IRIS Accounts Production v24.3.0.553 01179246 Board of Directors 1.2.23 31.1.24 31.1.24 industrial painters. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011792462023-01-31011792462024-01-31011792462023-02-012024-01-31011792462022-01-31011792462022-02-012023-01-31011792462023-01-3101179246ns15:EnglandWales2023-02-012024-01-3101179246ns14:PoundSterling2023-02-012024-01-3101179246ns10:Director12023-02-012024-01-3101179246ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3101179246ns10:FRS1022023-02-012024-01-3101179246ns10:Audited2023-02-012024-01-3101179246ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3101179246ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3101179246ns10:FullAccounts2023-02-012024-01-310117924612023-02-012024-01-3101179246ns10:OrdinaryShareClass12023-02-012024-01-3101179246ns10:Director22023-02-012024-01-3101179246ns10:RegisteredOffice2023-02-012024-01-3101179246ns5:CurrentFinancialInstruments2024-01-3101179246ns5:CurrentFinancialInstruments2023-01-3101179246ns5:ShareCapital2024-01-3101179246ns5:ShareCapital2023-01-3101179246ns5:RetainedEarningsAccumulatedLosses2024-01-3101179246ns5:RetainedEarningsAccumulatedLosses2023-01-3101179246ns5:ShareCapital2022-01-3101179246ns5:RetainedEarningsAccumulatedLosses2022-01-3101179246ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3101179246ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3101179246ns5:NetGoodwill2023-02-012024-01-3101179246ns5:LeaseholdImprovements2023-02-012024-01-3101179246ns5:FurnitureFittings2023-02-012024-01-3101179246ns5:ComputerEquipment2023-02-012024-01-3101179246ns5:OwnedAssets2023-02-012024-01-3101179246ns5:OwnedAssets2022-02-012023-01-310117924652023-02-012024-01-310117924652022-02-012023-01-3101179246ns10:OrdinaryShareClass12022-02-012023-01-3101179246ns5:NetGoodwill2023-01-3101179246ns5:NetGoodwill2024-01-3101179246ns5:NetGoodwill2023-01-3101179246ns5:LeaseholdImprovements2023-01-3101179246ns5:FurnitureFittings2023-01-3101179246ns5:ComputerEquipment2023-01-3101179246ns5:LeaseholdImprovements2024-01-3101179246ns5:FurnitureFittings2024-01-3101179246ns5:ComputerEquipment2024-01-3101179246ns5:LeaseholdImprovements2023-01-3101179246ns5:FurnitureFittings2023-01-3101179246ns5:ComputerEquipment2023-01-3101179246ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3101179246ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3101179246ns5:DeferredTaxation2023-01-3101179246ns5:OtherProvisionsContingentLiabilities2023-01-3101179246ns5:DeferredTaxation2023-02-012024-01-3101179246ns5:OtherProvisionsContingentLiabilities2023-02-012024-01-3101179246ns5:DeferredTaxation2024-01-3101179246ns5:OtherProvisionsContingentLiabilities2024-01-3101179246ns10:OrdinaryShareClass12024-01-3101179246ns5:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: 01179246 (England and Wales)












E G LEWIS & COMPANY LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2024






E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 12

Notes to the Financial Statements 13


E G LEWIS & COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: T F Lewis
Mrs S W Lewis



REGISTERED OFFICE: Tank Farm Road
Llandarcy
Neath
SA10 6EN



REGISTERED NUMBER: 01179246 (England and Wales)



AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA



BANKERS: Natwest
Phoenix Way
Llansamlet
Swansea
SA7 9FS

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report for the year ended 31 January 2024.

E G Lewis & Company Limited was formed on 1st August 1974 by Mr Edward G Lewis. The company was set up primarily to provide a complete painting service to local industrial companies, engineering and building contractors, local authorities and hospital boards. Since formation the company has expanded its operations and now has detailed knowledge and experience of the painting, decorating, blasting and cladding industries which allows E G Lewis & Company to provide a first class service.

Our core values and behaviours underpin everything we do;

Safety
We are in a hazardous business and everything we do relies upon the safety of our workforce and the communities around us. Safe working is good business and takes priority above all.

Leadership
Our leaders have created a vision and will passionately own and drive it to completion. Our people share our vision and work in line with our actions, beliefs, values, and goals.

Responsibility
We care about the safe management of the environment. We are committed to supporting the communities which we operate. Our people operate in an ethical manner at all times.

Excellence
We strive for excellence through systematic and disciplined management of our operations and commit to quality outcomes, having a thirst to learn, and to improve.

Discipline
We follow and uphold the rules and standards we set for our company. If something is not right, we correct it.

Collaboration
We work to a defined and common business purpose as we accomplish more together, trusting our teams and partners to deliver on our obligations and put the team ahead of personal success.

REVIEW OF BUSINESS
During 2024 the company saw a decrease in its turnover of 15.71%, which was in line with the projected forecasts. During the year the direct costs and administrative expenses were successfully managed inline with the reduction in turnover. This has resulted in a reported profit before tax of £501,075 (2023: £598,341).

We believe we are well placed within our sector and now have a wealth of expertise at manager level to enable us to continue to explore new avenues for additional work and attract new customers.

PRINCIPAL RISKS AND UNCERTAINTIES
Critical to the company's achievement of its objectives is effective management of risk. The Senior Management team of EG Lewis & Company Limited are constantly reviewing the risks that may impact on the group and actively take measures to minimise these as they are identified. The key risks are shown below:

Health and Safety; Management ensure that appropriate training is provided and monitored across all areas of the business on a timely basis. We are proud to have an excellent safety record.

Recruitment of competent skilled trades people is always challenging; Management ensures competitive employment packages are offered together with a supportive working/reporting structure.

The business manages the liquidity risk by ensuring there are sufficient funds to meet payments with strict cash flow and credit control management and by having a good long-term relationship with its bank.

A key uncertainty for the company is the weather. Given the nature of our work this can impact on deadlines and cause disruption to planned work schedules. Unfortunately, we cannot control the weather so we work closely with our customers to ensure any disruption is minimal.


E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

KEY PERFORMANCE INDICATORS
The main key performance indicators were as follows:

Gross Profit:1,117,688 (2023: 1,088,512)
Gross Profit Margin: 2024: 10.61% (2023: 8.70%)
Net Profit Before Tax:501,075 (2023: 598,341)
Net Profit After Tax:361,464 (2023: 457,770)
Net Profit Margin: 2024: 3.42% (2023: 3.66%)

The key performance indicators are monitored by the senior management team to ensure that they are progressing as planned in a timely manner. At this stage the senior management team is confident that these targets are being met.

ON BEHALF OF THE BOARD:





T F Lewis - Director


29 October 2024

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £3,550 per share.

The total distribution of dividends for the year ended 31 January 2024 will be £ 355,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

T F Lewis
Mrs S W Lewis

DONATIONS
Total donations for the year amounted to £2,650 (2023: £325) which are made up of various charities and none greater than £2,000.

The Company made no political contributions during the year (2023: £NIL).

KEY PERFORMANCE INDICATORS
The directors consider that key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit, operating profit and profit/loss before taxation as set out in the financial statements profit & loss account. These give a measure of work undertaken and measure of profit generated from core operations before the impact of taxation respectively.

The directors do monitor other KPIs, however the directors choose not to include the outcomes of these KPIs in the financial statements due to the commercial sensitivity of such KPIs.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





T F Lewis - Director


29 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
E G LEWIS & COMPANY LIMITED

Opinion
We have audited the financial statements of E G Lewis & Company Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
E G LEWIS & COMPANY LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud;
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
- discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;
- Assumptions used for valuing work in progress at the year end, and;
- Potential for deferring income already earned at the year end.
- obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified
In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
E G LEWIS & COMPANY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alison Vickers (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

29 October 2024

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

REVENUE 10,540,628 12,504,948

Cost of sales 9,422,940 11,416,436
GROSS PROFIT 1,117,688 1,088,512

Administrative expenses 697,675 491,979
420,013 596,533

Other operating income 76,640 -
OPERATING PROFIT 4 496,653 596,533

Interest receivable and similar income 4,422 11,191
501,075 607,724

Interest payable and similar expenses 5 - 9,383
PROFIT BEFORE TAXATION 501,075 598,341

Tax on profit 6 139,611 140,571
PROFIT FOR THE FINANCIAL YEAR 361,464 457,770

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 361,464 457,770


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

361,464

457,770

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Property, plant and equipment 9 2,517 3,795
2,517 3,795

CURRENT ASSETS
Inventories 10 108,184 140,832
Debtors 11 6,864,378 7,496,045
Cash at bank 235,091 221,178
7,207,653 7,858,055
CREDITORS
Amounts falling due within one year 12 5,975,027 6,670,808
NET CURRENT ASSETS 1,232,626 1,187,247
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,235,143

1,191,042

PROVISIONS FOR LIABILITIES 13 227,829 190,192
NET ASSETS 1,007,314 1,000,850

CAPITAL AND RESERVES
Called up share capital 14 60 60
Retained earnings 15 1,007,254 1,000,790
SHAREHOLDERS' FUNDS 1,007,314 1,000,850

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024



The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





T F Lewis - Director


E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 60 1,043,020 1,043,080

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 457,770 457,770
Balance at 31 January 2023 60 1,000,790 1,000,850

Changes in equity
Dividends - (355,000 ) (355,000 )
Total comprehensive income - 361,464 361,464
Balance at 31 January 2024 60 1,007,254 1,007,314

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

E G Lewis & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be appropriate and reasonable in the circumstances.

a) Critical judgements in applying the company's accounting policies

The directors do not consider there to be any critical accounting judgements to the financial statements.

b) Key accounting estimates and assumptions

i) Long term contracts

Where the Company enters into long term contracts, revenue is recognised on the percentage of completion basis. Under the percentage of completion method, the Company makes an estimate of the percentage to complete for a project and recognises the proportion of revenue and profit accordingly. In forecasting the profitability of contracts, management makes best estimates of the impact of customer disputes and claims brought by contractors. Any expected losses on long term contracts are recognised immediately and are written off to the Statement of comprehensive income.

Turnover
Turnover from the sale of goods is recognised in the profit and loss account when significant risks and rewards of ownership have been transferred to the buyer. Turnover from the projects or contracts is recognised as income in proportion to the stage of completion of the transaction at the balance sheet date. The stage of completion is assessed depending on the specific circumstances of each case. No turnover is recognised if there are significant uncertainties regarding recovery of the consideration due to associated costs, or there is the possibility of return of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of four years.

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Fixtures and fittings - 15% reducing balance
Computer equipment - 33% straight line

All categories of assets are measured using the cost method. Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition of the item.

A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Work in Progress
Work-in-progress represents the cost of services rendered and materials used on projects that have not yet reached completion. For accounting purposes, WIP is recognised as part of the company's assets until the project is invoiced or otherwise recognised as revenue.

The revenue associated with each construction project is recognised based on the percentage of completion method, whereby the revenue and costs are recognised in proportion to the work performed as at the reporting date.

Revenue from construction contracts is recognised based on the stage of completion. This is determined as the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs. Revenue recognised on WIP is limited to the amount that is reasonably certain to be recoverable.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately as an expense in the income statement. The amount recognised is the expected excess of costs over revenue, measured at the reporting date.

WIP is reviewed at each reporting date to ensure it remains recoverable. Any impairment loss is recognised if the carrying amount exceeds its net realisable value.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies are initially recognised at transaction price unless the measurement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade Debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provisions for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Amounts Recoverable under contracts
Amounts recoverable under contracts represent work done at the year-end where a continuing right to receive income exists and is valued at the estimated amount recoverable in excess of fees already rendered on account.

Cash and cash equivalents
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
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.

Government grants
Government grants are recognised at fair value when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants related to purchase of assets are treated as deferred income and allocated to the profit and loss account over the useful lives of the related assets while grants related to expenses are are recognised in the period to which they relate.

Deferred Income
Deferred income represents monies received in advance for contracts.

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are made when an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the income statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Dilapidation Provision
Provisions are made for dilapidations, estimate for the provision is based on expected cost to restore the building to its original state.

Share Capital
Ordinary shares are classified as equity.

Dividends to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividend and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,167,863 986,997
Social security costs 107,183 99,184
Other pension costs 41,288 122,328
1,316,334 1,208,509

The average number of employees during the year was as follows:
2024 2023

Production 18 19
Administration 2 2
20 21

2024 2023
£    £   
Directors' remuneration - 6,458
Directors' pension contributions to money purchase schemes 1,375 64,285

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Vehicle Hire 198,037 51,687
Depreciation - owned assets 1,278 1,496
Auditors' remuneration 9,500 16,050

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Finance charges - 9,383

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 88,610 140,819

Deferred tax 51,001 (248 )
Tax on profit 139,611 140,571

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 501,075 598,341
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

125,269

113,685

Effects of:
Expenses not deductible for tax purposes 2,148 -
Capital allowances in excess of depreciation - (450 )
Adjustments to tax charge in respect of previous periods 318 -
tax purposes
Adjustment for marginal relief (4,883 ) -
Adjustment to tax charge re change of tax rate 11 4,644
Deferred Tax 51,001 (248 )
Development
Overprovision in previous year (34,253 ) 22,940

Total tax charge 139,611 140,571

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 355,000 500,000

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 82,200
AMORTISATION
At 1 February 2023
and 31 January 2024 82,200
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

9. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023
and 31 January 2024 95,493 17,517 42,921 155,931
DEPRECIATION
At 1 February 2023 95,493 15,479 41,164 152,136
Charge for year - 306 972 1,278
At 31 January 2024 95,493 15,785 42,136 153,414
NET BOOK VALUE
At 31 January 2024 - 1,732 785 2,517
At 31 January 2023 - 2,038 1,757 3,795

10. INVENTORIES
2024 2023
£    £   
Inventories 36,409 26,182
Work-in-progress 71,775 114,650
108,184 140,832

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,214,043 2,700,833
Amounts owed by group undertakings 4,187,690 4,345,513
Amounts owed by participating interests 275,000 198,800
Amounts owed by joint ventures - 53,146
Other debtors 81,600 6,556
Amounts due from contracts 66,205 101,852
Deferred tax asset - 50,619
Prepayments 39,840 38,726
6,864,378 7,496,045

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 342,208 285,738
Amounts owed to group undertakings - 205,162
Amounts owed to joint ventures 145,263 102,502
Tax 88,610 117,880
Social security and other taxes 21,701 17,609
VAT 98,179 116,592
Other creditors, accruals and
deferred income 5,279,066 5,825,325
5,975,027 6,670,808

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 382 -
Other provisions 227,447 190,192
227,829 190,192

Dilapidati
Deferred -on
tax Costs
£    £   
Balance at 1 February 2023 (50,619 ) 190,192
Charge to Income Statement during year 51,001 37,255
Accelerated Capital Allowances
Balance at 31 January 2024 382 227,447

Other provisions represent future potential dilapidation costs.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following analysis is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

20242023
Net liabilityNet Asset
Balances:£   £   

ACAs62937,255
Other(247)(87,874)
382(50,619)

The deferred tax asset is recognised as it is considered probable that future taxable profits will be available against which the unused tax losses will be utilised.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60 Ordinary £1 60 60

E G LEWIS & COMPANY LIMITED (REGISTERED NUMBER: 01179246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

15. RESERVES
Retained
earnings
£   

At 1 February 2023 1,000,790
Profit for the year 361,464
Dividends (355,000 )
At 31 January 2024 1,007,254

16. PENSION COMMITMENTS

The company operates a defined contribution benefit scheme . Contributions are charged in the profit and loss account as they accrue. During the period the company paid contributions of £2,403 (2023 - £996).

17. ULTIMATE PARENT COMPANY

In the opinion of the directors the ultimate parent company is E G Lewis Group Industrial Services Ltd, a company registered in England and Wales.

The Company's ultimate parent undertaking includes the company in its consolidated financial statements. Copies of these accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Entities with control, joint control or significant influence over the entity

2024 2023
£ £
Sales 57,203 3,142
Purchases 3,686,145 3,881,264
Amount due from related party 275,000 102,503
Amount due to related party 145,262 251,946

19. ULTIMATE CONTROLLING PARTY

The Directors consider that there is no ultimate controlling party, as no individual, entity, or group has control over the company as defined by Section 33 of FRS 102 (Related Party Disclosures). Control is defined as the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities, and no one party meets these criteria.