Company registration number: 10823831
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FOR THE PERIOD ENDED
31 DECEMBER 2022
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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COMPANY INFORMATION
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Pluribus Technologies Corp.
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Chartered Accountants & Statutory Auditor
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
REGISTERED NUMBER:10823831
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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As restated
Unaudited
30 June
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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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:
The notes on pages 2 to 6 form part of these financial statements.
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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
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Basis of preparation of financial statements
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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:
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.
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.
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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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.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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:
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.
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The average monthly number of employees, including directors, during the period was 11 (Unaudited 2021 - 8).
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At 1 July 2021 (Unaudited)
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At 1 July 2021 (Unaudited)
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At 30 June 2021 (Unaudited)
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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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.
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ROWANWOOD PROFESSIONAL SERVICES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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Commitments under operating leases
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At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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As restated
Unaudited
30 June
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The restatement of the prior year is to correctly reflect the operating leases commitments present at the prior year balance sheet date.
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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.
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.
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.
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