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Registration number: 11204049

Lewis Guitar Works Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Lewis Guitar Works Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Lewis Guitar Works Ltd

(Registration number: 11204049)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,394

3,787

Current assets

 

Stocks

5

17,650

16,250

Cash at bank and in hand

 

1,694

266

 

19,344

16,516

Creditors: Amounts falling due within one year

6

(52,608)

(44,822)

Net current liabilities

 

(33,264)

(28,306)

Total assets less current liabilities

 

(30,870)

(24,519)

Creditors: Amounts falling due after more than one year

6

(1,597)

(2,582)

Net liabilities

 

(32,467)

(27,101)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(32,567)

(27,201)

Shareholders' deficit

 

(32,467)

(27,101)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 November 2024
 

.........................................
P Lewis
Director

 

Lewis Guitar Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 19 Highbridge Enterprise Centre
Bennett Road
Isleport Business Park
Highbridge
TA9 4AL
England

These financial statements were authorised for issue by the director on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Lewis Guitar Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Equipment

25% Straight Line

Computer Equipment

33% Straight Line

Leasehold improvements

10% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Lewis Guitar Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Short leasehold land and buildings
£

Plant and equipment
£

Computer equipment
£

Total
£

Cost or valuation

At 1 March 2023

1,680

10,454

2,786

14,920

At 29 February 2024

1,680

10,454

2,786

14,920

Depreciation

At 1 March 2023

42

9,376

1,715

11,133

Charge for the year

168

829

396

1,393

At 29 February 2024

210

10,205

2,111

12,526

Carrying amount

At 29 February 2024

1,470

249

675

2,394

At 28 February 2023

1,638

1,078

1,071

3,787

Included within the net book value of land and buildings above is £1,470 (2023 - £1,638) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

17,650

16,250

 

Lewis Guitar Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,065

1,065

Accruals and deferred income

 

750

750

Other creditors

 

50,793

43,007

 

52,608

44,822

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,597

2,582

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,597

2,582

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,065

1,065

 

Lewis Guitar Works Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Related party transactions

Other transactions with the director

At the balance sheet date the company owed the director, Mr P Lewis, a balance of £50,793 (2023 - £43,007).