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Registered number: 07630210
Lewis Kingsnorth Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Dr L Kingsnorth
Mr R Kingsnorth
Company Number 07630210
Registered Office 5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Accountants Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Page 1
Page 2
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Lewis Kingsnorth Ltd for the year ended 31 May 2024.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lewis Kingsnorth Ltd for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the board of directors of Lewis Kingsnorth Ltd , as a body, in accordance with the terms of our engagement letter dated 08 August 2022. Our work has been undertaken solely to prepare for your approval the accounts of Lewis Kingsnorth Ltd and state those matters that we have agreed to state to the board of directors of Lewis Kingsnorth Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lewis Kingsnorth Ltd and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Lewis Kingsnorth Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Lewis Kingsnorth Ltd . You consider that Lewis Kingsnorth Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Lewis Kingsnorth Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
28/10/2024
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Page 2
Page 3
Balance Sheet
Registered number: 07630210
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 68,156 49,682
Investment Properties 6 306,348 306,348
Investments 7 100 100
374,604 356,130
CURRENT ASSETS
Stocks 1,805 1,975
Debtors 8 1,066,487 447,208
Cash at bank and in hand 355,992 812,672
1,424,284 1,261,855
Creditors: Amounts Falling Due Within One Year 9 (140,156 ) (125,627 )
NET CURRENT ASSETS (LIABILITIES) 1,284,128 1,136,228
TOTAL ASSETS LESS CURRENT LIABILITIES 1,658,732 1,492,358
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,039 ) (12,421 )
NET ASSETS 1,641,693 1,479,937
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 1,641,593 1,479,837
SHAREHOLDERS' FUNDS 1,641,693 1,479,937
Page 3
Page 4
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr L Kingsnorth
Director
16/10/2024
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Lewis Kingsnorth Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07630210 . The registered office is 5 Cornfield Terrace, Eastbourne, East Sussex, BN21 4NN.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax. When the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes in effect a financing transaction, the fair value of the consideration is measured as the present value of all future receipts determined using an imputed rate of interest, normally the rate that discounts the nominal amount of consideration to the cash sales price.
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities of the actual completion of a proportion of the total services to be rendered.
When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.
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.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33.33% on cost
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Page 5
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2.7. Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
2.8. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
2.9. Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 185,000
As at 31 May 2024 185,000
Amortisation
As at 1 June 2023 185,000
As at 31 May 2024 185,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
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5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 June 2023 148,501 10,683 159,184
Additions 40,820 1,565 42,385
As at 31 May 2024 189,321 12,248 201,569
Depreciation
As at 1 June 2023 99,860 9,642 109,502
Provided during the period 22,365 1,546 23,911
As at 31 May 2024 122,225 11,188 133,413
Net Book Value
As at 31 May 2024 67,096 1,060 68,156
As at 1 June 2023 48,641 1,041 49,682
6. Investment Property
2024
£
Fair Value
As at 1 June 2023 and 31 May 2024 306,348
The investment property was valued by the director at the year end at a fair value of £306,348.
7. Investments
Subsidiaries
£
Cost
As at 1 June 2023 100
As at 31 May 2024 100
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 100
As at 1 June 2023 100
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8. Debtors
2024 2023
£ £
Due within one year
Other debtors - 976
Prepayments 2,552 2,438
Directors' loan accounts - 3,904
Amounts owed by group undertakings 1,063,935 439,890
1,066,487 447,208
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 48,524 57,326
Corporation tax 79,805 59,322
Other creditors 7,973 5,253
Accruals and deferred income 3,840 3,726
Directors' loan accounts 14 -
140,156 125,627
10. Other Commitments
At the year end, the company had total commitments under non-cancellable operating leases over the remaining life of those leases as follows:
2024 2023
£ £
Not later than one year - 2,753
- 2,753
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Dr Lewis Kingsnorth 3,904 40,649 44,568 - 14
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
During the year the company provided Property SE Limited, a subsidiary of the company, with an interest free loan. The balance owed to the company at the year end was £1,063,935 (2023: £439,890).
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