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Company No: 06483308 (England and Wales)

ROWE IT LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

ROWE IT LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

ROWE IT LIMITED

DIRECTORS' REPORT

For the financial year ended 31 March 2023
ROWE IT LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2023.

PRINCIPAL ACTIVITIES

The principle activities of the Company are the provision of software engineering, systems integration and technical consultancy services predominantly to the public sector. The Company helps its clients deliver complex technical IT projects and programs with applied know-how and expertise in cutting edge technology and agile delivery.

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:

Mr P Rowe
Mrs H Rowe

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr P Rowe
Director

13 October 2023

ROWE IT LIMITED

BALANCE SHEET

As at 31 March 2023
ROWE IT LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 81,840 75,802
81,840 75,802
Current assets
Debtors 4 665,647 762,135
Cash at bank and in hand 1,616,755 1,137,867
2,282,402 1,900,002
Creditors: amounts falling due within one year 5 ( 764,502) ( 603,675)
Net current assets 1,517,900 1,296,327
Total assets less current liabilities 1,599,740 1,372,129
Provision for liabilities ( 20,460) ( 10,348)
Net assets 1,579,280 1,361,781
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,579,278 1,361,779
Total shareholders' funds 1,579,280 1,361,781

For the financial 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 financial statements of Rowe IT Limited (registered number: 06483308) were approved and authorised for issue by the Board of Directors on 13 October 2023. They were signed on its behalf by:

Mr P Rowe
Director
ROWE IT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
ROWE IT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 28

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2022 23,708 1,321 27,293 83,218 135,540
Additions 0 0 464 28,934 29,398
At 31 March 2023 23,708 1,321 27,757 112,152 164,938
Accumulated depreciation
At 01 April 2022 2,371 1,134 10,554 45,679 59,738
Charge for the financial year 2,371 47 4,306 16,636 23,360
At 31 March 2023 4,742 1,181 14,860 62,315 83,098
Net book value
At 31 March 2023 18,966 140 12,897 49,837 81,840
At 31 March 2022 21,337 187 16,739 37,539 75,802

4. Debtors

2023 2022
£ £
Trade debtors 491,673 746,631
Other debtors 173,974 15,504
665,647 762,135

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,348 5,557
Amounts owed to directors 0 934
Accruals and deferred income 97,537 12,591
Taxation and social security 643,128 584,593
Other creditors 21,489 0
764,502 603,675