Company registration number 07623795 (England and Wales)
EVANS AND LEWIS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
EVANS AND LEWIS LTD.
COMPANY INFORMATION
Directors
Mr E L Wilkinson
Mrs S C Wilkinson
Secretary
Mrs S C Wilkinson
Company number
07623795
Registered office
Holborn Court
Bridge Street
Newcastle Under Lyme
Staffordshire
ST5 2RX
Accountants
Fields Business Advisors Limited
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Business address
Holborn Court
Bridge Street
Newcastle Under Lyme
Staffordshire
ST5 2RX
EVANS AND LEWIS LTD.
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
EVANS AND LEWIS LTD.
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,332
43,332
Tangible assets
5
27,829
31,166
46,161
74,498
Current assets
Debtors
6
620,148
488,191
Cash at bank and in hand
175,393
189,619
795,541
677,810
Creditors: amounts falling due within one year
7
(681,703)
(594,921)
Net current assets
113,838
82,889
Total assets less current liabilities
159,999
157,387
Creditors: amounts falling due after more than one year
8
(10,506)
(20,752)
Net assets
149,493
136,635
Capital and reserves
Called up share capital
6,000
6,000
Profit and loss reserves
143,493
130,635
Total equity
149,493
136,635

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 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.

EVANS AND LEWIS LTD.
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 June 2024 and are signed on its behalf by:
Mr E L Wilkinson
Director
Company registration number 07623795 (England and Wales)
EVANS AND LEWIS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
6,000
109,099
115,099
Year ended 31 May 2023:
Profit and total comprehensive income
-
21,536
21,536
Balance at 31 May 2023
6,000
130,635
136,635
Year ended 31 May 2024:
Profit and total comprehensive income
-
12,858
12,858
Balance at 31 May 2024
6,000
143,493
149,493
EVANS AND LEWIS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Evans And Lewis Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Holborn Court, Bridge Street, Newcastle Under Lyme, Staffordshire, ST5 2RX.

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 £1.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover represents commission receivable from motor insurance companies under contract, fees for claims handling services, fees for legal services, instalment interest and administration charged to policyholders including midterm adjustments, cancellation and other sundry fees.

1.3
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation 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:

Software
33% on cost
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:

Office building
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on cost

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
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions together with monies held on behalf of clients and underwriters in a separate client bank account.

EVANS AND LEWIS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and bank loans.

 

Financial assets, are assessed for indicators of impairment at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

 

For financial assets carried at amortised cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount the company would receive for the asset if it was sold at the balance sheet date.

1.7
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 profit and loss account 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 profit and loss account, 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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9

Insurance debtors and creditors and funds held on behalf of insurers

In its capacity as a general insurance intermediary, the company collects premiums from its insureds and, after deducting its commissions, remits the premiums to the respective insurers. It is also responsible for paying claims to the policyholders on behalf of the insurers. Generally speaking, the company is not liable as a principle for these amounts but not withstanding the legal relationship with policyholders and insurers, the company has followed generally accepted accounting practice for insurance intermediaries and under Section 2 of FRS 102, assets and liabilities may not be offset unless net settlement is legally enforceable, therefore insurance broking debtors and creditors are shown gross within these financial statements.

EVANS AND LEWIS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.10

Operating Lease

Rentals under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
8
9
4
Intangible fixed assets
Other
£
Cost
At 1 June 2023 and 31 May 2024
182,750
Amortisation and impairment
At 1 June 2023
139,418
Amortisation charged for the year
25,000
At 31 May 2024
164,418
Carrying amount
At 31 May 2024
18,332
At 31 May 2023
43,332
EVANS AND LEWIS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Tangible fixed assets
Office building
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
30,600
9,074
18,777
25,000
83,451
Additions
-
0
2,260
-
0
-
0
2,260
At 31 May 2024
30,600
11,334
18,777
25,000
85,711
Depreciation and impairment
At 1 June 2023
4,590
5,486
17,209
25,000
52,285
Depreciation charged in the year
3,902
877
818
-
0
5,597
At 31 May 2024
8,492
6,363
18,027
25,000
57,882
Carrying amount
At 31 May 2024
22,108
4,971
750
-
0
27,829
At 31 May 2023
26,010
3,588
1,568
-
0
31,166
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
616,480
482,691
Other debtors
3,668
5,500
620,148
488,191
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,247
9,994
Trade creditors
6,745
28,231
Corporation tax
3,584
6,178
Other taxation and social security
6,102
6,453
Premiums due to insurers
539,589
449,882
Directors' loan accounts
50,823
50,321
Other creditors
54,204
32,962
Accruals and deferred income
10,409
10,900
681,703
594,921
EVANS AND LEWIS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,506
20,752
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