COMPANY REGISTRATION NO. 04461083 (England and Wales)
ELTHAM LEWIS ASSOCIATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
ELTHAM LEWIS ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ELTHAM LEWIS ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,490
4,069
Current assets
Stocks
83
83
Debtors
43,688
50,314
Cash at bank and in hand
36,722
31,294
80,493
81,691
Creditors: amounts falling due within one year
(45,710)
(48,220)
Net current assets
34,783
33,471
Total assets less current liabilities
37,273
37,540
Provisions for liabilities
(256)
(556)
Net assets
37,017
36,984
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
36,917
36,884
Total equity
37,017
36,984
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 July 2020 and are signed on its behalf by:
Mr N J Davies
Director
Company Registration No. 04461083
ELTHAM LEWIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Eltham Lewis Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 3 Phoenix Park, Telford Street, Newport, South Wales, United Kingdom, NP19 0LW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% on cost
Computer equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ELTHAM LEWIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2018 - 7).
ELTHAM LEWIS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 September 2018 and 31 August 2019
30,165
61,879
92,044
Depreciation and impairment
At 1 September 2018
29,774
58,201
87,975
Depreciation charged in the year
391
1,188
1,579
At 31 August 2019
30,165
59,389
89,554
Carrying amount
At 31 August 2019
-
2,490
2,490
At 31 August 2018
391
3,678
4,069
4
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
5
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
21,050
46,310
6
Directors' transactions
Dividends totalling £7,000 (2018 - £10,000) were paid in the year in respect of shares held by the company's directors.
The directors operate current loan accounts which is credited with payments made by the directors and any cash introduced and debited with private expenses and cash drawn. The amount outstanding due to the directors at the year end was £1,437 (2018: £10,474). This amount being included in creditors: amounts falling due within one year.