Company No:
Contents
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2023.
PRINCIPAL ACTIVITIES
Strategic Review
Strong sales in the FY have continued, increasing from the previous year. Growth continues to be driven by new business through long term relationships with our key enterprise clients as well as new clients.
This financial year was the second year of our three-year strategic growth plan, successfully driving growth in accordance with set KPIs. Central to the plan is the investment in people to provide capacity and the capabilities to meet demand, along with the development of our commercial and management teams.
Principle risks & Uncertainties
The technology service market in which the Company operates is fast-moving and highly competitive. Demand for technology staff continues to increase applying pressure to staffing costs.
Best practices and governance play a major role in the services of the Company, with the company maintaining certification of our Integrated Management System (ISO9001 and ISO27001) and Cyber Essentials Plus.
The company has no creditors other than the normal flow of day-to-day expenses, and therefore has little exposure to interest rate risks. Public sector contract terms result in low debtor days, having a positive effect on the cash flow position.
Key performance indicators of the company focus on revenue growth, quality of services, customer satisfaction and employee utilisation. All indicators are established and monitored by the senior management team.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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Approved by the Board of Directors and signed on its behalf by:
Mr P Rowe
Director |
Note | 2023 | 2022 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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81,840 | 75,802 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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2,282,402 | 1,900,002 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 1,517,900 | 1,296,327 | ||
Total assets less current liabilities | 1,599,740 | 1,372,129 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Rowe IT Limited (registered number:
Mr P Rowe
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Rowe IT Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rowe It Plymouth Science Park, 1 Davy Road, Plymouth, PL6 8BX, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
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Plant and machinery |
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Fixtures and fittings |
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Computer equipment |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Fixtures and fittings | Computer equipment | Total | |||||
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Cost | |||||||||
At 01 April 2022 |
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Additions |
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At 31 March 2023 |
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Accumulated depreciation | |||||||||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||||||||
At 31 March 2023 |
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At 31 March 2022 |
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£ | £ | ||
Trade debtors |
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Other debtors |
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Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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