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REGISTERED NUMBER: 05255320 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LOWERY ENGINEERING COMPANY LIMITED

LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


LOWERY ENGINEERING COMPANY LIMITED

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTOR: Mr S P Lowery



SECRETARY: Mrs A Lowery



REGISTERED OFFICE: Unit 7
Alexandra Trading Estate
Alexandra Road
Denton
Greater Manchester
M34 3DX



REGISTERED NUMBER: 05255320 (England and Wales)



ACCOUNTANTS: Oldham and Company
Chartered Certified Accountants
3 The Oaks
Hyde
Cheshire
SK14 3SD



BANKERS: HSBC Bank Plc
5 Great Underbank
Stockport
Cheshire
SK1 1LH



SOLICITORS: No firm appointed
x
x
x

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LOWERY ENGINEERING COMPANY LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lowery Engineering Company Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Lowery Engineering Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lowery Engineering Company Limited and state those matters that we have agreed to state to the director of Lowery Engineering Company Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Lowery Engineering Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lowery Engineering Company Limited. You consider that Lowery Engineering Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lowery Engineering Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Oldham and Company
Chartered Certified Accountants
3 The Oaks
Hyde
Cheshire
SK14 3SD


17 January 2025

LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)

BALANCE SHEET
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 4,461 5,252
Investments 6 12,600 13,696
17,062 18,949

CURRENT ASSETS
Stocks 3,850 3,775
Debtors 7 11,927 6,146
Cash at bank and in hand 16,093 25,162
31,870 35,083
CREDITORS
Amounts falling due within one year 8 13,035 12,363
NET CURRENT ASSETS 18,835 22,720
TOTAL ASSETS LESS CURRENT
LIABILITIES

35,897

41,669

CREDITORS
Amounts falling due after more than
one year

9

(13,009

)

(13,009

)

PROVISIONS FOR LIABILITIES (1,008 ) (1,517 )
NET ASSETS 21,880 27,143

LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)

BALANCE SHEET - continued
31 March 2024

31/3/24 31/3/23
Notes £    £    £    £   

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 20,880 26,143
SHAREHOLDERS' FUNDS 21,880 27,143

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 16 January 2025 and were signed by:





Mr S P Lowery - Director


LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Lowery Engineering Company 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.

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 represents both sales of goods net of value added tax and trade discounts and is recognised when the good are physically despatched to the customer and the net value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.


LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 38,000
AMORTISATION
At 1 April 2023
and 31 March 2024 37,999
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 4,360 27,745 32,105
DEPRECIATION
At 1 April 2023 4,355 22,498 26,853
Charge for year - 791 791
At 31 March 2024 4,355 23,289 27,644
NET BOOK VALUE
At 31 March 2024 5 4,456 4,461
At 31 March 2023 5 5,247 5,252

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31/3/24 31/3/23
£    £   
Brought forward 13,696 14,887
Revaluation adjustments (1,096 ) (1,191 )
12,600 13,696

The fixed asset investment consist of a fully restored MG Midget convertible car and a Porsche Cayman S car both used for promoting and advertising the company at classic motor car shows throughout the region.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 11,158 5,386
Other debtors 769 760
11,927 6,146

LOWERY ENGINEERING COMPANY LIMITED (REGISTERED NUMBER: 05255320)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 2,787 488
Taxation and social security 7,031 5,980
Other creditors 3,217 5,895
13,035 12,363

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/24 31/3/23
£    £   
Other creditors 13,009 13,009

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31/3/24 31/3/23
£    £   
Mr S P Lowery
Balance outstanding at start of year - -
Amounts advanced 13,706 15,035
Amounts repaid (13,706 ) (15,035 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The Company levied interest on the short-term director's loan.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 (2023 - £11,250) were paid to the director .