Registered number
04759885
G J Lowe Limited
Filleted Accounts
31 May 2024
G J Lowe Limited
Registered number: 04759885
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 22,978 21,305
Current assets
Debtors 4 60,878 59,109
Cash at bank and in hand 109,772 98,544
170,650 157,653
Creditors: amounts falling due within one year 5 (53,164) (46,398)
Net current assets 117,486 111,255
Total assets less current liabilities 140,464 132,560
Creditors: amounts falling due after more than one year 6 (20,600) (25,909)
Net assets 119,864 106,651
Capital and reserves
Called up share capital 120 120
Profit and loss account 119,744 106,531
Shareholders' funds 119,864 106,651
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.
G J Lowe FCCA
Director
Approved by the board on 21 January 2025
G J Lowe Limited
Notes to the Accounts
for the year ended 31 May 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 (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 25% on a reducing balance
Fixtures, fittings, tools and equipment 25% on a reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 50,719
Additions 9,333
At 31 May 2024 60,052
Depreciation
At 1 June 2023 29,414
Charge for the year 7,660
At 31 May 2024 37,074
Net book value
At 31 May 2024 22,978
At 31 May 2023 21,305
4 Debtors 2024 2023
£ £
Trade debtors 58,880 57,500
Other debtors 1,998 1,609
60,878 59,109
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 32,056 26,386
Other creditors 21,108 20,012
53,164 46,398
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,600 25,909
7 Other information
G J Lowe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pennyweights
Kenley
CR8 5HB
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