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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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FOR |
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LOWE AND OLIVER LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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FOR |
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LOWE AND OLIVER LIMITED |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Statement of Cash Flows | 11 |
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Notes to the Statement of Cash Flows | 12 |
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Notes to the Financial Statements | 13 |
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LOWE AND OLIVER LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
and Statutory Auditors |
25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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The directors present their strategic report for the year ended 31 January 2017. |
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REVIEW OF BUSINESS |
The principal activities of the company continue to be that of an electrical and mechanical contractor. We combine every |
aspect of building services; comprising CCTV, intruder alarms, fire alarms, LED lighting, audio visual, data |
communications, door access, hot/cold water systems, heating/cooling systems, gas and medical gas systems to provide a |
seamless service to our clients. |
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With offices in Oxford and Southampton providing over 100 electrical and mechanical engineers, Lowe & Oliver |
Limited are well placed to promote and deliver excellent building services in London, the Home Counties and the South |
of England, ranging from high-end, historic and listed residences to commercial, industrial, healthcare and local |
authority sites. Our client base is long standing and varied and we place great importance on maintaining and developing |
these relationships with high service levels, whilst continuing to attract new clients. |
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The core focus of the company remains and the company is investing in the training and understanding of new |
technologies which include the pivotal area of sustainability products. We have already introduced solar, photovoltaic, |
grey water/rain harvesting and air/ground source heat pumps into our everyday work. Clients are more informed than |
ever and we must ensure that we, as a company, are in tune with their wishes and needs in this ever demanding, growing |
and diverse market. Going forward renewables are very much becoming part of our day to day business and the Board's |
strategy in this area has been key in returning the company to profitability for the last two years. |
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RESULTS |
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The company made a pre-tax profit of £207,084 (2016 : £153,375) for the year on a turnover of £18,309,997 (2016 : |
£15,516,620). |
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At 31 January 2017 the company had net assets of £613,813 (2016 : £406,729). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
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The principal risks and uncertainties facing the company relate to the general uncertainty as to the level of economic |
activity going forward, the ability of the construction industry generally to raise funds for new projects and more |
specifically for the company to ensure that they minimise any risks from potential bad debt. |
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KEY PERFORMANCE INDICATORS |
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In the opinion of the directors there are no Key Performance Indicators whose disclosure is necessary for an |
understanding of the development, performance or position of the business. |
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ON BEHALF OF THE BOARD: |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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The directors present their report with the financial statements of the company for the year ended 31 January 2017. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 January 2017. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2016 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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AUDITORS |
The auditors, Martin and Company , are deemed to be reappointed under section 487(2) of the Companies Act 2006 |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOWE AND OLIVER LIMITED |
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We have audited the financial statements of Lowe and Oliver Limited for the year ended 31 January 2017 on pages |
seven to nineteen. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Strategic Report and the Report of the Directors to identify material inconsistencies with |
the audited financial statements and to identify any information that is apparently materially incorrect based on, or |
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of |
any apparent material misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 January 2017 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic Report |
and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with |
the financial statements, and has been prepared in accordance with applicable legal requirements. In the light of the |
knowledge and understanding of the company and its environment, we have not identified any material misstatements in |
the Strategic Report or the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
LOWE AND OLIVER LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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for and on behalf of
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Chartered Accountants |
and Statutory Auditors |
25 St Thomas Street |
Winchester |
Hampshire |
SO23 9HJ |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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31.1.17 | 31.1.16 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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31.1.17 | 31.1.16 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2017 |
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31.1.17 | 31.1.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Share premium | 16 |
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Retained earnings | 16 |
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( |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 February 2015 |
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( |
) |
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Changes in equity |
Total comprehensive income | - |
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- |
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Balance at 31 January 2016 |
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( |
) |
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Changes in equity |
Total comprehensive income | - |
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- |
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Balance at 31 January 2017 |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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31.1.17 | 31.1.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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( |
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Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments
paid |
( |
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( |
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Net cash from operating activities |
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( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
) | ( |
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Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Group balances | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
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Decrease in cash and cash equivalents | ( |
) | ( |
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Cash and cash equivalents at beginning of
year |
2 |
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661,343 |
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Cash and cash equivalents at end of year | 2 | ( |
) | 155,574 |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
31.1.17 | 31.1.16 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets |
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( |
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Finance costs | 20,968 | 21,442 |
374,825 | 335,817 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of |
these Statement of Financial Position amounts: |
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Year ended 31 January 2017 |
31.1.17 | 1.2.16 |
£ | £ |
Cash and cash equivalents | 400 | 155,574 |
Bank overdrafts | ( |
) |
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(27,830 | ) | 155,574 |
Year ended 31 January 2016 |
31.1.16 | 1.2.15 |
£ | £ |
Cash and cash equivalents | 155,574 | 661,343 |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. | STATUTORY INFORMATION |
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Lowe and Oliver Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the amounts invoiced to customers and the value of work carried out during the year, |
including those amounts not yet invoiced in respect of long-term contracting activities exclusive of Value Added |
Tax and trade discounts. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase and finance leases are capitalised and depreciated over the lease term or |
their useful lives. Obligations under finance leases are are included in creditors net of finance charge allocated to |
future periods. The finance element of the rental payment is charged to the profit and loss account so as to |
produce a constant periodic rate of charge on the net obligation outstanding in each period. |
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Rental payments under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Long term contracts |
Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by |
including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is |
calculated as that proportion of total contract value which costs to date bear to total expected costs for that |
contract. Revenues derived from variations on contracts are recognised only when they have been accepted by |
the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
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3. | TURNOVER |
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The total turnover of the company for the year has been derived from its principal activity wholly undertaken in |
the United Kingdom. |
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4. | EMPLOYEES AND DIRECTORS |
31.1.17 | 31.1.16 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
31.1.17 | 31.1.16 |
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Production | 103 | 97 |
Administration | 35 | 35 |
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31.1.17 | 31.1.16 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
|
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.1.17 | 31.1.16 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Profit on disposal of fixed assets |
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( |
) |
Auditors' remuneration |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.17 | 31.1.16 |
£ | £ |
Bank interest |
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Late payment charges |
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Hire purchase |
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7. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 January 2017 nor for the year ended |
31 January 2016. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
31.1.17 | 31.1.16 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2016 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Utilisation of tax losses | ( |
) | ( |
) |
Total tax charge | - | - |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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The net book value of tangible fixed assets includes an amount of £150,962 (2016 - £275,483) in respect of |
assets held under finance leases or hire purchase contracts. |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by participating interests | 56,720 | 7,099 |
Amounts recoverable on |
contracts |
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Other debtors |
|
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Tax |
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|
Prepayments |
|
|
|
|
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Bank loans and overdrafts (see note 12) |
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Hire purchase contracts (see note 13) |
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Payments on account |
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Trade creditors |
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Amounts owed to participating interests | 20,869 | 6,671 |
Social security and other taxes |
|
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VAT | 363,695 | 277,284 |
Other creditors |
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Accruals and deferred income |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Hire purchase contracts (see note 13) |
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12. | LOANS |
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An analysis of the maturity of loans is given below: |
|
31.1.17 | 31.1.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
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13. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
31.1.17 | 31.1.16 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
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|
|
|
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
|
|
13. | LEASING AGREEMENTS - continued |
|
Non-cancellable |
operating leases |
31.1.17 | 31.1.16 |
£ | £ |
Within one year |
|
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Between one and five years |
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14. | SECURED DEBTS |
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The following secured debts are included within creditors: |
|
31.1.17 | 31.1.16 |
£ | £ |
Bank overdraft |
|
|
Hire purchase contracts | 155,962 | 285,933 |
|
|
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Amounts due in respect of hire purchase are secured on the specific assets to which the agreements relate to. |
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The bank overdraft is secured by way of a personal guarantee and a debenture over all other assets. |
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15. | CALLED UP SHARE CAPITAL |
|
|
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.17 | 31.1.16 |
value: | £ | £ |
|
Ordinary | £1 | 500,000 | 500,000 |
|
'A' Ordinary | 10p | 5,556 | 5,556 |
505,556 | 505,556 |
|
16. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 February 2016 | ( |
) |
|
(98,827 | ) |
Profit for the year |
|
|
At 31 January 2017 |
|
|
108,257 |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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|
17. | RELATED PARTY DISCLOSURES |
|
During the year the company made sales of £255,010 (2016: £27,141) to J Brand Limited, a company controlled |
by PG Lowe. At the year end J Brand Limited owed the company £51,713 (2016: £6,497 owed to J Brand |
Limited). |
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Futbol de Salao UK Limited, a company controlled by RJG Lowe owed the company £5,007 (2016: £7,099) at |
31 January 2017. |
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Included within trade debtors is an amount of £10,691 (2016: £85) due from PG Lowe and £1,732 due from R J |
G Lowe. Both of these are directors of the company. |
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18. | PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS |
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The company operates a number of defined contribution pension schemes. The pension costs charge represents |
contributions payable by the group to the fund and amounted to £45,785 (2016 : £44,209). Contributions |
totalling £12,930 (2016: £20,504) were payable to the fund at the balance sheet date and are included in |
creditors. |
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19. | CONTROLLING PARTIES |
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The directors consider the ultimate parent undertaking of this company to be Lowe Holdings Limited. |
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The company's ultimate controlling party is P G Lowe by virtue of his shareholding in Lowe Holdings Limited. |
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20. | GENERAL INFORMATION |
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Lowe and Oliver Limited is a limited company incorporated in England. It's registered office address is disclosed |
on page 1. The principal activity is disclosed in the directors' report. The financial statements are presented in |
Sterling, which is also the functional currency of the Company. |