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REGISTERED NUMBER: 05232919 (England and Wales)












E G LEWIS DEVELOPMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2024






E G LEWIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


E G LEWIS DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: T F Lewis
Mrs S W Lewis



SECRETARY: T F Lewis



REGISTERED OFFICE: Tank Farm Road
Llandarcy
Neath
SA10 6EN



REGISTERED NUMBER: 05232919 (England and Wales)



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 DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 104,861 95,323
Investments 5 2 2
Investment property 6 3,505,000 2,713,334
3,609,863 2,808,659

CURRENT ASSETS
Debtors 7 2,007,285 3,917,920
Cash at bank 657,047 1,010,479
2,664,332 4,928,399
CREDITORS
Amounts falling due within one year 8 2,569,331 3,031,639
NET CURRENT ASSETS 95,001 1,896,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,704,864

4,705,419

CREDITORS
Amounts falling due after more than one
year

9

(460,638

)

(516,808

)

PROVISIONS FOR LIABILITIES (405,267 ) (161,330 )

ACCRUALS AND DEFERRED INCOME (7,438 ) (7,633 )
NET ASSETS 2,831,521 4,019,648

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 11 1,752,631 960,965
Retained earnings 11 1,077,890 3,057,683
SHAREHOLDERS' FUNDS 2,831,521 4,019,648

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

E G LEWIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

BALANCE SHEET - 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 DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

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

1. STATUTORY INFORMATION

E G Lewis Developments 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income, excluding value added tax.

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 - 2% on cost
Motor vehicles - 25% reducing balance

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, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

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

2. ACCOUNTING POLICIES - continued

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.

The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period in which they relate.

Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recongised as part of the cost of stock or fixed assets.

The costs of any unused holiday entitlement is recognised in the period in which the employee's services are received.

E G LEWIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

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.

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.

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.

Cash and cash equivalents

E G LEWIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

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

2. ACCOUNTING POLICIES - continued
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

The average number of employees during the year was 8 (2023 - 1 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
to Motor
property vehicles Totals
£    £    £   
COST
At 1 February 2023 19,785 103,599 123,384
Additions - 116,486 116,486
Disposals - (103,599 ) (103,599 )
At 31 January 2024 19,785 116,486 136,271
DEPRECIATION
At 1 February 2023 4,320 23,741 28,061
Charge for year 395 28,359 28,754
Eliminated on disposal - (25,405 ) (25,405 )
At 31 January 2024 4,715 26,695 31,410
NET BOOK VALUE
At 31 January 2024 15,070 89,791 104,861
At 31 January 2023 15,465 79,858 95,323

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 2
NET BOOK VALUE
At 31 January 2024 2
At 31 January 2023 2

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 2,713,334
Revaluations 791,666
At 31 January 2024 3,505,000
NET BOOK VALUE
At 31 January 2024 3,505,000
At 31 January 2023 2,713,334

E G LEWIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

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

6. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2011 960,565
Valuation in 2024 791,666
Cost 1,752,769
3,505,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,438,838 3,031,500
Amounts owed by participating interests 55,102 708,102
Amounts owed by Skelton Thomas 485,000 171,000
Other debtors 20,920 -
Prepayments and accrued income 7,425 7,318
2,007,285 3,917,920

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 125,837 108,149
Amounts owed to group undertakings 968,500 -
Amounts owed to participating interests 466,923 1,965,923
Amounts owed to E G Lewis & Co - 198,800
Amounts owed to Skelton Thomas 182,916 -
Tax 421,489 308,595
Social security and other taxes 14,909 13,178
VAT 230,267 291,829
Other Creditors 9,406 4,451
Accrued expenses 149,084 140,714
2,569,331 3,031,639

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans more than 1 year 460,638 516,808

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary share capital £1 1,000 1,000

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 February 2023 3,057,683 960,965 4,018,648
Profit for the year 2,020,207 2,020,207
Dividends (4,000,000 ) (4,000,000 )
Revaluation of Fixed Assets - 791,666 791,666
At 31 January 2024 1,077,890 1,752,631 2,830,521

E G LEWIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05232919)

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

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alison Vickers (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP (Statutory Auditors)

13. RELATED PARTY DISCLOSURES

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

2024 2023
£ £
Sales 2,527,862 2,352,964
Purchases - -
Amount due from related party 3,470,440 3,910,602
Amount due to related party 751,329 2,164,723

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr T Lewis by virtue of his shareholding in E G Lewis Investment Services Limited.