LOWENA COMMUNITY INTEREST COMPANY

Company Registration Number:
06112800 (England and Wales)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

LOWENA COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 29 February 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

LOWENA COMMUNITY INTEREST COMPANY

Directors' report period ended 29 February 2024

The directors present their report with the financial statements of the company for the period ended 29 February 2024

Principal activities of the company

The company's principal activity during the year continued to be helping people who want to prepare for work and overcome mental illness, addiction, homelessness, crime, sickness etc. Motivated by God's love Lowena Community Interest Company provides work experience in gardening, animal care and general building work which helps develop a work reference and new skills.



Directors

The director shown below has held office during the whole of the period from
1 March 2023 to 29 February 2024

Dr Mark Selwood


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 November 2024

And signed on behalf of the board by:
Name: Dr Mark Selwood
Status: Director

LOWENA COMMUNITY INTEREST COMPANY

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 5,503 5,235
Investments:   0 0
Total fixed assets: 5,503 5,235
Current assets
Stocks: 4 949 899
Debtors: 5 400 0
Cash at bank and in hand: 1,069 746
Investments:   0 0
Total current assets: 2,418 1,645
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 58,986 ) ( 42,798 )
Net current assets (liabilities): (56,568) (41,153)
Total assets less current liabilities: (51,065) ( 35,918)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (51,065) (35,918)
Capital and reserves
Called up share capital: 5,000 5,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (56,065 ) (40,918 )
Total Shareholders' funds: ( 51,065 ) (35,918)

The notes form part of these financial statements

LOWENA COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 29 February 2024 the company was entitled to exemption 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.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 27 November 2024
and signed on behalf of the board by:

Name: Dr Mark Selwood
Status: Director

The notes form part of these financial statements

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Income includes revenue earned from the sale of goods and from the rendering of services. Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Income 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

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Plant and equipment 25% reducing balance Office equipment 25% reducing balance

    Other accounting policies

    Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Short term creditors are measured at transaction price (which is usually the invoice price). Format of the accounts - the Members consider that the headings of the income and expenditure used in these accounts are more relevant to this company's trading activities than those set out in the Companies Act 1986. Members liability - every member of the Company undertakes to contribute such amount not exceeding £1.00 as may be required to the assets of the Company if it should be wound up while he is a member or within one year after he ceases to be a member for payments of the debts and liabilities of the Company contracted before he ceased to be a member and the costs, charges and expenses of winding up and for the adjustments of the rights of the contributors among themselves. Going concern - the company is trading as a going concern on the understanding that the Members do not need to draw down balances owing to them at the year-end for the foreseeable future. Taxation - a current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 2

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 0 13,617 0 889 0 14,506
Additions 0 2,145 0 0 0 2,145
Disposals 0 ( 432 ) 0 0 0 ( 432 )
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 29 February 2024 0 15,330 0 889 0 16,219
Depreciation
At 1 March 2023 0 8,639 0 632 0 9,271
Charge for year 0 1,796 0 64 0 1,860
On disposals 0 ( 415 ) 0 0 0 ( 415 )
Other adjustments 0 0 0 0 0 0
At 29 February 2024 0 10,020 0 696 0 10,716
Net book value
At 29 February 2024 0 5,310 0 193 0 5,503
At 28 February 2023 0 4,978 0 257 0 5,235

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Stocks

2024 2023
£ £
Stocks 949 899
Payments on account 0 0
Total 949 899

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 29 February 2024

5. Debtors

2024 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 400 0
Total 400 0
Debtors due after more than one year: 0 0

LOWENA COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 29 February 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 1,020 1,020
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 57,966 41,778
Total 58,986 42,798

COMMUNITY INTEREST ANNUAL REPORT

LOWENA COMMUNITY INTEREST COMPANY

Company Number: 06112800 (England and Wales)

Year Ending: 29 February 2024

Company activities and impact

We have provided work experience and personal development for vulnerable people. We have provided a venue for autistic therapy and work experience to support this. We have distributed farm produce to people in need

Consultation with stakeholders

We continued to encourage the service users to see Lowena as a project that they are developing, and we regularly ask their suggestions. We discuss major business and social interventions with a wider group of stakeholders.

Directors' remuneration

One Director received an annual remuneration of £4,000 and each Director received annual income of £3,150 for the rental of farm land, buildings and office space.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
27 November 2024

And signed on behalf of the board by:
Name: Dr Mark Selwood
Status: Director