LOWE_&_SIMPSON_GROUP_LIMI - Accounts

LOWE & SIMPSON GROUP LIMITED - Company Information

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Company Registration No. 01425179 (England and Wales)

LOWE & SIMPSON GROUP LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

LOWE & SIMPSON GROUP LIMITED

CONTENTS

Page

Directors' report

Abbreviated balance sheet

2 - 3

Notes to the abbreviated accounts

4 - 6

LOWE & SIMPSON GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 1 -

The directors present their report and financial statements for the year ended 30 September 2016.

Directors

The following directors have held office since 1 October 2015:

Mr J S Haddon

Mr P F Pearson

Mr T Leach

Share buy-back

Note 13 (as disclosed in the full financial statements) details the movement in Reserves following the buy-back of shares in October 2015.

The outgoing shareholder was one of the founding shareholders that decided to re-invest his shareholding following the primary buy-out in April 2008.

That shareholder expressed his desire to retire from the business, at the value agreed in the buy-out legal documentation.
Due to the trading performance of the business and the positive cash resources, whilst the Balance Sheet has been impacted, the underlying business has not.
The buy-back has not involved raising monies from the company's bankers.

The company traded exceptionally well during 2015/2016 and continues to do so. This is against the backdrop of higher import costs and margins coming under pressure.

Thus, there are no detrimental effects of note, arising from the buy-back.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

By order of the board

Mr J S Haddon

Secretary

23 June 2017

LOWE & SIMPSON GROUP LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 2 -

2016

2015

Notes

Fixed assets

Tangible assets

1,172,607

1,232,434

Investments

1,001

1,173,608

1,233,435

Current assets

Stocks

201,715

144,866

Debtors

585,419

1,024,568

Cash at bank and in hand

90,126

193,559

877,260

1,362,993

Creditors: amounts falling due within one year

(575,871)

(615,155)

Net current assets

301,389

747,838

Total assets less current liabilities

1,474,997

1,981,273

Creditors: amounts falling due after more than one year

(579,096)

(442,941)

Provisions for liabilities

(45,630)

(50,595)

850,271

1,487,737

Capital and reserves

Called up share capital

1,000,318

1,000,674

Other reserves

(814,535)

(49,891)

Profit and loss account

664,488

536,954

Shareholders' funds

850,271

1,487,737

LOWE & SIMPSON GROUP LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2016

- 3 -

For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 23 June 2017

Mr J S Haddon

Director

Company Registration No. 01425179

LOWE & SIMPSON GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 4 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings

2.5% straight line

Plant and machinery

15% reducing balance

Office and computer equipment

10% - 33.3% reducing balance

Motor vehicles

25% reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

Investments are included at cost less amounts written off. Profits or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.10

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

LOWE & SIMPSON GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

Accounting policies

(Continued)

- 5 -

1.11

Group accounts

The accounts contain information about Lowe & Simpson Group Limited as an individual company and do not contain consolidation financial information as the parent of a group. The company is exempt under section 248 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the group it heads qualifies as a small group.

Details of the results of the subsidiary are shown in the notes to the financial statements.

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 October 2015 & at 30 September 2016

2,604,998

1,001

2,605,999

Depreciation

At 1 October 2015

1,372,563

Charge for the year

59,828

At 30 September 2016

1,432,391

Net book value

At 30 September 2016

1,172,607

1,001

1,173,608

At 30 September 2015

1,232,434

1,001

1,233,435

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Lowe & Simpson Limited

England and Wales

Ordinary

100.00

Lowe & Simpson (Developments) Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Lowe & Simpson Limited

Dormant

Lowe & Simpson (Developments) Limited

Dormant

(1,577)

LOWE & SIMPSON GROUP LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 6 -

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

126,334

202,395

Share capital

2016

2015

Allotted, called up and fully paid

1,000,000 ordinary shares of £1 each

1,000,000

316 A redeemable shares of £1 each

316

316 B redeemable shares of £1 each

316

40 C redeemable shares of £1 each

2 D redeemable shares of £1 each

1,000,318

1,000,674

The rights attached to the shares are as follows:

Income - ordinary shares and A ordinary shares rank pari passu in relation to payment of a dividend. The A, B, C and D redeemable shares shall not be entitled to the payment of a dividend. No dividend can be declared until all A, B and C redeemable shares have been redeemed.

Voting - only the ordinary shares and A ordinary shares have voting rights except in exceptional circumstances as indicated in the Articles.

Redemption - there is no formal fixed date of redemption on the A, B, C or D redeemable shares.

Capital - on winding up repayment of capital is prioritised firstly to A and B redeemable shares, then C redeemable shares, then D redeemable shares. Any balances remaining would then be distributed to ordinary and A ordinary shareholders.

During the year the company redeemed 316 A shares and 40 C shares in accordance with the shareholders agreement dated 31 March 2008.