IRIS Accounts Production v23.2.0.158 06537177 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh065371772022-02-28065371772023-02-28065371772022-03-012023-02-28065371772021-02-28065371772021-03-012022-02-28065371772022-02-2806537177ns10:Originalns15:EnglandWales2022-03-012023-02-2806537177ns14:PoundSterlingns10:Original2022-03-012023-02-2806537177ns10:Originalns10:Director12022-03-012023-02-2806537177ns10:Original2022-03-012023-02-2806537177ns10:Original2023-02-2806537177ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-2806537177ns10:Originalns10:SmallEntities2022-03-012023-02-2806537177ns10:Originalns10:AuditExempt-NoAccountantsReport2022-03-012023-02-2806537177ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2806537177ns10:SmallCompaniesRegimeForAccountsns10:Original2022-03-012023-02-2806537177ns10:Originalns10:FullAccounts2022-03-012023-02-2806537177ns10:Originalns10:Director22022-03-012023-02-2806537177ns10:Originalns10:RegisteredOffice2022-03-012023-02-2806537177ns10:Original2022-02-2806537177ns10:Originalns5:CurrentFinancialInstruments2023-02-2806537177ns10:Originalns5:CurrentFinancialInstruments2022-02-2806537177ns10:Originalns5:Non-currentFinancialInstruments2023-02-2806537177ns10:Originalns5:Non-currentFinancialInstruments2022-02-2806537177ns5:ShareCapitalns10:Original2023-02-2806537177ns5:ShareCapitalns10:Original2022-02-2806537177ns10:Originalns5:RevaluationReserve2023-02-2806537177ns10:Originalns5:RevaluationReserve2022-02-2806537177ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2806537177ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2806537177ns10:Originalns5:LeaseholdImprovements2022-03-012023-02-2806537177ns10:Originalns5:PlantMachinery2022-03-012023-02-2806537177ns10:Originalns5:FurnitureFittings2022-03-012023-02-2806537177ns10:Originalns5:MotorVehicles2022-03-012023-02-2806537177ns10:Originalns5:ComputerEquipment2022-03-012023-02-2806537177ns10:Original2021-03-012022-02-2806537177ns10:Originalns5:LeaseholdImprovements2022-02-2806537177ns10:Originalns5:PlantMachinery2022-02-2806537177ns10:Originalns5:FurnitureFittings2022-02-2806537177ns10:Originalns5:LeaseholdImprovements2023-02-2806537177ns10:Originalns5:PlantMachinery2023-02-2806537177ns10:Originalns5:FurnitureFittings2023-02-2806537177ns10:Originalns5:LeaseholdImprovements2022-02-2806537177ns10:Originalns5:PlantMachinery2022-02-2806537177ns10:Originalns5:FurnitureFittings2022-02-2806537177ns10:Originalns5:MotorVehicles2022-02-2806537177ns10:Originalns5:ComputerEquipment2022-02-2806537177ns10:Original2022-02-2806537177ns10:Originalns5:MotorVehicles2023-02-2806537177ns10:Originalns5:ComputerEquipment2023-02-2806537177ns10:Originalns5:MotorVehicles2022-02-2806537177ns10:Originalns5:ComputerEquipment2022-02-2806537177ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2806537177ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2806537177ns10:Originalns5:WithinOneYear2023-02-2806537177ns10:Originalns5:WithinOneYear2022-02-2806537177ns10:Originalns5:RevaluationReserve2022-02-2806537177ns10:Original1ns10:Director12022-02-2806537177ns10:Original1ns10:Director12021-02-2806537177ns10:Original1ns10:Director12022-03-012023-02-2806537177ns10:Original1ns10:Director12021-03-012022-02-2806537177ns10:Original1ns10:Director12023-02-2806537177ns10:Original1ns10:Director12022-02-2806537177ns10:Originalns10:Director222022-02-2806537177ns10:Originalns10:Director222021-02-2806537177ns10:Originalns10:Director222022-03-012023-02-2806537177ns10:Originalns10:Director222021-03-012022-02-2806537177ns10:Originalns10:Director222023-02-2806537177ns10:Originalns10:Director222022-02-28
REGISTERED NUMBER: 06537177 (England and Wales)














Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Lowry Partnership Limited

Lowry Partnership Limited (Registered number: 06537177)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lowry Partnership Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: P J C Clark
Ms L E Mahony





REGISTERED OFFICE: c/o FFT
Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Sunrise House
Hulley Road
Macclesfield
Cheshire
SK10 2LP





REGISTERED NUMBER: 06537177 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Lowry Partnership Limited (Registered number: 06537177)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 320,604 214,003
Investment property 5 3,575,000 2,797,075
3,895,604 3,011,078

CURRENT ASSETS
Debtors 6 182,868 392,738
Cash at bank and in hand 574,737 371,808
757,605 764,546
CREDITORS
Amounts falling due within one year 7 1,425,870 1,444,104
NET CURRENT LIABILITIES (668,265 ) (679,558 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,227,339

2,331,520

CREDITORS
Amounts falling due after more than one year 8 (430,053 ) (439,030 )

PROVISIONS FOR LIABILITIES (484,919 ) (213,844 )
NET ASSETS 2,312,367 1,678,646

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 11 - 965,027
Retained earnings 2,312,366 713,618
SHAREHOLDERS' FUNDS 2,312,367 1,678,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

Lowry Partnership Limited (Registered number: 06537177)

Balance Sheet - continued
28 February 2023


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 28 November 2023 and were signed on its behalf by:





P J C Clark - Director


Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Lowry Partnership Limited 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

In accordance with Financial Reporting Standard 102 1A, the brought forward amount on the revaluation reserve has been transferred to retained earnings (see note 10).

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.


Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company's financial statements for the year ended 28 February 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 March 2022 220,633 - 22,985
Additions 64,101 66,643 3,583
Disposals - - -
At 28 February 2023 284,734 66,643 26,568
DEPRECIATION
At 1 March 2022 34,583 - 11,651
Charge for year 13,854 1,367 2,016
Eliminated on disposal - - -
At 28 February 2023 48,437 1,367 13,667
NET BOOK VALUE
At 28 February 2023 236,297 65,276 12,901
At 28 February 2022 186,050 - 11,334

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2022 24,960 5,023 273,601
Additions - 2,974 137,301
Disposals (24,960 ) - (24,960 )
At 28 February 2023 - 7,997 385,942
DEPRECIATION
At 1 March 2022 13,285 79 59,598
Charge for year - 1,788 19,025
Eliminated on disposal (13,285 ) - (13,285 )
At 28 February 2023 - 1,867 65,338
NET BOOK VALUE
At 28 February 2023 - 6,130 320,604
At 28 February 2022 11,675 4,944 214,003

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 2,797,075
Additions 20,100
Revaluations 757,825
At 28 February 2023 3,575,000
NET BOOK VALUE
At 28 February 2023 3,575,000
At 28 February 2022 2,797,075

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2015 359,750
Valuation in 2018 813,810
Valuation in 2023 757,825
Cost 1,643,615
3,575,000

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. INVESTMENT PROPERTY - continued

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

2023 2022
£    £   
Cost 1,643,615 1,623,515

The investment properties were valued on an open market basis on 21 April 2023 by BNP Paribas Real Estate .

The director considers the market value of the investment properties at 28 February 2023 not to be materially different from the value stated in the financial statements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 64,136 131,155
Other debtors 118,732 261,583
182,868 392,738

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,687 9,467
Trade creditors 106,009 72,356
Taxation and social security 48,385 20,373
Other creditors 1,261,789 1,341,908
1,425,870 1,444,104

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 430,053 439,030

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 360,000 360,000

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 406,527 405,598

11. RESERVES
Revaluation
reserve
£   
At 1 March 2022 965,027
Transfer to retained earnings (965,027 )

At 28 February 2023 -

12. CONTINGENT LIABILITIES

The company has guaranteed the bank facilities of a company in which a director of the company is also a director and shareholder. The bank loan balance for that company is £9,380,541 as at 28 February 2023.

The company has guaranteed the bank facilities of a partnership in which a director of the company is also a partner. The bank loan balance for that partnership is £5,162,356 as at 28 February 2023.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
P J C Clark
Balance outstanding at start of year 46,135 63,284
Amounts advanced 47,896 73,926
Amounts repaid (46,028 ) (91,075 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,003 46,135

Ms L E Mahony
Balance outstanding at start of year - 4,000
Amounts advanced 1,766 -
Amounts repaid - (4,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,766 -

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

During the year, interest amounting to £709 (2022: £1,474) was charged to directors' current account in respect of this overdrawn balance.

14. RELATED PARTY DISCLOSURES

Included within creditors is a balance amounting to £1,092,609 (2022: £1,183,892) due to a company in which a director of the company is also a director and shareholder. There are no fixed repayment terms and no interest is chargeable to the company in respect of this balance.

Included within debtors is a balance amounting to £35,676 (2022: £34,311) due from a company in which a director of the company is also a director and shareholder. There are no fixed repayment terms and no interest is chargeable by the company in respect of this balance.

One of the directors has guaranteed the bank facilities of the company upto a maximum balance of £1,000,000.