Company registration number 00544465 (England and Wales)
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
COMPANY INFORMATION
Directors
Mr J M Lewis
Mrs A E Lewis
Mrs T L Lewis
Mr J W Lewis
(Appointed 16 December 2024)
Secretary
Mr J M Lewis
Company number
00544465
Registered office
The Summer House
Parkfield
Sevenoaks
Kent
TN15 0HX
Accountants
Fields Business Advisors Limited
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Business address
The Summer House
Parkfield
Sevenoaks
Kent
TN15 0HX
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27
34
Investment property
4
690,129
690,129
690,156
690,163
Current assets
Debtors
5
165,527
21,451
Cash at bank and in hand
11,824
187,913
177,351
209,364
Creditors: amounts falling due within one year
6
(2,700)
(4,800)
Net current assets
174,651
204,564
Total assets less current liabilities
864,807
894,727
Provisions for liabilities
(53,449)
(53,449)
Net assets
811,358
841,278
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
249,480
249,480
Profit and loss reserves
559,878
589,798
Total equity
811,358
841,278
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -

For the financial Year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
..............................................
Mr J W Lewis
Director
Company registration number 00544465 (England and Wales)
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2022
2,000
249,480
607,917
859,397
Year ended 31 July 2023:
Loss and total comprehensive income
-
-
(18,119)
(18,119)
Balance at 31 July 2023
2,000
249,480
589,798
841,278
Period ended 31 July 2024:
Loss and total comprehensive income
-
-
(29,920)
(29,920)
Balance at 31 July 2024
2,000
249,480
559,878
811,358
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

Lewis Estates (Wolverhampton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summer House, Parkfield, Sevenoaks, Kent, TN15 0HX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents receivable from the investment properties in the normal course of business, and is shown net of VAT and other sales related taxes.

Assets leased out under operating leases are included in the investment property.

 

1.3
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:

Fixtures and fittings
20% on reducing balance
Computers
33% on cost

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 profit or loss.

1.4
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.

Investment properties are shown at their most recent valuation. Estimates of fair value are carried out by the Board annually.

 

Ground rents are capitalised as tangible fixed assets within Investment Property and are stated at fair value.

1.5
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.

LEWIS ESTATES (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
Basic financial assets

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks and other third parties, including related parties.

Basic financial instruments such as those above are recognised in the financial statements at amortised cost.

 

 

1.7
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 company’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.

 

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 when the company has 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.

1.8
Retirement benefits

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

2
Employees

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

2024
2023
Number
Number
Total
1
1
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
2,114
3,355
5,469
Depreciation and impairment
At 1 August 2023
2,081
3,354
5,435
Depreciation charged in the Year
7
-
0
7
At 31 July 2024
2,088
3,354
5,442
Carrying amount
At 31 July 2024
26
1
27
At 31 July 2023
33
1
34
4
Investment property
2024
£
Fair value
At 1 August 2023 and 31 July 2024
690,129

Investment properties are shown at their most recent valuation. Estimates of fair value are carried out by the Board annually. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

 

Ground rents are capitalised as tangible fixed assets within Investment Property and are stated at fair value.

The directors are of the opinion that no adjustment is required to the carrying value of the company's investment property at 31.07.2024.

 

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
387,202
387,202
Accumulated depreciation
-
-
Carrying amount
387,202
387,202
LEWIS ESTATES (WOLVERHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,451
1,394
Other debtors
163,710
20,057
Prepayments and accrued income
366
-
0
165,527
21,451
6
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,700
4,800
7
Directors' transactions

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The total aggregated advances to directors during the period was £143,652 (2023: £20,057) and the balance outstanding at the year end was £163,710 (2023: £20,057).

The above loans are unsecured and repayable on demand at an official rate of interest charge being 2.25%.

 

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