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COMPANY REGISTRATION NUMBER: 11089545
Lewis Nicholls Associates Limited
Unaudited financial statements
31 March 2024
Lewis Nicholls Associates Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
15,644
15,742
Investments
6
295
195
-------
-------
15,939
15,937
Current assets
Stocks
4,752,916
5,126,475
Debtors
7
926,140
1,174,686
Cash at bank and in hand
31,187
406,525
-----------
-----------
5,710,243
6,707,686
Creditors: Amounts falling due within one year
8
( 8,639,861)
( 8,256,456)
-----------
-----------
Net current liabilities
( 2,929,618)
( 1,548,770)
-----------
-----------
Total assets less current liabilities
( 2,913,679)
( 1,532,833)
Provisions
Taxation including deferred tax
( 2,991)
-----------
-----------
Net liabilities
( 2,913,679)
( 1,535,824)
-----------
-----------
Capital and reserves
Called up share capital
300
300
Profit and loss account
( 2,913,979)
( 1,536,124)
-----------
-----------
Shareholders deficit
( 2,913,679)
( 1,535,824)
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 March 2024 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 .
Lewis Nicholls Associates Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 October 2024 , and are signed on behalf of the board by:
P R Lewis
R P M Lewis
Director
Director
A N Nicholls
Director
Company registration number: 11089545
Lewis Nicholls Associates Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The trading address is Ketteringham Hall, Church Road, Ketteringham, NR18 9RS.
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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has the continued support of the associated companies. The directors therefore expect the company will be able to trade for the foreseeable future and the accounts have therefore been prepared under a going concern basis. Should this basis not be appropriate it may prove necessary to write assets down to their net recoverable value and to provide for additional liabilities that may arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
Computer Equipment
-
33% straight line
Plant and machinery
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 7 (2023: 8 ).
5. Tangible assets
Computer Equipment
Fixtures and fittings
Office Equipment
Total
£
£
£
£
Cost
At 1 April 2023
4,634
18,950
3,041
26,625
Additions
373
3,763
4,136
------
-------
------
-------
At 31 March 2024
5,007
18,950
6,804
30,761
------
-------
------
-------
Depreciation
At 1 April 2023
4,622
4,737
1,524
10,883
Charge for the year
125
3,553
556
4,234
------
-------
------
-------
At 31 March 2024
4,747
8,290
2,080
15,117
------
-------
------
-------
Carrying amount
At 31 March 2024
260
10,660
4,724
15,644
------
-------
------
-------
At 31 March 2023
12
14,213
1,517
15,742
------
-------
------
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023
195
Additions
100
----
At 31 March 2024
295
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
295
----
At 31 March 2023
195
----
7. Debtors
2024
2023
£
£
Trade debtors
10,885
16,127
Amounts owed by group undertakings and undertakings in which the company has a participating interest
893,019
672,141
Other debtors
22,236
486,418
---------
-----------
926,140
1,174,686
---------
-----------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,875,428
2,314,850
Trade creditors
56,693
259,298
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,690,352
5,486,348
Social security and other taxes
4,429
4,412
Other Creditors
144
44
Credit card
7,960
5,924
Other creditors
4,855
185,580
-----------
-----------
8,639,861
8,256,456
-----------
-----------
The bank loan is secured upon the company's property development site .
9. Directors' advances, credits and guarantees
During the year, the company operated an interest free loan account with one of the directors. On 31 March 2024, the balance owed by A N Nicholls to the company was £nil (2023: £7.108). The maximum amount outstanding during the year was £28,108.
10. Parent company
The parent company of Lewis Nicholls Associates Limited is Lewis Enterprise Investments Limited and its registered address is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE.