd (registered number: 09857937) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Elliot Lewis
Director
LEWIS-ONE PROPERTY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
LEWIS-ONE PROPERTY INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lewis-One Property Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Llp Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £1,393,647. The Company is supported through loans from the directors as detailed in the Related party transaction note in these financial statements. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover relates to rental income receivable and is recognised by reference to the periods covered by each receipt, on an accruals basis. Rental income received in advance of the period covered is credited to deferred income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties, 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.

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.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 2,005,000
Additions 138,792
Fair value movement 60,000
As at 30 November 2023 2,203,792

Valuation

The fair value of the investment properties has been arrived at on the basis of valuations carried out at 30 November 2022 by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4. Debtors

2023 2022
£ £
Trade debtors 2,100 2,100
Deferred tax asset 0 9,138
Other debtors 3,303 1,293
5,403 12,531

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 20,631 28,467
Trade creditors 56 479
Other creditors 1,383,825 1,097,833
1,404,512 1,126,779

Bank loans are secured by way of fixed and floating charges held over the properties and undertakings of the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 190,789 315,006
Other creditors 518,299 518,299
709,088 833,305

Bank loans are secured by way of fixed and floating charges held over the properties and undertakings of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 99,512 209,411

Bank loans are secured by way of fixed and floating charges held over the properties and undertakings of the company.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 3,604 0

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to directors 1,849,649 1,597,112

The above balance includes amounts of £518,299 which are due for repayment on 2 September 2027. This loan is subject to 5.5% interest, payable annually on 3 September.

The remaining balances are interest free and repayable upon demand.