Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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34,332,870 | 34,725,128 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 7 |
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- due after more than one year | 7 |
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Investments | 8 |
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Cash at bank and in hand |
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7,145,494 | 8,567,340 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current liabilities | (1,892,715) | (2,089,705) | ||
Total assets less current liabilities | 32,440,155 | 32,635,423 | ||
Creditors: amounts falling due after more than one year | 10 |
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Provision for liabilities | 11 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 12 |
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Share premium account |
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Fair value reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Rowe Estates (UK) Limited (registered number:
Mr C R 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 Estates (UK) 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 , 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 £.
Revenue from investment property rental is recognised in line with services provided.
Revenue from the sale of developments is recognised when the sale becomes contractually binding.
Lease income is recognised on a straight line basis over the lease term.
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.
Plant and machinery etc. |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2023 | 2022 | ||
£ | £ | ||
Amounts recognised as distributions to equity holders in the financial year: | |||
Interim dividend for the financial year ended 31 March 2023 of £53.27 (2022: £49.86) per ordinary share | 586,000 | 548,500 | |
0 | 0 | ||
586,000 | 548,500 | ||
Plant and machinery etc. | Total | ||
£ | £ | ||
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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Investment property | |
£ | |
Valuation | |
As at 01 April 2022 |
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Disposals | (400,000) |
As at 31 March 2023 |
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Valuation
The vast majority of investment properties were revalued on 31 March 2021 by Savills, commercial property and real estate consultants, external to the company.
The basis of this valuation was at market value.
Those investment properties not valued externally were valued internally (on a similar basis) by the directors based on their knowledge and experience of the relevant property markets.
Investment properties include freehold property with a current value of £30,459,663 (2022 - £30,859,663) and a carrying amount at historical cost of £23,732,285 (2022 - £24,232,285). The depreciation on this historical cost is £Nil.
Investment properties includes leasehold property with a current value of £3,860,000 (2022 - £3,860,000) and a carrying amount at historical cost of £3,737,628 (2022 - £3,737,628). The depreciation on this historical cost is £Nil.
Investment property with a fair value of £30,145,000 has been pledged as security for bank borrowings.
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 April 2022 |
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At 31 March 2023 |
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Carrying value at 31 March 2023 |
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Carrying value at 31 March 2022 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.03.2023 |
Ownership 31.03.2022 |
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c/o Francis Clark LLP, Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, Devon, PL1 3GW | Dormant |
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2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Balance brought forward |
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Additions |
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Income received in the year - reinvested |
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Fair value adjustments | (
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3,819,500 | 3,917,796 |
The balance included in current asset investments relate to a managed investment portfolio.
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to related parties |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Profit and Loss Account | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Contingent liabilities
2023 | 2022 | ||
£ | £ | ||
Total contingent liabilities |
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Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Balance due from entities under common control | 52,942 | 179,191 |
During the year the company received payments of £126,248 (2021 - £1,500,000) and made advances of £nil (2021 - £37,376) to entities under common control. These balances are interest free and repayable on demand.
Parent Company:
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c/o Francis Clark LLP Melville Building East Unit 18 23 Royal William Yard Plymouth Devon PL1 3GW |