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Registration number: 08752806

Rowe Properties (Devon) Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Company Information

Directors

Mr A G E Rowe OBE

Mrs S M Rowe

Mr J Whiley

Mr D H Langley

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Investment property

4

1,995,694

1,203,800

Current assets

 

Debtors

5

32,027

15,961

Cash at bank and in hand

 

21,515

9,880

 

53,542

25,841

Creditors: Amounts falling due within one year

6

(2,105,017)

(1,197,018)

Net current liabilities

 

(2,051,475)

(1,171,177)

Net (liabilities)/assets

 

(55,781)

32,623

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(55,881)

32,523

Total equity

 

(55,781)

32,623

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 July 2022 and signed on its behalf by:
 

.........................................
Mr A G E Rowe OBE
Director

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.

In addition, the Directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.

The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.

The directors have implemented a robust system of procedures and controls in order to deal with any associated risks.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Notes to the Financial Statements for the Year Ended 31 December 2021

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Notes to the Financial Statements for the Year Ended 31 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2020 - 5).

4

Investment properties

2021
£

At 1 January 2021

1,203,800

Additions

1,348,576

Disposals

(556,682)

At 31 December 2021

1,995,694

The directors consider that the company's investment properties have not materially changed their open market value since their original purchase.

5

Debtors

2021
£

2020
£

Trade debtors

3,308

14,045

Prepayments and accrued income

28,719

1,916

Total current trade and other debtors

32,027

15,961

 

Rowe Properties (Devon) Limited
(Registration number: 08752806)

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Creditors

Note

2021
£

2020
£

Due within one year

 

Trade creditors

 

1,039

2,392

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,096,014

540

Other creditors

 

6,524

1,192,646

Accrued expenses

 

1,440

1,440

 

2,105,017

1,197,018

7

Parent and ultimate parent undertaking

The company's immediate parent is Exeter Estates Holdings Limited, incorporated in United Kingdom.