Lewis Howes (Signs & Engraving) Limited - Accounts to registrar (filleted) - small 18.2

LEWIS HOWES (SIGNS & ENGRAVING) LIMITED

Unaudited Financial Statements

for the Year Ended 31st October 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Lewis

Mrs F Lewis

SECRETARY:

Mrs F Lewis

REGISTERED OFFICE:

Abbey Works

19 Paul Street

Liverpool

Merseyside

L3 6DX

REGISTERED NUMBER:

02484688 (England and Wales)

ACCOUNTANTS:

Haines Watts Wirral Limited

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

FIXED ASSETS

Intangible assets

4

7,713

-

Tangible assets

5

40,646

24,766

48,359

24,766

CURRENT ASSETS

Stocks

51,295

49,918

Debtors

6

171,537

170,615

Cash at bank and in hand

78,966

59,315

301,798

279,848

CREDITORS

Amounts falling due within one year

7

150,174

140,645

NET CURRENT ASSETS

151,624

139,203

TOTAL ASSETS LESS CURRENT LIABILITIES

199,983

163,969

CREDITORS

Amounts falling due after more than one year

8

(3,059

)

(6,352

)

PROVISIONS FOR LIABILITIES

(7,382

)

(4,706

)

NET ASSETS

189,542

152,911

CAPITAL AND RESERVES

Called up share capital

10

50

50

Capital redemption reserve

11

50

50

Retained earnings

11

189,442

152,811

SHAREHOLDERS' FUNDS

189,542

152,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2019 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 14th September 2020 and were signed on its behalf by:

D A Lewis - Director

1.	STATUTORY INFORMATION

Lewis Howes (Signs & Engraving) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

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.

Short leasehold

-

Over the period of the lease

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

Stocks

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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 profit or loss 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 profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on

notice of not more than 24 hours.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other debtors and creditors and loans to / from related parties.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

8,570

At 31st October 2019

8,570

AMORTISATION

Charge for year

857

At 31st October 2019

857

NET BOOK VALUE

At 31st October 2019

7,713

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1st November 2018

59,867

276,548

13,224

349,639

Additions

-

23,940

-

23,940

At 31st October 2019

59,867

300,488

13,224

373,579

DEPRECIATION

At 1st November 2018

59,867

257,671

7,335

324,873

Charge for year

-

6,588

1,472

8,060

At 31st October 2019

59,867

264,259

8,807

332,933

NET BOOK VALUE

At 31st October 2019

-

36,229

4,417

40,646

At 31st October 2018

-

18,877

5,889

24,766

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st November 2018

and 31st October 2019

13,595

13,224

26,819

DEPRECIATION

At 1st November 2018

1,473

7,335

8,808

Charge for year

1,360

1,472

2,832

At 31st October 2019

2,833

8,807

11,640

NET BOOK VALUE

At 31st October 2019

10,762

4,417

15,179

At 31st October 2018

12,122

5,889

18,011

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

127,879

137,815

Other debtors

43,658

32,800

171,537

170,615

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

3,293

6,034

Trade creditors

57,704

69,510

Taxation and social security

19,308

27,202

Other creditors

69,869

37,899

150,174

140,645

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

3,059

6,352

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

6,352

12,386

Hire purchase liabilities are secured on the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

50

Ordinary

£1

50

50

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1st November 2018

152,811

50

152,861

Profit for the year

104,631

104,631

Dividends

(68,000

)

(68,000

)

At 31st October 2019

189,442

50

189,492

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £68,000 (2018 - £68,000) were paid to the directors .

Included in other creditors is the sum of £63,136 (2018 - £30,493) being due to D A Lewis and Mrs F Lewis,

company directors and shareholders.