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COMPANY REGISTRATION NUMBER: SC474215
A.G. Lowrie Limited
Filleted Unaudited Financial Statements
30 April 2023
A.G. Lowrie Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
A.G. Lowrie Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
15,136
25,748
Investments
6
10
10
--------
--------
15,146
25,758
Current assets
Debtors
7
57,585
86,984
Cash at bank and in hand
80,987
42,014
---------
---------
138,572
128,998
Creditors: amounts falling due within one year
8
116,646
98,191
---------
---------
Net current assets
21,926
30,807
--------
--------
Total assets less current liabilities
37,072
56,565
Creditors: amounts falling due after more than one year
9
14,094
19,926
Provisions
Taxation including deferred tax
3,784
4,892
--------
--------
Net assets
19,194
31,747
--------
--------
Capital and reserves
Called up share capital
40
40
Profit and loss account
19,154
31,707
--------
--------
Shareholders funds
19,194
31,747
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A.G. Lowrie Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr A. G. Lowrie
Director
Company registration number: SC474215
A.G. Lowrie Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors confirm that after making appropriate enquiries, they have reasonable expectation that the company has adequate resources to continue in the foreseeable future. The directors are confident that the company will continue in operational existence and for this reason they continue to adopt the going concern basis in preparing these Financial Statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Corporation tax and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
33% straight line
Motor Vehicle
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
4,243
41,490
3,983
49,716
Additions
312
312
Disposals
( 2,147)
( 2,147)
-------
--------
-------
--------
At 30 April 2023
4,243
41,490
2,148
47,881
-------
--------
-------
--------
Depreciation
At 1 May 2022
3,806
16,423
3,739
23,968
Charge for the year
261
10,373
286
10,920
Disposals
( 2,143)
( 2,143)
-------
--------
-------
--------
At 30 April 2023
4,067
26,796
1,882
32,745
-------
--------
-------
--------
Carrying amount
At 30 April 2023
176
14,694
266
15,136
-------
--------
-------
--------
At 30 April 2022
437
25,067
244
25,748
-------
--------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2022 and 30 April 2023
10
----
Impairment
At 1 May 2022 and 30 April 2023
----
Carrying amount
At 30 April 2023
10
----
At 30 April 2022
10
----
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Remedi Health Limited
Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB
10
100
The results and capital and reserves for the year are as follows:
Capital and reserves
Profit/(loss) for the year
2023
2022
2023
2022
£
£
£
£
Subsidiary undertakings
Remedi Health Limited
79
(6,750)
6,829
(1,669)
----
-------
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
55,721
47,617
Other debtors
1,864
39,367
--------
--------
57,585
86,984
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
20,006
28,497
Other creditors
96,640
69,694
---------
--------
116,646
98,191
---------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
14,094
19,926
--------
--------
10. Directors' advances, credits and guarantees
At the year end the company was due to pay the directors £44,030 (2022 - £60,472). The loan is interest free and has no fixed repayment date.
11. Related party transactions
The company was under the control of Mr A Lowrie and Mrs E Lowrie throughout the current and previous period. The company has advanced funds to its subsidiary company Remedi Health Limited. At the year end the amount due to be repaid by Remedi Health Limited was £259 (2022 - £36,675). This loan is interest free and repayable on demand. Remedi Health Limited is a 100% owned subsidiary of A G Lowrie Limited.