Company registration number 10747157 (England and Wales)
LEWIS FORECOURT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LEWIS FORECOURT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs J Lewis
Mr P Lewis
Company number
10747157
Registered office
c/o Lewis Forecourts Limited
Bangor Road
Pentraeth
Anglesey
LL75 8AZ
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
LEWIS FORECOURT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
LEWIS FORECOURT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

 

Strategy and business model

Lewis Forecourt Holdings Limited group is a provider of forecourt and convenience stores services.

The strategy of the business is five-fold:

  1. To supply quality fuel products at a fair price for the use and benefit of their local communities.

  2. To supply convenience store products based on the needs of those local communities at competitive prices.

  3. To be open for business based on the needs of the local communities.

  4. To offer employment opportunities and opportunities for the staff to develop and further their future careers within the business.

  5. To look at opportunities to develop additional sites in areas where the directors believe there are opportunities to offer the above services.

In keeping with the group's strategy above they have now finished the redevelopment of Bryn Llwyd Services in Bangor. This redevelopment has been undertaken during this financial year under review and was completed and fully reopened in May 2024. The site is looking fantastic and initial trading performance is well above expectations. The overall investment in the site has been in line with budget and expectations and has been entirely funded out of group reserves. Following the completion of this project the directors are now looking for further opportunities to develop additional sites.

Review of the business

Turnover in 2024 has increased by £3.5m from the 2023 figure of £27.4m. This is largely due to an increase in the fuel volume during the second part of this financial year. Whilst the group has maintained it's fuel price during the year to achieve a fair margin for it's products, many of it's competitors have changed their fuel pricing strategy following various ownership changes. The result of this has been that the business has been able to offer competitively priced fuel for the benefit of it's customers and the wider communities. This pricing has continued during the period since the year end.

 

The convenience store side of the business has also continued to develop on the back of this additional footfall and has allowed the business to keep developing this side of the business to provide more of the needs of its communities.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the group:

Market Risk

The group is affected by the fuel pricing strategy of its competitors within each community that it operates. The competitors have changed their strategy as mentioned above, and this strategy has continued following this year-end under review. The directors appreciate, though, that at any time that change in strategy might change again, so are keen that the business fully utilises the opportunity that it has to fully develop and grow its total forecourt and convenience store offering.

LEWIS FORECOURT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

Legislative and Regulatory Risk

As the directors are well aware, the ongoing conflicts in Ukraine and the Middle East are having an impact on world supply of certain products and raw materials and are making sure through the various supply chains that good availability is maintained for the benefit of the business and its communities.

Other risks
The directors are also well aware of the current “cost of living” crisis in the UK and are working hard to ensure that the business is able to operate efficiently and therefore able to offer its goods and services at competitive prices. This pricing strategy is reflected in the lower fuel margins achieved in this year as set out in the KPI figures below.

Lastly, as there has been a change in UK government recently, the directors are well aware of possible tax and duty changes that might be introduced by the new government and will base their operational decisions thereon to maximise the opportunities that might be available.

Key performance indicators

The group monitors its performance using a number of measures on a site-by-site basis. For the group overall, these include:

Measure

2024

2023

Fuel Turnover

£25.8m

£22.2m

Shop Turnover

£5.1m

£5.2m

Fuel Margin

7.0%

7.3%

Shop Margin

26.8%

25.2%

 

 

The directors consider that these indicators show that while the business has shown continued strong growth in the year, they have tried to maintain offering and value for money to the local communities that they operate.

On behalf of the board

Mrs J Lewis
Director
31 January 2025
LEWIS FORECOURT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of a holding and investment company and of the group continued to be that of petrol filing stations and convenience stores.

 

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £50,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs J Lewis
Mr P Lewis
Future developments

Factors impacting the future development of the group are included within the strategic report.

Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs J Lewis
Director
31 January 2025
LEWIS FORECOURT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LEWIS FORECOURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LEWIS FORECOURT HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Lewis Forecourt Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

LEWIS FORECOURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEWIS FORECOURT HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

LEWIS FORECOURT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LEWIS FORECOURT HOLDINGS LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
31 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
LEWIS FORECOURT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
31,024,317
27,468,409
Cost of sales
(27,799,876)
(24,482,953)
Gross profit
3,224,441
2,985,456
Administrative expenses
(2,265,803)
(2,103,306)
Other operating income
142,756
107,889
Operating profit
4
1,101,394
990,039
Interest receivable and similar income
6
35,840
12,304
Interest payable and similar expenses
7
(6,507)
(5,366)
Other gains and losses
8
667,067
-
Profit before taxation
1,797,794
996,977
Tax on profit
9
(462,856)
(203,806)
Profit for the financial year
1,334,938
793,171
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
LEWIS FORECOURT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,951,553
2,516,889
Investment property
12
2,200,000
1,532,933
5,151,553
4,049,822
Current assets
Stocks
15
432,175
338,606
Debtors
16
132,482
234,766
Cash at bank and in hand
2,066,151
1,877,572
2,630,808
2,450,944
Creditors: amounts falling due within one year
17
(1,545,448)
(1,731,356)
Net current assets
1,085,360
719,588
Total assets less current liabilities
6,236,913
4,769,410
Creditors: amounts falling due after more than one year
18
(2,555)
(4,542)
Provisions for liabilities
Deferred tax liability
19
328,057
143,505
(328,057)
(143,505)
Net assets
5,906,301
4,621,363
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
5,905,301
4,620,363
Total equity
5,906,301
4,621,363

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Mrs J Lewis
Director
Company registration number 10747157 (England and Wales)
LEWIS FORECOURT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,806,377
1,845,797
Investment property
12
2,200,000
1,679,079
Investments
13
1,000
1,000
4,007,377
3,525,876
Current assets
Debtors
16
800,119
214,595
Cash at bank and in hand
664,549
560,632
1,464,668
775,227
Creditors: amounts falling due within one year
17
(112,721)
(232,473)
Net current assets
1,351,947
542,754
Total assets less current liabilities
5,359,324
4,068,630
Provisions for liabilities
Deferred tax liability
19
159,574
29,769
(159,574)
(29,769)
Net assets
5,199,750
4,038,861
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
5,198,750
4,037,861
Total equity
5,199,750
4,038,861

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,210,889 (2023 - £940,597 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Mrs J Lewis
Director
Company registration number 10747157 (England and Wales)
LEWIS FORECOURT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
1,000
3,873,192
3,874,192
Year ended 30 April 2023:
Profit and total comprehensive income
-
793,171
793,171
Dividends
10
-
(46,000)
(46,000)
Balance at 30 April 2023
1,000
4,620,363
4,621,363
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,334,938
1,334,938
Dividends
10
-
(50,000)
(50,000)
Balance at 30 April 2024
1,000
5,905,301
5,906,301
LEWIS FORECOURT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
1,000
3,143,264
3,144,264
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
940,597
940,597
Dividends
10
-
(46,000)
(46,000)
Balance at 30 April 2023
1,000
4,037,861
4,038,861
Year ended 30 April 2024:
Profit and total comprehensive income
-
1,210,889
1,210,889
Dividends
10
-
(50,000)
(50,000)
Balance at 30 April 2024
1,000
5,198,750
5,199,750
LEWIS FORECOURT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,208,446
1,602,665
Interest paid
(6,507)
(5,366)
Income taxes paid
(366,889)
(161,106)
Net cash inflow from operating activities
835,050
1,436,193
Investing activities
Purchase of tangible fixed assets
(641,906)
(395,491)
Proceeds from disposal of tangible fixed assets
9,595
-
Interest received
35,840
12,304
Net cash used in investing activities
(596,471)
(383,187)
Financing activities
Repayment of bank loans
-
(300,000)
Dividends paid to equity shareholders
(50,000)
(46,000)
Net cash used in financing activities
(50,000)
(346,000)
Net increase in cash and cash equivalents
188,579
707,006
Cash and cash equivalents at beginning of year
1,877,572
1,170,566
Cash and cash equivalents at end of year
2,066,151
1,877,572
LEWIS FORECOURT HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(570,245)
(22,784)
Income taxes paid
(43,745)
(10,205)
Net cash outflow from operating activities
(613,990)
(32,989)
Investing activities
Purchase of tangible fixed assets
(1,812)
-
0
Purchase of investment property
-
0
(1,029,079)
Interest received
19,719
12,304
Dividends received
750,000
900,000
Net cash generated from/(used in) investing activities
767,907
(116,775)
Financing activities
Dividends paid to equity shareholders
(50,000)
(46,000)
Net cash used in financing activities
(50,000)
(46,000)
Net increase/(decrease) in cash and cash equivalents
103,917
(195,764)
Cash and cash equivalents at beginning of year
560,632
756,396
Cash and cash equivalents at end of year
664,549
560,632
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Lewis Forecourt Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is c/o Lewis Forecourts Limited, Bangor Road, Pentraeth, Anglesey, LL75 8AZ.

 

The group consists of Lewis Forecourt Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lewis Forecourt Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Over 50 years
Leasehold improvements
Over 15 years
Plant and equipment
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors 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. Financial assets classified as receivable within one year are not amortised.

LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 group 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.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.15
Employee benefits

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

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
25,869,017
22,204,479
Dry stock
5,111,709
5,219,649
Post Office income
43,591
44,281
31,024,317
27,468,409
2024
2023
£
£
Other revenue
Interest income
35,840
12,304
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
-
3,217
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
207,242
242,213
Profit on disposal of tangible fixed assets
(9,595)
-
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
3
3
-
-
Administration
3
3
-
-
Sales
47
45
-
-
Total
53
51
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,105,008
954,125
-
0
-
0
Social security costs
76,318
68,555
-
-
Pension costs
19,975
16,660
-
0
-
0
1,201,301
1,039,340
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
35,840
12,304
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Interest receivable and similar income
(Continued)
- 23 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
35,840
12,304
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,385
244
Other interest on financial liabilities
5,122
5,122
6,507
5,366
8
Other gains and losses
2024
2023
£
£
Changes in the fair value of investment properties
667,067
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
278,304
191,411
Adjustments in respect of prior periods
-
0
(26,555)
Total current tax
278,304
164,856
Deferred tax
Origination and reversal of timing differences
184,552
(5,309)
Adjustment in respect of prior periods
-
0
44,259
Total deferred tax
184,552
38,950
Total tax charge
462,856
203,806
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,797,794
996,977
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
449,449
194,311
Tax effect of expenses that are not deductible in determining taxable profit
13,407
30,965
Tax effect of income not taxable in determining taxable profit
-
0
(38,004)
Adjustments in respect of prior years
-
0
17,704
Effect of change in corporation tax rate
-
(1,170)
Taxation charge
462,856
203,806
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
50,000
46,000
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
2,059,844
278,136
1,912,964
8,472
158,821
4,418,237
Additions
1,812
426,110
186,348
474
27,162
641,906
Disposals
-
0
-
0
(16,400)
-
0
-
0
(16,400)
At 30 April 2024
2,061,656
704,246
2,082,912
8,946
185,983
5,043,743
Depreciation and impairment
At 1 May 2023
214,047
12,321
1,584,736
5,164
85,080
1,901,348
Depreciation charged in the year
41,232
14,085
128,643
886
22,396
207,242
Eliminated in respect of disposals
-
0
-
0
(16,400)
-
0
-
0
(16,400)
At 30 April 2024
255,279
26,406
1,696,979
6,050
107,476
2,092,190
Carrying amount
At 30 April 2024
1,806,377
677,840
385,933
2,896
78,507
2,951,553
At 30 April 2023
1,845,797
265,815
328,228
3,308
73,741
2,516,889
Company
Freehold land and buildings
£
Cost
At 1 May 2023
2,059,844
Additions
1,812
At 30 April 2024
2,061,656
Depreciation and impairment
At 1 May 2023
214,047
Depreciation charged in the year
41,232
At 30 April 2024
255,279
Carrying amount
At 30 April 2024
1,806,377
At 30 April 2023
1,845,797
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023
1,532,933
1,679,079
Net gains or losses through fair value adjustments
667,067
520,921
At 30 April 2024
2,200,000
2,200,000

The directors consider the above valuation to be a fair indication of the value of the investment properties at 30 April 2024.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,000
1,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1,000
Carrying amount
At 30 April 2024
1,000
At 30 April 2023
1,000
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lewis Forecourts Limited
Bangor Road, Pentraeth, Anglesey, Gwynedd, LL75 8AZ
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
432,175
338,606
-
0
-
0
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
12,894
17,301
-
0
-
0
Amounts owed by group undertakings
-
-
706,631
-
Other debtors
101,530
214,121
78,300
214,121
Prepayments and accrued income
18,058
3,344
15,188
474
132,482
234,766
800,119
214,595
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Trade creditors
907,809
693,060
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
54,930
Corporation tax payable
76,271
164,856
5,259
21,886
Other taxation and social security
78,051
335,175
-
-
Deferred income
20
852
-
0
-
0
-
0
Other creditors
418,426
485,435
107,462
155,657
Accruals and deferred income
64,039
52,830
-
0
-
0
1,545,448
1,731,356
112,721
232,473
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Deferred income
20
2,555
4,542
-
0
-
0
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
160,574
143,505
Revaluations
166,767
-
Short term timing differences
716
-
328,057
143,505
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
29,344
29,769
Revaluations
130,230
-
159,574
29,769
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
143,505
29,769
Charge to profit or loss
184,552
129,805
Liability at 30 April 2024
328,057
159,574

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
3,407
4,542
-
-
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Deferred income
(Continued)
- 29 -

Deferred income is included in the financial statements as follows:

Current liabilities
852
-
0
-
0
-
0
Non-current liabilities
2,555
4,542
-
0
-
0
3,407
4,542
-
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,975
16,660

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,000
1,000
1,000
1,000
23
Non-distributable profits reserve

FRS102 requires changes in fair value of investment properties to be recognised in the profit and loss account.

 

Since these gains and losses have not been realised they are not available for distribution. Total non-distributable reserves are £500,300 (2023: £nil) after taking account of deferred tax in the group and £390,691 (2023: £nil) after taking account of deferred tax in the company.

24
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
107,462
155,657
Other related parties
310,966
326,901
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
24
Related party transactions
(Continued)
- 30 -
Company
Key management personnel
107,462
155,657

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
23,230
-
25
Controlling party

The company was under the control of Mr P and Mrs J Lewis throughout the current and prior year.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,334,938
793,171
Adjustments for:
Taxation charged
462,856
203,806
Finance costs
6,507
5,366
Investment income
(35,840)
(12,304)
Gain on disposal of tangible fixed assets
(9,595)
-
Fair value gain on investment properties
(667,067)
-
0
Depreciation and impairment of tangible fixed assets
207,242
242,213
Movements in working capital:
Increase in stocks
(93,569)
(3,356)
Decrease/(increase) in debtors
102,284
(205,372)
(Decrease)/increase in creditors
(98,175)
578,005
(Decrease)/increase in deferred income
(1,135)
1,136
Cash generated from operations
1,208,446
1,602,665
LEWIS FORECOURT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
27
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
1,210,889
940,597
Adjustments for:
Taxation charged
156,923
30,334
Investment income
(769,719)
(912,304)
Fair value gain on investment properties
(520,921)
-
0
Depreciation and impairment of tangible fixed assets
41,232
41,197
Movements in working capital:
Increase in debtors
(585,524)
(201,395)
(Decrease)/increase in creditors
(103,125)
78,787
Cash absorbed by operations
(570,245)
(22,784)
28
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
1,877,572
188,579
2,066,151
29
Analysis of changes in net funds - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
560,632
103,917
664,549
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