Company Registration No. 01855226 (England and Wales)
Lowerton Limited
Unaudited accounts
for the year ended 30 June 2022
Lowerton Limited
Unaudited accounts
Contents
Lowerton Limited
Company Information
for the year ended 30 June 2022
Directors
Mark Leigh Scott
Xanthe Anne Scott
Company Number
01855226 (England and Wales)
Registered Office
Longmoor Grange
24 Barkham Ride
Wokingham
Berkshire
RG40 4EU
United Kingdom
Accountants
Partners Accountancy
Northdene
Middle Hill
Egham
Surrey
TW20 0JL
Lowerton Limited
Statement of financial position
as at 30 June 2022
Cash at bank and in hand
-
1,244
Creditors: amounts falling due within one year
-
(5,643)
Net current assets
-
29,351
Total assets less current liabilities
-
32,910
Provisions for liabilities
Net (liabilities)/assets
(154)
32,756
Called up share capital
200
200
Profit and loss account
(354)
32,556
Shareholders' funds
(154)
32,756
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2023 and were signed on its behalf by
Mark Leigh Scott
Director
Company Registration No. 01855226
Lowerton Limited
Notes to the Accounts
for the year ended 30 June 2022
Lowerton Limited is a private company, limited by shares, registered in England and Wales, registration number 01855226. The registered office is Longmoor Grange, 24 Barkham Ride, Wokingham, Berkshire, RG40 4EU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The accounts are presented in £ sterling.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position 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; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 reporting date.
Lowerton Limited
Notes to the Accounts
for the year ended 30 June 2022
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.
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Plant & machinery
25% Straight line
Motor vehicles
25% reducing balance
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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.
Lowerton Limited
Notes to the Accounts
for the year ended 30 June 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 July 2021
42,240
14,999
57,239
At 30 June 2022
42,240
14,999
57,239
At 1 July 2021
42,240
11,440
53,680
Charge for the year
-
3,559
3,559
At 30 June 2022
42,240
14,999
57,239
At 30 June 2021
-
3,559
3,559
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2022
2021
Taxes and social security
-
882
As at the balance sheet date the directors owed the company a balance of Nil (2021 - £364).
This loan with the directors is undated, unsecured and interest free.
8
Average number of employees
During the year the average number of employees was 0 (2021: 0).
