Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-04-01No description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00421605 2023-04-01 2024-03-31 00421605 2022-04-01 2023-03-31 00421605 2024-03-31 00421605 2023-03-31 00421605 2022-04-01 00421605 c:Director2 2023-04-01 2024-03-31 00421605 d:FreeholdInvestmentProperty 2024-03-31 00421605 d:FreeholdInvestmentProperty 2023-03-31 00421605 d:CurrentFinancialInstruments 2024-03-31 00421605 d:CurrentFinancialInstruments 2023-03-31 00421605 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00421605 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00421605 d:ShareCapital 2024-03-31 00421605 d:ShareCapital 2023-03-31 00421605 d:ShareCapital 2022-04-01 00421605 d:RevaluationReserve 2024-03-31 00421605 d:RevaluationReserve 2023-03-31 00421605 d:RevaluationReserve 2022-04-01 00421605 d:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2024-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2023-03-31 00421605 d:RetainedEarningsAccumulatedLosses 2022-04-01 00421605 c:FRS102 2023-04-01 2024-03-31 00421605 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00421605 c:FullAccounts 2023-04-01 2024-03-31 00421605 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00421605 d:WithinOneYear 2024-03-31 00421605 d:WithinOneYear 2023-03-31 00421605 d:BetweenOneFiveYears 2024-03-31 00421605 d:BetweenOneFiveYears 2023-03-31 00421605 d:MoreThanFiveYears 2024-03-31 00421605 d:MoreThanFiveYears 2023-03-31 00421605 d:OtherDeferredTax 2024-03-31 00421605 d:OtherDeferredTax 2023-03-31 00421605 2 2023-04-01 2024-03-31 00421605 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00421605










Lewis Freegard Investments Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
Lewis Freegard Investments Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Lewis Freegard Investments Limited for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lewis Freegard Investments Limited for the year ended 31 March 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Lewis Freegard Investments Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of Lewis Freegard Investments Limited and state those matters that we have agreed to state to the Board of directors of Lewis Freegard Investments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lewis Freegard Investments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Lewis Freegard Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lewis Freegard Investments Limited. You consider that Lewis Freegard Investments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Lewis Freegard Investments Limited. 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 statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Chatham Maritime
17 October 2024
Page 1

 
Lewis Freegard Investments Limited
Registered number: 00421605

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
470,000
470,000

  
470,000
470,000

Current assets
  

Debtors: amounts falling due within one year
 5 
9,844
9,844

Current asset investments
 6 
56,624
54,970

Cash at bank and in hand
 7 
23,939
23,940

  
90,407
88,754

Creditors: amounts falling due within one year
 8 
(17,578)
(17,266)

Net current assets
  
 
 
72,829
 
 
71,488

Total assets less current liabilities
  
542,829
541,488

Provisions for liabilities
  

Deferred tax
 9 
(69,344)
(69,344)

Net assets
  
473,485
472,144


Capital and reserves
  

Called up share capital 
  
1,800
1,800

Revaluation reserve
 10 
392,853
392,853

Profit and loss account
 10 
78,832
77,491

  
473,485
472,144


Page 2

 
Lewis Freegard Investments Limited
Registered number: 00421605

Balance sheet (continued)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs J H Walker
Director

Date: 17 October 2024

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
Lewis Freegard Investments Limited
 

Statement of changes in equity
For the Year Ended 31 March 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
1,800
392,853
76,726
471,379



Profit for the year
-
-
21,465
21,465

Dividends: Equity capital
-
-
(20,700)
(20,700)



At 1 April 2023
1,800
392,853
77,491
472,144



Profit for the year
-
-
22,581
22,581

Dividends: Equity capital
-
-
(21,240)
(21,240)


At 31 March 2024
1,800
392,853
78,832
473,485


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

Lewis Freegard Investments Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 00421605.  The address of the registered office is Montague Place, Quayside, Chatham Maritime, Kent ME4 4QU.
The company is an investment company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Investment property

Investment property is carried at fair value determined by external valuers 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. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.  Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
470,000



At 31 March 2024
470,000


Comprising


Cost
7,803

Annual revaluation surplus/(deficit):


Prior years revaluation surpluses
317,197

2018 revaluation surplus
145,000

At 31 March 2024
470,000

The 2018 valuations were made by Harrisons, Chartered Surveyors, on an open market value for existing use basis.
The director's consider this still to be a realistic valuation at the year end.





5.


Debtors

2024
2023
£
£


Trade debtors
8,750
8,750

Prepayments and accrued income
1,094
1,094

9,844
9,844



6.


Current asset investments

2024
2023
£
£

Cash on term deposit
56,624
54,970


Page 8

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
23,939
23,940



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
5,297
5,035

Accruals and deferred income
12,281
12,231

17,578
17,266



9.


Deferred taxation




2024
2023


£

£






At beginning of year
69,344
69,344



At end of year
69,344
69,344

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation surplus
69,344
69,344


10.


Reserves

Investment property revaluation reserve

The company carries its investment properties at current valuation.  This non-distributable reserve is used to record increases in the fair value of the the properties less any related provision for deferred tax.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

Page 9

 
Lewis Freegard Investments Limited
 

 
Notes to the financial statements
For the Year Ended 31 March 2024

11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
4,375
4,375

Later than 1 year and not later than 5 years
17,500
17,500

Later than 5 years
180,469
184,844

202,344
206,719


12.


Related party transactions

The company's key management personnel received remuneration and benefits from the company of £1,300 (2023 - £1,300).


13.


Controlling party

The company has no single controlling party.


Page 10