Lewis Pies Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04477394

Lewis Pies Limited

Filleted Unaudited Financial Statements

31 December 2024

Lewis Pies Limited

Financial Statements

Year ended 31 December 2024

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Lewis Pies Limited

Officers and Professional Advisers

The board of directors	Mrs Lucy Lewis (Appointed 10/09/2024)
	Mrs Sylvia Harries (Resigned 10/09/2024)
	Mr John Lewis (Resigned 10/09/2024)
	Mr Wilfred John Lewis (Resigned 10/09/2024)
	Mr Wilfred James Lewis

Company secretary	Mrs Sylvia Harris (Resigned 30/04/2025) Mrs Lucy Lewis (Appointed 30/04/2025)

Registered office	Unit 3-6 Abergelli Road
	Swansea West
	Industrial Estate Fforestfach
	Swansea
	West Glamorgan
	Wales
	SA5 4DY

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Lewis Pies Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Tangible assets	6	914,842	809,104

CURRENT ASSETS

Stocks	7	516,344	503,213
Debtors	8	1,020,063	924,187
Cash at bank and in hand		1,149,402	905,065
		------------	------------
		2,685,809	2,332,465

CREDITORS: amounts falling due within one year	9	1,738,116	1,585,811
		------------	------------
NET CURRENT ASSETS		947,693	746,654
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,862,535	1,555,758

CREDITORS: amounts falling due after more than one year	10	23,275	126,657

PROVISIONS

Taxation including deferred tax	207,560	162,200
	------------	------------
NET ASSETS	1,631,700	1,266,901
	------------	------------

CAPITAL AND RESERVES

Called up share capital	11	50,007	50,007
Profit and loss account		1,581,693	1,216,894
		------------	------------
SHAREHOLDERS FUNDS		1,631,700	1,266,901
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

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

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Lewis Pies Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr Wilfred James Lewis

Director

Company registration number: 04477394

Lewis Pies Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

Lewis Pies Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are manufacture of bread, fresh pastry goods, cakes and chocolate confectionery.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Employee benefits When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Going concern

The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements. This is based on the company's forecasts and projections and the funding in place to allow trading to continue for the foreseeable future.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells food products. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions. Research & Development Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes. Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of food products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Intangibles - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	straight line over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	10% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	`50% straight line`

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 106 (2023: 103 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	600,000
	---------
Amortisation
At 1 January 2024 and 31 December 2024	600,000
	---------
Carrying amount
At 31 December 2024	–
	---------
At 31 December 2023	–
	---------

6. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	1,485,199	340,427	192,550	108,170	2,126,346
Additions	155,292	105,120	17,700	20,159	298,271
Disposals	–	–	( 5,000)	–	( 5,000)
	------------	---------	---------	---------	------------
At 31 December 2024	1,640,491	445,547	205,250	128,329	2,419,617
	------------	---------	---------	---------	------------
Depreciation
At 1 January 2024	899,121	284,101	62,428	71,592	1,317,242
Charge for the year	89,481	36,321	36,980	28,605	191,387
Disposals	–	–	( 3,854)	–	( 3,854)
	------------	---------	---------	---------	------------
At 31 December 2024	988,602	320,422	95,554	100,197	1,504,775
	------------	---------	---------	---------	------------
Carrying amount
At 31 December 2024	651,889	125,125	109,696	28,132	914,842
	------------	---------	---------	---------	------------
At 31 December 2023	586,078	56,326	130,122	36,578	809,104
	------------	---------	---------	---------	------------

7. STOCKS

	2024	2023
	£	£
Raw materials and consumables	516,344	503,213
	---------	---------

8. DEBTORS

	2024	2023
	£	£
Trade debtors	933,151	866,636
Amounts owed by group undertakings and undertakings in which the company has a participating interest	6,749	–
Other debtors	80,163	57,551
	------------	---------
	1,020,063	924,187
	------------	---------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	103,562	133,149
Trade creditors	867,274	641,823
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	11,425
Corporation tax	56,523	214,753
Social security and other taxes	55,024	50,080
Other creditors	655,733	534,581
	------------	------------
	1,738,116	1,585,811
	------------	------------

Obligations under hire purchase contracts are secured by related assets. The bank loan is secured with a group cross guarantee with its Holding company. The aggregate of secured liabilities falling due within one year is £103,562 (2023: £134,768).

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	23,275	126,657
	--------	---------

The aggregate of secured liabilities falling due after one year is £23,275 (2023: £126,657).

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.50 each	7,381	3,691	17,012	8,506
Ordinary A shares of £ 0.50 each	92,625	46,313	82,994	41,497
Ordinary B shares of £ 1 each	1	1	1	1
Ordinary C shares of £ 1 each	1	1	1	1
Ordinary D shares of £ 1 each	1	1	1	1
Ordinary E shares of £1 each	1	1	1	1
	---------	--------	---------	--------
	100,010	50,007	100,010	50,007
	---------	--------	---------	--------

12. RELATED PARTY TRANSACTIONS

The aggregated amount of transactions due with related parties as follows: Entities with control, joint control or significant influence over the entity

	2024	2023
	£	£
Balance due (to)/from these entities	6,749	(11,425)

Other Related Parties

	2024	2023
	£	£
Balance due (to)/from other related parties	(73,724)	(53,109)

13. PARENT UNDERTAKINGS

The ultimate parent company is Lewis Pies Holdings Limited, a company registered in Great Britain. Its registered office is Unit 3-6 Abergelli Road, Fforestfach, Swansea, United Kingdom, SA5 4DY.