LOWENA COMMUNITY INTEREST COMPANY

Company Registration Number:
06112800 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

LOWENA COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LOWENA COMMUNITY INTEREST COMPANY

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Principal activities of the company

The company's principal activity during the year continued to be helping people who want to prepare for work and overcome mental illness, addiction, homelessness, crime, sickness etc. Motivated by God's love Lowena Community Interest Company provides work experience in gardening, animal care and general building work which helps develop a work reference and new skills.



Directors

The director shown below has held office during the whole of the period from
1 March 2022 to 28 February 2023

Dr Mark Selwood


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
22 November 2023

And signed on behalf of the board by:
Name: Dr Mark Selwood
Status: Director

LOWENA COMMUNITY INTEREST COMPANY

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 5,235 1,047
Investments:   0 0
Total fixed assets: 5,235 1,047
Current assets
Stocks: 4 899 1,251
Debtors:   0 0
Cash at bank and in hand: 746 1,560
Investments:   0 0
Total current assets: 1,645 2,811
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 42,798 ) ( 28,747 )
Net current assets (liabilities): (41,153) (25,936)
Total assets less current liabilities: (35,918) ( 24,889)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (35,918) (24,889)
Capital and reserves
Called up share capital: 5,000 5,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (40,918 ) (29,889 )
Total Shareholders' funds: ( 35,918 ) (24,889)

The notes form part of these financial statements

LOWENA COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 22 November 2023
and signed on behalf of the board by:

Name: Dr Mark Selwood
Status: Director

The notes form part of these financial statements

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Income includes revenue earned from the sale of goods and from the rendering of services. Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Income from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life which includes plant and equipment at twenty five percent reducing balance and office equipment at twenty five percent reducing balance.

    Other accounting policies

    Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the firstin first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue isrecognised.Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad anddoubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs andsubsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad anddoubtful debts.Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities areinitially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined usingthe effective interest method.A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset isrecognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised inrespect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in taxassessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will berecovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax ratesand laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of thetiming difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.Current and deferred tax assets and liabilities are not discounted.Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of apast event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can beestimated reliably.The Members consider that the headings of the income and expenditure used in these accounts are more relevant to this company'strading activities than those set out in the Companies Act 1986.Every member of the Company undertakes to contribute such amount not exceeding £1.00 as may be required to the assets of theCompany if it should be wound up while he is a member or within one year after he ceases to be a member for payments of the debtsand liabilities of the Company contracted before he ceased to be a member and the costs, charges and expenses of winding upand for the adjustments of the rights of the contributors among themselves. The company is trading as a going concern on theunderstanding that the Members do not need to draw down balances owing to themat the year-end for the foreseeable future.

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 2

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2022 11,227 593 11,820
Additions 5,680 296 5,976
Disposals ( 3,290 ) ( 3,290 )
Revaluations
Transfers
At 28 February 2023 13,617 889 14,506
Depreciation
At 1 March 2022 10,226 547 10,773
Charge for year 1,659 85 1,744
On disposals ( 3,246 ) ( 3,246 )
Other adjustments
At 28 February 2023 8,639 632 9,271
Net book value
At 28 February 2023 4,978 257 5,235
At 28 February 2022 1,001 46 1,047

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Stocks

2023 2022
£ £
Stocks 899 1,251
Total 899 1,251

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 1,020 960
Other creditors 41,778 27,787
Total 42,798 28,747

COMMUNITY INTEREST ANNUAL REPORT

LOWENA COMMUNITY INTEREST COMPANY

Company Number: 06112800 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

We have provided work experience and personal development for vulnerable people.We have provided a venue for autistic therapy and work experience to support this.We have distributed farm produce to people in need

Consultation with stakeholders

We continued to encourage the service users to see Lowena as a project that they are developing, and we regularly ask their suggestions.We discuss major business and social interventions with a wider group of stakeholders.

Directors' remuneration

The Directors received an annual remuneration of £4,000 each and monthly income of £600 for the rental of farm land, buildings and office space.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
22 November 2023

And signed on behalf of the board by:
Name: Dr Mark Selwood
Status: Director