Registration number:
Lewis Lets Limited
for the Year Ended 30 September 2020
Lewis Lets Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Lewis Lets Limited
Company Information
Directors |
Mr B Brooks-Lewis Dr G H Lewis |
Registered office |
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Accountants |
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Lewis Lets Limited
(Registration number: 10972193)
Balance Sheet as at 30 September 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' deficit |
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Lewis Lets Limited
(Registration number: 10972193)
Balance Sheet as at 30 September 2020
For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
Approved and authorised by the
Director
Lewis Lets Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
Village Farm
Llowes
Hereford
HR3 5JD
UK
These financial statements were authorised for issue by the
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.
Going concern
At the balance sheet date the company had net current liabilities of £20,330 (2019 £40,372) and total net liabilities of £72,612 (2019 £42,972). However creditors includes loans from the directors of £38,712 (2019 £24,175). In addition the directors are aware of the turnover and margins that the company needs to achieve in order to keep the company in profit and they believe these targets can be met. The directors review realistic objectives at regular intervals, based on this periodic review, the company's plans and the continued support of the directors, they consider it appropriate to prepare the financial statements on the going concern basis.
Tangible assets
Tangible assets are stated in the balance sheet 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 and fittings |
20% Reducing balance |
Lewis Lets Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
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 at the transaction price.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lewis Lets Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 September 2020 |
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Depreciation |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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Investment properties |
2020 |
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At 1 October |
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Additions |
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At 30 September |
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There has been no valuation of investment property by an independent valuer.
Debtors |
2020 |
2019 |
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Inter company |
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Prepayments |
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Lewis Lets Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
Creditors |
Creditors: amounts falling due within one year
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2019 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Directors loan |
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Accruals |
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Creditors: amounts falling due after more than one year
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2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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2020 |
2019 |
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Due after more than five years |
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After more than five years not by instalments |
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Lewis Lets Limited
Notes to the Financial Statements for the Year Ended 30 September 2020
Loans and borrowings |
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2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings |
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Other borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Borrowings due after five years
Consists of two mortgages. The first is a 25 year interest only mortgage of £72,000 with Landbay Partners Limited.The mortgage is due to be repaid in March 2044. The lender has a fixed charge over the land at 5 Glanhowy Street, Scwrfa, Tredegar. The second is a 25 year interest only mortgage of £73,950 with Vida Homeloans.The mortgage is due to be repaid in August 2044. The lender has a fixed charge over the land at 69 Cotswold street, Liverpool.