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Registered number: 00864414










J D LOWE (PROPERTIES) LTD

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2023

 
J D LOWE (PROPERTIES) LTD
 

Company Information


Directors
Caroline Ruth Heath 
Peter William Lowe 




Company secretary
Peter William Lowe



Registered number
00864414



Registered office
622 Abbeydale Road

Sheffield

S7 2BA





 
J D LOWE (PROPERTIES) LTD
Registered number: 00864414

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
584
780

Investments
  
442,662
607,662

  
443,246
608,442

Current assets
  

Debtors
  
97,451
48,143

Cash at bank and in hand
  
59,580
16,056

  
157,031
64,199

Creditors: amounts falling due within one year
  
(50,443)
(29,731)

Net current assets
  
 
 
106,588
 
 
34,468

Total assets less current liabilities
  
549,834
642,910

Provisions for liabilities
  
(72,274)
(92,023)

Net assets
  
477,560
550,887


Capital and reserves
  

Called up share capital 
 6 
871
1,000

Capital redemption reserve
  
129
-

Profit and loss account
 7 
476,560
549,887

  
477,560
550,887


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 year 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 on 9 July 2024.


Peter William Lowe
Director

The notes on pages 3 to 7 form part of these financial statements.
Page 1

 
J D LOWE (PROPERTIES) LTD
Registered number: 00864414

Balance sheet (continued)
As at 31 December 2023



Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,000
-
497,004
498,004



Profit for the year
-
-
52,883
52,883



At 1 January 2023
1,000
-
549,887
550,887



Loss for the year
-
-
(1,902)
(1,902)

Purchase of own shares
-
129
(71,425)
(71,296)

Shares cancelled during the year
(129)
-
-
(129)


At 31 December 2023
871
129
476,560
477,560


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
J D LOWE (PROPERTIES) LTD
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

J D Lowe (Properties) Ltd is a company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Turnover comprises revenue recognised by the company in respect of rents receivable during the year.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.

Page 3

 
J D LOWE (PROPERTIES) LTD
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment properties are revalued annually and any changes in fair value are recognised in the Statement of comprehensive income.  No depreciation is provided in respect of investment properties.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

Page 4

 
J D LOWE (PROPERTIES) LTD
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 -2).

Page 5

 
J D LOWE (PROPERTIES) LTD
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Fixtures and equipment

£



Cost or valuation


At 1 January 2023
7,958



At 31 December 2023

7,958



Depreciation


At 1 January 2023
7,178


Charge for the year on owned assets
196



At 31 December 2023

7,374



Net book value



At 31 December 2023
584



At 31 December 2022
780


5.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 January 2023
112,662
495,000
607,662


Disposals
-
(165,000)
(165,000)



At 31 December 2023
112,662
330,000
442,662





6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



871 (2022 -1,000) Ordinary Shares shares of £1.00 each
871
1,000


Page 6

 
J D LOWE (PROPERTIES) LTD
 

 
Notes to the financial statements
For the year ended 31 December 2023

7.


Reserves

Capital redemption reserve

The balance on the Capital Redemption Reserve of £129 arose during the year due to the company re-purchasing 129 ordinary shares back from shareholders. The shares had a nominal value of £1 and were consequently cancelled.

Profit and loss account
Included within the profit and loss account reserves are £211,689 (2022 £355,039) of undistributable reserves relating to the revaluation of investment properties.


8.


Related party transactions

Included in other debtors is a loan to a director in the sum of £85,225 (2022 35,945), the loan is unsecured, interest free and repayable on demand.
Included in other creditors is a loan from a shareholder in the sum of £25,000 (2022 £25,000). The loan is unsecured, interest free and has no expressed repayment terms.                                                                                                                                              


Page 7