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COMPANY REGISTRATION NUMBER: 1310950
Lewis & Co. (Fabrics) Limited
Unaudited Financial Statements
30 April 2024
Lewis & Co. (Fabrics) Limited
Financial Statements
Year ended 30th April 2024
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Lewis & Co. (Fabrics) Limited
Directors' Report
Year ended 30th April 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024 .
Directors
The directors who served the company during the year were as follows:
B Earing
V I Lewis
J M Lewis
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 7 October 2024 and signed on behalf of the board by:
V I Lewis
J M Lewis
Director
Director
Registered office:
Suite 1, First Floor
1 Duchess Street
London
England
W1W 6AN
Lewis & Co. (Fabrics) Limited
Statement of Comprehensive Income
Year ended 30th April 2024
2024
2023
Note
£
£
Turnover
4,859,518
4,940,379
Cost of sales
2,625,196
2,733,572
------------
------------
Gross profit
2,234,322
2,206,807
Distribution costs
129,137
108,129
Administrative expenses
1,844,431
1,535,496
------------
------------
Operating profit
260,754
563,182
Other interest receivable and similar income
96,273
21,044
Interest payable and similar expenses
156,384
100,799
------------
------------
Profit before taxation
5
200,643
483,427
Tax on profit
67,823
97,865
---------
---------
Profit for the financial year and total comprehensive income
132,820
385,562
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Lewis & Co. (Fabrics) Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
879,835
874,163
Investments
7
1,000
1,000
---------
---------
880,835
875,163
Current assets
Stocks
967,632
955,720
Debtors
8
641,509
611,261
Cash at bank and in hand
4,343,440
4,926,760
------------
------------
5,952,581
6,493,741
Creditors: amounts falling due within one year
9
2,691,556
3,277,926
------------
------------
Net current assets
3,261,025
3,215,815
------------
------------
Total assets less current liabilities
4,141,860
4,090,978
Creditors: amounts falling due after more than one year
10
86,662
41,162
Provisions
Other provisions
9,000
9,000
------------
------------
Net assets
4,046,198
4,040,816
------------
------------
Capital and reserves
Called up share capital
617,021
580,000
Share premium account
35,541
Profit and loss account
3,393,636
3,460,816
------------
------------
Shareholders funds
4,046,198
4,040,816
------------
------------
These financial statements have been prepared 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'.
For the year ending 30th April 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 & Co. (Fabrics) Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 7 October 2024 , and are signed on behalf of the board by:
V I Lewis
J M Lewis
Director
Director
Company registration number: 1310950
Lewis & Co. (Fabrics) Limited
Statement of Changes in Equity
Year ended 30th April 2024
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1st May 2022
580,000
3,425,254
4,005,254
Profit for the year
385,562
385,562
---------
----
------------
------------
Total comprehensive income for the year
385,562
385,562
Dividends paid and payable
( 350,000)
( 350,000)
---------
----
------------
------------
Total investments by and distributions to owners
( 350,000)
( 350,000)
At 30th April 2023
580,000
3,460,816
4,040,816
Profit for the year
132,820
132,820
---------
----
------------
------------
Total comprehensive income for the year
132,820
132,820
Issue of shares
37,021
35,541
72,562
Dividends paid and payable
( 200,000)
( 200,000)
--------
--------
---------
---------
Total investments by and distributions to owners
37,021
35,541
( 200,000)
( 127,438)
---------
--------
------------
------------
At 30th April 2024
617,021
35,541
3,393,636
4,046,198
---------
--------
------------
------------
Lewis & Co. (Fabrics) Limited
Notes to the Financial Statements
Year ended 30th April 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 Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN, England.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
-
2% straight line
Plant, fixtures and fittings
-
20% & 33.3% per annum
Motor vehicles
-
20% 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.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 33 (2023: 33 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
79,581
79,560
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st May 2023
845,784
90,555
365,426
1,301,765
Additions
1,312
147,217
148,529
Disposals
( 118,121)
( 118,121)
---------
--------
---------
------------
At 30th April 2024
845,784
91,867
394,522
1,332,173
---------
--------
---------
------------
Depreciation
At 1st May 2023
253,705
55,075
118,822
427,602
Charge for the year
16,920
7,587
55,074
79,581
Disposals
( 54,845)
( 54,845)
---------
--------
---------
------------
At 30th April 2024
270,625
62,662
119,051
452,338
---------
--------
---------
------------
Carrying amount
At 30th April 2024
575,159
29,205
275,471
879,835
---------
--------
---------
------------
At 30th April 2023
592,079
35,480
246,604
874,163
---------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th April 2024
275,469
---------
At 30th April 2023
231,063
---------
7. Investments
Shares in group undertakings
£
Cost
At 1st May 2023 and 30th April 2024
1,000
-------
Impairment
At 1st May 2023 and 30th April 2024
-------
Carrying amount
At 30th April 2024
1,000
-------
At 30th April 2023
1,000
-------
8. Debtors
2024
2023
£
£
Trade debtors
443,771
501,685
Other debtors
197,738
109,576
---------
---------
641,509
611,261
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
460,810
937,590
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,000
1,000
Corporation tax
67,823
97,865
Social security and other taxes
148,031
149,917
Other creditors
2,013,892
2,091,554
------------
------------
2,691,556
3,277,926
------------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
86,662
41,162
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
32,220
32,220
Later than 1 year and not later than 5 years
119,160
128,880
Later than 5 years
22,500
---------
---------
151,380
183,600
---------
---------
12. Related party transactions
There is no controlling party of the company. Sunbury Investments is a partnership of which the directors V I Lewis and J M Lewis are partners. During the year the company had the following transactions with related parties:
2024 2023
£ £
Rent Payable:
Sunbury Investments 33,000 33,000
Interest Payable:
Directors Loan Accounts 147,446 98,543
Interest is payable on these loans at 3.5% above bank base rates and is accrued but not paid at the year end. At the year end there were the following balances with related parties: Included within other creditors:
2024 2023
Loan accounts
Mr V I Lewis 1,367,929 1,365,967
Mr J M Lewis 362,921 388,308
Mr B Lewis 56,869 54,372
Mr J Lewis 10,000 10,000