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REGISTERED NUMBER: 02531092 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended 30 June 2023

for

Lowther Holdings Limited

Lowther Holdings Limited (Registered number: 02531092)






Contents of the Consolidated Financial Statements
For The Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Statement of Financial Position 9

Company Statement of Financial Position 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Statement of Cash Flows 13

Notes to the Consolidated Statement of Cash Flows 14

Notes to the Consolidated Financial Statements 15


Lowther Holdings Limited

Company Information
For The Year Ended 30 June 2023







DIRECTORS: A J I Lowther
Mrs A K M Lowther



REGISTERED OFFICE: The Factory
Whitchurch
Ross-on-Wye
Herefordshire
HR9 6DF



REGISTERED NUMBER: 02531092 (England and Wales)



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: HSBC Bank PLC
6 Broad Street
Worcester
WR1 2EJ

Lowther Holdings Limited (Registered number: 02531092)

Group Strategic Report
For The Year Ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

In the opinion of the directors, the general performance and development of the company and group 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 and group by developing and reinforcing its position in its chosen business sector.

There have been no important events affecting the company or group since the balance sheet date.

REVIEW OF BUSINESS
The principle activities of the group in the year under review was that of structural engineering.

The key financial highlights were as follows:-

2023 2022 2021 2020 2019

Turnover movement

-1%

+16%

+26%

--8%

+8%

Gross profit movement

+5%

+16%

+13%

-8%

+36 %

Profit before tax

£1,989k

£1,668k

£1,137k

£953k

£721k

PRINCIPAL RISKS AND UNCERTAINTIES
The group'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 group'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 I Lowther - Director


12 October 2023

Lowther Holdings Limited (Registered number: 02531092)

Report of the Directors
For The Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 was £162,356.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

A J I Lowther
Mrs A K M Lowther

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, trade creditors, and trade debtors. The main purpose of these is to finance the group's operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group'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.

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 meet liabilities when falling due.

CHARITABLE DONATIONS
During the year the group made a charitable donation of £250,000 (2022:£300,000) 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 Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Lowther Holdings Limited (Registered number: 02531092)

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J I Lowther - Director


12 October 2023

Report of the Independent Auditors to the Members of
Lowther Holdings Limited

Opinion
We have audited the financial statements of Lowther Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 June 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
Lowther Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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
Lowther Holdings 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 electrical 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.




Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

13 October 2023

Lowther Holdings Limited (Registered number: 02531092)

Consolidated
Statement of Comprehensive
Income
For The Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   

TURNOVER 22,096,015 22,343,231

Cost of sales 16,943,453 17,448,364
GROSS PROFIT 5,152,562 4,894,867

Distribution costs 192,904 163,604
Administrative expenses 3,215,377 3,422,183
3,408,281 3,585,787
1,744,281 1,309,080

Other operating income 164,458 90,230
OPERATING PROFIT 4 1,908,739 1,399,310

Interest receivable and similar income 80,302 268,642
PROFIT BEFORE TAXATION 1,989,041 1,667,952

Tax on profit 5 477,348 222,379
PROFIT FOR THE FINANCIAL YEAR 1,511,693 1,445,573

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,511,693

1,445,573

Profit attributable to:
Owners of the parent 1,511,693 1,445,573

Total comprehensive income attributable to:
Owners of the parent 1,511,693 1,445,573

Lowther Holdings Limited (Registered number: 02531092)

Consolidated Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 4,093,039 3,991,547
Investments 10 - -
Investment property 11 - 38,563
4,093,039 4,030,110

CURRENT ASSETS
Stocks 12 592,916 862,644
Debtors 13 5,991,578 4,609,557
Cash at bank and in hand 5,426,791 3,674,661
12,011,285 9,146,862
CREDITORS
Amounts falling due within one year 14 5,223,437 3,826,895
NET CURRENT ASSETS 6,787,848 5,319,967
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,880,887

9,350,077

PROVISIONS FOR LIABILITIES 15 566,239 384,766
NET ASSETS 10,314,648 8,965,311

CAPITAL AND RESERVES
Called up share capital 16 2,227 2,227
Share premium 1,077,000 1,077,000
Capital redemption reserve 775 775
Retained earnings 9,234,646 7,885,309
SHAREHOLDERS' FUNDS 10,314,648 8,965,311

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





A J I Lowther - Director


Lowther Holdings Limited (Registered number: 02531092)

Company Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 437,396 514,584
Investments 10 613,962 613,962
Investment property 11 1,958,563 1,958,563
3,009,921 3,087,109

CURRENT ASSETS
Debtors 13 6,273,130 5,225,490
Cash at bank 434,046 322,746
6,707,176 5,548,236
CREDITORS
Amounts falling due within one year 14 173,370 371,861
NET CURRENT ASSETS 6,533,806 5,176,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,543,727

8,263,484

PROVISIONS FOR LIABILITIES 15 80,696 71,214
NET ASSETS 9,463,031 8,192,270

CAPITAL AND RESERVES
Called up share capital 16 2,227 2,227
Share premium 1,077,000 1,077,000
Revaluation reserve 320,498 320,498
Capital redemption reserve 775 775
Retained earnings 8,062,531 6,791,770
SHAREHOLDERS' FUNDS 9,463,031 8,192,270

Company's profit for the financial year 1,433,117 1,309,185

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





A J I Lowther - Director


Lowther Holdings Limited (Registered number: 02531092)

Consolidated Statement of Changes in Equity
For The Year Ended 30 June 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 July 2021 2,227 6,652,092 1,077,000 775 7,732,094

Changes in equity
Dividends - (212,356 ) - - (212,356 )
Total comprehensive income - 1,445,573 - - 1,445,573
Balance at 30 June 2022 2,227 7,885,309 1,077,000 775 8,965,311

Changes in equity
Dividends - (162,356 ) - - (162,356 )
Total comprehensive income - 1,511,693 - - 1,511,693
Balance at 30 June 2023 2,227 9,234,646 1,077,000 775 10,314,648

Lowther Holdings Limited (Registered number: 02531092)

Company Statement of Changes in Equity
For The Year Ended 30 June 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 July 2021 2,227 5,694,941 1,077,000

Changes in equity
Dividends - (212,356 ) -
Total comprehensive income - 1,309,185 -
Balance at 30 June 2022 2,227 6,791,770 1,077,000

Changes in equity
Dividends - (162,356 ) -
Total comprehensive income - 1,433,117 -
Balance at 30 June 2023 2,227 8,062,531 1,077,000
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 July 2021 320,498 775 7,095,441

Changes in equity
Dividends - - (212,356 )
Total comprehensive income - - 1,309,185
Balance at 30 June 2022 320,498 775 8,192,270

Changes in equity
Dividends - - (162,356 )
Total comprehensive income - - 1,433,117
Balance at 30 June 2023 320,498 775 9,463,031

Lowther Holdings Limited (Registered number: 02531092)

Consolidated Statement of Cash Flows
For The Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,466,294 3,443,411
Tax paid (33,936 ) (13,107 )
Net cash from operating activities 2,432,358 3,430,304

Cash flows from investing activities
Purchase of tangible fixed assets (519,094 ) (1,279,751 )
Purchase of investment property - (38,563 )
Sale of tangible fixed assets 124,550 48,040
Interest received 80,302 268,642
Net cash from investing activities (314,242 ) (1,001,632 )

Cash flows from financing activities
Amount introduced by directors 100,000 150,000
Amount withdrawn by directors (303,630 ) -
Equity dividends paid (162,356 ) (212,356 )
Net cash from financing activities (365,986 ) (62,356 )

Increase in cash and cash equivalents 1,752,130 2,366,316
Cash and cash equivalents at beginning
of year

2

3,674,661

1,308,345

Cash and cash equivalents at end of year 2 5,426,791 3,674,661

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Statement of Cash Flows
For The Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 1,989,041 1,667,952
Depreciation charges 395,450 326,410
Profit on disposal of fixed assets (63,835 ) (32,859 )
Finance income (80,302 ) (268,642 )
2,240,354 1,692,861
Decrease/(increase) in stocks 269,728 (369,139 )
(Increase)/decrease in trade and other debtors (1,382,021 ) 1,813,558
Increase in trade and other creditors 1,338,233 306,131
Cash generated from operations 2,466,294 3,443,411

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 5,426,791 3,674,661
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 3,674,661 1,308,345


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 3,674,661 1,752,130 5,426,791
3,674,661 1,752,130 5,426,791
Total 3,674,661 1,752,130 5,426,791

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements
For The Year Ended 30 June 2023

1. STATUTORY INFORMATION

Lowther Holdings 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements have been prepared by consolidating the financial statements of the holding company and its subsidiary undertakings at 30 June 2023.

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.

Construction contracts
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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in a previous year has been fully amortised.

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 property- 2% on cost and not provided
Plant and machinery- 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

No depreciation is provided on freehold buildings because in the directors opinion the real (inflation adjusted) estimated residual value is not less than the carrying value in the accounts.

The solar farm included in plant and machinery is depreciated over its estimated life of between 10 and 25 years.

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.

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated 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 plus attributable overheads based on normal levels of activity. 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.

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

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.

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 Consolidated 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 group operates a defined contribution pension scheme and the pension charge for this scheme represents the amounts payable by the group to the fund in respect of the year.

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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 2,596,853 2,536,376
Social security costs 276,872 263,110
Other pension costs 248,834 193,025
3,122,559 2,992,511

The average number of employees during the year was as follows:
30.6.23 30.6.22

Directors 2 2
Selling and administration 33 33
Fabrication 23 22
Erection 8 8
66 65

30.6.23 30.6.22
£    £   
Directors' remuneration 40,061 138,473
Directors' pension contributions to money purchase schemes 58,634 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Key management personnel of the Group (in aggregate)
30.06.23 30.06.22
£ £

Key management personnel compensation 198,996 250,985


Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.23 30.6.22
£    £   
Depreciation - owned assets 395,450 326,409
Profit on disposal of fixed assets (63,835 ) (32,859 )
Auditors' remuneration 27,075 31,540
Auditors' remuneration for non audit work 12,250 6,700
Research and development 84,931 307,253

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 345,590 83,651
Overprovision in prior year (49,715 ) (42,020 )
Total current tax 295,875 41,631

Deferred tax 181,473 180,748
Tax on profit 477,348 222,379

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 1,989,041 1,667,952
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

497,260

316,911

Effects of:
Expenses not deductible for tax purposes 687 4,764
Capital allowances in excess of depreciation (48,808 ) (186,882 )
R&D enhanced expenditure (27,602 ) (51,142 )

Deferred tax 181,473 180,748
Overprovision in prior year (49,715 ) (42,020 )
Change in taxation rate (75,947 ) -
Total tax charge 477,348 222,379

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

6. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


7. DIVIDENDS
30.6.23 30.6.22
£    £   
Dividends paid 162,356 212,356

8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 1
AMORTISATION
At 1 July 2022
and 30 June 2023 1
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2022 1,613,666 4,291,618 6,750
Additions - 325,318 -
Disposals - (133,021 ) -
Reclassification/transfer 38,563 - -
At 30 June 2023 1,652,229 4,483,915 6,750
DEPRECIATION
At 1 July 2022 - 2,142,930 4,282
Charge for year - 289,916 619
Eliminated on disposal - (94,953 ) -
At 30 June 2023 - 2,337,893 4,901
NET BOOK VALUE
At 30 June 2023 1,652,229 2,146,022 1,849
At 30 June 2022 1,613,666 2,148,688 2,468

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 623,405 89,710 6,625,149
Additions 186,986 6,790 519,094
Disposals (109,208 ) (9,337 ) (251,566 )
Reclassification/transfer - - 38,563
At 30 June 2023 701,183 87,163 6,931,240
DEPRECIATION
At 1 July 2022 411,447 74,943 2,633,602
Charge for year 94,082 10,833 395,450
Eliminated on disposal (86,561 ) (9,337 ) (190,851 )
At 30 June 2023 418,968 76,439 2,838,201
NET BOOK VALUE
At 30 June 2023 282,215 10,724 4,093,039
At 30 June 2022 211,958 14,767 3,991,547

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

9. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
£   
COST
At 1 July 2022
and 30 June 2023 1,085,165
DEPRECIATION
At 1 July 2022 570,581
Charge for year 77,188
At 30 June 2023 647,769
NET BOOK VALUE
At 30 June 2023 437,396
At 30 June 2022 514,584

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 613,962
NET BOOK VALUE
At 30 June 2023 613,962
At 30 June 2022 613,962

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

A J Lowther & Son Limited
Registered office:
Nature of business: Structural Engineers
%
Class of shares: holding
Ordinary 100.00

Curtis Engineering (Frome) Limited
Registered office:
Nature of business: Engineering
%
Class of shares: holding
Ordinary 100.00

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

10. FIXED ASSET INVESTMENTS - continued

Lowther Renewables Ltd
Registered office:
Nature of business: Production of electricity
%
Class of shares: holding
Ordinary 100.00


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2022 38,563
Reclassification/transfer (38,563 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 38,563

Company
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 1,958,563
NET BOOK VALUE
At 30 June 2023 1,958,563
At 30 June 2022 1,958,563

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2015 420,456
Valuation in 2017 (99,958 )
Cost 1,638,065
1,958,563

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

12. STOCKS

Group
30.6.23 30.6.22
£    £   
Raw materials 181,110 216,482
Work-in-progress 769,369 798,279
Payments on account (357,563 ) (152,117 )
592,916 862,644

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Trade debtors 4,329,790 3,656,736 11,080 -
Amounts owed by group undertakings - - 6,254,827 5,225,484
Amounts recoverable on contracts 425,685 575,185 - -
Other debtors 1,140,761 297,641 7,223 6
Prepayments and accrued income 95,342 79,995 - -
5,991,578 4,609,557 6,273,130 5,225,490

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Payments on account 1,155,125 616,897 - -
Trade creditors 2,538,078 1,736,499 6,393 5,497
Corporation tax 345,590 83,651 66,607 62,364
Social security and other taxes 113,456 147,030 - -
Other creditors 4,000 4,000 4,000 4,000
Directors' current accounts 96,370 300,000 96,370 300,000
Accruals and deferred income 970,818 938,818 - -
5,223,437 3,826,895 173,370 371,861

15. PROVISIONS FOR LIABILITIES

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Deferred tax 566,239 384,766 80,696 71,214

Lowther Holdings Limited (Registered number: 02531092)

Notes to the Consolidated Financial Statements - continued
For The Year Ended 30 June 2023

15. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 July 2022 384,766
Accelerated capital allowances 181,473
Balance at 30 June 2023 566,239

Company
Deferred
tax
£   
Balance at 1 July 2022 71,214
Accelerated capital allowances 9,482
Balance at 30 June 2023 80,696

16. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
2,227 Ordinary £1 2,227 2,227

17. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
30.6.23 30.6.22
£    £   
Rent paid 13,200 13,200

Other related parties
30.6.23 30.6.22
£    £   
Management charge income 139,500 63,650
Interest income - 268,023
Amount due from related parties 905,534 285,661

18. ULTIMATE CONTROLLING PARTY

Mr A J I Lowther, by virtue of his majority shareholding in Lowther Holdings Limited, is considered to be the group's ultimate controlling party.