M & J Lowther Limited Filleted accounts for Companies House (small and micro)

M & J LOWTHER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04489715

M & J Lowther Limited

Filleted Unaudited Financial Statements

31 January 2024

M & J Lowther Limited

Statement of Financial Position

31 January 2024

	31 Jan 24	31 Mar 23
Note	£	£

Fixed assets

Tangible assets	6	–	1,795

Current assets

Debtors	7	527	200
Cash at bank and in hand		2,421	2,872
		--------	--------
		2,948	3,072

Creditors: amounts falling due within one year	8	6,888	4,768
		--------	--------
Net current liabilities		3,940	1,696
		--------	--------
Total assets less current liabilities		( 3,940)	99
		--------	-----
Net (liabilities)/assets		( 3,940)	99
		--------	-----

Capital and reserves

Called up share capital	9	60	60
Profit and loss account		( 4,000)	39
		--------	-----
Shareholders (deficit)/funds		( 3,940)	99
		--------	-----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

M & J Lowther Limited

Statement of Financial Position (continued)

31 January 2024

These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:

J Lowther
Director

Company registration number: 04489715

M & J Lowther Limited

Notes to the Financial Statements

Period from 1 April 2023 to 31 January 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lowmoor House, Lowmoor Road, Wigton, Cumbria, CA7 9QR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have had any significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There were no key assumptions and other sources of estimation uncertainty that have had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	20% straight line
Equipment	-	15% reducing balance

4. Employee numbers

The average number of persons employed by the company during the period amounted to 2 (2023: 2 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2023 and 31 January 2024	8,000
	--------
Amortisation
At 1 April 2023 and 31 January 2024	8,000
	--------
Carrying amount
At 31 January 2024	–
	--------
At 31 March 2023	–
	--------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2023 and 31 January 2024	14,895	3,601	18,496
	---------	--------	---------
Depreciation
At 1 April 2023	13,585	3,116	16,701
Charge for the period	1,310	485	1,795
	---------	--------	---------
At 31 January 2024	14,895	3,601	18,496
	---------	--------	---------
Carrying amount
At 31 January 2024	–	–	–
	---------	--------	---------
At 31 March 2023	1,310	485	1,795
	---------	--------	---------

7. Debtors

	31 Jan 24	31 Mar 23
	£	£
Trade debtors	–	200
Other debtors	527	–
	-----	-----
	527	200
	-----	-----

8. Creditors: amounts falling due within one year

	31 Jan 24	31 Mar 23
	£	£
Trade creditors	–	157
Corporation tax	–	885
Other creditors	6,888	3,726
	--------	--------
	6,888	4,768
	--------	--------

9. Called up share capital

Issued, called up and fully paid

	31 Jan 24		31 Mar 23
	No.	£	No.	£
Ordinary shares of £ 1 each	50	50	50	50
Ordinary 'A' shares of £ 1 each	10	10	10	10
	-----	-----	-----	-----
	60	60	60	60
	-----	-----	-----	-----

10. Director's advances, credits and guarantees

The directors were not advanced any amounts during the period .

11. Related party transactions

The company was under the control of Mr J Lowther throughout the current year. Mr Lowther is the managing director of the company and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 Section 1A.