Lewis Homes (South Wales) Limited
Registered number: 05366776
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 690,817 734,457
Current assets
Stocks 103,050 2,239,765
Debtors 4 2,053,164 2,124,325
Cash at bank and in hand 2,120,754 584,430
4,276,968 4,948,520
Creditors: amounts falling due within one year 5 (2,128,112) (2,889,850)
Net current assets 2,148,856 2,058,670
Total assets less current liabilities 2,839,673 2,793,127
Creditors: amounts falling due after more than one year 6 (146,279) (475,069)
Provisions for liabilities (27,466) (32,221)
Net assets 2,665,928 2,285,837
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,665,828 2,285,737
Shareholders' funds 2,665,928 2,285,837
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M R Lewis
Director
Approved by the board on 28 November 2024
Lewis Homes (South Wales) Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the construction of residential properties.The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks includes work in progress consisting of amounts paid for preparation of sites. This amount has been recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price).
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 534,000 420,866 201,092 1,155,958
Disposals - - (16,921) (16,921)
At 29 February 2024 534,000 420,866 184,171 1,139,037
Depreciation
At 1 March 2023 - 337,987 83,514 421,501
Charge for the year - 16,576 22,628 39,204
On disposals - - (12,485) (12,485)
At 29 February 2024 - 354,563 93,657 448,220
Net book value
At 29 February 2024 534,000 66,303 90,514 690,817
At 28 February 2023 534,000 82,879 117,578 734,457
4 Debtors 2024 2023
£ £
Trade debtors 1,624,199 1,695,360
Other debtors 428,965 428,965
2,053,164 2,124,325
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,922 9,750
Obligations under finance lease and hire purchase contracts 10,169 7,922
Trade creditors 596,393 1,127,050
Taxation and social security costs 165,146 215,445
Other creditors 1,350,482 1,529,683
2,128,112 2,889,850
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 146,279 464,900
Obligations under finance lease and hire purchase contracts - 10,169
146,279 475,069
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
M R Lewis
Loan 428,965 - - 428,965
8 Related party transactions
Debtors include £428,965 (2023 £428,965) loan to a participant of the company. No interest has been charged.
9 Other information
Lewis Homes (South Wales) Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Bronheulwen
Porth
Mid Glamorgan
CF39 0BJ
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