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
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
Lowe Design And Construction Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
284,416
185,543
Cash at bank and in hand
299,067
42,015
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
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
Lowe Design And Construction Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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 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.
Lowe Design And Construction Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 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
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
At 31 March 2024
279,608
1,111
3,697
284,416
At 31 March 2023
180,127
5,416
-
185,543
Lowe Design And Construction Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
220,025
267,786
Accrued income and prepayments
-
20,932
Other debtors
53,639
61,871
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
Loans from directors
6,112
-
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
125,768
107,510
8
Deferred taxation
2024
2023
Accelerated capital allowances
33,326
28,119
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
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
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
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.
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