HB Lewis & Sons Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01579472 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st August 2014

for

HB LEWIS & SONS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H B Lewis

M D Lewis

Mrs P M Lewis

N K Lewis

REGISTERED OFFICE:

Middlewick Cottage

Middlewick

Dursley

Gloucestershire

GL11 6DE

REGISTERED NUMBER:

01579472 (England and Wales)

ACCOUNTANTS:

Davies Mayers Barnett LLP

Pillar House

113/115 Bath Road

Cheltenham

Gloucestershire

GL53 7LS

FIXED ASSETS

Tangible assets

2

134,710

281,674

Investment property

3

553,835

761,285

688,545

1,042,959

CURRENT ASSETS

Stocks

1,227,120

1,096,277

Debtors

58,592

286,616

Cash at bank

180,143

143

1,465,855

1,383,036

CREDITORS

Amounts falling due within one year

4

(713,268

)

(703,287

)

NET CURRENT ASSETS

752,587

679,749

TOTAL ASSETS LESS CURRENT LIABILITIES

1,441,132

1,722,708

CREDITORS

Amounts falling due after more than one year

4

(372,296

)

(711,164

)

PROVISIONS FOR LIABILITIES

-

(3,088

)

NET ASSETS

1,068,836

1,008,456

CAPITAL AND RESERVES

Called up share capital

5

4,000

4,000

Revaluation reserve

205,028

415,116

Profit and loss account

859,808

589,340

SHAREHOLDERS' FUNDS

1,068,836

1,008,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 7th January 2015 and were signed on its behalf by:

H B Lewis - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents amounts receivable in respect of goods and services provided during the year, excluding

Value Added Tax.

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work

carried out during the year, adjusted for amounts not invoiced at the balance sheet date by reference to the stage

of completion of the contract.

Tangible fixed assets

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

Freehold property

-

2.5% on cost

Plant and machinery

-

20 - 25% on cost

Motor vehicles

-

20 - 25% on cost

Cost is defined as the purchase cost less any residual value.

Depreciation is charged from the month of acquisition at the above rates.

The net book values of the assets are regularly reviewed by the directors and further adjustments to carrying

values are made where considered appropriate.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only

on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting

for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all

tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the

financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors

reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be

separately identified or quantified.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Work in progress is valued on the basis of direct costs. Provision is made for any foreseeable losses where

appropriate.

Long term contract balances are stated at net cost less foreseeable losses and any applicable payment on account.

The amount recorded as turnover is ascertained by reference to the value of work carried out to date.

Attributable profit is recognised as the difference between recorded turnover and related costs based on the

expected margin of the contract.

Deferred tax

Deferred taxation is recognised in respect of all significant timing differences between the treatment of certain

items for taxation and accounting purposes which have arisen but not reversed at the balance sheet date. Full

provision is made without discounting for all significant deferred tax liabilities. Significant deferred tax assets

are recognised to the extent that it is more likely than not they will be recovered against taxable profits.

Hire purchase and leasing commitments

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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 the profit and loss account in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments, An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st September 2013

927,931

Additions

12,816

Disposals

(437,255

)

At 31st August 2014

503,492

DEPRECIATION

At 1st September 2013

646,257

Charge for year

29,018

Eliminated on disposal

(306,493

)

At 31st August 2014

368,782

NET BOOK VALUE

At 31st August 2014

134,710

At 31st August 2013

281,674

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st September 2013

761,285

Additions

5,050

Disposals

(212,500

)

At 31st August 2014

553,835

NET BOOK VALUE

At 31st August 2014

553,835

At 31st August 2013

761,285

4.

CREDITORS

Creditors include an amount of £ 421,855 (2013 - £ 927,263 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2,000

'A' Ordinary shares of £1 each

£1

2,000

2,000

400

'B' Ordinary shares of £1 each

£1

400

400

200

'C' Ordinary shares of £1 each

£1

200

200

200

'D' Ordinary shares of £1 each

£1

200

200

600

'E' Ordinary shares of £1 each

£1

600

600

600

'F' Ordinary shares of £1 each

£1

600

600

4,000

4,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31st August 2014 and the

period ended 31st August 2013:

2014

2013

£

£

N K Lewis

Balance outstanding at start of year

3,128

3,128

Amounts repaid

-

-

Balance outstanding at end of year

3,128

3,128

The loan is not interest bearing and there is no specific repayment date.