REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
For The Year Ended 30 June 2023 |
for |
A.J. Lowther & Son Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
For The Year Ended 30 June 2023 |
for |
A.J. Lowther & Son Limited |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Contents of the Financial Statements |
For The Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Notes to the Financial Statements | 11 |
A.J. Lowther & Son Limited |
Company Information |
For The Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
BANKERS: |
6 Broad Street |
Worcester |
WR1 2EJ |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Strategic Report |
For The Year Ended 30 June 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
In the opinion of the directors, the general performance and development of the company during the year ended 30 June 2023 and its financial position as at that date were satisfactory. |
The directors look forward to ensuring the continued stability of the company by developing and reinforcing its position in its chosen business sector. |
There have been no important events affecting the company since the balance sheet date. |
REVIEW OF BUSINESS |
The principle activities of the company in the year under review was that of structural engineering. |
The key financial highlights were as follows:- |
2023 | 2022 | 2021 | 2020 | 2019 |
Turnover movement |
-8% |
+17% |
+25% |
-7% |
-1% |
Gross profit movement |
-4% |
+12% |
+14% |
-.01% |
+11% |
Profit before tax |
£1,159k |
£1,105k |
£753k |
£679k |
£367k |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's markets are essentially those of the fabrication and construction of commercial buildings. |
These markets continue to be subject to rigorous competition from other operators based both within the United Kingdom and elsewhere. |
The company's aim is to compete in its chosen markets through the provision of quality services to its customers. |
ON BEHALF OF THE BOARD: |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Report of the Directors |
For The Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, and a holding company loan. The main purpose of these is to finance the company's operations. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances, the liquidity risk is managed by maintaining sufficient funds to forecasted requirements. |
There is no interest levied on the holding company loan. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meeting amounts when falling due. |
CHARITABLE DONATIONS |
During the year the company made a charitable donation of £150,000 (2022:£300,0000) to the Herefordshire Community Foundation. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information regarding review of the business, key financial highlights, principal risks and uncertainties is shown within the strategic report on page two of the accounts. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Report of the Directors |
For The Year Ended 30 June 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
A.J. Lowther & Son Limited |
Opinion |
We have audited the financial statements of A.J. Lowther & Son Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
A.J. Lowther & Son Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident. |
At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud. |
Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud. |
We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit. |
Report of the Independent Auditors to the Members of |
A.J. Lowther & Son Limited |
The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements. |
The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety including COSHH, building and planning regulations, working at height regulations, provision & use of work equipment regulations, lifting operations, employment laws, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditor |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Statement of Comprehensive |
Income |
For The Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,897,435 | 3,206,773 |
915,617 | 754,464 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Statement of Financial Position |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Statement of Changes in Equity |
For The Year Ended 30 June 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 June 2023 |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements |
For The Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
A.J. Lowther & Son Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, value added tax and other sales related taxes. |
Turnover and attributable profit is recognised on all contracts which are incomplete at the year end according to the stage of completion, where the eventual outcome of those contracts can be reliably foreseen. Attributable turnover on such contracts not yet invoiced at the year end is recognised in debtors. |
Where the outcome of a contract in progress at the year end cannot be reliably foreseen, the net costs of the contract are included within Work in Progress after deducting payments received on account. |
Where a long term contract is considered to be loss making, the whole of the foreseeable loss is recognised immediately. |
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 calculated to write off the cost of fixed assets less their residual values over their estimated useful lives at the following rates per annum: |
Freehold Land | - not provided |
Plant and equipment | - 20% on reducing balance and 15% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer and office equipment | - 25% on reducing balance and 20% on cost |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in first out (FIFO) principle and includes all direct materials, transport and handling costs in bringing stocks to their present location and condition. |
Work in progress |
Work in progress on contracts is valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. |
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and the pension charge for this scheme represents the amounts payable by the company to the fund in respect of the year. |
Warranty provision |
The company provides for the anticipated cost of rectification work on completed contracts based upon experience. |
3. | EMPLOYEES AND DIRECTORS |
30.6.23 | 30.6.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.6.23 | 30.6.22 |
Directors | 2 | 2 |
Selling and administration | 25 | 24 |
Fabrication | 23 | 22 |
Erection | 8 | 8 |
30.6.23 | 30.6.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
The directors were the only key management personnel. |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.23 | 30.6.22 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Research and development costs |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax |
Recognition of group relief | - | 190,000 |
Total current tax |
Deferred tax |
Tax on profit |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2023 |
5. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.23 | 30.6.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Research and development | - | (14,605 | ) |
Deferred tax | 87,006 | 3,279 |
Change in taxation rate | (42,008 | ) | - |
Total tax charge | 278,160 | 193,279 |
6. | DIVIDENDS |
30.6.23 | 30.6.22 |
£ | £ |
Dividends paid |
7. | TANGIBLE FIXED ASSETS |
Computer |
and |
Freehold | Plant and | Motor | office |
Land | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2023 |
8. | STOCKS |
30.6.23 | 30.6.22 |
£ | £ |
Raw materials |
Work-in-progress |
Payments on account | ( |
) | ( |
) |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Other debtors |
Prepayments and accrued income |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Payments received on account |
Trade creditors |
Due to parent company |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
11. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
12. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 211,665 | 124,659 |
A.J. Lowther & Son Limited (Registered number: 00841528) |
Notes to the Financial Statements - continued |
For The Year Ended 30 June 2023 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Accelerated capital allowances | 87,006 |
Balance at 30 June 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 3,000 | 3,000 |
14. | ULTIMATE PARENT COMPANY |
The company is a wholly owned subsidiary of Lowther Holdings Limited, a company registered in England. |
15. | RELATED PARTY DISCLOSURES |
30.6.23 | 30.6.22 |
£ | £ |
Rent payable |
30.6.23 | 30.6.22 |
£ | £ |
Management charge income |
Interest received | - | 268,023 |
Amount due from related parties |
16. | ULTIMATE CONTROLLING PARTY |
Due to his controlling interest in the ultimate parent company, A J I Lowther is considered to be the controlling party behind the company. |
17. | CONSOLIDATED GROUP ACCOUNTS |
Information regarding the consolidated accounts of Lowther Holdings Limited can be obtained from its registered office. |