Francis N Lowe Limited - Period Ending 2016-03-31

FRANCIS N. LOWE LIMITED - Company Information

Registration number: 01753910

Francis N Lowe Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Francis N Lowe Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Francis N Lowe Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Francis N Lowe Limited for the year ended 31 March 2016 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Francis N Lowe Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2005. Our work has been undertaken solely to prepare for your approval the accounts of Francis N Lowe Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Francis N Lowe Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Francis N Lowe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Francis N Lowe Limited. You consider that Francis N Lowe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Francis N Lowe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

20 July 2016

Page 1

Francis N Lowe Limited

(Registration number: 01753910)
Abbreviated Balance Sheet as at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets		178,309	186,984
Current assets
Stocks		22,281	21,763
Debtors		50,761	40,987
Cash at bank and in hand		34,045	25,223
		107,087	87,973
Creditors: Amounts falling due within one year		(67,384)	(73,181)
Net current assets		39,703	14,792
Total assets less current liabilities		218,012	201,776
Creditors: Amounts falling due after more than one year		(51,551)	(43,267)
Provisions for liabilities		(30,000)	(32,000)
Net assets		136,461	126,509
Capital and reserves
Called up share capital	3	31,000	31,000
Profit and loss account		105,461	95,509
Shareholders' funds		136,461	126,509

For the year ending 31 March 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 20 July 2016 and signed on its behalf by:

.........................................
Mr A S Lowe
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Francis N Lowe Limited

Notes to the Abbreviated Accounts

Accounting policies

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Government grants

Grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings	4% straight line basis
Plant and machinery	10% reducing balance & 10% straight-line basis
Computers	33.3% straight line basis
Motor vehicles	20% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Francis N Lowe Limited

Notes to the Abbreviated Accounts

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Fixed assets

	Tangible assets £	Total £
Cost
At 1 April 2015	517,800	517,800
Additions	14,250	14,250
At 31 March 2016	532,050	532,050
Depreciation
At 1 April 2015	330,816	330,816
Charge for the year	22,925	22,925
At 31 March 2016	353,741	353,741
Net book value
At 31 March 2016	178,309	178,309
At 31 March 2015	186,984	186,984

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	31,000	31,000	31,000	31,000

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 4