1 March 2023 false No description of principal activity Taxfiler 2024.6 11065521business:PrivateLimitedCompanyLtd2023-03-012024-02-29 110655212023-02-28 110655212023-03-012024-02-29 11065521business:AuditExempt-NoAccountantsReport2023-03-012024-02-29 11065521business:FilletedAccounts2023-03-012024-02-29 110655212024-02-29 11065521business:Director12023-03-012024-02-29 11065521business:Director22023-03-012024-02-29 11065521business:RegisteredOffice2023-03-012024-02-29 110655212023-02-28 11065521core:WithinOneYear2024-02-29 11065521core:WithinOneYear2023-02-28 11065521core:AfterOneYear2024-02-29 11065521core:AfterOneYear2023-02-28 11065521core:ShareCapitalcore:PreviouslyStatedAmount2024-02-29 11065521core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 11065521core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-02-29 11065521core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 11065521core:PreviouslyStatedAmount2024-02-29 11065521core:PreviouslyStatedAmount2023-02-28 11065521business:SmallEntities2023-03-012024-02-29 11065521countries:EnglandWales2023-03-012024-02-29 11065521core:WithinOneYear2023-03-012024-02-29 11065521core:AfterOneYear2023-03-012024-02-29 11065521business:OrdinaryShareClass12023-03-012024-02-29 11065521business:OrdinaryShareClass12022-03-012023-02-28 110655212022-03-012023-02-28 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 11065521 (England and Wales)
Lowstar Ltd Unaudited accounts for the year ended 29 February 2024
Lowstar Ltd Unaudited accounts Contents
Page
- 2 -
Lowstar Ltd Company Information for the year ended 29 February 2024
Directors
Mr S Lew Mr I Stern
Company Number
11065521 (England and Wales)
Registered Office
6 Wilderton Road London N16 5QZ
- 3 -
Lowstar Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
578,990 
578,990 
Current assets
Debtors
6,701 
6,436 
Cash at bank and in hand
7,007 
5,381 
13,708 
11,817 
Creditors: amounts falling due within one year
(83,803)
(82,889)
Net current liabilities
(70,095)
(71,072)
Total assets less current liabilities
508,895 
507,918 
Creditors: amounts falling due after more than one year
(498,657)
(504,676)
Provisions for liabilities
Deferred tax
(3,000)
(3,000)
Net assets
7,238 
242 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
7,138 
142 
Shareholders' funds
7,238 
242 
For the year ending 29 February 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 11 November 2024 and were signed on its behalf by
Mr I Stern Director Company Registration No. 11065521
- 4 -
Lowstar Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Lowstar Ltd is a private company, limited by shares, registered in England and Wales, registration number 11065521. The registered office is 6 Wilderton Road, London, N16 5QZ.
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.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
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.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
- 5 -
Lowstar Ltd Notes to the Accounts for the year ended 29 February 2024
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Investment property
2024 
£ 
Fair value at 1 March 2023
578,990 
At 29 February 2024
578,990 
The investment property at 29 February 2024 is stated at director's estimation of open market value. The historical cost of investment property included at valuation is £566,135 (2023: £566,135).
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
3,850 
950 
Accrued income and prepayments
2,851 
5,486 
6,701 
6,436 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
6,018 
5,870 
Other creditors
77,785 
77,019 
83,803 
82,889 
Other creditors includes an amount aggregating £69,729 (2023: £80,025) due to companies which have directors in common with the company.
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
498,657 
504,676 
Bank loans includes a loan that is secured on the company's investment property.
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
- 6 -