James Lewis Limited

	Page
Strategic Report	1—2
Director's Report	3—5
Independent Auditor's Report	6—9
Profit and Loss Account	10
Statement of Comprehensive Income	11
Balance Sheet	12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Statement of Cash Flows	15
Notes to the Financial Statements	16—22

The director presents his strategic report for the year ended 31 July 2025.

Principal Activity

The company's principal activity continues to be that of temporary employment agency activities.

Review of the Business

Turnover decreased to £16,139,364 (Unaudited 2024: £21,287,206), with gross profit reducing to £2,964,458 (Unaudited 2024: £3,114,903). This reduction reflects softer demand in certain sectors and increased cost pressures, particularly in driver pay rates and associated operating costs. Notwithstanding this, the Company has maintained a stable gross profit margin, demonstrating disciplined pricing and cost management within a competitive market.

The wider trading environment for temporary driver supply has been impacted by cost-of-living increases, ongoing driver shortages, and cautious client spending, with many businesses exercising tighter financial controls. These conditions have resulted in reduced volumes in some areas, alongside upward pressure on wages to attract and retain qualified drivers. Despite these challenges, the Company has maintained a strong market presence and continued to meet client requirements effectively, supported by its flexible workforce and multi-sector client base.

During the year, the Company has continued to invest in areas that support long-term growth, including driver recruitment, compliance infrastructure, and operational systems. This investment has contributed to an increase in overhead costs but is expected to strengthen the Company’s ability to scale, improve service delivery, and respond to future demand. Accordingly, the director remain confident in the Company’s prospects for the forthcoming financial year.

Principal Risks and Uncertainties

The Company operates within the temporary driver supply sector and has identified the following principal risks, which are subject to ongoing monitoring and review:

Operating Risk

Operating risks include fraud, human error, driver shortages, internal control weaknesses, and reliance on third parties. Given the nature of the business, there is also significant exposure to compliance risks, including driver licensing, working time regulations, and right-to-work requirements.

The Company maintains robust internal controls and procedures to mitigate these risks, including regular compliance checks, driver vetting processes, and the use of external specialists to undertake industry audits. However, no system of control can fully eliminate all risks. While the market is competitive, the Directors do not consider competition to represent a significant threat to the Company’s position at present.

Liquidity Risk

The Company maintains sufficient working capital to meet its short-term obligations, including weekly payroll commitments for drivers. Cash flow is closely monitored, and the Company reviews its financial commitments regularly to ensure adequate liquidity is maintained.

Financial and Credit Risk

The Company’s principal financial assets are cash balances and trade debtors. Credit risk arises primarily from trade debtors; however, this is mitigated through credit control procedures and the timing difference between client receipts and payments to drivers and HMRC. Trade debtors are stated net of provisions for doubtful debts where appropriate.

Fraud Risk

The Company recognises the risk of fraud within its operations, particularly in relation to timesheets, payroll, and contractor arrangements. Internal controls and review procedures are in place to mitigate this risk, although it is acknowledged that no system can fully prevent all instances of fraud.

Legislation and Compliance Risk

The Company operates in a highly regulated environment. Changes to UK employment, tax, or transport legislation (including Agency Workers Regulations and drivers’ hours rules) may impact the Company’s operating model and profitability. The Company continually monitors legislative developments and adapts its processes to ensure ongoing compliance.

Section 172(1) Statement

The Director acknowledges their duty under Section 172 of the Companies Act 2006 to promote the success of the Company for the benefit of its members as a whole. In doing so, the Director has regard to the following:

Long-Term Approach

...CONTINUED

Page 1

Page 2

James Lewis Limited

Strategic Report (continued)

For The Year Ended 31 July 2025

Principal Risks and Uncertainties - continued

The Director remains focused on the long-term sustainability of the business. Success is closely linked to maintaining a reliable pool of qualified drivers, strong client relationships, and a reputation for compliance and service quality within the driver supply sector.

Employees (Including Drivers and Disabled Employees)

The Company is committed to fostering a supportive working environment for both internal staff and its temporary driver workforce. Given the flexible nature of driver assignments, engagement is maintained through regular communication and responsive management of any issues that arise.

The Company will, wherever practicable, support employees who become disabled and provide appropriate training and adjustments to enable continued employment.

Engagement with Suppliers, Customers and Other Stakeholders

The Director maintains regular engagement with key clients and suppliers, including logistics operators and end-users of driver services. This ensures the Company can respond effectively to changing demand, maintain service standards, and strengthen long-term commercial relationships.

High Standards of Business Conduct

The Company is committed to operating with integrity and maintaining high standards of business conduct. Compliance with relevant UK legislation, including the Bribery Act 2010 and the Modern Slavery Act 2015, is embedded within its operational procedures.

Acting Fairly Between Members

The Director recognises the importance of treating all shareholders fairly and equitably and ensures that decisions are made in the best interests of the Company as a whole.

On behalf of the board

Mr J L Chinchen

Director

29/07/2026

Page 2

Page 3

James Lewis Limited

Company No. 05194170

Director's Report For The Year Ended 31 July 2025

Director's Report

The director presents his report and the financial statements for the year ended 31 July 2025.

Future Developments

The Director is committed to the long-term success and sustainability of the Company, recognising that this depends on maintaining strong relationships with clients, drivers, and other key stakeholders.

Directors

The director who held office during the year were as follows:

Mr J L Chinchen

Post Balance Sheet Events

There have been no material post balance sheet events requiring adjustment to, or disclosure in, the financial statements for the year ended 31st July 2025.

The Director is not aware of any matters arising after the balance sheet date which would have a material impact on the financial position of the Company or its future operations.

Accordingly, no post balance sheet events have been identified.

Going Concern Assessment

Basis of Preparation

The Director has prepared this assessment of going concern in accordance with applicable UK accounting standards and the requirements of the Companies Act 2006. The Director has considered whether the Company is able to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of the financial statements.

In making this assessment, the Director has reviewed the Company’s financial position, trading performance, cash flow forecasts, available banking facilities, and principal risks and uncertainties.

Current Financial Position

The Company operates as a temporary employment business specialising in the supply of drivers. For the year under review, the Company reported turnover of £16,139,364 (Unaudited 2024: £21,287,206) and gross profit of £2,964,458 (Unaudited 2024: £3,114,903).

Despite a reduction in turnover and profit compared to the prior year, the Company has maintained positive gross margins and continues to generate sufficient cash flow from operations to meet its ongoing obligations as they fall due.

The Director has confirmed that the Company continues to meet its liabilities to suppliers, employees, contractors, and HMRC in a timely manner.

Funding and Liquidity Position

The Company is funded through internally generated cash flows and maintains appropriate working capital management processes. There is no reliance on external borrowing facilities to support day-to-day operations.

The Director regularly monitors cash balances and debtor collections to ensure sufficient liquidity is maintained. Trade debtor recovery times are actively managed through established credit control procedures.

Principal Risks Affecting Going Concern

The Director has considered the following principal risks that could impact the Company’s ability to continue as a going concern:

Market Demand Risk

Demand for temporary drivers is influenced by broader economic conditions, including activity levels in logistics, retail, and construction sectors. A sustained downturn in demand could impact revenue.

Cost Pressure Risk

Driver wage inflation and compliance-related costs may place pressure on margins if not appropriately managed through pricing and operational efficiency.

...CONTINUED

Page 3

Page 4

James Lewis Limited

Director's Report (continued)

For The Year Ended 31 July 2025

Going Concern Assessment - continued

Operational Risk

The business is reliant on maintaining an adequate pool of qualified drivers. Any significant reduction in available drivers could impact service delivery and revenue generation.

Credit Risk

The Company is exposed to trade debtor risk; however, this is mitigated through credit control procedures and a diversified customer base.

Mitigation Factors

The Director considers that the following factors mitigate the identified risks:

Established client relationships across multiple sectors

Flexible and scalable driver workforce model

Active pricing strategy to maintain margins

Robust compliance and operational controls

Ongoing investment in recruitment and retention of drivers

Strong cash collection processes and debtor management

Conclusion on Going Concern

After making appropriate enquiries and considering the matters outlined above, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the Director continues to adopt the going concern basis in preparing the financial statements.

Statement of Director's Responsibilities

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 4

Page 5

James Lewis Limited

Director's Report (continued)

For The Year Ended 31 July 2025

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Director's Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board

Mr J L Chinchen

Director

29/07/2026

Page 5

Page 6

Independent Auditor's Report

to the Members of

James Lewis Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of James Lewis Limited (the ‘company’) for the year ended 31 July 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

James Lewis Limited

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the directors' report has been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 7

Page 8

Independent Auditor's Report (continued)

to the Members of

James Lewis Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We extend to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006) and relevant tax compliance regulations in the United Kingdom.

We understood how James Lewis Limited is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures relating to these areas and corroborating by reviewing supporting documentation. We assessed the culture and entity level control framework of the Company to consider if appropriate measures are in place around fraud prevention. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other matters

The year ended 31 July 2025 was the first year in which the financial statements were audited. The comparative figures in these financial statements are therefore unaudited.

Page 8

Page 9

Independent Auditor's Report (continued)

to the Members of

James Lewis Limited

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Binod Dongol FCCA (Senior Statutory Auditor)

for and on behalf of David Howard , Statutory Auditor

30/07/2026

David Howard

1 Park Road

Hampton Wick

Kingston Upon Thames

Surrey

KT1 4AS

Page 9

Page 10

James Lewis Limited

Profit and Loss Account

For The Year Ended 31 July 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	16,139,364	21,287,206
Cost of sales		(13,174,906 )	(18,172,303 )

GROSS PROFIT		2,964,458	3,114,903

Administrative expenses		(1,884,345 )	(1,261,761 )

OPERATING PROFIT	4	1,080,113	1,853,142
Profit on revaluation of investments		50,857	33,178
Income from other current asset investments		5,296	5,736
Loss on disposal of fixed assets		-	(2,046 )
Other interest receivable and similar income	9	70,074	36,346
Interest payable and similar charges	10	184	8,652

PROFIT BEFORE TAXATION		1,206,524	1,935,008
Tax on Profit	11	(300,344 )	(488,459 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		906,180	1,446,549

The notes on pages 15 to 22 form part of these financial statements.

Page 10

Page 11

James Lewis Limited

Statement of Comprehensive Income

For The Year Ended 31 July 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	906,180	1,446,549
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	906,180	1,446,549

Page 11

Page 12

James Lewis Limited

Balance Sheet

As At 31 July 2025

Balance Sheet

Registered number: 05194170

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		173,209		224,927

			173,209		224,927
CURRENT ASSETS
Debtors	13	2,031,586		2,306,700
Investments	14	187,493		131,785
Cash at bank and in hand		5,155,508		3,845,600

		7,374,587		6,284,085
Creditors: Amounts Falling Due Within One Year	15	(955,245 )		(717,496 )

NET CURRENT ASSETS (LIABILITIES)			6,419,342		5,566,589

TOTAL ASSETS LESS CURRENT LIABILITIES			6,592,551		5,791,516

PROVISIONS FOR LIABILITIES
Deferred Taxation	16		(76,914 )		(82,059 )

NET ASSETS			6,515,637		5,709,457

CAPITAL AND RESERVES
Called up share capital	18		100		100
Profit and Loss Account			6,515,537		5,709,357

SHAREHOLDERS' FUNDS			6,515,637		5,709,457

The financial statements were approved and authorised for issue on 29 July 2026 and are signed on its behalf by:

Mr J L Chinchen

Director

The notes on pages 15 to 22 form part of these financial statements.

Page 12

Page 13

James Lewis Limited

Statement of Changes in Equity

For The Year Ended 31 July 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 August 2023	100	4,479,423	4,479,523
Profit for the year and total comprehensive income	-	1,446,549	1,446,549

Dividends paid	-	(216,615)	(216,615)

As at 31 July 2024 and 1 August 2024	100	5,709,357	5,709,457


Profit for the year and total comprehensive income	-	906,180	906,180

Dividends paid	-	(100,000)	(100,000)

As at 31 July 2025	100	6,515,537	6,515,637

Page 13

Page 14

James Lewis Limited

Statement of Cash Flows

For The Year Ended 31 July 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,724,640	2,434,076
Interest refunded		184	8,652
Tax paid		(380,779 )	(500,683 )

Net cash generated from operating activities		1,344,045	1,942,045

Cash flows from investing activities
Purchase of tangible assets		(4,968 )	(134,013 )
Purchase of current asset investments		-	(37,485 )
Proceeds from disposal of current asset investments		(4,850 )	-
Interest received		70,248	37,670
Dividends received		5,122	4,412
Rounding		(1)	-

Net cash generated from/(used in) investing activities		65,551	(129,416 )

Cash flows from financing activities
Equity dividends paid		(100,000 )	(216,615 )
Amount introduced by directors		312	1,274

Net cash used in financing activities		(99,688 )	(215,341 )



Increase in cash and cash equivalents		1,309,908	1,597,288
Cash and cash equivalents at beginning of year	2	3,845,600	2,248,312

Cash and cash equivalents at end of year	2	5,155,508	3,845,600

Page 14

Page 15

James Lewis Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 July 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	906,180	1,446,549
Adjustments for:
Tax on profit	300,344	488,459
Interest expense	(184 )	(8,652 )
Interest income	(70,074 )	(36,346 )
Income from investments	(5,296)	(5,736)
Depreciation of tangible assets	56,686	20,673
Loss on disposal of tangible assets	-	2,046
Profit on revaluation of fixed assets	(50,857)	(33,178)
Movements in working capital:
Decrease in trade and other debtors	275,114	135,610
Increase in trade and other creditors	312,727	424,651

Net cash generated from operations	1,724,640	2,434,076

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	5,155,508	3,845,600

3. Analysis of changes in net funds

	As at 1 August 2024	Cash flows	As at 31 July 2025
	£	£	£
Cash at bank and in hand	3,845,600	1,309,908	5,155,508

Page 15

Page 16

James Lewis Limited

Notes to the Financial Statements

For The Year Ended 31 July 2025

Notes to the Financial Statements

1. General Information

James Lewis Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05194170 . The registered office is 5a Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Significant judgements and estimations

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountingestimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods

2.3. Turnover

Turnover represents amounts receivable for services provided in the ordinary course of the Company’s activities as a temporary employment business specialising in the supply of drivers. Revenue is recognised at the fair value of consideration received or receivable, net of value added tax, rebates and discounts. For driver supply services, turnover is recognised in the accounting period in which the service is provided, being the period in which the assigned drivers carry out work for the customer. Revenue is accrued where services have been delivered but not yet invoiced at the balance sheet date. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. hen the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue recognised only to the extent that it is probable the expenses recognised will be recovered.

In addition, the business derives secondary income from the provision of accommodation associated with its operational workforce. The company secures and provides rental properties which are utilised by drivers engaged through the business. The drivers contribute towards the cost of this accommodation, with payments made to the company as part of the overall operational arrangement, thereby generating supplementary income.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% on reducing balance
Fixtures & Fittings	25% on reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 16

Page 17

James Lewis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.7. Financial Instruments

The Company is exposed to limited financial instrument risk arising from its normal trading activities and the holding of cash balances and trade receivables. The Company also holds investments in shares, which are not considered material to the business. These investments are recognised at fair value, with movements in fair value recognised in accordance with applicable accounting standards. The Directors do not consider the Company’s exposure to credit, liquidity, cash flow, or market risk to be material to the assessment of its assets, liabilities, financial position, or profit, and no derivative or hedging instruments are used.

2.8. Interest Receivable

Interest receivable and similar income comprises interest earned on bank deposits and cash balances, together with dividend income arising from investments in shares held by the Company.

Interest income is recognised on an accruals basis using the effective interest method. Dividend income is recognised when the Company’s right to receive payment is established. All income is included within the profit and loss account in the period in which it is earned or receivable.

2.9. Interest Payable

Interest payable and similar charges comprise interest incurred on borrowings and other financial liabilities, where applicable, and are recognised in the profit and loss account on an accruals basis using the effective interest method.

In addition, the Company recognises foreign exchange gains and losses arising on the revaluation of monetary assets and liabilities denominated in foreign currencies. These amounts reflect movements in exchange rates between the transaction date and the reporting date, or settlement date where applicable.

Foreign exchange differences are recognised in the profit and loss account in the period in which they arise. Where interest-bearing balances or financing arrangements are denominated in foreign currencies, the related exchange differences are presented within interest payable and similar charges where they form part of the overall financing cost.

2.10. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.11. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.12. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Page 17

Page 18

James Lewis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

3. Turnover

All turnover arose within the United Kingdom in relation to the company’s principal activity.

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	6,128	-
Depreciation of tangible fixed assets	56,686	20,673

5. Auditor's Remuneration

Remuneration received by the company's auditors during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	10,000	-

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,385,308	849,793
Social security costs	177,835	95,236
Other pension costs	25,704	26,343

	1,588,847	971,372

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	18	18

	18	18

8. Director's remuneration

	2025	2024
	£	£
Emoluments	239,449	10,511

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Defined benefit pension schemes	1		1

Information regarding the highest paid director was as follows:

Page 18

Page 19

James Lewis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

	2025	2024
	£	£
Emoluments	239,449	10,511
Company contributions to defined benefit pension schemes	12,000	12,000

	251,449	22,511

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	56,775	36,346
Other interest receivable	13,299	-
Dividends from other current asset investments - listed	5,122	4,412
Interest from other current asset investments - listed	174	1,324

	75,370	42,082



Total interest income on financial assets measured at fair value through profit or loss:	174	332

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Foreign exchange charges	(184 )	(8,652 )

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	305,489	443,561
Deferred Tax
Deferred taxation			-	44,898
Origination and reversal of timing differences			(5,145 )	-

			(5,145)	44,898


Total tax charge for the period			300,344	488,459


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			1,206,524	1,935,008

Tax on profit at 25% (UK standard rate)			301,631	483,752

...CONTINUED

Page 19

Page 20

James Lewis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

Goodwill/depreciation not allowed for tax	14,172	5,168
Expenses not deductible for tax purposes	3,643	6,896
Capital allowances	(1,242 )	(41,798 )
Current tax from unrecognised tax loss or credit	(12,715 )	(8,295 )
Revenue exempt from taxation	-	(2,162 )

Total tax charge for the period	305,489	443,561

12. Tangible Assets

	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 August 2024	237,273	66,488	303,761
Additions	-	4,968	4,968

As at 31 July 2025	237,273	71,456	308,729

Depreciation
As at 1 August 2024	43,880	34,954	78,834
Provided during the period	48,349	8,337	56,686

As at 31 July 2025	92,229	43,291	135,520

Net Book Value
As at 31 July 2025	145,044	28,165	173,209

As at 1 August 2024	193,393	31,534	224,927

13. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,125,802	2,091,814
Other debtors	905,784	214,886

	2,031,586	2,306,700

14. Current Asset Investments

	2025	2024
	£	£
Listed investments	187,493	131,785

Page 20

Page 21

James Lewis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	102,332	626
Other creditors	3,718	3,633
Corporation tax	180,771	256,061
Taxation and social security	304,344	429,579
Accruals and deferred income	364,080	27,597

	955,245	717,496

16. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	76,914	82,059

17. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 August 2024	82,059	82,059
Origination and reversal of timing differences	(5,145 )	(5,145 )

Balance at 31 July 2025	76,914	76,914

18. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

19. Financial Instruments

	2025	2024
	£	£
Financial assets
Financial assets measured at fair value through profit and loss	187,493	131,785
Financial assets that are debt Instruments measured at amortised cost	2,031,586	2,306,700

Financial liabilities
Financial liabilities measured at amortised cost	106,050	4,259

Page 21

Page 22

James Lewis Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

20. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	25,251	25,251
Later than one year and not later than five years	32,616	57,867

	57,867	83,118

21. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £25,704 (unaudited 2024: £26,343).

At the balance sheet date contributions of £1,887 (unaudited 2024: £2,114) were due to the fund and are included in creditors.

22. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 August 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 July 2025
	£	£	£	£	£
Mr James Chinchen	1,519	-	312	-	1,831

The above loan is unsecured, interest free and repayable on demand.

23. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	100,000	216,615

24. Post Balance Sheet Events

There have been no material post balance sheet events requiring adjustment to, or disclosure in, the financial statements for the year ended 31st July 2025.

The Director is not aware of any matters arising after the balance sheet date which would have a material impact on the financial position of the Company or its future operations.

Accordingly, no post balance sheet events have been identified.

25. Related Party Disclosures

Kinetic Cars Limited

Kinetic Cars Limited is a related party due to Mr Chinchen being a director and controlling shareholder. During the year, there was no transactions between Kinetic Cars Limited and James Lewis Limited. The amounts owed by Kinetic Cars Limited at the year-end was £189,598 (unaudited 2024: £189,598).) and is reflected under other debtors.

26. Controlling Parties

The company's ultimate controlling party is J Chinchen by virtue of their interest in the share capital of the company.

Page 22