Francis N Lowe Limited - Period Ending 2014-03-31

Registration number: 01753910

Francis N Lowe Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

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 to 3

Notes to the Abbreviated Accounts 4 to 5

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 5) 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 2014

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 2014 set out on pages 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 letterdated 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

9 July 2014

Page 1

Francis N Lowe Limited
(Registration number: 01753910)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			206,899			229,363
Current assets
Stocks					22,197			23,287
Debtors					44,540			32,015
Cash at bank and in hand					32,480			2,858
					99,217			58,160
Creditors: Amounts falling due within one year					(78,509)			(79,339)
Net current assets/(liabilities)					20,708			(21,179)
Total assets less current liabilities					227,607			208,184
Creditors: Amounts falling due after more than one year					(76,156)			(73,616)
Provisions for liabilities					(35,000)			(39,000)
Net assets					116,451			95,568
Capital and reserves
Called up share capital		3			31,000			31,000
Profit and loss account					85,451			64,568
Shareholders' funds					116,451			95,568

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Francis N Lowe Limited
(Registration number: 01753910)
Abbreviated Balance Sheet at 31 March 2014
......... continued

For the year ending 31 March 2014 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved and authorised for issue by the Board on 9 July 2014 and signed on its behalf by:

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

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Francis N Lowe Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

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

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.

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.

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.

Page 4

Francis N Lowe Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		513,569			513,569
Additions		1,347			1,347
At 31 March 2014		514,916			514,916
Depreciation
At 1 April 2013		284,206			284,206
Charge for the year		23,811			23,811
At 31 March 2014		308,017			308,017
Net book value
At 31 March 2014		206,899			206,899
At 31 March 2013		229,363			229,363

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		31,000			31,000			31,000			31,000

Page 5