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REGISTERED NUMBER: SC761828 (Scotland)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

10 MARCH 2023 TO 31 MAY 2023

FOR

LOWMAC ALLOYS HOLDINGS LIMITED

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


LOWMAC ALLOYS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023







DIRECTOR: Mr Kenneth Alexander Smith



REGISTERED OFFICE: 67 Green Street Lane
AYR
KA8 8BE



REGISTERED NUMBER: SC761828 (Scotland)



AUDITORS: Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA



INCORPORATED: 10 March 2023

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

GROUP STRATEGIC REPORT
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


The director presents his strategic report of the company and the group for the period 10 March 2023 to 31 May 2023.

REVIEW OF BUSINESS
The profit for the year, after taxation is £362,138.

The directors are pleased with the group's results for the year. Although the economy of the country is still going through a recession and has brought new challenges to be faced, there are still opportunities and areas of growth to utilise in expanding the business. The group continues to be in a strong financial position at the year end.

During the period, Lowmac Alloys Holdings Limited was set up and acquired 100% of the shares of Alex. Smith Metals Limited. This is part of a restructuring plan in ensuring the long-term future of the group.

The results for the year and financial position of the group are as shown in the financial statements.

KEY PERFORMANCE INDICATORS:

2023
£
Turnover 5,069,451
Gross profit 1,662,164
Operating profit 394,829


PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group relate to the overall economic climate, the state of the market, supply of materials and financial situation of customers.

ON BEHALF OF THE BOARD:





Mr Kenneth Alexander Smith - Director


2 August 2024

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

REPORT OF THE DIRECTOR
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


The director presents his report with the financial statements of the company and the group for the period 10 March 2023 to 31 May 2023.

INCORPORATION
The group was incorporated on 10 March 2023 .

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of scrap metal merchants and waste disposal contractors

DIVIDENDS
No dividends will be distributed for the period ended 31 May 2023.

FUTURE DEVELOPMENTS
The directors remain confident in the field of recycling and are looking forward to the opportunities and challenges of the future. Further investment is being made into new technology within the company.

DIRECTOR
Mr Kenneth Alexander Smith was appointed as a director on 10 March 2023 and held office during the whole of the period from then to the date of this report.

The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting.

DISCLOSURE IN THE STRATEGIC REPORT
Please refer to the strategic report for a review of the business and discussion of the principal risks and uncertainties.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he 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 group's auditors are aware of that information.

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

REPORT OF THE DIRECTOR
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


AUDITORS
The auditors, Galbraith Pritchards, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Kenneth Alexander Smith - Director


2 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LOWMAC ALLOYS HOLDINGS LIMITED


Opinion
We have audited the financial statements of Lowmac Alloys Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 May 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 31 May 2023 and of the group's profit for the period 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LOWMAC ALLOYS 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LOWMAC ALLOYS HOLDINGS LIMITED


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.




Mr John Duthie CA (Senior Statutory Auditor)
for and on behalf of Galbraith Pritchards
Chartered Accountants & Statutory Auditor
20 Barns Street
Ayr
Ayrshire
KA7 1XA

2 August 2024

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023

Notes £   

TURNOVER 5,069,451

Cost of sales 3,407,287
GROSS PROFIT 1,662,164

Administrative expenses 1,288,997
373,167

Other operating income 21,662
OPERATING PROFIT 4 394,829

Interest receivable and similar income 744
395,573

Interest payable and similar expenses 5 703
PROFIT BEFORE TAXATION 394,870

Tax on profit 6 32,732
PROFIT FOR THE FINANCIAL PERIOD 362,138
Profit attributable to:
Owners of the parent 362,131
Non-controlling interests 7
362,138

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023

Notes £   

PROFIT FOR THE PERIOD 362,138


OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

362,138

Total comprehensive income attributable to:
Owners of the parent 362,131
Non-controlling interests 7
362,138

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

CONSOLIDATED BALANCE SHEET
31 MAY 2023

Notes £    £   
FIXED ASSETS
Intangible assets 8 -
Tangible assets 9 8,343,306
Investments 10 -
8,343,306

CURRENT ASSETS
Stocks 11 27,885
Debtors 12 5,403,233
Prepayments and accrued income 383,029
Cash at bank and in hand 9,189,527
15,003,674
CREDITORS
Amounts falling due within one year 13 2,683,126
NET CURRENT ASSETS 12,320,548
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,663,854

PROVISIONS FOR LIABILITIES 15 969,261
NET ASSETS 19,694,593

CAPITAL AND RESERVES
Called up share capital 16 941
Share premium 17 15,420,883
Other reserves 17 1,272
Retained earnings 17 4,271,490
SHAREHOLDERS' FUNDS 19,694,586

NON-CONTROLLING INTERESTS 7
TOTAL EQUITY 19,694,593

The financial statements were approved by the director and authorised for issue on 2 August 2024 and were signed by:





Mr Kenneth Alexander Smith - Director


LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

COMPANY BALANCE SHEET
31 MAY 2023

Notes £   
FIXED ASSETS
Intangible assets 8 -
Tangible assets 9 -
Investments 10 16,510,912
16,510,912
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,510,912

CAPITAL AND RESERVES
Called up share capital 16 941
Share premium 17 15,420,883
Retained earnings 17 1,089,088
SHAREHOLDERS' FUNDS 16,510,912

Company's profit for the financial year 1,089,088

The financial statements were approved by the director and authorised for issue on 2 August 2024 and were signed by:





Mr Kenneth Alexander Smith - Director


LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Changes in equity
Issue of share capital 941 - 15,420,883
Total comprehensive income - 362,131 -
Balance at 31 May 2023 941 362,131 15,420,883
Other Non-controlling Total
reserves Total interests equity
£    £    £    £   

Changes in equity
Issue of share capital - 15,421,824 - 15,421,824
Total comprehensive income - 362,131 7 362,138
Balance at 31 May 2023 - 15,783,955 7 15,783,962

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Changes in equity
Issue of share capital 941 - 15,420,883 15,421,824
Total comprehensive income - 1,089,088 - 1,089,088
Balance at 31 May 2023 941 1,089,088 15,420,883 16,510,912

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023

Notes £   
Cash flows from operating activities
Cash generated from operations 1 (81,301 )
Interest element of hire purchase or finance
lease rental payments paid

(703

)
Tax paid (172,561 )
Net cash from operating activities (254,565 )

Cash flows from investing activities
Purchase of tangible fixed assets (340,400 )
Sale of tangible fixed assets 52,000
Interest received 744
Net cash from investing activities (287,656 )

Cash flows from financing activities
Share issue 941
Balance on incorporation 9,730,807
Net cash from financing activities 9,731,748

Increase in cash and cash equivalents 9,189,527
Cash and cash equivalents at beginning of
period

2

-

Cash and cash equivalents at end of
period

2

9,189,527

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
£   
Profit before taxation 394,870
Depreciation charges 413,774
Loss on disposal of fixed assets 241
Balance on incorporation (890,145 )
Finance costs 703
Finance income (744 )
Cash generated from operations (81,301 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 May 2023
31/5/23 10/3/23
£    £   
Cash and cash equivalents 9,189,527 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 10/3/23 Cash flow At 31/5/23
£    £    £   
Net cash
Cash at bank and in hand - 9,189,527 9,189,527
- 9,189,527 9,189,527
Total - 9,189,527 9,189,527

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


1. STATUTORY INFORMATION

Lowmac Alloys Holdings Limited is a private company, limited by shares , registered in Scotland. 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 consolidate the financial statements of the company and its subsidiaries; Alex. Smith Metals Limited and Lowmac Alloys Limited. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Turnover is recognised when a sale or service has been delivered against a binding obligation on the customer and the right to the consideration has been earned by the company.

GOODWILL
Goodwill being the amount paid in connection with the acquisition of businesses bought has been fully amortised over its estimated useful life.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on reducing balance
Plant and machinery - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance

A review of impairment is carried out at each reporting date. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

TAXATION
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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 period 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

GOVERNMENT GRANTS
Government grants received relating to capital expenditure are initially credited to deferred income on the balance sheet and then credited to the profit and loss account over the expected useful lives of the assets involved.

Government grants relating to revenue expenditure are credited to the profit and loss account in the period the revenue expenditure occurred.

3. EMPLOYEES AND DIRECTORS
£   
Wages and salaries 644,062
Social security costs 68,398
Other pension costs 25,009
737,469

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:

Office staff, sales & administration 16
Processing workers & drivers 66
82

£   
Director's remuneration 152,155
Director's pension contributions to money purchase schemes 9,669

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

Money purchase schemes 3

4. OPERATING PROFIT

The operating profit is stated after charging:

£   
Depreciation - owned assets 413,775
Loss on disposal of fixed assets 241
Auditors' remuneration and expenses 2,501
Other non- audit services 6,310

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Finance charges 703

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 35,020

Deferred tax (2,288 )
Tax on profit 32,732

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


6. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

£   
Profit before tax 394,870
Profit multiplied by the standard rate of corporation tax in the UK of 25 % 98,718

Effects of:
Expenses not deductible for tax purposes 2,234
Capital allowances in excess of depreciation (65,932 )
Deferred tax (2,288 )
Gross gains -

Total tax charge 32,732

7. INDIVIDUAL INCOME STATEMENT

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


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 10 March 2023
and 31 May 2023 76,237
AMORTISATION
At 10 March 2023
and 31 May 2023 76,237
NET BOOK VALUE
At 31 May 2023 -
At 9 March 2023 -

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


9. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 10 March 2023 4,051,600 11,289,150 2,433,091 17,773,841
Additions 7,540 149,995 182,865 340,400
Disposals - - (52,241 ) (52,241 )
At 31 May 2023 4,059,140 11,439,145 2,563,715 18,062,000
DEPRECIATION
At 10 March 2023 1,412,720 6,418,712 1,473,487 9,304,919
Charge for period 31,587 272,540 109,648 413,775
At 31 May 2023 1,444,307 6,691,252 1,583,135 9,718,694
NET BOOK VALUE
At 31 May 2023 2,614,833 4,747,893 980,580 8,343,306
At 9 March 2023 2,638,880 4,870,438 959,604 8,468,922

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
Additions 16,510,912
At 31 May 2023 16,510,912
NET BOOK VALUE
At 31 May 2023 16,510,912

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARY

Alex. Smith Metals Limited
Registered office: 67 Green Street Lane, Ayr KA8 8BE
Nature of business: Holding Company
%
Class of shares: holding
Ordinary 100.00
31/5/23
£   
Aggregate capital and reserves 40,329
Profit for the period 1,089,245


11. STOCKS


Group
£   
Trading stock 27,885

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group
£   
Trade debtors 5,209,796
Other debtors 3,160
Directors' loan account 52,736
Tax 16,331
Corporation tax 121,210
5,403,233

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group
£   
Trade creditors 1,991,969
Company credit card 2,560
Social security and other taxes 57,448
VAT 420,919
Accrued expenses 210,230
2,683,126

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The accrued expenses figure includes pension contributions in the amount of £10,551

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non- cancellable operating leases
£   
Within one year 148,127
Between one and five years 407,348
555,475

15. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax 969,261

Group
Deferred
tax
£   
Provided during period (2,288 )
At 10 March 2023 971,549
Balance at 31 May 2023 969,261

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
941 Ordinary £1 941

LOWMAC ALLOYS HOLDINGS LIMITED (REGISTERED NUMBER: SC761828)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 10 MARCH 2023 TO 31 MAY 2023


17. RESERVES

Group
Retained Share Other
earnings premium reserves Totals
£    £    £    £   

At 10 March 2023 3,909,359 - 1,272 3,910,631
Profit for the period 362,131 362,131
Share premium - 15,420,883 - 15,420,883
At 31 May 2023 4,271,490 15,420,883 1,272 19,693,645

Company
Retained Share
earnings premium Totals
£    £    £   

Profit for the period 1,089,088 1,089,088
Share premium - 15,420,883 15,420,883
At 31 May 2023 1,089,088 15,420,883 16,509,971


18. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
£   
Amount due from related party 52,736
Amount due to related party 5,374

19. ULTIMATE CONTROLLING PARTY

The controlling party is Mr Kenneth Alexander Smith.