Company Registration No. 08880677 (England and Wales)
Lowe & Co Properties Limited
Unaudited accounts
for the year ended 31 March 2023
Lowe & Co Properties Limited
Unaudited accounts
Contents
Lowe & Co Properties Limited
Company Information
for the year ended 31 March 2023
Company Number
08880677 (England and Wales)
Registered Office
39 College Street
Petersfield
Hampshire
GU31 4AG
Accountants
Newnham & Son Ltd
School Master's House
39 College Street
Petersfield
Hampshire
GU31 4AG
Lowe & Co Properties Limited
Statement of financial position
as at 31 March 2023
Tangible assets
1,768
1,183
Inventories
1,239,308
1,239,308
Cash at bank and in hand
679
484
Creditors: amounts falling due within one year
(1,097,908)
(1,075,551)
Net current assets
220,928
243,090
Total assets less current liabilities
222,696
244,273
Creditors: amounts falling due after more than one year
(957,051)
(910,473)
Net liabilities
(734,355)
(666,200)
Called up share capital
100
100
Profit and loss account
(734,455)
(666,300)
Shareholders' funds
(734,355)
(666,200)
For the year ending 31 March 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 December 2023 and were signed on its behalf by
P Lowe
Director
Company Registration No. 08880677
Lowe & Co Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
Lowe & Co Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 08880677. The registered office is 39 College Street, Petersfield, Hampshire, GU31 4AG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore continues to adopt the going concern basis of accounting in preparing the financial statements.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
33.33% reducing balance
Stock has been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost of property under development comprises of purchase price, incidental costs, and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit and loss.
Lowe & Co Properties Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Other debtors
44,010
44,010
6
Investments held as current assets
2023
2022
Unlisted investments
34,839
34,839
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
(1,200)
(1,200)
Other creditors
(7,062)
(7,063)
Loans from directors
1,104,130
1,082,794
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
957,051
910,473
The bank loan totalling £756,175 is secured by a fixed charge over the property owned by the company included within stocks.
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).