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 2020 |
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FOR |
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LOWE AND OLIVER LIMITED |
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 2020 |
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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 2020 |
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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 | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Statement of Financial Position | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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LOWE AND OLIVER LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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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 2020 |
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The directors present their strategic report for the year ended 31 January 2020. |
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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 five years. |
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RESULTS |
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The company made a pre-tax profit of £322,921 (2019 : £151,560) for the year on a turnover of £22,239,686 (2019 : |
£18,668,645). |
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At 31 January 2020 the company had net assets of £1,080,445 (2019 : £728,196). |
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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 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 January 2020. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 January 2020. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2019 to the date of this |
report. |
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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. |
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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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Opinion |
We have audited the financial statements of Lowe and Oliver Limited (the 'company') for the year ended |
31 January 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, |
Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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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 2020 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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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
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 |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
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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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 2020 |
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31.1.20 | 31.1.19 |
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 2020 |
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31.1.20 | 31.1.19 |
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 2020 |
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31.1.20 | 31.1.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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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 |
12 |
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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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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf 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 2020 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 February 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 January 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 January 2020 |
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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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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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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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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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Long term contracts |
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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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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating |
as intended. |
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Depreciation is provided on the following basis: |
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Improvements to property - Straight line over the life of the lease |
Fixtures and fittings - Straight line over 3 to 7 years |
Motor vehicles - Straight line over 5 years |
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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. |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest |
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial assets classified as |
receivable within one year are not amortised. |
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Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
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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. |
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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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Judgements and estimation uncertainty |
The directors have made judgements in relation to whether there are any indicators of impairment of the |
company's tangible fixed assets. |
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Estimation uncertainty relates to tangible fixed assets, turnover and amounts recoverable on contracts. |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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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 |
31.1.20 | 31.1.19 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.1.20 | 31.1.19 |
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Production | 98 | 100 |
Administration | 37 | 35 |
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31.1.20 | 31.1.19 |
£ | £ |
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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5. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.1.20 | 31.1.19 |
£ | £ |
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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LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.20 | 31.1.19 |
£ | £ |
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 (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.1.20 | 31.1.19 |
£ | £ |
Current tax: |
Previous years tax | (29,328 | ) | 6,977 |
Tax on profit | ( |
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Reconciliation of total tax (credit)/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: |
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31.1.20 | 31.1.19 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Utilisation of tax losses | ( |
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Adjustments to tax charge in respect of previous periods | ( |
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Group relief | - | 4,550 |
Total tax (credit)/charge | (29,328 | ) | 6,977 |
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8. | DIVIDENDS |
31.1.20 | 31.1.19 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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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 2020 |
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9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2019 |
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Additions |
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Disposals |
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( |
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At 31 January 2020 |
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DEPRECIATION |
At 1 February 2019 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 January 2020 |
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NET BOOK VALUE |
At 31 January 2020 |
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At 31 January 2019 |
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The net book value of tangible fixed assets includes an amount of £241,118 (2019 - £222,247) in respect of |
assets held under finance leases or hire purchase contracts. |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.20 | 31.1.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts recoverable on |
contracts |
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Other debtors |
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Tax |
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Prepayments |
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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 2020 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.20 | 31.1.19 |
£ | £ |
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 | 10,618 | 73,279 |
Social security and other taxes |
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VAT | 474,605 | 347,736 |
Other creditors |
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Accruals and deferred income |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.1.20 | 31.1.19 |
£ | £ |
Hire purchase contracts (see note 13) |
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13. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.1.20 | 31.1.19 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
31.1.20 | 31.1.19 |
£ | £ |
Within one year |
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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 2020 |
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14. | SECURED DEBTS |
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The following secured debts are included within creditors: |
|
31.1.20 | 31.1.19 |
£ | £ |
Hire purchase contracts | 264,382 | 214,289 |
|
Amounts due in respect of hire purchase are secured on the specific assets to which the agreements relate to. |
|
The bank overdraft is secured by way of a guarantee and a debenture over all other assets. |
|
15. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.20 | 31.1.19 |
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 2019 |
|
|
222,640 |
Profit for the year |
|
|
At 31 January 2020 |
|
|
574,889 |
|
17. | RELATED PARTY DISCLOSURES |
|
A company controlled by PG Lowe is owed £3,637 (2019: £36,447). |
|
A company controlled by RJG Lowe is owed £6,981 (2019: £36,832) at 31 January 2020. |
|
|
Key management personnel include all statutory directors who together have authority and responsibility for |
planning, directing and controlling the activities of the company. The total compensation paid to key |
management personnel amounted to £189,689 (2019: £172,763). |
|
18. | POST BALANCE SHEET EVENTS |
|
Lowe and Oliver Ltd was performing above expectations in the period before the Government lockdown was put |
in place. Whilst we have been able to continue work on many contracts we were unable to access all sites and as |
a consequence our turnover is reduced for some of the period the National Lockdown is in force although we do |
see signs that this may temporary. Where practical staff have been furloughed and a Government guaranteed loan |
of £900,000 has been obtained through NatWest Bank. Cash remains strong and the Company is in a good |
position to take advantage of the recovery. |
LOWE AND OLIVER LIMITED (REGISTERED NUMBER: 02152241) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2020 |
|
|
19. | PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS |
|
The company operates a number of defined contribution pension schemes. The pension costs charge represents |
contributions payable by the company to the fund and amounted to £61,629 (2019 : £50,700). Contributions |
totalling £25,191 (2019: £22,124) were payable to the fund at the balance sheet date and are included in |
creditors. |
|
20. | CONTROLLING PARTIES |
|
The directors consider the ultimate parent undertaking of this company to be Lowe Holdings Limited. |
|
The company's ultimate controlling party is P G Lowe by virtue of his shareholding in Lowe Holdings Limited. |
|
21. | GENERAL INFORMATION |
|
Lowe and Oliver Limited is a limited company incorporated in England. Its 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. |