REGISTERED NUMBER: NI606239 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2024

for

Lowry Construction Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Lowry

REGISTERED OFFICE:

30 Carncorn Road

Castlederg

Co. Tyrone

BT81 7RH

REGISTERED NUMBER:

NI606239 (Northern Ireland)

ACCOUNTANTS:

Tyrone Accountancy Services

8-10 Church Street

Omagh

Co. Tyrone

BT78 1DG

FIXED ASSETS

Tangible assets

4

2,509,329

2,257,007

CURRENT ASSETS

Stocks

1,483,313

576,000

Debtors

5

1,496,580

1,604,446

Cash at bank

944,299

616,769

3,924,192

2,797,215

CREDITORS

Amounts falling due within one year

6

3,138,297

2,243,073

NET CURRENT ASSETS

785,895

554,142

TOTAL ASSETS LESS CURRENT LIABILITIES

3,295,224

2,811,149

CREDITORS

Amounts falling due after more than one year

7

(274,919

)

(240,264

)

PROVISIONS FOR LIABILITIES

8

(571,384

)

(371,262

)

NET ASSETS

2,448,921

2,199,623

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

2,448,919

2,199,621

2,448,921

2,199,623

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 18 September 2025 and were signed by:

S Lowry - Director

1.	STATUTORY INFORMATION

Lowry Construction Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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, 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 - 20% reducing balance

Fixtures, fittings, tools and equipment - 20% reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Foreign currencies

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Hire purchase and leasing commitments

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

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.

Provisions

Provisions (i.e. 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.

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.

Government grants

Grants are recognised using the accruals basis. Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account in the period in which they become receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

223,792

4,020,474

127,486

4,371,752

Additions

-

1,042,496

25,500

1,067,996

Disposals

-

(762,704

)

(14,710

)

(777,414

)

At 31 December 2024

223,792

4,300,266

138,276

4,662,334

DEPRECIATION

At 1 January 2024

-

2,060,945

53,800

2,114,745

Charge for year

-

553,055

18,331

571,386

Eliminated on disposal

-

(525,947

)

(7,179

)

(533,126

)

At 31 December 2024

-

2,088,053

64,952

2,153,005

NET BOOK VALUE

At 31 December 2024

223,792

2,212,213

73,324

2,509,329

At 31 December 2023

223,792

1,959,529

73,686

2,257,007

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

766,304

963,673

Other debtors

730,276

640,773

1,496,580

1,604,446

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

49,065

59,116

Hire purchase contracts

418,915

292,656

Trade creditors

2,133,776

1,417,538

Taxation and social security

140,997

193,131

Other creditors

395,544

280,632

3,138,297

2,243,073

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

19,167

68,351

Hire purchase contracts

255,752

171,913

274,919

240,264

8.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

571,384

371,262

Deferred

tax

£

Balance at 1 January 2024

371,262

Charge to Income Statement during year

200,122

Balance at 31 December 2024

571,384

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director advanced £30,500 and the company repaid £30,773, leaving a balance owed to the director at the year end of £2,950.

10.	SECURED DEBTS

Secured bank loans total £3,065 (2023: £16,300).

Bank of Ireland - Security over 23 Mullaghcarton Road, Lisburn. Folios AN92232 & AN40818.

Bank of Ireland - Security over 48 Ednagee Road, Castlederg. Folio TY104582.