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COMPANY REGISTRATION NUMBER: 07580715
John M Rowles Limited
Filleted Unaudited Financial Statements
31 March 2023
John M Rowles Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
5,101
8,262
Investments
6
1,185,044
1,170,000
------------
------------
1,190,145
1,178,262
Current assets
Debtors
7
54,555
61,682
Cash at bank and in hand
115,985
201,954
---------
---------
170,540
263,636
Creditors: amounts falling due within one year
8
58,010
239,596
---------
---------
Net current assets
112,530
24,040
------------
------------
Total assets less current liabilities
1,302,675
1,202,302
Provisions
40,539
31,318
------------
------------
Net assets
1,262,136
1,170,984
------------
------------
Capital and reserves
Called up share capital
115
115
Fair value reserve
161,656
161,656
Profit and loss account
1,100,365
1,009,213
------------
------------
Shareholders funds
1,262,136
1,170,984
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
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 .
John M Rowles Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mr J M Rowles
Mrs J C Rowles
Director
Director
Company registration number: 07580715
John M Rowles Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Lamorna Court, 43 Wollaton Road, Beeston, Nottingham, NG9 2NG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Office equipment
-
15% reducing balance
Investments
Investment properties are initially recorded at cost which includes the purchase price and any directly attributable expenditure. They are then revalued according to the most recent valuation and any changes in fair value are recognised in the profit or loss account.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2022
4,840
22,942
27,782
Additions
1,707
774
2,481
Disposals
( 322)
( 15,413)
( 15,735)
-------
--------
--------
At 31 March 2023
6,225
8,303
14,528
-------
--------
--------
Depreciation
At 1 April 2022
3,712
15,808
19,520
Charge for the year
417
483
900
Disposals
( 268)
( 10,725)
( 10,993)
-------
--------
--------
At 31 March 2023
3,861
5,566
9,427
-------
--------
--------
Carrying amount
At 31 March 2023
2,364
2,737
5,101
-------
--------
--------
At 31 March 2022
1,128
7,134
8,262
-------
--------
--------
6. Investments
Investment properties
£
Cost
At 1 April 2022
1,170,000
Additions
15,044
------------
At 31 March 2023
1,185,044
------------
Impairment
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
1,185,044
------------
At 31 March 2022
1,170,000
------------
Carrying value at 31 March 2023 is represented by:
2023
£
Revaluation
161,656
Cost
1,023,388
------------
1,185,044
------------
If the investment properties had not been revalued they would have been included at the following historical costs:
2023
2022
£
£
Cost
1,023,388
1,008,344
------------
------------
The investment properties were valued on an open market basis by letting agents.
7. Debtors
2023
2022
£
£
Trade debtors
50,520
54,119
Other debtors
4,035
7,563
--------
--------
54,555
61,682
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
122
932
Social security and other taxes
53,053
51,670
Other creditors
4,835
186,994
--------
---------
58,010
239,596
--------
---------