Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr C R Rowe 06/03/1997 Mr M Rowe 06/03/1997 Mr R J Rowe 06/03/1997 Miss A Rowe 18/03/2013 07 November 2023 The principal activity of the business is property investment and development. 00520039 2023-03-31 00520039 bus:Director1 2023-03-31 00520039 bus:Director2 2023-03-31 00520039 bus:Director3 2023-03-31 00520039 bus:Director4 2023-03-31 00520039 2022-03-31 00520039 core:CurrentFinancialInstruments 2023-03-31 00520039 core:CurrentFinancialInstruments 2022-03-31 00520039 core:Non-currentFinancialInstruments 2023-03-31 00520039 core:Non-currentFinancialInstruments 2022-03-31 00520039 core:ShareCapital 2023-03-31 00520039 core:ShareCapital 2022-03-31 00520039 core:SharePremium 2023-03-31 00520039 core:SharePremium 2022-03-31 00520039 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00520039 core:FurtherSpecificReserve1ComponentTotalEquity 2022-03-31 00520039 core:RetainedEarningsAccumulatedLosses 2023-03-31 00520039 core:RetainedEarningsAccumulatedLosses 2022-03-31 00520039 core:OtherPropertyPlantEquipment 2022-03-31 00520039 core:OtherPropertyPlantEquipment 2023-03-31 00520039 core:CostValuation 2022-03-31 00520039 core:CostValuation 2023-03-31 00520039 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 00520039 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 00520039 1 2023-03-31 00520039 1 2022-03-31 00520039 2 2023-03-31 00520039 2 2022-03-31 00520039 3 2023-03-31 00520039 3 2022-03-31 00520039 4 2023-03-31 00520039 4 2022-03-31 00520039 core:CurrentFinancialInstruments core:Secured 2023-03-31 00520039 2021-03-31 00520039 bus:OrdinaryShareClass1 2023-03-31 00520039 2022-04-01 2023-03-31 00520039 bus:FullAccounts 2022-04-01 2023-03-31 00520039 bus:SmallEntities 2022-04-01 2023-03-31 00520039 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00520039 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00520039 bus:Director1 2022-04-01 2023-03-31 00520039 bus:Director2 2022-04-01 2023-03-31 00520039 bus:Director3 2022-04-01 2023-03-31 00520039 bus:Director4 2022-04-01 2023-03-31 00520039 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-04-01 2023-03-31 00520039 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 00520039 2021-04-01 2022-03-31 00520039 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00520039 core:Subsidiary1 2022-04-01 2023-03-31 00520039 core:Subsidiary1 1 2022-04-01 2023-03-31 00520039 core:Subsidiary1 1 2021-04-01 2022-03-31 00520039 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 00520039 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00520039 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 00520039 (England and Wales)

ROWE ESTATES (UK) LIMITED

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

ROWE ESTATES (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

ROWE ESTATES (UK) LIMITED

BALANCE SHEET

As at 31 March 2023
ROWE ESTATES (UK) LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 13,204 5,462
Investment property 5 34,319,663 34,719,663
Investments 6 3 3
34,332,870 34,725,128
Current assets
Debtors
- due within one year 7 1,340,046 1,313,616
- due after more than one year 7 335,812 329,276
Investments 8 3,819,500 3,917,796
Cash at bank and in hand 1,650,136 3,006,652
7,145,494 8,567,340
Creditors: amounts falling due within one year 9 ( 9,038,209) ( 10,657,045)
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 0 ( 10,000,000)
Provision for liabilities 11 ( 2,508) ( 1,038)
Net assets 32,437,647 22,634,385
Capital and reserves
Called-up share capital 12 11,000 11,000
Share premium account 28,950 28,950
Fair value reserve 6,849,750 6,749,750
Profit and loss account 25,547,947 15,844,685
Total shareholder's funds 32,437,647 22,634,385

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 Estates (UK) Limited (registered number: 00520039) were approved and authorised for issue by the Board of Directors on 07 November 2023. They were signed on its behalf by:

Mr C R Rowe
Director
ROWE ESTATES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
ROWE ESTATES (UK) 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 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 £.

Turnover

Turnover represents the fair value of the consideration receivable, excluding Value Added Tax, in the ordinary course of business for the sale of services provided.
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.

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:

Plant and machinery etc. 2 - 5 years straight line

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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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 7 5

3. Dividends on equity shares

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

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 20,651 20,651
Additions 10,969 10,969
At 31 March 2023 31,620 31,620
Accumulated depreciation
At 01 April 2022 15,189 15,189
Charge for the financial year 3,227 3,227
At 31 March 2023 18,416 18,416
Net book value
At 31 March 2023 13,204 13,204
At 31 March 2022 5,462 5,462

5. Investment property

Investment property
£
Valuation
As at 01 April 2022 34,719,663
Disposals (400,000)
As at 31 March 2023 34,319,663

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.

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 3
At 31 March 2023 3
Carrying value at 31 March 2023 3
Carrying value at 31 March 2022 3

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.03.2023
Ownership
31.03.2022
Rowe Property Developments Limited c/o Francis Clark LLP, Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, Devon, PL1 3GW Dormant Ordinary 100.00% 100.00%

7. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 959,270 882,502
Amounts owed by related parties 90,529 179,191
Prepayments 287,422 243,643
Other debtors 2,825 8,280
1,340,046 1,313,616
Debtors: amounts falling due after more than one year
Other debtors 335,812 329,276

8. Current asset investments

2023 2022
£ £
Balance brought forward 3,917,796 2,420,773
Additions 0 1,500,000
Income received in the year - reinvested 45,001 0
Fair value adjustments ( 143,297) ( 2,977)
3,819,500 3,917,796

The balance included in current asset investments relate to a managed investment portfolio.

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 8,000,000 0
Trade creditors 67,993 84,122
Amounts owed to Group undertakings 41,511 9,549,566
Amounts owed to related parties 37,586 0
Corporation tax 224,405 170,273
Other taxation and social security 68,524 85,553
Other creditors 598,190 767,531
9,038,209 10,657,045

The bank loan is denominated in pound sterling with the final instalment due on 5 October 2023. The loan is secured on the investment property of the company.

10. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 10,000,000

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 1,038) ( 16,547)
(Charged)/credited to the Profit and Loss Account ( 1,470) 15,509
At the end of financial year ( 2,508) ( 1,038)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
11,000 Ordinary shares of £ 1.00 each 11,000 11,000

13. Contingencies

Contingent liabilities

2023 2022
£ £
Total contingent liabilities 85,000 85,000

14. Related party transactions

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.

15. Ultimate controlling party

Parent Company:

Rowe Estates Holdings Limited
c/o Francis Clark LLP
Melville Building East
Unit 18
23 Royal William Yard
Plymouth
Devon
PL1 3GW