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COMPANY REGISTRATION NUMBER: 02840746
Lowell Limited
Unaudited Financial Statements
31 March 2024
Lowell Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Director's report
1
Statement of financial position
2
Accounting policies
3
Notes to the financial statements
5
Lowell Limited
Director's Report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year. It is anticipated that the company will remain dormant for the foreseeable future.
Director
The director who served the company during the year was as follows:
E J A fforde
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 October 2024 and signed on behalf of the board by:
E J A fforde
Director
Registered office:
Suite 1, First floor
1 Duchess Street
London
W1W 6AN
Lowell Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
3
200
200
Tangible assets
4
20,685
20,685
--------
--------
20,885
20,885
Current assets
Debtors
5
63,482
63,482
Creditors: amounts falling due within one year
6
42,703
42,703
--------
--------
Net current assets
20,779
20,779
--------
--------
Total assets less current liabilities
41,664
41,664
--------
--------
Net assets
41,664
41,664
--------
--------
Capital and reserves
Called up share capital
25,000
25,000
Profit and loss account
16,664
16,664
--------
--------
Shareholders funds
41,664
41,664
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The company did not trade during the year and has not made either a profit or loss.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
E J A fforde
Director
Company registration number: 02840746
Lowell Limited
Accounting Policies
Year ended 31 March 2024
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company received no income and incurred no expenditure during the current year.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Over 10 years.
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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 that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Lowell Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Intangible assets
Development costs
£
Cost
At 1 April 2023 and 31 March 2024
2,000
-------
Amortisation
At 1 April 2023 and 31 March 2024
1,800
-------
Carrying amount
At 31 March 2024
200
-------
At 31 March 2023
200
-------
4. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
11,862
17,000
28,862
--------
--------
--------
Depreciation
At 1 April 2023 and 31 March 2024
8,177
8,177
--------
--------
--------
Carrying amount
At 31 March 2024
3,685
17,000
20,685
--------
--------
--------
At 31 March 2023
3,685
17,000
20,685
--------
--------
--------
5. Debtors
2024
2023
£
£
Other debtors
63,482
63,482
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
42,703
42,703
--------
--------
7. Director's advances, credits and guarantees
At the year end, the company owed the director £41,263 (2023: £41,263).