E G Lewis Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05232919 (England and Wales)

E G LEWIS DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JANUARY 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

T F Lewis

S W Lewis

SECRETARY:

T F Lewis

REGISTERED OFFICE:

Tank Farm Road

Llandarcy

Neath

SA10 6EN

REGISTERED NUMBER:

05232919 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

BANKERS:

Natwest

Phoenix Way

Llansamlet

Swansea

SA7 9FS

FIXED ASSETS

Property, plant and equipment

4

16,257

16,652

Investment property

5

2,249,334

4,082,619

2,265,591

4,099,271

CURRENT ASSETS

Debtors

6

255,796

496,862

Cash at bank

2,807,846

940,979

3,063,642

1,437,841

CREDITORS

Amounts falling due within one year

7

443,450

758,157

NET CURRENT ASSETS

2,620,192

679,684

TOTAL ASSETS LESS CURRENT LIABILITIES

4,885,783

4,778,955

CREDITORS

Amounts falling due after more than one year

8

(670,279

)

(603,000

)

PROVISIONS FOR LIABILITIES

(161,330

)

-

ACCRUALS AND DEFERRED INCOME

(8,025

)

(8,221

)

NET ASSETS

4,046,149

4,167,734

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Revaluation reserve

10

960,965

960,965

Retained earnings

10

3,084,184

3,205,769

SHAREHOLDERS' FUNDS

4,046,149

4,167,734

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2021 and were signed on its behalf by:

T F Lewis - Director

1.	STATUTORY INFORMATION

E G Lewis Developments 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents rental income, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

2% on cost

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the measurement 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

property

£

COST

At 1 February 2020

and 31 January 2021

19,785

DEPRECIATION

At 1 February 2020

3,133

Charge for year

395

At 31 January 2021

3,528

NET BOOK VALUE

At 31 January 2021

16,257

At 31 January 2020

16,652

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2020

4,082,619

Disposals

(1,833,285

)

At 31 January 2021

2,249,334

NET BOOK VALUE

At 31 January 2021

2,249,334

At 31 January 2020

4,082,619

Fair value at 31 January 2021 is represented by:

£

Valuation in 2011

960,565

Cost

1,288,769

2,249,334

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by E G Lewis & Co

-

446,492

Other debtors

-

44,672

Directors' current accounts

240,000

-

Prepayments and accrued income

15,796

5,698

255,796

496,862

Amount included in directors loan account is interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

45,701

154,500

Trade creditors

8,882

1,757

Amounts owed to Skelton Thomas

-

5,400

Tax

61,176

116,724

Social security and other taxes

-

234

VAT

32,393

110,463

Amounts owed to related party

275,000

275,000

Directors' current accounts

500

500

Accrued expenses

19,798

93,579

443,450

758,157

Included in other creditors is an amount of £500 due to the director.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans more than 1 year

670,279

603,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary share capital

£1

1,000

1,000

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2020

3,205,769

960,965

4,166,734

Profit for the year

78,229

78,229

Dividends

(199,814

)

(199,814

)

At 31 January 2021

3,084,184

960,965

4,045,149

11.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

2021

2020

£

£

Sales

295,952

307,526

Purchases

-

5,454

Amount due from related party

-

446,492

Amount due to related party

275,000

280,400

At the year end, £240,000 (2020: Nil) was owed to the company from the director, Mr T F Lewis, to be repaid within 9 months.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors, T.F Lewis and S.W. Lewis, who also own the entire issued share capital of the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of E G Lewis Developments Limited for the year ended 31 January 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of E G Lewis Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of E G Lewis Developments Limited and state those matters that we have agreed to state to the Board of Directors of E G Lewis Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than E G Lewis Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that E G Lewis Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of E G Lewis Developments Limited. You consider that E G Lewis Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of E G Lewis Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

Date: .............................................