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ROWES PRECISION PRODUCTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2023






ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 9

ROWES PRECISION PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: N J Cowdery
L T Walker





REGISTERED OFFICE: Belfield Street
Ilkeston
Derbyshire
DE7 8DU





REGISTERED NUMBER: 06810893 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 453,051 521,520
453,051 521,520

CURRENT ASSETS
Stocks 415,092 374,602
Debtors 6 1,699,709 773,876
Cash at bank and in hand 25,935 455,498
2,140,736 1,603,976
CREDITORS
Amounts falling due within one year 7 1,063,358 583,383
NET CURRENT ASSETS 1,077,378 1,020,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,530,429

1,542,113

CREDITORS
Amounts falling due after more than one
year

8

-

(46,555

)

PROVISIONS FOR LIABILITIES (113,263 ) (99,089 )
NET ASSETS 1,417,166 1,396,469

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,417,165 1,396,468
1,417,166 1,396,469

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

BALANCE SHEET - continued
30TH SEPTEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th February 2024 and were signed on its behalf by:





N J Cowdery - Director


ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

1. STATUTORY INFORMATION

Rowes Precision Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Trade debtors are the amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are initially recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have a conditional right at the end of the accounting period to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at lease twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 15 ) .

ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st October 2022
and 30th September 2023 19,999 1 20,000
AMORTISATION
At 1st October 2022
and 30th September 2023 19,999 1 20,000
NET BOOK VALUE
At 30th September 2023 - - -
At 30th September 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st October 2022 3,283 699,339 6,982 26,758 736,362
Additions - 4,562 6,137 715 11,414
At 30th September 2023 3,283 703,901 13,119 27,473 747,776
DEPRECIATION
At 1st October 2022 3,283 183,335 5,502 22,722 214,842
Charge for year - 75,588 1,150 3,145 79,883
At 30th September 2023 3,283 258,923 6,652 25,867 294,725
NET BOOK VALUE
At 30th September 2023 - 444,978 6,467 1,606 453,051
At 30th September 2022 - 516,004 1,480 4,036 521,520

The net book value of tangible fixed assets includes £ 232,767 (2022 - £ 263,803 ) in respect of assets held under hire purchase contracts.

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 450,224 672,380
Doubtful debt provision - (23,072 )
Amounts owed by group undertakings 328,357 100,000
Other debtors - 36
Prepayments and accrued income 21,128 24,532
799,709 773,876

ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 900,000 -

Aggregate amounts 1,699,709 773,876

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 232,060 -
Hire purchase contracts (see note 9) 48,743 93,107
Trade creditors 217,847 200,096
Corporation tax 67,665 151,521
Social security and other taxes 20,719 14,912
VAT 31,556 67,989
Other creditors 3,511 2,277
Net wages outstanding 4,831 5,544
Invoice discounting advances 399,936 -
Accruals and deferred income 36,490 47,937
1,063,358 583,383

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) - 46,555

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 48,743 93,107
Between one and five years - 46,555
48,743 139,662

Non-cancellable operating leases
2023 2022
£    £   
Within one year 9,675 64,362

ROWES PRECISION PRODUCTS LIMITED (REGISTERED NUMBER: 06810893)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 48,743 -
Invoice finance facility 399,936 -
448,679 -

The invoice finance facility is secured by a charge over the trade debtors.

11. CONTINGENT LIABILITIES

The company has granted a cross guarantee on behalf of debts owed by the parent company, Kingmaker Engineering Limited. At the balance sheet date the maximum liability owed amounted to £974,757 (2022 £nil).

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ROWES PRECISION PRODUCTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rowes Precision Products Limited for the year ended 30th September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Rowes Precision Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rowes Precision Products Limited and state those matters that we have agreed to state to the Board of Directors of Rowes Precision Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rowes Precision Products Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Rowes Precision Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rowes Precision Products Limited. You consider that Rowes Precision Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Rowes Precision Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


13th February 2024