REGISTERED NUMBER: 14183375 (England and Wales) |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 JANUARY 2024 |
REGISTERED NUMBER: 14183375 (England and Wales) |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 JANUARY 2024 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 January 2024. |
The EG Lewis Group Industrial Services Limited 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. |
REVIEW OF BUSINESS |
During the financial year, E G Lewis Group Industrial Services Ltd achieved revenue of £29.7 million, driven by strong demand across our core markets. A gross profit margin of 11% was achieved, reflecting efficiency improvements and cost-control measures implemented during the year. |
As a result of the acquisition in 2022, administrative expenses this year include a charge for the amortisation of goodwill of £2.4 million, without this charge the group would have reported an operating profit of £1.9 million, and Net Assets of £1.3 million. While the group's consolidated reserves are negative due to this goodwill amortisation, the individual trading subsidiary companies reserves remain in a strong Net Asset position. |
Looking ahead, the Group remains focused on expanding its service portfolio, and exploring existing markets where we see significant growth potential. By continuing to invest in people, innovation, and technology, we are well-positioned to meet evolving client demands and deliver sustainable growth. We anticipate that ongoing global infrastructure needs, will provide favourable market conditions for our services over the next few years. The groups projected financial performance looks strong and the directors are confident that the Group will achieve positive consolidated reserves in foreseeable future. |
ON BEHALF OF THE BOARD: |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 January 2024 will be £ 7,700,000 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
Donations during the year totalled £2,650 (2023: £NIL). None of these were political. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
AUDITORS |
The auditors, Bevan Buckland LLP (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD |
Opinion |
We have audited the financial statements of E G Lewis Group Industrial Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 January 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD |
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. 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. |
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 group and 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 GROUP INDUSTRIAL SERVICES LTD |
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. |
for and on behalf of |
Ground Floor Cardigan House |
Castle Court |
Swansea Enterprise Park |
Swansea |
SA7 9LA |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Year Ended | Period |
31.1.24 | 20.6.22 to 31.1.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 | 29,782,477 | 14,059,231 |
Cost of sales | 26,385,436 | 12,006,707 |
GROSS PROFIT | 3,397,041 | 2,052,524 |
Administrative expenses | 3,983,687 | 1,922,156 |
(586,646 | ) | 130,368 |
Other operating income | 79,850 | 5,109 |
OPERATING (LOSS)/PROFIT | 6 | (506,796 | ) | 135,477 |
Income from fixed asset investments | 7,700,000 | - |
Interest receivable and similar income | 17,442 | 11,191 |
7,717,442 | 11,191 |
7,210,646 | 146,668 |
Interest payable and similar expenses | 7 | 165,917 | 9,529 |
PROFIT BEFORE TAXATION | 7,044,729 | 137,139 |
Tax on profit | 8 | 451,301 | 148,760 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 6,593,428 | (11,621 | ) |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 6,593,428 | (11,621 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
6,593,428 |
(11,621 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 6,593,428 | (11,621 | ) |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
CONSOLIDATED BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 8,625,167 | 10,832,432 |
Tangible assets | 12 | 143,213 | 434,008 |
Investments | 13 | - | - |
8,768,380 | 11,266,440 |
CURRENT ASSETS |
Stocks | 14 | 546,379 | 763,423 |
Debtors | 15 | 11,748,154 | 10,087,646 |
Cash at bank and in hand | 1,724,121 | 1,300,993 |
14,018,654 | 12,152,062 |
CREDITORS |
Amounts falling due within one year | 16 | 23,161,981 | 22,922,845 |
NET CURRENT LIABILITIES | (9,143,327 | ) | (10,770,783 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(374,947 |
) |
495,657 |
CREDITORS |
Amounts falling due after more than one year | 17 | (134,386 | ) | - |
PROVISIONS FOR LIABILITIES | 20 | (608,760 | ) | (507,178 | ) |
NET LIABILITIES | (1,118,093 | ) | (11,521 | ) |
CAPITAL AND RESERVES |
Called up share capital | 21 | 100 | 100 |
Retained earnings | 22 | (1,118,193 | ) | (11,621 | ) |
SHAREHOLDERS' FUNDS | (1,118,093 | ) | (11,521 | ) |
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 GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
COMPANY BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 6,484,059 | 39,770 |
The financial statements were approved by the Board of Directors and authorised for issue on |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 100 | - | 100 |
Total comprehensive income | - | (11,621 | ) | (11,621 | ) |
Balance at 31 January 2023 | 100 | (11,621 | ) | (11,521 | ) |
Changes in equity |
Dividends | - | (7,700,000 | ) | (7,700,000 | ) |
Total comprehensive income | - | 6,593,428 | 6,593,428 |
Balance at 31 January 2024 | 100 | (1,118,193 | ) | (1,118,093 | ) |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2024 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,573,657 | 3,710,817 |
Interest paid | (165,917 | ) | (9,529 | ) |
Tax paid | (294,643 | ) | (103,561 | ) |
Net cash from operating activities | 5,113,097 | 3,597,727 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (200,000 | ) | - |
Purchase of tangible fixed assets | (148,719 | ) | (108,329 | ) |
Sale of tangible fixed assets | 398,617 | - |
Acquisition of subsidiary | - | (7,934,113 | ) |
Cash acquired on acquisition | - | 9,979,903 |
Interest received | 17,442 | 11,191 |
Dividends received | 7,700,000 | - |
Net cash from investing activities | 7,767,340 | 1,948,652 |
Cash flows from financing activities |
Loan note repayments | (4,787,309 | ) | (4,245,486 | ) |
Amount introduced by directors | 30,000 | - |
Share issue | - | 100 |
Equity dividends paid | (7,700,000 | ) | - |
Net cash from financing activities | (12,457,309 | ) | (4,245,386 | ) |
Increase in cash and cash equivalents | 423,128 | 1,300,993 |
Cash and cash equivalents at beginning of year |
2 |
1,300,993 |
- |
Cash and cash equivalents at end of year | 2 | 1,724,121 | 1,300,993 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Profit before taxation | 7,044,729 | 137,139 |
Depreciation charges | 95,455 | 89,897 |
Profit on disposal of fixed assets | (54,558 | ) | - |
Dilapidation provision | 146,472 | 109,282 |
Amortisation charges | 2,407,265 | 1,203,633 |
Finance costs | 165,917 | 9,529 |
Finance income | (7,717,442 | ) | (11,191 | ) |
2,087,838 | 1,538,289 |
Decrease in stocks | 217,044 | 365,591 |
(Increase)/decrease in trade and other debtors | (1,664,553 | ) | 2,256,120 |
Increase/(decrease) in trade and other creditors | 4,933,328 | (449,183 | ) |
Cash generated from operations | 5,573,657 | 3,710,817 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 1,724,121 | 1,300,993 |
Period ended 31 January 2023 |
31.1.23 | 20.6.22 |
£ | £ |
Cash and cash equivalents | 1,300,993 | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,300,993 | 423,128 | 1,724,121 |
1,300,993 | 423,128 | 1,724,121 |
Debt |
Debts falling due within 1 year | (6,756,016 | ) | 4,921,695 | (1,834,321 | ) |
Debts falling due after 1 year | - | (134,386 | ) | (134,386 | ) |
(6,756,016 | ) | 4,787,309 | (1,968,707 | ) |
Total | (5,455,023 | ) | 5,210,437 | (244,586 | ) |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | GOING CONCERN |
The consolidated financial statements have been prepared on a going concern basis, which the directors consider appropriate based on the continued profitability and positive cash flow forecasts of the Group's trading subsidiaries. |
While the Group's consolidated reserves are negative due to goodwill amortisation, the directors have assessed the financial performance and projected cash flows of each trading subsidiary. Based on this assessment, the directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future, and they do not foresee any material uncertainties that may cast significant doubt on the Group’s ability to continue as a going concern. |
Accordingly, the directors are comfortable in preparing the financial statements on a going concern basis, consistent with the requirements of FRS 102. |
2. | STATUTORY INFORMATION |
E G Lewis Group Industrial Services Ltd is a |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the company and its subsidiary undertakings and have been prepared using the acquisition method of accounting. These are the first financial statements consolidated of E G Lewis Group Industrial Services Limited. |
All material companies, which are more than 50% controlled, either directly or indirectly, are fully consolidated. Control is presumed to exist where more than half of a subsidiary's voting rights are controlled by the parent company, or where the parent company has the right to remove or appoint a majority of a subsidiary's board of directors or has entered into an agreement with the other shareholders or partners of a subsidiary. Where Minority interest exists, it is shown under the appropriate heading in the consolidated balance sheet and profit and loss account. |
The results of subsidiaries acquired or disposed of during the period are included in the consolidated financial statements from the effective date of acquisition up to the effective date of disposal, as appropriate.The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are based on consistent accounting policies or where appropriate accounting policies for subsidiaries have been changed to ensure consistency with the policies adopted by the Group. |
Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. |
Related party exemption |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
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 Group enters into long term contracts, revenue is recognised on the percentage of completion basis. Under the percentage of completion method, the Group 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. Turnover represents the sale of goods/revenue from contracts, excluding tax. |
Goodwill |
Tangible fixed assets |
Improvements to property | - |
Plant and Machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
The Group performs impairment testing where there are any indicators of impairment. Impairment is calculated as the difference between the carrying value and the recoverable value of the asset. Recoverable value is the higher of net realisable value and estimated value in use at the date the impairment loss is recognised. Value in use represents the present value of expected future discounted cash flows. If incurred, impairment is recognised immediately in the income statement. |
Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the revised estimate of the recoverable amount, but so that the increased carrying value does not exceed the carrying value that would have been determined if no impairment loss had been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the income statement. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | 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 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute. |
To the extent that grants are made as a contribution towards specific expenditure on fixed assets, they are recognised over the useful economic life of the related asset. |
Grants made to give immediate financial support or assistance to an enterprise or to reimburse costs previously incurred are recognised in the profit and loss account of the period in which they become receivable. |
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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash at Bank and in Hand |
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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. |
Employee Benefits |
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. |
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. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | 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. |
Investment in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
United Kingdom | 29,782,477 | 14,059,231 |
29,782,477 | 14,059,231 |
5. | EMPLOYEES AND DIRECTORS |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries | 3,880,584 | 3,370,430 |
Social security costs | 373,240 | 431,094 |
Other pension costs | 117,788 | 253,930 |
4,371,612 | 4,055,454 |
The average number of employees during the year was as follows: |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
Direct Wages | 70 | 84 |
Admin | 8 | 11 |
The average number of employees by undertakings that were proportionately consolidated during the year was 78 (2023 - 95 ) . |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Directors' remuneration | - | 29,959 |
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 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging/(crediting): |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Hire of plant and machinery | 3,065,661 | 2,084,991 |
Vehicle Hire | 479,348 | 177,584 |
Depreciation - owned assets | 95,455 | 173,314 |
Profit on disposal of fixed assets | (54,558 | ) | - |
Goodwill amortisation | 2,407,265 | 1,203,633 |
Auditors' remuneration | 22,150 | 24,400 |
Taxation compliance services | 2,200 | 4,500 |
Other assurance services | 500 | - |
Other non- audit services | 15,645 | 3,500 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Other loan interest | 165,917 | 260 |
Other Interest | - | 9,269 |
165,917 | 9,529 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Current tax: |
UK corporation tax | 447,360 | 139,330 |
Deferred tax | 3,941 | 9,430 |
Tax on profit | 451,301 | 148,760 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | DIVIDENDS |
Period |
20.6.22 |
Year Ended | to |
31.1.24 | 31.1.23 |
£ | £ |
Ordinary shares of £1 each |
Final | 5,705,000 | - |
shares of each |
Final | 1,662,500 | - |
shares of each |
Final | 332,500 | - |
7,700,000 | - |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 February 2023 | 12,036,065 |
Additions | 200,000 |
At 31 January 2024 | 12,236,065 |
AMORTISATION |
At 1 February 2023 | 1,203,633 |
Amortisation for year | 2,407,265 |
At 31 January 2024 | 3,610,898 |
NET BOOK VALUE |
At 31 January 2024 | 8,625,167 |
At 31 January 2023 | 10,832,432 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | Machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2023 | 122,031 | 513,615 | 81,514 |
Additions | - | 31,000 | 5,051 |
Disposals | - | - | - |
At 31 January 2024 | 122,031 | 544,615 | 86,565 |
DEPRECIATION |
At 1 February 2023 | 122,031 | 381,051 | 74,904 |
Charge for year | - | 71,303 | 3,641 |
Eliminated on disposal | - | - | - |
At 31 January 2024 | 122,031 | 452,354 | 78,545 |
NET BOOK VALUE |
At 31 January 2024 | - | 92,261 | 8,020 |
At 31 January 2023 | - | 132,564 | 6,610 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 | 382,014 | 207,188 | 1,306,362 |
Additions | 85,901 | 26,767 | 148,719 |
Disposals | (427,509 | ) | (26,767 | ) | (454,276 | ) |
At 31 January 2024 | 40,406 | 207,188 | 1,000,805 |
DEPRECIATION |
At 1 February 2023 | 110,217 | 184,151 | 872,354 |
Charge for year | 5,051 | 15,460 | 95,455 |
Eliminated on disposal | (110,217 | ) | - | (110,217 | ) |
At 31 January 2024 | 5,051 | 199,611 | 857,592 |
NET BOOK VALUE |
At 31 January 2024 | 35,355 | 7,577 | 143,213 |
At 31 January 2023 | 271,797 | 23,037 | 434,008 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Other |
investments |
£ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
E G Lewis Holdings Limited |
Registered office: Tank Farm Road, Llandarcy, Neath, United Kingdom, SA10 6EN |
Nature of business: Rental of Plant & Machinery |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 5,830,406 | 5,540,021 |
Profit for the year/period | 290,385 | 1,156,207 |
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 | 1,328,061 | 1,000,850 |
Profit for the year/period | 327,211 | 457,770 |
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 | 2,359,493 | 1,521,080 |
Profit for the year/period | 838,413 | 356,749 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
14. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 206,652 | 270,143 |
Work-in-progress | 339,727 | 493,280 |
546,379 | 763,423 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 9,942,161 | 7,595,571 |
Amounts owed by participating interests | 420,638 | 32,854 |
Amounts owed by joint ventures | 22,262 | 52,960 |
Amounts owed by associates | 466,923 | 1,965,923 |
Other debtors | 382,200 | 10,111 |
Amounts due from contracts | 388,245 | 307,765 |
Tax | - | 4,044 |
Deferred tax asset | - | 1,707 |
Prepayments | 125,725 | 116,711 |
11,748,154 | 10,087,646 |
Deferred tax asset |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | - | 1,707 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | - | - |
Other loans (see note 18) | 1,834,321 | 6,756,016 |
Trade creditors | 1,162,910 | 1,474,377 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | 7,220 | - | - | - |
Amounts owed to joint ventures | 361,105 | 164,482 | - | - |
Tax | 447,360 | 249,856 |
Social security and other taxes | 111,553 | 81,478 |
VAT | 612,100 | 491,100 | - | - |
Other creditors, accruals and |
deferred income | 5,381,223 | 5,875,506 |
Directors' loan accounts | 30,000 | - | 30,000 | - |
Accruals and deferred income | 13,208,189 | 7,828,170 |
Accrued expenses | 6,000 | 1,860 |
23,161,981 | 22,922,845 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans (see note 18) | 134,386 | - |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | - |
Other loans | 1,834,321 | 6,756,016 |
1,834,321 | 6,756,016 |
Amounts falling due between one and two | years: |
Other loans - 1-2 years | 134,386 | - | 134,386 |
19. | SECURED DEBTS |
The group's banker Lloyds Bank PLC holds the following security: - |
A Fixed charge, floating charge and negative pledge dated 11/08/22 over land and freehold properties. |
20. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 2,234 | - |
Other provisions | 606,526 | 507,178 |
Aggregate amounts | 608,760 | 507,178 |
Group |
Deferred |
tax | Dilapidation |
£ | £ |
Balance at 1 February 2023 | (1,707 | ) | 606,526 |
Charge to Income Statement during year | 3,941 | - |
Balance at 31 January 2024 | 2,234 | 606,526 |
E G LEWIS GROUP INDUSTRIAL SERVICES LTD (REGISTERED NUMBER: 14183375) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax assets and liabilities are offset where the group and 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: |
Group |
2024 | 2023 |
Net Liability | Net Asset |
Balances: | £ | £ |
ACAs | 2,234 | 56,111 |
Other timing differences | (57,818 | ) |
2,234 | (1,707 | ) |
Dilapidation provisions relates to management best estimates of costs under the terms of the property lease agreement. |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Each Share is entitled to: |
- One vote in any circumstances; |
- Pari passu to dividend or any other distribution; and |
- Full participation in capital distributions. |
22. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 February 2023 | (11,621 | ) |
Profit for the year | 6,593,428 |
Dividends | (7,700,000 | ) |
At 31 January 2024 | (1,118,193 | ) |
23. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. Contributions are charged in the profit and loss account as they accrue. At the year end there were contributions of £8,989 outstanding (2023:£4,623) |
24. | POST BALANCE SHEET EVENTS |
There were no events after the reporting period that are material for disclosure in the financial statements. |
25. | 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. |