Lewin Properties Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12267880 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2022

for

Lewin Properties Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J E Lewin

Mrs J S Lewin

REGISTERED OFFICE:

The Old Grange

Warren Estate

Lordship Road

Chelmsford

Essex

CM1 3WT

REGISTERED NUMBER:

12267880 (England and Wales)

ACCOUNTANTS:

Fisher Michael

The Old Grange

Warren Estate

Lordship Road

Writtle

Essex

CM1 3WT

FIXED ASSETS

Investment property

4

2,510,000

2,260,000

CURRENT ASSETS

Debtors

5

3,371

1,794

Cash at bank

215,129

155,748

218,500

157,542

CREDITORS

Amounts falling due within one year

6

1,967,468

1,966,927

NET CURRENT LIABILITIES

(1,748,968

)

(1,809,385

)

TOTAL ASSETS LESS CURRENT LIABILITIES

761,032

450,615

PROVISIONS FOR LIABILITIES

155,000

70,500

NET ASSETS

606,032

380,115

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

465,770

300,270

Retained earnings

140,261

79,844

606,032

380,115

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 14 June 2023 and were signed on its behalf by:

Mrs J S Lewin - Director

1.	STATUTORY INFORMATION

Lewin Properties Ltd 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 company is not part of a group.

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.

Significant judgements and estimates

No significant judgements or estimates have been applied in the preparation of the financial statements.

Rental income

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue represents rental income received.

Investment property

The investment properties are included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

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.

Going concern

The accounts have been prepared on the going concern basis which assumes the continued support of the directors and shareholders. The directors have confirmed that this support will continue and believe that no adjustments relating to the company's ability to continue as a going concern need to be made to these financial statements.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2021

2,260,000

Revaluations

250,000

At 31 October 2022

2,510,000

NET BOOK VALUE

At 31 October 2022

2,510,000

At 31 October 2021

2,260,000

Fair value at 31 October 2022 is represented by:

£

Valuation in 2021

370,770

Valuation in 2022

250,000

Cost

1,889,230

2,510,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

1,889,230

1,889,230

The investment properties were valued on an open market basis on 31 October 2022 by the Directors .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,356

-

Other debtors

2,015

1,794

3,371

1,794

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

14,172

14,465

Other creditors

1,953,296

1,952,462

1,967,468

1,966,927