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REGISTERED NUMBER: 00183492 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Lowcock Properties Limited

Lowcock Properties Limited (Registered number: 00183492)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lowcock Properties Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J M Lowcock
R W Lowcock
Mrs B A Lowcock





SECRETARIES: M J Lowcock
Mrs B A Lowcock





REGISTERED OFFICE: 3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX





REGISTERED NUMBER: 00183492 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Lowcock Properties Limited (Registered number: 00183492)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,626,489 5,776,647
Investments 5 46,904 57,054
5,673,393 5,833,701

CURRENT ASSETS
Debtors 6 21,028 37,314
Cash at bank 27,744 32,257
48,772 69,571
CREDITORS
Amounts falling due within one year 7 319,711 751,006
NET CURRENT LIABILITIES (270,939 ) (681,435 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,402,454

5,152,266

CREDITORS
Amounts falling due after more than one
year

8

(300,658

)

-

PROVISIONS FOR LIABILITIES (163,600 ) (163,600 )
NET ASSETS 4,938,196 4,988,666

CAPITAL AND RESERVES
Called up share capital 10 2,000 2,000
Non distributable reserve 11 914,326 936,812
Retained earnings 11 4,021,870 4,049,854
SHAREHOLDERS' FUNDS 4,938,196 4,988,666

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Lowcock Properties Limited (Registered number: 00183492)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 7 July 2024 and were signed on its behalf by:





R W Lowcock - Director


Lowcock Properties Limited (Registered number: 00183492)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lowcock Properties 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 Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years stated unless otherwise stated.

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

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 - 15% on cost
Motor vehicles - 25% on cost

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.

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.

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.

Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Lowcock Properties Limited (Registered number: 00183492)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Valuation of investment properties
The residential and non-residential investment land and properties have been valued at fair value by the directors. Whilst the directors are not professionally qualified valuers, they have a longstanding involvement in the local property market.

The farm land is valued using an average market rate of UK agricultural land.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Debtors and creditors receivable/payable within one year.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss in other administrative expenses.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Investment and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 5,769,373 30,978 44,400 5,844,751
Disposals (147,500 ) - - (147,500 )
At 31 December 2023 5,621,873 30,978 44,400 5,697,251
DEPRECIATION
At 1 January 2023 - 23,706 44,398 68,104
Charge for year - 2,658 - 2,658
At 31 December 2023 - 26,364 44,398 70,762
NET BOOK VALUE
At 31 December 2023 5,621,873 4,614 2 5,626,489
At 31 December 2022 5,769,373 7,272 2 5,776,647


Lowcock Properties Limited (Registered number: 00183492)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 57,054
Disposals (18,472 )
Revaluations (67 )
Impairments (81 )
Reversal of impairments 8,470
At 31 December 2023 46,904
NET BOOK VALUE
At 31 December 2023 46,904
At 31 December 2022 57,054

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2023 46,904

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 53 46
Taxation - 4,445
Prepayments and accrued income 20,975 32,823
21,028 37,314

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,928 483,741
Trade creditors 807 -
Social security and other taxes 8,067 8,250
Directors' current accounts 265,325 236,181
Accrued expenses 24,584 22,834
319,711 751,006

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 300,658 -

Lowcock Properties Limited (Registered number: 00183492)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 321,586 483,741

The above debts are secured by way of legal mortgages certain of the company's investment properties.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,000 Ordinary £1 2,000 2,000

11. RESERVES
Non
Retained distributable
earnings reserve Totals
£    £    £   

At 1 January 2023 4,049,854 936,812 4,986,666
Deficit for the year (40,470 ) - (40,470 )
Dividends (10,000 ) - (10,000 )
Revaluation during year 67 (67 ) -
Transfer of realised gain 22,419 (22,419 ) -
At 31 December 2023 4,021,870 914,326 4,936,196