REGISTERED NUMBER: 00280349
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GROUP STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2021 |
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FOR
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LOWE HOLDINGS LIMITED |
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REGISTERED NUMBER: 00280349
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GROUP STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2021 |
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FOR
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LOWE HOLDINGS LIMITED |
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 JANUARY 2021
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Page
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Company Information
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1
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Group Strategic Report
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2
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Report of the Directors
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3
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Report of the Independent Auditors
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5
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Consolidated Income Statement
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8
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Consolidated Other Comprehensive Income
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9
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Consolidated Balance Sheet
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10
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Company Balance Sheet
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11
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Consolidated Statement of Changes in Equity
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12
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Company Statement of Changes in Equity
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13
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Consolidated Cash Flow Statement
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14
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Notes to the Consolidated Cash Flow Statement
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15
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Notes to the Consolidated Financial Statements
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17
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LOWE HOLDINGS LIMITED
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COMPANY INFORMATION
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FOR THE YEAR ENDED 31 JANUARY 2021
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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
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and Statutory Auditors
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25 St Thomas Street
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Winchester
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Hampshire
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SO23 9HJ
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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GROUP STRATEGIC REPORT
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FOR THE YEAR ENDED 31 JANUARY 2021
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The directors present their strategic report of the company and the group for the year ended 31 January 2021.
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REVIEW OF BUSINESS
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The principal activity of the group continues to be that of electrical, mechanical and data contractors.
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The group operates in wide and diverse sectors of the construction industry and the directors have managed the business
over the recent difficult market period and continue to ensure the future stability of the group and the ability to adapt to
that ever-changing marketplace.
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When the national lockdown was first implemented in March 2020 Lowe and Oliver found that many contractors
initially closed sites. Once it was clarified that building sites could continue work with appropriate controls the company
was able to resume most projects, however there was a period of reduced activity in April and May as a result. The
support given by the Government's furlough and CBIL schemes enabled us to retain our highly qualified workforce
through these quieter times. Despite the issues raised by Covid-19 the group had a profitable year which provides a
strong platform for future development.
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The group is committed to developing and implementing sustainable products and services to support customers in
meeting their sustainability goals and comply with legislation.
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RESULTS
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The group made a pre-tax profit of £181,961 (2020: £375,465) for the year on a turnover of £20,681,429 (2020:
£22,364,347).
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At 31 January 2021 the group had net assets of £2,423,554 (2020: £2,241,593).
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PRINCIPAL RISKS AND UNCERTAINTIES
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The principal risks and uncertainties facing the group 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 group 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 HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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REPORT OF THE DIRECTORS
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FOR THE YEAR ENDED 31 JANUARY 2021
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The directors present their report with the financial statements of the company and the group for the year ended
31 January 2021.
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DIVIDENDS
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No dividends will be distributed for the year ended 31 January 2021.
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DIRECTORS
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The directors shown below have held office during the whole of the period from 1 February 2020 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
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The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
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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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the
company and the group 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 the group and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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REPORT OF THE DIRECTORS
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FOR THE YEAR ENDED 31 JANUARY 2021
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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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 group'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 group'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
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LOWE HOLDINGS LIMITED
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Opinion
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We have audited the financial statements of Lowe Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2021 and of the group's 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
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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 group 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
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant
sections of this report.
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Other information
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The directors are responsible for the other information. The other information comprises the information in the Group
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 this gives rise to a material misstatement in the
financial statements themselves. 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
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
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LOWE HOLDINGS LIMITED
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Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
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the parent company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Responsibilities of directors
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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 group's and the parent 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 group or the parent 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
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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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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory framework applicable to the group via discussions with the
directors and our previous knowledge of the group. This identified that the most significant laws and regulations relate to
the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard
102. The group complies with these laws and regulations by using appropriately qualified professionals to prepare the
financial statements.
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As part of our planning process we assessed susceptibility of the group's financial statements to material misstatements,
including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Lowe
Holdings Limited are revenue recognition and the impact of performance targets on influencing management override.
The directors confirmed no actual, suspected or alleged cases of fraud.
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Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing a
sample of construction contracts and the associated revenue recognition policies and those areas susceptible to
management override including testing manual journals and making enquiries of management.
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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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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
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LOWE HOLDINGS LIMITED
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Use of our report
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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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for and on behalf of
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Chartered Accountants
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and Statutory Auditors
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25 St Thomas Street
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Winchester
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Hampshire
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SO23 9HJ
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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CONSOLIDATED INCOME STATEMENT
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FOR THE YEAR ENDED 31 JANUARY 2021
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31.1.21
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31.1.20
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Notes
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£
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£
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TURNOVER
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2
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20,681,429
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22,364,347
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Cost of sales
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17,709,012
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19,178,053
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GROSS PROFIT
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2,972,417
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3,186,294
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Administrative expenses
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3,017,546
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2,794,802
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(45,129
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391,492
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Other operating income
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263,776
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4,406
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OPERATING PROFIT
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4
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218,647
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395,898
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Interest receivable and similar income
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275
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337
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218,922
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396,235
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Interest payable and similar expenses
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5
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36,961
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20,770
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PROFIT BEFORE TAXATION
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181,961
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375,465
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Tax on profit
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6
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(34,505
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PROFIT FOR THE FINANCIAL YEAR
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Profit attributable to:
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Owners of the parent
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181,961
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409,970
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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CONSOLIDATED OTHER COMPREHENSIVE INCOME
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FOR THE YEAR ENDED 31 JANUARY 2021
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31.1.21
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31.1.20
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Notes
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£
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£
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PROFIT FOR THE YEAR
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181,961
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409,970
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OTHER COMPREHENSIVE INCOME
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-
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-
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
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181,961
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409,970
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Total comprehensive income attributable to:
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Owners of the parent
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181,961
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409,970
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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CONSOLIDATED BALANCE SHEET
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31 JANUARY 2021
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31.1.21
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31.1.20
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Intangible assets
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8
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10,447
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11,725
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Tangible assets
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9
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757,574
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716,984
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Investments
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10
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9,618
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9,618
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777,639
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738,327
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CURRENT ASSETS
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Stocks
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11
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1,056,561
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1,056,561
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Debtors
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12
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5,978,546
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4,458,988
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Cash at bank and in hand
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2,144,178
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1,692,507
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9,179,285
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7,208,056
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CREDITORS
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Amounts falling due within one year
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13
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6,456,652
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5,346,795
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NET CURRENT ASSETS
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2,722,633
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1,861,261
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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3,500,272
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2,599,588
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CREDITORS
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Amounts falling due after more than one
year
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14
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1,076,718
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357,995
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NET ASSETS
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2,423,554
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2,241,593
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CAPITAL AND RESERVES
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Called up share capital
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18
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25,544
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25,544
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Retained earnings
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19
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2,398,010
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2,216,049
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SHAREHOLDERS' FUNDS
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2,423,554
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2,241,593
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The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2021 and were
signed on its behalf by:
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P G Lowe - Director
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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COMPANY BALANCE SHEET
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31 JANUARY 2021
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31.1.21
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31.1.20
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Intangible assets
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8
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Tangible assets
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9
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Investments
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10
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CURRENT ASSETS
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Stocks
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11
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Debtors
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12
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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13
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CREDITORS
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Amounts falling due after more than one
year
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14
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NET ASSETS
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CAPITAL AND RESERVES
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Called up share capital
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18
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Retained earnings
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19
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SHAREHOLDERS' FUNDS
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Company's profit for the financial year
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225,475
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58,999
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The financial statements were approved by the Board of Directors and authorised for issue on
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 31 JANUARY 2021
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£
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£
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£
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Balance at 1 February 2019
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25,544
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1,806,079
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1,831,623
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Changes in equity
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Total comprehensive income
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-
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409,970
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409,970
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Balance at 31 January 2020
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25,544
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2,216,049
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2,241,593
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Changes in equity
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Total comprehensive income
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-
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181,961
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181,961
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Balance at 31 January 2021
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25,544
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2,398,010
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2,423,554
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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COMPANY STATEMENT OF CHANGES IN EQUITY
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FOR THE YEAR ENDED 31 JANUARY 2021
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£
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£
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£
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Balance at 1 February 2019
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Changes in equity
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Total comprehensive income
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-
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Balance at 31 January 2020
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Changes in equity
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Total comprehensive income
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-
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Balance at 31 January 2021
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LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
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CONSOLIDATED CASH FLOW STATEMENT
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FOR THE YEAR ENDED 31 JANUARY 2021
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31.1.21
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31.1.20
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Notes
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£
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£
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Cash flows from operating activities
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Cash generated from operations
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1
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(275,029
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)
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1,108,486
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Interest paid
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(5,857
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)
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(10,631
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)
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Interest element of hire purchase payments
paid
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(12,622
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)
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(10,139
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)
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Tax paid
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-
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(5,177
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)
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Taxation refund
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34,505
|
|
-
|
|
|
Net cash from operating activities
|
(259,003
|
)
|
1,082,539
|
|
|
|
Cash flows from investing activities
|
Purchase of tangible fixed assets
|
(46,627
|
)
|
(27,230
|
)
|
|
Sale of tangible fixed assets
|
9,450
|
|
11,898
|
|
|
Interest received
|
275
|
|
337
|
|
|
Net cash from investing activities
|
(36,902
|
)
|
(14,995
|
)
|
|
|
Cash flows from financing activities
|
Loan repayments in year
|
(32,166
|
)
|
(30,601
|
)
|
|
CBILS loan received
|
900,000
|
|
-
|
|
|
Capital repayments in year
|
(120,258
|
)
|
(77,969
|
)
|
|
Net cash from financing activities
|
747,576
|
|
(108,570
|
)
|
|
|
Increase in cash and cash equivalents
|
451,671
|
|
958,974
|
|
|
Cash and cash equivalents at beginning of
year
|
2
|
1,692,507
|
|
733,533
|
|
|
|
Cash and cash equivalents at end of year
|
2
|
2,144,178
|
|
1,692,507
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
1.
|
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Profit before taxation
|
181,961
|
|
375,465
|
|
|
|
Depreciation charges
|
127,809
|
|
99,123
|
|
|
|
Profit on disposal of fixed assets
|
(9,450
|
)
|
(11,898
|
)
|
|
|
Government grants
|
(18,482
|
)
|
-
|
|
|
|
Finance costs
|
36,961
|
|
20,770
|
|
|
|
Finance income
|
(275
|
)
|
(337
|
)
|
|
318,524
|
|
483,123
|
|
|
|
Increase in trade and other debtors
|
(1,554,063
|
)
|
(618,028
|
)
|
|
|
Increase in trade and other creditors
|
960,510
|
|
1,243,391
|
|
|
|
Cash generated from operations
|
(275,029
|
)
|
1,108,486
|
|
|
|
2.
|
CASH AND CASH EQUIVALENTS
|
|
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these
Balance Sheet amounts:
|
|
|
Year ended 31 January 2021
|
|
31.1.21
|
|
1.2.20
|
£
|
£
|
|
|
Cash and cash equivalents
|
2,144,178
|
|
1,692,507
|
|
|
|
Year ended 31 January 2020
|
|
31.1.20
|
|
1.2.19
|
£
|
£
|
|
|
Cash and cash equivalents
|
1,692,507
|
|
733,533
|
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
3.
|
ANALYSIS OF CHANGES IN NET FUNDS
|
|
|
Other
|
|
|
non-cash
|
|
|
At 1.2.20
|
Cash flow
|
changes
|
At 31.1.21
|
£
|
£
|
£
|
£
|
|
|
Net cash
|
|
|
Cash at bank
|
|
and in hand
|
1,692,507
|
|
451,671
|
|
2,144,178
|
|
|
1,692,507
|
|
451,671
|
|
2,144,178
|
|
|
|
Debt
|
|
Finance leases
|
(264,382
|
)
|
120,255
|
|
(120,491
|
)
|
(264,618
|
)
|
|
|
Debts falling due
|
|
within 1 year
|
(27,636
|
)
|
(120,000
|
)
|
-
|
|
(147,636
|
)
|
|
|
Debts falling due
|
|
after 1 year
|
(186,798
|
)
|
(747,834
|
)
|
-
|
|
(934,632
|
)
|
|
(478,816
|
)
|
(747,579
|
)
|
(120,491
|
)
|
(1,346,886
|
)
|
|
|
Total
|
1,213,691
|
|
(295,908
|
)
|
(120,491
|
)
|
797,292
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
|
1.
|
ACCOUNTING POLICIES
|
|
|
Basis of preparing the financial statements
|
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The
financial statements have been prepared under the historical cost convention.
|
|
|
Basis of consolidation
|
|
The consolidated profit and loss account and balance sheet includes the financial statements of the company and
its subsidiary undertakings made up to 31 January 2021. The results of the subsidiaries sold or acquired are
included in the profit and loss account up to, or from the date control passes. Intra- group sales and profits are
eliminated fully on consolidation.
|
|
|
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.
|
|
|
Goodwill
|
|
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the
identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life
which is considered to be 20 years.
|
|
|
Intangible assets
|
|
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.
|
|
|
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.
|
|
|
Depreciation is provided on the following basis:
|
|
|
Freehold property - 2% on cost
|
|
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
|
|
Computer equipment - Straight line over 3 years
|
|
|
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.
|
|
|
Government grants
|
|
Government grants are in respect of the HMRC Coronavirus Job Retention Scheme and Coronavirus Business
Interruption Loan Scheme. Grant income is recognised when the company is legally entitled to it.
|
|
|
Stock and work in progress
|
|
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs incurred in
bringing the stocks to their present location and condition.
|
|
|
The cost of work in progress includes an appropriate proportion of manufacturing overheads. Net realisable
value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
1.
|
ACCOUNTING POLICIES - continued
|
|
|
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.
|
|
|
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.
|
|
|
Taxation
|
|
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.
|
|
|
Current or deferred taxation assets and liabilities are not discounted.
|
|
|
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 balance sheet date.
|
|
|
Deferred tax
|
|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.
|
|
|
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.
|
|
|
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.
|
|
|
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.
|
|
|
Rental payments under operating leases are charged to the profit and loss account on a straight line basis over the
period of the lease.
|
|
|
Pension costs and other post-retirement benefits
|
|
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme
are charged to profit or loss in the period to which they relate.
|
|
|
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.
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
1.
|
ACCOUNTING POLICIES - continued
|
|
|
Investments
|
|
Shares in subsidiaries are valued at cost less provision for permanent impairment. Investments held as fixed
assets are shown at cost less provisions for their permanent impairment.
|
|
|
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.
|
|
|
Estimation uncertainty relates to tangible fixed assets, turnover and amounts recoverable on contracts.
|
|
2.
|
TURNOVER
|
|
|
The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the
United Kingdom.
|
|
3.
|
EMPLOYEES AND DIRECTORS
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Wages and salaries
|
5,591,074
|
|
5,955,933
|
|
|
|
Social security costs
|
520,195
|
|
549,826
|
|
|
|
Other pension costs
|
64,831
|
|
65,653
|
|
|
6,176,100
|
|
6,571,412
|
|
|
|
|
The average number of employees during the year was as follows:
|
|
31.1.21
|
|
31.1.20
|
|
|
Production
|
96
|
|
98
|
|
|
|
Administration
|
41
|
|
44
|
|
|
137
|
|
142
|
|
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Directors' remuneration
|
94,891
|
|
88,128
|
|
|
|
4.
|
OPERATING PROFIT
|
|
|
The operating profit is stated after charging/(crediting):
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Other operating leases
|
73,179
|
|
70,477
|
|
|
|
Depreciation - owned assets
|
126,528
|
|
97,847
|
|
|
|
Profit on disposal of fixed assets
|
(9,450
|
)
|
(11,898
|
)
|
|
|
Goodwill amortisation
|
1,278
|
|
1,278
|
|
|
|
Auditors' remuneration
|
28,831
|
|
22,185
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
5.
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Bank interest
|
-
|
|
2,173
|
|
|
|
Bank loan interest
|
5,857
|
|
8,458
|
|
|
|
Loan
|
18,482
|
|
-
|
|
|
|
Hire purchase
|
12,622
|
|
10,139
|
|
|
36,961
|
|
20,770
|
|
|
|
6.
|
TAXATION
|
|
|
Analysis of the tax credit
|
|
The tax credit on the profit for the year was as follows:
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Current tax:
|
|
Previous years tax
|
-
|
|
(34,505
|
)
|
|
|
Tax on profit
|
-
|
|
(34,505
|
)
|
|
|
|
Reconciliation of total tax credit 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:
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Profit before tax
|
181,961
|
|
375,465
|
|
|
|
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2020 - 19 %)
|
34,573
|
|
71,338
|
|
|
|
|
Effects of:
|
|
Expenses not deductible for tax purposes
|
1,725
|
|
3,047
|
|
|
|
Capital allowances in excess of depreciation
|
(3,734
|
)
|
(15,738
|
)
|
|
|
Utilisation of tax losses
|
(32,564
|
)
|
(58,647
|
)
|
|
|
Adjustments to tax charge in respect of previous periods
|
-
|
|
(34,505
|
)
|
|
|
Total tax credit
|
-
|
|
(34,505
|
)
|
|
|
7.
|
INDIVIDUAL INCOME STATEMENT
|
|
|
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not
presented as part of these financial statements.
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
8.
|
INTANGIBLE FIXED ASSETS
|
|
|
Group
|
|
Goodwill
|
£
|
|
|
COST
|
|
At 1 February 2020
|
|
and 31 January 2021
|
113,691
|
|
|
|
AMORTISATION
|
|
At 1 February 2020
|
101,966
|
|
|
|
Amortisation for year
|
1,278
|
|
|
|
At 31 January 2021
|
103,244
|
|
|
|
NET BOOK VALUE
|
|
At 31 January 2021
|
10,447
|
|
|
|
At 31 January 2020
|
11,725
|
|
|
|
|
Goodwill of £88,138 arose on the acquisition of Stratford Holdings Limited and its subsidiaries (R F Webb
Limited and R F Webb and Son Limited) on 9 February 2005. This has been fully impaired and an impairment
loss of £74,917 has been recognised in the profit and loss account for 2009.
|
|
|
Goodwill of £25,552 arose from the buy back of the shares held by the minority interest in 2010 and 2011. These
amounts represent the difference between the valuation paid for them and the nominal value. These previous
additions are being amortised to the profit and loss account over the estimated economic life which is considered
to be 20 years.
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
9.
|
TANGIBLE FIXED ASSETS
|
|
|
Group
|
|
Improvements
|
|
Fixtures
|
|
Freehold
|
|
to
|
|
and
|
|
property
|
|
property
|
|
fittings
|
£
|
£
|
£
|
|
|
COST
|
|
At 1 February 2020
|
520,850
|
|
65,995
|
|
280,099
|
|
|
|
Additions
|
-
|
|
39,781
|
|
5,630
|
|
|
|
Disposals
|
-
|
|
-
|
|
(93,188
|
)
|
|
|
At 31 January 2021
|
520,850
|
|
105,776
|
|
192,541
|
|
|
|
DEPRECIATION
|
|
At 1 February 2020
|
122,993
|
|
55,820
|
|
214,298
|
|
|
|
Charge for year
|
10,417
|
|
3,838
|
|
25,882
|
|
|
|
Eliminated on disposal
|
-
|
|
-
|
|
(93,188
|
)
|
|
|
At 31 January 2021
|
133,410
|
|
59,658
|
|
146,992
|
|
|
|
NET BOOK VALUE
|
|
At 31 January 2021
|
387,440
|
|
46,118
|
|
45,549
|
|
|
|
At 31 January 2020
|
397,857
|
|
10,175
|
|
65,801
|
|
|
|
|
Motor
|
|
Computer
|
|
|
vehicles
|
|
equipment
|
|
Totals
|
£
|
£
|
£
|
|
|
COST
|
|
At 1 February 2020
|
590,487
|
|
10,188
|
|
1,467,619
|
|
|
|
Additions
|
119,275
|
|
2,432
|
|
167,118
|
|
|
|
Disposals
|
(84,801
|
)
|
(8,750
|
)
|
(186,739
|
)
|
|
|
At 31 January 2021
|
624,961
|
|
3,870
|
|
1,447,998
|
|
|
|
DEPRECIATION
|
|
At 1 February 2020
|
348,090
|
|
9,434
|
|
750,635
|
|
|
|
Charge for year
|
85,201
|
|
1,190
|
|
126,528
|
|
|
|
Eliminated on disposal
|
(84,801
|
)
|
(8,750
|
)
|
(186,739
|
)
|
|
|
At 31 January 2021
|
348,490
|
|
1,874
|
|
690,424
|
|
|
|
NET BOOK VALUE
|
|
At 31 January 2021
|
276,471
|
|
1,996
|
|
757,574
|
|
|
|
At 31 January 2020
|
242,397
|
|
754
|
|
716,984
|
|
|
|
|
The net book value of tangible fixed assets includes an amount of £293,964 (2020 - £241,118) in respect of
assets held under finance leases or hire purchase contracts.
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
9.
|
TANGIBLE FIXED ASSETS - continued
|
|
|
Company
|
|
Fixtures
|
|
|
Freehold
|
|
and
|
|
Computer
|
|
|
property
|
|
fittings
|
|
equipment
|
|
Totals
|
£
|
£
|
£
|
£
|
|
|
COST
|
|
At 1 February 2020
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
|
|
|
|
Disposals
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
At 31 January 2021
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION
|
|
At 1 February 2020
|
|
|
|
|
|
|
|
|
|
|
Charge for year
|
|
|
|
|
|
|
|
|
|
|
Eliminated on disposal
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
At 31 January 2021
|
|
|
|
|
|
|
|
|
|
|
NET BOOK VALUE
|
|
At 31 January 2021
|
|
|
|
|
|
|
|
|
|
|
At 31 January 2020
|
|
|
|
|
|
|
|
|
|
|
10.
|
FIXED ASSET INVESTMENTS
|
|
|
Group
|
|
Unlisted
|
|
investments
|
£
|
|
|
COST
|
|
At 1 February 2020
|
|
and 31 January 2021
|
9,618
|
|
|
|
NET BOOK VALUE
|
|
At 31 January 2021
|
9,618
|
|
|
|
At 31 January 2020
|
9,618
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
10.
|
FIXED ASSET INVESTMENTS - continued
|
|
|
Company
|
|
Shares in
|
|
|
group
|
|
Unlisted
|
|
|
undertakings
|
|
investments
|
|
Totals
|
£
|
£
|
£
|
|
|
COST
|
|
At 1 February 2020
|
|
and 31 January 2021
|
|
|
|
|
549,718
|
|
|
|
NET BOOK VALUE
|
|
At 31 January 2021
|
|
|
|
|
549,718
|
|
|
|
At 31 January 2020
|
|
|
|
|
549,718
|
|
|
|
|
The group or the company's investments at the Balance Sheet date in the share capital of companies include the
following:
|
|
|
Subsidiaries
|
|
|
Lowe and Oliver Limited
|
|
Registered office: UK
|
|
Nature of business: Electrical and mechanical contractors
|
|
%
|
|
Class of shares:
|
holding
|
|
|
Ordinary
|
100.00
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Aggregate capital and reserves
|
1,038,209
|
|
1,080,445
|
|
|
|
Profit for the year
|
157,764
|
|
352,249
|
|
|
|
|
Arlowe Properties Limited
|
|
Registered office: UK
|
|
Nature of business: Dormant
|
|
%
|
|
Class of shares:
|
holding
|
|
|
Ordinary
|
100.00
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Aggregate capital and reserves
|
100
|
|
100
|
|
|
|
|
11.
|
STOCKS
|
|
|
Group
|
|
Company
|
|
|
31.1.21
|
|
31.1.20
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
£
|
£
|
|
|
Work-in-progress
|
1,056,561
|
|
1,056,561
|
|
|
|
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
12.
|
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
Group
|
|
Company
|
|
|
31.1.21
|
|
31.1.20
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
£
|
£
|
|
|
Trade debtors
|
3,240,909
|
|
2,686,140
|
|
|
|
|
|
|
|
Amounts owed by participating interests
|
27,216
|
|
56,865
|
|
58,540
|
|
65,829
|
|
|
|
Amounts recoverable on
|
|
contracts
|
2,532,699
|
|
1,441,341
|
|
|
|
|
|
|
|
Other debtors
|
2,970
|
|
4,509
|
|
|
|
|
|
|
|
Tax
|
-
|
|
34,505
|
|
|
|
|
|
|
|
Prepayments
|
174,752
|
|
235,628
|
|
|
|
|
|
|
5,978,546
|
|
4,458,988
|
|
|
|
|
|
|
|
13.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
|
Group
|
|
Company
|
|
|
31.1.21
|
|
31.1.20
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
£
|
£
|
|
|
Bank loans and overdrafts (see note 15)
|
147,636
|
|
27,636
|
|
|
|
|
|
|
|
Hire purchase contracts (see note 16)
|
122,532
|
|
93,185
|
|
|
|
|
|
|
|
Payments on account
|
213,225
|
|
411,364
|
|
|
|
|
|
|
|
Trade creditors
|
4,965,550
|
|
3,964,289
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
-
|
|
-
|
|
|
|
|
|
|
|
Amounts owed to participating interests
|
23,998
|
|
1,655
|
|
-
|
|
-
|
|
|
|
Tax
|
55
|
|
55
|
|
|
|
|
|
|
|
Social security and other taxes
|
156,193
|
|
175,512
|
|
|
|
|
|
|
|
VAT
|
585,495
|
|
476,773
|
|
4,487
|
|
2,169
|
|
|
|
Other creditors
|
76,100
|
|
83,955
|
|
|
|
|
|
|
|
Accruals and deferred income
|
165,868
|
|
112,371
|
|
|
|
|
|
|
6,456,652
|
|
5,346,795
|
|
|
|
|
|
|
|
14.
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
|
|
|
|
Group
|
|
Company
|
|
|
31.1.21
|
|
31.1.20
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
£
|
£
|
|
|
Bank loans (see note 15)
|
934,632
|
|
186,798
|
|
|
|
|
|
|
|
Hire purchase contracts (see note 16)
|
142,086
|
|
171,197
|
|
|
|
|
|
|
1,076,718
|
|
357,995
|
|
|
|
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
15.
|
LOANS
|
|
|
An analysis of the maturity of loans is given below:
|
|
|
Group
|
|
Company
|
|
|
31.1.21
|
|
31.1.20
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
£
|
£
|
|
|
Amounts falling due within one year or on
|
demand:
|
|
|
Bank loans
|
147,636
|
|
27,636
|
|
|
|
|
|
|
|
Amounts falling due between one and two
|
years:
|
|
|
Bank loans - 1-2 years
|
207,636
|
|
27,636
|
|
|
|
|
|
|
|
Amounts falling due between two and five
|
years:
|
|
|
Bank loans - 2-5 years
|
622,908
|
|
82,908
|
|
|
|
|
|
|
|
Amounts falling due in more than five years:
|
|
|
Repayable by instalments
|
|
Bank loans more 5 yr by instal
|
104,088
|
|
76,254
|
|
44,088
|
|
76,254
|
|
|
|
|
Included in bank loans is £182,268 which is repayable in monthly instalments and interest at 2.75% per annum
over the bank base rate is charged on the loan.
|
|
|
The bank loan of £900,000 is a Coronavirus Business Interruption Loan. Under this scheme the Government
guarantees 80% of the loan and to pay the interest for the first year. No repayments are required to be made in
the first year. From June 2021 the loan will be repaid monthly over 5 years with interest charged at 2.98% over
Base Rate.
|
|
16.
|
LEASING AGREEMENTS
|
|
|
Minimum lease payments fall due as follows:
|
|
|
Group
|
|
Hire purchase contracts
|
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
|
|
Net obligations repayable:
|
|
Within one year
|
122,532
|
|
93,185
|
|
|
|
Between one and five years
|
142,086
|
|
171,197
|
|
|
264,618
|
|
264,382
|
|
|
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
16.
|
LEASING AGREEMENTS - continued
|
|
|
Group
|
|
Non-cancellable operating
|
leases
|
|
|
31.1.21
|
|
31.1.20
|
£
|
£
|
|
|
Within one year
|
47,722
|
|
58,445
|
|
|
|
Between one and five years
|
45,254
|
|
53,445
|
|
|
92,976
|
|
111,890
|
|
|
|
17.
|
SECURED DEBTS
|
|
|
The following secured debts are included within creditors:
|
|
|
Group
|
|
|
31.1.21
|
|
31.1.20
|
|
£
|
£
|
|
|
Bank loans
|
1,082,268
|
|
214,434
|
|
|
|
Hire purchase contracts
|
264,618
|
|
264,382
|
|
|
1,346,886
|
|
478,816
|
|
|
|
|
Amounts due in respect of hire purchase are secured on the specific assets to which the agreements relate to.
|
|
|
The bank loan of £182,268 is secured by a legal mortgage over the company's property.
|
|
|
Under the Coronavirus Business Interruption Loan Scheme the Government guarantees 80% of the loan. The
remaining part of the loan is secured by way of a debenture over all other assets.
|
|
18.
|
CALLED UP SHARE CAPITAL
|
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
31.1.21
|
|
31.1.20
|
|
value:
|
£
|
£
|
|
|
|
'A' Ordinary shares
|
£1
|
2,304
|
|
2,304
|
|
|
|
|
'B' Ordinary shares
|
£1
|
23,040
|
|
23,040
|
|
|
|
|
4.2% Cumulative Preference sha
|
£1
|
200
|
|
200
|
|
|
25,544
|
|
25,544
|
|
|
|
The 'A' Ordinary shares have the right to participate in all dividends and the right to receive notice, attend, speak and vote at all general meetings of the company. |
|
The 'B' Ordinary shares rank 'pari passu' with the 'A' Ordinary shares in all respects except that they hold no voting rights and hence no right to participate at any general meetings. |
|
The 4.2% Cumulative preference shares are entitled to 4.2% cumulative dividends only. In the event of a winding up, the holders of these shares are entitled to any arrears of the dividends and repayments of their share capital to the extent that the shares are paid up. Any surplus on a winding up will be distributed to the equity shareholders. The preference shareholders have waived their right to the accrued dividend due on the shares. |
LOWE HOLDINGS LIMITED (REGISTERED NUMBER: 00280349)
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
|
FOR THE YEAR ENDED 31 JANUARY 2021
|
|
|
19.
|
RESERVES
|
|
|
Group
|
|
Retained
|
|
earnings
|
£
|
|
|
|
At 1 February 2020
|
2,216,049
|
|
|
|
Profit for the year
|
181,961
|
|
|
|
At 31 January 2021
|
2,398,010
|
|
|
|
|
Company
|
|
Retained
|
|
earnings
|
£
|
|
|
|
At 1 February 2020
|
|
|
|
|
Profit for the year
|
|
|
|
|
At 31 January 2021
|
|
|
|
|
|
20.
|
RELATED PARTY DISCLOSURES
|
|
|
The group charged a management fee of £57,800 (2020: £57,800) to a company related by virtue of common
control. At 31 January 2021 an amount of £23,802 (2020: £55,038) was owed by the related party.
|
|
|
A company controlled by RJG Lowe is owed £23,999 (2020: £6,981) at 31 January 2021.
|
|
|
Included within other creditors is an amount of £1,791 (2020: £2,291) due to PG Lowe and £814 due to (2020:
£3,082) RJG Lowe. Both are directors of the group.
|
|
|
Key management personnel include all statutory directors who together have authority and responsibility for
planning, directing and controlling the activities of the group. The total compensation paid to key management
personnel amounted to £94,891 (2020: £88,128)
|
|
21.
|
PENSION AND OTHER POST- RETIREMENT BENEFIT COMMITMENTS
|
|
|
The group operates a number of defined contribution pension schemes. The pension costs charge represents
contributions payable by the group to the fund and amounted to £64,831 (2020: £65,653). Contributions totalling
£24,274 (2020: £25,191) were payable to the fund at the balance sheet date and are included in creditors.
|
|
22.
|
CONTROLLING PARTIES
|
|
|
P G Lowe is considered to be the ultimate controlling party by virtue of his shareholding in the company.
|
|
23.
|
GENERAL INFORMATION
|
|
|
Lowe Holdings 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.
|