Registered number
NI651310
Lowry Plant NI Ltd
Report and Unaudited Accounts
30 June 2024
Lowry Plant NI Ltd
Company Information
Directors
Helen Lowry
Ian Lowry
Accountants
Tyrone Accountancy Services
8-10 Church Street
Omagh
Co. Tyrone
BT78 1DG
Bankers
Ulster Bank
14 High Street
Omagh
Co Tyrone
BT78 1BJ
Registered office
92 Drumquin Road
Castlederg
Co Tyrone
BT81 7RB
Registered number
NI651310
Lowry Plant NI Ltd
Registered number: NI651310
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,141,452 1,297,891
Current assets
Debtors 4 34,082 35,236
Cash at bank and in hand 1,371,863 554,284
1,405,945 589,520
Creditors: amounts falling due within one year 5 (1,331,288) (146,012)
Net current assets 74,657 443,508
Total assets less current liabilities 1,216,109 1,741,399
Creditors: amounts falling due after more than one year 6 (34,237) (113,604)
Provisions for liabilities 7 (227,682) (199,446)
Net assets 954,190 1,428,349
Capital and reserves
Called up, issued and fully paid share capital 2 2
Profit and loss account 954,188 1,428,347
Shareholders' funds 9 954,190 1,428,349
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
The profit and loss account has not been delivered to the Registrar of Companies under section 444 of the Companies Act 2006.
The notes on pages 6 and 8 form an integral part of the accounts.
Helen Lowry
Director
Approved by the board on 13 December 2024
Lowry Plant NI Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The financial statements are presented in UK Sterling pounds (£)
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. 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.
Tangible fixed assets
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 machinery 15% reducing balances
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classes as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 1,885,296
Additions 45,000
At 30 June 2024 1,930,296
Depreciation
At 1 July 2023 587,405
Charge for the year 201,439
At 30 June 2024 788,844
Net book value
At 30 June 2024 1,141,452
At 30 June 2023 1,297,891
4 Debtors 2024 2023
£ £
Trade debtors 34,080 17,073
Taxes and social security costs - 18,161
Other debtors 2 2
34,082 35,236
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 79,367 139,657
Trade creditors 966 5,755
Taxes and social security costs 250,235 -
Other creditors and accruals 1,000,720 600
1,331,288 146,012
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 34,237 113,604
7 Provision for liabilities
Deferred Taxation £
At 1 July 2023 199,446
Charged to the profit and loss 28,236
At 30 June 2024 227,682
The provision for deferred taxation is made up as follows:
2024 2023
£ £
Accelerated capital allowances (28,236) (73,105)
(28,236) (73,105)
8 Directors' advances, credits and guarantees
During the year the directors advanced £1,000,000, leaving a balance owed to the directors at the year end of £1,000,000.
The balances are interest free and repayable on demand.
9 Statement of changes in equity
The shareholders funds represents cumulative profits or losses, net of dividends paid, deferred tax adjustments and other adjustments.
10 Other information
Lowry Plant NI Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
92 Drumquin Road
Castlederg
Co Tyrone
BT81 7RB
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