Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31false2022-06-012526falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01300467 2022-06-01 2023-05-31 01300467 2021-06-01 2022-05-31 01300467 2023-05-31 01300467 2022-05-31 01300467 2021-06-01 01300467 5 2022-06-01 2023-05-31 01300467 5 2021-06-01 2022-05-31 01300467 d:Director3 2022-06-01 2023-05-31 01300467 d:Director4 2022-06-01 2023-05-31 01300467 e:Buildings 2022-06-01 2023-05-31 01300467 e:Buildings 2023-05-31 01300467 e:Buildings 2022-05-31 01300467 e:Buildings e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 01300467 e:PlantMachinery 2022-06-01 2023-05-31 01300467 e:PlantMachinery 2023-05-31 01300467 e:PlantMachinery 2022-05-31 01300467 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 01300467 e:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 01300467 e:CurrentFinancialInstruments 2023-05-31 01300467 e:CurrentFinancialInstruments 2022-05-31 01300467 e:Non-currentFinancialInstruments 2023-05-31 01300467 e:Non-currentFinancialInstruments 2022-05-31 01300467 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-31 01300467 e:CurrentFinancialInstruments e:WithinOneYear 2022-05-31 01300467 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-31 01300467 e:Non-currentFinancialInstruments e:AfterOneYear 2022-05-31 01300467 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-05-31 01300467 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-05-31 01300467 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-05-31 01300467 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-05-31 01300467 e:ShareCapital 2022-06-01 2023-05-31 01300467 e:ShareCapital 2023-05-31 01300467 e:ShareCapital 2021-06-01 2022-05-31 01300467 e:ShareCapital 2022-05-31 01300467 e:ShareCapital 2021-06-01 01300467 e:RevaluationReserve 2022-06-01 2023-05-31 01300467 e:RevaluationReserve 2023-05-31 01300467 e:RevaluationReserve 5 2022-06-01 2023-05-31 01300467 e:RevaluationReserve 2021-06-01 2022-05-31 01300467 e:RevaluationReserve 2022-05-31 01300467 e:RevaluationReserve 2021-06-01 01300467 e:RevaluationReserve 5 2021-06-01 2022-05-31 01300467 e:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 01300467 e:RetainedEarningsAccumulatedLosses 2023-05-31 01300467 e:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 01300467 e:RetainedEarningsAccumulatedLosses 2022-05-31 01300467 e:RetainedEarningsAccumulatedLosses 2021-06-01 01300467 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-06-01 2023-05-31 01300467 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-05-31 01300467 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-05-31 01300467 d:FRS102 2022-06-01 2023-05-31 01300467 d:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 01300467 d:FullAccounts 2022-06-01 2023-05-31 01300467 d:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 01300467 e:HirePurchaseContracts e:WithinOneYear 2023-05-31 01300467 e:HirePurchaseContracts e:WithinOneYear 2022-05-31 01300467 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-05-31 01300467 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-05-31 01300467 2 2022-06-01 2023-05-31 01300467 5 2022-06-01 2023-05-31 01300467 7 2022-06-01 2023-05-31 01300467 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-05-31 01300467 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-05-31 iso4217:GBP xbrli:pure

Registered number: 01300467










ROWLANDS WOODHOUSE EQUIPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
REGISTERED NUMBER: 01300467

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,295,920
1,337,169

Current assets
  

Stocks
  
136,552
229,081

Debtors: amounts falling due within one year
 5 
1,057,056
1,114,096

Cash at bank and in hand
  
356,304
679,135

  
1,549,912
2,022,312

Creditors: amounts falling due within one year
 6 
(604,792)
(1,431,337)

Net current assets
  
 
 
945,120
 
 
590,975

Total assets less current liabilities
  
2,241,040
1,928,144

Creditors: amounts falling due after more than one year
 7 
(191,454)
(47,365)

Provisions for liabilities
  

Deferred tax
  
(14,178)
(19,121)

Other provisions
 10 
(42,025)
(38,155)

  
 
 
(56,203)
 
 
(57,276)

Net assets
  
1,993,383
1,823,503


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Revaluation reserve
 11 
844,940
856,829

Profit and loss account
 11 
1,123,443
941,674

  
1,993,383
1,823,503


Page 1

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
REGISTERED NUMBER: 01300467
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 income statement 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: 




................................................
James Arthur Walker
................................................
Nigel George Gotts
Director
Director


Date: 15 January 2024


The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 June 2021
25,000
400,629
801,072
1,226,701


Comprehensive income for the year

Profit for the year

-
-
170,602
170,602

Surplus on revaluation of freehold property
-
456,200
-
456,200


Other comprehensive income for the year
-
456,200
-
456,200


Total comprehensive income for the year
-
456,200
170,602
626,802


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(30,000)
(30,000)


Total transactions with owners
-
-
(30,000)
(30,000)



At 1 June 2022
25,000
856,829
941,674
1,823,503


Comprehensive expenditure for the year

Profit for the year

-
-
200,880
200,880

Surplus on revaluation of freehold property
-
(11,889)
11,889
-


Total comprehensive expenditure for the year
-
(11,889)
11,889
-


Total comprehensive expenditure for the year
-
(11,889)
212,769
200,880


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(31,000)
(31,000)


Total transactions with owners
-
-
(31,000)
(31,000)


At 31 May 2023
25,000
844,940
1,123,443
1,993,383


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Rowlands Woodhouse Equipment Limited is a private company limited by shares and incorporated in England and Wales, registration number 01300467. The registered office is Laundry Loke Industrial Estate, Folgate Road, North Walsham, Norfolk, NR28 0AJ.

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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

The Company also contributes to personal pension schemes for certain staff under a group personal pension plan.

 
2.10

Current and deferred taxation

The tax expense for the year 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.

 
2.11

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.

Page 6

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant & machinery
-
15% - 33% reducing balance

Freehold land is not depreciated.
On revalued assets the part of the depreciation charge which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
Capital items less than £250 are expended to the Income Statement, except when costs contribute to a larger asset, in which case they are treated as fixed asset additions.  

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 7

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 8

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 25 (2022 - 26).

Page 9

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 June 2022
1,210,000
755,002
1,965,002


Additions
-
779
779



At 31 May 2023

1,210,000
755,781
1,965,781



Depreciation


At 1 June 2022
-
627,833
627,833


Charge for the year on owned assets
19,200
22,828
42,028



At 31 May 2023

19,200
650,661
669,861



Net book value



At 31 May 2023
1,190,800
105,120
1,295,920



At 31 May 2022
1,210,000
127,169
1,337,169

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
11,178
14,905

A full valuation of freehold properties, on an existing use basis, was performed in accordance with the guidance set by the Royal Institute of Chartered Surveyors on 6 June 2022 by Roche Chartered Surveyors.

Page 10

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

           4.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
645,543
645,543

Accumulated depreciation
(308,637)
(293,237)

Net book value
336,906
352,306


5.


Debtors

2023
2022
£
£


Trade debtors
105,989
877,854

Amounts owed by group undertakings
911,706
183,081

Other debtors
89
16,724

Prepayments and accrued income
39,272
36,437

1,057,056
1,114,096


Page 11

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
47,694
17,298

Payments received on account
215,778
804,507

Trade creditors
130,377
388,557

Corporation tax
56,186
45,296

Other taxation and social security
108,517
74,922

Obligations under finance lease and hire purchase contracts
3,391
4,635

Other creditors
10,109
15,189

Accruals and deferred income
32,740
80,933

604,792
1,431,337


Included within bank loans are secured creditors of £47,694 (2022: £17,298).
Included within net obligations under finance leases and hire purchase contracts are secured creditors of £3,391 (2022: £4,635).


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
191,454
44,286

Net obligations under finance leases and hire purchase contracts
-
3,079

191,454
47,365


Included within bank loans are secured creditors of £191,454 (2022: £44,286). The bank loan is secured by a mortgage and debenture over the assets of the Company.
Included within net obligations under finance leases and hire purchase contracts are secured creditors of Nil (2022: £3,079).

Page 12

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
47,694
17,298

Amounts falling due 1-2 years

Bank loans
48,964
17,103


48,964
17,103

Amounts falling due 2-5 years

Bank loans
142,490
27,183


239,148
61,584



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
3,391
4,635

Between 1-5 years
-
3,079

3,391
7,714


10.


Provisions




Warranty provision

£





At 1 June 2022
38,155


Charged to profit or loss
3,870



At 31 May 2023
42,025

Page 13

 
ROWLANDS WOODHOUSE EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

11.


Reserves

Revaluation reserve

The revaluation reserve includes all surpluses on the revaluation of freehold property, which are held in a separate reserve as they are non-distributable. 

Page 14