103
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
600,000
600,000
xbrli:pure
xbrli:shares
iso4217:GBP
04477394
2023-01-01
2023-12-31
04477394
2023-12-31
04477394
2022-12-31
04477394
2022-01-01
2022-12-31
04477394
2022-12-31
04477394
bus:RegisteredOffice
2023-01-01
2023-12-31
04477394
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
04477394
bus:OrdinaryShareClass2
2023-01-01
2023-12-31
04477394
bus:OrdinaryShareClass3
2023-01-01
2023-12-31
04477394
bus:OrdinaryShareClass4
2023-01-01
2023-12-31
04477394
bus:OrdinaryShareClass5
2023-01-01
2023-12-31
04477394
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
04477394
bus:Director1
2023-01-01
2023-12-31
04477394
bus:Director2
2023-01-01
2023-12-31
04477394
bus:Director3
2023-01-01
2023-12-31
04477394
bus:Director4
2023-01-01
2023-12-31
04477394
bus:Director5
2023-01-01
2023-12-31
04477394
bus:CompanySecretary1
2023-01-01
2023-12-31
04477394
core:NetGoodwill
2023-12-31
04477394
core:PlantMachinery
2022-12-31
04477394
core:FurnitureFittings
2022-12-31
04477394
core:MotorVehicles
2022-12-31
04477394
core:PlantMachinery
2023-12-31
04477394
core:FurnitureFittings
2023-12-31
04477394
core:MotorVehicles
2023-12-31
04477394
core:PlantMachinery
2023-01-01
2023-12-31
04477394
core:FurnitureFittings
2023-01-01
2023-12-31
04477394
core:MotorVehicles
2023-01-01
2023-12-31
04477394
core:WithinOneYear
2023-12-31
04477394
core:WithinOneYear
2022-12-31
04477394
core:AfterOneYear
2023-12-31
04477394
core:AfterOneYear
2022-12-31
04477394
core:ShareCapital
2023-12-31
04477394
core:ShareCapital
2022-12-31
04477394
core:RetainedEarningsAccumulatedLosses
2023-12-31
04477394
core:RetainedEarningsAccumulatedLosses
2022-12-31
04477394
core:PlantMachinery
2022-12-31
04477394
core:FurnitureFittings
2022-12-31
04477394
core:MotorVehicles
2022-12-31
04477394
bus:SmallEntities
2023-01-01
2023-12-31
04477394
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
04477394
bus:FullAccounts
2023-01-01
2023-12-31
04477394
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
04477394
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
04477394
bus:OrdinaryShareClass1
2023-12-31
04477394
bus:OrdinaryShareClass1
2022-12-31
04477394
bus:OrdinaryShareClass2
2023-12-31
04477394
bus:OrdinaryShareClass2
2022-12-31
04477394
bus:OrdinaryShareClass3
2023-12-31
04477394
bus:OrdinaryShareClass3
2022-12-31
04477394
bus:OrdinaryShareClass4
2023-12-31
04477394
bus:OrdinaryShareClass4
2022-12-31
04477394
bus:OrdinaryShareClass5
2023-12-31
04477394
bus:OrdinaryShareClass5
2022-12-31
04477394
bus:AllOrdinaryShares
2023-12-31
04477394
bus:AllOrdinaryShares
2022-12-31
04477394
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-01
2023-12-31
04477394
core:NetGoodwill
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
04477394
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mrs Lucy Lewis (Appointed 10/09/2024) |
|
Mr Wilfred John Lewis (Resigned 10/09/2024) |
|
Mr John Lewis (Resigned 10/09/2024) |
|
Mrs S Harries (Resigned 10/09/2024) |
|
Mr Wilfred James Lewis |
|
|
Company secretary |
Mrs Sylvia Harries (Appointed 10/09/2024) |
|
|
Registered office |
Unit 3-6 Abergelli Road |
|
Swansea West |
|
Industrial Estate Fforestfach |
|
Swansea |
|
West Glamorgan |
|
Wales |
|
SA5 4DY |
|
|
Accountants |
James & Uzzell Ltd |
|
Chartered Certified Accountants |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Statement of Financial Position |
|
31 December 2023
FIXED ASSETS
Tangible assets |
6 |
809,104 |
744,857 |
|
|
|
|
CURRENT ASSETS
Stocks |
7 |
503,213 |
397,207 |
Debtors |
8 |
924,187 |
823,131 |
Cash at bank and in hand |
905,065 |
630,209 |
|
------------ |
------------ |
|
2,332,465 |
1,850,547 |
|
|
|
|
CREDITORS: amounts falling due within one year |
9 |
1,585,811 |
1,365,047 |
|
------------ |
------------ |
NET CURRENT ASSETS |
746,654 |
485,500 |
|
------------ |
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,555,758 |
1,230,357 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
10 |
126,657 |
262,578 |
|
|
|
|
PROVISIONS
Taxation including deferred tax |
162,200 |
165,984 |
|
------------ |
------------ |
NET ASSETS |
1,266,901 |
801,795 |
|
------------ |
------------ |
|
|
|
CAPITAL AND RESERVES
Called up share capital |
11 |
50,007 |
50,007 |
Profit and loss account |
1,216,894 |
751,788 |
|
------------ |
--------- |
SHAREHOLDERS FUNDS |
1,266,901 |
801,795 |
|
------------ |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
Mr Wilfred James Lewis
Mr Wilfred James Lewis
Director
Company registration number:
04477394
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
GENERAL INFORMATION
Lewis Pies Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2023. 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. Employee benefits When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements. This is based on the company's forecasts and projections and the funding in place to allow trading to continue for the foreseeable future.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells food products. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of food products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Intangibles - goodwill
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
straight line over 20 years |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
|
|
Plant & Machinery |
- |
|
|
Fixtures & Fittings |
- |
|
|
Motor Vehicles |
- |
|
|
Equipment |
- |
50% straight line |
|
|
|
|
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
103
(2022:
93
).
5.
INTANGIBLE ASSETS
|
Goodwill |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
600,000 |
|
--------- |
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
600,000 |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
– |
|
--------- |
At 31 December 2022 |
– |
|
--------- |
|
|
6.
TANGIBLE ASSETS
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
1,392,120 |
309,861 |
87,901 |
|
1,862,830 |
Additions |
100,629 |
30,566 |
122,649 |
|
289,066 |
Disposals |
(
7,550) |
– |
(
18,000) |
– |
(
25,550) |
|
------------ |
--------- |
--------- |
--------- |
------------ |
At 31 December 2023 |
1,485,199 |
340,427 |
192,550 |
|
2,126,346 |
|
------------ |
--------- |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
789,954 |
227,594 |
48,093 |
|
1,117,973 |
Charge for the year |
114,767 |
56,507 |
22,002 |
|
212,536 |
Disposals |
(
5,600) |
– |
(
7,667) |
– |
(
13,267) |
|
------------ |
--------- |
--------- |
--------- |
------------ |
At 31 December 2023 |
899,121 |
284,101 |
62,428 |
|
1,317,242 |
|
------------ |
--------- |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
586,078 |
56,326 |
130,122 |
|
809,104 |
|
------------ |
--------- |
--------- |
--------- |
------------ |
At 31 December 2022 |
602,166 |
82,267 |
39,808 |
|
744,857 |
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
|
|
|
|
|
7.
STOCKS
|
2023 |
2022 |
|
£ |
£ |
Raw materials and consumables |
503,213 |
397,207 |
|
--------- |
--------- |
|
|
|
8.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
866,636 |
766,595 |
Other debtors |
57,551 |
56,536 |
|
--------- |
--------- |
|
924,187 |
823,131 |
|
--------- |
--------- |
|
|
|
9.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
133,149 |
121,424 |
Trade creditors |
641,823 |
808,252 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
11,425 |
– |
Corporation tax |
214,753 |
– |
Social security and other taxes |
50,080 |
31,279 |
Other creditors |
534,581 |
404,092 |
|
------------ |
------------ |
|
1,585,811 |
1,365,047 |
|
------------ |
------------ |
|
|
|
Within other creditors is a loan secured over specific plant and machinery owned by the company. The loans bear interest at 2-2.5% above the base rate per annum. The bank holds a fixed and floating charge over all assets held within the company, with a specific charge over Land and Buildings. Obligations under hire purchase contracts are secured by related assets. The aggregate of secured liabilities falling due within one year is £134,768 (2022: £125,955).
10.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
126,657 |
261,285 |
Other creditors |
– |
1,293 |
|
--------- |
--------- |
|
126,657 |
262,578 |
|
--------- |
--------- |
|
|
|
The aggregate of secured liabilities falling due after one year is £126,657 (2022: £262,578).
11.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.50 each |
22,577 |
11,289 |
22,577 |
11,289 |
Ordinary A shares of £ 0.50 each |
77,429 |
38,715 |
77,429 |
38,715 |
Ordinary B shares of £ 1 each |
1 |
1 |
1 |
1 |
Ordinary C shares of £ 1 each |
1 |
1 |
1 |
1 |
Ordinary D shares of £ 1 each |
1 |
1 |
1 |
1 |
Ordinary E shares of £1 each |
1 |
1 |
1 |
1 |
|
--------- |
-------- |
--------- |
-------- |
|
100,010 |
50,007 |
100,010 |
50,007 |
|
--------- |
-------- |
--------- |
-------- |
|
|
|
|
|
12.
RELATED PARTY TRANSACTIONS
The aggregated amount of trnsactions due with related parties as follows: Other Related Parties
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Balance due to other related parties |
53,109 |
53,109 |
|
|
|
|
13.
PARENT UNDERTAKINGS
The ultimate parent company is Lewis Pies Holdings Limited, a company registered in Great Britain.