Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-05-01falseProperty development33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13325509 2022-05-01 2023-10-31 13325509 2021-04-09 2022-04-30 13325509 2023-10-31 13325509 2022-04-30 13325509 c:Director3 2022-05-01 2023-10-31 13325509 d:CurrentFinancialInstruments 2023-10-31 13325509 d:CurrentFinancialInstruments 2022-04-30 13325509 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 13325509 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 13325509 d:ShareCapital 2023-10-31 13325509 d:ShareCapital 2022-04-30 13325509 d:RetainedEarningsAccumulatedLosses 2023-10-31 13325509 d:RetainedEarningsAccumulatedLosses 2022-04-30 13325509 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 13325509 d:TaxLossesCarry-forwardsDeferredTax 2022-04-30 13325509 c:OrdinaryShareClass1 2022-05-01 2023-10-31 13325509 c:OrdinaryShareClass1 2023-10-31 13325509 c:OrdinaryShareClass1 2022-04-30 13325509 c:FRS102 2022-05-01 2023-10-31 13325509 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-10-31 13325509 c:FullAccounts 2022-05-01 2023-10-31 13325509 c:PrivateLimitedCompanyLtd 2022-05-01 2023-10-31 13325509 e:PoundSterling 2022-05-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13325509









LOWRY EDWARDS DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2023

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13325509

BALANCE SHEET
AS AT 31 OCTOBER 2023

31 October
30 April
2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
654,140
392,033

Debtors: amounts falling due within one year
 5 
25,204
8,660

Cash at bank and in hand
 6 
6,268
2,800

  
685,612
403,493

Creditors: amounts falling due within one year
 7 
(749,903)
(416,457)

Net current liabilities
  
 
 
(64,291)
 
 
(12,964)

  

Net liabilities
  
(64,291)
(12,964)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(64,391)
(13,064)

  
(64,291)
(12,964)

Page 1

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
REGISTERED NUMBER: 13325509
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M A Stevens BSc. FCA
Director

Date: 26 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

1.


General information

Lowry Edwards Developments Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Fleet House, Culpeper Close, Rochester ME2 4HN. The principal activity of the company is the development of land and building projects.



2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company relies on the support of its directors. The directors have given their assurances that their support will not be withdrawn. It is on this basis that these accounts have been prepared under the going concern concept, and do not reflect any adjustment that may be necessary should that support be withdrawn.

Page 3

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Work in progress

Work in progress relates to work carried out on property developments which are unsold at the period end. It is valued at the lower of cost and net realisable value and includes all direct costs.



 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 3 (2022 - 3).


4.


Stocks

Period ended 31 October
Year ended 30 April
2023
2022
£
£

Property stock
654,140
392,033


Page 6

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

5.


Debtors

Period ended 31 October
Year ended 30 April
2023
2022
£
£


Other debtors
3,718
6,664

Prepayments and accrued income
89
1,996

Deferred taxation
21,397
-

25,204
8,660



6.


Cash and cash equivalents

Period ended 31 October
Year ended 30 April
2023
2022
£
£

Cash at bank and in hand
6,268
2,800

6,268
2,800



7.


Creditors: Amounts falling due within one year

Period ended 31 October
Year ended 30 April
2023
2022
£
£

Trade creditors
15,117
18,301

Amounts owed to related parties
667,535
395,000

Other taxation and social security
-
1,056

Accruals and deferred income
67,251
2,100

749,903
416,457


Page 7

 
LOWRY EDWARDS DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

8.


Deferred taxation






2023


£






Charged to profit or loss
21,397



At end of year
21,397

The deferred tax asset is made up as follows:

31 October
30 April
2023
2022
£
£


Tax losses carried forward
21,397
-

21,397
-


9.


Share capital

Period ended 31 October
Year ended 30 April
2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

Included within creditors due within one year is an amount of £667,535 due to a company under common control. Interest is payable on the loan at 3.99% above the Bank of England base rate.


11.


Controlling party

The controlling party is M J Lowry.

 
Page 8