Company registration number 10972193 (England and Wales)
LEWIS LETS LIMITED
Unaudited Financial Statements
for the Year Ended 30 September 2024
LEWIS LETS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,717
2,146
Investment property
4
778,573
774,176
780,290
776,322
Current assets
Cash at bank and in hand
5,439
2,924
Creditors: amounts falling due within one year
5
(60,667)
(54,902)
Net current liabilities
(55,228)
(51,978)
Total assets less current liabilities
725,062
724,344
Creditors: amounts falling due after more than one year
6
(761,774)
(716,560)
Net (liabilities)/assets
(36,712)
7,784
Capital and reserves
Called up share capital
114
114
Share premium account
33,298
33,298
Profit and loss reserves
(70,124)
(25,628)
Total equity
(36,712)
7,784
LEWIS LETS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

For the financial year ended 30 September 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 24 May 2025 and are signed on its behalf by:
Dr G H Lewis
Director
Company registration number 10972193 (England and Wales)
LEWIS LETS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2024
- 3 -
1
Accounting policies
Company information

Lewis Lets Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 Free Street, Brecon, UK, LD3 7BN.

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 The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.

1.3
Turnover

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

 

The company recognises Turnover when:

The amount of Turnover can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.4
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% reducing balance
Computers
15% 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 credited or charged to profit or loss.

1.5
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.

LEWIS LETS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2024
1
Accounting policies
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents 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.

1.8
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

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 at transaction price.

1.9
Leases
LEWIS LETS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2024
1
Accounting policies
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
3,948
658
4,606
Depreciation and impairment
At 1 October 2023
2,282
178
2,460
Depreciation charged in the year
333
96
429
At 30 September 2024
2,615
274
2,889
Carrying amount
At 30 September 2024
1,333
384
1,717
At 30 September 2023
1,666
480
2,146
4
Investment property
2024
£
Fair value
At 1 October 2023
774,176
Additions
4,397
At 30 September 2024
778,573

There has been no valuation of investment property by an independent valuer

LEWIS LETS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6
2
Other creditors
59,053
53,385
Accruals and deferred income
1,608
1,515
60,667
54,902
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
7
543,015
328,878
Other borrowings
7
218,759
387,682
761,774
716,560
7
Loans and overdrafts
2024
2023
£
£
Bank loans
543,015
328,878
Other loans
218,759
387,682
761,774
716,560
Payable after one year
761,774
716,560
LEWIS LETS LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2024
7
Loans and overdrafts
- 7 -

Loan with Onesavings Bank Plc which is denominated in GBP and is an interest only mortgage which is secured over the property know as 37 St Helens Road, Abergavenny NP7 5YA by way of a fixed charge. The amount due at the balance sheet date is £209,581 (2023 £81,523)

 

Loan with Onesavings Bank Plc which is denominated in GBP and is an interest only mortgage which is secured of the property known as 16 Mather Road, Brenton CH43 4UA by way of a fixed charge. The amount due at the balance sheet date is £156,782 (2023 £152,229)

 

Loan with Onesavings Bank Plc which is denominated in GBP and is an interest only mortgage which is secured over the property known as 69 Cotswold Street, Liverpool L7 2PY by way of a fixed charge. The amount due at the balance sheet date is £95,127 (2023 £95,126)

 

Loan with Onesavings Bank Plc which is denominated in GBP and is an interest only mortgage which is secured over the property known as 5 Glanhowy Street, Scwrfa, Tredegar NP22 4AU by way of a fixed charge. The amount due at the balance sheet date is £81,524 (2023 £81,522)

 

Loan from Phil Smith which is denominated in GBP with an interest rates of 3%. The loan is repayable on 10 February 2025. The amount due at the balance sheet date is £5,175 (2023 £11,356). This loan in unsecured.

 

Loan from S Devos which is denominated in GBP with an interest rates of 3%. The loan is repayable in 2025. The amount due at the balance sheet date is £32,277 (2023 £32,066). This loan in unsecured.

 

Loan from S Devos which is denominated in GBP with an interest rates of 7%. The loan is repayable in 2025. The amount due at the balance sheet date is £100,000 (2023 £133,751). This loan in unsecured.

 

Loan from R Lewis which is denominated in GBP with an interest rates of 7%. The loan is repayable in 2025. The amount due at the balance sheet date is £39,148 (2023 £44,941). This loan in unsecured.

 

Loan from R Wainright which is denominated in GBP with an interest rates of 7%. The loan is repayable in 2025. The amount due at the balance sheet date is £10,701 (2023 £10,701). This loan in unsecured.

 

Loan from S Devos which is denominated in GBP with an interest rates of 6.5%. The loan is repayable in 2025. The amount due at the balance sheet date is £5,323 (2023 nil). This loan in unsecured.

 

Loan from C and L Loftus which is denominated in GBP with an interest rates of 6.9%. The loan is repayable in 2025. The amount due at the balance sheet date is £10,575 (2023 nil). This loan in unsecured.

 

Loan from Dr A Loftus which is denominated in GBP with an interest rates of 6.9%. The loan is repayable in 2025. The amount due at the balance sheet date is £5,259 (2023 nil). This loan in unsecured.

 

Loan from Dr A Loftus which is denominated in GBP with an interest rates of 5.8%. The loan is repayable in 2026. The amount due at the balance sheet date is £5,149 (2023 nil). This loan in unsecured.

 

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