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REGISTERED NUMBER: 06537177 (England and Wales)














Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Lowry Partnership Limited

Lowry Partnership Limited (Registered number: 06537177)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lowry Partnership Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: P J C Clark
Ms L E Mahony





REGISTERED OFFICE:
Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Sunrise House
Hulley Road
Macclesfield
Cheshire
SK10 2LP





REGISTERED NUMBER: 06537177 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Lowry Partnership Limited (Registered number: 06537177)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 313,517 320,604
Investment property 5 3,575,000 3,575,000
3,888,517 3,895,604

CURRENT ASSETS
Debtors 6 746,445 182,868
Cash at bank and in hand 580,550 574,737
1,326,995 757,605
CREDITORS
Amounts falling due within one year 7 1,529,781 1,425,870
NET CURRENT LIABILITIES (202,786 ) (668,265 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,685,731

3,227,339

CREDITORS
Amounts falling due after more than one year 8 (682,691 ) (430,053 )

PROVISIONS FOR LIABILITIES (485,469 ) (484,919 )
NET ASSETS 2,517,571 2,312,367

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,517,570 2,312,366
SHAREHOLDERS' FUNDS 2,517,571 2,312,367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lowry Partnership Limited (Registered number: 06537177)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





P J C Clark - Director


Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Lowry Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company's financial statements for the year ended 29 February 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 284,734 66,643 26,568 7,997 385,942
Additions 5,000 14,000 444 1,882 21,326
At 29 February 2024 289,734 80,643 27,012 9,879 407,268
DEPRECIATION
At 1 March 2023 48,437 1,367 13,667 1,867 65,338
Charge for year 14,289 10,375 2,001 1,748 28,413
At 29 February 2024 62,726 11,742 15,668 3,615 93,751
NET BOOK VALUE
At 29 February 2024 227,008 68,901 11,344 6,264 313,517
At 28 February 2023 236,297 65,276 12,901 6,130 320,604

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 3,575,000
NET BOOK VALUE
At 29 February 2024 3,575,000
At 28 February 2023 3,575,000

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. INVESTMENT PROPERTY - continued

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2015 359,750
Valuation in 2018 813,810
Valuation in 2023 757,825
Cost 1,643,615
3,575,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,643,615 1,643,615

The investment properties were valued on an open market basis on 21 April 2023 by BNP Paribas Real Estate .

The director considers the market value of the investment properties at 29 February 2024 not to be materially different from the value stated in the financial statements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 152,982 64,136
Other debtors 593,463 118,732
746,445 182,868

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,932 9,687
Trade creditors 58,342 106,009
Taxation and social security 121,007 48,385
Other creditors 1,340,500 1,261,789
1,529,781 1,425,870

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 682,691 430,053

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 360,000 360,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 669,343 406,527

11. CONTINGENT LIABILITIES

The company has guaranteed the bank facilities of a company in which a director of the company is also a director and shareholder. The bank loan balance for that company is £9,261800 as at 29 February 2024.

The company has guaranteed the bank facilities of a partnership in which a director of the company is also a partner. The bank loan balance for that partnership is £1,924,741 as at 29 February 2024.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
P J C Clark
Balance outstanding at start of year 48,003 46,135
Amounts advanced 593,843 47,896
Amounts repaid (115,593 ) (46,028 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 526,253 48,003

Ms L E Mahony
Balance outstanding at start of year 1,766 -
Amounts advanced - 1,766
Amounts repaid (1,766 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,766

During the year, interest amounting to £8,112 (2023: £709) was charged to directors' current account in respect of this overdrawn balance.

Lowry Partnership Limited (Registered number: 06537177)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

13. RELATED PARTY DISCLOSURES

Included within creditors is a balance amounting to £1,173,935 (2023: £1,092,609) due to a company in which a director of the company is also a director and shareholder. There are no fixed repayment terms and no interest is chargeable to the company in respect of this balance.

Included within debtors is a balance amounting to £38,937 (2023: £35,676) due from a company in which a director of the company is also a director and shareholder. There are no fixed repayment terms and no interest is chargeable by the company in respect of this balance.

One of the directors has guaranteed the bank facilities of the company upto a maximum balance of £1,250,000.