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Registration number: 05807509

A & L Lewis Property Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2018

 

A & L Lewis Property Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

A & L Lewis Property Services Limited

Company Information

Director

Mr Andrew Lewis

Company secretary

Mrs Lisa Jane Lewis

Registered office

2 STRAWBERRY FIELDS
EUXTON LANE
CHORLEY
Lancashire
PR7 1PQ

Solicitors

Birchall Blackburn Solicitors
Merchant House
38
44, 46 Avenham Street
Preston
Lancashire
PR1 3BN

 

A & L Lewis Property Services Limited

(Registration number: 05807509)
Balance Sheet as at 31 May 2018

Note

2018
£

(As restated)

2017
£

Fixed assets

 

Tangible assets

4

1,739

1,920

Investment property

5

295,000

365,000

 

296,739

366,920

Current assets

 

Debtors

6

2,093

1,733

Cash at bank and in hand

 

5,780

-

 

7,873

1,733

Creditors: Amounts falling due within one year

7

(1,710)

(3,790)

Net current assets/(liabilities)

 

6,163

(2,057)

Total assets less current liabilities

 

302,902

364,863

Creditors: Amounts falling due after more than one year

7

(262,762)

(318,983)

Provisions for liabilities

(7,867)

(7,921)

Net assets

 

32,273

37,959

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

60,464

60,464

Profit and loss account

(28,193)

(22,507)

Total equity

 

32,273

37,959

For the financial year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

A & L Lewis Property Services Limited

(Registration number: 05807509)
Balance Sheet as at 31 May 2018

Approved and authorised by the director on 14 February 2019
 

.........................................

Mr Andrew Lewis
Director

 

A & L Lewis Property Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
2 STRAWBERRY FIELDS
EUXTON LANE
CHORLEY
Lancashire
PR7 1PQ
England

These financial statements were authorised for issue by the director on 14 February 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

A & L Lewis Property Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

15% reducing balance basis

Other property, plant and equipment

15 % reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

A & L Lewis Property Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2017 - 0).

 

A & L Lewis Property Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2017

2,378

2,689

5,067

Additions

-

125

125

At 31 May 2018

2,378

2,814

5,192

Depreciation

At 1 June 2017

1,222

1,925

3,147

Charge for the year

173

133

306

At 31 May 2018

1,395

2,058

3,453

Carrying amount

At 31 May 2018

983

756

1,739

At 31 May 2017

1,156

764

1,920

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings.
 

5

Investment properties

2018
£

At 1 June

365,000

Disposals

(70,000)

At 31 May

295,000

The fair value of the property is based on the Directors calculation of fair value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2018
£

2017
£

Other debtors

2,093

1,733

2,093

1,733

 

A & L Lewis Property Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

9

-

2,080

Accruals and deferred income

 

510

510

Other creditors

 

1,200

1,200

 

1,710

3,790

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

262,762

318,983

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Other borrowings

262,762

318,983

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

-

2,080

 

A & L Lewis Property Services Limited

Notes to the Financial Statements for the Year Ended 31 May 2018

10

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2018
£

2017
£

Remuneration

579

-

12 Prior year adjustment

A prior year adjustment has been included to reallocate the properties held by the company to investment properties to better reflect there nature. A reconciliation of the movement in reserves is as follows:

Revaluation reserve
£
.
As previously reported at 31 May 2016 . . .30,000

Increase revaluation gain to brought forward figure. 38,000
Deferred tax on revaluation gain . . . (7,536)
.
Restated reserves at 31 May 2016.. . . 60,464