REGISTERED NUMBER: 08762117 (England and Wales)

LEWIS AND IRENE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Rev B G Taphouse

Mrs J Taphouse

Mrs H L Richards

B D Taphouse

REGISTERED OFFICE:

Koinonia

2 Campion Drive

Romsey

Hampshire

SO51 7RD

REGISTERED NUMBER:

08762117 (England and Wales)

FIXED ASSETS

Tangible assets

4

35,128

50,801

CURRENT ASSETS

Stocks

59,000

63,780

Debtors

5

372,810

436,499

Cash at bank and in hand

92,267

150,181

524,077

650,460

CREDITORS

Amounts falling due within one year

6

(433,773

)

(395,181

)

NET CURRENT ASSETS

90,304

255,279

TOTAL ASSETS LESS CURRENT LIABILITIES

125,432

306,080

CREDITORS

Amounts falling due after more than one year

7

(25,616

)

(28,474

)

PROVISIONS FOR LIABILITIES

(5,016

)

(7,132

)

NET ASSETS

94,800

270,474

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

24,960

24,960

Retained earnings

69,640

245,314

SHAREHOLDERS' FUNDS

94,800

270,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Rev B G Taphouse - Director

1.	STATUTORY INFORMATION

Lewis and Irene Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 FRS102 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value.

The principal accounting policies adopted are set out below.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Straight line over 10 years

Fixtures and fittings

-

Straight line over 4 years

Motor vehicles

-

25% Reducing balance

Computer equipment

-

Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset and is recognised in the statement of income and retained earnings.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

72,137

7,087

48,392

7,843

135,459

DEPRECIATION

At 1 January 2024

49,856

5,205

22,305

7,292

84,658

Charge for year

7,214

1,421

6,522

516

15,673

At 31 December 2024

57,070

6,626

28,827

7,808

100,331

NET BOOK VALUE

At 31 December 2024

15,067

461

19,565

35

35,128

At 31 December 2023

22,281

1,882

26,087

551

50,801

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

197,201

154,313

Other debtors

175,609

282,186

372,810

436,499

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

13,889

Hire purchase contracts (see note 8)

5,490

5,490

Trade creditors

254,429

113,241

Taxation and social security

79,555

167,484

Other creditors

94,299

95,077

433,773

395,181

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

25,616

28,474

8.	LEASING AGREEMENTS

At the balance sheet date, the company entered into operating lease commitments totalling £13,897 (2023 : £28,185).

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

-

13,889

Hire purchase contracts

31,106

33,964

31,106

47,853

The company had benefited from the UK government's provision of security for 80% of the Coronavirus Business Interruption Loan.

The hire purchase contracts are secured against the vehicles to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, advances totalling £4,158 (2023: £8,841) were made to the company's directors and £Nil (2023: £52,163) was repaid prior to the year-end. The balance owed from the directors at the year-end was £41,016 (2023: £36,858).

The loan is repayable on demand and interest is charged at HMRC's approved rate.