ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 15119299

LOWRY HOLDCO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

LOWRY HOLDCO LIMITED

COMPANY INFORMATION

Directors	M J Lowry
	S E R Christopher


Registered number	15119299


Registered office	Fleet House
	Sunderland Quay Culpeper Close
	Rochester,
	Kent
	ME2 4HN


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

LOWRY HOLDCO LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 9
Consolidated statement of comprehensive income	10
Consolidated balance sheet	11 - 12
Company balance sheet	13
Consolidated statement of changes in equity	14
Company statement of changes in equity	15
Consolidated statement of cash flows	16 - 17
Notes to the financial statements	18 - 38

LOWRY HOLDCO LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report accompanying the financial statements for the year ended 31 December 2024.

Business review

The results for the group for the year ended 31 December 2024 are set out in the financial statements on pages 10 to 35. The directors consider that the pre-tax profit for the year of £989,180 was a positive result. Turnover has grown significantly and this has had a positive impact on profitability. The company continues to operate as a leading supplier of luxury packaging and trading has remained strong into 2025. The tight control of overhead costs and the levels of working capital employed have been important factors in the achievement of the results. The group’s French operation has also grown strongly and made a positive contribution to group profitability. This is expected to improve further in the coming year.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company relate to the stability of the UK economy and competition from similar operators in the industry. The directors monitor and review the key risks of the business.

Credit risk

The exposure to bad debts and credit risk is proactively managed, including monitoring of debts on a daily basis. Credit decisions are taken by the directors who oversee the grant of all credit terms.

Foreign exchange risk

The group makes some sales and purchases in currencies other than sterling. To manage the risk
associated with the fluctuation of foreign currency exchange rates, the group enters into forward foreign exchange contracts.

Liquidity Risk
The group is financed through the confidential discounting of its trade debts. The maximum facility available to the group is £3.5 million. The amount available at any time is determined by the value of trade debts discounted up to this limit. The directors actively manage the cash flow on a daily basis, including projections of future cash requirements. These forecasts and projections, taking into account likely changes in trading performance, show that the group is able to continue to operate within the level of the facility and in compliance with the covenants to which the facility is subject.
Interest rate risks
The group accepts a certain degree of interest rate risk and other market price risks and continues to monitor these on an ongoing basis.
Financial key performance indicators
The group's key performance indicators remain turnover, gross margin and retained profits which best communicate the financial performance of the group.
Environmental Social Governance
The group has made remarkable progress in its Environmental, Social, and Governance (ESG) strategy. What began as a leadership-led initiative has evolved into group-wide transformation, one that influences every part of the business, from internal operations to global supply chain partnerships.

Page 1

LOWRY HOLDCO LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Key actions include:
• Joined Planet Mark, a respected sustainability certification, to measure and reduce carbon emissions.
• Aligned company strategy with Planet Mark’s Net Zero framework, helping Fleet develop practical, long- term carbon reduction goals.
• Introduced cleaner, greener energy use and lower-emission machinery in manufacturing processes.
• FSC® Certified Paper is used in production.
• Transition from fossil fuel vehicles to electric vehicles (EVs) for staff and business operations.
Ethical Supply Chain Collaboration
Fleet believes that sustainability cannot be achieved in isolation. That’s why a major part of its ESG mission involves working closely with supply chain partners to raise standards and build ethical, responsible sourcing frameworks.
Key supply chain initiatives:
• Direct engagement with suppliers to ensure shared sustainability and ethical standards.
• Full transparency in sourcing processes, especially around materials, dyes, and manufacturing.
• Encouragement of sustainability improvements throughout the supplier network.
• Long-term relationships built on mutual accountability and values alignment.
Fleet’s approach avoids greenwashing by focusing on honest conversations, measurable action, and partnerships rooted in trust and responsibility.
Building a Culture of Sustainability
Fleet’s transformation isn’t limited to external practices. Internally, the company has worked hard to build a culture where ESG values are lived out daily by every colleague.
Internal efforts include:
• Leadership-led strategy and training to embed ESG in every department.
• Company-wide sustainability workshops and open forums to drive engagement.
• Reduction of office-based waste including paper, plastic, and single-use items.
• Reusable items and recycling stations rolled out across offices and facilities.
• Encouragement to join our EV scheme enabling colleagues to switch to EVs for staff commuting
• Staff encouraged to innovate and contribute ideas for further sustainability gains.

This report was approved by the board and signed on its behalf.

M J Lowry

Director

Date: 24 September 2025

Page 2

LOWRY HOLDCO LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £638,087 (2023 - £717,270).

Dividends were voted and paid in the year totalling £274,525 (2023: £Nil).

Directors

The directors who served during the year were:

M J Lowry

S E R Christopher

Future developments

The group has progressed further in European markets and beyond as part of its strategy to diversify outside the UK market. The worldwide supply base has supported this growth and has proved an important part in the building of relationships and business with new and existing customers. The future is positive as past successes are expected to continue to provide further impetus to sales growth and profitability.
The group remains in a good financial position and this has been a strength in a competitive business environment. The directors anticipate this will continue into the future.

Page 3

LOWRY HOLDCO LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end.

Auditor

The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

M J Lowry

Director

Date: 24 September 2025

Page 4

LOWRY HOLDCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOWRY HOLDCO LIMITED

Opinion

We have audited the financial statements of Lowry Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 5

LOWRY HOLDCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOWRY HOLDCO LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 6

LOWRY HOLDCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOWRY HOLDCO LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
   o Companies Act 2006
   o FRS102
   o Health and Safety legislation
   o Employment legislation
   o Tax legislation
   o Forest Stewardship Council (FSC)
   o ISO 9001 and ISO 14001
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and
• As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.

Page 7

LOWRY HOLDCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOWRY HOLDCO LIMITED (CONTINUED)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 8

LOWRY HOLDCO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOWRY HOLDCO LIMITED (CONTINUED)

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mario Cientanni (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

26 September 2025

Page 9

LOWRY HOLDCO LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	16,660,199	14,325,748
Cost of sales		(12,811,055)	(10,709,934)
Gross profit		3,849,144	3,615,814
Administrative expenses		(2,618,862)	(2,454,109)
Operating profit	5	1,230,282	1,161,705
Interest receivable and similar income	9	97,738	100,901
Interest payable and similar expenses	10	(338,840)	(244,349)
Profit before taxation		989,180	1,018,257
Tax on profit	11	(252,472)	(250,652)
Profit for the financial year		736,708	767,605

Profit for the year attributable to:
Non-controlling interests	98,621	50,335
Owners of the parent company	638,087	717,270
	736,708	767,605

Total comprehensive income for the year attributable to:
Non-controlling interests	98,621	50,335
Owners of the parent company	638,087	717,270
	736,708	767,605

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 38 form part of these financial statements.

Page 10

LOWRY HOLDCO LIMITED

REGISTERED NUMBER: 15119299

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	13		235,428		-
Tangible assets	14		1,423,297		515,819
			1,658,725		515,819
Current assets
Stocks	16	2,766,221		2,212,096
Debtors: amounts falling due within one year	17	4,445,854		5,238,322
Cash at bank and in hand	18	230,804		357,443
		7,442,879		7,807,861
Creditors: amounts falling due within one year	19	(6,082,031)		(5,905,533)
Net current assets			1,360,848		1,902,328
Total assets less current liabilities			3,019,573		2,418,147
Creditors: amounts falling due after more than one year	20		(695,320)		(790,789)
Provisions for liabilities
Deferred taxation	23		(56,992)		(44,974)
Net assets			2,267,261		1,582,384

Capital and reserves
Called up share capital	24	5,800	47
Share premium account		697,110	442,140
Profit and loss account		1,405,167	1,019,280
Equity attributable to owners of the parent company		2,108,077	1,461,467
Non-controlling interests		159,184	120,917
		2,267,261	1,582,384

Page 11

LOWRY HOLDCO LIMITED

REGISTERED NUMBER: 15119299

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M J Lowry

Director

Date: 24 September 2025

The notes on pages 18 to 38 form part of these financial statements.

Page 12

LOWRY HOLDCO LIMITED

REGISTERED NUMBER: 15119299

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	15		540,824		-
			540,824		-
Current assets
Cash at bank and in hand	18	47		47
		47		47
Creditors: amounts falling due within one year	19	(186,768)		-
Net current (liabilities)/assets			(186,721)		47
Total assets less current liabilities			354,103		47

Creditors: amounts falling due after more than one year	20		(93,333)		-

Net assets			260,770		47

Capital and reserves
Called up share capital	24	5,800	47
Share premium account		254,970	-
		260,770	47

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M J Lowry

Director

Date: 24 September 2025

The notes on pages 18 to 38 form part of these financial statements.

Page 13

LOWRY HOLDCO LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 January 2024	47	442,140	1,019,280	120,917	1,582,384

Profit for the year	-	-	638,087	98,621	736,708
Dividends: Equity capital	-	-	(252,200)	-	(252,200)
Shares issued during the year	5,753	254,970	-	-	260,723
Transferred on acquisition	-	-	-	17,896	17,896
Adjustment to NCI on change in control	-	-	-	(78,250)	(78,250)
At 31 December 2024	5,800	697,110	1,405,167	159,184	2,267,261

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Profit and loss account	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 January 2023	47	442,140	797,682	87,009	1,326,878

Profit for the year	-	-	717,270	50,335	767,605
Dividends: Equity capital	-	-	(495,672)	(16,427)	(512,099)
At 31 December 2023	47	442,140	1,019,280	120,917	1,582,384

Page 14

LOWRY HOLDCO LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	47	-	-	47

Profit for the year	-	-	244,025	244,025
Dividends: Equity capital	-	-	(244,025)	(244,025)
Shares issued during the year	5,753	254,970	-	260,723
At 31 December 2024	5,800	254,970	-	260,770

The notes on pages 18 to 38 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Total equity
	£	£
At 1 January 2023	47	47
At 31 December 2023	47	47

The notes on pages 18 to 38 form part of these financial statements.

Page 15

LOWRY HOLDCO LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	736,708	767,605
Adjustments for:
Depreciation of tangible assets	149,973	151,434
Loss on disposal of tangible assets	(5,391)	(12,211)
Interest paid	338,840	244,349
Interest received	(97,738)	(100,901)
Taxation charge	252,472	250,652
Decrease/(increase) in stocks	128,366	(191,816)
Decrease/(increase) in debtors	445,934	(1,566,852)
Decrease in amounts owed by joint ventures	378,820	-
(Decrease)/increase in creditors	(2,132,095)	1,063,265
Corporation tax (paid)	(115,339)	(138,720)
Net cash generated from operating activities	80,550	466,805

Cash flows from investing activities
Purchase of tangible fixed assets	(250,547)	(87,549)
Sale of tangible fixed assets	207,187	51,785
Interest received	97,738	100,901
HP interest paid	(24,733)	(21,822)
Cashflow on acquisition of subsidiary	(54,959)	-
Net cash from investing activities	(25,314)	43,315

Page 16

LOWRY HOLDCO LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
		£	£


Cash flows from financing activities
Issue of ordinary shares	5,600	-
New secured loans	295,378	126,793
Repayment of loans	(935,064)	-
Repayment of/new finance leases	310,990	9,866
Dividends paid	(252,200)	(495,672)
Interest paid	(314,107)	(222,527)
Dividends paid to non-controlling interests	-	(16,427)
Net cash used in financing activities	(889,403)	(597,967)
Net (decrease) in cash and cash equivalents	(834,167)	(87,847)
Cash and cash equivalents at beginning of year	(420,329)	(332,482)
Cash and cash equivalents at the end of year	(1,254,496)	(420,329)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	230,804	357,443
Bank overdrafts	(1,485,300)	(777,772)
	(1,254,496)	(420,329)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company, incorporated in England and Wales, has its registered office at Fleet House, Sunderland Quay, Culpepper Close, Medway City Estate, Rochester, Kent ME2 4HN.
The principal activity of the group is the sale of luxury paper and polythene carrier bags, rigid boxes, tissue paper, ribbon, stockers, greetings cards, gift wraps and garment hangers. The principal activity of the company is that of a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition merger method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the group has transferred the significant risks and rewards of ownership to the buyer;

∙the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Page 20

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 21

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.

Motor vehicles	-	25%	Reducing balance
Fixtures and fittings	-	25%	Reducing balance
Office equipment	-	20%	Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.19

Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 group after the deduction of all its liabilities.

Page 23

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.19

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.20

Hedge accounting

The group uses foreign currency forward contracts to manage its exposure to fair value risk on its enter user text. These derivatives are measured at fair value at each balance sheet date.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgments exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The group made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.12 of the accounting policies.

Page 24

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Turnover
		2024	2023
		£	£

Turnover	16,660,199	14,325,748
	16,660,199	14,325,748

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	13,575,708	11,767,059
Rest of Europe	2,979,449	2,159,511
Rest of the world	105,042	399,178
	16,660,199	14,325,748

Depreciation of tangible fixed assets	149,973	151,434
Exchange differences	113,425	194,690
Other operating lease rentals	191,220	213,822
Defined contribution pension costs	51,476	77,949

	Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements	13,600	13,150
	All other non-audit services	18,057	19,155

Page 25

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2024	2023
		£	£


Wages and salaries	1,001,896	903,191
Social security costs	182,468	155,520
Cost of defined contribution scheme	51,476	77,949
	1,235,840	1,136,660

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.

Directors	2	3	2	3
Employees	15	12	-	-

	17	15	2	3

8.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	15,227	15,227
	15,227	15,227

During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	97,738	100,901
		97,738	100,901

Page 26

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	311,640	222,527
Other loan interest payable	2,467	-
Finance leases and hire purchase contracts	24,733	21,822
	338,840	244,349

Corporation tax
Current tax on profits for the year	272,828	270,825
Adjustments in respect of previous periods	3,119	-
	275,947	270,825

Total current tax	275,947	270,825

Deferred tax
Origination and reversal of timing differences	(23,475)	(20,173)
Total deferred tax	(23,475)	(20,173)


	Total taxation	252,472	250,652

Page 27

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

989,180

1,018,257

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19/25%)	247,295	239,500
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(315)	8,693
Depreciation for year in excess of capital allowances	23,983	21,811
Adjustments to tax charge in respect of prior periods	3,119	-
Deferred tax	(23,475)	(20,173)
Other timing differences leading to an increase (decrease) in taxation	-	821
Tax deduction arising from exercise of employee options	(8,469)	-
Other differences leading to an increase (decrease) in the tax charge	1,665	-
Group relief	8,669	-
Total tax charge for the year	252,472	250,652

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		£	£

	Dividends	252,200	495,672
		252,200	495,672

Page 28

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Intangible assets
	Group and Company

		Goodwill
		£
	Cost
	At 1 January 2024	568,208
	Additions	235,428
	At 31 December 2024	803,636
	Amortisation
	At 1 January 2024	568,208
	At 31 December 2024	568,208
	Net book value
	At 31 December 2024	235,428
	At 31 December 2023	-

Page 29

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Tangible fixed assets
	Group

	Freehold property	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	-	661,732	25,688	272,367	959,787
Additions	-	238,038	1,023	11,486	250,547
Acquisition of subsidiary	1,000,000	-	16,313	-	1,016,313
Disposals	-	(383,981)	-	-	(383,981)
At 31 December 2024	1,000,000	515,789	43,024	283,853	1,842,666
Depreciation
At 1 January 2024	-	253,413	19,670	170,885	443,968
Charge for the year on owned assets	-	3,022	7,129	21,260	31,411
Charge for the year on financed assets	-	118,562	-	-	118,562
Transfers intra group	-	-	7,613	-	7,613
Disposals	-	(182,185)	-	-	(182,185)
At 31 December 2024	-	192,812	34,412	192,145	419,369
Net book value
At 31 December 2024	1,000,000	322,977	8,612	91,708	1,423,297
At 31 December 2023	-	408,319	6,018	101,482	515,819

The net book value of land and buildings may be further analysed as follows:
	2024	2023
	£	£

Freehold	1,000,000	-
	1,000,000	-

Page 30

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	540,824
	At 31 December 2024	540,824

Subsidiary undertakings
The following are subsidiary undertakings of the company:
Name	Registered office	Principal activity	Class of shares	Holding

Fleet Retail Group Limited	a)	Intermediate holding company	Ordinary	100%
Fleet House Investments Limited	a)	Property investment	Ordinary	93.4%
Lowry Edwards Developments Limited	a)	Property development	Ordinary	100%
Fleet Luxury Packaging Limited*	a)	Dormant	Ordinary	93.4%
Fleet Retail Packaging Limited*	a)	Production and resale of luxury packaging	Ordinary	93.4%
Fleet Retail Packaging SARL*	b)	Production and resale of luxury packaging	Ordinary	93.4%
Thomas Norman Limited*	a)	Dormant	Ordinary	93.4%
ACQ Solutions Limited	a)	Dormant	Ordinary	100%
Kloud Solutions Limited	a)	Dormant	Ordinary	100%

*Held via Fleet Retail Group Limited
a) Registered office - Fleet House, Culpeper Close, Rochester, Kent, United Kingdom, ME2 4HN
b) Country of incorporation - France
Fleet House Investments Limited and Lowry Edwards Developments Limited are entitled to exemption from the requirement to have an audit under the provisions of section 479A of the Companies Act 2026.

Page 31

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Stocks
		Group	Group
		2024	2023
		£	£

Goods for resale	2,766,221	2,212,096
	2,766,221	2,212,096

17.

Debtors

		Group	Group
		2024	2023
		£	£


Trade debtors	4,064,411	3,743,976
Amounts owed by group undertakings	-	378,820
Other debtors	281,812	1,023,677
Prepayments and accrued income	99,631	91,849
	4,445,854	5,238,322

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	230,804	357,443	47	47
Less: bank overdrafts	(1,485,300)	(777,772)	-	-
	(1,254,496)	(420,329)	47	47

Page 32

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	1,485,300	777,772	-	-
Bank loans	1,447,644	2,076,879	-	-
Trade creditors	1,561,287	1,705,243	-	-
Amounts owed to group undertakings	-	-	92,884	-
Corporation tax	208,094	241,301	-	-
Other taxation and social security	546,863	485,617	-	-
Obligations under finance lease and hire purchase contracts	143,659	98,957	-	-
Other creditors	138,989	232,553	93,884	-
Accruals and deferred income	550,195	287,211	-	-
	6,082,031	5,905,533	186,768	-

20.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank loans	457,587	506,894	-	-
Net obligations under finance leases and hire purchase contracts	144,400	283,895	-	-
Other creditors	93,333	-	93,333	-
	695,320	790,789	93,333	-

Bank loans and invoice discounting facilities are scured by way of a fixed and floating charge over all assets and undertakings of the company and its subsidiary, Fleet Retail Packaging Limited.
Obigations under hire purchase contracts are secured aainst the assets to which they relate.

Page 33

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2024	2023
		£	£

Amounts falling due within one year
Bank loans	1,447,644	2,076,879
	1,447,644	2,076,879
Amounts falling due 1-2 years
Bank loans	184,703	288,857
	184,703	288,857
Amounts falling due 2-5 years
Bank loans	272,884	218,037
	272,884	218,037

	1,905,231	2,583,773

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2024	2023
		£	£

Within one year	146,926	98,957
Between 1-5 years	141,133	283,895
	288,059	382,852

Page 34

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

23.	Deferred taxation
	Group

		2024
		£

	At beginning of year	(44,974)
	Charged to profit or loss	(12,018)
	At end of year	(56,992)

		Group	Group
		2024	2023
		£	£

	Accelerated capital allowances	(56,992)	(44,974)
		(56,992)	(44,974)

24.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2,900 (2023 - 47) Ordinary shares of £1.00 each	2,900	47
2,900 (2023 - 0) Ordinary A shares of £1.00 each	2,900	-

	5,800	47

During the year, 5,700 and then 53 ordinary shares of £1 each were issued at par.

Page 35

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.	Business combinations

On 30 January 2024, the group acquired 93.44% of Fleet House Investments Limited and 100% of Lowry Edwards Developments Limited.

Fixed Assets
Tangible	1,008,699	1,008,699
	1,008,699	1,008,699
Current Assets
Debtors	7,082	7,082
Cash at bank and in hand	10,458	10,458
Total Assets	1,026,239	1,026,239
Creditors
Due within one year	(430,002)	(430,002)
Due after more than one year	(266,428)	(266,428)
Deferred taxation	(56,890)	(56,890)
Total Identifiable net assets	272,919	272,919


	Non-controlling interests	(17,896)
	Total purchase consideration	255,023

	Consideration
					£


	Equity instruments	53
	Uplift in share premium	254,970
	Total purchase consideration	255,023

Page 36

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	53
		53
	Less: Cash and cash equivalents acquired	(10,458)
	Net cash outflow on acquisition	(10,405)

Current Assets
Stocks	682,491	682,491
Debtors	25,204	25,204
Cash at bank and in hand	27,917	27,917
Total Assets	735,612	735,612
Creditors
Due within one year	(799,903)	(799,903)
Total Identifiable net liabilities	(64,291)	(64,291)


	Goodwill	64,391
	Total purchase consideration	100

	Consideration
					£


	Equity instruments	100
	Total purchase consideration	100

Page 37

LOWRY HOLDCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

25.Business combinations (continued)

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	100
		100
	Less: Cash and cash equivalents acquired	(27,917)
	Net cash outflow on acquisition	(27,817)

26.	Pension commitments

The group operates a definded contribution pension scheme. The assets of the scheme are held seperately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £46,490 (2023: £62,306). At the balance sheet date, the group had unpaid pension liabilities of £Nil (2023: £22,567).

27.	Commitments under operating leases
	At 31 December 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		£	£

Not later than 1 year	133,149	133,149
Later than 1 year and not later than 5 years	266,298	399,447
	399,447	532,596

28.	Transactions with directors

Included in other creditors due within one year is an amount owed to a director amounting to £550 (2023: £Nil).

29.	Related party transactions
	Directors have an interest in dividends paid amounting to £244,025 (2023: £Nil).

30.	Controlling party

There is no single ultimate controlling party.

Page 38