Company Registration No. 01214245 (England and Wales)
J N Lowther Holdings Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
J N Lowther Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J N Lowther Holdings Limited
Balance sheet
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
32,705
10,100
Investments
5
1,124,317
1,124,317
1,157,023
1,134,418
Current assets
Debtors
6
1,159,182
51,426
Cash at bank and in hand
762,000
579,936
1,921,182
631,362
Creditors: amounts falling due within one year
7
(75,491)
(56,049)
Net current assets
1,845,691
575,313
Total assets less current liabilities
3,002,714
1,709,731
Provisions for liabilities
(4,186)
Net assets
2,998,528
1,709,731
Capital and reserves
Called up share capital
7,000
7,000
Profit and loss reserves
2,991,528
1,702,731
Total equity
2,998,528
1,709,731
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
J N Lowther Holdings Limited
Balance sheet (continued)
As at 31 December 2023
31 December 2023
2
The financial statements were approved and signed by the director and authorised for issue on 26 September 2024.
James Lowther
Director
Company Registration No. 01214245
J N Lowther Holdings Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
J N Lowther Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lowther Castle, Lowther, Penrith, Cumbria, CA10 2HH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents wayleave receipts stated net of Value Added Tax. All turnover is accounted for on an accruals basis.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Mineral rights
10% straight line
Trademark
10% straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land
7p per tonne of stone quarried
Office equipment
20% straight line
Computer equipment
33% straight line
Motor vehicles
33% straight line
1.5
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
J N Lowther Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
J N Lowther Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Mineral rights
Trademark
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
5,000
5,492
10,492
Amortisation and impairment
At 1 January 2023 and 31 December 2023
4,999
5,492
10,491
Carrying amount
At 31 December 2023
1
1
At 31 December 2022
1
1
J N Lowther Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
200,586
29,032
229,618
Additions
36,719
36,719
At 31 December 2023
200,586
65,751
266,337
Depreciation and impairment
At 1 January 2023
192,650
26,868
219,518
Depreciation charged in the year
2,152
11,962
14,114
At 31 December 2023
194,802
38,830
233,632
Carrying amount
At 31 December 2023
5,784
26,921
32,705
At 31 December 2022
7,936
2,164
10,100
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,124,317
1,124,317
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
105,047
40,238
Other debtors
1,054,135
11,188
1,159,182
51,426
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43
2,715
Corporation tax
39,386
33,170
Other taxation and social security
32,555
16,964
Other creditors
3,507
3,200
75,491
56,049
J N Lowther Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
8
Directors' transactions
The loan to the director is interest-free and repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
3,355
90,018
(47,155)
46,218
3,355
90,018
(47,155)
46,218