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Company Registration No. 11868035 (England and Wales)
Lowe Design And Construction Ltd Unaudited accounts for the year ended 31 March 2024
Lowe Design And Construction Ltd Unaudited accounts Contents
Page
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Lowe Design And Construction Ltd Company Information for the year ended 31 March 2024
Directors
Louise Broom Craig Lowe
Company Number
11868035 (England and Wales)
Registered Office
24 Rosebery Road Chelmsford Essex CM2 0TU England
Accountants
CalCo Accounting Ltd The Stables, Coxes Farm Coxes Farm Road Billericay Essex CM11 2UB
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Lowe Design And Construction Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
284,416 
185,543 
Current assets
Debtors
294,254 
382,884 
Cash at bank and in hand
299,067 
42,015 
593,321 
424,899 
Creditors: amounts falling due within one year
(170,424)
(217,722)
Net current assets
422,897 
207,177 
Total assets less current liabilities
707,313 
392,720 
Creditors: amounts falling due after more than one year
(158,421)
(130,789)
Provisions for liabilities
Deferred tax
(33,326)
(28,119)
Net assets
515,566 
233,812 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
515,564 
233,810 
Shareholders' funds
515,566 
233,812 
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by
Louise Broom Director Company Registration No. 11868035
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Lowe Design And Construction Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Lowe Design And Construction Ltd is a private company, limited by shares, registered in England and Wales, registration number 11868035. The registered office is 24 Rosebery Road, Chelmsford, Essex, CM2 0TU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
Straight line over 3 to 5 years
Motor vehicles
Straight line over 3 to 5 years
Computer equipment
Straight line over 3 years
Going concern
After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
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 from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Lowe Design And Construction Ltd Notes to the Accounts for the year ended 31 March 2024
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2023
239,065 
11,666 
1,153 
251,884 
Additions
167,218 
- 
4,941 
172,159 
Disposals
- 
(5,000)
- 
(5,000)
At 31 March 2024
406,283 
6,666 
6,094 
419,043 
Depreciation
At 1 April 2023
58,938 
6,250 
1,153 
66,341 
Charge for the year
67,737 
1,666 
1,244 
70,647 
On disposals
- 
(2,361)
- 
(2,361)
At 31 March 2024
126,675 
5,555 
2,397 
134,627 
Net book value
At 31 March 2024
279,608 
1,111 
3,697 
284,416 
At 31 March 2023
180,127 
5,416 
- 
185,543 
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Lowe Design And Construction Ltd Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
20,590 
32,295 
Trade debtors
220,025 
267,786 
Accrued income and prepayments
- 
20,932 
Other debtors
53,639 
61,871 
294,254 
382,884 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
32,675 
54,485 
Obligations under finance leases and hire purchase contracts
29,022 
19,620 
Trade creditors
46,973 
110,686 
Taxes and social security
54,670 
32,931 
Other creditors
972 
- 
Loans from directors
6,112 
- 
170,424 
217,722 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
32,653 
23,279 
Obligations under finance leases and hire purchase contracts
125,768 
107,510 
158,421 
130,789 
8
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
33,326 
28,119 
2024 
2023 
£ 
£ 
Provision at start of year
28,119 
- 
Charged to the profit and loss account
5,207 
28,119 
Provision at end of year
33,326 
28,119 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
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Lowe Design And Construction Ltd Notes to the Accounts for the year ended 31 March 2024
10
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
- 
12,010 
Later than one year and not later than five years
- 
27,023 
- 
39,033 
11
Transactions with related parties
During the year each director received £12,570 (2023: £11,872) in respect of salary and £33,250 (2023: £34,250) in respect of dividends. At the year end the company owed Mr. C Lowe, a director, £6,112 (2023: 276). During the year the company paid £Nil (2023 - £47,372) to Lowe Steel Ltd in respect of plant and equipment hire, a company owned and controlled by Mr. C Lowe.
12
Controlling party
The company is 50% owned and controlled by Mr C Lowe and 50% owned and controlled by Miss L Broom. Mr C Lowe is the ultimate controlling party due to his operational control over the business.
13
Average number of employees
During the year the average number of employees was 3 (2023: 3).
14
Reconciliations on adoption of FRS 102
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