Company registration number 04666816 (England and Wales)
ROWTON GROWERS LTD
Unaudited financial statements
For the year ended 31 March 2023
Pages for filing with registrar
ROWTON GROWERS LTD
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ROWTON GROWERS LTD
Balance sheet
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
174,228
193,994
Current assets
Debtors
4
123,063
50,698
Cash at bank and in hand
86,803
139,194
209,866
189,892
Creditors: amounts falling due within one year
5
(39,989)
(61,346)
Net current assets
169,877
128,546
Total assets less current liabilities
344,105
322,540
Provisions for liabilities
(29,181)
(32,501)
Net assets
314,924
290,039
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
314,824
289,939
Total equity
314,924
290,039
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Mr T Evans
Director
Company Registration No. 04666816
ROWTON GROWERS LTD
Notes to the financial statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information
Rowton Growers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Park Farm, Rowton, Halfway House, Shrewsbury, Shropshire, SY5 9EN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
10% reducing balance
Plant and machinery
15% reducing balance
Computer equipment
15% reducing balance
Biomass boiler system
10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ROWTON GROWERS LTD
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ROWTON GROWERS LTD
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Buildings
Plant and machinery
Computer equipment
Biomass boiler system
Total
£
£
£
£
£
Cost
At 1 April 2022
67,184
53,850
468,732
589,766
Additions
387
387
At 31 March 2023
67,184
53,850
387
468,732
590,153
Depreciation and impairment
At 1 April 2022
44,246
39,689
311,837
395,772
Depreciation charged in the year
2,294
2,125
44
15,690
20,153
At 31 March 2023
46,540
41,814
44
327,527
415,925
Carrying amount
At 31 March 2023
20,644
12,036
343
141,205
174,228
At 31 March 2022
22,938
14,161
156,895
193,994
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
71,731
50,488
Other debtors
51,332
210
123,063
50,698
ROWTON GROWERS LTD
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,141
6,856
Corporation tax
10,606
15,437
Other taxation and social security
189
Directors loan
6,953
37,953
Accruals and deferred income
1,100
1,100
39,989
61,346