Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312021-07-01falseNo description of principal activity118falsetrue 10823831 2021-07-01 2022-12-31 10823831 2022-12-31 10823831 2020-07-01 2021-06-30 10823831 2021-06-30 10823831 c:Director1 2021-07-01 2022-12-31 10823831 c:Director2 2021-07-01 2022-12-31 10823831 c:Director3 2021-07-01 2022-12-31 10823831 c:Director4 2021-07-01 2022-12-31 10823831 c:RegisteredOffice 2021-07-01 2022-12-31 10823831 d:FurnitureFittings 2021-07-01 2022-12-31 10823831 d:FurnitureFittings 2022-12-31 10823831 d:FurnitureFittings 2021-06-30 10823831 d:CurrentFinancialInstruments 2022-12-31 10823831 d:CurrentFinancialInstruments 2021-06-30 10823831 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10823831 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 10823831 d:ShareCapital 2022-12-31 10823831 d:ShareCapital 2021-06-30 10823831 d:RetainedEarningsAccumulatedLosses 2022-12-31 10823831 d:RetainedEarningsAccumulatedLosses 2021-06-30 10823831 c:FRS102 2021-07-01 2022-12-31 10823831 c:Audited 2021-07-01 2022-12-31 10823831 c:FullAccounts 2021-07-01 2022-12-31 10823831 c:PrivateLimitedCompanyLtd 2021-07-01 2022-12-31 10823831 d:WithinOneYear 2022-12-31 10823831 d:WithinOneYear 2021-06-30 10823831 c:SmallCompaniesRegimeForAccounts 2021-07-01 2022-12-31 10823831 4 2021-07-01 2022-12-31 iso4217:GBP xbrli:pure
Company registration number: 10823831







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2022


ROWANWOOD PROFESSIONAL SERVICES LIMITED






































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ROWANWOOD PROFESSIONAL SERVICES LIMITED
 


 
COMPANY INFORMATION


Directors
R Adair 
S Brook 
D Pedreira 
Pluribus Technologies Corp. 




Registered number
10823831



Registered office
100 Avebury Boulevard

Milton Keynes

Buckinghamshire

MK9 1FH




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 6


 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
REGISTERED NUMBER:10823831



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

31 December
As restated
Unaudited
30 June 
2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
1,039

  
-
1,039

Current assets
  

Debtors: amounts falling due within one year
 5 
3,092,044
179,243

Cash at bank and in hand
  
256,654
2,147,003

  
3,348,698
2,326,246

Creditors: amounts falling due within one year
 6 
(1,264,503)
(1,038,284)

Net current assets
  
 
 
2,084,195
 
 
1,287,962

Total assets less current liabilities
  
2,084,195
1,289,001

Provisions for liabilities
  

Deferred tax
  
-
(40,956)

  
 
 
-
 
 
(40,956)

Net assets
  
2,084,195
1,248,045


Capital and reserves
  

Called up share capital 
  
50,020
50,020

Profit and loss account
  
2,034,175
1,198,025

  
2,084,195
1,248,045


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


D Pedreira
Director
Date: 20 October 2023

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Rowanwood Professional Services Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The company's principle place of business is Kingfisher House, Elmfield Road, Bromley, Kent, BR1 1LT.
The reporting period is longer than a year being an 18 month period from 1 July 2021 to 31 December 2022. The change in reporting period was made to bring the company's period in line with the group. The comparative amounts presented in the financial statements are not entirely comparable.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
 

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Development costs

Research and development costs are charged to the profit and loss in the year of expenditure.
The company in the financial period ending 31 December 2022, has opted to make a change to its accounting policy of development costs, previously capitalised, to that of fully expensing these amounts as incurred.
The reasons why applying the new accounting policy provides reliable and more relevant information are as follows:
The change will provide the users with a simpler measurement of research and development spend and will also bring the company in line with the group's development costs accounting policy.

Page 3

 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 11 (Unaudited 2021 - 8).


4.


Tangible fixed assets







Fixtures and fittings

£





At 1 July 2021 (Unaudited)
3,283


Disposals
(3,283)



At 31 December 2022

-





At 1 July 2021 (Unaudited)
2,244


Disposals
(2,244)



At 31 December 2022

-



Net book value



At 31 December 2022
-



At 30 June 2021 (Unaudited)
1,039

Page 4

 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Debtors

31 December
Unaudited
30 June
2022
2021
£
£


Trade debtors
72,032
136,822

Amounts owed by group undertakings
2,960,998
-

Other debtors
1,750
1,500

Prepayments and accrued income
57,264
40,921

3,092,044
179,243



6.


Creditors: Amounts falling due within one year

31 December
Unaudited
30 June
2022
2021
£
£

Trade creditors
24,372
19,310

Amounts owed to group undertakings
1,891
-

Corporation tax
221,879
98,650

Other taxation and social security
91,323
57,738

Other creditors
-
1,553

Accruals and deferred income
925,038
861,033

1,264,503
1,038,284



7.


Prior year adjustment

A prior year adjustment has been recognised to treat the research and development expenditure in line with the company’s revised accounting policy which is to expenses all costs. As a result, the carrying value of the intangible fixed assets have reduced by £214,517 as at 30 June 2021 and £169,763 as at 30 June 2020. Administrative expenditure has increased by £44,754 for the year ended 30 June 2021 and the brought forward reserves as at 1 July 2020 have reduced by £169,763 and £214,517 at 1 July 2021.

Page 5

 


ROWANWOOD PROFESSIONAL SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

8.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
As restated
Unaudited
30 June
2022
2021
£
£


Not later than 1 year
4,668
4,000

4,668
4,000

The restatement of the prior year is to correctly reflect the operating leases commitments present at the prior year balance sheet date.


9.Guarantees and financial commitments

The company has cross guaranteed the bank borrowing by way of a fixed and floating debenture charge over all the company's assets on behalf of Pluribus Technologies Corp. to National Bank of Canada as Security Trustee up to an amount of 42,000,000 Canadian Dollars.


10.


Parent Company

The parent company of the smallest group for which consolidated financial statements are drawn up is Pluribus Technologies Corp., the company's registered office is 111 Peter Street, Suite 503, Toronto, ON, M5V 2H1, Canada.


11.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 20 October 2023 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 6