Company registration number 5084617 (England and Wales)
LOWERLAND (2004) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LOWERLAND (2004) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LOWERLAND (2004) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
1,083,787
700,000
Investments
5
146,800
146,800
1,230,587
846,800
Current assets
Debtors
6
234,237
224,728
Cash at bank and in hand
721,444
1,266,589
955,681
1,491,317
Creditors: amounts falling due within one year
7
(414,471)
(343,686)
Net current assets
541,210
1,147,631
Total assets less current liabilities
1,771,797
1,994,431
Provisions for liabilities
(2,171)
(2,171)
Net assets
1,769,626
1,992,260
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,769,526
1,992,160
Total equity
1,769,626
1,992,260

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

LOWERLAND (2004) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 March 2024
Mr Philip Lewis
Director
Company Registration No. 5084617
LOWERLAND (2004) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Lowerland (2004) Limited is a private company limited by shares incorporated in England.. The registered office is Beacon House, 113 Kingsway, London WC2B 6PP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and unlisted investments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable for the accounting period, net of VAT. Revenue is recognised as the fair value of the consideration receivable for rental income invoiced in the normal course of business. Rent invoiced in advance is treated as deferred income.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

 

1.4
Fixed asset investments

Unlisted investments are initially recognised at cost, and subequently at fair value at the reporting end date, where this is readily ascertainable.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’' of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

LOWERLAND (2004) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities. Trade creditors are recognised at transaction price.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences, including the tax notionally payable on the sale of revalued properties.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised .

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LOWERLAND (2004) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was

2023
2022
Number
Number
Total
1
1
4
Investment property
2023
£
Fair value
At 1 April 2022
700,000
Additions
383,787
At 31 March 2023
1,083,787

Investment property comprises a portfolio of commercial properties. The fair value of the investment property has been arrived at on the basis of an informal valuation carried out by the Company Director. The value remains unchanged from last year due to current market conditions and uncertainty over planning permission. If the planning application should be successful in 2024 then the valuation in the year ended 31st March 2024 accounts will be adjusted to reflect the position at that time.

 

5
Fixed asset investments
2023
2022
£
£
Investments
146,800
146,800
Fixed asset investments revalued

The investments were valued at the year end by the Company Director based on the sale values achieved for similar investments.

LOWERLAND (2004) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost
At 1 April 2022
146,800
Disposals
(18,050)
At 31 March 2023
128,750
Carrying amount
At 31 March 2023
128,750
At 31 March 2022
146,800
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
16,654
Other debtors
234,237
208,074
234,237
224,728

Other debtors includes an amount of £87,286 due from Lowerland Limted (2022 : £153,613), a company under common control.

7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
133,391
12,845
Corporation tax
236,602
259,088
Other creditors
44,478
71,753
414,471
343,686
LOWERLAND (2004) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Financial commitments, guarantees and contingent liabilities

Lowerland (2004) Limited has guaranteed to Barclays Bank plc the repayment of all monies owed by Lowerland Limited in the event that the latter is unable to make repayment. At 31st March 2023 the loan balance was £2,917,079.

9
Controlling party

The company is controlled by its director, Mr. P. G .Lewis.

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