HB Lewis & Sons Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01579472 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31st August 2016

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

38,626

114,156

Investment property

3

447,585

447,585

486,211

561,741

CURRENT ASSETS

Stocks

955,295

1,226,175

Debtors

405,425

54,153

Cash at bank

241,271

49,591

1,601,991

1,329,919

CREDITORS

Amounts falling due within one year

4

(116,781

)

(156,197

)

NET CURRENT ASSETS

1,485,210

1,173,722

TOTAL ASSETS LESS CURRENT LIABILITIES

1,971,421

1,735,463

CREDITORS

Amounts falling due after more than one year

4

(336,900

)

(359,185

)

NET ASSETS

1,634,521

1,376,278

CAPITAL AND RESERVES

Called up share capital

5

4,000

4,000

Revaluation reserve

144,778

144,778

Profit and loss account

1,485,743

1,227,500

SHAREHOLDERS' FUNDS

1,634,521

1,376,278

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2016 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 15th November 2016 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 January

2015).

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.

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

moving items.

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.

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 2015

247,565

Disposals

(192,921

)

At 31st August 2016

54,644

DEPRECIATION

At 1st September 2015

133,409

Charge for year

1,838

Eliminated on disposal

(119,229

)

At 31st August 2016

16,018

NET BOOK VALUE

At 31st August 2016

38,626

At 31st August 2015

114,156

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1st September 2015

and 31st August 2016

447,585

NET BOOK VALUE

At 31st August 2016

447,585

At 31st August 2015

447,585

4.

CREDITORS

Creditors include an amount of £ 372,326 (2015 - £ 394,611 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

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 directors subsisted during the years ended 31st August 2016 and

31st August 2015:

2016

2015

£

£

M D Lewis

Balance outstanding at start of year

(2,737

)

-

Amounts advanced

392,000

-

Amounts repaid

(25,000

)

(2,737

)

Balance outstanding at end of year

364,263

(2,737

)

N K Lewis

Balance outstanding at start of year

23,128

3,128

Amounts advanced

254,000

20,000

Amounts repaid

(250,000

)

-

Balance outstanding at end of year

27,128

23,128

The loan is interest bearing and will be charged at 3% annually.