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COMPANY REGISTRATION NUMBER: 08884098
Rowley and Rowley Limited
Filleted Unaudited Financial Statements
30 September 2023
Rowley and Rowley Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,727,084
1,718,153
Investments
6
100
100
------------
------------
1,727,184
1,718,253
Current assets
Debtors
7
333,244
274,165
Cash at bank and in hand
2,468
216,808
---------
---------
335,712
490,973
Creditors: amounts falling due within one year
8
147,963
232,983
---------
---------
Net current assets
187,749
257,990
------------
------------
Total assets less current liabilities
1,914,933
1,976,243
Creditors: amounts falling due after more than one year
9
30,239
40,839
Provisions
Taxation including deferred tax
4,647
4,689
------------
------------
Net assets
1,880,047
1,930,715
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,879,947
1,930,615
------------
------------
Shareholders funds
1,880,047
1,930,715
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rowley and Rowley Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:
Mr G Rowley
Director
Company registration number: 08884098
Rowley and Rowley Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for short term holiday rentals during the year. Revenue from rent is recognised on invoice; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Creditors
Short term trade 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Short term debtors are measured at transaction price, less any impairment. Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Short term creditors are measured at the transaction price. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans and hire purchase agreements from banks and other third parties, and loans to and from related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 October 2022
1,677,276
51,634
1,728,910
Additions
16,776
2,779
19,555
------------
--------
-------
------------
At 30 September 2023
1,694,052
51,634
2,779
1,748,465
------------
--------
-------
------------
Depreciation
At 1 October 2022
10,757
10,757
Charge for the year
10,219
405
10,624
------------
--------
-------
------------
At 30 September 2023
20,976
405
21,381
------------
--------
-------
------------
Carrying amount
At 30 September 2023
1,694,052
30,658
2,374
1,727,084
------------
--------
-------
------------
At 30 September 2022
1,677,276
40,877
1,718,153
------------
--------
-------
------------
The investment properties were valued at 30 September 2023 by one of the Directors. They consider that the cost price of the investment properties fairly reflects the fair value thereof in the current financial climate. Accordingly the investment properties in the company continue to be measured at cost price. The Director has used their knowledge of the tourism industry and the location of the investment properties in assisting them with their valuation. They have assumed that the properties will be maintained to a marketable standard.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 September 2023
30,658
--------
At 30 September 2022
40,877
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 October 2022 and 30 September 2023
100
----
Impairment
At 1 October 2022 and 30 September 2023
----
Carrying amount
At 30 September 2023
100
----
At 30 September 2022
100
----
7. Debtors
2023
2022
£
£
Other debtors
333,244
274,165
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,922
3,825
Trade creditors
7,621
Amounts owed to group undertakings and undertakings in which the company has a participating interest
20,934
19,933
Corporation tax
4,532
Social security and other taxes
674
762
Other creditors
122,433
196,310
---------
---------
147,963
232,983
---------
---------
Bank loans of £3,922 (2022 - £3,825) are secured by the UK government. Included in other creditors are balances of £6,340 (2022 - £6,117) under HP agreements which are secured on the asset to which they relate.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,766
11,026
Other creditors
23,473
29,813
--------
--------
30,239
40,839
--------
--------
Bank loans of £6,766 (2022-£11,026)are secured by the UK government. Included in other creditors are balances of £23,473 (2022 - £29,813) under HP agreements which are secured on the asset to which they relate.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Rowley
25,116
( 25,116)
Mr S Rowley
3,858
9,192
( 3,858)
9,192
Mr C Rowley
3,839
4,300
( 3,839)
4,300
--------
--------
--------
--------
32,813
13,492
( 32,813)
13,492
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Rowley
6,705
28,116
( 9,705)
25,116
Mr S Rowley
3,681
3,858
( 3,681)
3,858
Mr C Rowley
2,079
3,839
( 2,079)
3,839
--------
--------
--------
--------
12,465
35,813
( 15,465)
32,813
--------
--------
--------
--------
The loans are interest free and repayable on demand.