The Lowwood Products Company Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00515487 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE LOWWOOD PRODUCTS COMPANY LIMITED

Page

Company Information

1

Chairman's Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr O W Barratt, MBE

Mr J R Barratt

Mrs E H Mackinnon

Mr R J E Taylor

REGISTERED OFFICE:

The Clock Tower Business Centre

Low Wood

Ulverston

Cumbria

LA12 8LY

REGISTERED NUMBER:

00515487 (England and Wales)

BANKERS:

HSBC Bank plc

104 Duke Street

Barrow in Furness

Cumbria

LA14 1LR

Low rainfall early in the year - which seems to have become a pattern - and a failed bearing on one of the Low Wood screws, reduced generation. Fortunately a repair was carried out before some of the good summer rains. Our other two stations have run well when there has been water. Operating profit was down to just £46k.

James Barratt continues to manage the business on a day-to-day basis from his nearby office in the Clock Tower. The company remains a member of the British Hydropower Association, and of the South Cumbria Rivers Trust. The latter has been very active recently in drawing attention to serious pollution in our catchment.

Whilst retaining our leat and other operational land, the company has sold the Gunpowder Works site and Trundle Brow Wood on the opposite side of our leat to James Barratt for £357k. He is developing the former as an attractive holiday park with timber lodges. Our company will supply these with electricity to our mutual benefit.

A dividend of £200/share was paid on 10th January 2022 in respect of profits from the previous year. The board's recommendation for a dividend for this year will be outlined in the AGM Notice & Agenda to follow.

On behalf of the board

Oliver Barrett, MBE

Director

FIXED ASSETS

Tangible assets

4

2,515,863

2,672,030

Investment property

5

402,590

684,590

2,918,453

3,356,620

CURRENT ASSETS

Debtors

100,687

244,319

Cash at bank

738,590

353,177

839,277

597,496

CREDITORS

Amounts falling due within one year

135,936

223,996

NET CURRENT ASSETS

703,341

373,500

TOTAL ASSETS LESS CURRENT LIABILITIES

3,621,794

3,730,120

CREDITORS

Amounts falling due after more than one year

-

(35,089

)

PROVISIONS FOR LIABILITIES

(196,898

)

(203,355

)

NET ASSETS

3,424,896

3,491,676

CAPITAL AND RESERVES

Called up share capital

7

258

258

Revaluation reserve

325,881

649,452

Capital redemption reserve

42

42

Retained earnings

3,098,715

2,841,924

SHAREHOLDERS' FUNDS

3,424,896

3,491,676

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2022 and were signed on its behalf by:

Mr J R Barratt - Director

Mr O W Barratt, MBE - Director

1.	STATUTORY INFORMATION

The Lowwood Products 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.

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, excluding discounts, rebates, value added tax and other sales taxes.

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

-

not provided

Plant and machinery

-

4% on cost

Government grants

Grants received are credited to profit and loss account in the financial period in which they are received.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2021

4,100,028

Additions

4,545

At 31 March 2022

4,104,573

DEPRECIATION

At 1 April 2021

1,427,998

Charge for year

160,712

At 31 March 2022

1,588,710

NET BOOK VALUE

At 31 March 2022

2,515,863

At 31 March 2021

2,672,030

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

684,590

Disposals

(282,000

)

At 31 March 2022

402,590

NET BOOK VALUE

At 31 March 2022

402,590

At 31 March 2021

684,590

Investment properties were last professionally valued on an open market basis on 31 January 2009 by external Chartered Valuation Surveyors, Carter Jonas LLP. Following a review of the property portfolio during the year ended 31 March 2012, the directors revalued the property portfolio to £1,656,500 and consider that this value is still appropriate in respect of the properties still held at the balance sheet date. Such properties are not depreciated. Freehold investment properties included at a valuation would have been included on a historical costs basis at £13,182 (2021: £35,138).

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Hire purchase loan

33,824

151,089

The hire purchase loan is secured over the assets involved.

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

258

Share capital 1

£1

258

258

8.	ELECTRICITY UNITS PRODUCED

kWh

kWh

Lowwood

955,143

1,419,089

Backbarrow

389,868

590,023

Otley

422,116

960,928

1,767,127

2,970,040