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REGISTERED NUMBER: 06510612















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LOWSON WARD LIMITED

LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LOWSON WARD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr P Ward





REGISTERED OFFICE: 292 Wake Green Road
Birmingham
B13 9QP





REGISTERED NUMBER: 06510612





ACCOUNTANTS: Lowson Ward
Chartered Accountants
292 Wake Green Road
Birmingham
B13 9QP

LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 7,100 11,382
7,100 11,382

CURRENT ASSETS
Stocks 266,275 262,700
Debtors 5 63,398 26,498
Cash at bank 200,396 142,243
530,069 431,441
CREDITORS
Amounts falling due within one year 6 (533,250 ) (414,010 )
NET CURRENT (LIABILITIES)/ASSETS (3,181 ) 17,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,919

28,813

PROVISIONS FOR LIABILITIES (1,775 ) (2,160 )
NET ASSETS 2,144 26,653

LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)

BALANCE SHEET - continued
31 MARCH 2024

31/3/24 31/3/23
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,144 25,653
SHAREHOLDERS' FUNDS 2,144 26,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





Mr P Ward - Director


LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% p.a. reducing balance
Equipment - 40% p.a. reducing balance

All fixed assets are initially recorded at cost.

Stocks
Work in progess is valued at the lower of cost or net realisable value.

Cost is calculated to include all direct labour, consultancy and overheads incurred in the preparation of work that is at various stages of completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 600,000
AMORTISATION
At 1 April 2023
and 31 March 2024 600,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings Equipment Totals
£    £    £   
COST
At 1 April 2023 20,387 69,892 90,279
Additions - 210 210
Disposals (8,755 ) (7,217 ) (15,972 )
At 31 March 2024 11,632 62,885 74,517
DEPRECIATION
At 1 April 2023 15,403 63,494 78,897
Charge for year 1,246 2,643 3,889
Eliminated on disposal (8,714 ) (6,655 ) (15,369 )
At 31 March 2024 7,935 59,482 67,417
NET BOOK VALUE
At 31 March 2024 3,697 3,403 7,100
At 31 March 2023 4,984 6,398 11,382

LOWSON WARD LIMITED (REGISTERED NUMBER: 06510612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 60,483 26,498
Prepayments 2,915 -
63,398 26,498

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Bank loans and overdrafts 21,667 31,667
Trade creditors 4,512 69,527
Corporation tax 49,333 11,567
PAYE and NIC 4,553 4,358
VAT 26,899 17,213
Proposed dividends 125,000 -
Other creditors 15,800 -
Directors' current accounts 8,470 460
Deferred income 275,606 277,600
Accrued expenses 1,410 1,618
533,250 414,010