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Company No: 12960666 (England and Wales)

LEWIS ELECTRICAL DISTRIBUTORS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH THE REGISTRAR

LEWIS ELECTRICAL DISTRIBUTORS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

LEWIS ELECTRICAL DISTRIBUTORS LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LEWIS ELECTRICAL DISTRIBUTORS LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
DIRECTOR M Lewis
REGISTERED OFFICE 78 The Horseshoe
Godalming
GU7 2LL
United Kingdom
COMPANY NUMBER 12960666 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
LEWIS ELECTRICAL DISTRIBUTORS LTD

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2024
LEWIS ELECTRICAL DISTRIBUTORS LTD

STATEMENT OF FINANCIAL POSITION (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,093 41,647
15,093 41,647
Current assets
Stocks 125,519 180,383
Debtors 4 330,545 410,566
Cash at bank and in hand 153,445 60,356
609,509 651,305
Creditors: amounts falling due within one year 5 ( 617,836) ( 640,292)
Net current (liabilities)/assets (8,327) 11,013
Total assets less current liabilities 6,766 52,660
Creditors: amounts falling due after more than one year 6 0 ( 12,678)
Provision for liabilities 7 ( 3,672) ( 10,406)
Net assets 3,094 29,576
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,994 29,476
Total shareholders' funds 3,094 29,576

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Lewis Electrical Distributors Ltd (registered number: 12960666) were approved and authorised for issue by the Director on 10 July 2025. They were signed on its behalf by:

M Lewis
Director
LEWIS ELECTRICAL DISTRIBUTORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LEWIS ELECTRICAL DISTRIBUTORS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Lewis Electrical Distributors Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 The Horseshoe, Godalming, GU7 2LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 6.67 years straight line
Plant and machinery 25 % reducing balance
Vehicles 4 years straight line
Office equipment 4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 5

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 November 2023 8,011 4,135 20,000 18,501 50,647
Disposals 0 0 ( 20,000) 0 ( 20,000)
At 31 October 2024 8,011 4,135 0 18,501 30,647
Accumulated depreciation
At 01 November 2023 439 1,228 0 7,333 9,000
Charge for the financial year 1,201 727 4,583 4,626 11,137
Disposals 0 0 ( 4,583) 0 ( 4,583)
At 31 October 2024 1,640 1,955 0 11,959 15,554
Net book value
At 31 October 2024 6,371 2,180 0 6,542 15,093
At 31 October 2023 7,572 2,907 20,000 11,168 41,647
Leased assets included above:
Net book value
At 31 October 2024 0 0 0 0 0
At 31 October 2023 0 0 20,000 0 20,000

4. Debtors

2024 2023
£ £
Trade debtors 309,429 374,345
Prepayments and accrued income 13,040 18,032
Other debtors 8,076 18,189
330,545 410,566

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 28,750 60,000
Trade creditors 405,271 465,541
Amounts owed to director 0 2,792
Accruals and deferred income 105,477 5,250
Corporation tax 25,571 40,476
Other taxation and social security 20,087 12,453
Obligations under finance leases and hire purchase contracts 0 4,620
Other creditors 32,680 49,160
617,836 640,292

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 12,678

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 10,406) ( 2,550)
Credited/(charged) to the Statement of Income and Retained Earnings 6,734 ( 7,856)
At the end of financial year ( 3,672) ( 10,406)

8. Financial commitments

Other financial commitments

2024 2023
£ £
Operating lease commitments due within 1 year 60,425 39,491
Operating lease commitments due within 1 -5 years 77,681 80,500
Operating lease commitments due over 5 years 0 0
138,106 119,991