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REGISTERED NUMBER: 10594750 (England and Wales)











Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Lowden Developments Limited

Lowden Developments Limited (Registered number: 10594750)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lowden Developments Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: N B Lowden
C R Worthington





REGISTERED OFFICE: The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG





REGISTERED NUMBER: 10594750 (England and Wales)





ACCOUNTANTS: Knights Lowe
Chartered Accountants
The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG

Lowden Developments Limited (Registered number: 10594750)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 471,529 2,777,962
Debtors 4 659,622 27,923
Cash at bank 11,044 11,210
1,142,195 2,817,095
CREDITORS
Amounts falling due within one year 5 582,532 2,230,274
NET CURRENT ASSETS 559,663 586,821
TOTAL ASSETS LESS CURRENT LIABILITIES 559,663 586,821

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 559,563 586,721
SHAREHOLDERS' FUNDS 559,663 586,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

Lowden Developments Limited (Registered number: 10594750)

Balance Sheet - continued
29 February 2024


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 28 June 2024 and were signed on its behalf by:




C R Worthington - Director



N B Lowden - Director


Lowden Developments Limited (Registered number: 10594750)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Lowden Developments 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

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 represents sale of properties recognised on the date of completion.

Stocks
Stocks consist of development properties held for sale. Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.


Lowden Developments Limited (Registered number: 10594750)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Going concern
As part of its going concern review, the directors have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The directors have the reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors consider that the going concern basis of accounting remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 278,228 -
Other debtors 381,394 27,923
659,622 27,923

Other debtors includes £209,309 (2023 - £27,923) due to a connected company.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 1,397,544
Other creditors 582,532 832,730
582,532 2,230,274

Lowden Developments Limited (Registered number: 10594750)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

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

Other creditors includes £277,256 (2023 - £550,000) due to a connected company.

6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 1,397,544
Other loans 557,256 830,000
557,256 2,227,544

The bank and other loans are secured on the properties to which they relate.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary Shares A 1 50 50
50 Ordinary shares B 1 50 50
100 100