IRIS Accounts Production v24.3.0.553 07476424 Board of Directors 1.2.23 31.1.24 31.1.24 Medium entities industrial painters, light fabrication, the manufacture of signs and engineering contracts. 0 0 true true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 0 0 Ordinary 'A' Shares 1.00000 Ordinary 'B' Shares 1.00000 Ordinary 'C' Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh074764242023-01-31074764242024-01-31074764242023-02-012024-01-31074764242022-01-31074764242022-02-012023-01-31074764242023-01-3107476424ns15:EnglandWales2023-02-012024-01-3107476424ns14:PoundSterling2023-02-012024-01-3107476424ns10:Director12023-02-012024-01-3107476424ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3107476424ns10:MediumEntities2023-02-012024-01-3107476424ns10:Audited2023-02-012024-01-3107476424ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3107476424ns10:Medium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3107476424ns10:FullAccounts2023-02-012024-01-3107476424ns10:OrdinaryShareClass12023-02-012024-01-3107476424ns10:OrdinaryShareClass22023-02-012024-01-3107476424ns10:OrdinaryShareClass32023-02-012024-01-3107476424ns10:Director22023-02-012024-01-3107476424ns10:RegisteredOffice2023-02-012024-01-3107476424ns5:CurrentFinancialInstruments2024-01-3107476424ns5:CurrentFinancialInstruments2023-01-3107476424ns5:ShareCapital2024-01-3107476424ns5:ShareCapital2023-01-3107476424ns5:RetainedEarningsAccumulatedLosses2024-01-3107476424ns5:RetainedEarningsAccumulatedLosses2023-01-3107476424ns5:ShareCapital2022-01-3107476424ns5:RetainedEarningsAccumulatedLosses2022-01-3107476424ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3107476424ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3107476424ns5:PlantMachinery2023-02-012024-01-3107476424ns5:MotorVehicles2023-02-012024-01-3107476424ns5:ComputerEquipment2023-02-012024-01-3107476424ns5:OwnedAssets2023-02-012024-01-3107476424ns5:OwnedAssets2022-02-012023-01-3107476424ns10:OrdinaryShareClass12022-02-012023-01-3107476424ns10:OrdinaryShareClass22022-02-012023-01-3107476424ns10:OrdinaryShareClass32022-02-012023-01-3107476424ns5:PlantMachinery2023-01-3107476424ns5:MotorVehicles2023-01-3107476424ns5:ComputerEquipment2023-01-3107476424ns5:PlantMachinery2024-01-3107476424ns5:MotorVehicles2024-01-3107476424ns5:ComputerEquipment2024-01-3107476424ns5:PlantMachinery2023-01-3107476424ns5:MotorVehicles2023-01-3107476424ns5:ComputerEquipment2023-01-3107476424ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-01-3107476424ns5:UnlistedNon-exchangeTraded2024-01-3107476424ns5:UnlistedNon-exchangeTraded2023-01-3107476424ns5:Subsidiary12023-02-012024-01-31074764241ns5:Subsidiary12023-02-012024-01-3107476424ns5:Subsidiary12024-01-3107476424ns5:Subsidiary12023-01-3107476424ns5:Subsidiary12022-02-012023-01-3107476424ns5:Subsidiary22023-02-012024-01-3107476424ns5:Subsidiary232023-02-012024-01-3107476424ns5:Subsidiary22024-01-3107476424ns5:Subsidiary22023-01-3107476424ns5:Subsidiary22022-02-012023-01-3107476424ns5:WithinOneYearns5:CurrentFinancialInstruments2024-01-3107476424ns5:WithinOneYearns5:CurrentFinancialInstruments2023-01-3107476424ns5:DeferredTaxation2023-01-3107476424ns5:DeferredTaxation2023-02-012024-01-3107476424ns5:DeferredTaxation2024-01-3107476424ns10:OrdinaryShareClass12024-01-3107476424ns10:OrdinaryShareClass22024-01-3107476424ns10:OrdinaryShareClass32024-01-3107476424ns5:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: 07476424 (England and Wales)












E. G. LEWIS HOLDINGS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2024






E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)






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 11

Notes to the Financial Statements 12


E. G. LEWIS HOLDINGS 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
United Kingdon
SA10 6EN


REGISTERED NUMBER: 07476424 (England and Wales)


SENIOR STATUTORY AUDITOR: Alison Vickers


AUDITORS: Bevan Buckland LLP (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 HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

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

The EG Lewis Holdings group aspire to be the leading multi-disciplined contractor in South Wales, delivering a premium service and effective solutions to our customers.

We value our people, customers, partners and the communities in which we operate.

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.

During 2024 the company saw a decrease it its turnover of 28.58%, 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. 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 Holdings 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 us 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 any disruption is minimal.

Section 172 (1) Statement

From the perspective of the Board, as a result of the company's governance structure, the matters that it is responsible for considering under section 172 (1) of the Companies Act 2006 have been considered to an appropriate extent by the company's board. The board has also considered relevant matters where appropriate.


E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

REVIEW OF BUSINESS
During the year, the company saw a decrease in its turnover of 28.5% which was in line with the projected forecasts based on a planned re-organisation around the wider group of companies.

During the year the direct costs and administrative expenses were successfully managed inline with the reduction in turnover. 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.

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

Gross Profit:301,433 (2023: 378,672)
Gross Profit Margin: 2024: 79.79% (2023: 71.6%)
Net Profit Before Tax:1,375,979 (2023: 1,216,404)
Net Profit After Tax:1,340,385 (2023: 1,156,207)

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 HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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 dividends were paid during the year ended 31 January 2024.

The directors recommend final dividends per share as follows:

Ordinary 'A' Shares 1 shares £110,833
Ordinary 'B' Shares 1 shares £110,833
Ordinary 'C' Shares 1 shares £110,833

The total distribution of dividends for the year ended 31 January 2024 will be £ 6,650,000 .

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

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 HOLDINGS LIMITED

Opinion
We have audited the financial statements of E. G. Lewis Holdings 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 HOLDINGS 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:

- enquiring of management, including obtaining and reviewing support 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;
- 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.
- 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.

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;
- 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 HOLDINGS 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 (Statutory Auditors)
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

29 October 2024

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

REVENUE 377,786 529,000

Cost of sales 76,353 150,328
GROSS PROFIT 301,433 378,672

Administrative expenses (24,515 ) 37,268
325,948 341,404

Other operating income 31 -
OPERATING PROFIT 4 325,979 341,404

Income from fixed asset investments 1,050,000 875,000
PROFIT BEFORE TAXATION 1,375,979 1,216,404

Tax on profit 5 35,594 60,197
PROFIT FOR THE FINANCIAL YEAR 1,340,385 1,156,207

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,340,385 1,156,207


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,340,385

1,156,207

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 7 157,874 425,641
Investments 8 10,160 10,160
168,034 435,801

CURRENT ASSETS
Debtors 9 1,616,931 9,830,415
Cash at bank 1,181,623 822,844
2,798,554 10,653,259
CREDITORS
Amounts falling due within one year 10 2,721,196 5,495,020
NET CURRENT ASSETS 77,358 5,158,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

245,392

5,594,040

PROVISIONS FOR LIABILITIES 11 14,986 54,019
NET ASSETS 230,406 5,540,021

CAPITAL AND RESERVES
Called up share capital 12 60 60
Retained earnings 13 230,346 5,539,961
SHAREHOLDERS' FUNDS 230,406 5,540,021

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 HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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 4,383,754 4,383,814

Changes in equity
Total comprehensive income - 1,156,207 1,156,207
Balance at 31 January 2023 60 5,539,961 5,540,021

Changes in equity
Dividends - (6,650,000 ) (6,650,000 )
Total comprehensive income - 1,340,385 1,340,385
Balance at 31 January 2024 60 230,346 230,406

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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

1. STATUTORY INFORMATION

E. G. Lewis Holdings 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 exemptions 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;
the requirement of paragraph 3.17(d).

Preparation of consolidated financial statements
The financial statements contain information about E. G. Lewis Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, E G Lewis Group Industrial Services, Tank Farm Road, Llandarcy, Neath, SA10 6EN.

Turnover
Rental income arising from leases it accounted for on a straight line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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.

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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

2. ACCOUNTING POLICIES - continued

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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 arrangement 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.

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

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

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

Derecognition of financial liabilities

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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

2. ACCOUNTING POLICIES - continued
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Investment in subsidiaries
Investment in subsidiary undertakings are recognised at cost.

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.

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.

Creditors
Short term trade 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.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 January 2024 nor for the year ended 31 January 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 90,842 168,492
(Profit)/loss on disposal of fixed assets (54,558 ) 1,521
Auditors' remuneration 4,200 -

5. 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 74,627 45,395

Deferred tax (39,033 ) 14,802
Tax on profit 35,594 60,197

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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

6. DIVIDENDS
2024 2023
£    £   
Ordinary 'A' Shares shares of 1 each
Final 4,655,000 -
Ordinary 'B' Shares shares of 1 each
Final 1,662,500 -
Ordinary 'C' Shares shares of 1 each
Final 332,500 -
6,650,000 -

7. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
Machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 513,615 382,014 164,267 1,059,896
Additions 38,943 85,901 15,523 140,367
Disposals - (427,509 ) - (427,509 )
At 31 January 2024 552,558 40,406 179,790 772,754
DEPRECIATION
At 1 February 2023 381,051 110,217 142,987 634,255
Charge for year 71,303 5,051 14,488 90,842
Eliminated on disposal - (110,217 ) - (110,217 )
At 31 January 2024 452,354 5,051 157,475 614,880
NET BOOK VALUE
At 31 January 2024 100,204 35,355 22,315 157,874
At 31 January 2023 132,564 271,797 21,280 425,641

8. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2023
and 31 January 2024 10,160
NET BOOK VALUE
At 31 January 2024 10,160
At 31 January 2023 10,160

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

E G Lewis & Company Limited
Registered office: Tank Farm Road, Llandarcy, Neath, United Kingdom, SA10 6EN
Nature of business: Industrial Painters
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,007,314 1,000,850
Profit for the year 361,464 457,770

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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

8. FIXED ASSET INVESTMENTS - continued

Skelton Thomas Engineering Limited
Registered office: Tank Farm Road, Llandarcy, Neath, United Kingdom, SA10 6EN
Nature of business: Engineering,fabrication and sign making.
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,664,493 1,521,080
Profit for the year 838,413 356,749

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,150,008 7,799,948
Amounts owed by joint ventures - 60,000
Amounts owed by associates 466,923 1,965,923
Other debtors - 500
Tax - 4,044
1,616,931 9,830,415

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 33,480 -
Amounts owed to group undertakings 2,540,125 5,357,604
Tax 74,627 45,395
VAT 66,964 90,159
Other creditors - 2
Accrued expenses 6,000 1,860
2,721,196 5,495,020

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 14,986 54,019

Deferred
tax
£   
Balance at 1 February 2023 54,019
Credit to Income Statement during year (39,033 )
Balance at 31 January 2024 14,986

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
42 Ordinary 'A' Shares 1 42 42
15 Ordinary 'B' Shares 1 15 15
3 Ordinary 'C' Shares 1 3 3
60 60

E. G. LEWIS HOLDINGS LIMITED (REGISTERED NUMBER: 07476424)

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

13. RESERVES
Retained
earnings
£   

At 1 February 2023 5,539,961
Profit for the year 1,340,385
Dividends (6,650,000 )
At 31 January 2024 230,346

14. 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.